School of Construc on

MBA – Advanced Construc on Management

(MBA – ACM)

VALUATION & ACQUISITION

Assignment: Valua on of a Residen al Property Using Sales Comparison Method

Roll No Name
P2370215 MEHJA JEEYASH
P2370220 SOHAM PARDESHI
P2370232 THAKSHESH
P2370285 ADARSH V S

NICMAR University, Pune

2023-2025
 VALUATION REPORT
Of
IMMOVABLE PROPERTY

Residen al Flat of 2 BHK

Located in Pa l Nagar, Balewadi, Pune, designed as residen al area.
The total built up area of flat is 750 sq. .

Located at
Atha Shri Synergy,
Pune Bangalore Highway,
Pa l Nagar,
Balewadi, Pune,
Maharashtra 411045

Owner
Mr. Atharva Niranjan Mane

For
NICMAR University
N.I.A Post, Balewadi Road, Pune,
Maharastra, 411045
 To, Report Ref.No.:
NICMAR University
N.I.A Post, Balewadi Road, Pune, Maharastra,
411045
Client Name: Amith Ranjan Date: 17/10/2024

Sub: Periodic valua on report of property

The subject valua on report is enclosed here with summary as under

1 Owner Mr. Atharva Niranjan Mane

2 Loca on of the property 303 Atha Shri Synergy, Pune Bangalore Highway, Pa l Nagar,
Balewadi, Pune, 411045
3 Fair Market Value (FMV) Rs. 91,99,000.00
4 Realizable Value (RV) = Rs. 82,79,100.00
0.9 x FMV

The above values are subject to the condi ons recorded in the site remarks and limi ng
condi ons in the report.

Thanking you,

Yours Sincerely,
Valuer
 VALUATION REPORT
PART 1

A. WORK ASSIGNMENT DETAILS

1 Assigned By Dr. Shru Vaishampayan
2 Representa ve of 1. Mehja Jeeyash
2. Soham Pardeshi
3. Thakshesh
4. Adarsh V S
3 Assigned On 17/09/2024
4 Date of inspec on 3/10/2024
5 Documents received on 5/10/2024
6 Date on which valua on is made 15/10/2024
7 Fresh valua on/Revalua on Fresh Valua on
8 Purpose of Valua on Periodic Valua on Report
9 Applicant Name -
10 Contact Details -
11 Address of Property 303 Atha Shri Synergy, Pune Bangalore Highway,
Pa l Nagar, Balewadi, Pune 411045
12 Landmarks Orchid Hotel
13 Survey No. 58/679
14 Ward No. 12
15 Pin Code 411045

B. DOCUMENTS
1 Name of Owner Mr. Atharva Niranjan Mane
2 Descrip on of property Atha Shri Synergy Apartment (2BHK FLAT)
3 Documents provided -
A Title deed / Agreement Provided
B Index II Not Provided
C Share cer ficate Not Provided
D If property is joint ownership, then Not Provided
share of each owner
E Occupancy cer ficate Not Provided
F Commercial Cer ficate Not Provided
G Approved building plan Not Provided
H RERA No. Not Provided
I Society maintenance bill details Not Provided
J Electricity bill details Not Provided
K Other documents Nil
L Land holding type Freehold

C. SITE VISIT REPORT

1 Name of person met at site Mr. Atharva Niranjan Mane
2 Contact No. -
3 Rela onship with Owner Owner
4 Customer Property occupied/ vacant Occupied
5 Name of occupant Mr. Atharva Niranjan Mane
6 Rela on of occupant with customer Owner
7 Occupied since 2022
8 Name displayed on door Yes
9 Name displayed on society board Yes

D. DESCRIPTION OF THE LOCALITY

1 i) Proximity to civic ameni es
ii) Main road
iii) Railway sta on/ bus stop
2 Type of area Residen al area
3 Classifica on of area
i High/Middle/Poor High
ii Developed/Developing/Gaothan Developed
4 Coming under Pune municipal corpora on
5 Infrastructure surrounding area
6 Condi on & Width of approach road
7 Whether covered under State/Central No
Govt. enactments or No fied under
agency area/ scheduled area/
cantonment area
8 In case it is agricultural land, any Not applicable
conversion to house site plots is
contemplated
9 Has the whole or part of the land been No
no fied for acquisi on by Govt. or any
statutory body?
 E. DESCRIPTION OF THE PROPERTY
PART A
1 Completed / Under construc on Completed
2 % completed 100
3 Type of Property Residen al
4 Usage Residen al
5 Type of structure RCC
6 Number of floors 11
7 Age of the building 6 years
8 Li Available Yes
9 CCTV/ Fire figh ng Available on site Yes
10 Ameni es(Gym/Swimming Pool/Club Gym
house / Amphi theatre / Garden / Security
Banquet /Others) CCTV
11 Car Parking – Open/Covered Open
12 Protected Water Supply Yes
13 Underground Sewerage Yes
14 Does Compound wall exist? Yes
15 Is pavement laid around the Building? Yes
16 Boundaries of the property North – Avon Vista Tower Building
North South – Sadanand Regency
South East – Another tower of apartment
East West – Pune Mumbai Highway
West
PART B
1 The floor in which the Property is 3
situated
2 Flat No. 303
3 Accommoda on yes
4 Single Property / merged Property Single property
/Independent Property
5 Specifica on -
A Exterior Cement Plaster
B Interior Painted
C Furnished / Unfurnished Furnished Furnished
D Flooring Marble No
E Doors Flush Yes
F Windows Aluminum Sliding No
G Electrical & Plumbing Fi ngs Conceal Yes
H Kitchen Pla orm Granite and Glazed Yes
Dado
 F. MARKATEBILITY
1 How is the marketability? Good
2 What are the factors favoring for an Scope of redevelopment
extra poten al value?
3 Any nega ve factors are observed No
which affect the market value in
general.
 PART II
VALUATION

A. METHOD OF VALUATION
1 Method of Valua on Adopted Direct Sales Comparison Method

B. EVALUATION GRID
Descrip on Subject Comparable Comparable Comparable
Property Property 1 Property 2 Property 3
Loca on Name, Atha Shri Avon Vista, Va ka Avenues
Ward and Address Synergy Pune Bangalore Apartment, Wisdom Park,
Pune Bangalore highway, Pa l Nagar, Balewadi,
Highway, Pa l Nagar, Balewadi, Pune,
Pa l Nagar, Balewadi, Pune, 411045
Balewadi, Pune, 411045
Pune, 411045
411045
Type of Unit 2BHK 2BHK 2BHK 2BHK
Rate per Sq.Ft 12000 12000 13500 12589
Built up area 750 750 850 850
Construc on 5 5 8 7
LOCATION
Access to transport Adjacent To NH Adjacent To NH >700m to NH48 Adjacent to
48 48 >1.00 Km to Bus NH48
> 1.38 Km to Bus > 1.38 Km to Bus Stop 1Km To Bus stop,
Stop Stop >17.23km to >18.1km to
17.63 Km to 17.63 Km to Railway station Railway
Railway station Railway station 20.57 Km to Station
21.6 to Airport 21.6 to Airport Airport 21.4 Km to
Airport

Adjustment 0% -1% -1%

Convenience/ Hospital >3.3Km Hospital >2.9Km, Hospital> 1.9Km, Hospital >2.4Km,
facili es School College > School College > School College > School College >
1.7 km 1.7 km 900 m 1 km
weekly Market > weekly Market > weekly Market > weekly Market >
2.5 km 2.5 km 1.5 km 2 km
Dmart > 2.4 km, Dmart > 2.5 km, Dmart > 1.9km , Dmart > 2.0 km,
City Centre 14 City Centre 14 City centre 13 km City Centre 13
km km km
Adjustment -2% -4% -1%
BUILDING
CONDITION
Exterior Good Good Good Good
Age of Building 5 5 8 7
Interiors/Furnitures Furnished Furnished Furnished Furnished
Adjustment -1% 2% 2%
PARKING yes yes yes Yes
Type of parking open open open open
Adjustment 0% 0% 0% 0%
AMENITIES
Playing area and yes yes yes Yes
garden
CCTV & Security yes yes Yes yes
Li yes yes yes Yes
Adjustment 1% -2% -2%

C. SUMMARY OF EVALUATION GRID

Descrip on Subject Comparable Comparable Comparable
Property Property 1 Property 2 Property 3
LOCATION
Access to 0% -1% -1%
transport
Convenience / -2% -4% -2%
facili es
BUILDING -1% 2% 2%
CONSTRUCTION
PARKING 0% 0% 0%
AMENITIES 1% -2% -2%
TOTAL -2% -5% -3%
ADJUSTMENT
ADJUSTED 11760 12825 12211.33
AMOUNT
(Rs/sq. )
AVERAGE RATE 12265.44
(Rs/sq. )
 D. VALUATION OF PROPERTY
1 Constructed area as per Details not available
Agreement
2 Constructed area as per Details not available
Plan
3 Constructed area as per Details not available
Physical measurement
4 Construc on area (built- 750 sq.
up) consider for valua on
5 Property Value
Par cular of item Built up area Average rate Valua on of the
property
Sq. Rs/Sq. Rs.
A Main Subject Property 750 12265.44 91,99,080.00
TOTAL 91,99,080.00
ROUND OFF 91,99,000.00

*A er considering the prevailing property rate in the locality for comparable flats and necessary
allowance in rate for varia on due to design, and quality of materials & workmanship.

Fair Market Value Rs. 91,99,000.00 (Rupees Ninty One Lakhs Ninty Nine
Thousand Only)
Realizable Value Rs. 82,79,100.00 (Rupees Eighty Two Lakhs Seventy Nine
Thousand One Hundred Only)
Remarks:
1. Approach of Valua on – Market Approach has been adopted for the subject valua on. This
approach is generally recommended in all marketable proper es. Land, ownership flats, shops
and offices (none tenanted) are valued by this approach.
2. Method of Valua on – Direct Sales Comparison Method. Market Value of the comparable
proper es are considered for this method.
3. Property Rate – The property rates are adopted a er considering the prevailing market rate in
the locality for comparable flat and necessary allowance in rate for varia on due to size, shape,
loca on, land development condi on, sales instances, govt. ready reckoner rate and effect of all
market forces. Rates considered are a er the effect of deprecia on (RCC building with more than
5 Years)
4. Price Indicators – Prevailing market rates are obtained from either of the following sources;
enquiry with society office, enquiry with local brokers, search of sales offers from reputed real
estate web sites, search of property price trend in the locality from reputed real estate websites,
comparison with govt. stamp duty ready reckoner rates, comparison with actual sales
transac ons index on govt. registra on website.
5. Documents - Valua on is based on the site visit & the photocopies of the documents provided
by the owner. Document photocopies have been returned to bank / borrower a er reference.
6. Assump ons -The Valua on is subject to general assump ons and limi ng condi on in
Annexure II a ached herewith.

Conclusion
As a result of our appraisal and analysis it is our considered opinion that the present Fair Market
Value of the property situated at Atha Shri Synergy, Pune Bangalore Highway, Pa l Nagar,
Balewadi, Pune, Maharashtra 411045 is Rs. 91,99,000.00/- (Ninty One Lakhs Ninty Nine Thousand
Only) in the prevailing condi on with aforesaid specifica ons.
 PART III
We further declare that: -
1. The informa on furnished in this Report is true and correct to the best of our knowledge and
belief.
2. I / my representa ve has personally inspected and the right property on 03/10/2024.
3. We have no present or prospec ve interest in the property that is the subject of this report,
and we have no personal interest with respect to the par es involved.
4. The reported analyses, opinions and conclusions are limited only by the reported assump ons
and limi ng condi ons and is our personal, impar al, and unbiased professional analyses,
opinions and conclusions.
5. We have no bias with respect to the property that is the subject of this report or to the par es
involved with this assignment.
6. Our engagement in this assignment was not con ngent upon developing or repor ng
predetermined results.
7. Our compensa on for comple ng this assignment is not con ngent upon the repor ng of a
predetermined value or direc on in value that favors the cause of the client, the amount of the
value opinion, the a ainment of a s pulated result, or the occurrence of a subsequent event
directly related to the intended use of this appraisal.
8. Our analyses, opinions, and conclusions were developed and this report has been prepared in
conformity with standards adopted by the Indian Ins tu on of Valuers and generally accepted
market prac ces.
9. We have not been convicted of any offences or sentenced to a term of imprisonment and have
not been found guilty of misconduct in our professional capacity.
 ANNEXURE 1
General Assump ons and Limi ng Condi ons

1. Clear Title : The valua on is subject to legally clear and marketable ownership tle of the
property. It is assumed that the expert legal opinion is obtained by the Bank and only then the
Valuer is referred for valuing the asset. The bank or concerned user of this report is advised to
verify the extend of area described in this valua on with the latest legal tle of the property.
2. Scope of Assignment : As informed by the Bank, The scope of our work is limited to providing
our opinion regarding bank realizable value of the property referred based on documents
provided to us. Our scope of work, does not include, verifica on of, legal ownership, land/building
area measurement, structural stability of the building, approval of plans, approval of
land/building for intended use, special reserva ons if any, deed of declara on for common areas
etc. It is assumed the above approvals are in order unless stated otherwise in the report. The
values stated in the report are subject to the above-men oned assumed approvals.
3. Validity : Valua on is a func on of me, place and purpose. It is valid only for the stated me,
place and purpose men oned in this report.
4. Report Emphasis : Due to various misconcep ons in the market regarding repor ng rates of
land [Industrial land, N.A land, developed land, undeveloped land etc] and built-up area [carpet
area, plinth area, built-up area, super built-up area, usable area etc] in the market more emphasis
is placed on assessing the total value of the property
and rate is reported for general comparison purpose only.
5.Encumbrances : Details of encumbrances of various loans, Government, Co-op Society or any
other statutory dues, registra on charges, transfer charges, hindrances like tenancy, Govt. site
acquisi on, etc. if any, are not available and not considered in the valua on. We have assumed
the property is free from all encumbrances.
6.Opinion only : The value indicated in the report is reasoned opinion of the valuer and not a
guarantee of price realiza on. The property prices in some loca ons, have in recent past, abruptly
(within six months) fluctuated upto 30% due to various unan cipated
reasons.
7.Assump ons : Assump ons are made to the best of our knowledge and belief. We rely on the
informa on provided by the Bank, the owner or owner representa ve at site in good faith,
inten on & belief of the concern person. Whereit is stated that the Bank has supplied informa on
to the valuer, this informa on is believed to be reliable, but the valuer can accept no responsibility
if this should prove to be incorrect. Where informa on is given without being a ributed directly
to another party, this informa on has been obtained from our experience and market research.
8.Limited Liability : In no event shall the valuer be held responsible or liable for special, direct,
indirect or consequen al damages as the assignment has been completed on our best efforts,
available knowledge and in good inten ons. The report shall be regard as void in case the total
professional fee for the valua on report is not realized within one month from the date of invoice.
If our presence is required, we will be pleased to appear and give the necessary clarifica ons,
provided the fees for each appearance (including out of pocket expenses) are pre- determined.
The report is for the sole use of the Bank, it has been addressed to; neither the whole nor any
part of this valua on report and any reference thereto may be u lized without our prior wri en
approval. The valuer’s responsibility in connec on with this valua on report is limited to the Bank
to whom it is addressed and to that Bank only. The valuer disclaims all responsibility and will
accept no liability to any other party.
10.Fair Market Value : Fair Market Value is defined as the es mated amount for which an asset
should exchange on the date of valua on between a willing seller and willing buyer in an arm’s
length transac on a er proper marke ng wherein the par es had acted knowledgeably and
without compulsion.
11.Bank Realizable Value : Bank Realizable Value is generally less than the fair market value of
property because of various factors such as, mode of sale i.e. by public auc on, mode of payment
strictly by cheque, strict payment terms (i.e. 30 days etc.), Limita ons of effec ve marke ng etc
12.Distress Value : Distress Value means the amount which may be obtained from the sale of a
property in which one or more characteris cs of the defini on of fair market value are not
sa sfied, such as the seller may be in compulsion to sell in a very short period of me etc.
 ANNEXURE 2
Site Photographs
 ANNEXURE 3
Google Maps Loca on

La tude: 18.584673, Longitude: 73.760278

 ANNEXURE 4
Govt. Ready Reckoner Rate / Circle rate
 SITE VISIT FORM FOR
VALUATION OF THE PROPERTY
Ref no 2 BHK Reference
Assignment initiator Class Assignment
Owner Avon Vista
Site Contact Person Abishek Pawar

Date of visit 03/10/2024

Postal Address of the Property Avon vista, Pune Bangalore highway, Pa l Nagar, Balewadi,
Pune 411045

Name of Municipal Pune Municipal Coporation(PMC)

Corporation/Village
Panchayat
Brief Description of the Residential project located in Balewadi.
Property Developed by Naiknavare Developers.
Offers low budget apartment with different configurations,
including 2,3 & 4 BHK

Nearby Landmark MITCON International School

Ownership Status of the Freehold
Property
Property In Possession of Self-Occupied
Locality Type Residential
Class of locality Middle class
Type of region Urban
Proximity of Amenities Adjacent To NH 48
> 1.38 Km to Bus Stop
17.63 Km to Railway station
21.6 to Airport
Water Supply PMC
Electricity MSEB
PMC Maintained
Sewage / Storm Water
Drainage
External Details of the
Building
a) Type of Construction RCC
b) Completion Status Completed
c) No. of Floors 21
d) No. of Lifts 2
e) Compound Wall Provided
f) Compound Area Paving Paver Blocks
g) External Finish Cement Plaster
h) Architectural Quality Good
i) Special Amenities Sports
Recreation
Convenience
Safety
Sustainability
j) Car Parking Yes
Internal Details of Property
a) Type of Flooring Vitrified tiles flooring with skirting
b) Type of Ceiling RCC Slab
d) Electrification Concealed Copper wiring
e) Plumbing Conceal
f) Bathroom Details Glazed Tiles
g) Door Details Flush
h) Window Details Aluminium Sliding
i) Kitchen Details Granite
j) Overall Internal Finish High
Age of the Building 5
Condition of the Building Good
Additional information Sports: Swimming pool, gym, tennis courts, badminton courts,
squash courts, jogging tracks, skating rink, basketball and
volleyball court
Recretion: Amphitheatre, party hall, clubhouse, café, library
and spa
Convenience: Power backup, CCTV, Fire-fighting system and
smoke detector
Sustainability: Rainwater harvesting and sewage treatment
plant.
 SITE VISIT FORM FOR
VALUATION OF THE PROPERTY
Ref no 2 BHK Reference
Assignment initiator Class Assignment
Owner Vatika Apartment
Site Contact Person Saksham

Date of visit 03/10/2024

Postal Address of the Property Vatika Apartment, Patil Nagar, Balewadi, Pune,
411045
Name of Municipal Pune Municipal Coporation(PMC)
Corporation / Village
Panchayat /
Brief Description of the Residen al project in Balewadi.
Property
Nearby Landmark Hinjawadi IT Park
Ownership Status of the Freehold
Property
Property In Possession of Self Occupied
Condition of the Property Vacant
Locality Type Residential
Class of locality Middle
Type of region Urban
Proximity of Amenities >700m to NH48
>1.00 Km to Bus
Stop
>17.23km to Railway station
20.57 Km to Airport
Water Supply PMC
Electricity MSEB
PMC Maintained
Sewage / Storm Water
Drainage

External Details of the

Building
a) Type of Construction RCC
b) Completion Status Completed
c) No. of Floors 12
d) No. of Lifts 2
e) Superstructure Walls RCC
f) Compound Wall Provided
g) Compound Area Paving Paver Blocks
h) External Finish Cement Plaster
i) Architectural Quality Good
j) Special Amenities Landscaped gardens, parking, 24X7 security and play areas
Internal Details of Property
a) Type of Flooring Vitrified
b) Type of Ceiling RCC Slab
c) Type of Paint Distemper
d) Electrification Conceal
e) Plumbing Conceal
f) Bathroom Details Anti-Skid Vitrified Tiles
g) Door Details Flush
h) Window Details Aluminium Sliding
i) Kitchen Details Granite
j) Overall Internal Finish Good
Age of the Building 8
Condition of the Building Good
SITE VISIT FORM FOR VALUATION OF THE PROPERTY
Ref no 2 BHK Reference
Assignment initiator Class Assignment
Owner Avenues Wisdom Park
Site Contact Person Rajesh

Date of visit 03/10/2024

Postal Address of the Property Avenues Wisdom Park, Balewadi, Pune, 411045
Name of Municipal Pune Municipal Coporation(PMC)
Corporation / Village
Panchayat /
Brief Description of the Residential Project. It has two towers with 11 floors each
Property containing total of 65 apartment units.
Nearby Landmark Opp Hotel Holiday Inn
Ownership Status of the Freehold
Property
Property In Possession of Self Occupied
Condition of the Property Vacant
Locality Type Residential
Class of locality Middle
Type of region Urban
Proximity of Amenities Adjacent to NH48
1Km To Bus stop,
>18.1km to Railway
Station
21.4 Km to Airport
Water Supply PMC
Electricity MSEB
PMC Maintained
Sewage / Storm Water
Drainage

External Details of the

Building
a) Type of Construction RCC
b) Completion Status Completed
c) No. of Floors 11
d) No. of Lifts 2
e) Superstructure Walls Masonry
f) Compound Wall Provided
g) Compound Area Paving Paver Blocks
h) External Finish Structure Glazing
i) Architectural Quality Good
j) Special Amenities Swimming pool
RO system
Piped gas
Community hall
Basketball court
Badminton court
Multipurpose hall
Internal Details of Property
a) Type of Flooring Vitrified
b) Type of Ceiling RCC Slab
c) Type of Paint Emulsion
d) Electrification Conceal
e) Plumbing Conceal
f) Bathroom Details Glazed Tiles
g) Door Details Flush
h) Window Details Aluminium Sliding
i) Kitchen Details Marble
j) Overall Internal Finish Medium
Age of the Building 7
Condition of the Building Good