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How to get an estimation?

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How to get an estimation?

Last updated: March 22 2008
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  • How to get an estimation?

    I wanna know de process of real estate appraisal followed in india? How do professionals or govt. agencies estimate the price of a property here in India? If I want to get an estimation, then how?
  • #2

    #2

    Re : How to get an estimation?

    Here is the answer

    Simply look at the sales of similar properties in the area to get an estimation, This is generally used for residential properties.

    As per my knowledge, another approch that can be used is one that is used by insurers; Replacement cost approach i.e. how much would it cost today to build the same proeprty from the ground up.

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    • #3

      #3

      Re : How to get an estimation?

      ways that govt agencies use ??

      Thanks, but I am looking for some other ways that govt agencies use. If anyone can suggest??????

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      • #4

        #4

        Re : How to get an estimation?

        In govt records there is always a circle rate for the selling price of land and they consider that rate as a benchmark of pricing , they generally tend to add the construction cost to that rate and derive the costing of the flat.

        After considering the market value of the flat i.e the price of land going in the market at that particular time and the construction cost you can get to know the difference in market price and the circle cost

        Always consider one thing that circle rates are generally considered only to lower down the regd costs etc and market rate of the property is much higher in comparison to the circle rates

        For evaluation purpose generally in case of bank loans etc market price of the property is considered

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