Property Valuation: A property valuation report is prepared by valuation experts (government-approved/ registered valuers ) and shows the worth of a property/asset on a particular date.
The value of immovable property in Delhi has increased by leaps and bounds in the past three decades, making it crucial to understand the factors that affect their market value.
Location of property: This is perhaps the most important factor in determining the value. A property which is having a good location will usually command a premium of 10-25% compared to other properties.
Properties located in the city centre, near main roads, near parks and markets, etc. generally have a higher value.
Type of ownership: Properties may be either leasehold or freehold. Freehold properties generally have a higher value as compared to leasehold properties.
Type of property: The property may be either residential, commercial, industrial, institutional etc. Commercial and industrial properties generally have more value than residential properties. Further, the property may be a House/Bungalow, Builder floor, DDA Flat, Society Flat / Apartment, MCD Shop, Commercial office unit, L&DO / DDA Plot etc.
Property Title Documents: If the title documents of a property are missing or defective in some way, the property will not be able to fetch a good market price.
If the property is disputed or the subject matter of some court case, it will have a very low worth.
Master Plan & Building Bye-Laws: If a property is not in conformity with the Master Plan, Zonal Plans and Building Bye-Laws, it will have a lower market value.
Economic, Social & Political status of people living in the neighbourhood: A property located in colonies where the elite families, industrialists and politicians reside generally has a higher market value.
The shape of Plot: Plots that are shaped regularly tend to have a higher value than those with irregular shapes. Three-side open plots have more value than two-side open plots.
Year of construction of property: A property which is newly built or recently renovated will obviously have a higher value than an old construction.
Connectivity to roads and Metro etc: Properties in areas with wide roads, metro connectivity and easy access to airports and major roads will have a higher value.