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There is no mathematical formula by which the market value of the flat can be ascertained. The determination of the market value involves a little amount of guess work which is of quasi-scientific nature. Generally, the market value is based on the sale price of the very property under consideration or by comparing the flat whose market value is determined with the instances of sales of similar flats in a similar neighbourhood.
Courtesy - 123rf
Each flat has great influence upon the supply and demand in a particular locality. The market value of the flat is governed by so many factors which include its location, situation, size and shape, type of locality. There are however certain adverse factors which tend to lower the value of flat.
These are the factors which reduce the value of the flat in-spite of other things being favourable.
- Whether it is a purely residential building or is it a mixed one having shops, offices etc., on the ground floor, first floor etc. The commercial activities are a source of major nuisance to the occupants, as they remain open all throughout and again they have no. of visitors. The more no. of visitors snatch the privacy of residents, children play area and also encroach the parking space.
- Whether it is a very old building which has outlived its useful economic life.
- The building whose physical condition is dilapidated and needs extensive capital repairs or major repairs will not fetch good value.
- Building facing severe structural problems, distress subjected to heavy corrosion in slabs, beam and more particularly in columns.
- Buildings having foundation related problem settlement of foundation etc.
- Building with basically original poor workmanship and quality of material having the problem of leakages of pipes, leaking toilets, damp walls, roofs etc.
- Old styled design lacking modern amenities as per modern lifestyle.
- Building without proper light, air and ventilation, where cross ventilation is absent.
- Poorly designed and detailed buildings where regular repairs and maintenance are difficult uneconomical and frequent.
- Buildings with thin RCC elements, ornamental features which are highly prone to corrosion and repairs of which will be very costly.
- Buildings constructed with materials, which have low resistance to fire.
- Building constructed with materials which have less life and needs frequent repairs and maintenance.
- Building situated in a corrosive environment or over the poor quality of soil subjected to erosion, liquefication, landslide etc.
- Too large a building with no. of flats where it creates administrative problems.
- Too many flats per floor are also not preferred by many.
- The absence of good and efficient 24 x 7 water supply.
- Lack of sewerage connectivity to public sewage system as septic tank and soak pit would be a permanent nuisance.