Q.What types of Valuations are there for Immovable Property in Maharashtra?
A.Practivally, three types of 'Valuations of Immovable Property' are prevailing: 1) 'Valuation by Government Approved Valuers',which is done by 'Certified Practicing Valuers (CPV)', who are qualified as Architects, Chartered Accountants or equivalent degree holders. This is the most reliable form of Property Valuation. 2)'Valuation as per Annual Statement of Rates'(ASR), is based on the 'Market Rates', as published by the concerned Governing Department. Such rates are revised every year as per locational development in the area. 3)'Valuation as Mutually Agreed by Dealers', this type of Property Valuation is self-estimated and decided between the dealers of property - Seller & Buyer, considering few important factors such as - urgency of either party, physical condition of property, locational advantages, RoI and sanctionable loan etc.
Q.Why 'Property Valuation by Govt. Approved Valuers' is most reliable?
A.Considering the major purposes of "Property Valuation by Approved Valuers", such as, 1) for advancing, landing loan, 2) aquisition and merger, 3) recovery from defaulter borrower, 4) for Auction / Bid of the property.
Q.What is the purpose of 'Property Valuation as per ASR'?
A.The main purpose of the 'Property Valuation as per ASR', is to compare with 'Agreed Value', while dealing for any Property, thereby to calculate the amounts of Government Revenues viz. Stamp Duty, Registration Fees, GST, Service Tax, VAT TDS, Capital Gain / Tax etc. The 'Value as per ASR' is inevitably and integral part of valuation report of Government Valuers, who generally refere it as "Guideline Value of the Property". In the Government Departments and in general public, it is popularly referred as "Market Value or ASR Value or Ready Reckoner Value".
Q.What are the terms used by Government Authority in Maharashtra, for 'Valuation'?
A.The 'Department of Registration and Stamps', Government of Maharashtra, being competent authority, refere the terms as "BAZAR MULYA (बाजार मूल्य)" for 'Market Value' and "MOBADLA (मोबदला)" for the 'Agreed Value'.
Q. What are the significance of 'ASR Value' ?
A.The Property Valuation as per Government's ASR has become mandatory to determine the Statutory Obligations. In most of the cases the higher value is considered by comparing the "ASR Value" and the "Agreed Value".
Q. What are the 'Statutory Obligations', involved in any deal of immovable property?
A.There are approximately six types of 'Statutory Obligations' involved in a deal of immovable property as under: 1) Stamp Duty, 2) Registration Fees, 3) GST (Service Tax and VAT, 4) TDS and 5) Capital Gain Tax. The Stamp Duty, Registration Fees and TDS are applicable to almost all types of Property dealing. Where as the GST (Service Tax and VAT) is applicable for the deal of the properties, which are under construction. The last one - Capital Gain Tax is applicable only for Resale deal of the Property.
Q. How does online "Property Valuation by RealtyPillar" work?
A.The Property Valuation of RealtyPillar is focused on the "ASR Value or Market Value'. The online software is developed by proper interpretation and application of all applicable rules and guidelines, as published by the competent authority. The relevant rates are automatically displayed and applied for selected location. With user-friendly and simple interface, the user has to fill the input form and thereafter in a single click on 'Prepare Valuation Report', a report is auto-generated in PDF form. The user have options to Save, Email and Print the said report. While filling the input form, the user can refer the information provided in 'Tool-Tips'.