Court - Appointed Valuation of Properties in Raipur, Chhattisgarh
8. Court – Appointed Valuation of Properties in Raipur, Chhattisgarh
We were appointed by the Hon’ble Court to carry out the valuation of multiple properties located in Raipur, Chhattisgarh, for the purpose of public auction. The beneficiary party, however, provided only minimal documentation, which made it difficult to verify and inspect the properties accurately.
Despite our repeated requests, the required documents were not furnished by the interested party. Acting on the direction of the Recovery Officer, we took the initiative to independently gather relevant property records from official government websites and our reliable sources.
Using available data, including coordinates from prior valuation reports, we identified tentative site locations through Google satellite imagery. However, during our field verification, conducted in coordination with the respective local government authorities, we discovered discrepancies: the previous reports had incorrectly marked the property locations with inaccurate latitude and longitude readings.
This was our first valuation assignment in Raipur, but our meticulous groundwork allowed us to correctly identify the actual property locations. We then conducted site inspections and prepared accurate fair market valuations. Notably, we assessed the current market value at ₹. 20 Crores, in contrast to the ₹. 5 Crores recorded in the bank’s books just one year earlier, indicating a significant undervaluation in previous reports.
Additionally, during our investigation, we found that one of the properties had already been sold by the borrower. The new buyer had subdivided and sold the land to multiple individuals, who had constructed unauthorized residential structures and were residing there. Given the legal and ownership complications, we made a professional decision not to submit a valuation report for this specific property, which was also brought to the attention of the Court.Â
Impact:
Our expertise in identifying accurate property locations, uncovering valuation discrepancies, and delivering a fully substantiated fair market assessment helped ensure greater transparency and potential recovery value. Our proactive approach and on-ground verification, even in a new city, reflect our commitment to quality, accuracy, and integrity in high-stakes valuation assignments.