- A company had its office located in a heritage building. The building was very old and any major external rectification in the building was not allowed.
- There was no approved layout plan available as the building was constructed more than 90 years ago.
- As per registration of society the building was a residential co-operative housing society.
- The unit was been used as a commercial office.
- How to arrive at the unit in a heritage building Value for recovery purpose of bank?
Answers written down –
After having several discussions with the client, observations during physical inspection and detailed analysis, we managed to conduct the exercise and provide the value that it is neither overvalued nor undervalued. We broadly worked as follows:
- We had valued the subject property as commercial office unit by Sales Comparable Method under Market Approach as the tittle agreement shared with us does not describe the usage of the subject property.
- As per property tax the subject property was been used as commercial.
- There were recent orders available in public domain for change of use in the said premises.