PRACTICAL DOUBTS IN VALUATION
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1 1/6 PRACTICAL DOUBTS IN VALUATION - B. Kanaga Sabapathy Tiruchirappalli 1. What is the Relationship between Present value (based on PMR & GLR), Present market value, fair market value, Forced sale value, Realisable value, Auction value and Reserve price? 2. Bankers do not empanel the valuers who are above 60, 65, 70 years. While no such restriction is existing with other professionals, why valuers alone are treated like this? 3. Four plots are situated on either side of a dead end road. All the four properties have been given sale deed mentioning the extent of their plot (2,400 sq.ft.) as portion no.1 and 1/4 UDS of the road (400 sq.ft.) as portion no.2. How to consider the UDS area, while doing valuation? Is the UDS marketable alongwith the plot?. The extent of plot as per the legal opinion is 2,800 sq.ft Passage 20 Road Dead end When residential buildings, theatres, hotels and amusement parks become functionally obsolete within 30 to 40 years, then why we are adopting the life of building as 60, 70 or 80 years, etc. 5. What is the value of land locked land?. Some authors say 25% of the value of neighbouring plots, while some say such land carries no value. What is correct? 6. Are the valuers competent to issue no demolition threat certificate for the buildings with deviations?. Certain banks ask such certificates. 7. One agriculturist having 2 acres of agricultural land lying adjacent to the main road linking a town and village, is desirous in constructing a residential building of 800.sq.ft. in one corner of his land. The entire land bears a single S.F.No. and conveyed through a single document. How to do the valuation of the property for availing construction loan from the bank? 8. The provision for electrification, water supply and sanitary has been recommended as totally 22.5% but in reality it is much lesser. What is to be adopted?
2 2/6 9. Recently I have received mail from a Bank stating new format for technical report. In that they have enclosed the following table. Can you please explain this?. We have to follow these percentages while calculating depreciation for building under valuation? Depreciation chart as per income tax act : a Block of Assets Depreciation rates as % of W.D.V. A/Y onwards I. Buildings Buildings which are used mainly for residential purposes except hotels and boarding houses 5 b Building other than those used mainly for residential purposes and not covered by sub-items (1) above and (3) below 10 c Building acquired on or after the 1st day of September, 2002 for installing machinery and plant forming part of water supply project or water treatment system and which is put to use for the purpose of business of providing infrastructure facilities under clause (i) of sub-section (4) of section 80-IA 100 d Purely temporary erections such as wooden structures In the legal opinion / Title deeds, mostly we are going through the details of the title holder and schedule of properties alone. Is it sufficient?. What are the other things we have to see? 11. For the plot, the guideline rate for the main road is Rs. 5,000/sq.ft. and for the cross street is Rs. 2,000/sq.ft. When there is a huge variation, which rate should we adopt? Cross street Main road
3 3/6 12. In many cases the guideline values are more than the market value. In such cases few managers are asking clarification / explanation / reason for the same. But in few cases though the manger knows the fact, they are not convinced with our explanations?. How to argue? 13. For some of the newly purchased properties, parties are asking the valuers to include stamp duty and other charges to the market value. Managers are also supporting the client. Can you give some points which strengthen our argument? (In this particular case, guideline value is more than the market value). 14. Valuer has been punished for his negligence report. In any case, any lawyer was punished? 15. Please compile the court judgements favouring the panel valuers. Is there any provision / precautionary appeal to stop the harassment of valuer by the legal authorities. A valuer is an expert witness who gives the opinion based on the document produced. So, the valuer can be treated properly as witness, not as accused. Am I correct? 16. If a tenant is staying in a building, can the authorities remove him when the lease agreement is still valid? 17. Is there any Limitation of time for the report given by a valuer according to law. Because changes are always there like topography, local problem etc. 18. It is a large extent of land 10 acres & few buildings located in an industrial area in the outskirts of Chennai, which is offered as 3rd party collateral. The purpose is to assess the present market value, I have certified the present market value & forced sale value of the property. Now they are asking me to certify the Fair market value? Guide me on what should I reply.
4 4/6 19. A property is abutting the N.H. road. The NH authority put a fencing through out the length of the property boundary. My question is whether the value of the property will decrease or not?. Purpose of valuation is for collateral security. 20. Out of 60 cents of land, the owner sold out 20 cents to 5 persons for house plots and they have constructed houses, without any layout. Now the owner wants to value the remaining 40 cents. The owner got the legal opinion for 40 cents. How to value the property? 21. Last week, Mr. X purchased a property for 50 lakhs. That is the actual sum paid by him and he has executed the sale deed for Rs. 50 lakhs which is duly registered. Manager directed the borrower to obtain a valuation report from its panel valuer. The panel valuer certified the value as 50 lakhs because that was the actual sum paid by the borrower. Kindly clarify whether the valuer can certify the sale deed amount as the value of the property. Purpose is for collateral security. 22. In valuation report - bankers are asking to certify the insurance value?. It is to be certified based on the open market value or forced sale value? 23. A party purchased a house from housing board and in the sale deed there is a mention hold and enjoy?. Now the allottee wants to sell. Can we do valuation the 2nd sale by the allottee? 24. What are the main difference between valuation report for collateral security and for sarfaesi? 25. A garment factory is constructed in a land of 4 acres. The total constructed area is about 2,00,000 sq.ft. Proper approval is availed from Local Planning Authority with a condition, that they should satisfy all the rules of pollution control board etc. But till now the conditions are not satisfied. Now, shall we consider the building value for security? 26. While valuing the leasehold properties, the valuation done (Lessor s interest or Lessee s interest) does not reflect the actual value of the property. Is it so?
5 5/6 27. In the valuation of a leasehold property, why can t it be valued by any other method (like land and building method in case a building exits or just based on the prevailing land rate for a vacant land)? 28. What is the right method to do the valuation of a shopping complex for collateral security purpose? 29. When I do the valuation of a commercial building by rent capitalisation method, should I include the value of land? 30. To assess the market value of the Cinema theatre for collateral security, which method is preferable? 31. How a marriage hall is valued for income tax purpose. Which method is to be adopted in order to arrive at a value nearer to actuals? 32. Four members purchased one plot with a UDS - 1/4 area for an individual. By a memorandom of understanding, they have constructed four flats and alloted one flat to each member. After construction, whether it is possible to sell the flat at a later date by one of the members. (In the memorandom of understanding nothing is mentioned about the sale of flat). 33. Purpose is for bank mortgage loan. For a new flat there is no sanctioned plan. But there is an Occupation memo given by municipality stating that construction is as per sanctioned plan, no deviations and no mortgage of area with municipality. Can we give valuation? 34. How to do fair rent valuation for a flat?. Land area is not known. The super built up area of the flat is 1,400 sq.ft. I want to do valuation for tenant. 35. An apartment building has been constructed with Stilt floor (parking), Ground floor + four floors. But plan approval is available for Stilt floor (parking), Ground floor + three floors. An applicant is proposed to purchase a flat in second floor. Whether we can give valuation report?. Any remarks are to be mentioned in the report?
6 6/6 36. A flat is having super built up area of 1,500 sq.ft. alongwith UDS of 600 sq.ft. In the same complex, there is another flat of SBA 1,500 sq.ft. with UDS 50 sq.ft. only. Whether the value will be same for two flats if I do valuation by Composite rate method and by Land & building method. 37. This is a question related to valuation for capital gains. Mr. X constructed an AC roofed Cinema theatre building in the year 1970 in a land of 12,000 sq.ft. and the total cost of property is Rs. 1,05,000/-. Since the earning from the theatre has become less now - a- days, he decided to sell the property in But the buyer Mr. Y put a condition that he will be able to purchase if it is a vacant site only. So, Mr. X demolished the theatre building and sold the vacant site to 1.2 crores to Mr. Y in December In the year 2016, the assessee Mr. X approached me and requested to issue a report certifying the fair market value of the said property including building for the purpose of computing capital gains. The problem I face is : in the absence of the building as on 2016, how can I certify the market value of the theatre building?. Can I certify the value of land excluding the building? Will it be fair? As a local valuer I knew that the building was existing and I have seen some movies in the same theatre. When there is no building existing as on the date of valuation, can I certify the Value?. Please guide. 38. A Petroleum company wanted me to indicate the value of the land from the year 2001 and calculate the rent. As on today (2016), I know the value of land. In the absence of any reliable back data, can I use the cost inflation index prescribed by CBDT and work back and fix the value of land? 39. Is there is any difference between market value and fair market value? 40. What is the simple procedure to be adopted to arrive at various values required by banks on various occasions? * * *
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