BREAKING NEWS

IOCL INVITES APPLICATIONS FOR EMPANELMENT OF GOVERNMENT-APPROVED VALUERS

Major Professional Opportunity for Land & Infrastructure Valuers — 3-Year Empanelment Across Five Divisional Offices

CEV TECHNO NEWS | THE PROMINENT NEWSPAPER OF ENGINEERS & VALUERS

Bengaluru, Karnataka | Breaking News: Indian Oil Corporation Limited (IOCL), Marketing Division, Karnataka State Office, has invited applications from reputed Government-approved valuers for empanelment for valuation of land and infrastructure, primarily in connection with Petrol Pumps, across the State of Karnataka.

According to the notification, the proposed empanelment will be for a period of three years, creating an important professional opportunity for eligible Government Approved Valuers having relevant experience in land and property valuation.

FIVE IOCL DIVISIONAL OFFICES COVERED

IOCL has specified separate empanelment for its following Divisional Offices:

Bangalore
Belgaum
Mangalore
Bellary
Mysore

The Corporation has specifically stated that preference will be given to Valuers based at these respective locations.

An important condition is that one Valuer can apply for empanelment under a maximum of two Divisional Offices.

WHO CAN APPLY?

The notification calls upon Government Approved Valuers of repute to submit applications along with details of their firm and supporting documents/certificates issued or attested by the concerned Central/State Government Authorities.

Applicants are required to furnish important professional and statutory information, including:

1. VALUATION EXPERIENCE

Applicants must disclose the number of valuations carried out during the period from 01.04.2025 to 31.03.2026.

This requirement makes documented recent valuation experience a significant part of the application.

2. CLIENT PROFILE

Applicants must provide proof regarding the type of clients handled, particularly assessments undertaken for:

Reputed business houses;
Public Sector Undertakings;
Government Sector entities; and
Other relevant institutional clients.

This indicates that IOCL intends to assess the professional credentials and institutional exposure of prospective empanelled Valuers.

3. PARTNERSHIP FIRM DOCUMENTATION

Where the applicant is a partnership firm, the Partnership Deed is required to be submitted.

4. GST & PAN

Applicants are required to submit:

GSTIN Certificate
PAN Card

as part of the application documentation.

VALUATION FEE — IMPORTANT CONDITION

Applicants are required to indicate their expected valuation fee.

However, the notification contains an important fee restriction:

The valuation fee shall not exceed the fees prescribed under the Wealth Tax Rules, 1957.

The final fee will also remain subject to negotiation with the Corporation.

IOCL SETS DETAILED REPORTING REQUIREMENTS

The notification is particularly significant for professional Valuers because it does not merely require submission of a valuation figure. It prescribes several specific matters that empanelled Valuers will have to record in their valuation reports.

REGISTRAR TRANSACTION PRICE & CIRCLE RATE

The Valuer must record:

The last recorded transaction price with the Registrar of the area;
The prevailing circle rate; and
The date of announcement of the circle rate.

BASIS OF VALUATION

The Valuer must establish and explain the basis of valuation after considering and verifying relevant information, including:

Government Department records;
Recent property transactions in adjoining areas;
Market trends; and
Any other factor affecting the value of the property.

Importantly, where there is a variation between the guideline value and the Valuer’s assessment, the reasons for such variation must be clearly mentioned in the valuation report.

This requirement highlights the importance of a well-reasoned and properly documented valuation methodology, rather than merely reporting a final value.

BOTH SALE VALUE & LONG-TERM RENTAL VALUE TO BE ASSESSED

Another significant requirement is that the Valuer will have to provide:

The value of the land for outright purchase, and
The fair annual rental value where the land is proposed to be taken on a long-term lease, such as 20 years.

The Valuer must also advise the basis adopted for arriving at both the land value and fair rental value.

For Valuers, this makes knowledge of both market value and rental/lease valuation principles particularly important.

HISTORICAL PURCHASE PRICE OF THE PROPERTY

The valuation report must also mention the price at which the identified land was purchased by its present owner.

TRANSACTIONS BY PUBLIC SECTOR UNDERTAKINGS

The notification further requires details of any land transaction in the vicinity carried out by a Public Sector Undertaking (PSU), including the purchase price offered by the PSU.

This requirement makes local market intelligence and proper documentation of comparable transactions particularly important in preparing IOCL valuation reports.

PHOTOGRAPHS, MAP LOCATION & GEO-COORDINATES MANDATORY

The Valuer is required to incorporate:

Photographs of the property;
Location marked on a Map;
Latitude; and
Longitude

of the identified property in the valuation report.

STRICT 7-DAY REPORTING TIMELINE

One of the most important operational conditions is the deadline for submission of valuation reports.

The notification provides that the valuation report must be provided within a maximum period of seven days, including Sundays and holidays, from the date of the request received from the concerned IOCL Divisional Office.

Therefore, prospective applicants should carefully evaluate their professional capacity, manpower, geographical reach and ability to complete inspections, market research, documentation and report preparation within the prescribed timeframe.

PREFERENCE TO FIRMS OVER INDIVIDUAL VALUERS

IOCL has expressly stated that preference will be given to reputed companies and partnership firms over individual Valuers.

This is an important consideration for individual professionals contemplating application and may also be relevant to established valuation firms seeking institutional assignments.

OFFER VALIDITY

The offer submitted by the applicant will remain valid for two years from the last date of submission of the application.

LAST DATE FOR SUBMISSION

⚠️ DEADLINE: 21 SEPTEMBER 2026 — 5:00 PM

Interested Government Approved Valuers must submit their applications on or before 21.09.2026 by 5:00 PM.

Applications are to be submitted in a sealed cover superscribed:

“Application for Empanelment of Government Approved Valuers – ______”

The applicant is required to mention the name of the Divisional Office(s) — Bangalore, Belgaum, Mangalore, Bellary and/or Mysore — for which the application is being made, subject to the maximum limit of two Divisional Offices per Valuer.

WHERE TO SUBMIT THE APPLICATION?

Applications are to be addressed to:

General Manager (RS)
Indian Oil Corporation Limited
Karnataka State Office
Indian Oil Bhavan
No. 22, Mahadevpura,
Whitefield Main Road, KR Puram,
Bengaluru – 560016

Telephone: 080-22150105

IOCL RETAINS RIGHT TO MODIFY OR EXTEND THE NOTICE

The Corporation has reserved the right to cancel, withdraw or amend the advertisement or extend the due date at its sole discretion without assigning any reason.

Any future change, if made, will be published only on the IOCL website, as stated in the notification.

CEV TECHNO NEWS ANALYSIS

A SIGNIFICANT OPPORTUNITY — BUT ALSO A SIGNIFICANT RESPONSIBILITY

The IOCL empanelment notification is important for the professional valuation fraternity because it combines institutional empanelment opportunity with detailed professional reporting obligations.

The notification clearly indicates that IOCL expects its empanelled Valuers to go beyond simply determining a figure. The report is expected to demonstrate the evidence, market inputs, Government records, comparable transactions, guideline values, ownership purchase history, PSU transactions and other factors considered in arriving at the valuation.

For professional Valuers, this is a strong reminder that quality documentation, transparent methodology and defensible valuation reasoning are becoming increasingly important in institutional valuation assignments.

VALUERS SHOULD PREPARE THEIR APPLICATIONS CAREFULLY

Prospective applicants should ensure that their applications are complete and supported by the required documents, particularly:

Government approval credentials + Recent valuation experience + Institutional client experience + Firm documents + GSTIN + PAN + Proposed fee + Relevant supporting certificates.

Applicants should also carefully identify the two Divisional Offices, if applying for two locations, keeping in view the notification’s preference for Valuers based at the respective locations.

🚨 CEV TECHNO NEWS ALERT FOR VALUERS

Government-approved valuers in Karnataka should not treat this as an ordinary empanelment notice.

The notification combines:

3-YEAR EMPANELMENT
5 IOCL DIVISIONAL OFFICES
LAND & INFRASTRUCTURE VALUATION
PETROL PUMP RELATED ASSIGNMENTS
7-DAY MAXIMUM REPORTING PERIOD
DETAILED MARKET & DOCUMENTARY EVIDENCE REQUIREMENTS
PREFERENCE TO REPUTED FIRMS/PARTNERSHIP FIRMS

The last date is 21 September 2026 at 5:00 PM.

Eligible Valuers are advised to study the complete notification and submit their applications strictly in accordance with the requirements prescribed by IOCL.