To Purchase a commodity we try to be judicious as regards the price to be paid for it and look back to the market as regards an information on its value. As we collect information from different parts of the market we get the same answer or nearly the same answer in most cases. But this is not always true with the property market. Answers from the market are only rarely directly available. And even when answers are obtained they attract further questions for collections for clarifications. To explain this we must first check up what is the target of a property assessor. What we get as an answer is that his task is the same as with other valuers of goods and commodities i/e to estimates the price. But why a person with so much of skill and experience is needed for this job? Primarily, this is due to the peculiar nature of the capital intensive commodity pertaining to durability, fixity and transferability. Durability makes a valuer conscious of not only of the current circumstances of the property bu also of the fact that property will last much longer than perishable goods.
Over and above the market context the extreme heterogeneity of property as an economic commodity makes valuations still more complicated. Also goods purchased and sold in a property market are in fact various type of rights.
The characterstics of these rights greatly influemce the price paid paid for land and building in the same manners as the physical aspects of property do.
Lastly the overall macro-economic Climate of a country viz. the conditions of the financial market, growth of national income, urbanization etc. may influence the property market as a whole.
Again market value itself is not always needed. Sometimes what is needed is a statutory valuation only. This requires special knowledge of the relevant statute.
The municipal corporation building by-laws and rules and regulations has a great bearing on the valuation of houses in residential districts. In the major towns, Particularly metropolitan cities in India, a substantial portion of the site must be left as an one space. In most cases this means that the value of the land is equal to, or in excess of, the cost of construction of the buildings erected thereon. In these very good residential districts, the class of the tenants is high, and there is a reasonable degree of certainty, that not only will the rents be paid but are likely to be maintained.
Flats are totally different propositions. The main factor to be considered is the gross rent its relationship to the outgoings. In flats, the outgoings are usually considerable, owing to the cost of maintenance of lifts, passage and staircases, lighting upkeep of road and gardens.
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