KNOWLEDGE BANK FROM B KANAGA SABAPATHY
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Message from B. Kanaga sabapathy 18.08.2023
HOW TO VALUE A FLAT WITH DIFFERENT COVERED AREA IN DEED ?
Question :
I have recently valued a residential flat in an apartment building of stilt + 4 floors consisting of total 8 flats. The area of the flat as per the approved plan is 1,800 sq.ft. whereas I have mentioned the actual area as 2,400 sq.ft. I have issued the report to the bank.
Now, the bank manager instructs me :
i) not to mention the word “apartment” but to mention only as a single house.
ii) to mention 1,800 sq.ft. and not to mention anywhere in the report as 2,400 sq.ft.
What to do? Please advise.
My opinion :
1. It is my general advice to any valuer that he must not revise the report once he has submitted after signing unless there is a serious mistake done by the valuer himself.
2. Revising the report as per the request from anyone will be considered as collusion.
With best wishes,
B. KANAGA SABAPATHY
bkvaluer@gmail.com
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
