Why Technical Evaluation is important?
Although the Government announces market value, known as the guidance value, such value will be nowhere near the actual value of the property, put up for sale. Hence it is critical to avail services of a technical Valuer to arrive at the proper valuation of the property.
A large majority of builders and developers sell properties at a rate per square foot or square meter, it is important to ensure the proper measurements are certified by an independent Engineer/Valuer.
Since the selling price is determined as per the sital area in case of vacant sites, the built-up area in case of individual buildings, and the super built-up area in case of apartments, it is essential to hire the services of a qualified Engineer/Valuer.
It is observed that a majority of the builders won’t provide the area statement of common areas and the proportionate area loaded to the particular apartment, and arbitrarily add 50 to 100 sq. ft. more area than actual calculations.
Technical Valuation is a scientific way of arriving at the proper market value at which one should buy/sell a particular property. A qualified Chartered Engineer/Architect will undertake valuation assignments. To arrive at site value, the Valuer verifies the Guidance Value fixed by the Govt., the locality, approach roads, neighborhood facilities, etc. To assess the value of the building, the Valuer measures the dimensions of the building to calculate the built-up area, verifies the age of the building, quality of construction, maintenance, layout plan, interiors, etc., and arrives at the fair market value of the property.