Guideline Value for Block 3 Gandhi Nagar Colony

Block 3 Gandhi Nagar Colony guideline value

The current guideline value of Block 3 Gandhi Nagar Colony is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is located in Ward B village under the Erode Joint I SRO, and the land classification is Residential Special Type - I.

How the guideline value of Block 3 Gandhi Nagar Colony has changed

The guideline value for Block 3 Gandhi Nagar Colony has seen several revisions over the years. The earliest recorded value was Rs 844 per sq.ft in 2002, which increased to Rs 946 per sq.ft in 2003, marking a 12% rise. The value then rose significantly to Rs 1,250 per sq.ft in 2007, reflecting a 32% increase. By 2012, the guideline value reached Rs 2,000 per sq.ft, which was a 60% increase from the previous revision. However, this value decreased by 33% to Rs 1,340 per sq.ft in 2017.

In 2023, the guideline value increased to Rs 2,000 per sq.ft, and then further rose by 10% to the current value of Rs 2,200 per sq.ft in 2024. Overall, from 2002 to 2024, the guideline value has increased by 161% for this street.

Guideline values in Ward B

In Ward B, there are 170 streets under the Erode Joint I SRO that carry a 2024 guideline value ranging from Rs 770 to Rs 6,600 per sq.ft, with a median value of Rs 1,100 per sq.ft. The guideline value for Block 3 Gandhi Nagar Colony is above this median.

• Block 3 E V N Road: Rs 3,300 per sq.ft (2024)
• Block 3 Muthukaruppa Street: Rs 1,650 per sq.ft (2024)
• Block 3 Palaniappa Street: Rs 2,200 per sq.ft (2024)
• Block 3 Perundurai Road: Rs 4,400 per sq.ft (2024)
• Block 3 Ramasamy Street: Rs 1,650 per sq.ft (2024)
• Block 3 Brough Road: Rs 6,600 per sq.ft (2024)

Stamp duty and registration fee for property in Block 3 Gandhi Nagar Colony

For a 1,000 sq.ft plot at the current rate of Rs 2,200 per sq.ft, the guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, totaling Rs 1,98,000. It is important to note that duty is charged on the guideline value or the sale price, whichever is higher. You can use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Block 3 Gandhi Nagar Colony?

The Sub Registrar Office that covers Block 3 Gandhi Nagar Colony is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, Coimbatore registration zone. You can find your SRO for more information.

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

The guideline value is a crucial factor when registering property transactions in Ward B. It determines the minimum value at which properties can be registered, ensuring that the state collects the appropriate stamp duty and registration fees based on this value.

When buying or selling property, the guideline value serves as a benchmark for the transaction. Buyers should be aware that the stamp duty and registration fees are calculated based on the higher of the guideline value or the actual sale price, which can impact the overall cost of the transaction.

Frequently asked questions

What is the current guideline value of Block 3 Gandhi Nagar Colony?

The current guideline value of Block 3 Gandhi Nagar Colony is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 844 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, representing a total increase of 161% over the years.

What is the land classification of Block 3 Gandhi Nagar Colony?

The land classification of Block 3 Gandhi Nagar Colony is Residential Special Type - I.

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

The Sub Registrar Office for Block 3 Gandhi Nagar Colony is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, Coimbatore registration zone.

How are stamp duty and registration fees calculated?

Stamp duty and registration fees are calculated based on the guideline value or the sale price, whichever is higher. For example, for a property valued at Rs 22,00,000, the total fees would amount to Rs 1,98,000.