Guideline Value for Block 7 Varathappan Street

Block 7 Varathappan Street guideline value

The current guideline value for Block 7 Varathappan Street is Rs 770 per sq.ft, effective from 1 July 2024. This street is located in Ward C village under the Erode Joint I SRO, and the land classification is Residential Class III Type - II.

How the guideline value of Block 7 Varathappan Street has changed

The guideline value for Block 7 Varathappan Street has seen several revisions over the years. The 2002 revision set the value at Rs 148 per sq.ft, which increased to Rs 166 per sq.ft in 2003, marking a change of +12%. Following this, the value rose to Rs 300 per sq.ft in 2007, an increase of +81%. In 2012, the value was revised to Rs 500 per sq.ft, reflecting a +67% change. However, from 2017, the value decreased to Rs 335 per sq.ft, a decline of -33%. The subsequent revision in 2023 brought the value up to Rs 700 per sq.ft, showing an increase of +109%. Finally, the current revision in 2024 has set the guideline value at Rs 770 per sq.ft, representing a +10% increase from the previous year.

Throughout these revisions, there are no figures available for years other than those mentioned. This consistent documentation provides a clear picture of the value changes over time.

Guideline values in Ward C

In Ward C, the guideline values for 250 streets under the Erode Joint I SRO range from Rs 770 to Rs 7,700 per sq.ft, with a median value of Rs 1,375 per sq.ft. The guideline value for Block 7 Varathappan Street is below this median.

• Block 8 Gandhipuram Huts: Rs 770 per sq.ft (2024)
• Block 8 Gandhipuram Street 1-4: Rs 771 per sq.ft (2024)
• Block 7 Sagansaibu Street: Rs 771 per sq.ft (2024)
• Block 8 Kannaian Road 1,2,3: Rs 770 per sq.ft (2024)
• Block 7 Rajaji Street (Puram): Rs 770 per sq.ft (2024)
• Block 8 Kannaian Street Part 1: Rs 770 per sq.ft (2024)

Stamp duty and registration fee for property in Block 7 Varathappan Street

For a 1,000 sq.ft plot at the current rate of Rs 770 per sq.ft, the guideline value amounts to Rs 7,70,000. The stamp duty at 7% would be Rs 53,900, and the registration fee at 2% would be Rs 15,400, totaling Rs 69,300. It is important to 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 7 Varathappan Street?

The Sub Registrar Office that covers Block 7 Varathappan Street 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 is a crucial factor during property registration in Ward C. It serves as a benchmark for determining the stamp duty and registration fees for transactions. When a property is bought or sold, the guideline value is referenced to ensure that the appropriate fees are calculated based on the established rates.

Additionally, the guideline value helps maintain transparency in property transactions. Buyers and sellers can refer to these values to understand the legal and financial implications of their transactions, ensuring compliance with local regulations.

Frequently asked questions

What is the current guideline value for Block 7 Varathappan Street?

The current guideline value for Block 7 Varathappan Street is Rs 770 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 148 per sq.ft in 2002 to Rs 770 per sq.ft in 2024, showing an overall increase of +420% over the years.

What is the land classification for Block 7 Varathappan Street?

The land classification for Block 7 Varathappan Street is Residential Class III Type - II.

Where is the Sub Registrar Office located for this street?

The Sub Registrar Office for Block 7 Varathappan Street is the Erode Joint I Sub Registrar Office, located at Annai Sathya Nagar, Iranian Street, Rangapalayam, Erode-638009, Coimbatore registration zone.

How is the stamp duty calculated for properties in this area?

Stamp duty is calculated based on the higher of the guideline value or the sale price. For example, for a property valued at Rs 7,70,000, the stamp duty at 7% would amount to Rs 53,900.