Globalized valuation standards

A must read to all who are related to Real estate
In an age of globalization, valuation of property needs to be on a par with international market norms, says Nirmita Mehrotra in Times of India 19th July 2008
The need for appraisals arises from the heterogeneous nature of property as an investment class no two properties are identical, and all properties differ from each other in their location which is the most important determinant of their value. Valuations are required for many purposes financial reporting, sale-purchase transactions and capital investment, securitization, tax settlements, financial regulation, and resolution of disputes over property interests. Today, the worlds financial community and its regulators are putting increasing reliance on value rather than cost, whether it is for investment decisions, risk-profiling or disclosure in financial statements. As a result, there is growing recognition of the urgent need for a single set of comprehensive international valuation standards. Some of the most common valuation systems sought for real estate appraisal are: Read More About It...............