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NATIONAL INSTITUTE OF CONSTRUCTIONS MANAGEMENT AND RESEARCH INSTITUTE (NICMAR)

DUBAI CENTER (2017)

COURSE: POST GRADUATE IN QUANTITY SURVEYING (PGQS)

COURSE NO. PGQS 31

COURSE TITLE: VALUATION OF LAND AND BUILDINGS & MACHINERY.

ASSIGNMENT ON

VALUATION OF PROPERTY FOR SALE

SUBBIMETED BY

PREM SINGH

STUDENT REGISTRATION NO. 216-02-27-12607-2162


ASSINGMENT

NICMAR/SODE OFFICE

1. Course No. - PGQS 31


2. Course Title - Valuation of land and Buildings & Machinery
3. Assignment No. - _________________________
4. Date of Dispatch - _________________________
5. Last date of receipt of
assignment at SODE office - _________________________

ASSINGMENT

Select a two or three residential complex project in an urban center with approx. 5000
sq.m. Area and find the value of the property on behalf of the owner for the purpose of
sale.

General assumptions.

1. The main market area in 3 km. away.


2. Railway station in 7 km. away.
3. School is 1 km. away.
4. Hospital is 1 km. away.
5. General everyday shopping within 500m
6. Nearest entertainment center is 2 km. away
7. Property is on freehold land.
8. Age of the building is 20 years.

You may make other suitable assumptions and list out in the assignment.
1. Client:

Mr. and Mrs. Patil.


B-46, SHIVAJI MARG, ANDHERI (E)
MUMBAI, INDIA.

2. Instructions:

To prepare a Residential Valuation of the property, this is used to determine the


present condition market value of the property for sale purposes.

3. Subject Property Location:


The subject property is located in a residential area known as Vashi sec- 21. This
property is located in the Western part of Navimumbai municipal corporation
Park.
The subject property can be accessed through Airoli -Vashi road, the subjected
property location complete address is.
A-05, JYOTI VILLA, SION-PANVEL HIGHWAY
NEAR MAHARASTRA BANK, VASHI SEC-21
VASHI, NAVIMUMBAI
MAHARASTRA, INDIA

4. Nature of Surrounding Neighborhood:


The immediate and surrounding areas comprises of residential type properties.
These properties vary in terms of magnitude, quality of finishes, and the level of
development.
Most everyday amenities and necessities are available in the immediate and
surrounding.

Improvements:
Main building (+/- 2300 m)
The main building consists of: a TV-room, lounge, patio, which is used as a
stunning entertainment area, kitchen, dining area, study, washroom, 4 bedrooms
and 2 bathrooms.

Outside Building: (+/- 2800 m)


The subject property has a lawn.
Other Improvements include:
The subject property has a borehole; Sprinkler system; Three build in safes; Alarm
system ; Electronic wooden garage doors; Various burglar bars; Wendy House;
Shed; Precast walls of approximately 95 m; Plastered and painted boundary walls
of approximately 75 m; Paving of approximately 150 m;

Section Floor / Walls Ceiling Quality Condition/Othe


r
TV Room Tiled / Painted Wooden Standard to Good
and Wood Middle Class
Lounge Tiled / Painted kajaria Standard to Good
Middle Class
Patio / Tiled / Glass kajaria Middle Class to Very Good /
Entertainment Luxurious Built in Braai
Area with kitchen as
well
Dining Area Tiled / Painted kajaria Standard to Good
Middle Class
Study Tiled / Painted kajaria Standard to Good
Middle Class
Kitchen Tiled / Tiled Wooden Standard to Good
Middle Class
Washroom Cement / kajaria Standard to Average
Painted Middle Class
Bedroom 1 Tiled / Painted kajaria Standard to Good / Built in
Middle Class Cupboards
Bedroom 2 Tiled / Painted kajaria Standard to Good / Built in
Middle Class Cupboards
Bedroom 3 Tiled / Painted kajaria Standard to Good / Built in
Middle Class Cupboards
Bedroom 4 Tiled / Painted kajaria Standard to Good / Built in
Middle Class Cupboards
Bathroom 1 Tiled / Tiled Grid Type Fiber Standard to Good / Bathtub,
Ceiling Middle Class shower, basin
and toilet
Bathroom 2 Tiled / Tiled Grid Type Fiber Standard to Good / Bathtub,
Ceiling Middle Class shower, basin
and toilet
5. Tenure and Occupation:
The property is understood to be of freehold tenure. The property was vacant,
but fully furnished at the time of our inspection.

6. Date of Inspection:
The property was inspected on the 22nd APRIL 2017.

7. Weather Conditions:
The weather was overcast and raining during our inspection. The weather in
previous weeks has been varied.

8. Restrictions:

Whilst the property was unoccupied, it was fully furnished with floors fully
covered throughout. Several rooms were packed full of stored items which did
restrict our inspection.

9. Description:

The property is formed by a traditional ground plus two storey semidetached


house located in a rural setting. The property benefits from a range of basic and
deteriorated outbuildings.

10. Situation:

The property is situated within an urban location, which lies approximately 3 km.
outside the vashi railway station and bus station. 1 km. away from the
Hiranandani hospital approximately 1 km to the east side of center one mall.
The subject property and adjoining neighboring property are surrounded by
farmland, with the dwellings being accessed across a partly made private track.
Whilst some purchasers would find this an attractive feature, the isolated position
of this property is likely to deter some future purchasers and therefore we have
taken this matter into account.
There is also believed to be a public footpath which runs directly in front of the
subject property. This may again slightly restrict future sale ability.
11. Accommodation:

Ground floor: Entrance Hall, Living Room, Kitchen, Dining Room, basic
Conservatory, Cloak Room.
First floor: Landing, Three Bedrooms with attached Bathroom.
Second floor: Landing, one Bedroom with attached Bathroom and deck area.

12. Garage, Outbuildings and Site:


There is big garage. There are a range of brick and tiled outbuildings to the rear of
the property which are believed to have been used as a coal store, garden sheds
and kennels. There are also a number of basic and dilapidated timber sheds which
have not been considered within our valuation.
The property benefits from a good size site, with a small garden to the front, and
good sized rear garden. Whilst it is understood that approximately 0.5 acres of
adjoining fields also form part of the estate.

13. Construction:
Walls: 450mm solid stone with part 250mm solid brick.
Roof: Pitched and tiled solar panels on the top.
Floors: Solid and suspended timber construction.
Joinery: Mainly UPVC double glazed units with some older timber units.
Internal fittings: plumbing materials are high class jaguar fittings.
Kitchen accessories: modular kitchen aluminum and glass cabinets, geyser
facilities.

14. Services:
The property is connected to mains water electricity and Drainage is connected
with the municipal corporation main lines.

15. Roads, Footpaths and Rights of Way:


The property is accessed across a partly made private track which is understood
to be owned by a separate party. It is therefore essential that adequate
pedestrian and vehicular rights of access are available. This valuation therefore
assumes that adequate rights of access are in place.
We are unaware of any maintenance responsibilities relating to this private track.
16. General Condition:

Whilst the property is found in a structurally sound condition, it has undergone


minimal modernisation and maintenance in recent years. The property is
therefore in need of fairly extensive improvement and modernisation.
Internal fittings and decorations are dated and are likely to not require for
modernisation. The electrical installation also appears dated and is therefore
likely to require renewal in the short term. Many purchasers would also budget
for improving the central cooling arrangements.
Evidence of localised rising and penetrating dampness was noted. Whilst this is
not presently causing a significant defect, future repairs should again be
considered.
Whilst none of these issues are considered to be structurally significant, it is felt
that most prudent purchasers would make allowances for the future costs of
these works, and therefore our valuation has taken account of these matters.
The above items should not be regarded as a detailed list and you are advised to
obtain various contractors reports and estimates before contract.

17. Environmental Matters:

I am not aware of any planning, highway or other proposals in the neighborhood


which are likely to affect the property. This is a matter normally verified by legal
advisers during pre-contract enquiries and local searches.
The property is located within a sea sore area. This valuation assumes the
property is not at risk.
We are unaware that the property is affected by any flood risk.

18. Legal Matters:

The property is understood to have been re-roofed in the past 20 years. This
valuation assumes that all required statutory approvals will have been obtained
for these works.
There do not appear to have been any other structural alterations. It is important
that all rights of access relating to the private drive are confirmed by the legal
adviser.
19. General Remarks:

The property is formed by a traditional ground plus two storey semidetached


house located in a fairly remote rural setting. The property is accessed across a
partly made private drive, and is affected by a public footpath running directly in
front of the main boundary.
The property would benefit from fairly extensive improvement and
modernisation. Whilst the property benefits from good sized gardens.

20. Insurance and Floor Area (Gross External):


Gross external floor area: 5100 sq.m.
For insurance purposes we recommend a minimum rebuilding cost of 18, 00,000
(eighteen lacs).

21. COMPARABLE SALES:

The following sales were found and investigated:


Property Price Sold Date Size
description Sold
1 Station road, vashi sec- Rs. 2,25,0 2016/08/28 +/- 7523 m
21 0,000.00
2 M. garden road, vashi Rs. 1,60,0 2016/09/10 +/- 5726m
sec- 21 0,000.00
3 Market road, vashi sec- Rs. 1,30,0 2016/08/05 +/- 4535 m
21 0,000.00
4 H. hospital road, vashi Rs. 1,38,0 2017/02/06 +/- 4462 m
sec- 21 0,000.00

22. Valuation:
I consider the property to have a current market value of Rs. 1, 00, 00,000 /-
(The valuation is defined in the attached Terms and Conditions)
CALCULATION AND CONCLUSION:

Based on the information above a value of Rs. 1, 00, 0 0,000.0 (One crore rupees)
represents the fair market value of the subject property.
We have not carried out a Building Survey, nor have we inspected those parts of
the property, which are covered, unexposed or inaccessible and such parts have
been assumed to be in good repair and condition. We cannot express an opinion
about or advice upon the condition of any parts not inspected and this report
should not be taken as making any implied representation or statement about
such parts.