COMPREHENSIVE PROPERTY VALUATION INSPECTION CHECKLIST

(For use by Registered Valuers – Land & Building)

This article emphasized the importance of using comprehensive Property Valuation Inspection Checklists for registered valuers, banking valuers, and financial sector valuers, highlighting the need to document all observations during property inspections to prevent professional, legal, and reputational consequences.

It covers various aspects of site inspection procedures, including document collection requirements, site verification processes, and building inspection protocols, with emphasis on proper data collection and thorough documentation of findings.

The conversation ended with detailed discussions on construction specifications, material checks, and installation requirements, while highlighting the importance of creating and implementing standardized site inspection checklists for accurate and credible property valuations in India.

A. PRE-INSPECTION PREPARATION

1. Instruction & Scope

☐ Valuation purpose (sale, mortgage, IBC, balance sheet, taxation, litigation, insurance, rent fixation)
☐ Client details and engagement letter
☐ Valuation date (effective date)
☐ Asset type: Land / Building / Land & Building / Under-construction
☐ Applicable valuation standards (IBBI / IVS / Ind AS / Fair Value)

2. Documents Collected & Verified (Pre-Visit)

☐ Title deed / Sale deed / Conveyance deed
☐ Mother deed (minimum 30 years or as applicable)
☐ Encumbrance Certificate
☐ Approved building plans & completion certificate
☐ Occupancy certificate (OC)
☐ Land use / zoning certificate
☐ Property tax receipts
☐ Utility bills (electricity, water, sewerage)
☐ Lease deed / rent agreement (if tenanted)
☐ Society / association documents (if applicable)
☐ Previous valuation reports (if any)

B. GENERAL SITE IDENTIFICATION

3. Location Verification

☐ Exact postal address
☐ Survey No. / Khasra No. / Plot No.
☐ Municipal / Revenue records matching
☐ Latitude & longitude recorded
☐ Google map reference saved

4. Approach & Accessibility

☐ Road width (measured / estimated)
☐ Type of road (kutcha / bituminous / concrete)
☐ Internal access road condition
☐ Public transport availability
☐ Proximity to highways / arterial roads

C. LAND INSPECTION CHECKLIST

5. Land Characteristics

☐ Plot shape (regular / irregular)
☐ Plot dimensions verified on site
☐ Area as per documents vs actual
☐ Topography (level / sloping / uneven)
☐ Soil condition (visual assessment)
☐ Drainage pattern

6. Boundaries & Encroachments

☐ Physical boundary demarcation
☐ Compound wall / fencing
☐ Boundary match with documents
☐ Any encroachment observed
☐ Right of way / easement issues

7. Land Use & Development Controls

☐ Permissible land use
☐ FSI / FAR applicable
☐ Ground coverage limits
☐ Height restrictions
☐ Setback compliance
☐ Coastal / green / eco-sensitive restrictions (if any)

D. BUILDING INSPECTION CHECKLIST

8. General Building Details

☐ Type of structure (RCC / Load bearing / Steel)
☐ Year of construction
☐ Number of floors (approved vs existing)
☐ Occupancy status (self / tenant / vacant)
☐ Usage (residential / commercial / industrial / mixed)

9. Measurement & Layout

☐ Plinth area measured
☐ Carpet area measured
☐ Super built-up area (if applicable)
☐ Floor-wise area breakup
☐ Internal layout conformity

10. Structural Condition (Visual)

☐ Foundation distress signs
☐ Cracks in beams/columns
☐ Slab deflection
☐ Corrosion / spalling
☐ Settlement signs

(Note: No structural stability certification unless qualified)

E. COMPONENT-WISE CONDITION ASSESSMENT

11. Civil & Finishes

☐ Flooring type & condition
☐ Wall finishes (internal/external)
☐ Ceiling condition
☐ Doors & windows material and condition
☐ Staircase condition

12. Services & Utilities

☐ Electrical wiring & fittings
☐ Water supply source
☐ Plumbing condition
☐ Sewerage / septic / STP
☐ Fire-fighting provisions
☐ Lift (make, capacity, condition)

13. Amenities

☐ Parking availability
☐ Open spaces
☐ Landscaping
☐ Power backup
☐ Security systems

F. OCCUPANCY & TENANCY DETAILS

14. Tenancy Verification (If Applicable)

☐ Tenant name
☐ Lease start & expiry
☐ Monthly rent
☐ Escalation clause
☐ Lock-in period
☐ Rent control applicability

15. Income Potential

☐ Market rent assessment
☐ Vacancy risk
☐ Maintenance charges
☐ Net operating income indicators

G. LEGAL & REGULATORY OBSERVATIONS (SITE-BASED)

16. Compliance Observations

☐ Approved vs actual construction
☐ Unauthorized extensions
☐ Change of use violations
☐ Fire safety compliance
☐ Environmental compliance

17. Litigation / Notice Indicators

☐ Government notices displayed
☐ Demolition / sealing risk
☐ Local inquiry feedback

H. NEIGHBOURHOOD & MARKET FACTORS

18. Surrounding Development

☐ Nature of surrounding properties
☐ Infrastructure availability
☐ Social amenities nearby
☐ Nuisance factors (noise, pollution)

19. Marketability

☐ Demand-supply perception
☐ Liquidity in local market
☐ Comparable properties identified

I. PHOTOGRAPHIC & DIGITAL RECORDS

20. Mandatory Photographs

☐ Front elevation
☐ Rear elevation
☐ Internal rooms
☐ Kitchen & toilets
☐ Staircase / lift
☐ Parking
☐ Surrounding road

21. Digital Evidence

☐ Site visit date-time stamped
☐ GPS-tagged photographs
☐ Sketch / rough layout

J. VALUER DECLARATIONS & NOTES

22. Assumptions & Limitations

☐ Access limitations noted
☐ Hidden defects disclaimer
☐ Legal verification reliance noted

23. Valuer Certification

☐ Physical inspection conducted
☐ Independent & unbiased opinion
☐ Compliance with IBBI Valuation Standards

Name of Valuer: ____________________________
IBBI Registration No.: _____________________
Date of Inspection: _______________________
Signature: _______________________________

This checklist is designed for professional valuation inspections and can be adapted for IBBI, bank empanelment, court matters, institutional valuations, mobile-based inspections, and digital record keeping.

K. MEASUREMENT, SURVEY & TECHNICAL VERIFICATION (ADDITIONAL)

24. Measurement Methodology

☐ Measurement standard followed (IS 3861 / RERA / Local bylaws)
☐ Measuring instrument used (tape / laser meter)
☐ Floor-wise verification completed
☐ Balcony, common area, shaft exclusions noted
☐ Area rounding methodology disclosed

25. Plan Matching & Deviations

☐ Sanctioned plan matched with site layout
☐ Floor additions beyond approval
☐ Change in internal walls
☐ Cantilever / balcony deviations
☐ Compounding potential assessed

26. Age, Life & Depreciation Assessment

☐ Actual age of building
☐ Residual useful life
☐ Maintenance level (poor/fair/good/excellent)
☐ Physical depreciation estimate
☐ Functional obsolescence observed
☐ External obsolescence factors

L. ENVIRONMENTAL, RISK & SAFETY FACTORS

27. Environmental Aspects

☐ Flood-prone area check
☐ Seismic zone classification
☐ Industrial hazard proximity
☐ High-tension line impact
☐ Waterlogging evidence

28. Health & Safety

☐ Fire exit availability
☐ Emergency staircases
☐ Ventilation adequacy
☐ Natural light availability
☐ Hazardous material presence (asbestos etc.)

M. STATUTORY TAX & CHARGES VERIFICATION

29. Municipal & Statutory Dues

☐ Property tax assessment basis
☐ Arrears verification
☐ Betterment / development charges
☐ Non-agricultural conversion charges
☐ Society dues / maintenance arrears

30. Stamp Duty & Registration Indicators

☐ Circle rate comparison
☐ Stamp duty valuation gap
☐ Undervaluation risk

N. INSOLVENCY & BANKING-SPECIFIC CHECKS (IBBI FOCUS)

31. IBC-Specific Observations

☐ Possession status under CIRP
☐ Asset control (RP / liquidator)
☐ Security interest noted
☐ Charge registration status (CERSAI – indicative)
☐ Asset liquidity under distress

32. Forced Sale & Liquidation Factors

☐ Distress discount applied
☐ Time-to-sale estimate
☐ Market absorption risk

O. INSURANCE & RISK COVER INDICATORS

33. Insurance-Relevant Inputs

☐ Replacement cost basis
☐ Salvage potential
☐ Risk-prone construction elements
☐ Natural calamity exposure

P. DIGITAL / EXCEL / MOBILE INSPECTION FORMAT FIELDS

34. Mandatory Digital Fields (For Excel / App)

☐ Auto date & time stamp
☐ GPS auto-capture
☐ Drop-down selections (condition, usage, structure)
☐ Auto area calculation cells
☐ Photo upload slots
☐ Voice-to-text remarks

35. Excel Sheet Tabs Recommended

☐ Instruction & client details
☐ Land particulars
☐ Building measurements
☐ Condition assessment
☐ Legal & compliance
☐ Market data
☐ Photographic index

Q. VALUATION METHOD INPUT READINESS

36. Inputs for Valuation Approaches

☐ Comparable sales inputs ready (Market Approach)
☐ Replacement cost breakup ready (Cost Approach)
☐ Rent & yield inputs ready (Income Approach)

R. QUALITY CONTROL & REVIEW

37. Internal Review Checks

☐ Peer review completed
☐ Arithmetic verification
☐ Area reconciliation
☐ Assumptions consistency
☐ Photographs cross-verified

38. Audit & Disciplinary Safety

☐ Inspection notes preserved
☐ Site photos archived
☐ Conflict of interest check
☐ Independence declaration

S. FINAL SITE VISIT CONFIRMATION

39. Final Confirmation

☐ Property physically inspected
☐ Local inquiries made
☐ No inducement accepted
☐ True & fair inspection record

T. DETAILED BUILDING SPECIFICATION & MATERIAL CHECKLIST

(Critical for Cost, Insurance, Bank & IBC Valuations)

DETAILED BUILDING SPECIFICATION & CONSTRUCTION MATERIAL CHECKLIST

(For Registered Valuers, Engineers, Banks, IBC, Insurance & Courts)

1. BASIC BUILDING PARTICULARS

☐ Type of building (Residential / Commercial / Industrial / Mixed)
☐ Nature of construction (New / Old / Under-construction)
☐ Structural system (RCC framed / Load bearing / Steel)
☐ Quality class (Economical / Standard / Good / Premium)

2. FOUNDATION & SUB-STRUCTURE

☐ Type of foundation (Isolated / Combined / Raft / Pile)
☐ Foundation material (RCC / PCC / Stone masonry)
☐ Cement type used (OPC / PPC / PSC)
☐ Concrete grade (M15 / M20 / M25 / Higher)
☐ Reinforcement steel (Fe415 / Fe500 / TMT)
☐ Plinth height & protection
☐ Damp Proof Course (material & thickness)

3. SUPER-STRUCTURE & MASONRY

☐ Columns & beams (RCC / Steel)
☐ Slab type (Conventional RCC / Flat slab / Precast)
☐ External wall material (Brick / AAC block / Stone)
☐ Internal partition material
☐ Mortar type (Cement / Lime / Composite)
☐ Wall thickness (external & internal)

4. ROOFING & TERRACE WORKS

☐ Roof type (RCC slab / Truss / Sheet)
☐ Roofing material (RCC / GI / AC / Tile)
☐ Waterproofing system (Brick-bat coba / APP / PU)
☐ Thermal insulation (if any)
☐ Terrace flooring (IPS / China mosaic / Tiles)
☐ Parapet wall & coping

5. FLOORING (AREA-WISE SPECIFICATION)

☐ Living / Hall (Vitrified / Marble / Granite / Tiles)
☐ Bedrooms (Vitrified / Wooden laminate)
☐ Kitchen (Anti-skid ceramic tiles)
☐ Toilets (Anti-skid / Ceramic tiles)
☐ Staircase (Granite / Kota / RCC finish)
☐ Balcony / Verandah (Anti-skid tiles)
☐ Parking / Driveway (IPS / Tremix / Paver blocks)
☐ Skirting material & height

6. PLASTERING & WALL FINISHES

☐ Internal plaster (Cement / Gypsum / POP)
☐ External plaster (Cement / Weather-proof)
☐ Putty application (Single / Double coat)
☐ Internal paint (Distemper / Emulsion)
☐ External paint (Acrylic / Texture / Elastomeric)
☐ Tile cladding / Dado work (Kitchen / Toilets)

7. DOORS, WINDOWS & WOOD WORK

☐ Main door (Teak / Solid wood / Flush / Metal)
☐ Internal doors (Flush / Panel / Skin doors)
☐ Door frames (Wood / Steel / Aluminium)
☐ Windows (Aluminium / UPVC / Wooden)
☐ Glazing (Single / Double / Toughened)
☐ Hardware fittings (Standard / Premium)
☐ Wardrobes / Fixed cabinets (if any)

8. KITCHEN SPECIFICATION

☐ Countertop (Granite / Quartz / Marble)
☐ Modular kitchen (Yes / No)
☐ Sink (SS / Composite)
☐ Kitchen dado tiles
☐ Chimney / Hob provision

9. TOILET & SANITARY FITTINGS

☐ WC type (Indian / Western / Wall-hung)
☐ Wash basin type
☐ Sanitary ware quality (Standard / Premium)
☐ CP fittings (Standard / Premium)
☐ Shower & mixer provision
☐ Toilet ventilation

10. PLUMBING INSTALLATION

☐ Water supply pipes (GI / CPVC / UPVC)
☐ Drainage pipes (PVC / Stoneware)
☐ Concealed / Exposed plumbing
☐ Overhead tank (Plastic / RCC / Steel)
☐ Underground tank (RCC / Masonry)
☐ Rainwater down-take pipes

11. ELECTRICAL INSTALLATION

☐ Wiring system (Concealed / Surface)
☐ Wire material (Copper / Aluminium)
☐ Switches & sockets quality
☐ Distribution board & MCBs
☐ Earthing provision
☐ Power backup wiring
☐ Data / internet cabling

12. FIRE, HVAC & SPECIAL SERVICES

☐ Fire detection system
☐ Fire-fighting system (Hydrant / Sprinkler)
☐ Air-conditioning (Split / VRV / Central)
☐ Gas pipeline provision
☐ Solar water heater / solar power

13. STAIRCASE, RAILINGS & LIFTS

☐ Staircase type (RCC / Steel / Wooden)
☐ Railing material (SS / MS / Glass)
☐ Lift availability (Yes / No)
☐ Lift type & capacity

14. EXTERNAL DEVELOPMENT WORKS

☐ Compound wall (Type & height)
☐ Entrance gate (MS / SS / Aluminium)
☐ Internal roads / pathways
☐ Storm water drainage
☐ Landscaping & paving

15. GREEN & SUSTAINABLE FEATURES

☐ Rainwater harvesting
☐ Energy-efficient lighting
☐ Water-saving fixtures
☐ Green building certification (if any)

16. GENERAL CONSTRUCTION OBSERVATIONS

☐ Overall workmanship quality
☐ Visible defects (cracks / dampness)
☐ Level of maintenance
☐ Any superior or inferior specifications

17. VALUER / ENGINEER REMARKS

This checklist is intended to record actual construction specifications and materials used, forming a critical input for cost approach, depreciation analysis, insurance valuation, bank lending, insolvency proceedings, and court matters.

SITE INSPECTION CHECKLIST FOR LAND & BUILDING VALUATION

Sl. No.	Aspect	What to Note at Site	What to Study / Verify	Relevance to Valuation
A. GENERAL PARTICULARS
1	Location	Exact address, landmark, approach road	Sale deed, municipal records	Determines marketability and value
2	Accessibility	Width of road, type (BT/CC/earthen)	Development Plan, local by-laws	Affects usability and highest & best use
3	Neighbour-hood	Residential/commercial/industrial mix	Local development pattern	Influences demand and rate
4	Surrounding Development	Nature of adjoining properties	Site inspection & planning authority data	Impacts future potential
B. LAND DETAILS
5	Plot Shape	Regular/irregular	Layout plan	Irregular plots reduce effective use
6	Plot Size	Measured area	Title deed, sanctioned plan	Base parameter for valuation
7	Plot Boundaries	Physical demarcation, fencing	Revenue map / city survey	Prevents boundary disputes
8	Topography	Level, sloping, filled land	Site inspection	Affects construction cost
9	Soil Condition	Rocky, soft, black cotton	Soil test (if available)	Impacts foundation cost
10	Drainage	Natural drainage pattern	Site condition	Flood risk assessment
11	Encroachments	Temporary/permanent	Physical inspection	Reduces effective land area
C. LEGAL & TITLE ASPECTS
12	Ownership	Single/joint/co-ownership	Sale deed, partition deed	Determines marketable title
13	Nature of Title	Freehold/leasehold	Title documents	Leasehold affects value
14	Land Use	As per zoning	Master Plan / DP	Determines permissible use
15	Encumbrances	Easements, right of way	EC, site inspection	Affects clear title
16	Litigation	Visible disputes	Owner declaration	Risk factor
D. BUILDING – GENERAL DETAILS
17	Type of Building	Residential/commercial/mixed	Approved plans	Valuation method selection
18	Age of Building	Approximate year of construction	Completion certificate	For depreciation
19	Number of Floors	Basement, stilt, upper floors	Sanctioned plan	FAR compliance
20	Occupancy Status	Self-occupied / tenanted	Rent agreement	Income approach
E. STRUCTURAL DETAILS
21	Foundation	Type (RCC/stone)	Structural drawings	Structural stability
22	Superstructure	Load bearing / RCC framed	Site inspection	Life expectancy
23	Roof Type	RCC, truss, slab	Site inspection	Durability
24	Walls	Brick/Block/Stone	Physical verification	Construction quality
F. FINISHES & SPECIFICATIONS
25	Flooring	Marble, tiles, IPS	Site inspection	Cost & depreciation
26	Doors & Windows	Wood/Aluminium/UPVC	Visual inspection	Quality assessment
27	Plaster & Paint	Internal & external	Condition survey	Maintenance status
G. SERVICES & AMENITIES
28	Water Supply	Municipal/borewell	Utility bills	Habitability
29	Sanitation	Sewer/septic	Municipal records	Compliance
30	Electrical	Wiring type, meter	Safety norms	Risk & obsolescence
31	Lifts	Number, capacity	AMC records	Value addition
32	Fire Safety	Extinguishers, hydrants	Fire NOC	Mandatory compliance
H. MAINTENANCE & CONDITION
33	Physical Condition	Good/Fair/Poor	Visual inspection	Depreciation
34	Structural Distress	Cracks, dampness	Site observation	Repairs & life
35	Alterations	Unauthorized changes	Approved plan	Legal risk
I. MEASUREMENTS
36	Built-up Area	Floor-wise	Plan vs site	Valuation base
37	Carpet Area	Usable area	RERA norms	Market comparison
38	FAR Utilization	Consumed/balance	Sanctioned plan	Development potential
J. ENVIRONMENT & SAFETY
39	Environmental Issues	Noise, pollution	Site surroundings	Market perception
40	Natural Hazards	Flood/earthquake zone	Govt. notifications	Risk factor
K. MARKET & VALUATION INPUTS
41	Prevailing Rates	Comparable sales	Local enquiry	Market value
42	Demand & Supply	Active/slow market	Market study	Rate justification
43	Highest & Best Use	Existing/potential	Zoning & market	Valuation conclusion