Ref: BOB/Rosarb-Jog/Gajbhiye/24027448 Date: 9th February 2024

The Manager,
Bank of Baroda,
Regional Stress Asset Recovery Branch,
Jogeshwari, Mumbai

Ref: A/c Mr. Pritesh Gajbhiye & Mrs. Priti Gajbhiye

Sub: Valuation Report of Flat no 2-Lakeshore-Casa Vista-Dombivili (East)

A. GENERAL
1 Purpose for which valuation is made : To assist Bank of Baroda, Regional Stress
Asset Recovery Branch, Jogeshwari, Mumbai to determine open market value of
Amalgamated Residential flats in its present physical condition in event of its sale
and should be kept valid around proximate date of valuation as fluctuations in
Real Estate Market and/or alteration in physical condition of Assets or legal status
are liable to alter assessment. The Report should be used only for purpose
intended.
2 Date of Visit 7th February 2024-External Visit
2A Date of Valuation 9th February 2024
2B Person Available/Contact person at Site None-External Visit
3 List of Document produced for perusal

A Copy of Valuation Report by M/s Sigma Engineering Consultant dated 1 st

February 2023

B Index-II (Kal-5-203-2018) of the flat downloaded from www.igrmaharashtra.com

4 Names of the Owner/s and address Mr. Pritesh Gajbhiye & Mrs. Priti
with Phone number Gajbhiye
5 Brief Description of the property
A The Residential flat no 2, Ground floor, A-wing, Casa Vista, Lakeshore Greens,
Palava, Kalyan-Shil Road, Dombivili (East), Dombivili (East), Village Khoni,
Taluka Kalyan, Dist: Thane-421 204 that admeasures as per Measurements and
Previous Valuation Report as tabulated below
Sr no Particulars As per Index-II Measured Carpet Area
1 Flat no 2 60.19 sq mtrs Not Possible
648 sq fts
 ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
Page: 02
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

The flat is equipped with One Car Parking space as per Previous Valuation
Report

The flat could not be inspected from inside as flat was found to under lock and
seal of Bank of Baroda and this valuation Report is based on available data as per
Previous Valuation Report and Prevailing Market Rates in the locality as on date.

B The Building is Ground plus eighteen floors Rcc frame structure with Rcc Beams
and columns, Double Brick walls duly plastered, Rcc access stairs etc. reported
to be constructed in the year 2017 housing Residential flats

The building equipped with lift, Open parking Area Cc pavement around
Building and is bounded by Compound walls

C The details pertaining to construction like Commencement Certificate and/or

Occupation Certificate is not made available to us, however since the property
was already mortgage with Bank, it is presumed that Documents are in place and
order,

The building is accessible by public and private mode of surface transportation

with Dombivili Railway station at about 8-9 kms from the location.

D The location is equipped with all major infra-structure facilities like paved
approach Roads, electricity connection, Sewage and disposal system, tele
communication system etc.

On Physical examination of quality of Building constructions, its up-keep and

Maintenance, such type of constructions are expected to have an Economic
Service life of 60 years if properly maintained and not acted by external
Imbalance forces
5A Total Lease Period and Remaining Land is Freehold
Period (If leasehold) Flat is on Ownership Basis.
6 Location of the Property
A Plot no
B Door number Flat no 2
C CTS Number/Village Survey no 71/A, B, 93/5, 6, 8, 150/4A, 4B,
150/6 of village Khoni
D Ward/Taluka Taluka: Kalyan
E Mandal/District District: Thane
F Date of Issue and Validity of Approved Map/plan not made available to
Layout of Approved Maps/Plan us
 ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
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VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

G Approved Map/plan issuing Approved Map/plan not made available to

Authority
H Whether Geniuses or Authenticity
of Approved map/Plan is verified
I Any other Comment on
Authenticity of Approved plan and
construction as per Approved plan
7 Postal Address of the Property
8 City/Town
A Residential Area
B Commercial Area
C Industrial Area
9 Classification of the Area
A High/Middle/Poor
B Urban/Semi Urban/Rural
10 Cumming under Corporation
Limit/Village Panchayat/
Municipality
11 Whether Covered under any state/
Central Government enactment
(e.g. Urban Land Ceiling Act) or
Notified under agency Area
/Schedule Area/ Cantonment Area
12 Boundaries of the Property
On or towards North
On or towards South
On or towards East
On or towards West
13 Latitude, Longitude and Co-
ordinate of the Site
14 Extent of the Site (As per
Agreement/Index-II)
14A Dimension of flat
us
Approved Map/plan not made available to
us
Approved Map/plan not made available to
us
Residential flat no 2, Ground floor, A-
wing, Casa Vista, Lakeshore Greens,
Palava, Kalyan-Shil Road, Dombivili
(East), Dombivili (East), Village Khoni,
Taluka Kalyan, Dist: Thane-421 204
Dombivili
Residential Complex
Residential Complex
No
Middle Class
Semi-Urban Area
Falls under Kalyan Dombivili Municipal
Corporation
Details if any not made available to us
By Casa Elite Building
By Casa Lake Side Building
By Garden
By Internal Road
Latitude: 19.1700268
Longitude: 73.1114125
60.19 sq mtrs i.e. 648 sq fts (Area is Carpet
or BUA not specified in Index-II)
However the flat is mentioned as 2 BHK,
this should be Carpet Area
Not Possible
 ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
Page: 04
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

5 Number of floors Ground plus eighteen floors

6 Type of Structure Rcc frame construction
7 Number of Dwelling units in the
Building
8 Quality of Construction Fair
9 Appearance of the Building Fair
10 Maintenance of the Building Fair
11 Facilities Available
A Lift Available
B Protected water supply Available
C Under Sewerage Available
D Car Parking-Open/Covered Available
E Is Compound wall existing Yes
F Is Pavement laid around Building Yes
III Flat
1 The floor on which the flat is Ground floor
located
2 Door Number of the flat Flat no 2
3 Specification of the flat
A Roofings Rcc roofings
B Flooring Could not be verified this time
C Doors Wooden frame plywood laminated doors
D Windows Al frame glass pane sliding windows
E Fittings Could not be verified
F Finishing Could not be verified
4 House Tax Details not made available
A Assessment number Details not made available
B Tax paid in the name of Details not made available
C Tax Amount Details not made available
5 Electricity Service Connection Electricity Bill not made available
number
A Meter Card in the name of Electricity Bill not made available
6 How the maintenance of the flat Could not be inspected from inside
7 Sale Deed executed in the name Mr. Pritesh Gajbhiye & Mrs. Priti Gajbhiye
of
ENGINEERS ASSOCIATES
 Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
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VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

8 What is the un-divided Area of Details not Available

land as per Sale Deed
9 What is the Plinth Area of the flat 777.60 sq fts Built Up Area
10 What is the floor space Index Could not be ascertained without
(Appx) Approved plans
11 What is the Carpet Area of the flat Not Possible without measurements
12 Is it Posh/1 class/Medium Ordinary
/Ordinary
13 Is it being used for Residential or Meant for Residential purpose
Commercial Purpose
14 Is it Owner Occupied or let out Under physical possession of Bank of
Baroda
15 If Rented, What is the Monthly Not Applicable
Rent
V Rate: Now let us study some of the flats that were sold in the immediate
vicinity during Recent times to understand prevailing Market rates in the
locality

ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
 Date: February 2024
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VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
 Date: February 2024
Page: 07
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

Rate Analysis Table

Sr no Particulars Price & Area Rate/sq fts
1 Flat no 306, third floor, Lokshore Rs. 58.00 Lakhs Rs. 7,901/sfts
Green, Casa Lokside, village Khoni, 734 sq fts Carpet Carpet
th
Dombivili (East) [Sold on 5 January With Car Park
2024]

ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
 Date: February 2024
Page: 08
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

2 Flat no 1101, eleventh floor, Lokshore Rs. 58.00 Lakhs Rs. 7,901/sfts
Green, Casa Lokside, village Khoni, 734 sq fts Carpet Carpet
Dombivili (East) [Sold on 8th January
2024]
3 Flat no 502, fifth floor, Lokshore Green, Rs. 65.00 Lakhs Rs. 7,840/sfts
Casa Lokside, village Khoni, Dombivili 829 sq fts Carpet Carpet
(East) [Sold on 16th January 2024]
4 Flat no 906, ninth floor, Lokshore Rs. 55.00 Lakhs Rs. 7,493/sfts
Green, Casa Lokside, village Khoni, 734 sq fts Carpet Carpet
Dombivili (East) [Sold on 12th February
2024]
5 Flat no 1603, sixteenth floor, Lokshore Rs. 62.00 Lakhs Rs. 7,478/sfts
Green, Casa Lokside, village Khoni, 829 sq fts Carpet Carpet
Dombivili (East) [Sold on 1st January
2024]

On details analysis and Survey and Enquires with Real Estate Agents, Builders Developers
and Property Consultants and data available on Digital Portals, it is revealed that the
Resale rates is about Rs. 7,500/sq fts to Rs. 8,000/sq fts Carpet Area depending on floors
flats in this location depending on floor location, internal physical condition of flat, View
and other factors.

The location have excess supplies of flat and hence the Re-sale value of flats have
declined and are not selling even at purchase price, the trend observed and analyzed for
this location

1 Assuming it is a new Construction, After analyzing, assuming it as new

what is adopted basic composite Rate construction, the Rate works out to Rs.
of the flat under valuation after 8,500 sq fts Carpet Area
comparing the specification and other
factors with the flat under comparison
2 After Analyzing the comparable Sale After analyzing the sale instances
instance, what is the Composite Rate above the Composite Rate arrived Is
for a similar flat with same Rs. 7,500/sq fts Carpet Area
specification in the adjoining locality
3 Breakup of the Rate
A Building and Services Rs. 3,500/sq fts Carpet Area
B Land and Others Rs. 5,000 sq fts Carpet Area
4 Guideline rate obtained from the Discussed later in the Report
Registrar’s office (An Evidence thereof
to be enclosed)
VI Composite Rate Adopted after
Depreciation
ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
 Date: February 2024
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VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

1 Replacement Cost of flat with services Rs. 3,500/sq fts

2 Age of the Building 8 years
3 Estimated Life of the Building 52 years
4 Depreciation Percentage assuming the [(60-8)/60] x 90 % = 78 %
salvage value as 10 %
A Depreciated Building Rate Rs. 3,500/sfts x 78 % = Rs. 2,730/sfts
1 Depreciated Building Rate Rs. 2,730/sq fts
2 Rate for Land and Others Rs. 5,000/sq fts
B Total Composite Rate Rs. 7,730/sq fts Carpet Area less Rs.
275/sq fts expenses for minor repairs
on account of prolong non usage and
non-maintenance Rs. 7,455/sq fts
Carpet Area

Open Market Valuation:

In our opinion the present fair and reasonable open market value of Residential flat no 2,
Ground floor, A-wing, Casa Vista, Lakeshore Greens, Palava, Kalyan-Shil Road,
Dombivili (East), Dombivili (East), Village Khoni, Taluka Kalyan, Dist: Thane-421 204
details of which are discussed above is tabulated below
Sl no Particulars Carpet Area Prevailing Estimated
Market Rate Market Value
1 Present Value of flat (Including 648 sq fts Rs. 7,455/sfts Rs. 48,30,840
Car Parking, If provided)
2 Wardrobes * * *
3 Showcase * * *
4 Kitchen arrangement * * *
5 Superfine finish * * *
6 Interior Decoration * * *
7 Electricity Deposit/ Electrical * * *
fittings
8 Extra Collapsible Gates/ Grill * * *
works
9 Others * * *
Total Rs. 48,30,840/-
Rupees Forty eight Lakhs thirty thousand eight hundred forty only

Realizable and Forced or Distress Sale Value

Now, As per instruction with regards to opinion on ‘Distress Sale or Forces Sale’ Value of
Assets in question, the general perception, when Banks/financial Institutes are forced to
Sale the Assets under unfavorable Sale conditions like ‘Auctions’ for recovery of their
dues, it is observed that Assets do not fetch Open market value due to Negative sentiment
attached to the property, formation of Cartel/Syndicate of Buyers, Down payments to be
ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
 Page: 10
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

made from Accounted money, Time factor, Improper marketing, Nonpayment of long
standing statutory Dues with interest and penalties, Unforeseen Government dues attached
to the properties like Sales/Excise/Labour dues, Non Maintenance or Nonfunctioning of
Assets etc

The flat is put up for sale under Symbolic possession, wherein the time frame of
prospective buyer getting the physical possession is uncertain due to litigation pending
before DRT and other Authorities, hence would fetch lower price than Market.

The properties under such condition, Realizable value would be 15 % less and the Forced
sale or Distress sale condition would fetch about 80 % of the Open market value,
accordingly, the values would be as under
Particulars Open Market Value Realizable Value Distress Sale Value
(100 %) (85 %) (80 %)
Residential flat Rs. 48,30,840/- Rs. 43,47,756/- Rs. 38,64,672/-

Government Value: The Government Value of flat falling under zone/sub-zone 27/27.1
of village Khoni is Rs. 49,350/sq mtrs BUA for new flat/Bldg. The Government Value
after allowing for Depreciation is as tabulated below

Sl Particulars Built Up Depreciation factor Rate Government

no Area Market Value
1 Flat 777 sfts * Rs. 4,585/sq fts Rs. 35,62,545/-
2 Car Park * * *
Rupees Thirty five lakhs sixty two thousand five hundred forty five only

ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
 Page: 11
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)

Location Map on Google:

Reinstatement Insurance Value: The Insurance Reinstatement Value of the property is

as tabulated.
Carpet Area Reinstatement cost of Construction of flat Insurable Value
648 sq fts Rs. 3,500/sq fts Carpet Area Rs. 22,68,000/-

Declaration:
We hereby declare that:
A We do not have any direct or indirect interest in Residential flat valued.
B The details and information furnished in the report are true and correct to best of
our knowledge and belief.
Errors and Omissions, However, if any are unintentional and are to be exempted.
C The Report does not cover Legal Title, Marketability of Title, Ownership and
Authenticity of Property documents relied upon as made available by Bank for
perusal.
D The Building was externally visited and inspected by the undersigned Engineer

Yours very truly

For Engineers Associates
Dated: 9th February 2024
Place: Mumbai

(Raziuddin. G. Kazi)
B Engg (Prod), B.Tech (Civil),
FIV, FIIV, Approved Valuer
MIE, Chartered Engineer (India)
Master of Valuation (Real Estate)
ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
 Page: 12
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)
ANNEXURE-III : DECLARATION FROM VALUERS

I hereby declare that:-

1 The information furnished in my valuation report are true & correct to the best of
my knowledge and belief and I have made an impartial and true valuation of the
property. We had visited the correct flat as per address.
2 I have no direct or indirect interest in the property valued.
3 We have deputed my representative who has personally visited and inspected
the property in presence of customer or his representative.
4 The Report does not cover Legal Title, Ownership and Authenticity of Property
documents relied upon as made available by Bank for perusal.
5 I have not been convicted of any offence and sentenced to a term of imprisonment.
6 I have not been found guilty of misconduct in my professional capacity.
7 I have read the Handbook on Policy, Standards & procedures for Real Estate
Valuation, 2011 of the IBA & 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.
8 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.
9 I abide by the Model Code of Conduct for empanelment of valuer in the Bank.
10 I am registered Valuer under section 247 of The Companies Act, 2013 read with
sub-rule (6) of the Companies (Registered Valuers and Valuation) Rules 2017 by
Insolvency & Bankrupcy Board of India, New Delhi (Ministry of Corporate
Affairs)
11 I am the authorized official of the firm, who is competent to sign this valuation
report.
12 Further, I hereby provide the following information.
Sr no Particulars Valuer Comment
1 Background information of the asset Residential flat no 2, Ground floor, A-
being valued; wing, Casa Vista, Lakeshore Greens,
Palava, Kalyan-Shil Road, Dombivili
(East), Dombivili (East), Village
Khoni, Taluka Kalyan, Dist: Thane-421
204
2 Purpose of valuation and appointing To determine fair market value
authority Bank of Baroda-Rosarb, Jogeshwari
Branch,
3 Identity of the valuer and any other Raziuddin G Kazi of M/s Engineers
experts involved in the valuation; Associates
4 Disclosure of valuer interest or None
conflict, if any;

ENGINEERS ASSOCIATES
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448
Date: February 2024
 Page: 13
VALUATION OF FLAT AT CASA VISTA-LAKE SHORE-DOMBIVILI (EAST)
ANNEXURE-III : DECLARATION FROM VALUERS

5 Date of appointment, valuation date External Visit on 7th February 2024

& date of report; Report dated 9th February 2024
6 Inspections and/or investigations Mentioned in the report
undertaken;
7 Nature & sources of the information Mentioned in the report
used or relied upon;
8 Procedures adopted in carrying out Standard procedures
the valuation and valuation
standards followed;
9 Restrictions on use of the report, if Restricted to Bank and Branch for the
any; purpose intended only.
10 Major factors that were taken in to Mentioned in the report
account during the valuation;
11 Caveats, limitations and disclaimers Mentioned in the report
to the extent they explain or
elucidate the limitations faced by
valuer, which shall not be for the
purpose of limiting his responsibility
for the valuation report.

Yours very truly

For Engineers Associates
Dated: 9th February 2024
Place: Mumbai

(Raziuddin. G. Kazi)
B Engg (Prod), B.Tech (Civil),
FIV, FIIV, Approved Valuer
MIE, Chartered Engineer (India)
Master of Valuation (Real Estate)
 BILL TOWARDS PROFESSIONAL CHARGES

Ref: A/c Mr. Pritesh Gajbhiye & Mrs. Priti Gajbhiye

Client: Name: Engineers Associates

The Manager, Business: Surveyor, Chartered Engineers,
Bank of Baroda, Approved Valuers & Consulting Engineers
Regional Stress Asset Recovery Branch, Pan no: AAEPK7240E
Jogeshwari, Mumbai GSTIN no: Not Applicable
State: Maharashtra State code: 27 State: Maharashtra State code:
GSTIN no: Service Account Code
Bill no: 7448 Date: 9th February 2024
Ref: BOB/Rosarb-Jog/Gajbhiye/24027448 dated 9th February 2024
Sl no Particulars Amount
1 Professional charges to towards Visit, Inspection and Valuation of Rs. 4,000
Residential flat no 2, Ground floor, A-wing, Casa Vista,
Lakeshore Greens, Palava, Kalyan-Shil Road, Dombivili (East),
Dombivili (East), Village Khoni, Taluka Kalyan, Dist: Thane-421
204 as per Report bearing Ref: BOB/Rosarb-Jog/Gajbhiye/
24027448 dated 9th February 2024 submitted to you.
3 CGST @ 9 % *
4 SGST @ 9 % *
5 IGST @ 18 % *
Total Rs. 4,000
Rupees Four thousand only
Yours Very truly
For Engineer Associates

(Auth Signatory)

Please Credit ENGINEERS ASSOCIATES,

Current Account no: 99700200000283 At Bank of Baroda,
Mulund (East) Branch, iFSC CODE NO: barbodbmule