Role of property valuation to check black money in realty sector emphasised.

Tribune News Service : Jalandhar, April 26 : Thursday Apri 27, 2017.

A national-level seminar on “Valuers of properties and legal aspects” was organised by the Valuers Association. Around 150 valuers from different parts of the country participated in the seminar.

Kapil Arora, general secretary, informed the media that as per the gazette notification of the Ministry of Finance, it is mandatory for banks and financial institutions to get valuation done from valuers registered under section 34AB of the Wealth Tax Act, 1957.

After receiving information from reliable resources about incompetent persons registered as approved valuers, a team of Valuers Association, under the provisions of RTI Act 2005, inspected the record of valuers at the office of the CCIT at Ludhiana and Panchkula and reported many discrepancies in need of immediate necessary action.

Sundeep Bansal, chairman, research and development wing, said it is known that black money is involved in the real estate sector due to major difference in the prevailing market rates and collector rates. Most transactions in India are done at collector rates, which are ultimately causing revenue loss to states as well as the Central Government.

He said the valuers are the backbone of banks. Since the value of any property for banks and financial institutions is relied upon the report given by the approved valuers, it is the fundamental duty of valuers to follow the mandate and practice ethically for the growth of Indian economy, he said.