Former President of SIEMA Jayakumar Ramdass (second left) releasing a souvenir at the inauguration of a seminar on ‘Quality Assurance in Valuation of Assets in the Changing Scenario' organised by the Institution of Valuers (Coimbatore Branch) in Coimbatore on Friday. President of Institution of Valuers, New Delhi, P.K. Thiagarajan (right), Director of Tamil Nadu Institute of Urban Studies, Coimbatore, P. Kanagasabapathi (left) and Chairman of the branch N. Sriram (second right) are in the picture.
Valuers should provide inputs on zoning of the city, suggested Jayakumar Ramdass, Head of the Taskforce on Skills and Human Resource of the Confederation of Indian Industry, Tamil Nadu.
Inaugurat'ng a two-day seminar here on Friday on “Quality Assurance in Valuation of Assets in the Changing Scenario”, organised by the Coimbatore Branch of Institution of Valuers, he said zoning was important. When an industry came up in the city outskirts, residential property also developed in that area. This gradually led to implementation of pollution control norms and the industries had to shift to another location. As a result, industries were now developed as clusters. Zoning would help in development.
Valuers could also help by releasing quarterly report on land prices in their respective areas. P.K. Thiagarajan, President of the Institution of Valuers, said that with liberalisation, the profession had also become international.
P. Kanagasabapathi, Director of Tamil Nadu Institute of Urban Studies, Coimbatore, said that migration had been happening world over. Cities were growing because of urbanisation. In 2001, 44 per cent of the State's population lived in urban areas. This was expected to increase to 50 per cent soon. Valuation was a serious issue. In India, the problem was under-valuation at macro level. There were different estimates for economic indicators. The valuation problem should be addressed seriously
State Chairman of the Builders' Association of India K. Viswanathan said valuation was a complex subject. The land prices changed often. Valuation should be managed professionally. Prices of construction raw materials had increased. During the last one year, labour costs had gone up and masons were getting about Rs. 400 a day. Earlier, the labour component in construction cost used to be 25 per cent. Now, it was 30 per cent. Valuers should take this into consideration. S. Pichaiya, convenor of the event, said service sector was driving the country's growth and so professional services such as valuation were gaining importance. Valuers need to introspect and improve the standards of valuation.