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Property valuation mainly comes in two forms today. You can get instant estimates online or hire professionals for physical inspection. Each method serves different needs and situations.
Online valuation uses algorithms and market data to estimate property value. One can provide the property details on a website and receive instant results. Offline valuation involves a certified valuer visiting your property for detailed inspection.
Both methods have their place in real estate transactions. The choice depends on purpose, urgency, and required accuracy.
Different situations call for different valuation types. Understanding the purpose helps in choosing the right service.
Online valuation works perfectly when you want rough estimates. Planning to sell next year? Get an online valuation now to set expectations.
Most of the banks require physical or offline property valuations for final loan approval. They need certified reports from one of the approved valuers from their panel. Online valuations may work for pre-approval in some banks, but not for final loan sanctions.
Online property valuations provide quick reference during negotiations. Check if the property seller’s asking price aligns with market rates before making offers.
Courts require physical valuation reports from certified professionals. Online estimates carry no legal weight in disputes about property division or compensation.
Insurance companies require certified valuation reports for property as they hold legal validity unlike online valuations.
Online property valuation helps evaluate multiple properties quickly. Screen options online, then get physical valuations for shortlisted properties.
Government authorities conduct their own valuations. You can challenge excessive assessments using certified physical valuation reports if the government assessed value is higher than the market value.
Speed often determines your choice between online and offline valuation.
Enter property details, and get results within a few hours. Some platforms provide detailed reports within hours.
The process includes:
Rush valuations cost extra but reduce reporting timeline to 2-3 days. Standard offline valuations may take 5-7 working days.
Consider your timeline carefully. Need estimates for initial planning? Go online. Closing a deal next week? Start offline valuation immediately.
Online and offline valuations need different documentation levels.
Some optional details could include facing of the apartment entrance, view from the property, furnishing status.
Valuers verify every document during physical inspection. Missing documents can delay the process or affect valuation accuracy.
Gather documents before scheduling offline valuation. This saves time and prevents multiple valuer visits.
Legal validity often decides between online and offline valuation.
Courts, banks, and government bodies rarely accept algorithm-generated non-certified estimates as valid proof of value. These serve as indicators, not legal documents.
Certified valuers provide:
Government-registered valuers follow strict standards. Their reports remain valid for three to six months depending on purpose and local regulations.
Physical valuation reports include:
Banks maintain approved valuer panels. Only reports from panel valuers qualify for loan processing. One thing to note is that banks often have protocols for initiating these valuations internally and a report submitted by you may not be admissible to avoid collusion or conflict of interest.
Online valuation suits specific scenarios perfectly.
Are you starting to think about selling or buying a property? Online estimates help in setting realistic goals without spending money on offline valuations by professionals
Do you own multiple properties? Track values of the properties quarterly through online tools. This costs less than regular physical valuations.
Compare properties across locations quickly. Online tools analyze hundreds of options in minutes.
Calculate borrowing capacity before approaching banks. Online estimates help understand loan-to-value ratios.
Landlords can check area rental values online. Set competitive rents without formal offline valuation expenses.
Found a property but need immediate value confirmation? Online valuation provides instant guidance for time-sensitive opportunities.
Professional valuations cost thousands. Online estimates cost little in comparison for basic reports.
Choose online valuation when:
Physical valuation becomes necessary in several situations.
Loan applications: Banks mandate physical valuations for loan processing. No exceptions exist for high-value loans. These valuations are initiated by the bank itself through one of its paneled valuers.
Property transactions: Buyers and sellers need accurate valuations for fair pricing. Physical inspection reveals issues online estimates miss.
Legal requirements: Divorce proceedings, inheritance divisions, civil disputes, and court cases require certified physical valuations.
Taxation: In case of property tax or capital gains tax, only a physical valuation report in specified format and certified by a valuer registered under the Section 34AB of the Wealth Tax Act, 1957 is accepted.
Unique properties: Heritage buildings, custom constructions, or properties with special features need expert physical assessment. Algorithms can’t value uniqueness accurately.
Dispute resolution: Conflicting online estimates? Physical valuation provides definitive assessment accepted by all parties.
High-value transactions: Properties worth crores deserve professional valuation. The cost becomes negligible compared to transaction value.
Insurance claims: Major claims require detailed physical valuation reports. Insurance companies won’t cover or settle based on online estimates.
Choose offline valuation when:
Making the right choice between online and offline valuation saves time and money. Use online tools for quick decisions and planning. Invest in professional physical valuation when accuracy and legal validity matter.
Square Yards offers both services. Our online platform provides instant property value estimates while our network of certified valuers conducts detailed physical inspections. Choose which one you want based on your immediate needs and long-term goals.
Some banks may accept online valuations for initial loan estimates only. Final approval requires physical valuation from approved valuers and these are initiated by the bank itself through one of its paneled valuers.
Online valuations achieve 80-90% accuracy for standard properties in active markets. Unique properties or inactive markets reduce accuracy significantly.
Offline valuation costs range from ₹3,000 to ₹15,000 depending upon the property type and it’s location. Offline valuation costs for Unique or larger properties can be even higher. Square Yard’s Online Property Valuation costs only ₹999.
Not for official purposes. Online valuation complements but doesn’t replace physical inspection for loans, taxation, legal matters, or high-value transactions.
Physical valuation reports stay valid for 3-6 months. Online estimates reflect current market conditions and should be refreshed monthly.
Serious buyers trust physical valuations more. Online estimates work for initial interest but buyers want physical inspection before finalizing deals as it can reveal potential issues in the property.
Pre-approval becomes faster with online valuation. Final approval still needs physical valuation, so total time remains similar.
Online valuations assume average condition. They can’t account for excellent maintenance or hidden damage without physical inspection.
Start with online valuation for quick estimates. Go for physical valuation when ready for transactions or for formal purposes.
Investors use online valuations for screening opportunities. They opt the physical valuations only for properties they’re serious about buying.
