The property valuation methods here in India are as varied as the property laws in each state. Such is the difference that you may have bought a certain property at a certain price. However when you are going to register the property, you find that the government authorities are quoting an entirely different amount. A perfect example of this was in Garia, which is a suburb of kolkata. During the year, 2007-08 property prices rose on the speculation of the Kolkata Metro Railway expanding and making its entry into Garia. However, the government rates were far less than the ones prevailing in the ground. The government rates did increase only a year later when the Metro railway did make its entry in Garia.
Such is the discrepancy that brokers and real estate agents do not pay much heed to the property valuation as per the government methods. They are more concerned about the rates that are prevailing in the market. Various factors determine the valuation of a property. Let us discuss some of these factors one at a time.
The location of the property is of prime importance. How far is the property from the market place or the centre of the city? These are some of the basic questions that you must ask yourself while you are calculating the value of the property. The reputation of the builder is very important while calculating the value of the property. The material used in the building is very important. Thus, it can be safely assumed that a top developer will always adhere to quality and never compromise with it. Thus, the valuation of a property built by a top builder will always be more.
Today real estate is slowly turning out to be a lucrative form of investment here in India. Global investors are also entering the property market here in this country. Thus, there is always a need to value property in the right way. Employing a professional property valuation company will be a step in the right direction.
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