How is flat resale value calculated in Chennai?

How is property value calculated in Chennai?

Method of fixing Annual Value of any Property:

Monthly rental value (i.e) 100 P.M. Simply stated, 10.92 is the common factor for calculating annual value for all buildings. To arrive at Annual value of any building, multiply monthly rental value with 10.92.

How is flat value calculated?

Illustration for calculation total valuation of the property:

  1. Total Built-up Area – 900 Square Feet / 83.61 Square Metres.
  2. Balcony/Terrace – 200 Square Feet / 18.58 Square Metres.
  3. Open Parking – 100 Square Feet / 9.29 Square Metres.
  4. Floor Number – 5th Floor.
  5. Lift – Yes.
  6. Age of Property – 21 to 30 years.

Do flats have resale value?

Nothing can be more profitable than purchasing a flat at a price much lesser than the market rate. Moreover, the resale flats are fully constructed and come with a ready-to-move-in tag. One of the biggest benefits that the resale apartments provide is the tax benefit after gaining possession.

How do I estimate my property value?

How to find the value of a home

  1. Use online valuation tools. Searching “how much is my house worth?” online reveals dozens of home value estimators. …
  2. Get a comparative market analysis. …
  3. Use the FHFA House Price Index Calculator. …
  4. Hire a professional appraiser. …
  5. Evaluate comparable properties.
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How is flat resale value calculated?

You can check the resale value of flats or old flats by applying the following formula: Value or resale flat = value of undivided share of land + depreciated value of building and amenities + value of overheads, expenses, etc.

How do you calculate depreciation on a flat?

Suppose you are selling it after 20 years of construction, selling price of the building minus depreciation is arrived at by this simple formula- Number of years after construction/ Total (useful) age of the building. In Karthikeyan’s case it is 20/60 = 1/3.

How do you calculate valuation?

Multiply the Revenue

The times revenue method uses that for the valuation of the company. Take current annual revenues, multiply them by a figure such as 0.5 or 1.3, and you have the company’s value.

How are apartment prices calculated?

If you wish to estimate the value of your apartment, you will just have to multiply the surface area of your apartment by the price per m² of your municipality. The price per m² represents the median in the locality. An apartment in good condition in a popular area of the municipality will have a higher price.

Why is resale flat more expensive?

“There’s a strong demand for resale flats and the supply of resale is inflexible,” said Mr Mak. “So as a result, we see demand stronger than supply (and) prices go up.”