Calculate the Land Value A Matter of Importance

The land is a matter of concern when you are buying it. There are not of things that a buyer needs to look into. Monetary attachment with the land is not with few pennies; there is lots of money included in it. The value of land in India especially in urban areas and cities is growing at a fast pace. In the last two decades, the potential land scarcity and space crunch has raised the value of the land.

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As per the economist Ajay Shah, there are around 1.2 billion people who are making a home on 1000 sq. ft. These are largely the workers and the family of the factory people who is staying in 400 sq. ft space. There is roughly 1% of the Land area in India which is assuming FSI of 1. There is a scarcity of proper land on the soil where the value of the land is much more appreciated due to this. The decisive factors are related to the popular method where the valuation of the land is adopted and arrived at the best value.

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As per the Harvard Law School Professor Oliver Oldman, the key to developing the accuracy of the land value is the assessment of processing land based on the land value mappings. This is the guiding light which will affect the several land valuation system that has eventually developed. It will arrive at the truest value of the land across the world.

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Method of Comparative Property Valuation

At the right time when the apartment is based on projects, there has been an inherent property where urban living is popular. The method was put in practice that arrives at the worth of the apartments. The sales of these will further help you to arrive at the property value by examining ways at the very location.

Like for example, two flats are recently sold in your housing society that worth around 1 crore each. If you are planning to sell the property in the future! You can ask for the same amount for your property. However, you can actually put your apartment for sale. There are buyers who won’t be paying more than 90 Lakhs for the same apartment. In such case, the reasons may be due to the following factors;

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Location: Everyone wants to buy a property in a preferable area. Location plays a significant role in this. You can fetch a lower price due to the constant distribution of the residents. There is pack facing where the lucrative buyer can get a happening surrounding. An apartment's cost is increased or decreased due to the surrounding ambiance.

Shape: It is not easy to sell a property with irregular shapes. Apartments that are closer to each other with no side space will not worth your good price. Fetch a lower price is because of the constant distribution of the residents to which it is subjected to. A park facing flat is more lucrative to the buyer than the one full of apartments next to it.

Size: The size of the house matters a lot. It is slightly smaller than the neighbor, as your property would command the same monetary value as compared with the others.

Level: This completely depends on the city you have chosen. The level of flats is not the same in every city. In a city like Mumbai, the upper story will cost you more than the ground floors. The recurring for floods is more here in the monsoon month. On the other hand, in Delhi, the cost of a lower storey is less than the upper storey. Here the ground floor is desirable and sold at a premium rate.

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Frontage: The corner flat is much easier to get entry and egress points. If this is possible then the command is premium. This is much higher as compared to the other companies.

Legal Issues: If you own a company jointly with your sibling then decide who is willing to share the property. It is better not the get anything jointly. Such is a huge problem that will stall the sale but also the outcome will create a much value depreciation overall. These important factors will get you a fair idea of how a property is valued and taken forward when you are planning to buy it.

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