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enlightened Land Valuation

      Land valuation, the land appraised value or checking the price of lands? The land valuation system in Thailand is different from other countries. In Thailand, we have 2 different appraised values which are first, official appraisal price for tax payment which will be used as references for any juristic registration and responsible for appraisal by the Treasury Department of Thailand Ministry of Finance. Second, appraising the land by using the criteria of market trading value which recommend to hire the valuation company which there are issues of consideration between appraising for ‘Existing Use’ or ‘Alternative Use’. However, although the land is already being utilized in agricultural or a temporary activity building, the uses can be changed. Therefore, a comprehensive legal examination must be conducted especially for the city plan in terms of the development potential of the use forms of the building. This is also part of site selection process before any development happen. In this case, those lands that are located in the urban areas and can be developed tend to have more scope in terms of inspection than those that have already been utilized. In this type of appraisal, the valuation method that will be applied is the ‘Market Approach’ by comparing directly with the market price to determine the value. As for the lands with development potential, another valuation method that can be used is the ‘Income Approach’ by assuming the project development as a price reviewing method. The documents that are required in this land valuation are the document of right which includes NOR SOR 3, NOR SOR 3 GOR deeds.

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