By Mashe Umaru Gwamna
An Estate Surveyor and Valuer ESV. Ali Casey, has disclosed how important the role of compensation valuation is, in protecting property rights, especially in government projects.
He said such government projects are like infrastructure developments that require private land acquisition.
Casey stated this yesterday in Abuja saying that the estate surveyor and Valuer goal is to provide owners with monetary compensation reflecting their property’s true value and associated losses.
He emphasized that compensation of valuation plays a vitals and there are key principles of Fair compensation:
Market Value: The price the property would command in an open market between a willing buyer and seller.
Severance and Injurious Affection: Compensation for indirect losses due to reduced utility or value of remaining land.
Disturbance Compensation: Evaluation of relocation costs, disruption of business, or loss of income.
Balancing Public Interest and Individual Rights:
Public projects are crucial for societal progress, but property owners’ rights must not be overlooked. Governments and developers must balance public interest with adequate compensation.
Challenges in Compensation Valuation:
Inadequate Valuation: Undervaluing property or failing to consider other losses.
Lack of Transparency: Property owners may feel sidelined, leading to dissatisfaction.
Delays in Payment: Delays in compensation payment can cause further distress.
The Role of Estate Surveyors and Valuers:
Estate surveyors and valuers ensure fairness in compensation through objective, detailed valuations. They consider market trends, future earning potential, and relevant factors.
Conclusion:
Compensation valuation ensures justice and fairness in compulsory property acquisitions. Professional estate surveyors and valuers maintain public confidence in real estate practices and safeguard property owners’ rights.
Recommendations:
Regularly update valuation standards.
Ensure transparency in the valuation process.
Provide clear communication channels for property owners.
Establish efficient payment systems.
He maintained that by implementing these measures, governments, developers, and estate surveyors and valuers can ensure fair compensation and maintain public trust in real estate practices.
