i. Consumption: Indifference curve, consumer surplus, elasticity
ii. Price mechanism: determinants of price mechanism; individual and
market demand schedules; conditions, exceptions, and limitations of
law of demand; individual and market supply schedules; conditions
and limitations of law of supply; highest, lowest and equilibrium
price; importance of time element
iii. Pricing of products under different market conditions: perfect and
imperfect competition, monopoly etc.
iv. Factors of production and their pricing: land, labour, capital,
entrepreneur, and other factors
v. Theory of rent
vi. Capital and interest: types of capital, gross interest, net interest
vii. Organisation and profit: functions of entrepreneur; meaning of profit
and theories of profit

i. Functions and role of money
ii. Inflation: types of inflation; causes and effects of inflation;
Inflationary gap
iii. Control of inflation: monetary, fiscal, and direct measures
iv. Deflation: causes and effects of deflation; deflationary gap; measures
to control deflation; deficit financing
v. Savings and investment: savings and types of savings; determinants
of savings; investment and types of investment; determinants of
investment; relationship between savings and investment
vi. Components of economy: primary sector, secondary sector, tertiary
sector; informal sector in urban economy; parasitic components in
urban economy
vii. Concepts of gross domestic product and gross national product;
capital formation etc.
viii. Definition of parallel economy; causes of parallel economy and
effects on use of land and its valuation
ix. Impact on real estate market and construction industry

i. Meaning and objects of book-keeping; double entry book-keeping
ii. Books of prime entry and subsidiary books: cash book, bank book,
journal, ledger, purchase and sale books, debit and credit notes
register; writing of books; posting and closing of accounts
iii. Trading account; profit and loss account; income and expenditure
account
iv. Preliminary analysis of financial statements
v. Cost and costing; elements of cost – fixed expenses, variable
expenses, break-even point

i. Indian legal system: salient features of the Indian Constitution,
fundamental rights, directive principles of state policy
ii. Government: executive, legislature, and judiciary
iii. Laws of contract: formation of a contract, parties, void, voidable and
unenforceable contract, contingent contract, misrepresentation, fraud,
and effect thereof, termination of contract, remedies for breach,
performance of contract, indemnity and guarantee, law of agency
iv. Tort: general principles of tort, tort affecting valuation
v. Law of arbitration and conciliation: salient features
vi. Auction: authority of auctioneer, duties of vendor, purchaser and
public, mis-description and misrepresentation, advertisements,
particulars and catalogues, statements on the rostrum, conduct of sale,
reservation of price, right to bid, bidding agreements, memorandum
of the sale, deposit, rights of auctioneer against vendor and purchaser
vii. Laws of evidence: burden of proof, presumptions, conclusive proof
viii. Salient features of the Insolvency and Bankruptcy Code, 2016
concerning valuation
ix. The Companies Act, 2013: Section 192(2), 230 (1), 230 (2), 230 (3),
231, 232, 247 and 281(1)
x. Salient features of the Companies (Registered Valuers and Valuation)
Rules, 2017
xi. Salient features of the Securitisation and Reconstruction of the
Financial Assets and Enforcement of Security Interest Act, 2002
(SARFAESI Act, 2002) concerning valuation
xii. Section 5(n) of the Banking Regulation Act, 1949 on “secured loan or
advance”

i. Data classifications and processing, graphical representation of data,
frequency distributions
ii. Measures of central tendency, dispersion, and skewness
iii. Elementary theory of probability and probability distributions,
sampling, and sampling distributions
iv. Simple test of significance, regression and correlation, multiple
correlation coefficient
v. Time series
vi. Index numbers

i. Environment and valuation – differences between the market price and
the negative value consequent on environmental impact
ii. Environmental issues of air pollution, water pollution, environmental
factors and their effects, measures to restore the damage, cost to cure
iii. Outlines of environmental legislations: the Indian Forest Act, 1927,
the Water (Prevention and Control of Pollution) Act, 1974, the Air
(Prevention and Control of Pollution) Act, 1981, the Environment
(Protection) Act, 1986
iv. Laws related to industrial health and safety

i. Land acquisition – the right to fair compensation and transparency in
the land acquisition, the Rehabilitation and Resettlement Act, 2013
ii. General building rules and regulations
iii. Rent control laws: sections pertaining to occupancy rights of tenants,
freezing of rent, protection against eviction of tenant and its effect on
value of property
iv. Right of way and Section 52 – licenses under the Indian Easements
Act, 1882
v. Salient features of the Real Estate (Regulation and Development) Act,
2016 and regulating authorities established under the Act
vi. The Transfer of Property Act, 1882: transfer of immovable
property, sale, mortgage, gift, exchange, assignment, charge, lien,
tenancies/sub-tenancies; lease of immovable property; lease granted
by private and statutory bodies – impact of each on valuation;
Sections: 3, 5, 6, 7, 25, 53 and 53A of the Transfer of Property Act,
1882
v. Laws relating to inheritance/succession: Mohammedan: Muslim
Personal Law; the Hindu Succession Act, 1956, the Hindu Succession
(Amendment) Act, 2005; the Indian Succession Act, 1925: law of
succession for person other than Hindu and Mohammedan; will &
testament, succession certificate

i. Cost, price, and value
ii. Types of value
iii. Basic elements of value – marketability, utility, scarcity, and
transferability
iv. Factors affecting value – physical, economic, legal, and social
v. Highest and best use, value in use, value in exchange
vi. Real property: rights and interests in real estate; types of ownerships
and types of occupancy in real estate
vii. Annuities; capitalization and rate of capitalization; years purchase;
sinking fund; redemption of capital; reversionary value
viii. Construction and use of valuation tables
ix. Urban infrastructure and its influence on value of real estate
x. Real estate market and its characteristics; investment in real estate;
factors influencing demand and supply schedule in real estate
xi. Concepts of green building

i. Relation between income and value
ii. Valuation of property affected by the Rent Control Acts; licensed
property under the Easement Act, 1882; leasehold properties under
the Transfer of Property Act, 1882
iii. Derivation of yield rate from market derived data
iv. Remunerative rate of interest and accumulative rate of interest
v. Types of rent: outgoings, income, yield, years purchase
vi. Determination of market rent and standard rent
vii. Lease – lessor and lessee: types of lease; lease provisions and
covenants
viii. Valuation of lessor’s interest, lessee’s interest including sub-lease in
leased property; premature termination of lease or surrender of lease
ix. Real estate as an investment; yield from real estate vis-à-vis other
forms of investments; sound investment comparison
x. Investment decisions: discounted cash flow techniques, internal rate
of return, net present value and capital assets pricing model
xi. Profit method for valuation of special properties: hotels, cinema, mall,
petrol pump, hill resorts

i. Types of market
ii. Market survey and data collection; sources of sale transactions
iii. Comparison of sale instances: factors of comparison and weightages
for adjustment in value
iv. Hedonic model and adjustment grid model under sales comparison
method
v. Land characteristics and its effect on land values
vi. Hypothetical plotting scheme for value of large size land
vii. Residue technique and other development methods
viii. Valuation for joint venture development of property

i. Methods of cost estimates for buildings
ii. Life of building: economic, physical, legal
iii. Factors affecting life of the building
iv. Total life, age, estimating future life
v. Various methods of computation of depreciation, functional,
technological, and economic obsolescence
vi. Reproduction cost/replacement cost, depreciated replacement cost
(DRC) working, adopting DRC as value subject to demand and
supply aspect
vii. Land value by market approach and building value by cost estimation
method for owner occupied bungalows, factories, public buildings

i. Valuation of properties for purposes such as: bank finance, auction
reserve, building insurance, sale, purchase, valuation disputes in
court, probate, partition, rent fixation, stamp duty, capital gains tax,
as per rule 11UA of the Income Tax Act, 1961, lease and mortgage of
property, any other purposes not referred above
ii. Valuation standards as per the provisions of the Companies Act, 2013
iii. Indian accounting standards (Ind AS 16, Ind AS 36, Ind AS 40, Ind
AS 113) as applicable to valuation
iv. Valuer as an expert witness in court
v. Valuers’ functions & responsibilities, error of judgement and
professional neglig

i. Principles and legal concepts in relation to insurance of buildings;
contract of insurance; insurable interests; liability to insure; duties of
the insurer and the insured
ii. Types of fire policies; reinstatement value, indemnity policies and
policies for other perils; terms and conditions; perils, beneficial and
restrictive clauses
iii. Value at risk, sum insured and condition of average, over and under
insurance; provisions regarding inflation, depreciation, obsolescence,
and betterment; other provisions
iv. Preparation of claim for damages due to insured peril
v. Obligations and rights of insurer and insured

i. Reports: quality, structure, style
ii. Report writing for various purposes of valuation: sale, purchase,
purchase, mortgage, taxation, insurance, liquidation etc.
iii. Contents of the report: instruction of clients; date as on which
valuation is made and date of report; site inspection; location;
ownership history; data collection and analysis; type of construction;
valuation method; value estimation; assumptions and limiting
conditions including caveats and conclusion

i. R.C. Cooper Vs. Union of India, (1970) AIR SC 564
ii. Sorab D. Talati Vs. Joseph Michem, Appeal No. 101 0f 1949 in R.A.
Application No. 805 of 1948
iii. CWT Vs. P.N. Sikand (1977) 107 ITR 922 (SC)
iv. Wenger & Co. Vs. DVO (1978) 115 ITR 648 Delhi HC
v. Jawajee Nagnathan Vs. Revenue Divisional Officer (1994) SCC (4)
595 (SC)
vi. Chimanlal Hargovinddas Vs. SLAO, Pune AIR 1988 SC 1652
vii. CED Vs. Radhadevi Jalan (1968) 67 ITR 761 (Cal)
viii. CIT Vs. Ashima Sinha (1979) 116 ITR 26 (Cal)
ix. CIT Vs. Anupkumar Kapoor & others (1980) 125 ITR 684 (Cal)
x. CIT Vs. Smt. Vimlaben Bhagwandas Patel (1979)118 ITR 134 (Guj)

Three case studies on valuation of land and building:
i. One case study with six 2-mark questions, for 12 marks
ii. One case study with four 2-mark questions, for 8 marks
iii. One case study with three 2-mark questions, for 6 marks
(This section will have case studies for application of valuation techniques.
For each case there will be a comprehension narrating the transaction based
on which questions will be asked from the case)

Including Whole Syllabus