Gross annual value
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The Gross Annual Value (GAV) the current value, the actual rent (whether received or receivable) or the fair rental value, whichever is highest or which the property might be expected to attract on the open market in ideal circumstances where there is neither a glut nor a shortage of accommodation.[1]
[edit] Details
Often, the following four factors are taken into conideration while determining the GAV of a property:
- The rent payable by the tenant (actual rent)
- The municipal valuation of the property
- The fair rental value (market value of a similar property in the same area)
- The standard rent payable under the Rent Control Act
