Guideline Value for Block 24 AkilMedu Street Part 1

Block 24 AkilMedu Street Part 1 guideline value

The current guideline value for Block 24 AkilMedu Street Part 1 is Rs 2,750 per sq.ft, effective from 1 July 2024. This street is located in Ward C under the Erode Joint I SRO and is classified as Commercial Class I Type - III.

How the guideline value of Block 24 AkilMedu Street Part 1 has changed

The guideline value for Block 24 AkilMedu Street Part 1 has seen several revisions over the years. Starting from the 2002 revision, the guideline value was Rs 571 per sq.ft. This increased to Rs 640 per sq.ft in 2003, marking a 12% rise. In 2007, the value jumped significantly to Rs 750 per sq.ft, a change of 17%. The 2012 revision saw the value rise to Rs 2,500 per sq.ft, which was an increase of 233% from the previous figure. However, this was followed by a decrease to Rs 1,675 per sq.ft in 2017, reflecting a drop of 33%.

From 2017 to 2023, the guideline value increased sharply to Rs 2,500 per sq.ft, a rise of 49%. The most recent revision in 2024 saw the value further increase to Rs 2,750 per sq.ft, which is a 10% increase from the previous year. There are no figures available for any other revisions for this street.

Guideline values in Ward C

In Ward C, there are 250 streets under the Erode Joint I SRO, with guideline values ranging from Rs 770 to Rs 7,700 per sq.ft. The median guideline value in this ward is Rs 1,375 per sq.ft, placing Block 24 AkilMedu Street Part 1's 2024 figure above that median.

• Block 23 SathyamangalamRoad(or) Veerapathira Road: Rs 2,750 per sq.ft (2024)
• Block 23 Palanimalai Street: Rs 1,100 per sq.ft (2024)
• Block 23 Muthusamy Street: Rs 2,750 per sq.ft (2024)
• Block 24 Muthusamy Street: Rs 1,100 per sq.ft (2024)
• Block 24 Nachiappa Street 1,2: Rs 2,750 per sq.ft (2024)
• Block 24 Nehru Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Block 24 AkilMedu Street Part 1

For a 1,000 sq.ft plot at the current rate of Rs 2,750 per sq.ft, the guideline value would be Rs 27,50,000. The stamp duty at 7% would be Rs 1,92,500, and the registration fee at 2% would be Rs 55,000, bringing the total to Rs 2,47,500. Please note that the duty is charged on the higher of the guideline value or the sale price. You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Block 24 AkilMedu Street Part 1?

The Sub Registrar Office that covers Block 24 AkilMedu Street Part 1 is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, in the Coimbatore registration zone. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Ward C

The guideline value is a crucial factor when registering property transactions in Ward C. It serves as a benchmark for determining the minimum value at which a property can be registered, ensuring that the government receives appropriate revenue through stamp duty and registration fees.

When you buy or sell property, the guideline value helps in assessing the stamp duty payable. The duty is calculated based on the guideline value or the sale price, whichever is higher, ensuring that all transactions are fairly accounted for during the registration process.

Frequently asked questions

What is the current guideline value for Block 24 AkilMedu Street Part 1?

The current guideline value for Block 24 AkilMedu Street Part 1 is Rs 2,750 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 571 per sq.ft in 2002 to Rs 2,750 per sq.ft in 2024, showing an overall increase of 382% over the years.

What is the classification of Block 24 AkilMedu Street Part 1?

Block 24 AkilMedu Street Part 1 is classified as Commercial Class I Type - III, indicating its commercial usage and potential.

Where can I find the Sub Registrar Office for this street?

The Sub Registrar Office for Block 24 AkilMedu Street Part 1 is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009.

How is the stamp duty calculated for property transactions?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, a property valued at Rs 27,50,000 would incur a stamp duty of Rs 1,92,500 at a rate of 7%.