![]() ![]() Ltd.Real estate investment is considered as one of the most lucrative investments in India, and for good reason. Diploma and a student accredition of Practising Valuers Association (India).Ĭommissiioner - EPF Regional Offices, Haryanaĭynaspede Integrated Systems Pvt. On successful completion of this course students would be awarded a P.G. IES’s College of Architecture in active association with Practising Valuers Association (India) and The IES’s Management College and Research have introduced a one year comprehensive autonomous Post Graduate Diploma Course in Valuation for graduates in engineering and architects. Sardar Patel University, Vallabh Vidyanagar, Gujarat, offers Post Graduate training Course in this profession to the graduate Candidates of any discipline but, one must bear in mind the fact, that the scope of such training is restricted. No one can be considered to be competent to assess such market value, if he lacks the necessary knowledge in any of the above referred fields. So, it is pertinent for a valuer to possess the knowledge, experience and exposure of market sentiments which means, that he should have a knowledge of multiple disciplines like economics, commerce, taxation, law and engineering to be able to ascertain their impact on market value. Under Section 23 of the Land Acquisition Act, a valuer is expected to assess "the market value" within the limitations prescribed in the Section 23 as well as the restriction given in Section 24. neither Income Tax Department nor the Insurance Department is conducting any examination for determining the quallification or worth of a valuer or surveyor and loss assessor except in case of the ‘Wealth Tax Act’ purpose, where valuer’s qualifications are considered only for the purpose of registration or empanelment (which, in any case, may not guarantee either an assignment for such registered valuer from Wealth Tax Authority or that particular valuers findings would be binding on Wealth Tax Authority for determination of tax amount) A valuer on the other hand, is expected to estimate the value of any asset, keeping in mind, the benefits one would derive from the potentiality of that asset when he acquires the said asset, tangible or intangible by transfer of ownership rights. Surveyors and loss assessors are trained to assess the ‘cost of the damage’, with a view to re-instate the assets i.e. ![]() Surveyours and loss assessor who normally work for insurance claims are another category of people who are wrongly projecting themselves as valuers recognised by department of economic affairs, as they happen to hold a licence issued under the insurance act for doing the necessary survey and estimate damages in case of claims made on insurance company. Unlike the other professionals, like Architects, Chartered Accountants, Advocates, Company Secretaries, Cost Accountants, etc., the Engineers are not governed by any specific enactment passed by either the Parliament or by any other legislating authority. The matter is being pursued by Consulting Engineers Association Of India. The Consulting Engineers Association Of India have made a written submission to the Hon’ble High Court at New Delhi in this regard. We may note here that, Government Of India has agreed in principal to bring in legislation and enact a suitable ‘Engineers Act’. For a particular case under reference, such as ‘Valuation of immovable properties’ (other than agricultural lands, plantations, forests, mines and quarries) they shall have degree qualifications in followings : There are (ten) different categories of valuers possessing different qualifications as prescribed for such valuers. Central Government, State Government and Local Self Government.Īll these Government levels solicit the services of valuers for one or the other reason and many of them are maintaining a register of valuers with them for specific purpose or a panel of valuers from which a particular one can be called upon to undertake their assignments.įor instance, under the enactment of Wealth Tax Act, under Section 34 AB, a valuer can get registered (which is as good as an empanelment) with related Income tax authorities for undertaking Wealth Tax work. There are three levels of governments in India i.e. Yet, everyone desires to engage services of a "Government Approved Valuer" and therefore, to satisfy the clients, everyone who is enlisted or empanelled with various Government Departments, states that, he / she is "Government Approved Valuer" What is govt approved ValuerActually, no one in India can claim that he is a "Government Approved Valuer".
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