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New Guidelines issued by SBI

 
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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Sat Aug 02, 2014 8:33 am    Post subject: New Guidelines issued by SBI Reply with quote

Dear friends, I am uploading the latest circular issued by SBI.Pl. everyone go through the contents. IOV SHOULD immediately put their objections since the onerous of proving two sales instances EVEN FOR SMALL values falls on the valuers. They should also object to the words that" the valuation PROPOSED by the valuer" as it leads to wrong interpretation that the valuer has brought the proposal of the client to the banker in the eyes of the common man, honourable courts and CBI etc., THE VALUATION "ASSESSED" are the right words. The valuation is "PREFERRED" by the Banker and not "PROPOSED" by the valuer. IF IOV is not doing this it amounts leaving its members in the lurch! The bankers are bent upon making the valuers as "SCAPEGOATS" at the lowest fee of RS.2500/- per report.Many officers now argue that the maximum fee is only Rs.2500/- per report and they have the discretion to pay Rs.0.01 to Rs.2500/- per report. ANYBODY WANTS TO SAY anything ON THIS! or else KEEP YOUR EYES SHUT! Regards T D Suresh Babu


SBI Circular about guideline value & market value difference.pdf
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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Sat Aug 02, 2014 11:40 am    Post subject: Reply with quote

Dear friends, Many of the branches in SBI are returning the valuation reports of our valuer friends in Chennai enclosing the circular I have already attached and asking them to abide by these guidelines in that circular. The matter is most urgent and valuer friends cannot be so complacent and be silent on this issue ! THE SEMINAR STALWARTS OF IOV also cannot afford to be silent on this issue ! Regards T D Suresh Babu
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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Sun Aug 03, 2014 6:54 pm    Post subject: Reply with quote

Dear TD Sureshbabu,

Thanks for bringing this issue and highlighting your concerns in the benifit of valuers. I need to add to this. As mentioned in the circular details of two transaction in the area also to be incorporated.

Having said that circular does not clarify that only transactions needs to be incorporated or value needs to be assessed based on the such transactions.

If it is so than it will bring good practice and utlimately improve fees if not than enjoy !!

Thanks,

 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Sun Aug 03, 2014 7:44 pm    Post subject: Reply with quote

Dear VAC, Is anyone there in this world who asks from the doctor the details of the patients treated with the same disease in the same area and the medicines given to them so that the patient can take a decision to take the treatment from him? It is obvious that our valuation should be based on these transactions only.THE BANKERS USUALLY GET TWO quotes even for the samosa they provide in their meetings and get the lowest quoted somosa and provide you during their meeting.That is the reason I do not dine with them. Very soon there will be a seminar wherein Sri.Rs.Baabu will be claiming that he is the only valuer capable of getting RS. 20000/- per valuation and the whole SBI praised him as he has given 10 such transactions per report and IOV President is waiting to give him 20000 medals and all the members are waiting to clap. With these the matter will be forgotten! Regards
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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Fri Aug 08, 2014 9:29 am    Post subject: Reply with quote

Dear friends, Since there is no reaction from any corner of IOV we have asked our valuer friends in Chennai who have been requesting me back as to what to do with those reports returned and they were asked not to withdraw those reports by those concerned branches of SBI, I am left no other option of advising them to give the reports with the following remarks and conclude the past reports with the following remarks: (1) The above value is arrived at strictly following the SBI Circular No.CPP/SGS/Cir/26 dated 04/06/2014 provided to us by the" ----- Manager,------- Branch. We declare that the guidelines in the abovementioned circular are meticulously adhered to. (2)However the fair market value of the subject property was not assessed based on the demand and supply of similar properties in the location as on the date of this report," since the actual price struck for such transactions cannot be practically proven". For the information of everyone : Many other valuers were already providing the reports as per those guidelines and those copies were shown to these friends who have requested me. Regards
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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Fri Aug 08, 2014 10:20 pm    Post subject: Reply with quote

Dear friends, Please be very clear that SBI requires the details of two sales transactions i.e., the property details plus the details of the seller and the buyer of each transaction and the exchanged or struck price for each sale. It is different from quoted prices of similar properties by which a valuer arrives at the estimated fair market of the subject property under valuation. If the valuer arrives at the fair market value even by other modern methods of valuation like Rent capitalization method he is forced to compare the sale prices of similar properties.The circular is again silent when the situation is that there are no transactions for more than a year in that location or when there are no similar properties available in that location. The valuer never proposes a " VALUE" but assesses / estimates the value based on the specifics of the subject property for which valuation is preferred by the bank from the valuer. REGARDS T D SURESH BABU
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djagan1949



Joined: 07 Jan 2009
Posts: 313

PostPosted: Sat Aug 09, 2014 12:55 pm    Post subject: New Guidelines issued by SBI Reply with quote

Dear Members,

Intead of bank torturing the learned valuers to indicate all these values in their report for a meagre fee, bank can open a new web site and advice the IG Registration to post in this site all registrations taking place in the State indicating sale value and schedule of property alone so that we can all see transactions districtwise. Bank can pay to revenue department a decent fee for this service. On our part we can give Rs.100 discount in each report for using this services while billing the bank.

Regards

Vr. D. jagannathan

 

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Sat Aug 09, 2014 7:04 pm    Post subject: Reply with quote

Thank you Sri. Jagan,for your penning of your valuable views. I just want to state: WE ALL ARE UNIQUE AND THE MOST UNDERSTANDING GENERATION OF OUR TIME BECAUSE WE ARE THE LAST GENERATION WHO LISTENED TO OUR PARENTS ..... AND ALSO THE FIRST TO HAVE LISTENED TO OUR CHILDREN! ! ! WE ARE NOT SPECIAL .......BUT LIMITED EDITION Regards T D Suresh Babu
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ValueAddConsultants



Joined: 27 Feb 2014
Posts: 97

PostPosted: Sun Aug 10, 2014 3:39 pm    Post subject: Re: New Guidelines issued by SBI Reply with quote

[quote="djagan1949"]

Dear Members,

Instead of bank torturing the learned valuers to indicate all these values in their report for a meagre fee, bank can open a new web site and advice the IG Registration to post in this site all registrations taking place in the State indicating sale value and schedule of property alone so that we can all see transactions districtwise. Bank can pay to revenue department a decent fee for this service. On our part we can give Rs.100 discount in each report for using this services while billing the bank.

Regards

Vr. D. jagannathan

 

[/quote]

Dear Vr.D.Jagannathan,

Heartily congratulations! I salute you, i find your answer superb in my entire reading of post in valuers world since 2010. Your idea is greater. Such suggestion should be given to counter the prevailing challenges in valuation filed to authorities and clients. Even for land acquisitions cases when i do valuation i ask client to procure sale instances under my advice and as per the instruction procedure given by me to client's representative.

Than only they will realize pain,challenges and efforts and money required to get such sale instances. It is well said by Vr.Jagannathan that Rs.100/- discount should be offered to bank in the Invoice submitted to banks for allowing valuer to use such transaction data base services.

Having said that when such vision,thinking,power,integrity,ethics,sense,commercial angle, business angle, entrepreneurship will nature among valuer's brother ? Good will only help Valuers.

Thanking You,

Mohit Mehta

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Wed Aug 13, 2014 8:31 am    Post subject: Reply with quote

Dear other friends,

Pl.understand:

.. When there is no speaker .. there is no sound .. (simple physics)
______________________________
# .. nobody to listen, conserve mental energy .. (y)

 

Regards

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katdec84



Joined: 29 Dec 2009
Posts: 2

PostPosted: Sat Aug 16, 2014 6:46 pm    Post subject: Re: New Guidelines issued by SBI Reply with quote

[quote="tdsb"]Dear friends, I am uploading the latest circular issued by SBI.Pl. everyone go through the contents. IOV SHOULD immediately put their objections since the onerous of proving two sales instances EVEN FOR SMALL values falls on the valuers. They should also object to the words that" the valuation PROPOSED by the valuer" as it leads to wrong interpretation that the valuer has brought the proposal of the client to the banker in the eyes of the common man, honourable courts and CBI etc., THE VALUATION "ASSESSED" are the right words. The valuation is "PREFERRED" by the Banker and not "PROPOSED" by the valuer. IF IOV is not doing this it amounts leaving its members in the lurch! The bankers are bent upon making the valuers as "SCAPEGOATS" at the lowest fee of RS.2500/- per report.Many officers now argue that the maximum fee is only Rs.2500/- per report and they have the discretion to pay Rs.0.01 to Rs.2500/- per report. ANYBODY WANTS TO SAY anything ON THIS! or else KEEP YOUR EYES SHUT! Regards T D Suresh Babu[/quote]Dear Sir, Pls invite our fellow valuers my giving SMS to discuss about 1)The discrepancies in the instructions and and procedures and guidelines given by various bankers in valuating the property and after gathering information from our valuers about all such discrepancies and sit ,study and suggest about the solutions to eradicate all such discrepancies and let us compile a detailed report and after that any one of us who is willing to act as a leader and fight for common cause can come forward to represent our group for forwarding that report to The  Joint Secretary,Department of financial services,Banking and insurance division,Finance ministry Government of India and a copy to RBI 2)We can gather support from the mass of people to fight and eradicate the corruption and malpractices.also please neglect about the black sheeps who inspite of being at the leadership level some time has done nothing to the welfare of our community,if you do so as stated above i wish you to become a leader for future generation of valuer society.  Thanks & Regards

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tdsb



Joined: 19 Dec 2009
Posts: 675

PostPosted: Sat Aug 16, 2014 7:13 pm    Post subject: Reply with quote

Dear Mr. Kadirvel, I am quite happy that there are valuers in Chennai itself, who can visualize my feelings and be with me. I just want to serve you all in which I am also a member.If our valuers community is well placed I will also be well placed. My idea is not to become your leader and actually I insist on abolishing the posts of Chairman and Secretary in every IOV center. I am one of the technical advisors to the present PM but I am not in close quarters since he has become a PM from a CM. If IOV authorises me to just represent I AM CONFIDENT OF CHANGING THE WHOLE SCENARIO! What is the use of "PRESIDENT OF IOV" becoming ED OF WAVO as far as HE IS VERY KEEN on SERVING ONLY Sri.Rs.Baabu. These people are NOT CAPABLE of catching the local HEN but talk about finding a way to Heaven ! I am quite honoured by your reply support and It is recorded in my hard disk BRAIN! Regards T D Suresh Babu
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