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anildhope



Joined: 17 Jun 2008
Posts: 514

PostPosted: Sat Dec 19, 2009 9:59 am    Post subject: Handbook On Valuation Policy and Procedures, Format. Reply with quote

Draft "Hand Book on Policy, Standards and Procedures For Real Estate Valuation by Banks and HFIs in India"

Indian Banks’ Association constituted a Sub-Committee under the Chairmanship of   Mr. S. Sridhar, Chairman & Managing Director, Central Bank of India and CMD, National Housing Bank to develop a  “Hand Book on Policy, Standards and Procedures For Real Estate Valuation by Banks and HFIs in India”.  The draft Hand Book is now placed on the IBA Website.  

IBA has invited feedback from all interested parties on the draft Hand Book.  The feedback may be sent to Senior Vice President (Operations & Legal), Indian Banks’ Association, Centre 1 Building, 6th floor, World Trade Complex, Cuffe Parade, Mumbai 400 005 to reach on or before 30th April 2010. The feedback may also be sent by email to  ramchandran@iba.org.in (Fax : 022-22184222 / 022-22154131).

 

A handbook on the new ‘Policy, Standards & Procedures for Real Estate Valuation by Banks and HFIs in India’ is being introduced by Indian Banks Association ( IBA ) and National Housing Bank ( NHB ) which will be effective  from 1st April 2010.It will be imperative for every valuer to follow this handbook and for every banker to abide by the rules stated in this handbook.

 

To get details of this handbook, please read the attached file carefully. I have raised a few objections to certain rules and conditions stated in the handbook which are given below. All the issues discussed here are very pertinent to day to day working of a valuer and therefore valuers are requested to send their comments on valuersworld forum. Some policies need to be formulated to maintain the dignity, honesty and nobility of this profession, otherwise no worthy individual will choose this profession and we will have to make do with unprofessional valuers.

 





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shahconsultant



Joined: 30 Aug 2008
Posts: 49

PostPosted: Fri Dec 25, 2009 2:02 am    Post subject: handbook for valuation policy & procedure Reply with quote

dear anil dhopeji'

thank you for bringing this very important issue to our knowledge. as mentioned about variation between two valuation of same property, even supreme court has allowed up to 15 % variation in two valuation reports of same property considering valuation is a opinion & is never been perfect or same for two persons.

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djagan1949



Joined: 07 Jan 2009
Posts: 285

PostPosted: Fri Dec 25, 2009 3:29 pm    Post subject: handbook for valuation policy & procedure Reply with quote

Anil Dhope ji.

Now  only a policy is being discussed for implementation. We have to wait and see how genuinely and practically this will be exercised. It will take a long time to steamline the proceedures after lot of case study. Atleast from now on 5 years to be given as gestation peroid for all valuers and then only, bank should start enfocing the policy systematically. No doubt the policy is in promotion of good professional practice but valuer as well branch managers have to come out of their certain notions since this profession  was unorganised and unprotected in the past.

Regards

djagan1949

 

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anildhope



Joined: 17 Jun 2008
Posts: 514

PostPosted: Tue Feb 09, 2010 7:46 pm    Post subject: Reply with quote

Dear valuer,

We hope you have gone through the handbook on the new ‘Policy, Standards & Procedures for Real Estate Valuation by Banks and HFIs in India’ being introduced by Indian Banks Association ( IBA ) and National Housing Bank ( NHB ) that is scheduled to be followed by all banks and financial institutions from 1st of April 2010. This hand book has been posted on www.valuersworld.com in forum/discussion. All registered members can download this document and study it.

In all earnest, we can only hope that these guidelines are made mandatory for all banks from the scheduled date positively.  It will help the valuers to ward off the arbitrary and callous treatment meted out to them currently.

If these policies are not uniformly enforced on all banks, no one will step forward to take up this profession and there will be a dearth of good valuers in India. As it is, right now valuers are finding it hard to earn their bread and butter solely from this profession.

All valuers should work constructively to form a public opinion regarding this and exert pressure on the authorities namely Reserve Bank Of India, Institution of Valuers, Practicing Valuers Association etc. to see that these guidelines are put into practice from 1st April 2010.

If you have not read this document, please log into www.valuersworld.com /forum/discussion to get the details.

 

From the team of valuersworld.com

 

Dear Anil,
We have taken up the matter wth  IBA & Dr.P.S.N Rao,author of India Valuation Reform Project to advise the status & final report including therein the suuggestions made by IOV especially regarding Fee Structure, Penal action by a Neutral Committee having members of IOV  etc.The reply is awaited.
You may also follow up .
S.S.K Bhagat,
Vice President
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VikramBhatt



Joined: 19 Nov 2009
Posts: 28

PostPosted: Mon Feb 15, 2010 5:02 pm    Post subject: Hand book of valuation policy Reply with quote

Dear Dhopeji

Provisions of clause 1.6 of minimum fees of Rs.800.00 is improper looking to todays situation and should be fixed as per quated by you in addition to travelling expenses and T.A./D.A. and other expenses.

Provisions of clauses 1.8,1.9,1.10,1.11 should be strictly followed by all finincial Institutions as prescribed,unfortunately at presently such provisions are followed by very few Institutions.

Regards 

Vikram Bhatt

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ersenthilraj



Joined: 30 Aug 2008
Posts: 61

PostPosted: Wed Mar 03, 2010 11:43 pm    Post subject: Re: Handbook On Valuation Policy and Procedures, Format. Reply with quote

[quote="anildhope"]

A handbook on the new ‘Policy, Standards & Procedures for Real Estate Valuation by Banks and HFIs in India’ is being introduced by Indian Banks Association ( IBA ) and National Housing Bank ( NHB ) which will be effective  from 1st April 2010.It will be imperative for every valuer to follow this handbook and for every banker to abide by the rules stated in this handbook.

 What is position of A handbook on the new ‘Policy, Standards & Procedures for Real Estate Valuation , when will it comes in to force, there is no Message about it, but only as per draft it is mentioned that 1st April 2010, but yet not finalised

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shahconsultant



Joined: 30 Aug 2008
Posts: 49

PostPosted: Sat Mar 20, 2010 4:22 pm    Post subject: Re: Handbook On Valuation Policy and Procedures, Format. Reply with quote

 WHAT IS CURRENT POSSITION OF THIS CODE? WILL IT REALY APPLICABLE FROM 1ST APR'2010?

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djagan1949



Joined: 07 Jan 2009
Posts: 285

PostPosted: Sun Mar 21, 2010 10:37 am    Post subject: Implementation of New policy in real estate and valuation Reply with quote

Dear Members,

This policy may have to be scrutiniced and approved at many more levels before implementation. We have no choice but to wait for the final nod .In my opinion it may take some more time for anything good happening to us. Be patient and let us wait till then.

Regards

djagan1949

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badamsundararao



Joined: 09 Aug 2009
Posts: 123

PostPosted: Wed Apr 07, 2010 9:44 pm    Post subject: Re: Handbook On Valuation Policy and Procedures, Format. Reply with quote

 

[/quote]EXCELLENT ATTEMPT.THANKS FOR BOOKLET DOWNLOADING PROVISION.

 

BADAM SUNDARA RAO.

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anildhope



Joined: 17 Jun 2008
Posts: 514

PostPosted: Thu Apr 22, 2010 8:44 am    Post subject: Reply with quote

Member / Valuers are requested to send the objections/ comments on valuers Hand book upto 30th April 2010.

Many suggestions have been incorporated in the revised draft. The main objection in the revised draft is valuers' fee, where the draft says:

1.6 Professional Fees

Depending on the nature of work involved and the value of the

property, the valuer and the bank / HFI may negotiate the fees.

However, the minimum fees to be paid to an empanelled valuer for

the valuation of a property will be as under :

Category of Valuer - A - Rs. 2,500.00

Category of Valuer - B and C - Rs. 1,500.00

Note : In case of Diploma Holders, the minimum fees shall be Rs.1,500.00

In case the valuer is required to undertake the valuation in a city
other than that in which the valuer normally resides, the bank /
housing finance institution shall reimburse the outstation travel
TA/DA charges as agreed to between both the parties in the
beginning itself before the valuer starts the assignment.

Ambiguity left to manipulate, banks will take advantage.

For the maximum fee they should follow CBDT norms effective from 30th Jan 2009.

 

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me.narayanan



Joined: 19 Dec 2009
Posts: 2

PostPosted: Mon Apr 26, 2010 11:15 pm    Post subject: Revised (Latest) draft of Handbook On Valuation Policy and P Reply with quote

Dear Sirs,
Sub: Comments/Suggestions on the Code
Item 1.2f
Minimum 3 references are asked for...what happens to a fresh Valuer
who wants to be empanelled? What happens if a Valuer does not want
jobs from more than One or Two Institutions?
Item 1.3
Review is stated as Anuual...why not it be once in 3 yrs. Block period
considering the review procedure itself takes about 3 months .
1.6 Fees
Why should the fees be negotiable? The Quality of reports are poor
because the fees are inadequate /not commensurate with the time
spent.Hence quality Valuers are not attracted to the Nationalised/
Scheduled Banks.It is surprising that since Independance the Fees have
been revised only now and that too not anywhere linked to Cost of
Living Index ...now there is a suggestion to negotiate even this.
TA /DA should be on par with Senior Officers of the Bank or higher
since Bank Officer's have Salary & benefits in addition to TA/DA.
1.9 Supportive Documents (wherever possible)...others to be procured by Valuer
It should be mandatory for the Bank to procure all relevant Documents
reqd for Valuation including Legal Report etc before entrusting the
work to a Valuer.
Professional Fees.. within 45 days is mentioned...why should not the
payment be made as soon as the report is recd.---afterall the Valuer
is not going to run away.
2.2 d Statement of Standards: Physical Inspection by Valuer or
Qualified Valuer in the Firm.
Reporting & analsis is done by a Qualified Valuer.The person who
visits the site and collects data employed by the Valuer need not be a
Valuer himself..he only needs to be a technically experienced or/and
qualified person. This is so in case of Chartered Accountants & other
professionals-- after all responsibility is taken by the Valuer for
the Report.
2.5 Code of Conduct; Review of work with knowledge of previous
Valuer...The idea of getting two independant reports will be defeated
if the report is to be in consultation.Hence no purpose will be served
if this clause is there...more so no institution reveals whether they
have already got the property Valued.
                                              A line in reply will be
higly appreciated.
Regars,
L.S.Narayanan
Regd Valuer CBDT & LM Institution of Valuers

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ersenthilraj



Joined: 30 Aug 2008
Posts: 61

PostPosted: Thu Jun 24, 2010 11:57 pm    Post subject: Reply with quote

Dear Sir,

May month is gone June also where is Policy of Handbook on Real Estate Valuation, If someone is Know about it

Er S Senthilraj

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suchdevs



Joined: 30 Aug 2008
Posts: 345

PostPosted: Tue Jun 29, 2010 3:06 am    Post subject: Reply with quote

to the best of my knowledge, there is no progress in the matter...

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vimalraam



Joined: 12 Jan 2009
Posts: 23

PostPosted: Tue Sep 14, 2010 10:07 am    Post subject: Reply with quote

Dear Sir,

Is  there any progress of Policy of Handbook on Real Estate Valuation, if any please share with us.

 

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bishnujee



Joined: 04 Nov 2011
Posts: 176

PostPosted: Thu Nov 17, 2011 4:10 am    Post subject: Reply with quote

Dear Professional Valuers,

Please do take up your issue and matters with IOV regarding Professional fees for Valuation service in India is not fair as most are executed by Professional Engineers and CAs and valuation service fees is not keeping in line with global trend.TA/DA and other miscellaneous expenses should be additional seperate and cannot be determined from before particular valuer engaged for the assignment.

This is serious issue and Profession service fees should be revised as soon as possible.

Kind regards

 


EUR ING Bishnujee Singh  ,P.E FIEAust
Fellow Engineers Australia
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http://www.cayleyaerospace.com

 

 

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