Institution of Valuers Council and Members

INSTITUTION OF VALUERS
(Registered under the Societies Registration Act XXI of 1860)

Plot No. 3, Parwana Road, Adjacent to Bal Bharti Public School, Pitampura, Delhi - 110034.
Phone Nos. 011-27012855 / 57, Fax No. 011-27012856
E-mail : indianvaluers@iov.co.in, indianvaluer@yahoo.com, iovaluers@gmail.com
Website : www.institutionofvaluers.net
COUNCIL FOR 2016-18
PRESIDENT SHRI O.P. SHARMA CO-OPTED MEMBERS
SHRI R.S. BAABU 8/96, Sector-8, Indira Nagar,
Lucknow - 226 016, SHRI NAVEEN KAMBOJ
Hi-Tech Valuers, 3A, J.P. Towers, 129-SFS, Golden Jubilee Apartment,
Mob.: 9335918885, 8004745922
No. 1, Thirumurthy Nagar Main Road, Pocket-10, Sector-11, Rohini,
E-mail : op.sharma948@gmail.com
Off. N.H. Road, Chennai - 600 034. Delhi - 110 085. Mob.: 9811074485
Ph.: 044-(O) 28259749, 28226020
SHRI RAJEEV BUMB
48, Goyal Nagar, Nr. Ring Road, E-mail : kambojnaveen@hotmail.com
Mob.: 9444071453,
Indore - 452 018, Ph.: 0731-2590742, SHRI S.C. KAUSHAL
E-mail : president@iov.co.in
Mob.: 9425312576, 7869920070, 190-C, DDA Flat, MIG, Rajouri Garden,
VICE-PRESIDENTS E-mail : rajeevbumb@gmail.com New Delhi -110027, Mob.: 9810499124
SHRI SANDIP KUMAR DEB SHRI R.K. PATEL E-mail : kaushal69sc@gmail.com
36, Sadananda Road, Kolkata-700 026, 79, Nirman Park, Vishwamitri Road, SHRI J.R. EZHIL
Mob.: 9830047666, E-mail : vp@iov.co.in Vadodara - 390 011, Telefax : (O) 0265- No. C-100, A&N Fantasy Flats, 1st Cross,
2363867, Mob.: 9825038407 PSC Bank Colony, Mudhaliyarpet,
COL. B.B. SHARMA E-mail : rajupatel18@hotmail.com Puducherry - 605 004.
B-5 & 6/ 4259, Vasant Kunj, SHRI SACHIN GARG Ph.: 0413-2356044, Mob.: 9842311449,
New Delhi-110 070, M-12/16, DLF Phase-2, E-mail : jr_ezhil@yahoo.com
Ph.: 011-26895923 Mob.: 9811026636 Gurgaon - 1220 02
Ph.: 0124-2562017, Mob.: 9811722446, SHRI NITIN LELE
E-mail : vpdli@iov.co.in Paraj Apartment 205, Shaniwar Peth,
E-mail : sachin.garg@egargs.com
HON
HON.. GENGEN.. SECRET
SECRETAR AR
ARYY SHRI SANJAY DUNGARWAL Pune - 411 030.
SHRI VINAY K. GOEL 395, I-One Road, Bhupal Pura, Mob.: 9823041867
1475, 14th Floor, Agarwal Cyber Udaipur - 313 001, E-mail : nitinlele@yahoo.com
Plaza-II, Netaji Subhash Place, Ph.: 0294-2412486, Mob.: 9352501324 SHRI T.S. CHANDRASEKHARA
Pitampura, Delhi - 110 034 E-mail: sanjayhdungarwal@gmail.com Sadurat Consultants Pvt. Ltd.,
Ph.: 011-42470379, 27355642, SHRI S.B. GHOSE No. 82, 1st Floor, Dr. Raj Kumar Road,
Mob.: 9810161103, Consultus, ‘Bina’ Hinoo Bridge (East), Prakash Nagar, Bengaluru - 560 021
E-mail : gensec@iov.co.in Ranchi - 834 002, Ph.: 0651-2251586, Ph.: 080-65956789, 23326397,
HON. TREASURER Mob.: 9431129316, Mob.: 9448856488,
SHRI NEERAJ KAPOOR E-mail : consultusho@gmail.com E-mail: sadrutaconsultants@gmail.com
SHRI SUBASH CHANDRA SABAT
28, CSC, Transport Centre, Rohtak
C/o Haripriya Associates, REGISTRAR
Road, Punjabi Bagh, Delhi - 110 035.
Plot No.1127/3048, Jayadurganagar, SHRI SHIV LAL BATRA
Ph.: 011-28313406/2406,
Bhubaneshwar - 751 006, G-267, Rishi Nagar, Capt. Satish
Mob.: 9811188915, 9311188915,
Ph.:0674-2572433, 2570337, Marg, (Nr. Rani Bagh), Shakur Basti,
E-mail : treasurer@iov.co.in
Mob.: 9437002433, 9338592433, Delhi - 110 034.
MEMBERS OF COUNCIL E-mail : subashsabat@gmail.com Mob.: 9990778615
SHRI MAHENDRA S. KAKULE SHRI TANUJ KUMAR
Caculo House, Nr. Aquem Post Office, Tanuj Kumar & Associates, 303, Bansal A UDIT ORS
UDITORS
Margao, Goa, Ph.: 0832-2735374 Tower, 3rd Floor, Community Center-II, M/S. JITENDER R. DEO & COMPANY
Mob.: 9822485550 Ashok Vihar-II, Delhi - 110 052, CHARTERED ACCOUNTANTS
E-mail : mcaculo@gmail.com Mob.: 9868455181, 233, DLF Towers, 15 Shivaji Marg,
SHRI MILAN C. KALE E-mail : valuer.tka@gmail.com New Delhi - 110 015.
DE/10, Yogiraj-3, Plot No. 101, SHRI T.V. CHANDRA Ph.: 011-43507965 Mob.: 9810018490
Nr. Shivaji Nagar Park, Shivaji No. 10, K.H.B. House, Bannimantap E-mail : jitenderrdeo@gmail.com
Nagar, Nagpur, Mob.: 9823050639, Extn., Mysore - 570 015, Ph.: 0821-
LEGAL AD VISER
ADVISER
E-mail : mkaleval@gmail.com 2493138, Mob.: 9448085148,
SHRI N.R. RAO E-mail : tvchandramys@gmail.com SUSHIL K. AGGARWAL ADVOCATE
N.R. Associates, 301, Sai Priya Apts., SHRI VR. NA. ARUNN Chamber # 53-A, Block-X, Civil Side,
Jayanagar, Gudimalkapur, Bharani Prestige Apartment, E, 25-C, Tis Hazari Court, Delhi - 110 054
Mehdipatnam, Hyderabad-500028. Warners Road, Cantonment, Ph.: 011-27180765,
Ph.: 040-23533641, Tiruchirappalli - 620 001. Mob.: 9818229693
Mob.: 9866733100, 9391033100, Mob.: 9865395000, 9080965665 E-mail : sushilkaggarwal@gmail.com
E-mail : nrraomecon@yahoo.co.in E-mail : arunnvaluer@gmail.com
In case of any legal disputes with the Institution of Valuers, all matters/ disputes are subject to the
exclusive jurisdiction of District Court, Delhi only.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Indian Valuer / June, 2016 3
INDIAN VALUER
MONTHLY
Vol. XLVIII JUNE 2016 No. 6

Editor in Chief CONTENTS
Shri Vinay K. Goel
1475, 14th Floor, Agarwal Cyber
Plaza-II, Netaji Subhash Place, I. Editorial
Pitampura, Delhi - 110 034 Why we Valuers have to be experts
Phone: 011-42470379, 27355642,
and what we need to do? —Dr. Ashok Nain 7
Mobile No. 9810161103
E-mail: gensec@iov.co.in II. Response 9
Managing Editor
III. Articles
Shri Shiv Lal Batra
G-267, Rishi Nagar, Capt. Satish Marg, 1. Valuation of Plumbing Services
(Nr. Rani Bagh), Shakur Basti,
in the building —Er. Khazan Chandra 11
Delhi - 110 034. Mobile : 9990778615
2. Tips for new Valuer —A.L. Kalra 23
Editorial Board
3. Valuation of Plant and Machinery
Dr. Ashok Nain
of M/s AAA Industry —Er. O.P. Sharma 25
Shri P.K. Ranganathan
4. Good Bye, Au Revoir to Super Area—Er. S.S.K. Bhagat 30
Dr. Rajesh Burman
5. Valuation vis-a-vis Splitting
Shri Sandeep Bickchandani
of Property —Vikram Arora 33
Dr. Satindar Pal Tayal
6. Valuation for Redevelopment of
S. Ghose
property by Owner (Case Study)—Javahar R. Raval 35
The publisher cordially appeals to all
our valuable members to give their IV. General
advertisement so as to reach to 25,000
readers across the country. 1. How to inspect the property? —Nitin Lele 43
2. Valuation by Rent
Note : The Articles published in this issue are Capitalisation Method —B. Kanaga Sabapathy 49
the authors’ statements and opinions only and 3. Physical inspection of a property is
are not necessarily endorsed by the Institution
a must for valuers —P.N. Rao 53
of Valuers as a body. The Editor assumes no
responsibility for the statements and opinions 4. Valuation of Plant and Machinery
expressed herein. Valuation of "Fish and Shrimp" —V.S. Rao &
Feed Unit—A brief description —D.S.N. Murthy 61
Non-receipt of the Indian Valuer 5. Cost of Construction of a
should be intimated to the Institu-
Residential Building by
tion of Valuers, Plot No. 3, Parwana
Road, Adjacent to Bal Bharti Public three methods—Case Study —Er. N. Ravindran 70
School, Pitampura, Delhi - 110 034 6. Exercises in computation
before the end of the month. A re- of Capital Gains —K. Arun 78
placement copy will be sent again 7. Computation of Capital Gains
free of cost under certificate of post-
for a Flat —K. Arun 82
ing. In case of any complaint
after the schedule period, the re- V. NEWS AND NOTES 85
placement copy will be charged
at Rs. 100/- VI. List of LM enrolled during the month of March 2016 96
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
4 Indian Valuer / June, 2016
A WORD FROM THE HON. GEN. SECRETARY
Efforts made by ‘Team IOV’ in making our
stand clear, about one of the several issues i.e.
depanelment of valuers by the Banks without giving
them an opportunity for putting forth their version.
It has started yielding desired results. Recently a
bank, in a reversal of its earlier order of depanelment,
has issued show cause notice to such valuers
giving them a chance to put forth their version.
The principal agenda of ‘Team IOV’ is to
counter the present day challenges as faced by
Vinay K. Goel, the fraternity. With this mind set, our focus is on.
Hon. Gen. Secretary
• Enhancement in capacity building of the fraternity.
• Plugging the areas of weakness.
• Equipping the fraternity with such tools of knowledge, which fulfill the objectivity
of purpose.
Steps taken in this direction are:
• Formalization / consolidation of the qualification criterions as per IBA guidelines
of 2016.
• Preparation and development of guidelines, ethical codes and other professional
parameters for the valuation as a profession i.e. Indian Valuation Standards
for the first time ever in the country at par with international standards.
• Development of faculty for the educational programmes.
• Development of valuers’ assistants through proper guidance and training.
All these activities require availability and efficient use of human resources
and infrastructural fabrics. It is the availability of such resources with us, because
of such a long standing of the Institution, which makes us capable in fulfilment
of such activities.
Branches, throughout the country, have a vital role to play in the fulfilment
of our aims, as it becomes easy for IOV to spread these capacity-building activities
for its members. Thus benefits of collective knowledge pool should reach each
and every member of this fraternity. This will lead to a growth in the capabilities
of valuers, resulting in the enhanced capacity of fraternity, which is bound to
strengthen the relationship amongst the beneficiaries and valuers, relieving much
of doubtful perception in the minds of the beneficiaries regarding our fraternity.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Shri P.C. Goel
Founder of Institution of Valuers
Shri Sandip
Kumar Deb,
Chairman of
Academic
Committee, is
handing over
the study
material to Shri
R.S. Baabu,
President and
Shri Vinay K.
Goel, Hon.
Gen. Secretary
of IOV.
IOV Puducherry Branch

Chairman Shri J.R. Ezhil,
Secretary Shri S.
Sivakandan, Joint Secre-
tary V.R. Ajitchandran
and Treasurer Shri A.
Vijayanarayanan called on
President Vr. R.S. Baabu
in his office at Chennai
and discussed about the
Indian Valuers Congress
2016 to be held on 28th,
29th and 30th December,
2016 in Puducherry.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
EDITORIAL
WHY WE VALUERS HAVE TO BE EXPERTS AND

WHAT WE NEED TO DO?
 —Dr. Ashok Nain
Ph.D., FIS, FRICS, FIE, FIV
Member, Editorial Board
Kolkata
(F. 1207)
The requirement of human resources in valuation are at least
two fold : On the one hand, very specialized valuers for specific
assignments and on the other, generalists who are able to
understand the broader system aspects and decipher the
specialized reports. Decision makers in institutions reading the
specialized valuation reports prepared by experts too need a
basic understanding and knowledge of the technologies and financial/economic
concepts of the issues involved.
On the technical side of valuation, it is not difficult to identify the academic
and technical disciplines which are involved. However, valuation has not only
a technical dimension but also several non-technical dimensions. We are
all familiar with the basic disciplines involved in valuation which have now
found their way into courses conducted by our various Universities or
Institutions.
Additionally several partly non-technical, more general and soft-skill abilities
are necessary. At first, people are needed who are by themselves no
specialists in the specialized domains of valuation referred above but have
an overview about the interconnections and interdependences. These people
are often referred to as system administrators. They are the ones responsible
for setting up and organizing the system infrastructure. As an example when
a valuation report is made out for loan disbursement by a bank, there is an
entire net work of bank administration, which includes bank managers, loan
processing managers, bank officers responsible for distribution of loans, follow
up and in general control and user segments including specialized lawyers
who are involved. Finally people are needed who are pioneering services
and put them into practice.
All this leads us to one conclusion – that we valuers are only a link in
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
a chain of the process of industrial or commercial development in an economic
process which has been set in our society. It is therefore essential that this
link of ours be strong because any weakness could cause this commercial
chain to snap. This may lead to chaos something exactly like what happened
to our banking system – ever increasing amounts of Non Performing Assets.
On the human resources side a new professional academic is needed. This
specialist should have at least a full-time degree in valuation from a recognized
University in the specific field of specialization. Of course at the same time,
we should try to introduce a separate Bachelor’s degree in valuation at some
Universities and at the Master's degree level, there would be various special-
izations preferably as per the categories listed under the Wealth Tax Act.
This concept would create a separate discipline of Valuation like Medicine,
Engineering, Law, etc. at the Bachelor's degree level. It would also create
experts in every specific category of valuation services at the Master's degree
level. Needless to say a doctorate in Valuation would not be too far fetched
for meritorious students.
At the general level where we need human resources for system admin-
istrators as stated above, it might be within our educational parameters to simply
ask such people to take short term valuation courses after graduating in any
general related academic disciplines.
It is envisaged that implementation of these concepts can only be enforced
with the introduction and passage of a Valuers Act in Parliament. Unless such
a Bill or Act is passed on these lines, Valuers can never hope to become Experts
or be treated as professionals like Lawyers, Doctors, etc. But this is exactly
what we really need – Expert Professional Valuers, to differentiate us from the
generalists. Therefore, there is only one goal – Valuers Act. IV
Man can conquer the entire world when his

thoughts are pure.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Response - Indian Valuer
An article on the subject "LEASE DEED" under the authorship of Shri B.

Kanaga Sabapathy was published at page no. 24 to 26 in April, 2016 Indian
Valuer Journal.
A response from Shri Gajendra Paliwal was received and the same was
referred to the author Shri B. Kanaga Sabapathy. After going through the
response and reply given by the author the response as well as the reply
are published as follows for enrichment of the members/readers of the
Institution of Valuers.
To,
The Editor in Chief
Dear Sir,
Mr. B. Kanaga Sabapathy wrote an article "LEASE DEED" which was

published in Indian Valuer April, 2016 volume. In point no. 6 of his article
he raised a question "How leasehold rights are coming into effect?" and
immediately gave answer providing six different points of enjoyment of
leasehold right by a lessee. But, in point 4 of his answer he wrote "The Lessee
can sub-lease if so agreed in the lease deed" i.e. if there is nothing specifically
mentioned about sub-lease in the lease deed, the lessee doesn't have any
sublease right. But Section 108(B)(j) of Transfer of Property Act, 1882 says
"Rights and liabilities of lessor and lessee - In the absence of a contract
or local usage to the contrary, the lessor and the lessee of immovable property,
as against one another, respectively, possess the rights and are subject to
the liabilities mentioned in the rules next following, or such of them as are
applicable to the property leased:- the lessee may transfer absolutely or by
way of mortgage or sub-lease the whole or any part of his interest in the
property and any transferee of such interest or part may again transfer it."
That means, "The Lessee can sub-lease in absence of any restriction in the
lease deed". Probably this is due to printing mistake and this matter demands
consideration accordingly.
From
Gajendra Paliwal
F-17317
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
REPLY BY AUTHOR :
i) If there is a specific covenant in the lease deed that the lessee cannot sub-
lease, then the sub-lease is not possible :
ii) Whereas if the lease deed is silent about the sublease, then there two
possibilities :
• Sub-lease may not be possible if the local customs or if the local
government’s lease and rent control act do not permit such sub-lease.
• In the absence of such things prevailing, the sub-lease is possible as per
the Transfer of property act Section 108(B)(j) of Transfer of Property Act,
1882 which says : “Rights and liabilities of lessor and lessee - In the absence
of a contract or local usage to the contrary, the lessor and the lessee of
immovable property, as against one another, respectively, possess the rights
and are subject to the liabilities mentioned in the rules next following, or
such of them as are applicable to the property leased:-
the lessee may transfer absolutely or by way of mortgage or sub-lease the
whole or any part of his interest in the property and any transferee of such
interest or part may again transfer it.
From
B. Kanaga Sabapathy
F-1890
****
To,
The Editor in Chief
Sub: Compliments for the improvement in the Indian Valuer
Sir,
I extend my compliments for improvement in the Indian Valuer.
It is very nice change that now the articles are of better use for the Valuers.
More compliments for the fact that articles of Shri. B. Kanaga Sabapathy are
in the journal. I am sure that there were some reasons, best known to the earlier
editor, that for a long time, we were deprived of his valuable articles.
Additional compliments for having agreed / convinced (though late) that articles
are being published alongwith the photo of the writer. For this simple matter,
I as an Editorial Board Member and Council Member had tough time to convince
for the same.
It may not be out of way to suggest to restore the articles in form of questions
and answers. They are simple practical and away from clumsy theoretical
formulas.
From
P.C. Gupta
F-10305
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
ARTICLES
VALUATION OF PLUMBING SERVICES IN THE BUILDING

—Er. Khazan Chandra
MIE, FIV
Regd Valuer
Lucknow
(F. 5291)
1. Introduction : The plumbing is an essential part of the building, as

without plumbing, building cannot be properly used. Part 9 of National
Building Code 2005 deals with this subject in detail.
While doing valuation, the provision of services is made on percentage
basis say 18% or 20% or 24.5% or 29.50% or so of the civil value
of the building. The services means PLUMBING and ELECTRIFICATION both
internal and external. The cost of other external items like approach roads, pathways,
compound walls land development etc is added on measurement basis and are not
treated as pert of services. As a valuer you have to justify each of your action
when challenged or questioned by the accepting authorities or even by the client himself.
As such it is very necessary that the provisions made should be rational. In the last
twenty years of my profession career I have not read any article on services. As
such I have taken up one part of services in my topic on PLUMBING.
2. Valuation of Plumbing work in the building : The cost of plumbing works
in the building is calculated at the following rates as per CPWD Plinth area rates.
A. Non Residential buildings Percentage of rates of load bearing building
a. For office building & colleges 4%
b. For hospitals 10%
c. Schools 5%
d. Hostels 15% with attached toilets
10% with common toilets
B. Residential buildings : Percentage of rates of load bearing building
Till 01.01.1992 the cost of plumbing was prescribed per residence, and the cost
of plumbing per sqm of plinth area works out as under:-
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
a. Type V (plinth area 199.20) Rs 43,800 for 2375.00 per Sqm PA rates
43800/ 199.2 = 219.88 per Sqm
or 219.88 / 2375.00
= 9.26 % of civil cost
b. Type IV (plinth area 102.0) Rs 22,000 for 2210.00 per Sqm PA rates
22000/ 102 = 215.69 per Sqm
or 215.69 / 2210.00 = 9.76 % of civil cost
c. Type III Qrs (Plinth area 78) Rs 18,300 for 2010.00 per Sqm PA rates
18,300/ 78 = 234.61 per Sqm
or 234.61 / 2010.00 = 11.67 % of civil cost
d. Type II Qrs (Plinth area 54) Rs 15,400 for 2010.00 per Sqm PA rates
15,400/ 54 = 285.19 per Sqm
or 285.19 / 2010.00 = 14.19 % of civil cost
e. Type I Qrs (Plinth area 34.2) Rs 14,600 for 2010.00 per Sqm PA rates
14,600/ 34.2 = 426.90 per Sqm
or 426.90/ 2010.00 = 21.24% of civil cost
In the plinth area rates of 01.10.2007 and afterwards, plumbing cost has been
prescribed at 12% of plinth area rates of load bearing structure.
The provision of 12% for Type V building is much on higher side
as the cost of plumbing on actual execution is certainly less than 12%. Similarly
a provision of 12% will be insufficient in the case of Type I & Type II quarters, though
the valuation cases of such type of building are seldom .
As a matter of fact in the case of residential units the value of plumbing
should be based on units and not on the plinth areas of the building. One
toilet with bath, WC & Washbasin can be considered as one unit, full-fledged
kitchen can be taken as half unit, because value of plumbing depends mostly
on the number of units provided. But for the valuation in the case of Income
Tax cases we have to be dependent on plinth area rate method.
The rates sanctioned by the Central PWD or State PWD are based
on best Engineering practice and based on the standard norms for that
class of building and with standard type of material. As such it is very
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
necessary that the Valuer should know the standard norms for different
types of buildings and should value the plumbing cost to the extent the
plumbing have been provided. Similarly regarding type of material used with
respect to the standard material.
3. Standard material for Plumbing on which plinth rates are based :
Plumbing consists of (i) Water Supply & (ii) Drainage & Sanitation. The
plumbing pipes can be of CI, Steel, RCC, Pressed concrete, Galvanised M. S,
copper, brass, wrought iron, asbestos, polyethylene, UPVC, Chlorinated PVC or
stainless steel. The rates of pipes varies widely depending up on the type
of pipe and class of pipe used. The plumbing cost can be subdivided in
four subheads and their cost component as (i) Water supply pipe line 35%,
(ii) C.I. Soil and waste water pipe line work 25%, (iii) Drainage pipe work including
man holes 15% & (iv) China ware and CP fittings and over head tank 25% totalling
100%.
(A) Water Supply : The plinth area rates are based on the use of G.I. Pipe
B class ISI marked of standard company. If we use different class of pipe
the difference in the rates of pipe used in place of admissible pipes should
be accounted for. The difference in cost for using such pipes has also been calculated
taking 80% weightage of 15 mm dia pipes and 20% weightage of 20 mm dia pipes
on DSR 2012 for water supply pipe line concealed in walls are as :
Type of pipe Item No Rate per Rm Sverage weighted rate
G.I 15 mm 18.11.1 229.10
G.I 20 mm 18.11.2 251.30 233.54
CPVC 15 mm 18.8.1 218.85
CPVC 20 mm 18.8.2 243.05 223.69
PPR 16 mm OD 18.5.1 180.05
PPR 20 mm OD 18.5.2 226.65 187.37
PA-AL-PE 16 mm 18.2.1 297.95
PA-AL-PE 20 mm 18.2.2 340.60 306.48

As such if other than admissible pipes are used for water supply pipe line the
rates be amended by (-) 4.34% in case of CPVC, (-) 19.78% in case of PPR pipe
and (+) 31.2% in case of PA–AL- PE pipes.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Or the cost of plumbing to be amended as under :
If used GI Pipes NIL
If used CPVC pipes 1 x 35% x (-) 4.34 % (-) 1.52%
If PPR pipes are used 1 x 35% x (-) 19.78 % (-) 6.92%
If PA-AL-PE pipes are used 1x35%x(+) 31.2 (+) 10.92%
(B) Sanitary Pipes : The plinth area rates are based on the use of C.I. Pipe
ISI marked of standard company. If we use different class of pipe the difference
in the rates of pipe used in place of admissible pipes should be accounted
for. The difference in cost for using such pipes has also been calculated taking
70% weightage of 100 mm dia pipes and 30% weightage of 80 mm dia pipes
on DSR 2012 for sanitary pipe line are as :
The rates of SCI soil pipe single socket of 1.80 meters length 100 mm dia
as per DSR 2012 code 1617 is Rs 990.00 and rate for 75 mm dia pipe is 890.00
as per code 1616. The average weighted rate works out to 960.00 per 1.80 meters
or 533.33 per Rm. After adding of labour charges the rate will work out to 575.00
per Rm.
There is no rate in DSR for PVC pipes. The market rates of SWR PVC pipe
is 940 to 980.00 for 6.00 metres length 110 mm OD pipe and Rs 650 to 720.00
for 80 mm dia. The average weighted rate by taking highest rates, works out to
Rs. 902.00 per 6.00 metres or 150.33 per Rm. Jointing of PVC pipe is very cheap
in comparison of jointing of CI Pipes, besides that the specials of PVC are also much
cheaper than specials of CI. After adding for labour charges the rate will work out
to 190.00 per Rm.
As such if PVC Pipes are used CI pipes for sanitary pipe line the rates be amended
by
(-) 66.67%.
Or the cost of plumbing to be amended as under
If used CI Pipes NIL
If used PVC pipes 1 x 25% x (-) 66.67% (-) 16.67%
(C) Drainage Pipe work plus manholes : The plinth area rates are based on the
use of S.W. Pipe ISI marked of standard company. If we use different class
of pipe the difference in the rates of pipe used in place of admissible
pipes should be accounted for.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The rates of S.W. pipe and PVC pipe including excavation, concrete for bedding
and concrete for haunches the rate nearby works out the same, hence no adjustment
will be required.
But if RCC NP-2 pipes are used in place of SW, the difference in rate will be
there. The rate of 150 mm dia SW pipe for laying including bedding concrete and
concrete for haunches as per DSR 2012 item 19.1.2, 19.3.2 & 2.10.1.1 is
Rs (219.05+382.75 +165.60) = 767.40 per RM. The rate of 150 mm dia RCC N.P-
2 pipe for laying including (bedding concrete and haunch concrete not required) as
per DSR 2012 item 19.6.2 & 2.10.1.1 is Rs (254.50 +165.60) = 420.10 per RM. After
accounting for manholes as 30% of SW piping cost the rates with SW pipe & RCC
NP-2 pipes will works out to adding of labour charges the 997.62 and 650.32
respectively.
As such if RCC pipes are used for drainage purpose the cost of drainage is
to be amended by (-) 34.80% .
If used SW Pipes NIL
If used PVC Pipes NIL
If used RCC pipes 1 x 15% x (-) 34.80% (-) 5.22%
4. Norms of plumbing for different Class of building :
Following are the norms of plumbing as per NBC 2005.
(a) Office Building :
Executive Room & conference room One W.C And wash Basin plus shower
(i) For Office Staff and Visitors
Item Male Female
W.C 1 per 25 1 per 15
Wash Basin 1 per 25 1 per 25
Drinking water 1 per 100 1 per 100
Urinals Nil up to 6
1 for 7-20
2 for 21-45
3 for 46-70
4 for 71-100
Add 3% for 100-200
Over 200 at 2.5%
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
(b) Factories Building :
(i) For Office Staff and Visitors
Item Male Female
W.C 1 up to 25 1 up to 15
2 for 16-35 2 for 16-25
3 for 36-60 3 for 26-40
4 for 66-100 4 for 41-57
5 for 58-77
6 for 78-100
Add 3 for 101-200 Add 5 for 101-200
Add 2.5 % above 200 Add 4% above 200
Urinals Nil up to 6
1 for 7-20
2 for 21-45
3 for 46-70
4 for 71-100
Add 3% for 100-200
Over 200 at 2.5%
(ii) For Workers
Item Male Female
2 for 16-35 2 for 13-25
3 for 36-60 3 for 26-40
4 for 66-100 4 for 41-57
5 for 58-77
6 for 78-100
Add 3 for 101-200 Add 5 for 101-200
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Add 2.5% above 200 Add 4% above 200
Urinals Nil up to 6
1 for 7-20
2 for 21-45
3 for 46-70
4 for 71-100
Add 3% for 100-200
Over 200 at 2.5%
(c) Cinemas, Multiplexes, Convention Halls Building :
For Staff
Item Male Female
2 for 16-35 2 for 13-25
2 for 16-35 2 for 13-25
Urinals Nil up to 6
1 for 7-20
2 for 21-45
For Public
Item Male Female
W.C 1 per 100 up to 400 3 per 100 up to 200
Over 400 1 per 250 Over 200, 2 per 200
Wash Basin 1 per 200 or part 1 per 200 or part
Drinking water 1 per 100 or part 1 per 100 or part
Urinals 1 per 25 or part
(d) Hospitals with Indoor Patient wards :
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
For Private wards and Individual Doctors and Officers room, one W.C. one Wash
Basin and Shower.
(i) For staff
Item Male Female
2 for 16-35 2 for 13-25
2 for 16-35 2 for 13-25
Urinals Nil up to 6
1 for 7-20
2 for 21-45
(ii) For General Wards, Hospital Staff and Visitors
Item Male Female
W.C 1 per 8 bed or part 1 per 8 bed or part
Wash Basin 2 up to 30 bed 2 up to 30 bed
Above 30, 1 per 30 or part Above 30, 1 per 30 or part
Drinking water 1 per ward 1 per ward
Urinals 1 per 30 bed or part
(e) Hospitals Outdoor Patients :
For Individual Doctors and Officers room, one W.C. one wash Basin and shower.
(i) For staff
Item Male Female
2 for 16-35 2 for 13-25
2 for 16-35 2 for 13-25
Urinals Nil up to 6
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
1 for 7-20
2 for 21-45
(ii) For Patients and Visitors
Item Male Female
W.C 1 per 100 or part 2 per 100 or part
Urinals 1 per 50 or part
(f) Hospitals Administrative Building :
For Individual Doctors and Officers room, one W.C. one wash Basin and shower.
(i) For staff
Item Male Female
Urinals Nil up to 6
1 for 7-20
2 for 21-45
(g) Hospital Staff Quarters and Nurses Homes (Common Rooms) :
Item Male Female
Bath shower 1 per 4 or part 1 per 4 or part
(h) Schools and Educational Institutions :
(i) Nursery
Item
W.C 1 per 15 or part
Wash Basin 1 per 15 or part
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Bath shower 1 per 40 or part
Drinking water 1 per 50 or part
(ii) Non Residential
Item Male Female
Urinal 1 per 20 or part
(iii) Residential
Item Male Female
Bath Shower 1 per 8 or part 1 per 6 or part
Note : For teaching staff, the schedule of fixtures shall be same as for office.
(i) Creches :
Item
W.C 1 per 10 or part
Wash Basin 1 per 15 or part
Kitchen sink for
Preparation of milk 1 per 15 or part
Sink for Drinking water 1 per 15 or part
(J) For Hotels : The suits attached with toilets will have one W.C., one wash basin
and one bath shower / Bath tub. Regarding guest rooms with common facilities, the
fixtures given in the NBC 2005 at para 5.2.5.1 table 17 is much on lower side. in
my opinion the facilities should be as follows:-
(i) For rooms with common facilities
Item Male Female
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
As regards facilities for the non-residential staff it should be the same as Hospital
staff given above.
(K) For Restaurants :
(i) For Public
Item Male Female
W.C 1 per 50 seats up to 200 2 per 50 seats up to 200
Over 200 1 per 100 Over 200 1 per 100
Wash Basin 1 per WC 1 per WC
staff given above.
(L) For Hostels :
If hostel is with attached toilet than each toilet will have one W.C., one wash basin
and one bath shower. Regarding hostel rooms with common facilities, the fixtures will
be as follows:-
(i) For Residents
Item Male Female
W.C. 1 per 8 or part 1 per 6 or part
staff given above.
(ii) For Visitors Commonroom
Item Male Female
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
W.C 1 per 100 seats up to 400 2 per 100 seats up to 200
Over 400 1 per 250 Over 200 1 per 100
Wash Basin 1 per WC 1 per WC
5. Effects of Plumbing provisions on the Valuation of the Property : The actual
provisions made in the building should be studied by the valuer and the value of plumbing
should be accounted for. Similarly if different materials have been used in the building
in plumbing, their effect should be accounted for to arrive at the reasonable value of
plumbing works.
6. Provision for external service connections : A provision of 5% has been made
in the PAR towards this sub head, which is basically for the purpose of preparation
of preliminary estimate. In the case of valuation of investment cost we should add
actual cost. In case of valuation for fair market value it should not be more than 2%
or a very reasonable amount only and not 5%.
In the case of plots allotted by the development authorities there is hardly
any investment towards external services except payments made for water supply
and sewer connection charges plus the cost of piping from last manhole of
the building for sewer.
7. Conclusion : We should not arbitrarily add certain percentage on account of
plumbing. The plumbing cost should be assessed on the basis of actual provisions
made in the building. IV
BECOME PRACTISING PROFESSIONAL CREDIBLE VALUER

PROFESSION COUNSELLING, TRAINING, GUIDANCE, ASSISTANCE, REPORT WRITING, FIELD
TRAINING FOR BEGINNERS, PRACTISING/ASPIRING VALUERS, CHARTERED ENGINEERS.
For Details
S. DESHPANDE
C.Eng.FI(Mech.) E(I), PGDPEM (IPE), LL.M, FIV, FICA, FIE(I), C.Eng.(I)
Valuer, Valuation: Counsellor/Trainer,
Former Chairman: IOV, Hyderabad, AP Branch.
Former Editor-in-Chief: INDIAN VALUER.
308, Amrit Apts., Ph.II, Kapadia Lane, Rajbhavan Road, Somajiguda.
Hyderabad - 500082.T.S. INDIA
Phone : 040-23300329, 040-23300344
MENTOR OF FUTURE VALUERS

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
TIPS FOR NEW VALUERS
—A.L. Kalra
FIE, FIV
Uttar Pradesh
(F. 4983)
New Valuers after getting their Registration No. are in a fix as to how to start work.
For this, following are some of the things a new Valuer should do:-
1. First of all the new Valuer should visit the Income Tax office and apply for registration
as a Valuer. This is very important because no major Public sector banks or any
Financial Institution will keep him on their panel unless he is a Registered Valuer
of Income Tax Department. The Valuer should visit the IT Deptt. and apply on a
prescribed form along with an application fee of Rs. 1000(?) and original documents
of academic qualifications and proof of practical experience of a minimum of 10
years in a gazetted capacity of a govt. department or a PSU. Within a period
of about 3 months or so he will be registered as a Valuer of Income Tax Deptt.
The registration is valid throughout India.
2. Once the new Valuer becomes a Registered Valuer of Income Tax Deptt, he can
now apply in any bank and Financial Institution and can become a Panel Valuer
of that bank. For this, the new Valuer should visit the Regional/Zonal office of that
bank and obtain an application form which should be forwarded by any branch of
that bank. Now many a Branch Manager refuse to forward the application to their
Regional office for the reasons known to them but some do it. Many banks entertain
applications once a year. Other banks revise the list of Valuers after 2 or 3 years.
Some banks maintain two lists of Valuers. One for the ordinary cases of loans
and the other for those cases where the loan has become a bad loan or gone
NPA (Non Performing Assets).
3. After becoming a Panel Valuer of any bank one has to go to the bank to establish
contact and make a rapport with the Branch Manager and the Loan Officer. It
depends upon oneself how quickly one makes rapport with the bank’s officials. I
have seen many young Valuers who employ all means, fair or foul to get the
business from the banks. The banks also do not distribute the business equitably
to all the Valuers on their panel. They allot the work only to their favourites. So
new Valuers should try to become favourites of bank managers/loan officers and
this technique they should learn from young valuers.
4. New Valuers can also apply for empanelment in IBDI, UP SIDC, PICKUP, IOC
etc.
5. Before you start working as a Panel Valuer, you have to collect the following
literature:-
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
i) Current Plinth Area Rates of UP/PWD, CPWD. This is available in PWD
Research Institute, Lucknow. There is a small Book Stall in that building where
this booklet is generally available.
ii) Latest Circle Rates. This can be had from the office of the Assistant Registrar
near District Court, Kaisar Bagh, Lucknow.
iii) Depreciation rates. One must know the Depreciation rates vis a vis life of various
structures in order to work out the depreciated construction cost of the structure.
For this, one is suggested to read the article published in the proceedings
of the Refresher Course on 2nd Oct. 2009 by Lucknow Branch of the Institution
of Valuers. A copy of the proceedings may be available in the library of the
Branch office.
iv) Cost Inflation Indices from 01.04.1981.
v) Proforma of the bank for making Valuation Report.
vi) A Compass. For checking the Boundaries of the plot of the Building under
valuation.
vii) A GPS Receiver Set. When one inspects the property, one can get the latitude
and longitude of the plot by using GPS and it can be entered in the Report.
This will help identify the property any time. (page 28 Indian Valuer Jan. 2013
and page 29, National Geographic - Questions and Answers)
viii) Building Cost Index: This is a multiplying factor for the basic Plinth Area Rates
in order to get the present Plinth Area Rates. The Basic Plinth Area Rates
are issued periodically by the CPWD/PWD.
7. When you are given a job for valuation, you have to ask the bank to supply the
following:
i) Lawyer’s Search Report about the property
ii) A copy of the Sale Deed of the property
iii) A copy of the Approved Plan of the property
iv) Letter from the bank requesting you to value the property. Some banks avoid
giving this letter but one must ask for this.
8. When you go to inspect the property, you must take along with you Bank’s
representative and the owner’s representative. Take photograph of both of them in front
of the property for record. Take photographs of the properties on the North, South,
East and West side of property under valuation for identification. Note down the names
of the owners of the adjacent property. This would prove to be very useful for
identification of the property in case of any dispute at a later stage.
9. In case of valuation of a large extent of land which is much deeper than the width
facing a road, Belting method of valuation is adopted. (To be continued)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
VALUATION OF PLANT AND MACHINERY
OF M/s AAA INDUSTRY

—Er. O.P. Sharma
Gov. Reg. Valuer & Chartered Engineer, FIV
Lucknow
(F. 15894)
1. Valuation taken up at the request of : AGM PQR Bank

2. Purpose of Valuation : NPA
3. Name of Organisation : M/s AAA Industry
4. Date of Valuation : xx.yy.zz
5. Bank : M/s PQR Bank
Valuation of an Asset: It is the sum of probable financial returns obtainable from it.
Market Value: It is the sum which a property which will fetch when sold in open market
at a price which a willing Vendor or Seller might reasonably expect to obtain from
a willing purchaser.
This valuation of the unit is undertaken keeping above in view. The report is
prepared on the basis of the documents and informations provided by the bank and
inspection carried out and the valuation so arrived at is the considered opinion of the
valuer, which may change by +/- 10% on either side due to market fluctuations, changes
in government policy or similar such factors.
General:
The above unit was Mentha Oil Extraction Unit and Mint Flakes Producing Unit.
It is situated at an Industrial Area of UP. The unit used to obtain Crude Mentha Oil
from farmers and refine it. They were also producing Mentha Flakes as per market
requirement. The unit was started in the year 2009 as per records of the bank. Some
machines were subsequently added to it. The unit was closed during the visit of the
valuer to the plant. It was informed that the unit is closed for last one year. There
is a general problem of order and also price of the product in market. Hence it was
not viable to run the industry.
Product:
Mentha Oil and Mint Flakes are being used in many foods items, tooth pastes,
beverages, pharmaceuticals, perfumery etc. The raw material for the industry is an
agricultural herb—Mentha Arvensis. In fact with the efforts of Central Institute of
Medicinal & Aromatic Plants, in 1986 farmers were encouraged to start farming of
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Mentha Arvensis.
The farmers also established small crude plants for taking out oil from Mentha
Arvensis leaves by steam distillation, as cottage industry. This oil could be sold in
cash. The result was that the farmers were directly getting benefited. Many larger
plants, like one being valued, were also set up. Some of the units established modern
column based plants so that they could take out other medicinal products from it which
otherwise used to get evaporated in the production process.
Mentha and Mint are taken in spice category by Govt. These two together earned
large foreign exchange by way of exports. India is the largest producer of Mentha in
world.
Inspection: Bank arranged inspection of the unit. For the propose of determining current
value, physical inspection of the machines and equipments used by the unit was carried
out, to evaluate physical condition of each individual item to best possible extent.
Plant and Machinery:
The above Mentha Oil and Mint Flakes Producing Unit is situated at an Industrial
Area, Lucknow. Below listed machinery were found at site. The plant is non-functional
for one year but the condition of the machinery is good. The unit is not a general
purpose industry; it is an industry for production of specialised item, hence it will be
difficult to find buyers for the machinery. All above factors will contribute to reduction
of its realisable fair market value. Since Mentha industry is not doing well hence it
will be difficult to get suitable buyers to buy the machinery at suitable price.
The bank provided with copy of purchase bills / tax invoices of purchase of
machines. The same has been relied upon and has been taken as reference for finding
out Fair Market Value of machines.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Depreciation:
Machines were purchased and installed from 2008 to 2013 in stages and as per
site requirement. Looking into their present condition a depreciation of 15% per year
on their reducing value has been considered proper. Before depreciating them their
present replacement values have been found using cost escalation factors. Factors
of their present condition and obsolescence have been estimated and applied to get
their Fair Market Value.
Valuation:
Based on all above, following have been carried out:
List of machinery available at site has been prepared. Purchase cost of the machines
and their year of purchase provided by the bank was incorporated in above list. Their
present replacement values were found out by using cost escalation factors. A factor
of their present condition and obsolescence has been estimated and applied. Then
a depreciation of 15% on their reducing value was applied to above value, to obtain
their Fair Market Values.
For M/s AAA INDUSTRY
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Thus Fair Market Value of Plant and Machinery of M/s AAA Industry
= Rs. 35597504
Say = Rs. 356 Lac
Distress Sale Value at 70% of FM Value of M/s AAA Industry = Rs. 249.2 Lac
Encl.: — 26 Nos. of Photographs of Plant & Machineries of M/s AAA Industry.
Note: 1. A valuation is linked to a purpose and time. Thus this valuation is only valid
for purpose and conditions mentioned above.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
2. The valuation report is prepared on the basis of documents and informations
provided by the bank and it is considered opinion of the valuer, which may change
by +/- 10% on either side due to market fluctuations, changes in government
policy or similar such factors.
3. If there is any observation in the valuation report it should be brought to the notice
of the valuer within 15 days of submission of the report. If no observation is reported
within this period it will be presumed that the report has been accepted in totality.
4. It is declared that the valuer has no direct or indirect interest in the property.
IV
A unique and complete book on Real Estate Valuation

Title: “VALUATION PRINCIPLES AND PROCEDURES”
Author: DR. ASHOK NAIN ISBN: 978-81-908295-0-2
Publication date : 2010 Pages: xxviii + 651 (HB)
Valuation Principles and Procedures is a unique and complete book that attempts to bridge the
theoretical and practical aspects of real estate valuation. The book combines various aspects of the
multidisciplinary subjects encompassing law, economics, engineering and accountancy in a simple and
lucid manner. It covers practically all aspects of Real Estate Valuation. It provides a comprehensive
study of material for a student or a practising professional with numerous examples. Professionals in other
multidisciplinary fields will also find the unique approach and various discussions, reference to case laws,
technical data and other related information very useful. The book has now become a standard text in
valuation of various Universities where valuation is taught.
Author’s Profile
Dr. Ashok Nain is a practising Consulting Engineer, Surveyor and Valuer having nearly 40 years experience.
He is associated with a number of professional organizations and has published a number of technical
papers in India and overseas. He has won awards for his writings from both the Institution of Surveyors and
from the Institution of Valuers. He is also a Fellow of The Royal Institution of Chartered Surveyors. Dr. Nain
has also been engaged in teaching as a Visiting Professor at Institute of Urban Management, Kolkata, at
ISTAR, Sardar Patel University, Gujarat and at colleges under the West Bengal University of Technology.
This is his second book on Valuation.
The price of the book is Rs. 825/- and by Courier/Post is Rs. 950/- and the same can be had from
the office of the Institution of Valuers, Plot No. 3, Parwana Road, Adjacent to Bal Bharti Public
School, Pitampura, Delhi - 110 034. The book can also be had from Dew Drops Education Pvt.
Ltd., 27-B, Dr. Rajendra Road, Kolkata – 700 020 (E-mail : ddevpp@gmail.com).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
GOOD BYE, AU REVOIR TO SUPER AREA
—Er. FIE
S.S.K. Bhagat
(India), FIV
Former Vice President
Institution of Valuers
Retd. Chief Engineer, N.D.M.C
(F. 2645)
PREAMBLE
As is well known, Bureau of Indian Standards, vide : IS3861 (Second
Revision) and earlier versions laid down Indian Standard for Method of
Measurement of Plinth, Carpet, and Rentable Areas while describing
scope & terminology. These are sacrosanct and hence followed by
C.P.W.D., State P.W.D’s, National Building Code & other Departments; Organisations
including Real Estate Agencies throughout the country. These have been widely
circulated. The method of measurement has been explained in all the technical literature.
So much so, that our Valuers Diary issued by our Institution of Valuers to the members
also contain these for ready reference.
Legacy of Super Area
There is no term as Super Area. The term Super Area or Super-Super Area had
been coined by the Builders/Promoters. This led to lot of anomalies & confusion. Some
of the Builders claimed 40 to 50% or even more; and above 60% in the case of
Commercial Malls. The Consumer Court had to intervene and restricted to 30 to 40%
in the normal cases subject to site conditions. Super Area was fraught with confusion.
However, the genuine buyers needed some protection from exploitation.
Regulation of Real Estate
Authorities were contemplating for a long time to check this menace and introduce
some Regulatory Authority. Ultimately at long last, it climaxed to passing of Real Estate
(Regulation and Development) Act after due deliberations.
Practices being followed globally like in USA, UK, Germany, and Singapore were
studied.
Regulation Bill to be converted into Act
The Bill is heavily stacked against builders. The setting up of the Real Estate
Regulatory Authority (RERA) is expected to usher in much needed transparency and
pave the way for implementation of standard practices across the sector.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The developers’ top body Confederation of Real of India (CREDAI) while welcoming
had mixed reaction and apprehended inter-alia the proposed RERA for turning into just
another approval authority.
Promptness of Indian Valuers
It is surprising and worth appreciating that our vigilant members of the Association
under WhatsApp flashed aptly the contents of the Act soon after passing of the Bill
by Rajya Sabha on 11th March. Content of the Bill, its reaction on the consumer, Views
of the Realtors & public opinion had been well explained. The Practising Valuers have
hopefully acquainted themselves with the Bill. If not done, may do so.
Woes of the Home Buyers
It had often been reported by the intending buyers or from the Press Media that
the delay in completion of the project and actually handing over the possession of
the house with complete documents & details required for the registration has been
resulting to physical, mental and over and above the financial strain by way of (i) EMI’s
of the loan taken from the Banks or other resources; (ii) Rents on account of an
accommodation taken on rent and (iii) Disturbing their budgetary planning etc.
Cheers & Tears
The Bill to be converted into Act looks after the interest of Consumers & the Builders
& prescribed responsibilities the party’s checks & balances on both. There can be
some genuine hurdles encountered by the Builders, which need consideration in all
fairness & solution found within the courts or outside the court provided the will &
the intentions are clear.
Much thrust has been laid upon timely completion of Projects, Tougher regulations
on the Promoter to ensure construction on time according to the specification without
any encumbrances. Likewise, the Home Buyers to adhere to Payment Schedule. Any
slippage without justification to be adjudged by the RERA.
Enactment of Bill into Act
Enactment of Bill & issue of Gazette Notification & formation of Rules shall take
usual time. Till then, R&D Committee of our Council may keep its eagle’s open for
guidance of our fraternity appropriately.
Valuer’s Role
Most important provision concerning the Valuers is that the Buyers have to pay
only on Carpet Area and not on the super built-up area. Carpet Area has been clearly
defined in the Act to include usable spaces such as kitchen and toilets.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
So Ciao, Good Bye, Au revoir to super Built-Area
Valuers now have to exercise their own judgment while undertaking valuation
assignments of real estates within the definition of Carpet Area.
Further
It must be ensured and checked that there are no encumbrances. The documents
like Completion Plans, Service Plans; undivided share of land etc. are made available
to the person seeking valuation for a Happy POSSESSION, as owning a house is
owner’s one time life’s dream. Valuers by this way can render yeoman’s service.
It has been experienced in some projects, Completion Certificate cannot be handed
over to the Builders on account of some violation or nonpayment of dues; the authorities
have mortgaged their unsold stock and issue the Completion Certificate, so that people
can take possession & get registration done.
A STITCH IN TIME SAVES NINE IV
SPECIAL CASES OF
PLANT AND MACHINERY VALUATION
&
THOUGHTS ON PROFESSIONAL VALUATION
BY DR. P.C. GUPTA
B.Sc. Engg. (BHU), M.S. (Tax. Tech) MIT,
Ph. D. (Mech. Engg.). I.I.T. USA, A.S.M.E. (Life), M.I.E., F.I.V.
This is the 2nd book by the author on Valuation of Plant & Machinery.
The price of the above book is Rs. 375/- and by Registered post Rs. 400/- from
the office of the Institution of Valuers, Plot No. 3, Parwana Road, Adjacent to Bal
Bharti Public School, Pitampura, Delhi - 110 034.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
VALUATION VIS-À-VIS SPLITTING OF PROPERTY
—Vikram Arora
B.Sc (Engg.)(Civil), MBA, LLB, FIV
Delhi
(F. 8285)
A Valuer required to carry out Valuation of a property required to be split

(divided) would be a typical exercise for any Valuer. Here the sole objective
of exercise would not be valuation but valuation with purpose of division,
rather a fair division. It has to be borne in mind that such a property may
be disputed.
The Valuer handling such an assignment should exercise due care, in the interest
of all the stakeholders. Some of the steps involved in such an exercise are enumerated
below:-
1. Seek a written consent from the owner / occupier along with the required
documents.
2. Set a time frame / schedule for job to be completed.
3. Carry out physical inspection of the property in question.
4. Arrange physical measurements of property or verify them from the available
drawing(s).
5. Arrange photographs of the property in question (both Exterior & Interior).
6. Make necessary enquiries about the Value of land in the vicinity of said property.
7. Examine the Circle rate, etc. of land in the vicinity of the property in question.
8. Enquire about the rates at which property deals are materializing as regards
comparable properties.
9. Value the Building forming part of the said property.
10. Examine the holding cost of the property in question by considering the cash
outflow involved under heads like –
Property Tax
Electricity
Water
Maintenance
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Safety / Security
Others
11. Consider other factors related with the property such as –
Legal Status / Title
Saleability
Occupation
Possession
Location
Connectivity
Parking
Access
Maintenance
Safety, etc.
12. The above would help in arriving at a Fair Market Value of the Property in question.
13. Consider various possible splitting options taking into account the features of the
property such as –
a. Number of Shareholders in the property / Number of shares to be created
b. Prospects of Horizontal or Vertical Splitting.
c. Prospects of combination of Horizontal and Vertical Splitting.
Other Key Factors to be considered are –
i. Number of existing floors of the property.
ii. Independent access to each divided portion.
iii. Future expansion
iv. Ventilation
v. Partitioning
vi. Natural light
vii. Proximity to road / Footpath, etc.
viii. Number of entrance(s)
ix. Hazard(s), if any.
The option(s) provided should be so fair that the person(s) exercising choice should
be in a position to make an unhesitant choice.
Disclaimer :
The steps involved are not exhaustive and complete. Instead, they are suggestive
and deviation / modifications may be required depending upon the property in question
and several other factors unique to a property.
IV
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
VALUATION FOR REDEVELOPMENT OF PROPERTY
BY OWNER (CASE STUDY)
 —Javahar R. Raval
M.E. (Civil-Struct.), M.I.E., F.I.V.
Mumbai
(F. 2272)
INTRODUCTION
Normal R.C.C. buildings are supposed to have a useful life of 60
to 80 years, with proper and regular maintenance. Even then, many
buildings show the signs of distress and structural defects, after about
15 years of construction or many a time even earlier. The common
reason being use of Inferior Construction Materials, Improper Workmanship, Poor
Maintenance, Over Loading, Alteration for Renovation; and thereby disturbing Structural
Stability, Weathering Effect, Seepage from Terrace, Chhajja, Parapet and Walls and
Leakage from Sanitary Connections, etc. In addition, there is a reason to doubt the
quality of R.C.C. buildings constructed between 1978 & 1985, when there was a
shortage of cement. The results are Peeling off Plaster, Broken Concrete Cover, Steel
Bars Exposed, Corroded or even Broken and Deep Cracks in Structural Members,
etc. Serious Distress develops also in old load bearing structures with timber joist pillars,
beams and floorings, due to Aging Effect & Non Maintenance. In buildings of many
co-operative Housing Societies, residents are non Co-operative for Repairs & Main-
tenance of Common Structural members, even though spend a fortune for interiors
of their own flat. As a result, the Seepage of Water from Monsoon Rains, Leakage
from Plumbing Joints and also Saline Moisture from the Sea Winds (in Coastal Areas
percolate through hair cracks in R.C.C. Columns, Beams, Slabs (Ceilings) and Rain
Shades (Chhajja), come in contact with Steel Reinforcement bars and Corrosion of
Steel bars start. As a result of corrosion, Steel bars expand and the cracks get widened.
Further, as crack width increases, more water get percolated and because of this vicious
circle, the process of deterioration of R.C.C. members continues. Hence damages will
increase, as the Repairs are delayed. In many of such cases Structural Repairs
will give only a lease life to the buildings and Redevelopment of building is the
only solution, where the existing building is demolished and new building is
constructed.
REDEVELOPMENT OF BUILDINGS
As Real Estate Prices continue to zoom and land in most cities becomes scarce,
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
builders have begun to look at the existing structures that can be redeveloped, since
they get more F.S.I. to sell at current market price. In fact, as an incentive to demolish
older buildings and construct a new building with more floors, the developers are offering
additional area, money and the promise of a new flat to the existing owners.
Redevelopment is welcomed also by occupants of existing buildings, since they will
get additional F.S.I., in terms of extra Room/s and also Corpus from the developer,
since taxes in redeveloped building would be much more, in addition to maintenance
charges. In Rented Properties, the Tenants of the building will automatically become
Owners in the Redeveloped Building. While the offer may seem exciting, there are
some things one should keep in mind before agreeing to have property redeveloped.
Selecting the proper developer is thus very important, since the occupants have nothing
in hand, except agreement papers, after the building is demolished.
STAGES OF REDEVELOPMENT
1. Structural Audit Certificate from Structural Engineer, Registered with Municipal
Corporation, giving Recommendation for Redevelopment.
2. General Body Resolution by Society to appoint all relevant persons like Project
Management Consultant, Developer etc. The Developer will give Offer Letter to
Society, indicating Terms & Conditions with the Society; and make Agreement with
the Society.
3. Sanction Letter from Municipal Corporation in favour of the Society and Loading
of T.D.R. in the Society’s name.
4. Obtaining IOD for Approval of Plans from Corporation and obtaining Permission
to Demolish the Structure. Shifting Members and Demolition of Building.
5. Obtaining CC, a Commencement Certificate to start a New Work up to Plinth Level
and afterwards obtaining further CC to Start Construction above Plinth Level.
6. After completion of FSI = 1, obtain permission for utilizing T.D.R. and getting
amendment plans.
7. CC for T.D.R. portion and further Construction till Completion.
8. Obtaining Occupation Permission and Possession to Old & New Members.
9. Formation of Society and Making Conveyance.
TRANSFER OF DEVELOPMENT RIGHTS (T.D.R.)
This concept has been adopted by Government under Development Plans of Cities
and Towns and in Development Control Rules mainly with a view to enabling
compensation. Due to inadequacy of fund with Municipal Corporations, right to use
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
T.D.R. is granted to the plot owner, instead of payment of compensation. Normally
the owner of the plot holds the right of development, which is attached to the plot
of land owned by him. Under this T.D.R. concept instead, owner of the plot retains
right for development, which is detached from the plot owned by him. This right is
transferable and it can be attached by sale to the other plots located in prescribed
area, not belonging to the owner. The only condition is that the land reserved for public
purposes or roads has to be handed over free of cost and free from encumbrances
to the local authority and in lieu of free surrender of the land, local authority would
award T.D.R., the rights which are tradable in the open market. The owner even though
loses ownership of land, yet continues to hold development right of the surrendered
land, which is transferable and salable in the market.
Originating Plot: The Plot of Land which is reserved for the public purpose or for
Road under Development Plan, when surrendered free of cost and free of any
encumbrance to the local authority by the owners of the said plot; and get T.D.R. in
return.
Receiving Plot: The Plot of Land on which extra F.S.I. is permitted to be developed
by use of T.D.R.
FUNGIBLE F.S.I.
Development of Mumbai is governed by Development Control Regulations for
Greater Mumbai. It was noticed by Municipal Corporation of Greater Mumbai in
2010-11 that Architectural Features, Air Handling Units, Voids, Flower Beds and such
other features which were permitted free of F.S.I. were misused by making alterations
and forming part of the premises. In 2012, Development Control Regulation of Greater
Mumbai was modified and a list is given of usable area to be counted in F.S.I. e.g.
Covered Parking Space, Fire Escape Balconies, Air Conditioned Plant Room, Balconies,
Flower Beds etc. Government has given at the same time the details of % of
Compensatory F.S.I., which is termed as Fungible F.S.I.
The Regulation was further modified by Urban Development Department, Govern-
ment of Maharashtra, wherein a list of users permitted free of F.S.I. (with the special
permission of Commissioner of Municipal Corporation of Greater Mumbai), Fungible
Compensatory F.S.I. over and above admissible F.S.I. may be permitted. Followed by
the said modifications, Municipal Corporation of Greater Mumbai has issued a Circular
wherein the details of Quantum of Permissible Fungible F.S.I., according to the user
is quantified as under:
1. Residential User: 35%.
2. Non residential User including Commercial & Industrial User: 20%.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
CASE STUDY
A Family of Industrial Magnet has Property in a Metropolitan City Mumbai in Prime
& Aristocrat Residential Location, consisting a premises of Piece & Parcel of Land,
having an Area of Land of 7200 sq. ft. or there about, with an R. C. C. Residential
Building (Own Bungalow), having of Ground plus Two Upper Floors and a Terrace.
The Building having Total Built up Area of 5876 sq. ft. or thereabout and situated at
the one of the Aristocrat locality of Mumbai. Ground Floor is constructed in 1965 and
First & Second Floor in 1982, as reported. Entire Property is in the possession of
owners, used by only family members and there are no tenants.
The Owners themselves want to do Redevelopment of this property for Residential
use; and carry out entire process themselves, without appointing any outside developer.
A Valuation Report is required to get Loan from Financial Institution.
Note: Nationalized Banks are normally not giving Loans to Builders, due to
Recession in Real Estate Market, but looking at the excellent financial condition of
the owners, having a couple of Industries in India and Bright Prospects of Sale and
Situation of Property in Prime & Aristocrat Residential Location, a couple of Financial
Institutions have shown interest.
PROCESS OF VALUATION:
A) DESCRIPTION OF PROPERTY:
The premises of Piece & Parcel of Land of Area of 7200 sq. ft. or thereabout,
with a Residential Building, having a Ground plus Two Upper Floors and Terrace of
Total Built up Area of 5876 sq. ft. or thereabout. Height of each Floor is 9’- 6". The
Bungalow has an Internal Staircase of Marble.
Compound:
It has four sides of Enclosed Compound Wall, with Wooden Gate. There is Otla
(Elevated Platform), at Front & Rear side with Marble Flooring. There is a - Watchman
Cabin and also a Servants’ Toilet Block. The Compound has a Drive Way with Car
Park and a Garage and a Pump Room. There are miscellaneous Trees & plants.
Ground Floor:
There is a Living Room with Attached Covered Porch, a Master Bed Room, a Kitchen
& Dining Room, a Waiting Room, a Store Room and Two separate Western type Toilet
Blocks.
First Floor:
There is a Sitting Room, a Master Bed Room with Balcony, other Two Master Bed
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Rooms, a Dressing Room and a Library Room.
Second Floor:
There is a Sitting Room and Two Master Bed Rooms with Balcony.
Terrace:
It is an Open Terrace, having Overhead Water Tanks.
The Brick Walls are plastered and painted on both sides.
The Flooring is of Marble in entire building.
The Roof is an R.C.C. Terrace.
There are Wooden Doors in the building.
The Window are of Wooden Frame and Glass Panels.
The Plumbing in the premise is of Concealed type.
The Electric Wiring work is of Concealed type.
B) FIXATION OF MARKET RATE:
1. Instance of Sales and Purchases:
Instances of Sales and Purchases were not available for the property at LMN, in
the similar situation and location.
2. Local Inquiries:
Local Enquiries revealed that at PQR Road in Aristocrat LMN locality in OPQ,
in proximity of famous SSS, the Market Rate for Residential Property would be between
Rs. 50,000/- and Rs. 55,000/- per sq. ft.
3. Situation of Property:
The property is situated at Aristocrat Residential Locality of LMN, in the
proximity of famous HHH (Temple of Lord SSS) at KK Road. Well Known RRR
Temple is also at 5 minutes by vehicle. JJJ Railway Station is at 10 minutes
by vehicle. Main Road is at 5 minutes by vehicle. In addition, many Bus Routes
are available for various places of City and Suburbs. International Airport is at
30 minutes & Domestic Airport at 25 minutes by vehicle. All Leading Banks are
in proximity. There are well known Shopping Malls, popular Stores ‘YY’ and ‘ZZ’
for Electronics appliances etc.; and Good Restaurants nearby. Famous Sea
Beach is at 10 minutes of walking distance. Well known High Schools and Top
Colleges of all faculties are also located in the vicinity.
The Building as in Aristocrat Residential Area of LMN, has good ambience with
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Bungalows of many Leading Film Stars, Industrialists and Businessmen. A Garden with
Joggers Park is also in proximity.
All these factors increase the Value as well as Potential for Marketability of the
Property for Residential use.
4. FIXATION OF MARKET RATE:
Considering the situation of property, with respect to its proximity to all those places,
as mentioned above, as well as market facility and over and above its situation in
one of the Aristocrat Residential Area of the city, the premises, if sold in open market,
would easily fetch not less than Rs.45,000/- per sq. ft.
Hence, the said Market Rate, in my opinion, seems to be Fair and Reasonable.
I, therefore, consider Rs. 45,000/- per sq. ft. as Market Rate of Built up Area.
a) LAND RATE:
Considering Cost of Construction @ Rs. 3,000/- per sq. ft.,
Land Rate = Built up Area Rate – Cost of Construction
= Rs. (45,000 – 3,000)/-
= Rs. 42,000/- per sq. ft.
I, therefore, consider Rs. 42,000/- per sq. ft. as Land Rate.
b) DEPRECIATED VALUE OF BUIDLING:
The Building on the said Plot of Land is Old, but Building Materials used are of
Superior Quality. The Depreciated Rate hence, can conservatively be considered as
Rs. 300/- per sq. ft.
Hence, I consider Depreciated Rate of Construction @ Rs. 300/- per sq. ft.
c) VALUATION:
1) Piece & Parcel of Land:
(a) Area of Land : 7200 sq. ft.
(b) Permissible F.S.I. in Location : 1.00.
(c) Permissible Built up Area as per F.S.I. 1.00 : 7200 sq. ft.
(d) As Plot situated in T.D.R. Receivable Zone,
T.D.R. Permissible would be 100% of Net Plot Area: 7200 sq. ft.
(e) Total Permissible Built up Area : (c) + (d) : 14400 sq. ft.
(f) 35% Fungible F.S.I. (Residential User) : 5040 sq. ft.
(g) Total Built up Area : (e) + (f) : 19440 sq. ft.
(h) Land Rate : Rs. 42,000/- per sq.ft.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
(i) Market Value of Land : Rs. 42,000/- x 19440
: Rs. 81,64,80,000/-
2) Depreciated Value Building:
(a) Total Built up Area of Building : 5876 sq. ft.
(b) Depreciated Rate of Construction : Rs. 300/- per sq. ft.
(c) Market Value of Building : Rs. 300/- x 5876
: Rs. 17,62,800/-
3) Market Value of Property:
= Value of Land + Depreciated Value of Building
= Rs. (81,64,80,000/- + 17,62,800/-)
= Rs. 81,82,42,800/-
Say Rs.81,82,42,000/-
(RUPEES EIGHTY-ONE CRORE EIGHTY-TWO LAC FORTY-TWO THOUSAND
ONLY).
REFERENCES:
1) “Elements of Valuation of Immovable Properties” - Book on Valuation by Shri. R.K.
Gandhi.
2) “Effect of Fungible F.S.I. on Valuation of Immovable Properties” - Paper presented
by Shri. Bharat C. Shah. (PTO)
“DISPARITIES AND DISPUTES IN VALUATION OF LANDS”

(With 100 case - laws)
Written by
Shri C.H. Gopinatha Rao
a prominent Valuer and
past President of the Institution of Valuers
The above book is available for sale at Rs. 750/- and by Registered Post at
Rs. 800/- (including packing and registered postage charges) from the office of
the Institution of Valuers, Plot No. 3, Parwana Road, Adjacent to Bal Bharti Public
School, Pitampura, Delhi - 110 034.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
IV
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
GENERAL
HOW TO INSPECT THE PROPERTY?

—Nitin Lele
BE, MIE, FIV
Pune
(F. 7749)
01. Introduction
A flat purchaser when looks out for a flat for him, important aspect
is area, rate, locality, loan, taxes etc.. When a valuer visits to inspect,
he simply looks to identify the property location wise, floor wise, room
wise, rate wise etc. However, the quality of construction is ignored by
one and all. If, the construction quality is good, one can enjoy the asset for years
together. However, if not, one will be left with leaky roofs and damp walls. Everyone
in market states that his quality of construction is best. It is not the construction material
which is only important, neither workman ship is only important factor, but most important
is quality of supervision. The valuer can peep inside concrete if he can know, what
is the cause of defects like cracks and what remedies are.
02. What is required to produce good work?
It needs good attitude and sound technology to produce quality work. This is
applicable in all fields and at all times. But, unfortunately, in construction industry, money
power overpowers the attitude and technology. The construction field is controlled by
non technical, illiterate and people with money and muscle power. Hence, it is very
important for a buyer, financer - banker and valuer to understand the process of
construction. Let us also understand how the defects in construction can be eliminated/
avoided.
03. Foundation
The cracks in the building are basis of the damages to a building. Let’s see why they
are developed.
The foundation of the building is “The foundation”. It should be suitable for nature,
strata, loading and future expansion of the building. The most common example is
foundation in black cotton soil. The black cotton soil expands with water and shrinks
when dry and cracks. The presence of Mica in the soil is reason for this unusual
expansion with water. This expansion and contraction of soil leads to damages to
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
structure, flooring, etc. And, the irrecoverable damages make the building redundant.
Usually the river banks have such type of soil. Pile foundations are recommended
in black cotton soil.
If the strata are variable, e.g. part of the building is on hard strata and part of
the building is on filled up strata, in such a case, there is a danger of uneven
settlement. Usually, such type of variation is observed in filled up quarry area where
filling material is dumped without checking the type of material filled. Removing the
filled up material and filling with selected earth is recommended.
04. Formwork
Sound building designs can avoid structural cracks. However, certain cracks are
beyond control. However, one can mitigate the effects.
While constructing ground floor slab, sometimes the props are positioned on
uncompacted ground. When the actual concrete is poured in the beam, the formwork
settles and cracks are developed in the beam so casted. This can be avoided by
compacting the ground before formwork.
Use of wooden formwork is common in construction. When it comes in contact
with water it expands. When concrete if poured in wooden formwork stress is
developed on the wait concrete leading to hair cracks on concrete. This can be
avoided by use of marine ply, film faced ply or metallic formwork.
05 Concrete mix
Concrete is composed of mix of cement, sand, metal and water in designed proportion.
In batching plants the composition of the contents can be controlled. However, it
cannot be controlled when the mixing is manual. Basically the tendency of labour
is to have workability of concrete; hence, the use of extra water is seen commonly.
Due to non-maintenance of water-cement ratio as the concrete sets i.e. the water
within the concrete evaporates, the cracks in the concrete starts developing. Water
in the concrete acts as chemical, Hence, if the proportion is disturbed, it will lead
to damages. Further, curing of the concrete is another important aspect. When water
is added to cement, a chemical reaction produces heat of hydration, which results
in setting and hardening of cement. If water content in the concrete is restored during
the setting period, the concrete gains full strength. Curing is a process to restore
the water content in the concrete. However, it is misunderstood as watering the
concrete twice or thrice a day. Rather, such occasional watering will add to
temperature cracks.
Voids in the concrete can be avoided by use of controlled vibrator or using
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
hollow bamboo.
Due to segregation of concrete in columns, honeycomb is observed at the base
of column. Only course aggregate is seen there. Also the top layer of about 50mm
is seen without course aggregate. This top layer is weak section in the column. This
can be encountered by placing a thin layer of rich mortar in column before concreting
as bottom layer. Regarding top layer rich cement–course aggregate mix can be placed
in column after concreting immediately.
06. Brickwork
The technical wording for brickwork is “Burnt Brick Masonry” (BBM). The name
itself indicates that, the bricks should be well burnt. If not, the un-burnt soil inside the
brick when comes in contact with water, the brick cracks. Also, if such brick is used,
the wall will catch the dampness. The brick joint is also important aspect of brickwork.
It should not be more than 12mm. However, it is observed to be 25mm to 50mm.
Queen closer is only a book term. At no place, I have seen use of queen closer
in my life. However, one can make queen closers by cutting broken/ waste bricks
and avoid large mortar joints. This will reduce the wall cracks and dampness in
the wall.
07. Plaster
The reasons behind cracking of plaster are, 1. Type of sand 2. Thickness of plaster
3. Second coat 4. Hacking
If percentage of fine aggregate in the sand is more then, cracking is assured. In
north India and in coastal areas, the size of sand is uniform whereas in Deccan trap,
the size is graded from fine to coarse. Hence, correctly sieving the sand and washing
the sand before plastering is most important. This will avoid cracks in the plaster.
The thickness of plaster in a layer should not be more than 18mm. However, it
is observed on site a single coat is applied in the thickness of 25mm to 50mm. No
chicken mesh is used in between coats of thick plaster or joints of RCC and brick
work. This leads to cracking.
Good time to apply second coat of plaster is after 3to 5 days of first coat. The
first coat shrinks in 3 to 5 days and hair cracks are created after which application
of second coat protects the building. However, on sites, second coat is applied within
hours of first coat.
Hacking the wet concrete is very important for bonding of plaster with concrete.
The roughness created helps in bonding to dissimilar materials.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
08. Concealed work
For concealed piping work of electrical conducting, plumbing, drainage sometimes
inserts are not kept, and the concrete is chased up to reinforcement. This weakens
the structure. Also, the holes are not repaired / plugged properly using rich mortar.
This creates leaky spots.
9.1 Cracks
Firstly, cracks look aesthetically bad. But over and above that, it reduces life of the
structure and increases the maintenance expenditure. In country like India where day
and night temperature differs by over 20 degree centigrade, the cracks are temperature
sensitive. The small crack expands and converts into large crack. The water enters
this cracks and attack reinforcement in the concrete and concrete starts rusting. The
iron gets converted into ferrous oxide and later into ferrous hydroxide reducing strength
of the structure. No need to tell how much entry of water in RCC is dangerous at
places like toilets, water tanks and staircases. At places of cracks/loosely plugged
holes, trees and bushes start growing. This leads to widening of cracks and damaging
the structure. With increasing pollution, the carbon dioxide and moisture in the
atmosphere reacts with each other to form carbonic acid which attacks the reinforcement
through cracks.
If we do not attend and correctly value the life of the structure, we will not be
justifying our profession.
9.2 Types of cracks
Cracks can be divided in two types: 1) Structural 2) Non Structural – Brick work,
plaster. One can identify the reason behind the crack by visual inspection.
9.3 Basic reasons
In general life of building is 80 to 100 years. I have seen buildings which have become
redundant in 20 years. If we study the reasons behind that, the two main reasons
which come up are :
i) Poor mix of concrete
ii) Un-compacted concrete
Honeycombed, un-compacted concrerte looks aesthetically bad and it is repaired by
cement morter. It is just like cosmetic treatment. However the cavities inside are not
filled up and concrete is hollow inside. Grouting is essentially required to be done.
Otherwise concrete will start cracking along with plaster. A crack of 0.25mm width
can absorb moisture and resulting into rusting of steel. In summer when temperature
is above 40 degree Centigrade concrete starts cracking. High temperature, dry weather
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
and windy conditions help water within the concrete evaporate. On the contrary in winter
very cool temperature also aids in cracking of concrete.
Architects & engineers are required to make an effort to improve the quality of
construction, rather than concentrating largely on cost of construction.
The construction labour in India is uneducated and untrained. Also this labour sector
is unorganized. They do heavy work and after age of 40-45 they become useless
for work.
There is lacuna in construction industry that, on site material tasting facilities are
hardly available. Many times laboratory taste results are fabricated. The concrete mix
for actual use and used for laboratory testing differ.
9.4 Structural Cracks
A study has identified and distinguished the structural cracks as: 1. Beam Cracks:
Flexural, Shear, Torsion, Bond & Tension Cracks 2. Column Cracks : Horizontal,
Diagonal, Corrosion / Bond Cracks 3. Slab : Flexural, Top flexure, Shrinkage cracks
The structural cracks may occur due to incorrect estimate of loading, incorrect
design, faulty construction or overloading endangering the safety of building.
9.5 Non structural cracks
Non structural cracks are due to defective brickwork & plaster. First reason will be
quality of material used like brick, sand etc. Second is joint thickness, mix of mortar,
fineness of sand. Third is curing of brickwork and plaster, fourth is thickness of plaster
etc etc. If non structural cracks are developed & if not attended in time they may
convert into structural cracks. This will reduce the life of building. Leakage is like ‘cough
& cold’ but if not attended in time in gets to converted into ‘pneumonia’ and then to
‘death’.
9.6 Type of cracks based on width
The cracks are categorized in three groups: Type - 1 - Thin cracks - Less than 1mm
Type - 2 - Medium Cracks – 1 to 2 mm Type – 3 - Wide Cracks – more than
2 mm
These cracks are due to Plastic settlement and Shrinkage, thermal expansion and
contraction, corrosion of concrete, chemical attacks, corrosion of steel.
A valuer while inspecting the property has to take cognizance of above three types
of cracks as type -1 today become type – 2 tomorrow and type 2 becomes type -
3. Hence one can write a note in the report regarding cracks. Anything more than
2 mm is dangerous.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
9.7 Image of non structural crack
Non Structural cracks occur mostly due to internally
induced stresses in building materials. These cracks
normally do not endanger the safety but may look
unsightly, create an impression of faulty work or give
a feeling of instability.
9.8 Image of structural steel corrosion
Corrosion of steel and spalling of concrete due

to ingress of moisture. Due to reduction in
diameter of bar and stress exerted by rusted
steel on concrete reduces the life of the building
fast.
9.9 Pattern of cracks
10 Summary
To summarise, is not that a valuer should go and inspect number of stories, flooring
material, doors and windows but he has to see the building technically. The estimated
future life will be valuable. The purchaser pays for balance life. Like in rent capitalisation
or lease, the value is for balance period for which the property is likely to fetch income,
similarly here, the balance life for which the purchaser is able to enjoy the stay.
It is not that a valuer can estimate the future life, but unless such type of observations
are recorded one cannot distinguish the external cosmetic building and internally strong
building.
Start writing about Cracks and Defects. And observe the defective building
periodically. IV
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
VALUATION BY RENT CAPITALISATION METHOD
 —B. Kanaga Sabapathy
Former National Vice-President
BE, FIE, FCIA, CE, FIV
Tiruchirappali
(F. 1890)
What is the rental value of a Flat?

Rent is the amount given by the tenant to the owner for enjoying
his flat.
Rental value depends upon the nature of use, the location of the
building and the floor in which the said flat is situated:-
i) Flat in ground floor normally fetches comparitively more rent.
ii) If the flat can be used for commercial activities, rent is comparitively more.
iii) If the flat in ground floor faces the road directly, it may fetch a better rent.
iv) A flat without exclusive car parking fetches a lower rent.
v) A flat in the top floor (below the open terrace) fetches a lower rent because of
heat radiation.
vi) A new flat fetches a better rent than old flats.
Normally, a residential flat fetches an annual rent from 2.5% to 3% (as on 2015).
A flat which can be used for commercial activities in mofussil area may fetch a rate
of return of, say, 4% to 6% as on date.
(Note : It may be noted that there is no hard and fast rule about these %ages which
vary depending on the period, location, market trend, demand, etc. An experienced
valuer must be in a position to fix appropriate percentage of rate of return.)
Example 1 :
The super built up area of a residential flat is 1,036 sq.ft. The unit composite rate
is Rs. 6,000/-. What is the probable rent the owner can expect?
Super built up area = 1,036 sq.ft
Unit composite rate = Rs. 6,000/-
Value : 1,036 x 6,000 = Rs. 62,16,000/-
}
Assuming an annual rate of 3 3
= 62,16,000 x x = Rs. 15,540/-
return of 3%, the monthly rent 100 100
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Assuming a rate of return
of 2.5%, the monthly rent
} = 62,16,000 x
2.5
100
x
1
12
= Rs. 12,950/-
The monthly rental value may be from Rs. 12,950/- to Rs. 15,540/-. If the flat is
located in ground floor, it may fetch a better rent. If the flat is located in top floor,
it may fetch a lower rent. It depends on the actual site conditions and demand.
Example 2 :
A flat in ground floor is fit for commercial activities. The size of the shop is
30’ x 20’. The plinth area is 600 sq.ft. The super built up area is 660 sq.ft and the
carpet area = 28’ 6” x 18’ 6” = 527 sq.ft. It is a new building and the composite rate
is Rs. 10,000/sq.ft. What is the rental value per sq.ft. of carpet area?
Super built up area = 660 sq.ft.
Unit composite rate = Rs. 10,000
Value : 660 x 10,000 = Rs. 66,00,000
%age annual return assumed in this case = 5%
Yearly rent : 66,00,000 x 5/100 = Rs. 3,30,000
Monthly rent : 3,30,000/12 = Rs. 27,500
Carpet area = 527 sq.ft.
Rental value for unit carpet area
27,500 / 527
} = Rs. 52.18
say: Rs. 52/-

Example 3 :
A residential flat in first floor with car parking fetches a monthly rent of Rs. 16,000.
What is the probable value of the flat? The building is 15 years old.
Monthly rent = Rs. 16,000/-
Yearly rent = 16,000 x 12
}
Assuming an annual rate of return
16,000 x 12
= x 100 = Rs. 64,00,000/-
as 3%, the value is 3
(Note : The age does not play any role in rent capitalisation method.)
Example 4 :
In a village adjacent to the town, a promoter is developing an apartment building
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
with ground floor + 2 floors. It is meant for lower middle class people. For a flat of
825 sq.ft in first floor, he quotes a composite rate of Rs. 3,500/-. The specifications
are very normal only. How to ascertain whether the composite rate quoted by the
promoter is genuine? What may be the reasonable rate? The rental value of a similar
flat in the adjacent building is Rs. 3,000/- pm.
Super built up area = 600 sq.ft
Composite rate = Rs. 3,500/-
Value : 600 x 3,500 = Rs. 21,00,000/-
Rental income assuming a
}
2.5 1
= 21,00,000 x x = Rs. 4,375/-
minimum %age of 2.5% per annum 100 12
This flat should fetch a minimum rent of Rs. 4,375/-, whereas the prevailing rental
value for a similar flat is Rs. 3,000/- only.
Monthly rent = Rs. 3,000/-
Yearly rent = 3,000 x 12 = Rs. 36,000/-
36,000
Capitalising @ 2.5% = x 100 = Rs. 14,40,000/-
2.5
14,40,000
The composite rate = = Rs. 2,400/-
600
The composite rate of Rs. 3,500 as quoted by the promoter is not genuine. It appears
to be on the higher side. A rate of say, Rs. 2,400/- may be reasonable.
Example 5 :
Mr. “X” has invested Rs. 1.2 crores to purchase a residential flat in second floor
of an apartment complex. Mr. “Y” has invested Rs. 1.2 crores to purchase a shop
in the ground floor of the same complex. What is the reasonable rent they can expect?
Proper drawing approval is available.
Mr. X : assuming an annual rate
}
3 1
of return of say, 3% the = 1,20,00,000 x x = Rs. 30,000/-
100 12
probable monthly rent
Mr. Y : assuming an annual rate
}
5 1
of return of say, 5% the = 1,20,00,000 x x = Rs. 50,000/-
probable monthly rent 100 12
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
If there is so much difference in rental income, everybody can invest in a shop
rather than a residential flat. What is the reason?
The answer is : A tenant may not vacate the shop that easily. He may not be
willing to pay the revised rent periodically.
Note : The above narration holds good for the valuation of freehold properties let
at market rent with a clause for periodical rent review.
IV
Tiruchirappalli Branch
will be conducting a two-day course
on
"Valuation for Banks" (Course No. 28)
at
Hotel Sangam, Tiruchirappalli
on the 13th and 14th of August, 2016.
h The course fees is Rs. 4,000/-.
h The number of delegates is restricted to 200 only.
For correspondence
Mr. S. Baskar, Branch Chairman, I.O.V.,
Tiruchirappalli Branch,
“C.S.Residency”, 27B, 11th Cross (West),
Thillainagar, Tiruchirappalli - 620 018 (T.N.)
E-mail: baskarconstruction@yahoo.com
Mobile: 093451-02788 & Office: 0431-2741058
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PHYSICAL INSPECTION OF A PROPERTY IS
A MUST FOR VALUERS
 —P.N. Rao
B.Tech, D.Arch, FIE, FIV
Hyderabad
(F. 6945)
These days, Banks are very liberal in extending loans (Housing,

Vehicle and Personal loans etc.). Interest rates on loans have
been reduced. Door to door campaign and Loan Melas at street
corners are organized by Banks to attract the customers. It is
no wonder, that even if anybody claims ownership of TAJ MAHAL
or CHARMINAR as their own and submit the false documents
they are ready to extend crores of rupees as loans. In this process Banks
are self-goalling themselves, as a result the NON PERFORMING ASSETS
(NPAs) are rising at astronomical figures, resulting a threat to National economy.
Recently, a reputed bank in a small town of Andhra Pradesh ordered for a
CBI (Central Bureau of Investigation) enquiry for non-payment of even a single
instalment by a customer who cheated the bank for rupees 30 crores for
construction of a FISH POND submitting fake documents with forged signatures
of neighbours and government lands claiming as his own as security. The innocent
neighbours and the government officials received notices from the bank which
is another farce. Any innocent man of the village could tell the lands belongs
to whom. But, without Physical inspection, loans are sanctioned for kick backs.
In many instances the bank people make the Panel Valuer as a scapegoat.
So, physical inspection is very much required as there are occasions that
the documents created for mortgage have no connection with the actual
property of which collateral security have been obtained.
Panel Valuer is the only person who is physically inspecting the property
under mortgage depending upon site conditions, prepare his valuation reports
and issues valuation certificate. When a property is valued for the purpose
of creating equitable mortgage to the banks, the responsibility of the Panel
Valuer is much more and take extra care. He observers many vital factors
like, complications in documents, involvement of other’s right in property, possible
litigation, encroachments, right of ownership etc. Apart from involving mere technical
knowledge he applies his intelligence, shrewdness and analysis practical and
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
critical site conditions. For this, he goes through the following stages and
prepares his final valuation report.
 Perusal of Document
 Physical inspection
 Assessment of value
In practice,
a) Some of our senior valuers are very much competent in Technical
knowledge and retired as Chief Engineers or Superintend Engineers in Public
or Private sector organizations. They register themselves as Panel Valuers after
their retirement. Generally the Senior Valuers of that rank entrust Physical
inspection of site to their assistants or associates and simply certify the
valuation reports prepared by their assistants. The assistants may not be
competent.
b) In big valuation firms Chief Valuer or the Managing director entrust the
jobs of Physical inspection, collection of data, preparation of valuation reports
to their associates or assistants. They simply sign the valuation report
without any knowledge of site conditions.
c) A Valuer in Andhra Pradesh used to submit 600 to 700 valuation reports
of various banks in a financial year. Taking 300 working days in a
year it is not possible to visit every site, collect data and prepare two/
three valuation reports in a single day. So he takes the help of his assistants
and he will not have knowledge of physical conditions of the property
he certified.
d) Prime activity of some valuers is, Architectural design/ Structural design/
Consultancy / Construction etc. The valuation jobs are only secondary to
them.
e) Thanks to technology, some valuers are preparing Valuation reports with the
help of GOOGLE maps. They never physically inspect the property.
Actually, sixty percent of Architect’s design of a building depends on his
observations in the first visit of the site in which the building to is be
constructed. Similarly a Valuers report will be more accurate only with his
personal physical inspection of the site. In the court of law the Valuer who
signs the report is only responsible for any consequences SO, PHYSICAL
INSPECTION OF A PROPERTY IS A MUST FOR ANY VALUER.
PERUSAL OF DOCUMENTS : The following documents shall be obtained from
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the client or the bank before going for the inspection.
1. TITLE DEED : Name of the owner, the date and registration No. of the
Title deed. Survey No; ward No: Village Name etc. The size and extent
of the site any percentage of shares value is involved. Any common
share with neighbours is involved, any easement rights is mentioned age
of the building if mentioned.
2. Approved drawings if available. The year of approval. The owners name
Survey No. ward no. Block No. etc.
3. Tax receipt (Original). Name of the owner the amount Tax assessment
Door No. Street no. etc.
4. Original Electricity Bills, NOC (No objection certificates original), OC Occupancy
certificate other Bills, Deposit receipts warranties, Water supply and drainage
permissions. etc.
5. Beware of Fake, and False documents with forged signatures. Only original
documents (not scanned/Xerox copies) shall be insisted for inspection.
6. Some of the builders are not handing over the original documents to the
apartment owner’s registered association without any reason and make them
suffer years together which leads to a litigation between builder and owners.
Valuers should verify whether originals are handed over or not to the
owners.
PHYSICAL INSPECTION : Since no property is sticked with the label bearing
survey no. owner’s name etc., physical inspection is of utmost importance
as for the Realistic market value is concerned. Panel valuer is the only
competent person to check the property physically and certify whether the
property offered for inspection is the same described in the title deed which
is being pledged to the Bank/Financial Institution.
During the site inspection Panel valuer should observe the following:
 The size and extent of the plot.
The length and breadth and area of the plot shall tally with the measurements
mentioned in the sale deed. Physical measurement of the whole area is required.
In title deeds or municipal drawings the measurements of sides only mentioned
and not diagonals. For Square and Rectangular plots the opposite sides and
diagonals should be equal. Otherwise they are parallelograms with unequal diagonals,
not preferable for building because of more wastage of space. A plot of
rectangular shape fetches more value than the plot of irregular shape. In
general large plots fetch less unit price due to less number of buyers.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
 Location with reference to the boundaries.
Door or house numbers fixed by the Municipal authorities shall be verified
with the details given in sale deed. and Municipal approved drawings. The roads,
land marks, survey nos. lay out plan nos shall also be checked. Road widths
shall be measured.
 Incorrect extent mentioned in the document purposely or by over sight.
This can be checked only by Physical measurement of the actual site.
The difference can be corrected by the process of Rectification in the Sub
registrar’s Office, if Sub registrar agrees otherwise it is a litigation. For example
a builder of a five storeyed apartment building with 25 two bed room flats
with different built up areas has intentionally retained 66 sq. yards of land.
The actual site is 1245 sq.yards and there are 25 flats. So for undivided
share of land builder has to distribute the total 1245 sqyards in proportion
of built up areas. But he distributed only 1179 sqyards retaining 66 sq yards.
If it is not noticed,, unclaimed the Builder wants to utilize for his purpose which
is illegal and unethical.
 Whether the plot is situated in a land-locked land situation?
In the case of interior sites away from the road and not facing any road
the owners should negotiate with the front site owners for common passage
and when there is a misunderstanding between the two the front neighbour restrict
the movement of the rare plot owners and there will be a litigation between
the two. These sites shall be avoided.
 Whether the whole or part of land is notified acquisition by Government
or any statutory body ?
Some times the Government or any statutory body reserve some area
of land for development of Industry, Commercial purpose or for Greenery
or for Road widening etc. This has to be found from the local planning
authorities.
 Whether the local authority has declared the particular area as any special
zone?
This must be verified with the Master Plan prepared by the Director of
Town Planning or Regional Planner. Master Plans are available with Municipal
Corporation or with the Developing Authority of that region.
 Is there any encumbrance?
Land which is encumbered by unauthorized occupation/ encroachment will have
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
depressed value on account of litigation for eviction.
 Will there be any problems in transferring the conveyance of
ownership?
A conveyance deed is executed to transfer title from one person to
another. Generally, any owner can transfer his property unless there is
a legal restriction barring such transfer . Under the law any person can
transfer it in favour of another. If the owner gives another individual a
Power of Attorney (POA) that person can sell it under this authority. A
POA gives another person the power to act on behalf the owner. However
if the POA only grants a person the authority to manage the property
he cannot sell it. This should be observed carefully by the valuer.
 Are there any common shares in the property?
When two or more people buy a property together there should be
a clear agreement stating each person’s share in the property. This is
generally mentioned in the title deed. However when such property is purchased
all the shareholders shall be consulted to avoid future litigations.
 Whether the drawings are approved for which the land was purchased?
This is indicated in approved plan by the regulatory authority .
 Whether environmental condition is good or not?
The site shall be free from the environmental conditions such as
— Wetness, Non Toxic dusts, Odours, Vibrations, Noise, Discomforts, Dangerous
locations, Fire, steam, Hot surfaces, Radiation, Flying particles, Falling objects,
Electrical (High tension wires) Equipment, machinery and tools, Biological agents,
Dangerous Chemical substances Hazards etc.
 Is there any nuisance due to environmental pollution?
There are five types of pollutions—Air, Water, Soil, Noise and Light.
Environmental pollution is causing heavy damage to people’s health. Naturally
people are reluctant to buy any property effected with environmental pollution.
 Is there any legal problem existing in the title deed?
A sale deed is one of the most valuable legal documents in a purchase
or sale of a property. It is governed by Registration act and an important
document for both buyer and seller. Most importantly sale deed required
the seller’s certificate that the property under sale is free from any
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
encumberance.
 Is there any easement right mentioned in the title deed?
An easement is a right benefitting one parcel of land that permits rightful
users of that land to perform specified actions over a neighbouring parcel
of land. Probably the most commonly used easement is one that allows underground
services (water, drainage, gas, electricity, telephone or TV cable etc) of one property
to pass beneath the land of one or more neighbouring properties . Perhaps
the most widely known easement is the private right of way. There are
other, such as the right to light, right to support.
 Character and classification of locality i.e. Residential/Commercial/Industrial etc.
The concept of Zonal system in Master plans is a failure in India. Even
in well-planned cities Zonal regulations are violated after a period of time. There
should be a change in people’s attitude.
 Development of surrounding areas
The land rate increases with the degree of development and the situation
of the property like in commercial or residential zones, nearness to roads,
proximity to civic amenities, transport facilities, corner plots etc.
 Is the locality subjected to frequent flooding?
Example: during the last floods whole city of CHENNAI submerged in
water for days together due to non receding of back water of sea causing
many hardships to residents and damage to buildings. Maximum Flood levels
of nearby rivers or Tanks to the site shall be noted.
 Feasibility to the civic amenities like schools, hospitals, offices, markets
etc.
The sites nearer to Civic amenities with good infrastructure facilities will
always be in demand and their market value will be higher than other sites
in any city/ town.
 Level of land with topographical condition. Shape of land, type of use to which
it can be put.
Some plots are filled with boulders, to level the ground boulders have to
be removed by blasting etc which is a costly affair and blasting may
damage the neighbouring buildings. As per type of building and soil conditions
Raft foundations may be adopted which require deep excavation. Due to this
adjacent plot compound wall or even building wall on the boundaries may
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
collapse causing heavy damage. Some sites require heavy filling to the road level
or to avoid inundation during heavy rains or floods.
 Any restrictions of use ?
In the Master Plan of city or a region the Residential, Commercial, Industrial
zones and green belt areas are mentioned for the healthy growth of city.
But commercial and industrial activity is seen in Residential zones or vice
versa. The value of Residential house in a noisy industrial area is less than
the same house when it is located in well planned residential area.
 Whether leasehold or freehold land?
If it is leasehold the original leasehold agreement has to be checked. Period of lease
and conditions of lease are important. Some times leaseholders, sub let a part or full
of property to another person without the knowledge of the original owner. There
will be a litigation in evacuation.
 Is it in Town Planning layout?
Some builders / owners construct buildings without the Lay out plan approval.
Builders cheat the customers saying that local panchayat’s or municipal building
approval is sufficient. But without LAY OUT approval it will become unauthorized
construction. Only the Director of Town planning or any City or Regional Development
Authority is competent for any lay out approval. LAY OUT approval number
shall be verified and checked with the competent authority.
 Road facility, water potential under ground sewerage systems? Well
planned lay outs will have these facilities. Some lay out show 40 feet road
in Lay out plan but in actual it is only 30 feet . which is a violation
of Lay out plan. The buyers has to face the consequences of demolition
or imposing penalities and the total area also become very congested.
 Commercial potential of the property—any of sentimental / social issues
which may affect the value in case of buildings?
Sites adjacent to slums, facing burial grounds, adjacent to drainage channels
or near sewerage plants will have less market value. The potential of the
site can be judged only by physical inspection.
 Is it an unauthorized construction ?
Due to laxity and corruption in Town Planning department some builders/
owners construct without taking any approval for construction. Some bad elements
in the Town planning offices encourage this type of construction. The builders
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
think that construction can be regularized in Building Regularization Scheme
and Land Regularization Scheme (BRS & LRS ) which the Municipalities announce
once in 3 or 5 years. Heavy penalties are imposed during this scheme
and the building never be considered as an authorized construction.
 Is it constructed violating the local building rules?
Setbacks, Heights Plinth areas, Horizontal and Vertical extensions and FSI has
to be verified and checked with the local building rules. Only the construction
as per building rules shall be considered for Valuation. For example buildings
are extended on cantilevers intruding into the setback area to increase the
built up area. This is a clear violation of building rules.
 The Specifications of the building in detail:
The specifications written in approved plan defer from the actual specifications
adopted. For example the flooring in Approved plan says Ceramic tile flooring
but during inspection it is found costly Marble flooring with super finish.
The cost variation will be high.
 How is the condition of building?
Main objective of condition assessment is to place the building into one
of the following three categories 1) The building has not shown any signs
of distress and it satisfies all the safety and serviceability requirements
according to relevant Codes of practice, hence no action is needed towards
any retrofitting. 2) The building is seen to deficient (or distressed) but it can
be repaired and strengthened to satisfy the Codal safety requirements or
performance criteria set by the user 3) If the building is badly damaged.
it is to be demolished and new building may be built. Decision can only
be taken after physical inspection of the building. (To to continued)
If you wish to be always happy, pray for the welfare

of other.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
VALUATION OF PLANT and MACHINERY
Valuation of “Fish and Shrimp” Feed Unit –
A brief description
 —V.S. Rao —D.S.N. Murthy
B.E.(Mech.), F.I.V. AMIE(Mech.), F.I.V.
Visakhapatnam Visakhapatnam
(F. 10796) (F. 22634)
1. INTRODUCTION:
INDIA is second largest producer of Fish and related aqua food in the world. The
source is from Sea, Rivers, Natural Tanks and Aqua Culture Units.
Aqua food is the best health non-vegetarian food for the human beings, irrespective
of their size and classification.
The feed for the aqua culture is manufactured at the Aqua (Fish and Shrimp)
manufacturing units.
We have inspected one of such Aqua feed manufacturing units on behalf of one
of the nationalized banks in India. This unit has two separate manufacturing units—
one for the Fish feed manufacturing and the second one for Shrimp feed manufacturing.
Effort is made to give a glimpse of the manufacturing process of both the units as
shown below.
2. BRIEF DESCRIPTION: MANUFACTURING PROCESS OF THE FISH FEED UNIT
(FFU):
The raw material used for the Fish feed is Maida, Soya, Maize, small dry Fish
etc. The material is first weighed by mixing proportionately and then fed to the conveyor.
Here the capacity of the feed is one Ton.
The feed from the conveyor is sent to the grinders through the elevators, where
the grinding takes place.
After grinding, the feed is sent to the pulveriser for finishing process and then sent
to the mixing chamber where the feed is thoroughly mixed and the steam coming from
the steam Boiler at about 90 Deg. C is also mixed.
After combining with the steam the feed is then sent to the cooling chamber,
condenser and then to the Pellet machine, where the feed is shaped to granules and
sent through the dryers for removal of the moisture content in the feed.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The feed in final stage is sent to the crumble section, sieve unit and collected in
the collection chamber in the form of granules of 4mm size. This finished feed is collected
from chamber, packed in 50 kgs bags and is made ready to be shipped for Aqua
Units.
3. BRIEF DESCRIPTION: MANUFACTURING PROCESS OF THE SHRIMP FEED
UNIT (SFU):
The Shrimp feed manufacturing process is similar to the Fish feed unit in terms
of machinery and the manufacturing process.
Unlike Fish feed unit there is a difference in the raw material like Fish Oil and
Soya Oil are used here.
These oils are sent from separate chambers to the mixing chambers, where the
mixing is done thoroughly.
Then the mixing of steam, condensate of the steam, drying of the feed etc is same
like the Fish Unit.
The final finished Shrimp feed granules are of different sizes like 1mm, 1.5mm,
2mm which are packed in 25kgs bags and then sent to the Aqua Farms.
Samples of the Fish and Shrimp granules are periodically tested in the in house
Laboratory to check the presence of the moisture levels.
A Flow Process chart of manufacturing Shrimp feed is shown in the following pages
to have a brief idea of the unit.
4. VALUATION ABSTRACT OF THE MACHINERY USED FOR BOTH THE
MANUFACTIURING UNITS:
As per the details shown in the below table.
Fair Market Value of the whole Plant Rs. 1,44,49,350.00
The description of various machinery installed in Fish and Shrimp Units individually
and combined are shown in the below table, along with the present equivalent
replacement cost(PERC), fair market value (FMV) and the final total value of the Unit.
The FMV considered is as per the physical condition of the machinery, their
performance, residual life and other related factors.
Machines in the Shrimp Unit are new ones, so the final FMV is arrived and shown
in the 6th column, in below table. However in case of the Fish unit the Invoice Value,
PERC and the FMV are shown in separate columns since this unit has old machinery.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
6. DESCRIPTION OF FISH FEED UNIT, MACHINERY AND THE RELATED
VALUATION DETAILS :
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
7. COMMON MACHINEY FOR BOTH SHRIMP AND FISH UNIT:
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
(PTO)
M U S T F O R VA L
LUUERS
O F P L A N T A N D M A C H I N E RY
VA L
LUU AT I O N O F P L A N T A N D M A CHINER
AC RYY
Theory and Practice
By Dr. P.C. Gupta
B.Sc.Engg.(BHU), M.S.(Tax. Tech.) MIT
Ph.D.(Mech.Engg.) I.I.T. USA, A.S.M.E. (Life), M.I.E., F.I.V.
The price of above Book is Rs. 375/- and by Registered Post Rs. 400/-
from the office of the Institution of Valuers, Plot No. 3, Parwana Road,
Adjacent to Bal Bharti Public School, Pitampura, Delhi - 110 034.
This book can also be had directly from : Dr. M.N. Gupta S/o Late Dr. P.C. Gupta,
C-15, Vivek Vihar, Delhi-110 095.
This book is also available with Jain Book Depot, C-4, Opp. PVR Plaza, Connaught Place,
New Delhi-110 001.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
8. FLOW CHART:
9. CONCLUSION
On the basis of analysis and appraisals it is our considered opinion that the total
fair market value of the machinery (Fish and Shrimp unit) based on the markebility
factor is Rs. 1,44,89,350-00 (Rupees one crore forty four lakhs eighty nine thousand
three hundred and fifty only).
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
10. APPROACH TO VALUATION / NOTE:
 The value is based on the information collected from the existing market, invoice
copies of the respective machinery, the physical condition of the machinery, age
and the residual life of the machinery.
 The Boiler was manufactured at Bombay in 1978 as per Form VI certificate. The
age and the extended residual life of the Boiler is considered as per the letters
issued by the Inspector of Boilers in 2010 & 2012.
 The upgradation of the existing capacity of the Transformer, for a better output,
is under process. IV
To,
The Authors of Articles
The Institution expects senior and highly qualified members to devote serious thought
to produce useful & topical literature from time to time. All the matter for publication
should be on Valuation.
General Considerations :
1. All articles must be received in a soft copy so that the possibility of any error
in publication is not allowed to happen.
2. The address in full and membership No. may be shown for record in the office.
3. All articles must be signed by the author.
4. It should be mentioned clearly that the written item is an article, a note, or news
or information, etc.
5. The point the author wants to highlight be mentioned as introduction.
6. If any abbreviation is used, immediately to that its expansion be written in brackets.
7. If any other author’s facts or work is stated or used, the source of the same
be mentioned.!
8. All written matter should be useful to all our readers.
9. The Council in its meeting held on 10/08/2013 decided that w.e.f. January, 2014
the photographs of the authors of articles in black and white be also printed.
The authors of articles are requested to kindly send their passport size photographs
so that the same are printed alongwith their articles.
--EDITORIAL BOARD
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
COST OF CONSTRUCTION OF A RESIDENTIAL
BUILDING BY THREE METHODS—CASE STUDY
 —Er. N. Ravindran
B.E., M.Sc.(Real Estate Valuation), F.I.V.
Registered Valuer
Tiruchirappalli
(F. 11202)
1.0 INTRODUCTION
The cost of construction of a residential building is estimated by following
methods:
(i) State P.W.D. rate method
(ii) Accounting method &
(iii) Detailed estimate method
2.0 DATA
Place : Tiruchirappalli (Tamil Nadu)
Plinth area of building : 1200 Sft.
Year of construction : April 2013 - December 2013
Purpose of use : Residential
Method of construction : Owner’s direct supervision
Specification
Type of structure : Load bearing structure
Foundation : R.R. masonry in C.M.
Basement : R.R. masonry in C.M.
Superstructure : B.W. masonry in C.M.
Roof : R.C.C. 1 : 2 : 4
Floor finish : Marble
Joinery : Teak wood
Weathering course : Pressed tiles with lime concrete
Water supply arrangements : Deep bore with motor
Drainage arrangements : Septic tank
Compound wall : Nil
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
4.2 Technical audit (on verification of materials)
In order to ascertain whether the quantum of materials that have gone into the building
is reasonable and the rates are genuine, a technical audit is conducted.
I. Steel
1. Average requirement of steel for the this type of = 35 Kg/sq.m of P.A.
construction as per standard books and
valuation journals
2. Total plinth area = 1,200 Sft. (or) 111.52 m2
3. Theoretical requirement of steel = 3,903 kg.
- 111.52 m2 x 35/Kg/sq.m
4. Quantity of steel actually consumed in the building = 4,010 kg.
5. The amount spent by the assessee for steel = Rs. 2,00,500
6. Unit rate of steel = 50/Kg.
From the above analysis, the quantum of steel and the unit rate of steel appear
reasonable.
II. Cement
1. The average theoretical requirement of cement per sq.m. = 3.5 bags
2. The total quantum of cement = 390 bags
- 111.52 m2 x 3.5 bags/ sq.m.
3. Quantum of bags actually consumed = 410 bags
4. Amount spent for cement = Rs. 1,23,600
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
5. Unit rate per bag = Rs. 300
From the above analysis, the quantum of cement and the unit rate of cement appear
reasonable.
III. Bricks
1. The average consumption of bricks per sq.m area = 137 nos.
2. The total requirement of bricks = 15,728 nos.
- 111.52 m2 x 137 nos./sq.m
3. Quantum of bricks actually utilised = 16,128 nos.
4. Amount = Rs. 80,640
5. Unit rate = Rs. 5/piece
From the above analysis, the quantum of bricks and the unit rate of bricks appear
reasonable.
IV. Stone aggregates
1. The average theoretical consumption per sq.m of p.a. = 0.3 m3
2. Total requirement – 111.52 m2 x 0.3 m3 / m2 = 33.46 m3 or 12 units
3. Quantity actually consumed = 15 units
4. Amount spent by the assessed = Rs. 33,750
5. Average rate/unit rate of jelly = Rs. 2,250/-
From the above analysis, the quantum of aggregate and the unit rate of aggregate
appear reasonable.
V. SAND
1. The quantum of sand required per sq.m = 0.36 m3
2. The total requirement = 40.15 m3(or)14 units
- 0.36 m3/sq.m x 111.52 m2
3. Quantum of sand actually consumed in this building = 20 units
4. Amount spent for sand = Rs. 30,000
5. Unit rate of sand = Rs. 1,500
From the above analysis, the quantum of sand and the unit rate of sand appear
reasonable.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
VI. LABOUR
1. The amount spent by the assesses for labour = Rs. 6,72,000
2. Percentage of labour over the total cost 6,72,000 x 100 = 25%
27,00,000
3. The labour component in the building normally = 25 – 30%
4. The amount is reasonable
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
6.0 CONCLUSION
Cost of construction by State P.W.D. Rate Method : Rs. 25,05,000
Cost of construction by Accounting Method : Rs. 27,00,000
Cost of construction by Detailed Estimate Method : Rs. 26,90,000
IV
Desire and anger are like pests that destroy the tree of
human life.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
EXERCISES IN COMPUTATION OF CAPITAL GAINS
—K. Arun
BE, FIV
Tiruchirappalli
(F. 13707)
Exercise 1 :
An individual acquired a property in June 1990 for Rs. 12.05 lakhs.
On 10.12.2014, this property was sold for a sale consideration of
Rs. 85.14 lakhs. What is the indexed cost of acquisition and what is
the CAPITAL GAINS?
Solution :
1. Status Individual
2. Date of Acquisition June 1990 (1990-91)
3. Cost of Acquisition Rs. 12,05,000
4. Fair Market Value as on 1.4.81 Not applicable here
5. Date of Transfer 10.12.2014 (2014-15)
6. Sale Consideration Rs. 85,14,000
7. Cost Inflation Index 1990-91 182
Cost Inflation Index 2014-15 1024
8. Indexed Cost of Acquisition 12,05,000 x 1024
182
Rs. 67,79,780
9. Taxable Capital Gain Rs. 85,14,000

(-) Rs. 67,79,780
Rs. 17,34,220
10. Tax Rate 20%
11. Tax on Capital Gains 0.2 x 17,34,220
Rs. 3,46,844/-
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Exercise 2 :
On 07.12.1989, a property was acquired by Mr. x for Rs. 8.08 lakhs. In June 1992,
improvements were made for Rs. 12.06 lakhs. On 10.12.2014, the property was sold
for Rs. 1.93 crores. What is the indexed cost of acquisition & improvement? What
is the Capital Gain?
Solution :
2. Date of Acquisition 07.12.1989 (1989-90)
3. Cost of Acquisition (12/1989) Rs. 8,08,000
4. Cost of improvements (6/1992) Rs. 12,06,000 (1992-93)
5. Date of Transfer 10.12.2014 (2014 - 15)
6. Sale Consideration Rs. 1,93,00,000
8. Indexed Cost of Acquisition 8,08,000 x 1024 = Rs. 48,10,419
172
9. Indexed cost of improvement 12,06,000 x 1024 = Rs. 55,37,865
223
10. Total indexed cost of 48,10,419 + 55,37,865 =
acquisition & improvement Rs. 1,03,48,284
11. Taxable Capital Gain Rs. 1,93,00,000
(-) Rs. 1,03,48,284
Rs. 89,51,716
12. Tax Rate 20%
13. Tax on Capital Gains 0.2 x 89,51,716
Rs. 17,90,343/-
(PTO)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Exercise 3 :
An individual-owned property was originally acquired in 01.10.1972 for Rs. 1.02
lakhs. The fair market value of the property as on 01.04.1981 is Rs. 5.25 lakhs. On
10.12.2014, this property was sold for a sale consideration of Rs. 75.05 lakhs. What
is the indexed cost of acquisition? Compute the Capital Gains.
Solution :
2. Date of Acquisition 01.10.1972
4. Fair market value as on 1.4.81 Rs. 5,25,000
as worked out (1981-82)
5. Date of Transfer 10.12.2014 (2014-15)
6. Sale Consideration Rs. 75,05,000
g. Cost Inflation Index 1981-82 100
h. Indexed Cost of Acquisition 5,25,000 x 1024 = 53,76,000
100
i. Taxable Capital Gain Rs. 75,05,000
(-) Rs. 53,76,000
Rs. 21,29,000
j. Tax Rate 20%
k. Tax on Capital Gains 0.2 x 21,29,000
Rs. 4,25,800/-
(PTO)
The heart bereft of love and compassion is verily a

cemetery.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Exercise 4 :
On 12.12.2010, a property was acquired by Mr. Y for Rs. 75.28 lakhs. On 10.12.2014,
the same was sold for Rs. 1.03 crores. What is the indexed cost of acquisition and
what is the Capital Gain?
Solution :
2. Date of Acquisition 12.12.2010 (2010-11)
4. Date of Transfer 10.12.2014 (2014-15)
5. Sale Consideration Rs. 1,03,00,000
7. Indexed Cost of Acquisition 75,28,000 x 1024 = 1,08,42,014
711
8. Taxable Capital Gain Rs. 1,03,00,000
(-) Rs. 1,08,42,014
(-) Rs. 5,42,014
It is a loss
9. Tax Rate NIL
10. Tax on Capital Gains NIL (There is no capital gain.
But there is a capital loss.
No Tax).
IV
There is nothing greater than service to humanity.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
COMPUTATION OF CAPITAL GAINS FOR A FLAT
—K. Arun
BE, FIV
Tiruchirappalli
(F.13707)
Problem 1 :
A. In the year 1996 - 97, Mr. x purchased 532 sq.ft. UDS from a flat
promoter for Rs. 1,50,000/- which includes the cost of registration.
In the year, 1997-98, he paid Rs. 8,15,000 to the promoter towards
the cost of 1,331 sq.ft. of flat. In the year 1998-99, he purchased
an exclusive car parking for Rs. 14,402/-. On 31.03.2015, he sold
the entire flat for Rs. 60,00,000/-. Compute the Capital Gains.
B. If he sold the flat on the next day i.e., 01.04.2015 for the same value, what will
be the Capital Gains?
Solution (1A) :
1. Acquisition :
1996-97 - UDS of land - Rs. 1,50,000/-
1997-98 - Flat purchase - Rs. 8,15,000/-
1998-99 - Car parking - Rs. 14,402/-
2. Sale consideration in 2014-2015 = Rs.60,00,000/-
3. Cost Inflation Index :
1996-97 - 305 1998-99 - 351
1997-98 - 331 2014-15 - 1,024
4. Indexed cost of acquisition :
UDS of land : 1,50,000 x 1,024 = Rs. 5,03,607/-
305
Flat : 8,15,000 x 1,024 = Rs. 25,21,329/-
331
Car parking : 14,402 x 1,024 = Rs. 42,016/-
351
Total cost of acquisition = Rs. 30,66,952/-
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
5. Sale consideration on 31.03.2015 = Rs. 60,00,000/-
6. Gain made : 60,00,000 - 30,66,952 = Rs. 29,33,048/-
7. Capital gain tax percentage = 20%
8. Capital gain tax : (0.2 x 29,33,048) = Rs. 5,86,610/-
Solution (1B) :
1. Cost Inflation Index : 2015-16 = 1,081
2. Indexed cost of acquisition :
UDS of land : 1,50,000 x 1,081 = Rs. 5,31,639/-
305
Flat : 8,15,000 x 1,081 = Rs. 26,61,677/-
331
Car parking : 14,402 x 1,081 = Rs. 44,355/-
351
Total cost of acquisition = Rs. 32,37,670/-
3. Gain made : 60,00,000 - 32,37,670 = Rs. 27,62,330/-
4. Capital gain tax : (0.2 x 27,62,330) = Rs. 5,52,466/-
Problem 2 :
A flat (UDS 1,200 sq.ft. and Super built up area 2,400 sq.ft.) in 1979 was
purchased by Mr. x for Rs. 2,25,000/-. In the year 2015-16, he sold it for Rs.
64,25,000/-. Compute capital gains.
Solution 2 :
The flat was procured in 1979. For the purpose of computing capital gains, the fair
market value of the flat as on 01.04.1981 is the basis and it is worked out like this:
The value of the flat in 1981 :
Market value of UDS 1,200 sq.ft. : Rs. 60,000/-
Depreciated value of flat 2,400 sq.ft. : Rs. 1,20,000/-
Fair market value as on 01.04.1981 : Rs. 1,80,000/-
For the purpose of computing the capital gains, the Fair market value as on 01.04.1981
(i.e. Rs. 1,80,000/-) is to be considered. But the assessee has spent a higher amount
of Rs. 2,25,000/- even in 1979. Hence this higher amount is considered as the minimum
basic value as on 01.04.1981.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Cost Inflation Index for 2015-2016 = 1,081
Cost Inflation Index for 1981 - = 100
Indexed cost of acquisition = 2,25,000 x 1081
100
= Rs. 24,32,250/-
Sale consideration in 2015-16 = Rs. 64,25,000/-
Gain : 64,25,000 - 24,32,250 = Rs. 39,92,750/-
Capital gain 20% of Rs. 39,92,750/- = Rs. 7,98,550/-
IV
“VALUATION PRACTICE OF IMMOVABLE PROPERTIES”

(Revised & Enlarged Edition)
Written by
Shri C.H. Gopinatha Rao
a prominent Valuer and
past President of the Institution of Valuers
The above book is available at Rs. 420/- and by Registered Post at Rs. 470/-
(including packing and registered postage charges) from the office of the
Institution of Valuers, Plot No. 3, Parwana Road, Adjacent to Bal Bharti Public
School, Pitampura, Delhi - 110 034.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
NEWS AND NOTES
IMPORTANT ANNOUNCEMENT
6th Indian Valuers Congress and 47th All India National Seminar
The Council of Institution of Valuers has decided to hold this year’s 6th Indian Valuers
Congress and 47th All India National Seminar on “Immovable and Movable Assets” in
Puducherry (UT) on 28th, 29th and 30th of December, 2016.
Puducherry: Puducherry also known as Pondicherry is one of the few cities in India,
that gracefully blends the east with the west. It was formerly a French colony and
currently the capital city of Puducherry union territory of India. It has various places
of interest and is a very popular tourist and holiday destination in the country. It has
beautiful beaches, Mediterranean architecture and places of worship and meditation.
It is well connected by road and the nearest major railway station and international
airport is situated 160 km away at Chennai city.
This popular tourist destination is a Union Territory of India. Puducherry tourism
is held together strongly by its architecture, mosques, churches, culture and food.
Puducherry is most popular due to its French connection. The town of Puducherry
is located about 162 km south of Chennai (Madras). The main languages spoken in
the region include Tamil, Telugu and Malayalam. Apart from this, English and French
are the other languages spoken by local people.
Accommodation in Puducherry: Visitors will get some unique accommodation and
lodging services here in Puducherry, as there are a good number of signified hotels
and beach resorts. While there are a good many budget hotels in Puducherry, which
provide good quality accommodation to its guests, the thing to look out for are the
colonial bungalows converted into quaint small hotels. These are the places with a
real quality experience.
Places to visit and things to do in Puducherry: Some call it a serene beach
destination while others nicknamed it as the “French colony of the south”. However,
Puducherry in South India is an amalgamation of both, range of postcard like beaches
bordered by French named roads and French architectural wonders. Attractions in
Puducherry reflect a unique harmony between Indian culture and French colonialism.
Colonial buildings, churches and statues contribute to a wide range of Puducherry
attractions.
Climate in Puducherry: The weather in Puducherry during the winters, the temperature
generally nestles a mild climate. In October and November the temperature in
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Puducherry roves at 20 degree and 27 degree and it drops down to a minimum of
15 degree and to a maximum of 20 degree from December to February.
How to Reach Puducherry: Clung to South Eastern coast of peninsular India,
Puducherry with its unique colonial appearance firmly draws in travellers – leisure and
honeymooners – round the globe. Overlooking the rage of Bay of Bengal this tranquil
city, beholding the Puducherry Ashram and French Colony at one end and the
unexploited hues of beaches, encircles some of the popular tourist destinations in India
as well as heritage towns.
One can reach Puducherry by road from Chennai, covering an approximate distance
of 162 kms whereas it is 160 kms from Vellore to Puducherry. One travelling from
Coimbatore to Puducherry needs to cover a distance of 380 kms en route Salem-
Kanyakumari Highway, Salem-Ulundurpettai Highway and Tiruchirapalli-Chennai High-
way.
The distance from Tirupati to Puducherry is approximately 260 kms whereas it is
only 100 kms from Mahabalipuram and from Madurai to Puducherry it is 340 kms
approximately. The approximate distance from Kanyakumari to Puducherry is 600 kms
and it takes one to drive approximately 9 hours to 10 hours. Buses ply from Bangalore
to Puducherry that takes approximately 6 to 7 hours and covers a distance of 320
kms en route Hosur and Uthangarai. From Hyderabad to Puducherry it is approximately
790 kms whereas it is just 560 kms from Cochin by road.
If you are planning to reach Puducherry by air then there are scheduled flights
to Puducherry from New Delhi, Hyderabad, New Delhi, Mumbai and Kolkata. The closest
international as well as busy domestic airport is in Chennai.
Puducherry hosts its own railway station that connects the city with all other major
cities like Bhubaneswar, Kolkata, New Delhi, Mumbai, Bengaluru, Hyderabad, Jaipur
and Kanpur. So, one planning to reach Puducherry by train has got wider options.
Villupuram railhead is considered as the nearest railway station to Puducherry.
Villupuram is well linked to Tiruchirappalli, Madurai and Chennai.
Visit Puducherry to empower your knowledge in Valuation and enjoy the
hospitality during Indian Valuers Congress & All India National Seminar 2016.
*****
INSTITUTION OF VALUERS, MADURAI BRANCH
Institution of Valuers, Madurai Branch, Conducted the regular Monthly Meeting at
our office premises on April 26, 2016. The technical talk was on “LAYOUT APPROVAL
PROCESS AND CHALLENGES IN REAL ESTATE SECTOR”.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Meeting was
presided over by Vr. R.
Ashok, FIV, Chairman,
IOV Madurai Branch.
Chief Guests Shri
M.Vallappan, Er. S.
Tamilarasan and Vr.
K. Vijayakumar, FIV,
Secretary was on the
dais. After invocation
Vr. R. Ashok delivered
the welcome address.
Vr. K. Vijayakumar introduced the Guest Mr. M. Vallappan and Er. S. Tamilrasan
to the audience. E.C. Member K.A. Rathakrishnan honoured the Guest with a shawl
and Er. S. Tamilrasan was honoured with a shawl by our EC Member M. Babu.
The Chief Guest Shri M. Vallappan in his speech first thanked the IOV Madurai
Branch for giving him this opportunity to deliver the lecture. In his speech he pointed
out the difficulties in getting layout approval in Madurai region. During Er. S. Tamilrasan
speech he mentioned preliminary scrutiny of basic records and knowing of some of
the acts which are useful on purchase of the property – Hindu succession and Muslim
Act. The talk was really beneficial for the fellow valuers. After their speech many
questions were raised by the members on the Layout approval process. These
questions were replied by the respective speakers. The session was attended by 40
valuers.
The Chairman requested E.C. Member S. Ramakrishnan to present the memento
to the Guest Shri M. Vallappan and Vr. K. Kumar to present the memento to the Guest
Er. S. Tamilrasan. Joint Secretary Vr. R. Vanniarajan delivered the vote of thanks.
After the National Anthem, opulent Dinner was served which was hosted by E.C.
Member Vr. S. Anbu.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
INSTITUTION OF VALUERS, HYDERABAD BRANCH
On April 23, 2016
the Hyderabad branch
conducted its monthly
meeting at our
Hyderabad office pre-
mises – 104, Mustafa
Towers, Nilofer Hospi-
tal Road, Lakdikapul,
Hyderabad. Valuers in
and around Hyderabad,
Secunderabad, Ranga
Reddy and Medak at-
tended the meeting.
The speakers of the

meeting were Shri
Balraj, Retd AGM of
SBH. Senior valauer
and Past Chairman Mr.
Despande honoured
the speaker and mem-
ber Mr. DSP Ramesh
briefed about the
speaker.
The meeting was
started at about 6.30
PM after the secretary
Mr. P. Madhu invited the Chairman Mr. G.V. Apparao & the speakers on the dais.
The Chairman briefed about the talks and activities of the branch. The speaker very
elaborately explained the valuation reports with case studies and also explained role
of the valuer. Afterwards, senior valuer Mr. Despande explained about the ethics and
moral of the valuers.
The chief guest was honoured with memento by senior valuer Mr. Bheem Rao.
During interactive session the speakers gave opinions to various questions raised
by fellow valuers.
The monthly meeting was conclude with the vote thanks by the Chairman.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
INSTITUTION OF VALUERS, PUDUCHERRY BRANCH
On April 26, 2016

Puducherry Branch con-
ducted the regular
monthly meeting in Hotel
Anandha Inn, Anna Salai,
Puducherry. After High
Tea the Meeting began.
Branch Chairman
welcomed the august
gathering. Hon. Secretary
deliberated the previous
minutes of the meeting.
Branch Chairman & Members of the branch talked about the Central Bank of India's
Signing issue, Bonding system not accepted by the valuers.
Discussion about the topics of one day seminar dated – 19.06.2016
Valuation of immovable properties,
1. I.T. Valuation.
2. Valuation for Bank Purpose – Land & Building.
3. Fair Rent Calculation (Fixation of fair rent).
4. Legal Aspects of Valuation.
5. Gedgets used in Valuation.
Branch Chairman & Members of the branch talked about the National Seminar.
The Chairman of branch and valuers discussed Valuation for Acquisition for NHAI.
Institution of Civil Engineers emphasised only Civil Engineers to be valuers instead
of M.Sc. graduation.
Later Vr. Ajit deliberated regarding lease hold properties.
Vr. Vijayakumar deliberated regarding equipments used in valuation GPS Tracker,
Total station.
Articles - Lease hold - Vr. Ajit
- Equipment - Vr. Vijayakumar
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
INSTITUTION OF VALUERS, PUNE BRANCH
The 11th CPE (Continuous Professional Education) programme was held on 23rd
April, 2016 at 6.30 p.m. at Hotel Raviraj, Bhandarkar Road, Pune on the topic ‘Cross
examination in U.S. Court’. Mr. Mandar Gadre was the speaker.
Mr. Shewade, Secretary welcomed the members present. Mr. Shewade introduced
Mr. Gadre. He was felicitated by Mr. G.L. Kulkarni, Chairman of the Branch.
Mr. Gadre delivered lecture on various issues related to cross examination in U.S.
court. He explained the. procedures regarding cross examination of expert witness as
are prevailing in that court. The Question and Answer Session was then conducted
to satisfy members on various queries raised by them.
Then the latest edition of Valuation was published. Thereafter Mr. Lele, Vice-
Chairman, proposed to hold health camps for the benefit of the members and their
close relatives. The concept was appreciated by all the members present. He then
proposed to hold eye check up first. He informed that he had talked to Dr. Todkar,
Eye Specialist of Apollo Hospital, Pune, who had volunteered to help the Institute in
this regard. Mr. Lele then introduced Dr. Todkar who made a presentation on the
proposed eye check up camp. He explained various types of eye related diseases,
remedies, importance of regular check up etc. It was decided to hold this camp till
8th May 2016. The members were given coupons to be used for eye check up at
Apollo Hospital. About 65 coupons were given.
Mr. Lele then apprised the members present of various decisions and discussions
held in the Central Council meeting held at Bengaluru. He also informed that certain
fundamental definitions used in valuation field were being discussed and being improved
at the Central Council level.
Mr. Lele suggested to conduct programme on certain topics of common interest
which would be discussed by the members present on the basis of their practical
experience. Help of outside experts may also be taken in this regard.
Mr. Shewade suggested that specific questions would be invited from the members,
beforehand and in the programme those questions would be discussed by the members
and remedies to day-to-day difficulties being faced by the members could be solved.
Mr. Shewade proposed a vote of thanks. About 29 members from Pune and other
cities attended the programme. It was followed by dinner. Members appreciated the
programme and quality contents in the same.
INSTITUTION OF VALUERS, LUCKNOW BRANCH
A refresher course was conducted at the premises of IOV, Lucknow on 22nd May,
2016, on “Valuation of Assets for Bank Purpose”. It was organised by IOV, Lucknow
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Branch. 27 IOV members attended the refresher course.
The course started at 9.30 AM with registration of members and ended at 17.35
hrs. with vote of thanks address by Secretary Mr. A.N. Dubey.
Following articles were presented and queries of participants were answered by
the speakers in details.
1. Valuation of Shop - by Col. S.R. Prasad
2. Valuation of A First Floor Residence by Vr. A.L. Kalra
3. Valuation of a Mentha Oil Extraction Unit by Vr. O.P. Sharma
4. Valuation of Shop - by Vr. M.K. Goel
5. Valuation of Partly Commercial & Residential Building - by Vr K. Chandra
6. Valuation of Shop - by Vr. A.N. Dubey
7. Valuation of a Flat - by Vr. M.I. Khan
8. Valuation of Used Vehicles - by Vr. Prabhat Srivastava
9. Valuation of a Commercial Property - by Vr. K. Chandra
10.Refresher Course in Mathametics for Valuers -by Vr. A.L. Kalra
Different Cost Index were also given by Vr. K. Chandra
All above articles were published in a book form.
***
The follwoing were elected as Office Bearers and Executive Committee Members by
various Branches (given below) of the Institution of Valuers for the years 2016-2018:-
1. COCHIN BRANCH
Office Bearers
(i) Chairman Sh. M.P. Abraham
(ii) Vice-Chairman (I) Sh. V.S. Ramakrishnan
(iii) Treasurer Sh. Rajumani
(v) Secretary Sh. P.J. Paulose
(vi) Joint Secretary Mrs. Aji John
Executive Committee Members
Sh. Sajikumar G.
Sh. P. Ajith
Sh. George F. Chethalan
Sh. G. Velayudhan Nair
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sh. Vincent A. Alappat
Sh. Radhakrishnan P.
Sh. M.K. Krishnan
2. ERODE BRANCH
Office Bearers
(i) Chairman Sh. R. Mohanraj
(ii) Vice-Chairman (I) Sh. S. Devanandan
(iii) Vice-Chairman (II) Sh. A. Manoharan
(iv) Treasurer Sh. P. Paul Vijayakumar
(v) Secretary Sh. K.A. Manikandan
(vi) Joint Secretary Sh. G. Kumaresan
Sh. K.P. Duraisamy
Sh. P. Gopalakrishnan
Sh. M.K. Kandasamy
Sh. S. Mohan
Sh. K.B. Vertivel
Sh. N. Sivan
Sh. A. Ramakrishnan
Sh. S. Velusamy
Sh. K.M. Thirunavukkarasu
Sh. A. Shanmuga Sundaram
3. INDORE BRANCH
Office Bearers
(i) Chairman Sh. Ashutosh Saxena
(ii) Vice-Chairman (I) Sh. Kirnesh Kumar Goyal
(iii) Vice-Chairman (II) Sh. Bijay Kumar Agarwala
(iv) Treasurer Sh. Sunil Chawda
(v) Secretary Sh. Sanjay Jain
Sh. Rajeev Bumb
Sh. Om Prakash Pateriya
Sh. Sunil Garg
Sh. Basant Kumar Chhazed
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Sh. Mahesh Chandra Agrawal
Sh. Dharmendra Singh Parihar
Sh. Shailesh Papdiwal
Sh. Sudhir Parekh
Sh. Nand Kishore Shrimali
Sh. Dilip Kumar Jain
4. JABALPUR BRANCH
Office Bearers
(i) Chairman Cdr. K.S. Vilku (Retd.)
(ii) Vice-Chairman Sh. P.C. Tembhere
(iii) Treasurer Sh. Sushil Agrawal
(iv) Secretary Sh. Raj Kumar Sahu
Sh. Sanjay Verma
Sh. P.K. Soni
Sh. Rajeev Jain
Sh. Ashish Jain
Sh. Mukesh Soni
Sh. P.C. Dubey
Sh. M.R. Ghai
Sh. Padmesh Tiwari
5. PUDUCHERRY BRANCH
Office Bearers
(i) Chairman Sh. J.R. Ezhil
(ii) Vice-Chairman Sh. P. Sivakumar
(iii) Treasurer Sh. A. Vijayanarayanan
(iv) Secretary Sh. S. Sivakandan
(v) Joint Secretary Sh. V.R. Ajitchandran
Sh. K. Magalingame
Sh. R. Premkumar
Sh. K. Ravi
Sh. D. Giridhara Rao
Sh. N. Ganesan
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
6. TRIVANDRUM BRANCH
Office Bearers
(i) Chairman Sh. N. Rajkumar
(ii) Vice-Chairman (I) Sh. M.K. Nazarulla
(iii) Vice-Chairman (II) Sh. G. Viswanathan
(iv) Treasurer Ms. S. Lathikakumari
(v) Secretary Sh. V. Subramanian Potty
(vi) Joint Secretary Sh. A.K. Bose
Sh. K.G. Nadarajan
Sh. George K. Thomas
Sh. A.P. Jalajakumar
Sh. K.P. Cheriyan
Sh. T.T. Kripananda Singh
Sh. V. Raveendranathan Nair
Sh. S. Nandan Menon
Sh. Muhammad Sali A.
Sh. Hari Narayanan K.
******
Following office-bearers and members nominated to the Ad-hoc Committee of
Ludhiana Branch as approved by the Council under Rule 15.2 of Rules for
Branches. The said Ad-hoc Committee shall continue till the regular elected
committee takes over.
Office Bearers
(i) Chairman Sh. G.P.S. Chaddha
(ii) Vice-Chairman Sh. Nalin Tayal
(iii) Treasurer Sh. Puneet Mittal
(iv) Secretary Sh. Nitin Kumar Tayal
Sh. Mandeep Singh Bhasin
Sh. Raj Kumar Garg
Sh. Sanjeev Kumar
Sh. Rakesh Kumar Gupta
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
NOTICE
(To all Members of Institution of Valuers)
By this notification, the Council of Institution of Valuers, according to the power
conferred by the Bye Laws of the Institution, hereby makes it mandatory for
all its Corporate Members to attend a minimum of 2 (two) numbers full day
Seminar / Symposium / Work Shop / Basic Course / Advance Course on Valuation
and its allied subjects conducted by Institution of Valuers, in one calendar year,
to retain their names in the “Active Professional Valuers List” maintained by
the Institution at its Head Quarter at Delhi and uploaded at its official website
www.institutionofvaluers.net.
Explanation:
Full Day Seminar: The seminar shall be of a minimum seven hour
duration including Inauguration, Valedictory
session and lunch / dinner etc.
Allied Subjects: Law, Economics, Accountancy, Engineering,
Finance, Standards and Ethics, Management,
Architecture etc.
Calendar Year: For the year 2016, the names of all life
Corporate Members shall be there in the “Active
Professional Valuers List”. But, they have to
attend minimum two full day seminars by
31.12.2016 to retain their names in 2017 “Active
Professional Valuers List” from 01.01.2017.
Active Professional Valuers List: A list maintained by Institution of Valuers
containing the names of the life corporate
members who are constantly updating their
knowledge base by actively participating in
various continuing education programme viz.
seminars, conferences, workshops, training
programme, capacity building programme etc.
This list shall be updated once in every year
on the third Monday of the Month of January
every year. The members successfully
completing their continuing education programme
shall have to send the copy of their participation
certificates to the Head Quarter by 31st
December of each year to include their names
in the next year’s list. This will be available in
www.institutionofvaluers.net as well as in Head
Quarter. In 2016 list, the names of all life
corporate members shall be there. IV
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
LIST OF LIFE MEMBERS ENROLLED DURING
THE MONTH OF MARCH 2016
ANDHRA PRADESH BIHAR
KORIPELLA, AASHITA SAH, PRAKASH KUMAR

B.Arch., A.I.V. B.E., F.I.V.
Approved Valuer Approved Valuer
Plot No. 5, D.No. 3-16B-71, Barmasia, North to Jagganath Mandir,
Postal Colony, Nr. R.T.C. Complex, Kakinada, Katihar – 854 105
East Godavari Dist. – 533 003 Mobile : 9431060749, 9162909186
Mobile : 9966373409, 9100304409 E-mail : er.pksah1999@gmail.com
E-mail : aashithakoripella@yahoo.com F-25615 LM C1 Bi.
A-25462 LM C1 AP
KUMAR, SANJEEV
POLIDASU, SANKARA RAO B.E., F.I.V.
B.Tech., M.I.E., F.I.V. Approved Valuer
Govt. Reg. No. CCIT is No. 7/09-10 in Azad Colony,
F.No. CCIT-III/Tech/Reg.Val/161/09-10 B/h Durga Mandir, Maripur,
Approved Valuer Muzaffarpur – 842 001
Door No. 6-21-36, 13/2, Arundel Pet, Mobile : 9905616716
Guntur – 522 002 E-mail : ersanjeevmuz@gmail.com
Mobile : 9393360889, 7673963299 F-25547 LM C1 Bi.
E-mail : sankararaop1996@gmail.com
F-14793 LM C1 AP CHANDIGARH
POLAVARAPU, VENKATA RAMANA RAO SURI, MUKUL

B.E., F.I.V. B.E.(Elect.), MBA, F.I.V.
Flat No. G-1, Door No. 40-12-3/3, H. No. 17, Sector-11A,
Apoorva Residency, Patamatalanka, Chandigarh – 160 011
Vijayawada – 520 010 Mobile : 9818176468
E-mail : polavarapu6@gmail.com E-mail : mukul.suri@gmail.com
F-13043 LM C1 AP F-25616 LM C7 CH
UPPALA, SATYANARAYANA CHHATTISGARH

B.E., F.I.V.
Approved Valuer BHAGWANI, MUKESH KUMAR
D. No. 41/1/5-11, B.E., F.I.V.
Prashanthi Nilayam, Approved Valuer
Gouthami Nagar, 1st Lane, Desh Lahra Nagar,
Vijayawada – 520 013 Sindhi Colony,
Phone : 2524838 Durg – 491 001
Mobile : 8143364567, 9440048838 Mobile : 9425551889, 9300266644
E-mail : satyanarayana.valuer@gmail.com E-mail : bhagwani.mukesh@gmail.com
F-14270 LM C1 AP F-25296 LM C1 Chh.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SINGH, BIJENDRA KUMAR GOSWAMI, RASHMIPARI
B.E., F.I.V. B.E., F.I.V.
Mahamaya Consultant, B/h Hotel Panchanan, M-215, Sarita Vihar Society,
Shivdhari Colony, Ambikapur, Kalavad Road, Nr. Bisap House,
Surguja – 497 001 Rajkot – 360 005
Phones : (R) 240027 (O) 234219 Phone : 2563236 Mobile : 9428213231
Mobile : 9926943407 E-mail : rashmicgo@yahoo.com
E-mail : bijendrasingh2010@rediffmail.com F-25623 LM C1 Gt.
F-25384 LM C1 Chh.
HARYANA
DELHI
GARG, JAI PARKASH
CHADHA, HITESH B.Sc.(Engg.)(Civil), F.I.V.
B.Arch., F.I.V. Approved Valuer
Approved Valuer Flat No. B-1002,
Chadha & Associates, Tulip Ivory Apts., Sector-70,
Flat No. 2, Shankar Market, Connaught Circus, Gurgaon – 122 101
New Delhi – 110 001 Phone : 4988294 Mobile : 9350561021
Phone : (O) 23412739, 23411873 E-mail : gargjp74@gmail.com
Mobile : 9810624239 F-25627 LM C1 Har.
E-mail : hc@chadhaandassociates.com
F-22289 LM C1 Di. HIMACHAL PRADESH
GOA MADHAV, ANISH

B.Arch., A.I.V.
MALIK, AMIT ANIL Approved Valuer
B.E., F.I.V. Vill. – Salowa, P.O. Rangas,
Approved Valuer Tehsil Naduan,
Off. No. 502, Fifth Floor, Hamirpur Dist. – 177 048
E-Block, Saldana Business Tower, Mobile : 9882134818, 9805981199
Nr. Court Circle, E-mail : ar.anish@rediffmail.com
Mapusa – 403 507 A-25482 LM C1 Him.
Phone : 2380141 Mobile : 9420974950
E-mail : enggamit@yahoo.in KARNATAKA
F-25621 LM C1 GO
KELADI, GUNDAJOIS NAGARAJ
GUJARAT B.E., F.I.V.
Approved Valuer
KUMAR, ASHOK # 502, 5th Floor, Block F,
AMIE(Mech.), MBA, F.I.V. Nagarjuna Meadows Phase-II,
Approved Valuer Puttenahalli Village, Yelahanka,
C-401, Sharan Status, Nr. Devpriya-3, Bengaluru – 560 064
Motera Stadium Road, Motera, Phone : (R) 65476156
Ahmedabad – 380 005 Mobile : 9663044433
Phone : (O) 27700552 Mobile : 9978948299 E-mail : kgn1166@yahoo.co.in
E-mail : ashokssingh95@gmail.com F-25628 LM C1 Ka
F-25554 LM C7 Gt.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
MEENAKSHI, S PRIJITH, V.R.
B.E., M.Tech., A.I.V. B.Tech., M.I.E., F.I.V.
No. 38/19, Vinayaka Street, ‘Sreepriya’, TMC 3/1823 (Old TC 5/962)
Manorayanapalya, R.T. Nagar Post, Cheroor Road, Chembukkavu,
Bengaluru – 560 032 Thrissur – 680 020
Phone : 23530705 Phones : (R) 2331624 (O) 2389790
Mobile : 8971697737, 9448573284 Mobile : 9895712426
E-mail : minakshi@gmail.com E-mail : prijith007@rediffmail.com
A-25630 LM C1 Ka F-16875 LM C1 Ke
PRADEEP, G.N. RAJAN, P.

D.M.E., B.E.(Mech.), A.I.V. B.Sc.(Elect.), M.Sc.(REV), A.I.V.
Approved Valuer Govt. Reg. No. CCIT/CHN/Cat-II/3/2016-17
60, Sri Laxmi Narasimha Swamy Nilaya, Prime Assessors,
2nd Main Road, 11th Block, 29, Keltron Nagar, Kolazhy P.O.,
2nd Stage, Nagarabhavi, Thrissur – 680 010
Bengaluru – 560 072 Phones : (R) 2200654 (O) 2320235
Mobile : 9980218966, 9632685678 Mobile : 9447223094
E-mail : gnp1980@gmail.com E-mail : prajanengineer@gmail.com
A-25635 LM C7 Ka A-25610 LM C1 Ke
AJAY, G.K. MADHYA PRADESH

B.E., A.I.V.
Approved Valuer CHANDAK, CHHAYA
7th A Cross, B-Block, B.Arch., F.I.V.
K.R. Nagar, Approved Valuer
Mysore Dist. – 571 602 A2-32, Sagar Estates,
Mobile : 8050330089 Ayodhya By Pass,
E-mail : ajayajay037@gmail.com Bhopal – 462 041
A-25634 LM C1 Ka Phone : (O) 4284993
Mobile : 9424439003, 9406541084
KERALA E-mail : chhaya.chandak@gmail.com
F-18122 LM C1 MP
PILLAI, GOPALAKRISHNA V.
B.Sc.(Engg.)(Civil), MTP, F.I.V. DHALIWAL, INDRAPAL SINGH
Approved Valuer B.E., F.I.V.
Madathil House, H. No. 28/2773C, Approved Valuer
Ponnethsouth Road, Kadavanthra, Narayan Vihar Colony,
Kochi – 682 020 B/h ICICI Bank, A.B. Road,
Phones : (R) 2313789 (O) 2204902 Dhamnod,
Mobile : 9447113789 Dhar Dist. – 454 552
E-mail : gkpillaicp@gmail.com E-mail : bhumikacreative@gmail.com
F-25637 LM C1 Ke F-17945 LM C1 MP
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SAHU, NIKHIL SATHE, UDAY DATTATRAYA
B.E., A.I.V. B.E.(Elect.), F.I.V.
Approved Valuer Govt. Reg. No. 234 of 2015-16
12, Ganjipura, Approved Valuer
Jabalpur – 482 002 295/30, A-301, Morya City,
Mobile : 9425153377, 8109373073 Keshvnagar, Chinchwadgaon,
E-mail : nikhil@engineer.com Pune – 411 033
A-22916 LM C1 MP Phone : (R) 27610099
Mobile : 9404070173, 9892320173
BANGER, DEVENDRA KUMAR E-mail : energyauditpune@gmail.com
B.E., F.I.V. F-25646 LM C7 MS
Approved Valuer
Bhairoganj, Bhagatsing Ward, PATWARDHAN, SHASHANK SHEKHAR
Nahar Road, Nr. Mobile Tower, B.Arch., F.I.V.
“White House”, Seoni Post, Approved Valuer
Seoni Dist. – 480 661 122, Alamanda, Tata Glendale,
Mobile : 8109096480, 9556590080 Pokhran Road No. 2,
E-mail : dkbanger@yahoo.co.in Thane (West) – 400 610
F-25645 LM C1 MP Mobile : 9869451230, 9820251231
E-mail : shashanksp@hotmail.com
MAHARASHTRA F-9757 LM C1 MS
YADAV, DHARMANATH PRASAD DAHIWALKAR, RAJESH SHRIRAM

B.Sc.(Engg.)(Chem.), F.I.V. B.E., MIE, F.I.V.
C-3, Jaibhavani CHS, Plot No. 18, “Shriram”, Tilak-Wadi,
Sector-11, Kharghar, Datey College Road,
Navi Mumbai – 410 210 Yavatmal Dist. – 445 001
Mobile : 9869155863, 9769965812 Phone : (R) 241620
E-mail : dnpy@rediffmail.com Mobile : 9423131131, 8087102699
F-25650 LM C7 MS E-mail : rajudahiwalkar@gmail.com
F-25648 LM C1 MS
FIRODIYA, RAKESH SHANTILAL
B.E., A.I.V. ODISHA
Approved Valuer
Vasant Vastu Bldg., DASH, PRABEER KUMAR
Darode Jog Guruh Prakalpa, AMIE, F.I.V.
F. No. 403, C/o Deena Shah, Approved Valuer
Maharshinagar, Neheru Nagar – 8,
Pune – 411 037 Berhampur – 760 003
Mobile : 8149932377, 9028319498 Mobile : 9437134868
E-mail : rakeshfirodiya7@gmail.com E-mail : prabeer2000@yahoo.com
A-25094 LM C1 MS F-13686 LM C1 Odi.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PATRA, BIRAJA PRASAD MURALI, S.G.
AMIE(Mech.), F.I.V. B.E., M.E., F.I.V.
ACE Associates, Akhil Apartments, Old No. 77,
Gandhi Nagar, Main Road, New No. 108, Kamaraj Avenue,
Berhampur – 760 001 2nd Street, Adyar,
Phone : 2222338, 2220342 Chennai – 600 020
Mobile : 9437061210 Mobile : 9444948393
F-12313 LM C7 Odi. E-mail : murali.sgm@yahoo.co.in
F-25677 LM C1 Tn
BEHERA, PANCHANAN
B.Sc.(Engg.)(Civil), F.I.V. PILLAI, RADHAKRISHNA K.
Approved Valuer B.Sc.(Engg.)(Mech.), F.I.V.
Plot No. 19/199, Paiknagar, Approved Valuer
P.O. Baramunda, No. 702, Pearl Block,
Bhubaneswar – 751 003 Alliance Orchid Springs,
Mobile : 9437001496 Water Canal Road, Koratur North,
E-mail : panbehera@yahoo.co.in Chennai – 600 076
F-25513 LM C1 Odi. Phones : (R) 49525453 (O) 37182280
Mobile : 9176674804
PUDUCHERRY E-mail : radhakrishnapillai1953@yahoo.com
F-25674 LM C7 Tn
KANCHANA, V.
B.Arch., F.I.V. RAJKUMAR, P.
Approved Valuer B.Tech.(Mech.), A.I.V.
H. No. 19, 20, Approved Valuer
2nd Maria Theresa Street, 58D, Vishnu Apartments,
Duethamby Garden, Reddiarpalayam, Gandhi Road, Choolaimedu,
Puducherry – 605 010 Chennai – 600 094
Phone : 2292010 Phone : (R) 42836806
Mobile : 9486331359 Mobile : 9790914552, 9884621473
E-mail : kanchana.pdy@gmail.com E-mail : prajkumar1908@gmail.com
F-25672 LM C1 Pd. A-25669 LM C7 Tn
TAMIL NADU MOHAMED, ASLAM

B.E., A.I.V.
MOHANRAJ, A. Approved Valuer
B.E., F.I.V. Plot No. 5, 1st Cross Street,
Approved Valuer Sathya Narayana Nagar,
1071-F, Main Road, Pothanur,
Bhavani – 638 301 Coimbatore – 641 023
Mobile : 9842784830 Phone : 2410880
E-mail : appar.in@gmail.com Mobile : 9095092888, 9944792888
F-25671 LM C1 Tn E-mail : eraslam888@gmail.com
A-23691 LM C1 Tn
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
SUYAMBURAJA, DR. ARULSELVAN TELANGANA
AMIE, Ph.D., F.I.V.
Approved Valuer MEDA, VISWANADH
10, Jeeva Nagar, Vilankurichi Road, B.Tech., F.I.V.
Coimbatore – 641 035 Approved Valuer
Mobile : 9842293245 1-10-284/D, Lane No. 5,
E-mail : arulselvan.civil.cit@gmail.com Bhraman Wadi, Begumpet,
F-25593 LM C1 Tn Hyderabad – 500 016
Mobile : 7661930645
MATHIVANAN, M. E-mail : vishnuy3k@yahoo.com
B.E., M.I.E., F.I.V. F-25681 LM C1 TG
Govt. Reg. No. 6/2005-06 (CBDT)
Approved Valuer AMARAM, JAGANNATHA REDDY
Baarath Consultancy, AMIE(Mech.), F.I.V.
129, Main Road, Approved Valuer
Kovilpatti – 628 501 H. No. 1-2-33/17/1,
Phones : (R) 220086 (O) 223226 A.S. Raju Nagar, Street No. 1,
Mobile : 9443253229 Nizampet Road, Kukatpally,
E-mail : baarthmathi@yahoo.co.in Hyderabad – 500 072
F-4819 LM C1 Tn Phone : (R) 23156763
Mobile : 9000770710
VIJAYAKUMAR, K.V. E-mail : ajreddy@gmx.com
B.E., M.Tech., F.I.V. F-25682 LM C7 TG
Approved Valuer
50/13 A, Panthadi 7th Street, UTTAR PRADESH
Madurai – 625 001
E-mail : kvvijaikumar@gmail.com GOYAL, ANIL KUMAR
F-3743 LM C1 Tn B.Tech.(Elect.), F.I.V.
Approved Valuer
CHANDRAMOHAN, O. 5-New Adarsh Nagar,
B.E., F.I.V. Balkeshwar Colony,
Approved Valuer Agra – 282 005
1/358-1, Sundarraj Nagar, Mobile : 9837059415
Keelavadakarai, Periyakulam, E-mail : anilgoyal2@hotmail.com
Theni Dist. – 625 601 F-11287 LM C7 UP
Mobile : 9790292112
E-mail : chandru_mathi22@yahoo.co.in SIDDHARTHA
F-25663 LM C1 Tn B.Arch., F.I.V.
Approved Valuer
RAMAMOORTHY, R. 484, Lakhanpur Housing Society,
AMIE, F.I.V. Kanpur – 208 024
Approved Valuer Phone : (R) 2582694
Chittambody Kandigai, Mobile : 9838777401, 7309037421
G.R. Pet Post, Arakkonam Tk., E-mail : siddhartha.siddha@gmail.com
Vellore Dist. – 631 101 F-18946 LM C1 UP
Mobile : 9894200208
E-mail : ramachandran_murthy@yahoo.com
F-25592 LM C1 Tn
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
JAISWAL, VIJAY CHANDRA SINGH, GOPAL
Dip.(Arch.), AMIE, A.I.V. B.E., F.I.V.
14/2047, Sector-14, 2/1, New Bahar, Sahara Estate,
Indira Nagar, Sector-H, Jankipuram,
Lucknow – 226 016 Lucknow – 226 021
Mobile : 9453723201 Phone : (O) 2442200
A-22408 LM C1 UP Mobile : 7800333323, 9838711115
E-mail : gopal_grv@rediffmail.com
RAMKUMAR F-25685 LM C1 UP
AMIE, F.I.V.
Approved Valuer UTTARAKHAND
13/3, Type-4,
PWD Colony, Jail Road, AGARWAL, BINDU
Lucknow – 226 012 I.I.A., F.I.V.
Mobile : 9335003385, 9839055778 Approved Valuer
E-mail : kumarsangharshlucknow@gmail.com 75, AWHO Flats, Seemadwar,
F-25538 LM C1 UP Indira Nagar Colony,
Dehradun – 248 006
Phone : (R) 6544102
Mobile : 9219599900, 9219606099
E-mail : binduagarwal100@gmail.com
F-25209 LM C1 Utt. IV
Chennai Branch
Proposes to organise one day Seminar
on
Valuation of Assets
at
Hilton, 124/1, J. N. Salai, Guindy, Chennai-32
On 2nd July, 2016
The Registration Fee is Rs. 3,000/Delegate
For details please contact:
1. Mr. R. Thirumal – 93606 73666 / 044 – 22491007
2. Mr. M. S. Karthikheyan – 98410 25214 / 044 – 24865101
E-mail to iovchennaibranch@gmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
B R A N C H E S - I N S T I T U T I O N O F VA LU E R S
ANDHRA PRADESH Fatorda, Margao, Goa - 403 602. Ph.: 0832-
2742793, Mob.: 9422063736 E-mail :
TIRUPATI BRANCH
rudrax6@rediffmail.com
Chairman: Shri A.K. Narayana Reddy, Flat No. 112, First
Secretary: Shri Mahendra S. Kakule, Caculo House, Nr.
Floor, Aditya Towers, Opp. SBM, Balaji
Aquem Post Office, Margao, Goa-403 601,
Colony, Tirupati - 517 502, Ph.: 0877-2246330,
Ph.: 0832-2735374 Mob.: 9822485550, E-mail :
Mob.: 9246999282, E-mail :
mcaculo@gmail.com
valuertirupati_aknreddy@yahoo.in
Secretary: Shri G.P. Jagadiswar, D.No. 20-2-494/11, Marruthi GUJARAT
Nagar, Korlagunta, Tirupati-517 501. Mob.:
AHMEDABAD BRANCH
9949556162 E-mail : gpjagadishwar@yahoo.in
Chairman: Shri P.K. Desai, 102, Satyam Tower, Nava
VIJAYAWADA BRANCH
Vikas Gruh Road, Opp. Bhagyoday Co. Op.
Chairman: Shri G.V. Ramana, Jayram Civil Engg. Consultancy, Bank Ltd., Paldi, Ahmedabad-380007,
# B-5, Samrat Apartments, Kokaratnamala Street, Ph.: (R) 079-26634419, Mob.: 9825005595,
Srinagar Colony, Ring Road, Vijayawada - 520008, E-mail : pkdesai8@gmail.com
Ph.: 0866-6536653, Mob.: 9246476651
Secretary: Shri Deepak C. Shah, 33, 24 Virbhadra Shop-
Secretary: Shri M. Nagaraju, 32-30-4/30, Bhagat Singh Road,
ping Centre, Nilam baug Circle (Jail Road),
Opp. Andhra Bank, Machavaram, Vijayawada -
Bhavnagar-364001, Ph.: 079-2519770, Mob.:
520004, Mob.: 9246496555, E-mail :
9824220996, E-mail : deepakshah97@gmail.com
nagaraju.valuer@gmail.com
SURAT BRANCH
VISAKHAPATNAM BRANCH
Chairman: Shri Ajit B. Gohil, 103, 1st Floor, “A” Building,
Chairman: Shri Devi Prasad Vana, D-305, VUDA Apartments,
Saint Park Appt., Beside Vishalnagar, Above IDBI
Seethammadhara, Visakhapatnam - 530 022,
ATM & Somnath Restaurant, Nr. Sardar Bridge
Mob.: 9440242732, E-mail :
Circle, Adajan Road, Surat -395 009.
deviprasad.vana@yahoo.com
Ph.: (O) 2796343, Mob.: 9825277523,
Secretary: Shri K.M. Jeelani, Flat No. 102, GF, Sagar Vihar
E-mail : gajit61@yahoo.com
Apts., Matsyadarshini Road, RK Beach,
Visakhapatnam - 530 003, Mob.: 9866530644 Secretary: Shri Lakhani Murad M., 503, 7th Floor, New Op-
E-mail : kmjeelani@rediffmail.com era House, Above Kiran Motors, Ring Rod, Surat-
395 001. Ph.: (O) 2630297 Mob.: 9825595385,
BIHAR E-mail : murad_77@rediff.com
PATNA BRANCH VADODARA BRANCH
Chairman: Shri Ram Balak Prasad, 104, R.P. Tower, (Nr. Jagat Chairman: Shri Hitesh B. Shah, 701 & 703, 8th Floor,
Trade Centre), Fraser Road, Patna-800 001, Ph.: Patel Ashwamegh Complex, Above Dena
(R) 0612-2285907 Mob.: 9835038711, Bank, Sayajigunj, Vadodara-390 005,
9431433109 Ph.: 0265- (R) 2336173 (O) 2225537,
Secretary: Shri Shyam Sundar Bhartia, 308, Varma Centre, Fax : 2363863 Mob.: 9824014216,
Boring Road, Crossing, Patna - 800 001, E-mail : hiteshshahassociates@gmail.com
Mob.: 9431011782, E-mail : Secretary: Shri Harish Tahilramani, 518, Phoenix Complex,
shyambhartia2012@gmail.com B/s Suraj Plaza, Sayajigunj, Vadodara-390005,
Ph.: 0265-2363650, Mob.: 9825011262,
CHANDIGARH
E-mail : tahilramani_harish@yahoo.com
CHANDIGARH BRANCH
HARYANA
Chairman: Shri B.L. Luthra, 2004, Sector 15-C,
Chandigarh-160 015, Ph.: 0172-2772004, GURGAON BRANCH
4620304, Mob.: 9815071897 Chairman: Shri Rakesh Kumar Chugh , 87, Sector-30,
Secretary: Shri G.P. Bansal, 3464, Sector 46-C, Chandigarh Gurgaon - 122001, Mobile : 9818264036,
- 160 047, Ph.: 0172-2633267, Mob.: 9417132561 E-mail : rakeshkrchugh@gmail.com
Secretary: Shri Kulvir Singh, H. No. 157, Sector-38,
CHHATTISGARH Gurgaon-122018, Mobile : 9818377997,
DURG BRANCH E-mail : ks.constns@yahoo.com
Chairman: Shri Sushil Kumar Jain, Plot No. 16, Block No. 2, JAMMU & KASHMIR
Nehru Nagar (East), P.O. Bhilai, Dist. Durg-490 020. JAMMU & KASHMIR BRANCH
Secretary: Shri Yogeshwar L. Chandak, Nr. DRG Bank,
Motipara, Station Road, Durg-491 001. Ph.: 0788- Chairman: Shri H.R. Phonsa , No. 63/5, Nanak Nagar,
2323284, E-mail : yogc@rediffmail.com Jammu Tawi-180004, Ph.: 0191-2432712 Mob.:
9419134060, E-mail : hrphonsa@gmail.com
GOA Secretary: Shri S.C. Thukral, 88 BC Road, Rehari Chungi,
GOA BRANCH Jammu-180005, Mob.: 9419186848,
E-mail : scthukral@rediffmail.com
Chairman: Shri Shravan Dubashi, 18, Preety Homes, Agalli,
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
JHARKHAND TRIVANDRUM BRANCH
RANCHI BRANCH Chairman: Shri N. Rajkumar, Rajath, E.V. Road, EVRA-305,
Chairman: Shri S.B. Ghosh, Consultus, ‘Bina’ Hinoo Bridge Jagathy, Trivandrum-695 014, Ph.: (R) 0471-
(East), Ranchi - 834002, Ph.: 0651-2251586, 2333508, Mob.: 9846319319, E-mail :
Mob.: 9431129316, E-mail : consultusho@gmail.com n_rajkumar2003@yahoo.co.in
Secretary: Shri V. Subramonian Potty, T.C. 17/2041, Flat-
Secretary: Shri Santosh Kr. Singh, 3803, Block-C, Sri Ram Gar-
6A, Green Heights Apts., Medical College,
dens, Kanke Road, Ranchi-834008. Mob.:9431170378,
Trivandrum-695 011. Ph.: (R) 0471-2448418, Mob.:
E-mail : sennonindia@yahoo.co.in
9846748898, E-mail : vspmoni@gmail.com
KARNATAKA
MADHYA PRADESH
BENGALURU BRANCH BHOPAL BRANCH
Chairman: Shri T.S. Chandrasekhara, Sadurat Consultants Chairman: Shri Sunil Joshi, 62, First Floor, 6 No. Bus Stop,
Pvt. Ltd., No. 82, 1st Floor, Dr. Raj Kumar Road, Shivaji Nagar, Bhopal-462016 Ph.: 0755-
Prakash Nagar, Bengaluru-560021, Ph.: 080- 2556365/4244670,Mob.: 9425006965, E-mail :
65956789, 23326397 Mob.: 9448856488 suniljoshibpl@gmail.com
E-mail : sadrutaconsultants@gmail.com
Secretary: Shri Sanjay Nigam, 2-Siddarth Homes, Plot No.
Secretary: Shri K.S. Raghuraman, H.No. 1020 Flat No. 301, 141, Zone-II, M.P. Nagar, Bhopal, Ph.: 0755-
3rd Floor, Hemadri Residency, Opp. Sugana Hos- 2574467, Mob.: 9425011292 E-mail :
pital, Dr. Rajkumar Road, 4th Block, Rajajinagar, snigam101@gmail.com
Bengaluru - 560 010, Mob.: 9845497602
INDORE BRANCH
HUBLI BRANCH
Chairman: Shri Ashutosh Saxena, 303/304, 3rd Floor, Manas
Chairman: Shri V.R. Aminbhavi, “Vasudha”, 43, U.B. Hill Road, Bhawan Hindi Sahitya Samiti Compound, 11, RNT
4th Cross, Dharwad-580001, Ph.: (R) 2442823 (O) Marg, Indore - 452 001. Ph.: 0731-2527876, Mob.:
2740227, E-mail : vr.aminbhavi@gmail.com 9425060141, E-mail : ashusaxena1@gmail.com
Secretary: Shri Raju K. Gowda, 43, Basaveshwar Nagar, Secretary: Shri Sanjay Jain, 1, Vardhaman Apts., 4/8, Old
Gokul Road, Hubli-580 030, Ph.: 08192-224606 Palasia,Nr. Medicare Hospital, Indore - 452 001.
MANGALORE BRANCH Ph.: (O) 0731-2490069, Mob.: 9425056756,
E-mail : ksgfibre@yahoo.co.in
Chairman: Shri Satish Rao Idya, Griha Shipa, Old P.O. Road,
Surathkar-575014, Ph.: 0824-2475416, Mob.: JABALPUR BRANCH
9845088592, E-mail : grihashilpa@yahoo.com Chairman: Cdr. K.S. Vilku (Retd.), 5-Vatika Duplex, 65 Napier
Secretary: Shri S.N. Bhat, No. 66, 2nd Floor, Venkatramana Town, Near St. Norbert Church, Bhanwartal,
Building Car Street, Mangalore - 575001, Ph.: Jabalpur-482 001 Ph.: 0761-2450917 Mob.:
0824-2495527, Mob.: 9845217857, E-mail : 9826166783 E-mail : kuldeepvilku@yahoo.in
snbhatmng@gmail.com Secretary: Shri Rajkumar Sahu, 169, Damoh Naka
Chowk, Jabalpur-482 001, Ph.: 0761-4065142
MYSORE BRANCH
Mobile : 9425151954, 9630265222
Chairman: Shri T.V. Chandra, # 10, KHB House, E-mail : errajkumar_sahu@rediff.com
Bannimantap Extn., Mysore-570 015,
Ph.: 0821-2493138, Mob.: 9448085148, MAHARASHTRA
E-Mail : tvchandramys@gmail.com AURANGABAD BRANCH
Secretary: Shri R. Ravi, No. 11/ A, M.N. Jois Road, Chamaraja Chairman: Shri Subhas S. Bahekar, Vastushilp, 56, N-5,
Mohalla, Mysore-570 004, Ph.: 0821-4244541, H-Sector, Satyam Nagar, CIDCO, New
Mob.: 9448044550, E-mail : ravir68@gmail.com Aurangabad - 431 003, Ph.: (O&R) 0240-2486802,
KERALA Mob.: 9822096007, E-mail :
ivaurangabad@gmail.com
CALICUT BRANCH Secretary: Shri N. G. Karkhane, Mogra Rana Nagar, Opp.
Chairman: Shri Joy Thomas, 34/1406-A, Florican Hill Road, Hotel Atithi, Jalna Road, Aurangabad - 431 003,
Malaparamba P.O., Kozhikode - 673 009, Ph.: 0240-2452305, Fax : 2441053,
Ph.: 0495-2376697, Mob.: 9447500284, Mob.: 9823028081, E-mail :
E-mail : joythomas1955@gmail.com n_g_karkhane@rediffmail.com
Secretary: Shri B. Unikrishnan Nair, Deepthi, West Ollur KOLHAPUR BRANCH
Temple, Nellicode, Kozhikode-673 016, Ph.: 0495-
Chairman:
2742068, Mob.: 9447409407
COCHIN BRANCH
Chairman: Shri M.P. Abraham, Asisha Mangalath, Satellite
Secretary: Shri Sandipkumar A. Tare, 7/74, 1st Floor,
Township, Kakkanadu West P.O., Cochin-682 030,
Shirgure Building, Laxmi Market, Ichalkaranji-416 115.
Ph.: (R) 0484-2422832, Mob.: 9847040537/
Ph.: (O) 0230-2439108, Mob.: 9422045509,
9744380500, E-mail : thampy1934@live.in
E-mail : sandipsbi05@gmail.com
Secretary: Shri P.J. Paulose, Puthukunnathu, Panipra. P.O.,
Thrikariyoor - 686 692, Ph.: 0485-2842605, MUMBAI BRANCH
Mob.: 9847248905,9249580605, E-mail : Chairman: Shri Harshad S. Maniar, 1st Floor, Above George
pjpaulose@hotmail.com Restaurant, 22, Bombay Samachar Marg, Fort,
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Mumbai-400023, Ph.: 022-(O) 22654643, Secretary: Shri Subash chandra Sabat, C/o Haripriya
(R) 26181826, Fax : 022-22632399, Mob.: Associates,Plot No.1127/3048, Jayadurganagar,
9819170088,E-mail : harshadmaniar@gmail.com Bhubaneshwar-751006, Ph.:0674-2572433,
Secretary: Shri Subhash Banthia, 6, Parvati Villa, N.N. Road 2570337, Mob.: 9437002433, 9338592433,
No. 3, Jogeshwari (East), Mumbai-400 060, Ph.: E-mail : subashsabat@gmail.com
022-28234094, 32979557, Mob.: 9870031188, PUDUCHERRY
E-mail: bsubhash_2001@yahoo.com
PUDUCHERRY BRANCH
NAGPUR BRANCH Chairman: Shri J.R. Ezhil, No. C-100, A&N Fantasy Flats, 1st
Chairman: Shri Milan C. Kale, DE/10, Yogiraj-3, Plot No. Cross, PSC Bank Colony, Mudhaliyarpet,
101, Nr. Shivaji Nagar Park, Shivaji Nagar, Puducherry - 605 004. Ph.: 0413-23560444, Mob.:
Nagpur - 440010, Mob.: 9823050639, 9842311449 E-mail : jr_ezhil@yahoo.com
E-mail : mkaleval@gmail.com Secretary: Shri S. Sivakandan, No. 61, 14th Cross, Anna
Secretary: Shri Hemant Ambaselkar, 38, Sawarkar Nagar, Nagar, Puducherry - 605 005. Ph.: 0413 - (R)
Nagpur - 440 015, Ph.: 2222184, Mob.: 9922415517, 2204167 (O) 2204163, Mob.: 9 8 4 2 3 4 6 2 0 0 ,
E-mail : hemant_ambaselkar@rediffmail.com E-mail : sivakandan10@gmail.com
NASHIK BRANCH PUNJAB
Chairman: Shri Sanjeev Y. Patil, A/14, Ameya Sankul, AMRITSAR BRANCH
Ramdas Colony, Canada Corner, Nashik - 422 005. Chairman: Shri Raj Kumar Aggarwal, D-252, Ranjit Avenue,
Ph.: (O 2579970, (R) 2575577 Mob.: 9422245524 D-Block, Amritsar-143001. Ph.: 0183-25004444,
E-mail : sanjeevypatil@yahoo.co.in 2500445 Mob.: 9814055667 E-mail :
Secretary: Dilip V. Nikam, 7, Anandi Apartment, IInd Floor, rajkumarassociates59@gmail.com
Sharanpur Road, Nr. Canada Corner, Nashik-422 002. Secretary: Shri Arun Kumar Aggarwal, H. No. 7/50, Opp.
Ph.: (0253) 2315104, Mob.: 9422259703, Trikoni Park, Kashmir Avenue (West), Backsie
E-mail : dilipnikam77@gmail.com Gulati House, Amritsar-143001. Ph.: 0183-
PUNE BRANCH 2270543, 2270544 Mob.: 9814220129
Chairman: Shri G.L. Kulkarni, A-5, Deepak Apartments, LUDHIANA BRANCH
off Hare Krishna Mandir Road, Model Chairman: Shri G.P.S. Chaddha, Managing Director, M/s
Colony, Pune - 411 016, Telefax : 020-25655437, Ashiana Architects Pvt. Ltd., 141-H, Sarabha
Mob. 9422001205, E-mail: kulkarni.gl@gmail.com Nagar, Ludhiana, Mob.: 9814000700, E-mail :
Secretary: Shri A.V. Shewade, A.V. Shewade & Associates, ashiana_architects@rediffmail.com
Ganeshkrupa Apts., 2nd Floor, 274/A, Shaniwar Peth, Secretary: Shri Nitin Kr. Tayal, SCO 1-3, B, Swami Vivekanand
Nr. Indian Overseas Bank, Above Tulsi Travels, Vridhashram Market, B-Blcok, Model Town Extn.,
Pune-411030. Fax : 020-24494879, 24459396, Ludhiana - 141 002 Ph.: 0161-2457681,2, Mob.:
E-mail : prudent-ip@eth.net 7837600470, E-mail : info@gats.in
THANE BRANCH RAJASTHAN
Chairman: Shri Dinesh P. Warade, 1, Ground Floor, New JAIPUR BRANCH
Bhushan CHS Ltd., Teen Hath Naka, Surve Wadi, Chairman: Shri S.C. Khanna, B-108, Janta Colony,
M.S. Road, Thane (W)-400 604, Ph.: 022-25838990, Jaipur - 302 004, Mob.: 9414305093
65848196 E-mail : archinova@gmail.com E-mail : satishkhanna01@yahoo.com
Secretary: Shri Kedar Chikodi, 101/A, 1st Floor, Hari Krupa, Secretary: Shri Manoj Kumar Dharnia, Flat No. 3-B, 3rd
Above Shrihari Mangal Karyalaya, Floor, Jain Kunj Apartment, P.N 01, Gopalbari,
Pandurangwadi, 1st Lane, Dombivli (E)-421 201. Ajmer Road, Jaipur - 302 001, Mob.: 9829066828
Ph.:0251-2801428 Mob.: 9870070121 E-mail : manojdharnia@gmail.com
E-mail : kedarchikodi@yahoo.com UDAIPUR BRANCH
NORTH-EAST REGION Chairman: Shri G.P. Mathur, 401, 5th Floor, B-Block, Subh
GUWAHATI BRANCH Ashiyana Complex, 100’ Road, Ayad, Udaipur,
Ph.:0294-2980289, 5120008, Mob.: 9829243089,
Chairman: Shri Indreswar Sharma, Barthakur Mill Road, E-mail : mathurgp.udaipur@gmail.com
Ulubari, Guwahati - 781 007, E-mail : Secretary: Shri Sanjay Dungarwal, 395, I-One Road,
ess.engineers@rediffmail.com Bhupal Pura, Udaipur - 313 001,
Secretary: Dr. Mahidhar Pathak, MPG Complex, R-2, Ph.: 0294-2412486, Mob.: 9352501324,
Rupnagar, Guwahati - 781 032, Mob.: 9864066613/ E-mail : sanjayhdungarwal@gmail.com
9085066613, E-mail : mpguw2@rediffmail.com
TAMIL NADU
ODISHA
CHENNAI BRANCH
BHUBANESWAR BRANCH
Chairman: Shri R. Thirumal, Plot No. 12, 3rd Cross Street,
Chairman: Shri S.C. Chau Pattanayak, Satyam Tower, Block- Aandal Garden, Ramapuram, Nr. Dr. Vimala Con-
A, Flat No. 301, Bomikhal, Cuttack Road, vent, Chennai-600 089, Mob.: 9360673666,
Bhubaneswar-751010, Telefax : 0674-2570393, E-mail : thirumalvaluer@gmail.com
Mob.: 9337840212 E-mail :
Secretary: Shri M.S. Karthikheyan, GF, D.No.3,P. No. 196,
chairman.odishaiov@gmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Agathiar Street, Alwarthiurnagar, Chennai-600 087, UTTAR PRADESH
Ph.: (O) 044-65267342 (R) 24865101, Mob.: 9841025214, AGRA BRANCH
E-mail : mskarthikheyanmsk@dataone.in Chairman: Shri Ajit Faujdar, 1st Floor, Ellora Complex, Surya
COIMBATORE BRANCH Nagar-Khandari Crossing, Agra - 282 002, Ph.:
Chairman: Shri S. Pichaiya, 1288, Tricy Road (Nr. Hotel Aryas), 0562-2520383, Mob.: 9837035766, E-mail :
Coimbatore - 641 018. Ph.: 0422-3268703, iov.agraup@gmail.com
4371728, Mob.: 9842237172, Secretary: Smt. Archana Yadav, G-521, Kamla Nagar,
E-mail : pichaiya1956@gmail.com Agra - 282005, Mob.: 9319102421,
Secretary: Shri M. Adaikkalavan, 72 Savithiri Nagar, E-mail : ardeco@sancharnet.in
Ramanathapuram, Coimbatore - 641 045. ALLAHABAD BRANCH
Ph.: 0422-3293938, 2303257, Mob.: 9443290527, Chairman: Shri S.G. Paul, 26, Muir Road, Allahabad - 211001,
E-mail : adaikkalavanvaluer@gmail.com Ph.: 0532-2621303, Mob.: 9335156218, E-mail :
ERODE BRANCH satyagpaul1940@gmail.com
Secretary: Shri Vivek Jaiswal, U-20 & 26, Sangam Place,
Chairman: Shri R. Mohanraj, 9/4-5, Muthuram’s Arcade, Opp.
Civil Lines, Allahabad - 211 001, Ph.: 0532-
KPN Travel, Mettur Road, Erode-638 011, Ph.:
2561001, 3255455, Mob.: 9838978786, E-mail :
0424-2269707, Mob.: 9788406000, E-mail :
ervivekjaiswal@gmail.com
rmrvaluer@gmail.com
Secretary: Shri K.A. Manikandan, Penna Tower, 116, GHAZIABAD BRANCH
Veerapathira Chettiar Street, Nr. Oxford Hotel, Chairman: Shri S.S. Sharma, Bhagwant Niwas,
Erode-638003.Ph.: (O) 0242-2215368, Mob.: KC-120A, Kavi Nagar, Ghaziabad-201 002,
9443295651, E-mail: ka_manikandan@hotmail.com Ph.: 0120-2754488, Mob.: 9891417935,
E-mail : shivakumud@yahoo.co.in
MADURAI BRANCH
Secretary: Shri Atul Goel, Atul & Associates, 202-203,
Chairman: Shri R. Ashok, Sakthi Consultancy, 1, Lourdhu Hans Plaza, Ambedkar Road, Ghaziabad-201001
Nagar, 7th Street, K. Pudur (P.O.), Madurai - 625 Ph.: 0120-2793713 Mob.: 9810139498,
007,Ph.: 0452-2562374 E-mail : atulg02@yahoo.com
Secretary: Shri K. Vijaya Kumar, 9B, Narayana Bhavanam, KANPUR BRANCH
Valluvar 1 Street, S.S. Colony, Madurai - 625 010,
Chairman: Shri S.S. Dash, E-704,705, Krishna Vihar, Avas
Ph.: 0452- (O) 2360748 (R) 2607575
Vikas Colony, Kalyanpur, Kanpur, (Nr. Kailash
SALEM BRANCH Saraswati Inter College, SBI & KESCO)
Chairman: Shri C. Mani, Classic Construction, Shop No. 29 Phone : 0512-2575700 Mobile : 9415133192,
(Upstair), Corporation Vaniga Valagam, Nr. Old E-mail : dash.associates04@gmail.com
Bus Stand, Salem - 636 001, Mob.: 9842724255, Secretary: Shri A.S. Parihar, 117/Q198, “A” Sharda Nagar,
E-mail : engineer_mani23@yahoo.co.in Kanpur-208 025, Ph.: 0512-3246933 Mob.:
Secretary: Shri T. Suresh Kumar, Anugraha Plot No. 12, 9415478258,E-mail : parihar.civil@gmail.com
Subramania Nagar Extn., Thruvagoundanoor, LUCKNOW BRANCH
Salem - 636 005, Ph.: 0427-2223877 , Mob.:
Chairman: Shri Khazan Chandra, 2/ 112, Viramkhand,
9443322577, E-mail : ptsureshkumar@gmail.com
Gomti Nagar, Lucknow-226 010, Ph.: 0522- (R)
TIRUCHIRAPPALLI BRANCH 4064068, (O) 6451125, Mob.: 9415004395,
Chairman: Shri S. Baskar, C.S. Residency, 27/B, 11th Cross E-mail : kchandra51@rediffmail.com
West, Thillainagar, Tiruchirapalli-620 018. Ph.: Secretary: Shri A.N. Dubey, 58, Patel Nagar, Phase-III, Indira
(O) 0431-2741058 Mob.: 93451-02788 Nagar, Sector-9, Lucknow-226 017, Mob.:
E-mail : baskarconstruction@yahoo.com 9335738391, E-mail : awadhn.dubey@gmail.com
Secretary: Shri N. Ravindran, Flat No. 3, Ground Floor, MAM UTTARAKHAND
Plaza (Opp. to YMCA Ground), Officers’ Colony, DEHRADUN BRANCH
Puthur, Tiruchirappalli-620017. Ph.: 0431-
Chairman: Shri A.K. Rai, ‘Aangan’, 17, Adarsh Nagar, Chakrata
2792355, Mob.: 9842464212, E-mail :
Road, Dehradun-248 001, Ph.: 0135-2625640,
valuerravindran@yahoo.co.in
Mob.: 9897328188, E-mail : raianand25@yahoo.in
TELANGANA Secretary: Shri Arvind Kaneri, 01, Haripuram, GMS Road,
Dehradun-248001, Mob.: 9927020903, E-mail :
HYDERABAD BRANCH
myvalue01@gmail.com
Chairman: Shri G.V. Appa Rao, H.No. 5-9-48/27, P.No. 27,
WEST BENGAL
Raghava Kalyan Estates, B/h Manik Sai Enclave,
J.J. Nagar P.O., Yapral, Secunderabad - 500 087, KOLKATA BRANCH
Ph.: 040-27892212, 69994282, Chairman: Dr. Goutam Sengupta, HB-296, Flat No. 7, Sec-
Mob.: 9849001121, 9246202888 tor-III, Salt Lake City, Kolkata - 700106, Ph.: (O)
E-mail : gpsankaramassociates@gmail.com 033-23674615, Fax : 23672875, Mob.: 9831036663,
E-mail : goutamsengupta@hotmail.com
Secretary: Shri Pagolu Madhu, 16-11-20, Flat No.G-3, Bharani
Secretary: Smt. Banashree Sarkar, “Anindita” 1297,
Apts., Saleemnagar, Malakpet, Hyderabad-500 036.
Madurdaha, Hossainpur, Kolkata-700 107.
Ph.: 040-65994816, Telefax : 24544815 Mob.:
Mob.: 9831137420 E-mail :
9848035695, E-mail : pagolumadhu@yahoo.com
banashree.sarkar@rediffmail.com
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Institution of Valuers Council and Members

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Institution of Valuers Council and Members

Uploaded by

Copyright:

Available Formats

INSTITUTION OF VALUERS

(Registered under the Societies Registration Act XXI of 1860)

Vol. XLVIII JUNE 2016 No. 6

IOV Puducherry Branch

WHY WE VALUERS HAVE TO BE EXPERTS AND

Man can conquer the entire world when his

An article on the subject "LEASE DEED" under the authorship of Shri B.

Mr. B. Kanaga Sabapathy wrote an article "LEASE DEED" which was

VALUATION OF PLUMBING SERVICES IN THE BUILDING

1. Introduction : The plumbing is an essential part of the building, as

G.I 15 mm 18.11.1 229.10

G.I 20 mm 18.11.2 251.30 233.54

CPVC 15 mm 18.8.1 218.85

CPVC 20 mm 18.8.2 243.05 223.69

PPR 16 mm OD 18.5.1 180.05

PPR 20 mm OD 18.5.2 226.65 187.37

PA-AL-PE 16 mm 18.2.1 297.95

PA-AL-PE 20 mm 18.2.2 340.60 306.48

BECOME PRACTISING PROFESSIONAL CREDIBLE VALUER

MENTOR OF FUTURE VALUERS

1. Valuation taken up at the request of : AGM PQR Bank

A unique and complete book on Real Estate Valuation

A Valuer required to carry out Valuation of a property required to be split

1. Residential User: 35%.

2. Non residential User including Commercial & Industrial User: 20%.

“DISPARITIES AND DISPUTES IN VALUATION OF LANDS”

HOW TO INSPECT THE PROPERTY?

9.8 Image of structural steel corrosion

Corrosion of steel and spalling of concrete due

9.9 Pattern of cracks

What is the rental value of a Flat?

say: Rs. 52/-

These days, Banks are very liberal in extending loans (Housing,

If you wish to be always happy, pray for the welfare

9. Taxable Capital Gain Rs. 85,14,000

The heart bereft of love and compassion is verily a

There is nothing greater than service to humanity.

“VALUATION PRACTICE OF IMMOVABLE PROPERTIES”

The speakers of the

On April 26, 2016

KORIPELLA, AASHITA SAH, PRAKASH KUMAR

POLAVARAPU, VENKATA RAMANA RAO SURI, MUKUL

UPPALA, SATYANARAYANA CHHATTISGARH

GOA MADHAV, ANISH

PRADEEP, G.N. RAJAN, P.

AJAY, G.K. MADHYA PRADESH

YADAV, DHARMANATH PRASAD DAHIWALKAR, RAJESH SHRIRAM

TAMIL NADU MOHAMED, ASLAM

You might also like