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How to know market value of land?

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0 2021-10-25T19:03:18+00:00
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To determine the market value of a land, there are many methods and approaches which are undertaken by builders and real estate advisors. If you wish to know how to know land value, then you will have to go deeper into the subject and know the methods which are quite popular in the market. Since I have been in the industry for a few good years, I thought I would be able to provide some insights. Here are the methods or approaches which will help you find how to know market value of land.

How to know the market value of land? Sales Comparison Approach

This is the most common approach which is adopted by the real estate industry experts to find out the market value of land. Basically they do a comparative analysis of the property or land of similar nature to arrive at an approximate value. 

Developmental approach

Suppose you invested in a land which is worth a low price at the moment but the advisors encouraged you to buy it anyway, why? This decision is based on the development method approach where the investment is made keeping in mind the future growth prospects in the area and value appreciation predicted on the basis of that.

Guidance value based

Another popular method to know land value is by determining the guidance value of the land in the area. The guidance value is also attributed as circle rate or ready reckoner rate. The states decide these rates. 

If you are finding it difficult to implement any of these methods prior to making an investment in properties. You must consult NoBroker experts. Check out plans here.

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