Land And Property Valuation
Need Of Consideration of Environmental Factors In Valuation :-
Valuation as it is a Simple art but to Make real valuation – requires a Great deal of imagination,experience & Consideration of Various Factors apart from Already prescribed in various books,manual on valuation,Govt.rules regulation, acts And standard trade practice etc.Some time a Valuation,Prepared on realistic & true Rates of land, Structure,shape,life,location,proximity etc.but can be meaning-less,if No attention is Given to Surrounding & environment of property under valuation.
We as values, have normally confined ourselves to valuation of property only without Putting yourself in to trouble to evaluate the surrounding environment of property under Valuation, if we put real efforts to go into depth of factors effecting the valuation, may Be less or more.As a value no compromise should be done to get fair valuation of Property.
GENERAL FACTORS OF LAND VALUATION :
The value of land depends on the various factors such as-size, location, shape, Nature, tenure, utility, demand and Supply in the class, Surroundings, political Stability, Govt.Policies, FAR, Land Use, Master plan, Connectivity of land etc. As observed by the Hon'ble Supreme Court of India in the case of Chaturbhuj pande Vs.Collector (AIR 1969 SC 255), the characteristics of comparables, Comparable, Comparable sales instances on the basis of which, the market rate is determined would Be Such as under :-
- Similar in character as far as it can be.
- Reasonable proximus to the land under valuation.
- There should have been similar amenities and advantages.
- The sale should be true reasonable proximal to the date of valuation.
On the basis of the guidelines as suggested by Honble Supreme Court of India, the Working of the land, rate should be relied upon the basis of sale instances of the same Area and near to the date of valuation, to be collected from the Govt. Department, Valuer and developers of adjoining areas.
Therefore, as per Guidelines Suggested by the Honble Supreme Court of India, the Rate of subject land based/derived from the information the following factors of price Adjustment are to be applied in order to make the comparable & most reasonable for The subject land.
COMPARABLE CHARACTERISTICS OF PROPERTY UNDER VALUATION :
For adjustment of rates necessary co-efficient for increasing of rates by padding the Additional factors or by comparing the short fall in rates of land under valuation, like:-
A valuers who provides his judgment in valuation,they are service providers To the Society. The profession of a service provider implies high standards of ethics And morality.A generalistcan carry on administration only with the help of pecialists.The specialist who is called upon to provide technical service should be loyal and Devoted to his profession on the one hand,and to the organization/individual on The other hand.So,the registered valuers have the enormous responsibility of Providing true and unbiased service,so that tax administration can take a fair and Correct view.