VALUATION OF UNSOLD FLATS AS SECURITY PURPOSE – PROCEDURE
B. Kanaga Sabapathy, Tiruchirappalli

At the time of launching the project, the promoter is under the expectation that all the flats would be booked and he can proceed with the construction activities easily with the money he can obtain from the flat buyers. But when the demand is less, the booking may be slow. On such occasions, the promoter finds it difficult to show progress in the project and hence decides to go for a bank loan.

He makes a request to the bank to grant a loan based on the unsold flats in the project. The bank directs its panel valuer to inspect the project physically and advise them about the value of the unsold flats.

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