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anildhope

Joined: 17 Jun 2008 Posts: 515
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Posted: Fri Jun 27, 2008 8:36 am Post subject: Minimum Valuation Fee |
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L.NAGARAJ

Joined: 12 Nov 2008 Posts: 4
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Posted: Fri Nov 21, 2008 11:44 am Post subject: Re: Minimum Valuation Fee |
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[quote="anildhope"]
[/quote]
7. Not less than 50% of the SCALE OF FEES TO BE CHARGED BY A VALUER (Wealth Tax Act,1957)
Considering issues of Compexity of the Proffession, Responsbility involved, Costs and Standards of Living, Global trends,etc., a Minimum Valuation fee should not be less than 50% of the SCALE OF FEES TO BE CHARGED BY A VALUER (as per Wealth Tax Act, 1957).
L.Nagaraj, B.E.,G.D.I.D., F.I.V.,
M/s.Ellenn Associates.
Bangalore-40. INDIA.
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nitingarg
Joined: 20 Nov 2008 Posts: 4
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Posted: Tue Nov 25, 2008 2:49 pm Post subject: |
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The minimum fees for valuation in urban areas should be Rs.3000 to max of Rs.15000/-.
However when the property is in rural areas or in areas where the addresses are still by Khasra nos, there the job of a valuaer becomes difficult hence, the fess should be between Rs.10,000 to Rs.30,000/-.
Nitin A.Garg
MBA Real Estate
Manager Valuation
Garg A.Associate
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sorabh

Joined: 30 Aug 2008 Posts: 55
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Posted: Wed Nov 26, 2008 12:04 pm Post subject: Valuation Fee |
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Dear Valuer's
We all say and want the fee paid to us is reasonable and at least as per the scale laid down by the CBDT.
Yes, it is good and we deserve this but DO we really make an effort. NO. We do not.
I know a number of institutions (IFCI, IDBI, HUDCO, IOC etc) to name a few, have started for quotations from the valuers for the assignment. Have we seen the quote given by us the valuers? It is so low that is difficult to carry out the work. There is no compulsion on us to do it, but we do that to get the work. Why do we crib for higher fee in that case????.
I can quote a number of places where low quotations have been given by We the valuers? We really have no right to fire gun from others shoulders. We have to do it ourselves. The higher fee will come automatically if we quote correctly and do not accept the work at lower fee. It is on us and only us NOBODY can force us to do it at lower fee?. We get what we ask for??
My request to all the fellow valuers would be to accept the assignment only if fee is reasonable otherwise REFUSE it . Let me see how the client will not pay us what we deserve
Please do think over it and pledge to take the assignement only if we get the deserved fee Forget about others LET US DO IT OURSELF
COL S K JAIN
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Mjoshi431974

Joined: 15 Sep 2008 Posts: 13
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Posted: Fri Nov 28, 2008 7:38 am Post subject: |
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Dear Valuers
I totally Agree with Col Jain regarding what he has quoted as difference in what we say and what we practice,
In Punjab also the valuation fee has been reduced drastically by State Bank of India ( The are paying 750 Rupees per valuation irrespective of amount) and OBC ( Fee varies between Rs 750 to 1200 ), SBOP ( Fixed fee of Rs 750 is being paid) the beauty is that these rates have been reduced by Advance/ Credit/NPA cells at their level and no such reduction has been carried out by Zonal offices or Regional offices When we try to dicuss about these meager fee rates the standard reply is " sir if you do not want to work we have number of valuers who are more than happy to carry out this work in these rates" In Ludhiana we ( some senior valuers) have stopped working for SBI but still they are getting the work done at the above rates, Till the time we unite and decide not to work for such humilating fee schedules we will continue to embaress ourselvs and our noble profession.
So let us unite and Do It Together.
Er.Manish Joshi
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anildhope

Joined: 17 Jun 2008 Posts: 515
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Posted: Fri Nov 28, 2008 12:24 pm Post subject: |
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I totally agree with Mr Jain & Mr Joshi.
I have already stopped working for so many banks, who were not paying the legitimate fee. It seems many diploma holders & some of our collegue are working for them on their mercy. In future we too expect the crises same as US crises. I have already started working in lines other than valuation, as no longer it is a noble profession. Since last one year I worked as a builder & I think the revenues are three fold than what I was getting from valuation profession. Time will come when CA will lead this profession, as they are united & indirectly forced valuers bill, without any comment from their side. |
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djagan1949

Joined: 07 Jan 2009 Posts: 315
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Posted: Sun Jul 12, 2009 5:00 pm Post subject: Vauation fee - Valuers made to look double standard |
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Quote : Anildhope & Other friends
As a valuer I do service for many banks and the prescribed charges vary from bank to bank. For a similar property I charge Rs.1000/- with one party and Rs. 3000/- to another in the same area/premises. My efforts, time taken, stationary consumed etc are the same. The banks are also situated in the same street in the next bldg. Both banks lending rates are same, FD interest rates are also same.
But we valuers are left in lurch in our fee structure to charge two rates for similar properties and we are looked upon as though we are not rightious people or following double standard. Few customers get information from others and put embrassing questions about fee. We act like a hit and run personality for no fault on us.To an extent our selfrespect is also dented. When staff pay scale and perks are more or less uniform in all banks and Govt is serious of amalgamation of banks it is high time fee has to be rationalised.
djagan1949 |
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gatsgroup
Joined: 20 Sep 2010 Posts: 1
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Posted: Mon Sep 20, 2010 2:09 pm Post subject: VALUATION FEE |
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Dear Valuers
I am very much agree with the comments and discussions put forward by our worthy fellow valuers.
But I am astonished to see that some of our friends WHO THEMSELVES ARE DOING UNDER CUTTING IN THE FEE AND POSING GODDY TO BANKS AND THEREAFTER BECOME A SOURCE OF NPA BY GETTING INVOLVED IN GOLDEN SHAKE AND THEN AFTER GETTING BIG REWARDS, ARE CRYING CROCODILE TEARS.
I request you to PLEASE BE AWARE OF SUCH PIMPS AND ALSO BUYCOTT THEM WHO ARE BRINGING BAD NAMES TO US.
Hoping WE WILL FIRST UNITE TO IRADICATE SUCH ANTI SOCIAL ELEMENTS FROM OUR SOCIETY.
Regards
Er. Nitin Tayal
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mohit_mehta1

Joined: 17 Apr 2009 Posts: 80
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Posted: Sun Oct 23, 2011 1:03 pm Post subject: Valuation Fee A Serious Thoughts |
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Dear Valuers,
I agree with many person view in this colomn. Let's think positive way! If we charge valuation fee@1% of the reported value for bank funding. How do you see this idea ?
The total population of valuers in India is very limited. However there is a extrmely high demand for valuation report for lendingp purpose.
I such cae if all of us agrees at 1% fee and do not accept fee less then 1% then even if you do very few assignments in the year your earnings would be better then your previous earnings.
Lets forget wealth tax act of Rs.3,000 fee etc. and start persuing bank t o provide a fee we deserves.
Also let's file case against Goverment to pinalise thoes bank's who insist such practice.
20,000 to 40,000 valuers for such a big courntry are far less supply of valuers then required demand. If size of lending market is Rupees 3,00,000 Lax Core and if we charge 1% fee then total annual fee would be around 3000 Cr.
If we divide Rs.3,000 cr fee amongst approximatly assumed 50,000 valuers in India then per valuer fee would be Rs.6 Lac per annum. This is with a assumption that each valur will get a equal chance to do valuations.
Hence it is a lucrative business on average. However people doing better will do more better due to higher fee scale.
Let's meet up with a people who are doing well in business and ask them what fee they are charging ? and tell them logic of fees and request them to write a letter to bank for changing fee structure as well as immidiately stoping any valuation work.
Let's tell IOV,PVAI and IEI, PEATA etc. to get an compulsory undertaking on stamp papers from each and every members on not accepting fees less then agreed other wise their membership will be ceased and legal action will be taken against them for harming other members interst as well as of bank by doing substandard work due to charging less fee.
Let's hope for the best.,
Mohit Mehta
Value Add Consultant
+91-9892489265
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bishnujee

Joined: 04 Nov 2011 Posts: 176
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Posted: Sun Nov 27, 2011 5:33 am Post subject: |
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Dear Fellow Members,
Valuers fees and service charges should be in line with current market trend and not something which was set 50 years back.Travelling and miscellaneous expenses should be borne by the customer requesting such service and their should be no compromise on this issue.I believe these are issues which IOV as Vaulation Institute should be taking care of for Valuers in India.I can note from comment from fellow Valuers that Valuation fees in India is not in commensurate with global trend and current market trend.Most valuers are Qualified Engineers & CAs.So the professional fees should be commensurate with their background and experience in their profession.
People leading IOV requested to kindly look into this matter.
Kind regards
EUR ING Bishnujee Singh ,P.E FIEAust
Fellow Engineers Australia
Fellow Chartered Management Institute FCMI (UK)
Fellow Institution of Valuers
Chartered Professional Engineer (Australia)
Chartered Engineer (EC-UK)
Chartered Mathematician (IMA-UK)
Chartered Scientist (SC-UK)
Chartered Physicist (IOP-UK)
APEC Engineer,Int.P.E (Australia)
Associate Fellow CASI(Canada)
APPROVED VALUER
Fellow RAS(UK),MInstPhys
MSc(UK),BAe,MRAeS(UK),MAeSI(India),
Sr.MAIAA(USA),MAOPA(Pilot)
CAYLEY AEROSPACE INC
CHIEF EXECUTIVE OFFICER
18830,38th Ave W
Lynnwood,WA,98037
USA
Tel:4252330440
Tel:2012527643
Fax:646-219-1010
Fax:702-995-1881
Email:bishnujee.singh@cayleyaerospace.com
http://www.cayleyaerospace.com />
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Value Add Consultant
Joined: 17 Jun 2013 Posts: 94
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Posted: Sun Feb 02, 2014 3:46 pm Post subject: Next Step |
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Dear Valuers,
The entire debate on fees is going in correct perspective. However no result or action from authorities and leaders. Are top bosses of IBA, IOV,PVAI,RICS,IEI,IOG,IIOV,CVSRT,IOS, etc. are reading the blog ?
It seems they are either not reading or not like to act based on the blog posting. Hence I request Mr.Anil Dhope to send a letter attaching print out of all the relevant blogs to take action.
In case we get something in the new year in 2014.
Overall it is the out ethical standards will decide fees even if bank increase fees as per Wealth Act however if we do not follow and do lowest fee competition than how we will able to increase our levels ?
Please think long term, positive and in the interest of every one.
Faster and Cheaper can not be better,
I need at least 100 response on my comment in next 30 days. Kindly cooperate.
Regards,
Mohit |
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tdsb

Joined: 19 Dec 2009 Posts: 675
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Posted: Mon Feb 03, 2014 10:12 am Post subject: |
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Dear friends,
Pl. note that the chairman of IOV Branches claim that they are the only ones who are gifted to do the valuation works and receive the best and the highest payment.
We can prove that they shamelessly make comments on the valuation done by other members and put them to hardship!?!?!
Who has given such high powers to them?!?!?
Do you want these things happen for ever!?!?
Regards
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tdsb

Joined: 19 Dec 2009 Posts: 675
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Posted: Fri Feb 21, 2014 11:02 am Post subject: |
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Dear friends,
SBI Chennai circle has sent letters of empanelment to the valuers at the rate of Rs.2500/-(Rupees two thousand five hundred only) per assignment with the conditions that the photograph of the valuer(a) alongwith the property and(b) another photogragh of the property alongwith the owner and a declaration by the valuer that the the approvals and the documents are genuine are to be attached by the valuer.
The members of IOV who have received such letters have signed agreeing these conditions after consulting the local chairman and his 40 advisors and promptly sent them back.
The writer of this post has NOT SIGNED ANY LETTER AGREEING SUCH CONDITIONS.
This is for the information of all.
Regards
Last edited by tdsb on Fri Feb 21, 2014 8:48 pm; edited 1 time in total |
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tdsb

Joined: 19 Dec 2009 Posts: 675
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Posted: Fri Feb 21, 2014 2:06 pm Post subject: |
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Dear valuers friends,
We do not have any conviction and respect over our own profession and just want to earn daily wages like a porter.We very happily follow the knowingly selfish incapable leader. and hence there is no solution to this !
We are ready to dance to the tunes of those Chairman directors and we do not prefer any direction.
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tdsb

Joined: 19 Dec 2009 Posts: 675
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Posted: Thu Feb 27, 2014 10:23 am Post subject: |
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Regards |
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