Steps to streamline property valuation
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The Bill to establish a Council of Valuation is a welcome step that will add credibility to the valuation profession, writes C.H. Gopinatha Rao
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The Union Government recently circulated a concept paper for The Council of Valuation Professionals of India Bill. The Bill, after suitable modification, will be passed as an Act, which shall regulate the profession of valuation. It will pave the way for the establishment of a Council of Valuation much like the Medical and Architecture Council. This will add credibility to and enhance the significance of the profession.
The proposal is to establish a Council of Valuation Professionals of India with 16 members from different bodies such as Chartered Accountants of India, Institute of Cost and Works Accountants of India and Institute of Company Secretaries of India.
Setting standards
The Council will set the standards for education and training of valuation professionals, give or cancel recognition to institutes for education and conduct of examinations for valuation professionals, and prescribe qualifications for recognition of the institute.
It will also frame the code of practice for certified professionals, issue guidance for the appointment of valuers and enumerate the disclosure requirement and regulate the recognition of foreign qualifications and training for purposes of enrolment.
When the Bill is passed, only those who have successfully completed the curriculum and training as prescribed by the Council and from a recognised institute, will be issued the certificate of practice. It is only after receiving the certificate can anyone practise as a professional valuer.
Review board
The Council will also establish a board to review the quality of services provided by the valuation professionals.
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