Methods of Open Lands Valuation

Dr. Jaspal Singh, Professor, Civil Engg Department, Er. Anil Kumar Nanda, Civil Engg Department, PAU Ludhiana

Introduction: Valuation is defined as an opinion of an expert who assesses the worth of an asset, be it a property/ machine/gold or any other item. By valuation, the present value of land/ property is determined. In every valuation, land is one of the important components of valuation. The lands may be with single ownership or joint ownership with others or Hindu Undivided Family. Land may be defined as the balance available area of the Earth's crust after deducting the areas of the sea. This landed area may be Agricultural lands, Open land, Forest land and Rocky and Hilly lands. A land is to be classified into two categories viz. agricultural and non agricultural. The agricultural lands can further be classified as purely agricultural and semi-agricultural lands. Further, the agricultural lands in the periphery of a city or a municipality are likely to be declared as urban land. Broadly lands can be classified as urban lands and farm lands. The urban open lands may be residential/ industrial, and the value of such lands primarily depends on the potentiality of their development by constructing appropriate structures over them. The farm lands are agricultural fields on the basis of which, people can earn their livelihood.