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Town Planning and Valuation Department (Government of Gujarat) Town Planning & Valuation Department
Government of Gujarat
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Valuation & Its Purposes
Land is an immovable property and everything firmly fixed to the soil is to be treated as land.
Valuation of land is rather difficult because of the nature of property involve. Every land has some peculiarities of its own and the valuer is required to assess carefully to arrive at the fair and reasonable value.
Thus, Valuation may be defined as a basic process by which the estimated price of a specific real property at a specified time and place and assuming a specific use or purpose can be worked out by considering the prevailing economic factors
Difference between Cost, Price & Value
Cost is used to indicate the actual amount incurred in producing a commodity which possess some value
Price is used to indicate the cost of the commodity plus profit of the manufacturer
Value is defined as the corresponding exchange of one commodity into any other commodity; presently monetary unit of the country
Difference between Market Value & Market Price
Value is different than Price
We are concerned with the Valuation , not the price
Price is agreed value between the buyer & the seller
It may have a sentimental issue as well as compulsion issue
Market Price may be higher or lower than Market Value
Hence, Market Price is not a Market Value
L/R may not have the same price of land, as of the adjacent land
Auction Price also does not represent the Market Trend
Valuation depends on Registered Sales
Factors Affecting Valuation
Valuation depends on
– Location
– Size
– Shape
– Physical Condition
– Surrounding Development
– Potential for future Development
– Restriction by any law
– Option of Transactions
– Trend of Sale
– Value indicated in registered sale etc.
There are three categories of land valuations
1. Valuation of Government lands
2. Valuation of lands of local authorities / private land
3. Valuation of land owned by authority
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Valuation And Schemes
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