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ENGINEERS & VALUERS COLLABORATED

Add : 5/1A, JOGESH MITRA ROAD, KOLKATA – 700 025


Phone : (033)2486-8917, E-mail : rmitter@hotmail.com
RAJAT MITRA - MANAGEMENT CONSULTANTS
B.Sc. (Hons.) Glasgow, A.R.C.ST. (Hons.) - CONSULTING ENGINEERS
Strathclyde : MIE : C. Eng. - REGISTERED VALUERS
Ex. Senior Technical Consultant at S.R. Batliboi & Co. - CHARTERED ENGINEERS
and Lovelock & Lewes - VALUERS APPROVED BY HON’BLE HIGH COURT

Valuation of the Land &


Building/Shed
At
1,Kali Prasanna Sinha Road,P.S-Chitpore,Kolkata-700002,
Under Kolkata Municipal Corporation.

As on 30.12.2017

Owner- M/S Atlas & Union Jute Press Co. Ltd.

1.0 INTRODUCTION
As per advice by the owner, to carry out physical
verification and valuation of Land & Building/Shed, our
valuer was deputed to visit the above location. Based on
the survey conducted by us, measurement taken and on
the information / statement, we submit herewith are
detailed report.

A. Purpose for which the valuation Fair Market Value


is made

B. Date as on which the valuation 30.12.2017


is made

C. Date of Inspection, Survey & 22.12.2017


Valuation
D. Name of the owners for whom M/S Atlas & Union Jute
the valuation is made Press Co. Ltd.

2.0 BASIS OF VALUATION


2.01 The land is located at 1,Kali Prasanna Sinha
Road,P.S-Chitpore,
Kolkata-700002,Under Kolkata Municipal Corporation.

It is situated near Chitpore police station.All civic


aminities are nearby. The land is irregular in shap and
measures 3 bighas 13 kottah 11 chittacks 13 sft i.e
1.21828 Acres. i.e 73.71 kottahs.

The Property is butted & bounded by


On the North Kali Prasanna Sinha Road.
On the South Property of Gokul Chandra
Seal.
On the East Road.
On the West Property of Gokul Chandra
Seal.

The land is encumbered by Building/sheds, which area is


45149 sft & all building/sheds are occupied by old
tenanted,(Rent –Rs.14569/month)

Details are given below:

Sl.N Name of Tenent Area in sft Rent/month(In


o Rs)

1 Girdhari Estates P. 36937 12650.00


Ltd.

2 Mahabir Trading Co. 3300 500.00

3 Binode Kr. Bagrecha 500 1000.00

4 Laba Rasayan 1600 350


5 Gautam Engineering 1650 500.00
Ltd.

6 Ramesh Prasad -- 244.00


Singh

7 Nav Bharat Plastic 1162 175.00


Udyog

Total 45149 15419

The property is under rent and enjoys very low rent due
to old tanants. Market price is much higher.In
consideration of above we have valued by both rent
capitalization and revaluation by current replacement
cost method. Average of the two has been taken as the
value to be fair & reasonable.

A) Valuation of land & building Method


3.0 Methodology of valuation

Various relevant factors are taken into consideration for


arriving at the revalued cost of an asset includes the
following:
LAND
 Location
 Nature of holding i.e. freehold/leasehold
 Area and shape
 Present market price of similar plot Present and
future land use
 Restriction in use i.e. Industrial, Commercial or
Residential
 Limitation in marketability
BUILDING & STRUCTURES

 Location
 General condition and state of repairs
 Type of construction and nature of structure
 Present use
 Covered area / height and number of floors
 Present cost of construction

4.0 VALUATION OF LAND

4.01 The widely accepted method of assessing the value


of land is to take reference of sale price of a
reasonably comparable property in the near
vicinity of this particular land in question which has
been sold near about the time of the date of
valuation. In this connection, it has to be realized
that the market value is a price that a willing
purchaser would pay having regard to its utilization
potentiality in the background of existing conditions
and statutory constraints.

On local enquiry on present value of land selling

rate is made at spot to get an idea of reasonable

price as on the date of valuation which suggests a

value between Rs. 50.00 lakhs to Rs.70.00

lakhs/kottahs. An average rate of Rs.60.00

lakhs/kottahs has been considered.


Therefore, the value of land measuring 73.71

Kottahs @ Rs.60.00 lakhs/Kottahs = Rs. 4422.60

Lakhs.

Again , we have considered 40% discount for


encumbrance by old Building/ shed. Therefore, Value
of land comes to Rs.4422.60 lakhs x(1-40/100)=
Rs.2653.56 Lakhs.

5.0 VALUATION OF BUILDING

The principle normally followed for valuation of structure


in a particular area is by determining the actual cost of
construction of a similar structure as per cost of materials
prevailing at site and to deduct there from the
depreciation that might be on the age of structure and its
physical condition which would determine its future
residual life.
In order to determine the probable cost of each type of
construction as on the date of valuation, plinth area (PA)
rate for same has been ascertained according to nature,
type and specifications of structure which include span,
height etc. The cost of construction is, therefore, worked
out on the basis of probably PA rate at site.

Depreciation has been allowed according to depreciated


replacement cost method which takes into account the
value of structures according to its age and normal
expected life.
By this method, amount of depreciation per year is
uniform and is determined by finding the present cost of
production of a similar structure less the salvage value
and multiplied by its year of existence, i.e. age, then
divided by the number of years of its expected normal
life, according to its physical condition.

The building/sheds are very old & and outlived its utility. So,

we have taken a salvage value 10% only. Valuation of Shed is

given below

6.0 SUMMARY OF VALUATION

A) Land Rs. 2353.56 lakhs

B) Building Rs. 22.57 lakhs

S/TOTAL Rs. 2376.13 lakhs

Less:50% for Rs.1188.07 lakhs


Tenancy,i.e
Rs.2376.13 lakhs x
(1-
50/100)=Rs.1188.07
lakhs.

Total Rs.1188.06 lakhs


(Rupees eleven crore eighty eight lakhs six
thousand only)

B) Rent capitalized Method

Total Monthly rent : Rs. 15419.00

Annual Rent: (Rs.15419 x 12months) Rs.1,85,028.00


Less outgoing (10 %) (-) Rs. 18502.80
Net maintable Rent Rs. 166525.20

Net income be Rs. 166525.20/Annum for perpetuity (for old tenant)


and the
Appropriate rate of return be 6% per annum.
So,Y.P @ 6% in perpituaty is 16.048.
Capital valueof the property= Rs.166525.20 x 16.048
=Rs.26,72,396.41 i.e Rs.26.72 lakhs.
Therefore fair market value of the property is Rs 26.72
lakhs.

Valuation Of property
We have taking the average value of the property .
Therefore value of land & building comes to Rs.1188.06
lakhs + Rs.26.72 lakhs=Rs.607.39 lakhs ( Rupees six
crore seven lakhs thirty nine thousand only)

7.0 This report is based on the data, provided our


inspection, to the best of
our knowledge & issued without any prejudice.
Owner- M/S Atlas & Union Jute
Press Co. Ltd.

Valuation of the Land &


Building/Shed
At
1,Kali Prasanna Sinha Road,P.S-Chitpore,Kolkata-700002,
Under Kolkata Municipal Corporation.

As on 30.12.2017

.
ENGINEERS & VALUERS COLLABORATED
CONSULTING ENGINEERS * VALUERS * CHARTERED ENGINEERS
Ph- 2486-8917