A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes (2024)

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By valuation, the present value of land/ property is determined. In every valuation, land is one of the important components of valuation. The lands may be with single ownership or joint ownership with others or Hindu Undivided Family. Land may be defined as the balance available area of the Earth's crust after deducting the areas of the sea. This landed area may be Agricultural lands, Open land, Forest land and Rocky and Hilly lands. A land is to be classified into two categories viz. agricultural and non agricultural. The agricultural lands can further be classified as purely agricultural and semi-agricultural lands. Further, the agricultural lands in the periphery of a city or a municipality are likely to be declared as urban land.

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Background: Decision-making is a mental process to select among several possible alternatives. It is the study of identifying and choosing alternatives based on the values and preferences of the decision-maker. Value management is one of the decision-making tools. In case of decisions that related to determining the feasibility of construction or rehabilitation projects, real estate appraisal is very helpful. There are two main approaches for Land valuation; the first one depending on the economic value of the land in comparison with recent sales of similar plots under similar conditions. The second is focusing on the expected production potential of the land taking into account socio-economic considerations; it is suitable for rural areas and in regions where there is either no functional market and/or where there are very few land sales. Materials and Methods: This paper aims to study the value management as a tool to the decision-making process, using the principles of real estat...

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A reinterpretation of the value attributes of agricultural land for the valuation of farms bought for lifestyle purposes (2024)

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