BOOK REVIEW
BASICS IN REAL ESTATE VALUATION
BY ER. P. T. HARDIKAR SIR
The book relates valuation with human psychology, human tendencies, and human behavior and observes that every person is a valuer, valuing something or the other in his daily life. It explains how a common man subconsciously estimates the value/worth of a thing, including a property, on the basis of utility.
Part I of the book deals with the basic elements of valuation including the four
pillars of valuation viz. utility, benefit, security, and interest in a property and also defines the terms ‘Utility’, ‘Value’ and ‘Interest in a Property. It further discusses the characteristics of the real estate market and the advantages of investing in real estate. It also explains, in detail, the construction of valuation tables.
The second part deals with the application of the basics. After discussing the three approaches to valuation, it explains in detail the valuation of leasehold interests and life interests. The book further elaborates valuation of special properties and valuation for various purposes. Some intricacies and a few controversies in the field of real estate valuation are also discussed at length.
Finally, the role, functions, and duties of a valuer are discussed with emphasis
on the duty of a valuer to the society/nation, particularly in respect of valuation for disinvestment of P.S.U.s, Valuation for mortgage restraining Non Performing Assets and more importantly, the promotion of fair and true knowledge of valuation of real estate
ABOUT THE AUTHOR:-
Author Shri. Prabhakar Trimbak Hardikar, a Civil Engineering Graduate, joined the Town Planning and Valuation Department, of Maharashtra in1954 and held various gazetted posts in the Department. He has also worked as Special Land Acquisition Officer and has led expert evidence in the District Courts and in the High Court, Mumbai. He retired as the Director of Town Planning, Maharashtra State in December 1988.
While in service he successfully passed the three examinations in Valuation of the Royal Institution of Chartered Surveyors, London, and was elected as the Associate of the Institution (A.R.I.C.S.). Subsequently, he discontinued the Associate membership of the Institution. He was deputed to the two-year’s Post-Graduate Diploma Course in “Urban and Regional Planning”, School of Planning and Architecture (S.P.A.), New Delhi, which he successfully completed, with honors, in 1974.
He taught the subjects of Valuation of Real Estate, Land Acquisition and Report Writing to the students of the Post-Graduate Degree Course of Master of Valuation (Real Estate) at ISTAR, Sardar Patel University, Vallabh Vidyanagar, Gujarat(1997-98 to 2002-03) and to the students/learners of the Master of Valuation(Real Estate), Distant Mode, at the Shivaji University, Kolhapur, Maharashatra ( 1997-98 to 2017- 18). He also guided large number of the students of Master of Valuation (R.E.) in their Project Work/Dissertation during the above periods.
His book “Writing A Report – Real Estate Valuation” is a pioneering work explaining the subject of writing a valuation report in the Indian context and is widely acclaimed.
P.T.Hardikar
B.E.(Civil), Ex ARICS(London)
PG Dip. T.&C.P.(URP), S.P.A., New Delhi.
Retd. Director of Town Planning Maharashtra
CAVEATS, LIMITATIONS, AND DISCLAIMERS: INTERESTING ARTICLE BY ER. P. T. HARDIKAR SIR