Guideline Value for Block 34 N.M.S. Compound

Block 34 N.M.S. Compound guideline value

The current guideline value for Block 34 N.M.S. Compound in Ward C village, under the Erode Joint I SRO, is Rs 2,200 per sq.ft, effective from 1 July 2024. This area is classified as Residential Special Type - I.

How the guideline value of Block 34 N.M.S. Compound has changed

The guideline value for Block 34 N.M.S. Compound has undergone several revisions over the years. In 2002, the value was Rs 917 per sq.ft, which increased to Rs 1,027 per sq.ft in 2003, marking a change of +12%. The value continued to rise, reaching Rs 1,250 per sq.ft in 2007, a +22% increase. By 2012, the value was Rs 2,000 per sq.ft, reflecting a significant +60% change from the previous revision. However, it then decreased to Rs 1,340 per sq.ft in 2017, a drop of -33% before climbing to Rs 2,000 per sq.ft in 2023, which was a +49% increase. The most recent revision in 2024 saw the value rise to Rs 2,200 per sq.ft, a +10% change.

Overall, from 2002 to 2024, the guideline value has increased by +140%. There are no figures available for revisions other than those mentioned for this street.

Guideline values in Ward C

In Ward C, there are 250 streets under the Erode Joint I SRO with a 2024 guideline value ranging from Rs 770 to Rs 7,700 per sq.ft. The median value is Rs 1,375 per sq.ft, placing Block 34 N.M.S. Compound's 2024 figure above this median.

• Block 34 Kamarajar Street Part 1: Rs 2,750 per sq.ft (2024)
• Block 34 N.M.S. Layout: Rs 2,200 per sq.ft (2024)
• Block 34 Easwaran Kovil Street Part 1: Rs 4,400 per sq.ft (2024)
• Block 34 Sivanachariar Road: Rs 2,750 per sq.ft (2024)
• Block 34 Brough Road Main Road Part 1: Rs 4,400 per sq.ft (2024)
• Block 34 Thiruvenkatasamy Street: Rs 2,750 per sq.ft (2024)

Stamp duty and registration fee for property in Block 34 N.M.S. Compound

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value amounts to Rs 22,00,000. The stamp duty at 7% would be Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total cost for these fees to Rs 1,98,000. 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 more accurate estimates.

Which Sub Registrar Office covers Block 34 N.M.S. Compound?

The Sub Registrar Office covering Block 34 N.M.S. Compound 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 C

The guideline value plays a critical role when buying or selling property in Ward C. It is used to determine the stamp duty and registration fees applicable during the registration process. Buyers should be aware that these fees are calculated based on the guideline value or the sale price, whichever is higher.

Understanding the guideline value is essential for both buyers and sellers, as it ensures compliance with local regulations and helps in budgeting for additional costs associated with property transactions.

Frequently asked questions

What is the current guideline value for Block 34 N.M.S. Compound?

The current guideline value for Block 34 N.M.S. Compound 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 917 per sq.ft in 2002 to Rs 2,200 per sq.ft in 2024, reflecting an overall increase of +140% over the years.

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

For a property valued at Rs 22,00,000, the stamp duty would be Rs 1,54,000 and the registration fee would be Rs 44,000, totaling Rs 1,98,000.

Which office handles the registration for this property?

The registration for Block 34 N.M.S. Compound is handled by the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and location. It is updated periodically to reflect changes in the market.