Various Courts for Court fees purpose and for Reserve price for properties auctioned through Courts. Valuation or revaluation of companies assets are also required for establishing company's present worth for its borrowings capacity and solvency. Valuation is also required for Mergers and takeovers. Valuation is required for Gift during life time and for Probate after death of property owner. Valuation of property is required for VISA purposes for individuals migrating to other country.
Valuation is required for several other purposes.
The most amazing part of this entire setup is that millions of rupees worth of properties are valued by persons and officers who are either totally ignorant of this subject or are criminally imcompetant to estimate these values correctly. One of the reason for the loss of crores of rupees of Revenue income to Governments and piling up of 52,000 crores worth of Non performing assets of banks is improper valuations of assets. This is perhaps the only subject which is most needed to be developed but most neglected in our country. Concerned authorities have shown total careless attitude all these years towards study and development of important subject of valuation. It is shocking to know that in our entire country there is only one University i.e. Sardar Patel University, who is offering Post Graduate and Institute of Valuers conduct half hearted examination in valuation but no training or teaching facilities whatsoever are offered bythese two institutes.