Guideline Value for Block 29 L.G.G.S Colony

Block 29 L.G.G.S Colony guideline value

The current guideline value for Block 29 L.G.G.S Colony is Rs 771 per sq.ft, effective from 1 July 2024. This property is located in Ward E village under the Erode Joint I SRO, classified as Residential Class III Type - I.

How the guideline value of Block 29 L.G.G.S Colony has changed

The guideline value has seen significant changes over the years. In 2003, the value was Rs 285 per sq.ft, which increased to Rs 350 per sq.ft in 2007. Following this, the value rose to Rs 500 per sq.ft in 2012, but then dropped to Rs 335 per sq.ft in 2017. From 2017 to 2023, the value surged to Rs 700 per sq.ft, and the most recent revision in 2024 set it at Rs 771 per sq.ft. The register has no figure for the year 2002 for this street.

In terms of percentage changes, the guideline value increased by 23% from 2003 to 2007, then rose by 43% from 2007 to 2012. However, it fell by 33% from 2012 to 2017. The value then saw a remarkable increase of 109% from 2017 to 2023, followed by a 10% rise from 2023 to 2024. Overall, from 2003 to 2024, the guideline value has increased by 171%.

Guideline values in Ward E

In Ward E, there are 196 streets under the Erode Joint I SRO that carry a 2024 guideline value, ranging from Rs 770 to Rs 6,600 per sq.ft. The median value for these streets is Rs 825 per sq.ft, indicating that the guideline value for Block 29 L.G.G.S Colony is below this median.

• Block 29 Nethaji Road: Rs 1,375 per sq.ft (2024)
• Block 29 Old Railway Station Road: Rs 771 per sq.ft (2024)
• Block 29 Railway Colony: Rs 771 per sq.ft (2024)
• Block 29 Alamarathu Huts: Rs 771 per sq.ft (2024)
• Block 29 Agathi Perumal Kovil Huts: Rs 771 per sq.ft (2024)
• Block 2 Chidambaram colony: Rs 1,925 per sq.ft (2024)

Stamp duty and registration fee for property in Block 29 L.G.G.S Colony

For a 1,000 sq.ft plot at the current guideline value of Rs 771 per sq.ft, the total guideline value would be Rs 7,71,000. The stamp duty at 7% would amount to Rs 53,970, and the registration fee at 2% would be Rs 15,420, totaling Rs 69,390. It is important to note that the duty is charged on the higher of the guideline value or the sale price. You can use the stamp duty and registration fee calculator for precise calculations.

Which Sub Registrar Office covers Block 29 L.G.G.S Colony?

The Sub Registrar Office that covers Block 29 L.G.G.S Colony 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 E

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

When buying or selling property, the guideline value helps both buyers and sellers understand the official valuation of the property. It is essential for both parties to be aware of the guideline value to avoid discrepancies during the registration process.

Frequently asked questions

What is the current guideline value of Block 29 L.G.G.S Colony?

The current guideline value of Block 29 L.G.G.S Colony is Rs 771 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, starting from Rs 285 per sq.ft in 2003 and reaching Rs 771 per sq.ft in 2024, reflecting an overall increase of 171% over this period.

What is the land classification for Block 29 L.G.G.S Colony?

The land classification for Block 29 L.G.G.S Colony is Residential Class III Type - I.

What are the stamp duty and registration fees for property in this area?

For a property valued at Rs 7,71,000, the stamp duty would be Rs 53,970 and the registration fee would be Rs 15,420, totaling Rs 69,390.

Which office handles registrations for Block 29 L.G.G.S Colony?

The Erode Joint I Sub Registrar Office handles registrations for Block 29 L.G.G.S Colony, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode - 638009.