Guideline Value for CO-OPERATIVE BANK COLONY

Co-Operative Bank Colony guideline value

The current guideline value for Co-Operative Bank Colony is Rs 550 per sq.ft, effective from 1 July 2024. This area is located in Somayampalayam village, under the Vadavalli SRO, and is classified as Residential Class I Type - II.

How the guideline value of Co-Operative Bank Colony has changed

Over the years, the guideline value for Co-Operative Bank Colony has seen several revisions. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017. The 2023 revision set the guideline value at Rs 500 per sq.ft, which was then increased by 10% to Rs 550 per sq.ft in the 2024 revision.

This increase reflects a change from Rs 500 per sq.ft in 2023 to Rs 550 per sq.ft in 2024. The current value is below the median guideline value of Rs 720 per sq.ft for the 139 streets in Somayampalayam under the Vadavalli SRO.

Guideline values in Somayampalayam

In Somayampalayam, the guideline values range from Rs 330 to Rs 2,000 per sq.ft, with a median of Rs 720 per sq.ft. Co-Operative Bank Colony's 2024 figure of Rs 550 per sq.ft is below this median.

• Cosmo Garden: Rs 775 per sq.ft (2024)
• Cosmo Nagar: Rs 550 per sq.ft (2024)
• Cosmo Village Avenue: Rs 720 per sq.ft (2024)
• Cosmo Village Extention: Rs 990 per sq.ft (2024)
• C.T.C.Nagar Extention: Rs 550 per sq.ft (2024)
• Devanga Nagar: Rs 550 per sq.ft (2024)

Stamp duty and registration fee for property in Co-Operative Bank Colony

For a 1,000 sq.ft plot at the current rate of Rs 550 per sq.ft, the guideline value amounts to Rs 5,50,000. The stamp duty at 7% would be Rs 38,500, and the registration fee at 2% would be Rs 11,000, totaling Rs 49,500. Duty is charged on the higher of the guideline value and the sale price. You can also use the stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Co-Operative Bank Colony?

The Co-Operative Bank Colony falls under the Vadavalli Sub Registrar Office, located at Ctc Depot Backside, Maruthamalai Adivaaram, Coimbatore - 641046. You can find your SRO for more information.

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

The guideline value is a crucial factor in property transactions in Somayampalayam, as it determines the minimum value at which a property can be registered. When a buyer or seller approaches the registration office, the guideline value is used to calculate the stamp duty and registration fees applicable to the transaction.

It is important to note that the guideline value is not necessarily the sale price of the property. Instead, the duty is charged on the higher of the guideline value and the sale price, ensuring that the registration reflects an accurate value for the property being transferred.

Frequently asked questions

What is the current guideline value for Co-Operative Bank Colony?

The current guideline value for Co-Operative Bank Colony is Rs 550 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 500 per sq.ft in 2023 to Rs 550 per sq.ft in 2024, reflecting a 10% increase. The register has no figures for the years 2002, 2003, 2007, 2012, and 2017.

What is the land classification for Co-Operative Bank Colony?

Co-Operative Bank Colony is classified as Residential Class I Type - II, which influences its guideline value and potential uses.

Where can I find the registration office for Co-Operative Bank Colony?

The registration office for Co-Operative Bank Colony is the Vadavalli Sub Registrar Office, located at Ctc Depot Backside, Maruthamalai Adivaaram, Coimbatore - 641046.

How is the stamp duty calculated for properties in Co-Operative Bank Colony?

Stamp duty is calculated based on the higher of the guideline value or the sale price of the property. For example, for a plot valued at Rs 5,50,000, the stamp duty would be Rs 38,500 at 7%.