Valuation is the art of assessing the present fair value of a property at a stated time. The valuation of anything is an estimate of the value of that thing in terms of money. It only attempts at suggesting the fair prices. Yet, valuation is not an arbitrary process. It is based on certain facts and indications and only after the judicious processing of such facts and indications we can suggest the value of the fair price of the property.

The purposes of valuations are:

1. Purchase for investment or for occupation

2. Tax fixation

3. Sale

4. Rent fixation

5. Insurance premium

6. Mortgage value

7. Compulsory acquisition

8. Speculation

9. Betterment charges

10. Auction bids

11. Wealth tax

12. Gift tax

13. Probate

14. Estate duty

15. To determine the amount of court fee stamp.