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Eighty-year-old Joss wanted to sell his property in Ahmedabad. He had never done any valuation of his property. He had an independent house in CG Road with a lawn and small garden. He expected around Rs 50lakh for this ancestral house. On valuation, he found his house could fetch around Rs 92lakh. He got a valuation officer who agreed to do valuation survey of the house for a reasonable amount. Joss could sell his house for Rs 98lakh!
Valuation is an attempt to aid the choice in terms of the value of property, that is, value within the framework of the specialised market that has evolved for the exchange of property rights, as well as objectives, commonly referred to as an appraisal. Property is purchased for use or as an investment. The task of the valuer is to express these benefits in money terms and to interpret the relationship between costs and benefits as a rate of return, thus allowing the investor to make a choice between alternatives.
A valuer is a highly-skilled professional, who, with his technical expertise and skill, prepares valuation of the worth of land, buildings for possessions for specific purpose. The scope of his work extends from residential property to large estates, factories, officers, shops of every kind. Judging and foreseeing requires scientific analysis of available data to arrive at practical, applicable and acceptable valuation. The process of valuation is delicate and balance of judgment to decide tricky issues with several options and variable parameters.
Jyotsna Rao, Times Property, The Times of India, Ahmedabad