Mainak Ghosal

BSc, B.Tech.(Civil/Construction),PGDBM,MBA,M.E.(Structural),
MSc (Real Estate Valuation) CHARTERED ENGINEER (MIE) – No.-141236-6
&APPROVEDVALUER(FIV)REGN.No.–F-20249, BANKSEMPANELLEDVALUER,
MEMBEROFIOVREGISTEREDVALUERS’FOUNDATION -M:NO.IOVRVF/M/L&B/1139,
GOVT.REGISTERED VALUEROFCBDT(REGD.No.W.B./CCIT-XI/Kol/97/201415/1772)
AnISO9001:2015REGISTEREDCOMPANY
Resi. Address:-
18A, SubashBag,1stFloor,‘Promilaboni’, S.V.Road,M.B.Road(partial)
Punjabi Bagan, Birati, Kolkata – 700051
Mob:- 9123073488 / 9433624405

REF. No: M.G.2025/JUN/10P06 Date – 10.06.2025.

PUNJAB NATIONAL BANK

AATMILE BRANCH

1. Name of Valuer (RV) Mainak Ghosal.

Add:18A,SubashBag,1stFloor,‘Promilaboni’,S.V.Road,
M.B.Road(partial)Punjabi Bagan, Birati, Kolkata –
700051.
2. Date of inspection & Date of Valuation 10.06.2025 & 11.06.2025.
3. Identified by Owner Sri Manoj Saha.
4. Purpose of Valuation To find the market value for Secured Lending decisions.

5. Name of Property Owner/s(Details of share of each OWNER :-

owner in case of joint & Co. Sri Manoj Saha. S/O.- Late Anil Saha.
Residing at, Village - Tulsidanga, P.O. & P.S.- Gazole,
Dist.- Malda, West Bengal.
Mobile No.- 9064246304.
6. Name of Bank/FI as applicable Punjab National Bank, Aatmile Branch.
7. Name of Developer of the Property Developer Agreement not provided
( in case of developer built properties )
8. Whether occupied by the owner / Occupied by Owner
tenant? If occupied by tenant,
since how long?
II. Physical Characteristics of the Asset
1. Location of the property The property is situated at, Village – Tulsidanga, Mouza
in the city Plot No. / – Saidpur, Near Gazole State General Hospital, J.L.
Survey No. Door No. No.- 80, R.S. & L.R. Dag No.- 41, L.R. Khatian No.-
T. S. No. / Village 2998, Under Sahajadpur Gram Panchayet, P.O. & P.S.-
Ward / Taluka Mandal/District Gazole, Dist.- Malda, West Bengal - 732124.
2. Municipal Ward No. -
3. City / Town Gazole.
Residential Area/ Commercial Area/ Industrial Area Residential Area.
4. Classification of the area: High / Middle / Poor Semi urban Area.
Metro / Urban / Semi Urban / Rural
5. Coming under Corporation limit/ Village Panchayet/ Under Sahajadpur Gram Panchayet.
Municipality

Mainak Ghosal. 1|Page

6. Postal address of the property Village – Tulsidanga, Mouza – Saidpur, Near Gazole
State General Hospital, Under Sahajadpur Gram
Panchayet, P.O. & P.S.- Gazole, Dist.- Malda, West
Bengal - 732124.
7. Latitude, Longitude and Coordinates of the site 25.226367,88.205070

8. Area of the plot/land ( supported by a plan ) As per Deed & Conversion Certificate :- 3.84
Decimal.
(Land area considered as per Deed & Conversion
Certificate.)
9. Layout plan of the area in which the property is N.A.
located
10. Development of surrounding areas Developing.

11. Details of Roads abutting the property 8 ft. wide Mud Road.
12. Whether covered under any State / Central Govt. No such notification/enactment has been issued till date
enactments (e.g. Urban Land Ceiling Act) or notified as information provided by the said owner.
under agency area / scheduled area / cantonment area
13. In case it is an agricultural land, any conversion to Bastu (As per Conversion Certificate.)
house site plots is contemplated
14. Boundaries of the property A B
As per Deed Actual
North Property of Sujit Saha. Property of Sujit Saha.
South Property of Amulya Saha. Property of Amulya Saha.
East 8 ft. wide Mud Road. 8 ft. wide Mud Road.
West Property of Purna Kumar Property of Purna Kumar
Saha. Saha.
Extent of the site considered for valuation (least of 14 As per Deed & Conversion Certificate:- 3.84
A & 14 B) Decimal.
(Land area considered as per Deed & Conversion
Certificate.)
15. Description of Adjoining properties (As per Deed.) Actual (As per Physical Inspection).

North – Property of Sujit Saha. Property of Sujit Saha.

South – Property of Amulya Saha. Property of Amulya Saha.
East – 8 ft. wide Mud Road. 8 ft. wide Mud Road.
West – Property of Purna Kumar Saha. Property of Purna Kumar Saha.
16. Survey no. if any J.L. No.- 80, R.S. & L.R. Dag No.- 41, L.R. Khatian
No.- 2998
17. Type of Building (Residential/ Commercial/ At present Vacant land.
Industrial)
18. Details of the building/buildings and other At present Vacant land.
improvements in terms of area, height, no. of floors,
plinth area floor wise, year of construction, year of As Per proposed Plan: -
making alterations/additional constructions with Ground floor – 722.25 Sqft.
details, full details of specifications to be appended
along with building plans and elevations
19. Plinth area, Carpet area and Saleable area to be At present Vacant land.
mentioned separately and clarified As Per proposed Plan: -
Ground floor – 722.25 Sqft.
20. Any other aspect Construction is yet to commence on the vacant Land
III. Town Planning Parameters

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1. Master plan provisions related to the property in Refer to the Go WB, u/s 37(2) of West Bengal. Town &
terms of land use Country (Planning & Development) Act, 1979
2. Date of issue and validity of layout of approved map On Dt.- Nil.
/plan
3. Approved map / plan issuing authority Plan sanctioned by Sahajadpur Gram Panchayet.
4. Whether genuineness or authenticity of approved A Valuer is not equipped to verify the authenticity of
map / plan is verified documents, L.N. Rajagopalan vs State By (2009),
Madras HC
5. Any other comments by our empanelled valuers on In Land Acquisition Officer v. V. Narasaiah (2001)
authentic of approved plan 3 SCC 530, the Supreme Court held that a valuer’s report
must include the factual data and documents underlying
its conclusions, including authenticated approved plans
6. Planning area/zone Gazole Community Development Block, Malda District
7. Development controls Under Panchayat Samiti (Gazole-I CD Block)
8. Zoning regulations Under West Bengal Panchayat Act & Panchayat Samiti
regulations
9. FAR/FSI permitted and consumed FAR Permitted-1.10 (Basic); Consumed–0.4317(As per
proposed Plan)

10. Ground coverage 43.17 % of the Total Plot Area

11. Transferability of development rights if any, Building TDR is not applicable within the area of Sahajadpur Gram
bye- law provisions as applicable to the property viz. Panchayat (Gazole-I CD Block). As there is no
setbacks, height restrictions, etc. town/municipal development authority under the WB
Town & Country Planning Act operative here,
development rights cannot be transferred off-site & must be
utilized on the same plot, strictly adhering to the
development certificates issued by the Panchayat Samiti
u/s 114A.
12. Comment on surrounding land uses and adjoining Shall be Residential.
properties in terms of usage.

13. Comment on unauthorized constructions if any No constructions till date

14. Comment on demolition proceedings if any Demolition Proceedings not Applicable

15. Comment on compounding/ regularization Compounding/ Regularization Proceedings not
proceedings Applicable
16. Comment on whether OC has been issued or not OC has OC has been issued not been issued
17. Any other aspect No TDRs exist, and no special zoning or planning
restrictions were observed on the subject property
IV. Legal Aspects
1. Ownership documents, i). Deed :- Being No.- I-090807576 of 2024, Volume
No.- 0908-2024, Page from - 108776 to 108785,
A.D.S.R.- Gazole, On Dt.- 01.10.2024.
ii). Conversion Certificate :- Memo No.-
1558/BLLRO/Gazole/2024, Case No.-
CN/2024/0909/1005, On Dt.- 05.12.2024.
iii). Plan :- Plan sanctioned by Sahajadpur Gram
Panchayet, On Dt.- Nil.
iv). Site Plan.
v). Estimate.
2. Names of Owner/s OWNER :-
(In case of Joint or Co-ownership, whether the Sri Manoj Saha. S/O.- Late Anil Saha.
shares are undivided or not?)

Mainak Ghosal. 3|Page

3. Comment on dispute/issues of landlord with Not Applicable since Freehold property.
tenant/statutory body/any other agencies, if any in
regard to immovable property.
4. Comment on whether the IP is independently Yes. Approach road present
accessible?
5. Title verification, Refer to Banks’ Paneled Advocate
6. Details of leases if any, Not applicable as non-tenanted property
7. Ordinary status of freehold or leasehold including Freehold.
restriction on transfer,
8. Agreements of easements if any, Not applicable since Approach Road is present.
9. Notification for acquisition if any, No such information is available.
10. Notification for road widening if any, No such information is available.
11. Possibility of frequent flooding / sub-merging Refer to
https://bhuvan.nrsc.gov.in/gis/thematic/index.php
12. Special remarks, if any, like threat of acquisition The property is located approximately 348 km inland from the
of land for public service purposes, road widening Bay of Bengal—well outside any Coastal Regulation Zone or
or applicability of CRZ provisions etc. (Distance tidal influence. While no land acquisition proceedings are
from sea-coast / tidal level must be incorporated) underway, recent Zilla Parishad and Panchayat Samiti tenders
(e.g., rural road expansions in Sahajadpur G.P.) indicate a
moderate risk of partial land surrender for future road
widening under gift-deed or purchase mechanisms—
potentially impacting plot boundaries.
13. Heritage restrictions if any, All legal documents, No Heritage Restriction.
receipts related to electricity, water tax, property tax
and any other building taxes to be verified and copies
as applicable to be enclosed with there port.
14. Comment on transferability of the property Transferability of property ownership is no issue
ownership,
15. Comment on existing mortgages/ Pls. check with Central Registry of Securitization
charges/encumbrances on the property if any Asset Reconstruction and Security Interest of
India (CERSAI)
16. Comment on whether the owners of the property No information of any Guarantee Personal/
have issued any guarantee (personal/corporate) as the Corporate) is available.
case may be
17. Building plan sanction, illegal constructions if any No Plan violation observed since no Construction has
done without plan sanction/violations. started
18. Any other aspect I/We assume no responsibility for the legal matters
including, but not limited to, legal or title concerns.
V Economic aspects
1. Details of ground rent payable, Occupied by Owner.

2. Details of monthly rents being received if any, Non-tenanted property

3. Taxes and other outgoings, Tax receipt not available
4. Property insurance, Property insurance certificate not provided
5. Monthly maintenance charges, Monthly maintenance charges Bill not provided
6. Security charges, etc. Security charges Bill not provided
7. Any other aspect Price or Value have always an appreciating aspect due
to ongoing economic growth.
VI Socio-cultural aspects

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1. Description of the location of property in terms of the Exhibits a socially stratified agrarian structure
social structure of the area, population, social dominated by Scheduled Castes (~37%) and Scheduled
stratification, regional origin, age groups, economic Tribes (~20%) within the block, with moderate literacy
levels, location of slums / squatter settlements (~63%), and lacks formal slums or squatter
nearby, etc. settlements—reflecting a predominantly village-based
economy and rural housing pattern.According to the
2011 Census, Sahajadpur village had a total population
of 1,275.

VII Functional and Utilitarian Aspects

Description of the functionality and utility of the Shall be Residential.
assets in terms of : At present it is vacant land.
Special location,
Storage spaces,
Utility of spaces provided within the building,
Any other aspect
VII Infrastructure Availability Under Panchayet Area.
I
a)Description of aqua infrastructure availability in At present it is vacant land.
terms of
Water supply
Sewerage/sanitation
Storm water drainage
b) Description of other physical infrastructure
facilities viz.
Solid waste management
Gazole Bus Stop is above 1.5 Km.
Electricity
Gazole HNM Primary School above 1.3 Km.
Roads & Public transportation connectivity
Gazole State General Hospital is within 750 m.
Availability of other public utilities nearby
c)Social infrastructure in terms of
Schools
Medical facilities
Recreation facilities in terms of parks and open
spaces.
IX Marketability
Analysis of the market for the property in terms of The property under reference is situated is Gazole State
General Hospital is within 750 m.
Location alattributes Good.
Scarcity
Demand is more & supply of property is less in this area.
Demand and supply of the kind of subject property.
Comparable sale prices in the locality. Ranging from Rs. 3,00,000.00 to Rs. 4,00,000.00/
Decimal. ( see Annexures)
X Engineering and Technology Aspects

1. Type of construction, At present it is a vacant land.

2. Materials and technology used, Construction is yet to start
3. Specifications, At it is a vacant land.
4. Maintenance issues Construction is yet to start
5. Age of the building Construction is yet to start
6. Total life of the building, At present N/A.
7. Extent of deterioration, At present N/A.

Mainak Ghosal. 5|Page

 8. Structural safety Structural Safety report not furnished
9. Protection against natural disasters viz. earthquakes, Structural (Seismic) Stability report not furnished
10. Visible damage in the building if any, Construction is yet to start
11. Common facilities viz. lift, water pump, lights, Construction is yet to start
security systems, etc.,
12. System of air-conditioning, Construction is yet to start
13. Provision for firefighting, Construction is yet to start
Copies of plans and elevations of the building to be
included.
XI Environmental Factors
1. Use of environment friendly building materials, Construction is yet to start
Green building techniques if any,
2. Provision for rain water harvesting, Construction is yet to start
3. Use of solar heating and lighting systems, etc. Construction is yet to start
Presence of environmental pollution in the vicinity of
the property in terms of industries, heavy traffic, etc.
XII Architectural and aesthetic quality

1. Descriptive account on whether the building is As per Requirement of village but Construction is yet to
modern, old fashioned, etc., plain looking or with start.
decorative elements, heritage value if applicable,
presence of landscape elements, etc.
XII In case of valuation of industrial property
I
Proximity to residential areas The property is approximately 5.3 km from Gazole
Availability of public transport facilities town—the nearest residential and commercial hub—and
about 32 km from the District HQ (English Bazar)
• Public and private bus services are accessible within
5 km, and the nearest railway station (Gazole on
Eklakhi–Balurghat branch line) is within 5–10 km.
XI Valuation Sheet Attached
V
1. Here, the procedure adopted for arriving at the valuation has to be highlighted.
The valuer should consider all the three generic approaches of property valuation Land & Building Method.
and state explicitly the reasons for adoption of / rejection of a particular
approach and the basis on which the final valuation judgement is arrived at. A
detailed analysis and descriptive account of the approaches, assumptions made,
basis adopted, supporting data ( in terms of comparable sales ), reconciliation of
various factors, departures, final valuation arrived at has to be presented here.

LAND VALUE :
a). Area of land : 3.84 Decimal. (As per Deed & Conversion Certificate.)
b). Govt. Guide line price : Rs. 10,36,800.00 i.e. Rs. 2,70,000.00 per decimal.
c). A.D.S.R. Value : Nil.
d). Local Survey Rate : Rs. 3,00,000.00 to Rs. 4,00,000.00 per decimal.
e). Rate assessed : Rs. 3,55,000.00 per decimal.
f). Estimated Value : 3.84 Dec. x Rs. 3,55,000.00 = Rs. 13,63,200.00

Note :-
In this locality the market rate is Higher, than the value fixed by A.D.S.R.– Gazole. So, I am choosing Rs. 3,55,000/- per
decimal for realistic approach of valuation.

(The property is situated on, Village – Tulsidanga, Mouza – Saidpur, Near Gazole State General Hospital, all civic
amenities like School, Collage, Bank, Post office, and Hospital, shopping markets, are available within close proximity.
The site is Gazole Bus Stop is above 1.5 Km. & Gazole Railway Station is above 1.3 km. distance from the site.)

Mainak Ghosal. 6|Page

BUILDING VALUE :

At Present there is a Vacant Plot of Land.

SUMMARY OF VALUE : I). Land = Rs. 13,63,200.00

II). Building = Rs. Nil.

Total = Rs. 13,63,200.00

Say = Rs. 13,63,000.00
(Rupees Thirteen Lacs Sixty-Three Thousand Only)

As a result of my appraisal and analysis, it is my considered opinion that the present market value of the above
property in prevailing condition with the aforesaid specifications is Rs. 13,63,000.00 (Rupees Thirteen Lacs Sixty-
Three thousand only) (Prevailing market rate along with details /reference of at least two latest deals/transactions
with respect to adjacent properties in the areas. The reference should be of properties/plots of similar size/area
and same use as the land being valued). The other details are asunder.

1) Legal Documents & Authenticity of the Property may please be verified at your end. Because Valuer’s has not the
scope to checked any legal documents to the property which is related to the applicant/customer/ borrower.
2) This report is valid subject to clear marketable Title of the Property. As please referee Advocate Search Report for
Tittle of the Property.

i. Date of purchase of immovable property:- On Dt.- 01.10.2024.

ii. Purchase Price of immovable property:- Rs. 10,36,800.00
iii. Book value of immovable property:- Rs. 10,36,800.00
iv. Fair Market value of immovable property:- Rs. 13,63,000.00
v. Realizable Value of immovable property :Rs. 11,59,000.00 (15% less than F.M.V.)
vi. Distress Sale Value of immovable property :Rs. 10,90,000.00 (20% less than F.M.V.)
vii. Guideline Value (value as per Circle Rates), if applicable, in the area where Immovable
property(Land) Rs. 10,36,800.00 i.e. Rs. 2,70,000.00 per decimal.
viii. Construction Value to be considered for insurance purpose –
ix. Value of property of similar nature in the same locality drawn from any one of the property
websites such as Magic bricks, 99 Acres, Housing NHB Residex etc. its available.

Signed by MAINAK GHOSAL

Place: Kolkata Signature Date: 2025.06.16 07:58:50
Date: 10.06.2025 (Name and Official seal of the Approved Valuer)

The undersigned has inspected the property detailed in the Valuation Report dated on . We are satisfied that
the fair and reasonable market value of the property is Rs.________________________________ only.

Date: Signature
Encl: (Name of the Branch Manager with Official seal)

Mainak Ghosal. 7|Page

 ESTIMATE VERIFIED CERTIFICATE

The estimate submitted by party Rs. 20,04,387.00 for proposed Single storied building construction, was checked &
verified more or less Higher side. Considering Marble Slab/Tiles flooring with other specifications as mentioned in
Estimate, estimated proposed construction cost on completion construction is given below:-

As per plan proposed covered area :-

i. Ground floor :- 722.25 Sft. @ Rs. 2,000 per Sft. = Rs. 14,44,500.00

Total = Rs. 14,44,500.00

Present State of Construction = Nil.

Value of works yet to be done……… = Rs. 14,44,500.00

Total cost of construction = Rs. 14,44,500.00

Say = Rs. 14,45,000.00

Therefore total construction cost of the proposed Single storied building construction ( Excluding Land value ) on
completion of construction as per specifications, as mentioned in the estimate, will be Rs. 14,45,000.00 ( more or less
Fourteen lacs Forty Five thousand only.)

Value of the land & building after 100% completion :-

1. Present Value of the property = Rs. 13,63,200.00

2. Value of works yet to be done……… = Rs. 14,44,500.00

Total cost of construction = Rs. 28,07,700.00

Say = Rs. 28,08,000.00

i. Fair Market Value of immovable property - Rs. 28,08,000.00

ii. Realizable Value of immovable property - Rs. 23,87,000.00 (15% Less than F.M.V.)

iii. Distress Sale Value of immovable property - Rs. 22,46,000.00 (20% Less than F.M.V.)

Mainak Ghosal. 8|Page

 Appendix - IV

a. The information furnished in my valuation report dt. 10/06/2025 is true and correct to the best of my knowledge
and belief and I have made an impartial and true valuation of the property.
b. I have no direct or indirect interest in the property valued.
c. I have personally inspected the property on dt. 10/06/2025 the work is not sub-contracted to any other value
and carried by myself.
d. I have not been convicted of any offence and sentenced to a term of imprisonment.

e. I have not been found guilty of misconduct in my professional capacity.

f. I have read the Handbook on Policy, Standards and procedure for Real Estate Valuation, 2011 of the IBA
and this report is in conformity to the ‘Standards’ as enshrined for valuation in the Part-B of the above
handbook tothe best of my ability.
g. I have read the International Valuation Standards (IVS) and the report submitted to the bank for the respective
asset class is in conformity to the ‘Standards’ as enshrined for valuation in the IVS in ‘General Standards’ and
‘Asset Standards’ as applicable.
h. I abide by the Model Code of Conduct for empanelment of valuer in the bank. (Annexure III-A signed copy of
same to be taken and kept along with this declaration)
i. I am under Section 34AB of the Wealth Tax Act, 1957.
j. I am the proprietor / partner / authorized official of the firm / company, who is competent to sign this valuation
report.
k. That the Bank reserves the right to take appropriate legal action including dis-empanelment and filing/
lodging/ reporting complaint to IBA/ any professional body in case my/our services are found to be
negligent or deficient or found to be having facilitated willful default by the borrower, or where any willful
negligence/ malpractice on my/our part is found to be a causative factor for fraud.
l. Further, I hereby provide the following information.
SL. Particulars Valuer comment
No.

1. Background information of the assetbeing The property is situated at, Village – Tulsidanga, Mouza –
valued Saidpur, Near Gazole State General Hospital, J.L. No.- 80,
R.S. & L.R. Dag No.- 41, L.R. Khatian No.- 2998, Under
Sahajadpur Gram Panchayet, P.O. & P.S.- Gazole, Dist.-
Malda, West Bengal - 732124.
2. Purpose of valuation and appointing Valuation.
authority
3. Identity of the valuer and any other experts Staff of M.G. Valuation.
involved in the valuation
4. Disclosure of valuer interest or conflict, if Not applicable.
any
5. Date of appointment, valuation date anddate of Date of appointment – 10/06/2025
report Date of valuation – 10/06/2025
Date of report – 10/06/2025

6. Inspections and /or investigations Yes, on dt. 10/06/2025

undertaken
7. Nature and sources of the information Based on Local enquiry and Market Survey, supplied
used or relied upon documents & official website of Govt. of WB

8. Procedures adopted in carrying out the We have adopted one approaches for valuation of the property
valuation and valuation standardsfollowed. under reference ‘market approach’ for valuationof land. For
valuation of land, we have considered weighted average of market
information, guideline valueobtained from official website of
govt. of West Bengal and value as assessed by ADSR, as
mentioned in title deed. As market value of land very rarely
matches with guideline value in West Bengal so we have adopted

Mainak Ghosal. 9|Page

 reasonable market value for valuation of land.
9. Restrictions on use of the report, if The report can be used for the purpose of mortgage and bank finance.
any;

1 Major factors that were taken in to Property will be used for Residential purposes only.
0. account during the valuation.

1 Caveats, limitations and disclaimers to the 1) We have prepared the report exclusively on the basis of our
1. extent the explainer elucidate the limitations physical inspection on the day of surveyon dt.10/06/2025. We
faced by valuer, which shall not be for the purpose have not checked legal validityof the title of the property which is
of limitinghis responsibility for the valuation beyond our scopeof work.
report. 2) This Valuation is being conducted based on the presumption
that the owner holds a clear, undisputed title of the subject
property. In other words, the subjectland has been considered to be
free from encumbrance and other tax liabilities.
3) Real estate market in India is unorganized and official databases
for value of land rarely match with prevailing market rates. The
information pertaining to the market price has been obtained from
sources deemed to be reliable however no written confirmationor
verification was made available and hence our
analysis is limited to that extent.

Signed by MAINAK GHOSAL

Place: Kolkata Date: 2025.06.16 07:58:50
Date:- 10.06.2025. Signature
(Name and Official seal of the Approved Valuer)

Mainak Ghosal. 10 | P a g e
 Appendix-V

MODEL CODE OF CONDUCT FOR VALUERS

All valuers empanelled with bank shall strictly adhere to the following code of conduct.

Integrity and Fairness:

1. A valuershall in the conduct of his / its business, follow high standards of integrity and fairness in all / itsdealings with his / its
clients and other Valuers.

2. A Valuer shall maintain integrity by being honest, straight forward and forth right in all professionalrelationship.

3. A valuers shall endeavour sure that the / it provides true and adequate information and shall notmisrepresentative any
factor situations.

4. A Valuer shall refrain from being involved in any action that would bring disrepute to the profession.

5. A Valuer shall keep public interest for most while delivering his services.

Professional Competence and Due Care:

1. A Valuers shall render at all times high standards of service, exercise due diligence, ensure proper careand exercise
independent professional judgement.

2. A valuers shall carryout professional service in accordance with the relevant technical and professionalstandards that
may be specified from time to time.

3. A Valuer shall continuously maintain professional knowledge and skills to provide competent professional service
based on up-to-date developments in practice, prevailing regulations / guidelinesand techniques.

4. In the preparation of a Valuation report, the valuer shall not disclaim liability for his / its expertise or denyhis / its / duty of
care, except other extent that the assumptions are based on statements off act provide
by the company or its auditors or consultants or information available in public domain and notgenerated by the Valuer.

5. A valuer shall not carry out any instructions of the client in so far as they are incompatible with therequirements of
integrity, objective and independence.

6. A valuer shall clearly state to his client these service that he would be competent to provide and the service for which
he would be relying on other Valuers or professionals or for which the client can havea separate arrangement with other
Valuers.

Independence and Disclosure of Interest:

1. A Valuer shall act with objectivity in his / its professional dealings by ensuring that his / its decisions aremade without the
presence of any bias conflict of interest, coercion, or undue influence of any party, where directly connected to the
Valuation assignment or not.

2. A Valuer shall not take up an assignment if he / it or any of his / its relatives or associates is notindependent in terms of
association to the company.

3. A Valuer shall maintain complete independence in his / its professional relationships and shall conductthe Valuation
independent of external influences.

4. A Valuer shall where ever necessary disclose to the clients, possible sources of conflicts duties andinterest providing
unbiased services.

5. A Valuer shall not deal in securities of any subject company after any time when he / it first becomes aware of the
possibility of his / its association with the Valuation, and in accordance with the Securities
and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015 or till the times theValuation report
becomes public, whichever is earlier.

6. A Valuer shall not indulge in mandates notching or offering convenience Valuation in order to cater to acompany or
client’s needs.

Mainak Ghosal. 11 | P a g e
7. As an independent Valuer, the Valuer shall not charge success fee (success may be defined as acompensation / incentive
paid to any third party for successful closure of transaction in this case, approval of credit proposals.)

8. IN any fairness opinion or independent expert opinions submitted by a Valuer, if here has been a prior engagement in an
unconnected transaction, the Valuer shall declare the association with the companyduring the last five years.

Confidentiality:

1. A Valuer shall not use or divulge to other clients or any other party any confidential information aboutthe subject
company, which has come to his / its knowledge without proper and specific authority or unless there is a legal or
professional right or duty to disclose.

Information Management:

1. A Valuer shall ensure the / it maintains written contemporaneous records for any decision taken, thereasons for taking
the decision, and the information and evidence in support of such decision. Thisshall be maintained so as to sufficiently
enable a reasonable person to take a view on the appropriateness of his / its decisions and actions.

2. A Valuer shall appear, co-operate and believable for inspections and investigations carried out by theauthority, any
person authorized by the authorize by the authority, the registered Valuers organization with which he / it is registered
or any other statutory regulatory body.

3. A Valuer shall provide all information and records as may be required by the authority, the Tribunal,Appellate
Tribunal, the registered Valuers organization with which he / it is registered, or any otherstatutory regulatory body.

4. A Valuer while respecting the confidentiality of information acquired during the course of performingprofessional
services shall maintain proper working papers for a period of three years or such longerperiod as required in its contract for
a specific Valuation, for production before a regulatory authorityor for appear review. In the event of a pending case
before the Tribunal or Appellate Tribunal, therecord shall be maintained till the disposal of the case.

Gifts and Hospitality:

1. A Valuer or his / its relatives shall not accept gifts or hospitality which under mines or affect hisindependence as
a Valuer.

2. Explanation-For the purpose soft his code the term relative shall have the same meaning as definedin clause (77) of
section 2 of the companies Act, 2013 (18 of 2013).

3. A Valuer shall not offer gifts or hospitality or a financial or any other advantage to public servant orany of other
person with a view to obtain or retain works for himself / itself, or retain an advantage inthe conduct of profession for
himself / itself.

Remuneration and Costs:

1. A Valuer shall provide services for remuneration which is charged in a transparent manner is a reasonable
reflection of the work necessarily and properly under taken and is not in consistent withthe applicable rules.

2. A Valuer shall not accept any fees or charges other than those which are disclosed in a writtencontract with the
person to whom would be rendering service.

Occupation, employability and restrictions:

1. A Valuer shall refrain from accepting too many assignments, if he / it is unlikely to be able to devoteadequate time to
each of his / its assignments.

2. A Valuer shall not conduct business which in the opinion of the authority or the registered Valuer organization
discredits the profession.

Place : KOLKATA
Date : 10.06.2025 Signed by MAINAK GHOSAL
Signature Date: 2025.06.16 07:58:50
(Name and Official seal of the Approved Valuer)

Mainak Ghosal. 12 | P a g e
Mainak Ghosal
BSc, B.Tech.(Civil/Construction),PGDBM,MBA,M.E.(Structural),
MSc (Real Estate Valuation) CHARTERED ENGINEER (MIE) – No.-141236-6
&APPROVEDVALUER(FIV)REGN.No.–F-20249, BANKSEMPANELLEDVALUER,
MEMBEROFIOVREGISTEREDVALUERS’FOUNDATION -M:NO.IOVRVF/M/L&B/1139,
GOVT.REGISTERED VALUEROFCBDT(REGD.No.W.B./CCIT-XI/Kol/97/201415/1772)
AnISO9001:2015REGISTEREDCOMPANY
Resi. Address:-
18A, SubashBag,1stFloor,‘Promilaboni’, S.V.Road,M.B.Road(partial)
Punjabi Bagan, Birati, Kolkata – 700051
Mob:- 9123073488 / 9433624405

REF. No: M.G.2025/JUN/10P06

BILL
To

The Branch Manager, Date – 10.06.2025.

Punjab National Bank
Aatmile Branch

Sub.: Valuation Report for the property of

OWNER :- SRI MANOJ SAHA.

SUB : Bill for professional fees for the valuation on the property situated at, Village – Tulsidanga, Mouza –
Saidpur, Near Gazole State General Hospital, J.L. No.- 80, R.S. & L.R. Dag No.- 41, L.R. Khatian No.- 2998,
Under Sahajadpur Gram Panchayet, P.O. & P.S.- Gazole, Dist.- Malda, West Bengal - 732124.

Bill No: – 06.

The Professional Charges for Rs. 4,000.00

Valuation Report.
Add CGST + SGST ……………….. 18% Rs. 720.00
__________________

Total Due Rs. 4,720.00

(Rupees Four Thousand Seven Hundred Twenty only)

Thanking you,
Yours faithfully,
Signed by MAINAK GHOSAL
Date: 2025.06.16 07:58:50
Note : The bill amount may be remitted / credited
to my PNB A/C. No. 0535000100092135 of PNB Birati Br.
My GSTIN No. 19AJDPG0046N1Z7, IFSC Code – PUNB0053500

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Mainak Ghosal. 15 | P a g e
Mainak Ghosal. 16 | P a g e
Mainak Ghosal. 17 | P a g e
Mainak Ghosal. 18 | P a g e
Mainak Ghosal. 19 | P a g e
Mainak Ghosal
BSc, B.Tech.(Civil/Construction),PGDBM,MBA,M.E.(Structural),
MSc (Real Estate Valuation) CHARTERED ENGINEER (MIE) – No.-141236-6
&APPROVEDVALUER(FIV)REGN.No.–F-20249, BANKSEMPANELLEDVALUER,
MEMBEROFIOVREGISTEREDVALUERS’FOUNDATION -M:NO.IOVRVF/M/L&B/1139,
GOVT.REGISTERED VALUEROFCBDT(REGD.No.W.B./CCIT-XI/Kol/97/201415/1772)
AnISO9001:2015REGISTEREDCOMPANY
Resi. Address:-
18A, SubashBag,1stFloor,‘Promilaboni’, S.V.Road,M.B.Road(partial)
Punjabi Bagan, Birati, Kolkata – 700051
Mob:- 9123073488 / 9433624405

OWNER/IDENTIFIER: - SRI MANOJ SAHA.

Mainak Ghosal. 20 | P a g e
 VALUATION REPORT
REF. No: M.G.2025/JUN/10P06

OWNER :- SRI MANOJ SAHA.

Mainak Ghosal

Resi. Address:-
18A, SubashBag,1 Floor,‘Promilaboni’, S.V.Road,M.B.Road(partial)
st

Punjabi Bagan, Birati, Kolkata – 700051

Mob:- 9123073488 / 9433624405

The property is situated at, Village – Tulsidanga, Mouza – Saidpur, Near

Gazole State General Hospital, J.L. No.- 80, R.S. & L.R. Dag No.- 41, L.R.
Khatian No.- 2998, Under Sahajadpur Gram Panchayet, P.O. & P.S.- Gazole,
Dist.- Malda, West Bengal - 732124.
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