The market value or market price of a particular interest in landed property may be defined as the amount of money which can be obtained for the interest at a particular time from persons able and willing to purchase it. Value is not intrinsic but results from estimates, made subjectively by able and willing purchasers, of the benefits or satisfaction they will derive from ownership of the interest.

The valuer must, therefore, in order to value the interest, be able to assess the probable estimate of benefit of potential purchasers. It must be explained that what is valued is not the physical land or buildings but the property interest which gives legal rights of use and enjoyment of the land
and buildings. Valuations are essential, independent opinions that are required for various purposes including corporate governance. Independent reports are submitted in order for a merger, or an acquisition, to take place. Properties, be it land or buildings, have a figure put to them when a company is considering floating its shares on the stock exchange. Valuations are also used for rating purposes and for litigation support.

In the retail and institutional level, it is also required when individuals and corporate companies consider a property for possible purchase, or sale. In the same way, banks too need valuations on a property to be done in the sale and purchase of properties and also for banking purposes.