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Valuation is the technique of estimating or determining the fair price or value of a property such as a building, a factory, other engineering structures of various types, land, etc. By valuation the present value of a property is determined. The value of property depends on its structure, life, maintenance, location, bank interest, legal control, etc. The value also depends on supply on demand and the purpose for which valuation is required.
Valuation of a building depends on the type of building, its structure and durability, on the situation, size, shape, frontage, width of roadways, the quality of materials used in the construction and present-day prices of materials. This also depends on the height of the building, height of plinth, thickness of wall, nature of floor, rood, doors, windows, etc. A building located in the market area will have higher value than a similar building in the residential area. Building in the area having sewer, water supply and electricity will have increases value. The valuation of building is determined on working out its cost of construction at present-day rate and allowing a suitable depreciation.