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amibrahim



Joined: 03 Sep 2008
Posts: 390

PostPosted: Wed Jul 24, 2013 6:43 am    Post subject: Principles of Property Valuation Reply with quote

 Principles of Property Valuation

Fair Market Value (FMV) / Open Market Value (OMV):

Price is a fact, value is an estimate what the price ought to be and worth is what it is worth to an individual.

FMV / OMV is if one sells in open market under normal condition what it would fetch that has to be construed as FMV / OMV. The transaction is between a willing buyer and a willing seller.

Market Realizable Value (MRV): is the amount reasonably receivable from the sale of a property within shortest period in a transparent transaction and the bidder has to pay the remaining amount of the offer in short period as per the condition of auction upset value and in addition to that, the Forced Sale Value further depends on local real estate market driving forces.

It is the property type that determines method, not the purpose of the valuation.

Valuation Methods:

Land and Building Method

Income Method

Market Value of land is added to the depreciated reproduction cost of the building (The present value of the building), the result is value by land and building method. Market Value of land is assessed by comparable sales method proximate in time and type. Construction rates applied is based on CPWD or States PWD based rates for estimation purpose.

This method is also known as Cost Method.

Rental Method / Rent Capitalization Technique: Net rental income is capitalized by a year’s purchase. The security percent is market derived. When a property is valued by Rental Method, value by Land and Building Method also is declared.

 

When valued for Fair Rent, fair rent formula can be applied to the value arrived by land and building method and that gross is the ceiling.

 

 

Contractor’s Method

This method is used for properties usually not bought and sold and for technical (accounts or statutory) purpose only.

Reproduction cost minus depreciation plus value of land. For land value Registrar’s guideline value can be adopted.

Account or Profit Method: Commercial properties like Cinema Houses Hotels, Cold Storages, etc. are valued in consideration of their potentialities to produce income. Gross income less outgoings consisting of collection expenses, repairs, sinking fund to redeem capital assets, etc., are capitalized with market derived security percent or year’s purchase to determine the market value. When a property is valued by Profit Method, value by Land and Building Method also is declared.

 

 

 

 

 

 

 

 

 

 

Land plus break-up value of the structure:

When the property has  outgrown its utility and it is reasonably in capable of economic use, it may be valued  as land plus the break-up value of the structure (R.C.Kooper vs. Union of India vide 1970 A.I.R S.C.564)

Hypothetical Building Scheme: This method considered as the basis of market value provides evidence of a remote speculative and conjectural character. (Case of Ragunath Das 11 CLJ 612).

 

 Market value of the site is assessed by deducting the total cost of hypothetical structure including interest for capital outlay for an average period of construction from the market rental value of the scheme. Construction of building floor plate area hypothetically done respecting local building rules.

 

 Development Method or Residual Method: This method is used in those circumstances where the existing building value can be increased after carrying out development works. For example an old house has a potential to convert into an apartment buildings, the building is valued on the basis of its future worth after conversion. The cost of this work with developer’s profit is deducted and the result is value of the property in its original state and is known as its residual value.

Reinstatement Method:

Reinstatement Valuation: Reinstatement is the act of restoring something exists again to a previous position. Replacement coverage is designed to replace or rebuild a property with similar type and specifications in the event of a loss, equal to its condition when new. The doctrine of pro prorate average applies, which is if at the time of reinstatement or replacement, their cost exceeds the sum insured at the time of loss, it is deemed to be underinsurance and insured has to bear a ratable portion of the loss. The cost of land is not included.

 

Valuation of Building Estates: It is based on the principle as laid down in Government of Bombay vs. “Karim Tar Mohamed. I.L.R. 33 Bom. 325; The owner in claiming compensation can seek to prove either what the property would fetch, if sold in one block, or what is the present value if he plotted out the property and sold in lot.”

 

Land must be valued at its best and most advantageous manner and if an estate is worth more, if sold in plotted layout, it can be laid out. Normally it will take time. Present value of estimated realization is deducted for adventurer’s share @ 20 percent; that amount is further deducted to the present value of cost of road making, and other modern infrastructures cost, plus engineering supervision charges, legal charges, advertisement and brokerage; the result is value of estate.

 

Valuation of Building Estates

What is the present value of ABC estate which is now ripe for building development? The estimated cost of engineering works complete is INR 1,20,00,000/-. The estimated gross return from lands available for immediate sale is INR 6,00,00,000/-. 15 grounds of land worth INR 45,00,000 will not be sold immediately but reserved for commercial purpose.

Description

INR

Estimated gross return, Say “A”

6,00,00,000

Part of it will be received immediately and the last sale is expected in 4 years’ time, therefore defer the gross return 2 years @ 7% Say “B”

0.873

Present value of estimated part realization A x B = 6,00,00,000 x 0.873 Say “C”

5,23,80,000

Value of 15 grounds which may not be sold for 4 years. Present value for 4 years @ 7% Say “D”

0.763

Value of unsold lands in 4 years:  Say “E”

45,00,000

Present value of unsold lands D x E        0.763 x 45,00,000 Say “F”

34,33,500

Present value of estimated realization C + F Say “G”

5,58,13,500

Deduct developer’s risk and profit at 20% of G Say “H”

1,11,62,700

Engineering works Say “I”

1,20,00,000

This will take 4 years, therefore defer for half the period. i.e. 2 years at 7% Say “J”

0.873

Present value of engineering works I x J Say “K”

1,04,76,000

Engineering and Supervision charges say 7% of G Say “L”

39,06,945

Legal expenses , Brokerage, etc. say 5% of G Say “M”

27,90,675

Advertisement cost Say “N”

1,50,000

H + K + L + M + N say “O”

2,84,86,320

Value of estate (G – O)

2,73,27,180

 In the author’s opinion, in layouts, Roads area requires a minimum of 20 percent. Normally under development control rules a minimum of 10 percent area is to be reserved for open space reservation for land extent exceeding 10,000 sm or 1,07,643 sf or 1 hectare area for plotted development.

 

The catena of decisions relating to the compensation in land acquisition case would mandate that sales relating to small pieces of lands, if they are genuine and reliable and comparable to the land acquired, the same could be relied on. 

Under the land acquisition cases of Land Acquisition Act 1894, when comparable sales instances of small pieces of land are relied upon to a vast strip of land, the deduction for development charges allowed is from 33 1/3 to 53% percent as approved by the Madurai Bench of Madras High Court in Thanjavur Air Field Case. A vast piece of  agricultural land was acquired for Thanjavur Air Field. In assessing the market value small pieces of residential comparable sales instances were relied upon. The award is:

1). the value of land acquired:                                                       Rs. 1,744.00 per one cent

2). 53% deduction towards development charges:                     Rs.    924.32 Per one cent

3). the net value of land for awarding compensation:                  Rs.    819.68 Per one cent

One    cent = 435.60 sf;

The Madurai Bench of Madras High Court has allowed 53% and the Supreme Court has allowed 63% on the facts and in the circumstances of the case in K. Vasundara Devi vs. RDO, LAO ((1005) 5 SCC 426)) towards deduction for development charges.  Source: ^ http://judis.nic.in/judis_chennai/qrydispfree.aspx?filename=52554

In LAO vs. Adhi Narayana Setty (AIR 1959 SC 429) mandated method of valuation:

1). Opinion of experts

2). The price paid within  a reasonable time in bonafide transaction of purchase of the lands acquired or the lands adjacent to the lands acquired and possessing similar advantages, and

 

3). A number of year’s purchase of the actual or immediately prospective profits of the land acquired.



Last edited by amibrahim on Sun Aug 04, 2013 3:25 pm; edited 7 times in total
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amibrahim



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PostPosted: Wed Jul 24, 2013 6:45 am    Post subject: Principles of Immovable Property Valuation II Reply with quote

  Land value depends on its size, shape, location, abutting road width, and the land use to which it is put to use and has to be valued with all its potentials and advantages. Based on Chennai Building Rules as per the Second Master Plan 2026, building types, minimum land area required and its potentials are given below for Chennai City excluding continuous building area:

Building Type

(1)

Min. Abutting road width in feet

(2)

Min. Land area in sf

(3)

Min. Plot Size in feet

Frontage x Plot Depth

(4)

Total built-up area permissible in sf

(5)

Ordinary Residential building

20

860

20 x 45

1290

Ordinary Commercial building

23

861

20 x 45

1290

Special building residential (Still  many category is available)

30 to 33

3,229

30 x 110

4,845

Special building commercial

26

2,153

26 x 82

3,300

Group Development

33

7,104

40 x 180

10,660

Multi storey building (MSB)

Cat I (a)

40

12,917

82 x 157

19,376

MSB Cat 1 (b)

50

12,917

82 x 157

22,606

MSB Cat II

60

16,146

82 x 197

32,293 to 40,266

MSB Cat III

100

26,911

131 x 205

53,821 to 67,277

 The belt size in column 4 above is the size that can be called as 1st belt and value of land depends on its potentials. The first belt is minimum requirements to qualify to that category of building type. Within that category, belting method is not reasonable. Any area in excess in the rear side, its value will be less than the first belt. The value has to be decided according to its size, shape, access available and based on prevailing evidences and circumstances. Valuer is an expert and his opinion is an expert's opinion

A. M. Ibrahim *

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Value Add Consultant



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Posts: 94

PostPosted: Fri Jul 26, 2013 12:40 pm    Post subject: Reply with quote

Excellent Education ! Keep it up Mr.Ibrahim

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amibrahim



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Posts: 390

PostPosted: Tue Jul 30, 2013 4:03 pm    Post subject: Principles of Property Valuation - II Reply with quote

 

 Formula for compensation by Tamil Nadu Government vis-à-vis the same compensation by valuation by belting method

A piece of land admeasuring 40 x 6 feet was acquired for road widening by Tamil Nadu Government in Chennai City in July 2012. The total land extent is 2,400 sf (40 feet frontage and 60 feet plot depth). The potentiality of the land is a G +2 residential building can be constructed to accommodate six dwelling units. FSI permissible is 1.5. Market value of land is INR 8,000 psf and guideline value (GLV) is INR 6,000 psf.

The TN Government formula for minimum compensation for the above category: 1 sf land will be awarded 2.25 sf of built-up area and its worth in terms of land value 2.25 / 1.5 x Guideline value. Compensation payable in land value terms: 2.25/1.5 x 6000 = INR 9,000 or 6 x 40 x 9,000 /6 = 3,60,000 per foot depth (pfd) and total compensation in land value terms worth INR 21,60,000/=

Hypothetical Valuation by Belting Method:

Within 40 x 60 feet land, the first belt is 40 x 6 feet and the second belt is 40 x 54 feet. Total land value of first belt is INR 19,20,00 (40 x 6 x 8,000) and pfd is INR 3,20,00 pfd i.e. (19,29,000 / 6). The second belt is considered @ 3,20,000 x 0.875= INR 2,80,000 pfd

Valuation by belting method: (60 x 3,20,000) – (54 x 2,80,000) / 6 = INR 6,80,000 pfd and total compensation is INR 40,80,000/=

If 3/4th of the first belt is assumed pfd is INR 10,40,000 and compensation is INR 62,40,000/=. In such a situation value arrived by Government formula can be considered as a benchmark, the nearest would be 0.975 and pfd value is INR 3,92,000 and compensation value is 23,52,000/=.

As per belting method of valuation, if we consider 40 x 60 is the first belt, the reasonable second belt at the recess would be valued at 3/4th of the first belt and 3rd belt at 2/3 of the first belt. In Secretary of State for India in Council vs. Bhupati Nath Deb CLJ 90, it was held that “land in recess are generally priced at 3/4th value of similar plots in corresponding belts.”  In Anantham Pillai vs, State of Kerala 1961 LJ 723, it was held that “such a method (Belting Method) can be restored to only in cases where extensive lands having road only on one side is to be valued.”

 VALUATION OF LAND LOCKED PROPERTY: It depends on the facts and circumstances of the given case. It could be the difference between {(the market value of site with access + without any constraints) and (without access + with constraints)}. It may have a value corresponding to the surrounding properties, after considering the cost of provision of access and solving any other constraints it may have.

Indian Immovable Property Valuation Practice (supra) vis-à-vis International Valuation Standards:

International Valuation Standards (IVS) are formulated by the International Valuation Standards Council (IVSC).  The aim of IVS are to facilitate cross - border transactions and contribute to the viability of international property markets by promoting transparency in financial reporting as well as the reliability of valuation performed to secure loans and mortgages, for transactions involving transfer of ownership, and for settlements in litigating or tax matters;  To serve as professional benchmark, or beacon, for valuers around the world, thereby enabling them to respond to the demands of international property markets for reliable valuations and to meet the financing reporting requirements of the global business community; and to provide standards of valuation and financial reporting those meet the needs of emerging and newly industrialized countries. (IVS -  2005). 

The IVSC defines market value as “The estimated amount for which an asset or liabilty should exchange on the date of valuation between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion”.

The IVS guides three main approaches of valuation and two classes of assets; Non-specialized and Specialized assets.

Non-Specialized assets are properties commonly bought and sold in the open market and In Specialized Properties transactions are infrequent and when they do occur, the assets are often sold as a part of a going concern business.

Three Valuation Approaches (IVS): 1). Comparable Sales Approach (CSA), 2). Income Approach (IA) (Income Capitalization Approach and Discounted Cash Flow Approach (DCF) & 3). Cost Approach (CA) aka DRC Approach (DRCA) (Depreciated Reproduction and Depreciated Replacement Cost Approach = DRC).

In Indian valuation practice, valuation approaches are *Market Approach (*added on 2nd July 2017),  Land and Building Method, also known as (aka) Cost Method and Rental Method aka Income approaches (Supra).

Non-Specialized properties are valued by CSA and in those circumstances market derived data like direct market rents are relied upon, valued by IA.

Specialized properties are valued by IA where applicable and CA.

Only where the future economic benefits of any asset are primarily depends on its ability to generate net cash inflows should the income approach be applied.


In DRC approach, Replacement Cost is appropriate, which is the current cost of a similar asset having the nearest equivalent utility as the asset being valued. Reproduction Cost is the current cost of reproducing a replica of the asset being valued using the same or closely similar material.

Valuation:


I. DRCA 1: Market Value of land in its existing use plus DRC

DRCA 2: Market Value of land in its HIGHEST AND BEST USE (HABU) plus DRC; when valued by DRCA 2, if market value of land is greater than total value of DRCA 1, the land value of DRCA 2 is the Valuation result.

II. In some cases, if a specialized property is purchased and put to different use (as permissible by local authority), due to changing trend in the market, the market value is higher of:

1). the value of land for alternative use minus cost of demolition complete, or

2). DRC for the same use plus cost of land in its existing use.

 

When a property is valued by multiple approaches of valuation (CSA & IA), that valuation is to be cross checked with DRCA.

The IVS is not mandatory and it is for guidance only.  The sovereign State law if any. that will be prevailing  regarding valuation procedures.

In the author’s opinion, the value of HABU of land is to be arrived to its evidenced potential value and not based on hypothetical conclusions like if the land use is changed from one use to another, the value will be higher; in such a case evidence is essential because to change from one land use to another, special permission is required in some or may be all states of Indian Government.

 (Revised up to TIPs 2 of IVSC Dated February, 2011)

A. M. Ibrahim***

 




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inside450



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PostPosted: Thu Aug 01, 2013 8:36 pm    Post subject: really helpful data Reply with quote

Really helpful data for people like me who is new in this field................

 

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amibrahim



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PostPosted: Sat Jun 22, 2019 10:56 am    Post subject: IBBI Examination: Land & Bldg by a.m. Ibrahim Reply with quote

IBBI Registered Valuers Examination: Guidance

THE COMPANIES ACT, 2013 CHAPTER XVII - REGISTERED VALUERS:

Section 247. Valuation by registered valuers.—(1) Where a valuation is required to be made in respect of any property, stocks, shares, debentures, securities or goodwill or any other assets (herein referred to as the assets) or net worth of a company or its liabilities under the provision of this Act, it shall be valued by a person having such qualifications and experience and registered as a valuer in such manner, on such terms and conditions as may be prescribed and appointed by the audit committee or in its absence by the Board of Directors of that company. .

(2) Insolvency and Bankruptcy Board of India (IBBI) was appointed as Valuer Registration Authority for section 247 of the Companies Act 2013 on 27th December 2017.  

(3).Vide Press Release of IBBI dated 31st December, 2017, a registered valuer may conduct valuations under any other law, if required or permitted under that law or the concerned authority which may be construed a valuer registered by Income-tax Authority can also value for Companies Act 2013 or vice versa?  

Insolvency and Bankruptcy Board of India (IBBI) Registered Registered Valuers under the Company’s Act 2013.

ELIGIBILITY, QUALIFICATIONS AND REGISTRATION OF VALUERS

Rule 3. Eligibility for registered valuers. (1) A person shall be eligible to be a registered valuer if he:

(a) is a valuer member of a registered valuers organisation;

Explanation.─ For the purposes of this clause, “a valuer member” is a member of a registered valuers organisation who possesses the requisite educational qualifications and experience for being registered as a valuer;

(b) is recommended by the registered valuers organisation of which he is a valuer member for registration as a valuer;

(c) has passed the valuation examination under rule 5 within three years preceding the date of making an application for registration under rule 6;

(d) possesses the qualifications and experience as specified in rule 4;

(e) is not a minor;

(f) has not been declared to be of unsound mind;

(g) is not an undischarged bankrupt, or has not applied to be adjudicated as a bankrupt;

(h) is a person resident in India;

Explanation.─ For the purposes of these rules ‘person resident in India’ shall have the same meaning as defined in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999) as far as it is applicable to an individual;

(i) has not been convicted by any competent court for an offence punishable with imprisonment for a term exceeding six months or for an offence involving moral turpitude, and a period of five years has not elapsed from the date of expiry of the sentence:

Provided that if a person has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, he shall not be eligible to be registered;

(j) has not been levied a penalty under section 271J of Income-tax Act, 1961 (43 of 1961) and time limit for filing appeal before Commissioner of Income-tax (Appeals) or Income-tax Appellate Tribunal, as the case may be has expired, or such penalty has been confirmed by Income-tax Appellate Tribunal, and five years have not elapsed after levy of such penalty; and (k) is a fit and proper person:

(j) has not been levied a penalty under section 271J of Income-tax Act, 1961 (43 of 1961) and time limit for filing appeal before Commissioner of Income-tax (Appeals) or Income-tax Appellate Tribunal, as the case may be has expired, or such penalty has been confirmed by Income-tax Appellate Tribunal, and five years have not elapsed after levy of such penalty; and
(k) is a fit and proper person:

Explanation.─ For determining whether an individual is a fit and proper person under these rules, the authority may take account of any relevant consideration, including but not limited to the following criteria-

(i) integrity, reputation and character,

(ii) absence of convictions and restraint orders, and

(iii) competence and financial solvency. 

(2) No partnership entity or company shall be eligible to be a registered valuer if:

(a) it has been set up for objects other than for rendering professional or financial services, including valuation services and that in the case of a company, it is not a subsidiary, joint venture or associate of another company or body corporate;

(b) it is undergoing an insolvency resolution or is an undischarged bankrupt;

(c) all the partners or directors, as the case may be, are not ineligible under clauses (c), (d), (e), (g), (h), (i), (j) and (k) of sub-rule (1);i.e coloured supra

(d) three or all the partners or directors, whichever is lower, of the partnership entity or company, as the case may be, are not registered valuers; or

(e) none of its partners or directors, as the case may be, is a registered valuer for the asset class, for the valuation of which it seeks to be a registered valuer.  

Rule 4. Qualifications and experience.─ An individual shall have the following qualifications and experience to be eligible for registration under rule 3, namely:-

(a) post-graduate degree or post-graduate diploma, in the specified discipline, from a University or Institute established, recognised or incorporated by law in India and at least three years of experience in the specified discipline thereafter; or

(b) a Bachelor’s degree or equivalent, in the specified discipline, from a University or Institute established, recognised or incorporated by law in India and at least five years of experience in the specified discipline thereafter; or

(c) membership of a professional institute established by an Act of Parliament enacted for the purpose of regulation of a profession with at least three years’ experience after such membership and having qualification mentioned at clause (a) or (b). 

Explanation-I.For the purposes of this clause the ‘specified discipline’ shall mean the specific discipline which is relevant for valuation of an asset class for which the registration as a valuer or recognition as a registered valuers organisation is sought under these rules. Explanation-II.─ Qualifying education and experience and examination or training for various asset classes, is given in an indicative manner in Annexure–IV of these rules.

A. M. Ibrahim. B. Arch, FIV, FICA. Mediator

Disclaimer: The study materials, Syllabuses, Model Question Papers (Land & Buildings, Plant & Machinery and SFA valuation) are retrieved on 22 June 2019 from the https://www.ibbi.gov.in/  

 




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amibrahim



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PostPosted: Mon Jun 24, 2019 3:59 pm    Post subject: Construction of Valuation Table Reply with quote

4.0. The construction and application and use of valuation Tables:

The Valuation of leasehold interests involves many mathematical calculations dealing with compound interest and to assist valuers to arrive at speedy and accurate conclusions.  Valuation Tables have been compiled by many authors. These Tables are in the form of ready reckoners and are very easy to use, but so that a valuer will know which Table to use and why, it is necessary for him to have a thorough knowledge of the construction of these Tables.

The Valuation Tables in use are:

1.    Future value of 1. aka (also known as) Single payment compound amount factor (SPCAF).

2.    Present Value of 1. aka Single payment present worth factor (SPPWF).

3.    Amount of 1 per annum. Future value of uniform series of 1/ aka uniform series compound amount factor. (USCAF).

4.    Annual Sinking Fund (A.S.F). Uniform series whose future value is 1. Uniform series sinking fund deposit factor. (USSFDF)

5.    Present Value of 1 per annum. aka Years Purchase.  Present value of uniform series of 1 (USPWF)

6.    Years purchase (Dual rate)..

7.    . Uniform series with present value of 1. aka Uniform series capital recovery factor. (USCRF).

The Author has compiled online Valuation Tables and Published in www. Valuersworld.com, lawersclubindia and caclubindia websites. A. M. Ibrahim Valuation Tables can be inter alia viewed in  http://www.lawyersclubindia.com/forum/Valuation-tables-85186.asp#.UfBup9Iwfuo 

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amibrahim



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PostPosted: Fri Jun 28, 2019 10:23 am    Post subject: Valuation for Land Acquisition Reply with quote

Author: A. M. Ibrahim: Forum -Article: Valuation for Land Acquisition; Forum - Discussion: Companies Registered Valuers & Valuation Rules-2017

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amibrahim



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PostPosted: Fri Jul 05, 2019 11:58 am    Post subject: Court Cases Reply with quote

Case Laws relating to Land Acquisition Act 1894, Direct Taxes, etc.:

 

 

 

 




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amibrahim



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PostPosted: Mon Jul 22, 2019 6:55 pm    Post subject: Valuation of Easements Reply with quote

Valuation of Easements:  

https://www.lawweb.in/2019/08/good-legal-article-on-valuation-of.html    

 




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