Methods of Open Lands Valuation

Mumbai : 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.

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. There are different methods of valuation viz. Abstractive method, Belting method, Developmental method and Comparative method.