VAL/SBI/LHO/066/2022-23

Date : 15/04/2022

VALUATION OF RESIDENTIAL FLATS LOCATED AT

FLAT NO. 17,FLAT NO.18, FLAT NO.19 ON 4TH FLOOR IN WING A AND FLAT NO. 37, FLAT
NO. 38 ON 4TH FLOOR IN WING -B, RUNWAL NAGAR CO-OP. HOUSING SOCIETY LTD, (B
PLOT)–B4. SURVEY NO. 44,45/5, 47/5 , NEAR DATTA MANDIR, KOLBAD, VILLAGE-
PANCHPAKHADI, THANE (W)

FOR STATE BANK OF INDIA, LHO, MUMBAI

VAL/SBI/LHO/066/2022-23 Date : 15/04/2022

To,
Assistant General Manager
State Bank of India
Premises & Estate Department
Mumbai Metro Circle
Local Head Office, BKC
Bandra-E, Mumbai-51

SUBJECT – VALUATION REPORT OF FLAT NO. 17,FLAT NO.18, FLAT NO.19 ON 4TH FLOOR
IN WING A AND FLAT NO. 37, FLAT NO. 38 ON 4TH FLOOR IN WING-B, RUNWAL
NAGAR CO-OP. HOUSING SOCIETY LTD (B PLOT), –B4. PLOT NO. A, SURVEY
NO. 44,45/5, 47/5 , NEAR DATTA MANDIR, KOLBAD, VILLAGE-
PANCHPAKHADI, THANE (W)
Respected Sir,
As per your Letter Ref No. AGM-PE/MS/1797, Dated 21/03/2022, we have visited the above
site and we are submitting here with the Valuation Report for your perusal. If you have any
questions, regarding our valuation report or our findings then kindly clear the same within 15
days.

Thanking you in anticipation,

 
Encl : Valuation Report and Photos

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VALUATION REPORT (IN RESPECT OF FLATS/ SHOPS)

I. GENERAL  
1. Name & address of the Valuer Er. & Vr. Kedar Chikodi
Room No.106 & 107, First Floor, Laxmi Narayan
Building , Above Sai Baba Mandir, Opp. Co-op Bank Ltd,
Sant Namdev Path, Dombivli East , Mumbai – 421 201
2. Purpose for which the valuation is made To Ascertain Present Fair Market Value of the property
for balance sheet purpose .

3. a) Date of inspection 05/04/2022

b) Date on which the valuation is 15/04/2022
made
4. List of documents produced for perusal
  1. Previous valuation report by Ashok D Kadam dated 28/04/2019.

Name of the owner(s) and his / their
5. address (es) with Phone no. (details of
share of each owner in case of joint
ownership)
6. Brief description of the property
Occupied by State Bank of Bikaner and Jaipur
(Subsidiary of State Bank of India)
Flat No. 17, Flat No.18, Flat No.19 On 4th Floor In
Wing- A and Flat No. 37, Flat No. 38 On 4 th Floor in
wing-B, Runwal Nagar Co-op. Housing Society Ltd, (B
Plot) –B4. Plot no. A, Survey No. 44,45/5, 47/5 , Near
Datta Mandir, Kolbad, Village-Panchpakhadi, Thane
(W)

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7. Location of property  
a) Plot No. / Survey No. Plot No. A, Survey No. 44,45/5,47/5
b) Door No. Flat No. 17, Flat No.18, Flat No.19 On 4th Floor In
Wing- A and Flat No. 37, Flat No. 38 On 4 th Floor in
Wing-B
c) T. S. No. / Village Village : Panchpakhadi
d) Ward / Taluka Thane
e) Mandal / District Thane
  f) Date of issue and validity of layout of Relevant documents were not made available for
approved map / plan
current valuation exercise
  g) Approved map / plan issuing
authority
  h) Whether genuineness or authenticity
of approved map / plan is verified

8. Postal address of the property Flat No. 17, Flat No.18, Flat No.19 On 4 th Floor In
Wing- A and Flat No. 37, Flat No. 38 On 4 th Floor in
wing-B, Runwal Nagar Co-op. Housing Society Ltd, (B
Plot) –B4. Plot no. A, Survey No. 44, 45/5, 47/5 , Near
Datta Mandir, Kolbad, Village-Panchpakhadi, Thane
(W)

9. City / Town Thane

  Residential Area Yes

  Commercial Area No

  Industrial Area No

10. Classification of the area  

  i) High / Middle / Poor Middle Class

  ii) Urban / Semi Urban / Rural Urban Area

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11. Coming under Corporation limit / Thane Municipal Corporation

Village Panchayat / Municipality

12. Whether covered under any State / Relevant documents were not made available for
Central Govt. enactments (e.g. Urban current valuation exercise
Land Ceiling Act) or notified under
agency area / scheduled area /
cantonment area

13. Boundaries of the property

  North Runwal Nagar Road, and Residential building

  South Open land

  East Residential building

  West Flower Valley Complex

14. Dimensions of the site / flat A B

15. Extent of the site As per Agreement Actuals
  Flat No. Built up area Flat was locked
17 557 Sq.ft during our visit
18 557 Sq.ft
19 557 Sq.ft
37 557 Sq.ft
38 557 Sq.ft
Total =2785
Sq.ft

15.1 Latitude, Longitude & Co-ordinates Latitude :19.2072206

Longitude :72.9736359
of flat/ Shop / Gala/flat
16. Extent of the site considered for Built up area of 2785 sq.ft.
valuation (least of 13 A & 13 B)
17. Whether occupied by the owner / Occupied by State Bank of Bikaner and Jaipur
(Subsidiary of State Bank of India)
tenant? If occupied by tenant, since
how long? Rent received per month.

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II. APARTMENT BUILDING  

1. Nature of the Apartment Residential flat
2. Description of the locality Residential / Residential
Commercial / Mixed
3. Year of Construction 1980 (Approx)
4. Number of Floors Ground+ 4 Upper Floors
5. Type of Structure RCC Framed Structure
6. Number of Dwelling flats in the building 4 flats on each floor in both the wings
7. Quality of Construction Satisfactory
8. Appearance of the Building Satisfactory
9. Maintenance of the Building
10. Facilities Available  
  Lift No
  Protected Water Supply Yes
  Underground Sewerage Yes
  Car Parking - Open/ Covered Open
  Is Compound wall existing? Yes
  Is pavement laid around the Building Yes
III. FLAT/SHOP/GALA/OFFICE  
1. The floor on which the flat/ Gala/ Office is Flat No. 17, Flat No.18, Flat No.19 On 4th
situated Floor in Wing -A
2. Door No. of the flat/Gala/Office Flat No. 37, Flat No. 38 On 4TH Floor in
Wing-B

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3. Specifications of the flat/Office/Shop/ Gala

  Roof RCC structure, wooden flush doors. Interior
  Flooring finishes could not be verified During our site
visit as said flat was locked.
  Doors
  Finishing
4. House Tax Relevant documents are not made available
  Assessment No. for current valuation exercise.

  Tax paid in the name of

  Tax amount
5. Electricity Service Connection no. Relevant documents are not made available
  Meter Card is in the name of for current valuation exercise.

6. How is the maintenance of the flat/ During our site visit said flat was locked.
Office/Shop/Gala
7. Sale Deed executed in the name of Relevant documents are not made available
for current valuation exercise.
8. What is the undivided area of land as per Details not available.
Sale Deed?
9. What is the plinth area of the flat? Plinth area of Individual Bungalow can be
measured. In case of Residential flat /
commercial flats, walls will be shared with
other adjoining Flat/Shop. So it is technically
not feasible to take the Plinth area. As per
document provided the built up area of the
flat is given as below. As per document
provided the carpet area is 2785 sq.ft

10. What is the floor space index (app.) Approved Plan copy was not provided during
the valuation

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11. What is the Carpet Area of the flat? During our site visit said flat was locked.

12. Is it Posh/ I class / Medium / Ordinary? Medium

13. Is it being used for Residential or Residential flat
Commercial purpose?

14. Is it Owner-occupied or let out? During our site visit said flat was locked.

IV. MARKETABILITY  
1. How is the marketability? Good
2. What are the factors favoring for an extra The subject building is located in developed urban
Potential Value ? area having availability of all the civic amenities. It
is 3 km away from Thane Railway station

3. Any negative factors are observed which Nothing Apparent

affect the market value in general?
V. Rate  
1. After analyzing the comparable sale Asking rates of nearby property is available and
instances, what is the composite rate for a attached with the report.
similar flat with same specifications in the
adjoining locality? - (Along with details /
reference of at least two latest
deals/transactions with respect to
adjacent properties in the areas)

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2. Assuming it is a new construction, what
is the adopted basic composite rate of
the flat under valuation after comparing
with the specifications and on the factors
with the flat under comparison (give
details).
As per the market enquires made by us, the on- going
rate in this particular area for the said type of
property based on the location and demand and
supply of similar property is around Rs13,900 /-
per sq.ft. to Rs.15,200/- per sq.ft. on Built up Area.
So average asking rates works out to Rs. 14,600/- per
sq.ft. on built-up area. Hence based on our market
analysis, advantages & disadvantages of the property,
specifications, location etc. rate of Rs.14,600/- per
sq.ft. is fair & reasonable for the current valuation
exercise.

TABLE OF ASKING RATE:- (Refer attachment on page no 18,19)

TABLE OF ASKING RATES
SR. DESCRIPTION OF OFFER PRICE BUILT RATE PER WEBSITE DISTANCE
NO ASSET UP SQ.FT REFERRED
ADVERTISED AREA
IN
SQ.FT

1 1 BHK Flat for sale 90,00,000 610 14,754 3 min. away from
in Flower valley, https:// subject property
near Cadbury www.nobroker.in/
junction Thane property/buy/1-bhk-
(West) apartment-for-sale-
in-thane-west-
mumbai/
8a9f84867a9c33db0
17a9cc3a619166e/
detail
2 1BHK flat for sale in 78,00,000 13,930 Same vicinty
Runwal Towers, https://
Runwal Nagar www.nobroker.in/
Thane(West) property/buy/1-bhk-
apartment-for-sale-
in-runwal-nagar-
thane-west-
mumbai/
ff8081816140d57e0
1614b5f1bb279ef/
detail
3 1 BHK flat for sale In 65,00,000 15,116 Same building
Runwal Nagar https://
inThane West www.nobroker.in/
property/buy/1-bhk-
apartment-for-sale-
in-thane-west-
mumbai/
8a9fb6827d8fd7fb0
17d9032fee13909/
detail
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The building contains bank’s flats as well as private

3 Break - up for the rate :
flats. Bank’s guidelines states that, “If such flats are
i) Building + Services : sold in the future, those cannot fetch value separately
for land and construction cost”. Hence, we have given
ii) Land + Others : composite value of land and building.

4 Guideline rate obtained from the : Government Ready Reckoner Rate for residential
Registrar's office (an evidence thereof to premises is Rs. 1,40,900/- per sq.mtrs i.e. Rs.
be enclosed) 13,090/- per sq.ft.

VI COMPOSITE RATE ADOPTED AFTER DEPRECIATION

a. Depreciated building rate : Depreciated rate of Rs. 14,600/- has been considered

  Replacement cost of flat/ Unit with : NA

Services
(v (3)i)
  Age of the building : 42 Years old approximately
  Life of the building estimated : 18 years, considering periodic repairs and
maintenance.
  Depreciation percentage assuming : N.A. as depreciated rate has been considered for
the salvage value as 10% valuation.
  Depreciated Ratio of the building :

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Total composite rate arrived for valuation
Depreciated building rate VI (a)
Rate for Land & other V (3)ii
:  The building contains bank’s flats as well as private
: flats. Bank’s guidelines states that, “If such flats are
sold in the future, those cannot fetch value
:
separately for land and construction cost”. Hence,
we have given composite value of land and building.

Total Composite Rate : Rs.14,600 /- per sq.ft.

Sr. No. Description Area Rate per unit - Estimated Value Rs.
Rs.
1 Present value of the flat (incl. car 2785 Rs. 14,600 Rs. 4,06,61,000/-
parking, if provided) sq.ft.
2 Wardrobes  
3 Showcases  
 
4 Kitchen Arrangements
rate includes all amenities
5 Superfine Finish
6 Interior Decorations
7 Electricity deposits / electrical
fittings, etc.,
8 Extra collapsible gates / grill works
etc.,
9 Potential value, if any
10 Others
Total Amount Rs. 4,06,61,000/-

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• 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 aforesaid specifications is Rs.
4,06,61,000 /- (Rupees Four Crores Six Lakhs Sixty One Thousand Only) as on date of
valuation 15/04/2022.

Realizable Value of the Flat No. 17, Flat No.18, Flat No.19 in Wing –A, Flat No. 37, Flat No. 38
in Wing-B is Rs. 3,45,62,000 /- (Rupees Three Crores Forty Five Lakhs Sixty Two
Thousand only).
Since these properties are only flats, realizable value mentioned is for building only. Land
Value of these properties is not applicable as bank has undivided share in the land along with
other members.

• The distress value of the above property is Rs. 3,04,96,000 /- (Rupees Three Crores
Four Lakhs Ninety Six Thousand Only ).

• The Registration Government value of the above property is Rs. 3,64,55,650 /- (Rupees
Three Crores Sixty Four Lakhs Fifty Five Thousand Six Hundred & Fifty Only), as per ready
reckoner 2022-2023.

• This report is based on actual inspection carried out by us and reflects the findings at the
time and place of inspection and to the best of our knowledge and ability and is without
prejudice.
 

Date: 15/04/2022

The undersigned has inspected the property on 05/04/2022 & detailed in the Valuation
Report dated 15/04/2022

We are satisfied that the fair and reasonable market value of the property is 4,06,61,000 /-
(Rupees Four Crores Six Lakhs Sixty One Thousand Only)

 
Date: 15/04/2022
Signature
 
 
(Name of the Branch Manager with office Seal)
 
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(Annexure-I)
Format of undertaking to be submitted by Individuals/ proprietor/ partners/ directors
DECLARATION- CUM- UNDERTAKING

I, KEDAR ARVIND CHIKODI son of MR. ARVIND RAMCHANDRA CHIKODI do hereby

solemnly affirm and state that:

a) I am a citizen of India
b) I will not undertake valuation of any assets in which I have a direct or indirect
interest or become so interested at any time during a period of three years prior
to my appointment as valuer or three years after the valuation of assets was
conducted by me.
c) The information furnished in my valuation report dated 15/04/2022 is true and
correct to the best of my knowledge and belief and I have made an impartial and
true valuation of the property.
d) I have personally inspected the property through my person on 05/04/2022 The
work is not subcontracted to any other valuer and carried out by myself.
e) Valuation report is submitted in the format as prescribed by the Bank.
f) I have not been depanelled/ delisted by any other bank and in case any such
depanelment by other banks during my empanelment with you, I will inform you
within 3 days of such depanelment.
g) I have not been removed/dismissed from service/employment earlier.
h) I have not been convicted of any offence and sentenced to a term of imprisonment.
i) I have not been found guilty of misconduct in professional capacity
j) I have not been declared to be unsound mind
k) I am not an undischarged bankrupt, or has not applied to be adjudicated as a
bankrupt;
l) I am not an undischarged insolvent
m) I have not been levied a penalty under section 271J of Income-tax Act,
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l) 1961 (43 of 1961) and time limit for filing appeal before Commissioner of
Income tax (Appeals) or Income-tax Appellate Tribunal, as the case may be has
expired, or such penalty has been confirmed by Income-tax Appellate Tribunal,
and five years have not elapsed after levy of such penalty
m) I have not been convicted of an offence connected with any proceeding under the
Income Tax Act 1961, Wealth Tax Act 1957 or Gift Tax Act 1958 and My PAN
Card number/Service Tax number as applicable is AGFPC2886H.
n) I undertake to keep you informed of any events or happenings which would
make me ineligible for empanelment as a valuer
o) I have not concealed or suppressed any material information, facts and records
and I have made a complete and full disclosure
p) 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”
enshrined for valuation in the Part-B of the above handbook to the best of my
ability
q) 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
r) I abide by the Model Code of Conduct for empanelment of valuer in the Bank.
(Annexure V- A signed copy of same to be taken and kept along with this
declaration)
s) I am registered under Section 34 AB of the Wealth Tax Act, 1957. (Strike off, if not
applicable)
t) I am valuer registered with Insolvency & Bankruptcy Board of India (IBBI)
(Strike off, if not applicable)
u) My CIBIL Score and credit worthiness is as per Bank’s guidelines.
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v) I am the proprietor / partner / authorized official of the firm / company, who is competent to sign
this valuation report.
w) I will undertake the valuation work on receipt of Letter of Engagement generated from the system
(i.e. LLMS/LOS) only.
x) Further, I hereby provide the following information.
Sr. No Particulars Valuer comment

1 Background information of the asset being valued Residential

2 Purpose of valuation and appointing authority To assess the fair market value of
Property for balance sheet purpose

3 Identity of the Valuer and any other experts involved in the Er. & Vr. KEDAR CHIKODI
valuation

4 Disclosure of Valuer interest or conflict, if any No. Conflict

5 Date of appointment valuation date and date of report Visit date - 05/04/2022
Report date – 15/04/2022

6 Inspections and/or investigations used or relied upon Online asking rates

7 Nature and sources of the information used or relied upon
8 Procedures adopted in carrying out the valuations and
valuation standards followed
Based on our site visit & the information
collected at site and previous valuation
report
We have searched latest sale
transactions if any of adjacent properties
on website www.igrmaharashtra.gov.in,
asking rates available on online websites
& discussed rates with local property
agents & real estate brokers,
Government Land Rate in Government
Ready reckoner, etc. to arrive at the rate.

9 Restrictions on use of the report if any Yes, the report has to be only used by the
bank for the purpose mentioned above
in our report under I. General.
10 Major factors that were taken into account during the valuation N. A.

11 Major factors that were not taken into account during the N.A.
valuation

12 Caveats, limitations and disclaimers to the extent they explain Disclaimers Given
or elucidate the limitations faced by valuer, which shall not be
for the purpose of limiting his responsibility for the valuation
report.

Date: 15/04/2022
Place: Dombivli
Signature 15
(Name of the Approved Valuer and Seal of the Firm / Company)
 VAL/SBI/LHO/066/2022-23
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ASSUMPTIONS & LIMITING CONDITIONS –

a) We have not verified the title deeds of the properties with the records of registrar’s office
as this is beyond the agreed scope of our services.
b) We assume no responsibility for the legal matters including, but not limited to, legal or
title concerns. The assets and interests therein have been valued free and clear of any
liens or encumbrances unless stated otherwise. No hidden or apparent conditions
regarding the subject assets or their ownership are assumed to exist. No opinion of title
is rendered by this report and a good title is assumed.
c) We have endeavored to visually identify the land boundaries and dimensions; however,
we are not surveyors. So where there is a doubt about the precise position of the
structures, it is recommended that a Licensed Surveyor be contacted.
d) The physical condition of the improvements was based on visual inspection. No liability
is assumed for the soundness of the structure since no engineering tests were made at
the site. Any unknown conditions existing at the time of inspection could alter the value.
No responsibility is assumed for latent defects of any nature whatsoever, which may
affect value, nor for any expertise required to disclose such conditions.
e) We have not made a specific compliance survey or analysis of the various permits and
licenses under local laws/ regulations applicable to the use of the subject property, and
this valuation does not consider the effect, if any, of non-compliance.
f) Value varies with the purpose and date. This report is not to be referred if the purpose is
different other than mentioned.
g) We are independent of the bank / client and have no current or expected interest in the
owner of the property or its assets. The fee paid for our services in no way influenced the
results of our analysis.
h) Our report is meant for the purpose mentioned above and should not be used for any
other purpose other than the purpose mentioned therein. The Report should not be
copied or reproduced without obtaining our prior written approval for any purpose other
than the purpose for which it is prepared.
i) The valuation of the said property has been carried out on “as it is where it is” basis.
j) Valuer’s ultimate responsibility with respect to this valuation report is limited to the
addressed client only.
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Flat No. 17, Flat No.18, Flat No.19 On 4 th Floor In Wing- A and Flat No. 37, Flat No. 38 On 4 th
Floor in wing-B, Runwal Nagar Co-op. Housing Society Ltd, (B Plot) –B4. Plot no. A, Survey
No. 44,45/5, 47/5 , Near Datta Mandir, Kolbad, Village-Panchpakhadi, Thane (W)

Government rate:-

Latitude Longitude – 19.2072206, 72.9736359

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Flat No. 17, Flat No.18, Flat No.19 On 4 th Floor In Wing- A and Flat No. 37, Flat No. 38 On 4 th
Floor in wing-B, Runwal Nagar Co-op. Housing Society Ltd, (B Plot) –B4. Plot no. A, Survey
No. 44,45/5, 47/5 , Near Datta Mandir, Kolbad, Village-Panchpakhadi, Thane (W)

RATE ANALYSIS – ASKING RATE -1

RATE ANALYSIS – ASKING RATE -2

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Flat No. 17, Flat No.18, Flat No.19 On 4 th Floor In Wing- A and Flat No. 37, Flat No. 38 On 4 th
Floor in wing-B, Runwal Nagar Co-op. Housing Society Ltd (B Plot) –B4. Plot no. A, Survey No.
44,45/5, 47/5 , Near Datta Mandir, Kolbad, Village-Panchpakhadi, Thane (W)

RATE ANALYSIS – ASKING RATE -3

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Flat No. 17, Flat No.18, Flat No.19 On 4 th Floor In Wing- A and Flat No. 37, Flat No. 38 On 4 th
Floor in wing-B, Runwal Nagar Co-op. Housing Society Ltd, (B Plot) –B4. Plot no. A, Survey
No. 44,45/5, 47/5 , Near Datta Mandir, Kolbad, Village-Panchpakhadi, Thane (W)

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Flat No. 17, Flat No.18, Flat No.19 On 4 th Floor In Wing- A and Flat No. 37, Flat No. 38 On 4 th
Floor in wing-B, Runwal Nagar Co-op. Housing Society Ltd (B Plot) –B4. Plot no. A, Survey No.
44,45/5, 47/5 , Near Datta Mandir, Kolbad, Village-Panchpakhadi, Thane (W)

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Flat No. 17, Flat No.18, Flat No.19 On 4 th Floor In Wing- A and Flat No. 37, Flat No. 38 On 4 th
Floor in wing-B, Runwal Nagar Co-op. Housing Society Ltd, (B Plot) –B4. Plot no. A, Survey
No. 44,45/5, 47/5 , Near Datta Mandir, Kolbad, Village-Panchpakhadi, Thane (W)

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