VALUATION OF LARGE EXTENT OF LAND
BY:-Er. R. JAYARAMAN, REGISTERED VALUER, TIRUCHIRAPALLI
1.0. Preamble
Large extent of land used to describe the land that is larger in size or area, in comparison with the smaller extent of land area, sale price, and importance of usage. Due to demand in real estate sector and rapid urbanization, larger plots hold immense potential on investment and development. The value of a large extent of land has always been a subject of maneuvering and guesswork.
The land can be under
Ownership – Single /HUF / joint / divided / undivided / trust / company.
Located in urban / rural /forest area / rocky area /hill area.
It can be any type depending on the usage of land and land extent.
Sale price depends upon the nature of land and utility purpose.
Based on the classifications, various factors influence on the property value.
2.0. Land classification
Land classification is basically providing information on the type of activity taking place on the land and categorizing it.
The land uses are of different types such as for
industrial use,
residence use,
rural,
urban,
water reserves,
Agriculture area, etc.
2.1. Kerala can be divided into 3 Geographical regions.
1) Highlands, 2) Midlands and 3) Low Lands.
The Highlands slope down from the Western Ghats, with any number of peaks. This is the area of major plantation cultivable lands.
2.2. Kerala Land Reforms Act
An individual can hold 7.5 acres.
Family of 2 to 5 members: 15 acres.
Trust, company, or body of individuals: 15 acres.
Only an agriculturist can buy agricultural land and the maximum ceiling limit for such land is 54 acres.
3.0. Land classifications
Land classifications – Agricultural land in both urban and rural areas
3.1. Wet (Nilam) dry (Purayidam), and plantation lands.
The property remains classified as ‘Nilam’ in the revenue records and title deed. These lands cannot be used for any purpose other than agricultural.
Kerala Wet Land and Paddy Land Act, 2008: The conversion of land from paddy land to dry land or garden land is not permissible under this Act. There is no provision in the Land Utilization Order, 1967 that presumes paddy land converted without specific permission. ………….CONTD.
TO READ THE FULL ARTICLE CLICK ON THE LINK:-
ABOUT THE AUTHOR
Er.R JAYARAMAN, REGISTERED VALUER, TIRUCHIRAPALLI
Cell: 98424 22150 Email id: jaya_r54@yahoo.com www. jayaramanr.com
R Jayaraman holds a bachelor’s degree in Civil Engineering (Regional Engineering College (NIT), Tiruchirappalli -1976 batch). He is a CBDT Registered Valuer and has specialized in tax valuations for capital gain and cost of construction apart from valuation for banks. He has written many articles in the Indian Valuer Journal, and his article on the Valuation of Mines won the bronze award in the year 2007.
As an eminent speaker, he is used to be the key faculty every year for the August seminars conducted by the Institution of Valuers, Tiruchirapalli Branch. He has given lectures and presented articles in many seminars held in places like Bangalore, Pune, Delhi, Calicut, Thrissur, Madurai, and Pondicherry and also for the IBBI Mandatory Education Program (MEP), at various places. He is a mentor of both live programs and webinars in the Continuing Education Program (CEP) Tiruchirapalli, more than 100 times. He is conducting workshops in Trichy and various places for capital gains valuation and cost of construction.
Publications:-
- IBBI Exam Study Materials (2018)
- IBBI Exam Study MCQs (2018).
- Knowledge Series 1 (June 2021) Tax Valuation – Capital Gains
- Knowledge series 2 (Oct 2021) Tax Valuation – Cost of Construction
- Knowledge Series 3 (April 2022) Handbook 1 Tax Valuation – Capital Gains
- Knowledge series 4 (July 2022) Handbook 2 Tax Valuation – Capital Gains.
- Knowledge series 5 (Oct 2022) Handbook 3 Tax Valuation – Cost of Construction.
- Knowledge series 6 (June 2023) Handbook 4 Tax Valuation – Cost of Construction.
As a Freemason for 32 years, served the society on various occasions for the deprived people. An Engineering Consultant for temples, Colleges, newspaper groups, and many industrial institutions.
