MCA mulls bill on valuation of real estate, agriculture

A bill on valuation of real estate, agriculture, industries and machinery and plants, works of art and life interest, marine properties, textiles, electronic and telecommunication engineering and products is under the consideration of Parliament.

Initiated by the Ministry of Company Affairs, the draft bill to recognise, regulate and frame rules and regulations is under examination by different agencies and very soon will be tabled in Parliament, according to S S K Bhagat, Vice-President, Institution of Valuers-IIV (India).

He told PTI that the ministry had elicited views from various institutes and submitted its recommendations.

The rationalisation of valuation techniques is also under the purview of Institute of Chartered Accountants, Institute of Company Secretary, Institute of Cost and Works Accountants of India, Institute of Insurance Surveyors, The Indian Council of Arbitrator's.

The Department of Company Affairs, Government of India, had convened different rounds of meetings among various bodies and the draft bill is also under circulation with the ministry of finance, company law, he said.

The IIV has also submitted its 'Green Book' to the committee headed by Dr Amit Mitra, Secretary General, FICCI (Federation of Indian Chamber of Commerce and Industry)', who has been nominated to finalise the draft bill.

Bhagat hoped that the bill will take shape soon, thereby envisaging a professional framework for valuers and achieving the due recognition among the general public and industrial groups.

The 39-year-old institute has 19,000 plus members, which include about 13,000 in the life membership category and the rest as annual subscription members, Bhagat said.

Every month nearly 200 applications for seeking membership from qualified and registered valuers from India and abroad are received by the institute. Only after close scrutiny of qualifications and experience are the lists made in the appropriate categories.

Efforts were on to inculcate professional and academic touch to the concept of valuation and IIV has coordinated with leading educational institutions as well, he said.

As of now, Periyar Maniammai University, Thanjavur, Annamalai University at Chidambaram, both in Tamil Nadu and Sardar Valabhai Patel University at Anand in Gujarat offer post diploma courses in valuation with focus on real estate, plant and machinery and relevant topics, he said.

The Bengal Engineering and Science University at Shibpur near Kolkata plans to commission one MBA programme with six semesters on Real Estate Valuation. Similarly Sivaji University at Kolapur in Maharasthra is to offer Master's Degree Programme in Real Estate Valuations. The bangalore chapter of IIV is in touch with Mysore University to start similar PG Degree programmes on valuation, Bhagat said.