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Mastering Real Estate Valuation is the fruit of years of teaching, writing, research and valuing empowering owners and decision makers like investors, governments, tax authorities. Irving Fisher described valuation as a human process in which foresight enters. The book covers basic to advanced valuation specially for varsity curricula. The RICS and IVS are excerpted. Indian legislation is featured but the principles apply to other countries too. Globalisation, liberalisation, FDI have been dealt with. Capital Gains Tax is for gainful disposal of real estate while mortgage valuation determines loans. Methods of school, airport, hotel, supermarket, hospital, bakery and warehouse valuation are covered. Income capitalisation techniques and numerous leasehold problems are special interest while valuation reckoners are provided.
Following the US sub-prime crisis of 2008, world real estate and share prices fell. In 1997’s debacle the Bank of Thailand crashed depressing the economies of Indonesia, South Korea & Thailand; affecting Hong Kong, Laos, Malaysia, Philippines, Brunei, China, Singapore, Taiwan, and Vietnam; touching Japan. The world is now aware of the implications of similars.
Syamales Datta received his Physics (Hon) from Calcutta University and joined Howrah Improvement Trust. He qualified with RICS in 1971 and retired from service in the spring of 2004 after very memorably serving as chief valuer. A fellow of the IOV and the IOS, Datta has also been a research guide for Annamalai’s masters programme. He has taught valuation at IIEST, IUM, IEM, ILGUS, WBVB, HUDCO, JU, TIU, IOV, IOS, and recently at RVOS, studying where pre-qualifies for certification to value company assets. Datta coordinates symposia. Earlier titles include Valuation of Real Property: Principles & Practice and Advanced Valuation for Secured Lending by Banks and Financial Institutions, the former bestseller is replaced with this paperback by time. Those titles are quoted from in lawsuits. The Valuer’s Day Award in 2007 and the Valuer Excellence Award in 2016 are some of Datta’s recent honours.
The author valued for Andal Aerotropolis, mall development rights in Curzon Park, Kolkata and he was consulted by Indo Nabin and the LIC(I). He did a feasibility analysis project for Kolkata Metro’s wing, east of the Ganga. Government projects included the semi-weekly market in Howrah and Nagaland’s cement factory. Works and writings made headlines and case laws and some are sub judice.
The book discusses micro & macro aspects shaping demand and supply and the historical evolution of the bundle of property rights. Real estate units are compared in grids. The income approach enshrines the investment market & yields. Is elaborated the benchmark of interest rates’ effects on security and property yields. Inflation’s domination on yield is given. Modern valuation depends heavily on software automation of yields, PV, NPV, IRR, DCF. Traditional residual method, income capitalisation technique, DCF, profits method, trade-related property and how rent control controls property value are demonstrated. While more HNIs resulted in luxury housing growth affordable housing was made available for the LIGs. Green buildings are a new concept. Commercial real estate valuation includes virtual rent. This bestseller gives a historical account of the growth of India’s industrial sector and liberalisation's contribution to India's GDP.
This book contains aspects of property valuation that have come up in the profession recently and may not be discounted. It assimilates much of the latest analytical techniques, legislation and valuation trends. The author is grateful to A.N. Sen, former law secretary for reviewing sundry parts. It is hoped that the practising valuer will find this work useful and will after reading it solve problems creatively beyond the limits of what this volume directly imparts, with confidence.