Holiday home glossary – definitions property terms-V

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Vaastu shastra: A traditional Indian architecture and design system, which specifies the detailed methodology of designing buildings, buying land etc. in order to maximise benefits, from the same for the occupier. This system relies in harmonising any real estate development with the five elements of Indian Mythology namely air, water, earth, fire and space.

Valuation: (a) The process of making an estimate of worth of real property or real property or other assets for a particular purpose eg.letting, purchase, sale, audit, rating, compulsory purchase or taxation. That purpose and the relevant circumstances will determine assumptions and facts that are appropriate and hence the process used. (b) A statement, usually in writing, setting, out the facts, assumptions, calculations and resultant value. (c) (Colloquial) the value arrived at as a result of the valuation process.

Value: The price that might an interested in property or some other asset might reasonably be expected to fetch if disposed of at right

Vertical slice participation: A method of multi-participation in a venture, usually a development, whereby each of the participants owns a separate legal interest in the whole of the property concerned by way of the freehold, head lease or a subordinate interest. The documentation normally ensures that rental and other income and /or capital receipts as well as the cost of any revenue or capital liabilities are shared by the participants in predetermined percentages related to their respective contributions, whether financial or otherwise.

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