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Message from B. Kanaga sabapathy 02.08.2023
HOW TO CALCULATE YEAR OF CONSTRUCTION FOR SEMI FINISHED BUILDINGS?
Question :
Residential building – RCC framed structure and brick work complete, left with semi-finished in year 2008, building completed – Year 2022. What is age of building adopted?
My opinion :
1. Vide the book “Guidelines for valuation of immovable properties” – issued by Chief Engineer, Income Tax department, Chennai 1999 – Page no. 35.
“The fair market value of the building on a valuation date is its cost of reproduction on the date minus the depreciation from the date of completion of the building to the date of its valuation”.
2. In your case, you may consider 2022 as the year of completion.
With best wishes,
B. KANAGA SABAPATHY
[email protected]
www.bkanagasabapathy.com
About the Author:-
- Mr. B. Kanaga Sabapathy born in 1951, is a Civil Engineer who belongs to the 1972 batch of Regional Engineering College, Tiruchirappalli in Tamilnadu.
- He is a Registered valuer of the Central Board of Direct Taxes, a Professional Engineer and also a Chartered engineer. Valuation is his main profession..
- He was the National Vice-President of the Institution of Valuers (India) for 11 terms.
- He is a regular contributor of articles in the Indian Valuer Journal from the year 1985. His articles especially his regular column “Questions & Opinions” are very popular among the practising valuers in India.
- His book “Guidelines on Valuation for Banks” (2002) is used to be referred by many banks. The valuation formats designed by him were accepted and adopted as the formats by many banks in the country.
- His son K. Arun and daughter B.K. Aruna are also approved valuers and they also contribute articles to the Indian valuer journal.
- His guru: Mr. C.H. Gopinatha Rao, Chennai.
- His mentor: Mr. R.K. Gandhi, Mumbai.
- His role model: Mr. S. Rajaratnam, Chennai.
- His best students: Thousands of valuers in the country
