VALUATION OF IMMOVABLE PROPERTIES

5.1 INRODUTION It is human nature to create controversy even where it does non exist. Expert values have been fighting, in vain, to find away whether valuation is an art or a science. To set this severance at rest, Justice Viscount Simon of the House of Lords in Gold semivowel Selection Trust case held that valuation is an art and non an exact science. Mathematical certainty is not demanded, nor indeed is it attainable. Thus valuation cannot be tied up by rigid laws of nature or science. It also cannot work low fixed and inflexible set up of principles because it has great habituation in human nature and individual thinking. It can not be express that vacant flats are always necessary to be valued on comparable sales method. sometimes circumstances may demand value estimation by Rental Method. Hence two flats in the same construct may have different values for the same area. in addition two adjacent plots in the same area may have different values because one plot locomote in garden reservation and another plot is marked for commercial user. An old case of human intelligence touch on value of property is worth studying. An open plot of shore up was offered for sale in a posh locality of Mumbai.

besides there were no buyers for the plot because it was subjected to the compact car that no formulation above 5 would be allowed to be station up in the plot. Owner failed to sell plot for 2 old age in spite of his best efforts. One day a person came with an offer of Rs. 10 lacs with condition that the deal be completed in 2 days time. Owner was overly happy and he immediately agreed to sell the property, moreover he also let the buyer know or so the covenant. The purchaser replied that he was aware of that restriction. After the deal was completed, the laughable vendor asked the purchaser about the proposed use to which the land would be put and he came to know that the purchaser intended to put up a petrol pump on the said plot. Thus human intelligence changed a `bad covenant into a lucrative business... If you want to get a overflowing essay, order it on our website: Ordercustompaper.com

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