METHODS OF OPEN LANDS VALUATION-ALL YOU NEED TO KNOW
Land Valuation is the technique of estimating and determining the fair price or value of a land parcel. We explain you all major land valuation methods, any or all of which can be used for valuation of land depending on the amount of information available.
Land can be classified into agricultural & non-agricultural in both urban and rural areas. Generally, land in an urban area whether agricultural or non-agricultural is valued higher than rural land. Agricultural land which is more fertile is generally valued higher than barren land. Non-agricultural land can be classified into residential, industrial or commercial and the value of such lands primarily depend on the development potential by constructing appropriate structure over them.
Valuation is defined as an opinion of an expert who assesses the worth of an asset, be it a property/ machine/gold or any other item. By valuation, the present value of land/ property is determined. In every valuation, land is one of the important components of valuation. The lands may be with single ownership or joint ownership with others or Hindu Undivided Family. Land may be defined as the balance available area of the Earth’s crust after deducting the areas of the sea. This landed area may be Agricultural lands, Open land, Forest land and Rocky and Hilly lands. A land is to be classified into two categories viz. agricultural and non agricultural. The agricultural lands can further be classified as purely agricultural and semi-agricultural lands. Further, the agricultural lands in the periphery of a city or a municipality are likely to be declared as urban land. Broadly lands can be classified as urban lands and farm lands. The urban open lands may be residential/ industrial, and the value of such lands primarily depends on the potentiality of their development by constructing appropriate structures over them. The farm lands are agricultural fields on the basis of which, people can earn their livelihood.
Necessity of Valuation: The valuation of open plot or any other property is required for the purpose of Income Tax, Wealth Tax, Banks and Embassies. For submitting annual returns in Income Tax department, valuation is required for purposes of income & wealth tax. Even for the purpose of getting loan from banks and for showing assessts to the embassies, (For getting visas) the valuation is required……………
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