Colliers International (India) PropertyServices Pvt. Ltd.
Valuation Services
First Floor, Sunningdale, Embassy Golf Links Business
Park, Off Inner Ring Road, Domlur, Bengaluru 560 071|
India
Proposed Reference No EVB2501006/006 dated 24th February 2025
Name: To be mentioned
Address: To be mentioned
Invoice in the name of GST Number: To be Mentioned
(Company Name & GST No.)
PAN Number: To be Mentioned
TAN Number: To be Mentioned
Contact Person with whom to
Colliers should interact for
accounts1@[Link]
invoice related issues]
Mr. Shahshikant Kulkarni (M-90084 78920)
(designation, contact details and
mail id)
Valuation of unsold inventory (industrial plots) from the borrower’s share in the
Assignment industrial estate named “Vaishnodevi Estates”, Kumbalagodu, Kengeri, Bengaluru.
• Valuation of the unsold units from borrower’s share
Scope of Assignment
• Status of approvals and NOC’s
Methodology Valuation shall be carried out on Market Approach
Our valuation is provided on the basis of Market Value, which we define as “the
estimated amount for which an asset or liability should exchange on the valuation
Valuation Basis date between a willing buyer and a willing seller in an arm’s-length transaction after
proper marketing where the parties had each acted knowledgeably, prudently and
without compulsion”.
Our Fee (in INR) INR 45,000 (Indian Rupees Forty-Five Thousand) Plus GST
Fee Breakup 100% shall be payable upon submission of Draft Report.
Timeline
We will deliver the draft valuation report within a period of 03 (Three) working days
(to submit the draft valuation
from receipt of confirmation of appointment or site visit whichever is later.
report)
Info Required
For Online payment:
Name of the Bank The Hong Kong & Shanghai Banking Corporation Ltd.
Address of the Bank 52/60, Mahatma Gandhi Road, Mumbai – 400 001.
Bank Account Number 002-498640-001
Bank’s MIRC Number 400039002
Bank’s Swift Code HSBC INBB
NEFT/ RTGS IFSC Code HSBC0400002
Yours sincere
Agreed and accepted by:
(Authorized Signatory) (Company Stamp)
Digbijay Das, MRICS
Valuation Services
Appendix 1
Caveats & Assumptions
CAVEATS AND ASSUMPTIONS
1. DEFINITIONS
In these Caveats and Assumptions the following words or phrases shall have the meaning or meanings set out below:
‘Confidential Information’ means information that:
(a) Is by its nature confidential.
(b) Is designated by Us as confidential.
(c) You know or ought to know is confidential.
(d) Includes, without limitation: information comprised in or relating to any of Our intellectual property in the Services or any reports or
certificates provided as part of the Services.
(e) You or Your affiliates provide to Us for the purposes of the Services.
‘Currency Date’ means, in relation to any valuation report, the date as at which our professional opinion is stated to be current.
‘Fee’ means the amount agreed to be paid for the Services as set out in the Quotation.
‘Parties’ means You or Us as the context dictates.
‘Quotation’ means the written quote provided by Us in relation to the Services.
‘Services’ means the valuation services provided pursuant to these terms and conditions and the Quotation, and includes any documents, reports
or certificates provided by Us in connection with the Services.
‘The Property’ means the assets which are subject of our appointment as your advisor. This may include land, buildings, plant & equipment and
other assets as described in the appointment agreement.
‘We’, ‘Us’, ‘Our’, ‘Colliers’ means Colliers International.
‘You’, ‘Your’, ‘Client’ means the person, company, firm or other legal entity by or on whose behalf instructions are given, and any person, firm,
company or legal entity who actually gave the instructions to us even though such instructions were given as agent for another.
‘Professional Property Practice Standards’ refers to RICS Valuation - Professional Standards, or appropriate standards.
2. PERFORMANCE OF SERVICES
2.1 We have provided the Services in accordance with:
(a) The terms and conditions contained herein; or
(b) As specifically instructed by You for the purpose of the Services; and
(c) Within the current provisions set by the prevailing Professional Property Practice Standards.
3. CONDITION OF THE PROPERTY
3.1 No allowance has been made in our report for any charges, mortgages or amounts owing on anyof the properties valued nor for any
expenses or taxation which may be incurred in effecting a sale. We have assumed that the Property is free from and clear of any and
all charges, liens and encumbrances of an onerous nature likely to affect value, whether existing or otherwise, unless otherwise stated.
We assume no responsibility for matters legal in nature nor do we render any opinion as to the title which is assumed to be good and
marketable. We are not aware of any easements or rights of way affecting the property and our valuation assumes that none exists.
3.2 We have assumed that the Property has been constructed, occupied and used in full compliance with, and without contravention of,
all ordinances, except only where otherwise stated. We have further assumed that, for any use of the Property upon which this report
is based, any and all required licences, permits, certificates, and authorisations have been obtained, except only where otherwise
stated.
3.3 We have assumed that any development sites are in a condition suitable for development; this has not been checked by us.
3.4 We have not carried out detailed site measurements to verify the correctness of the site areas in respect of the properties but have
assumed that the site areas shown on the documents and official site plans handed to us are correct. All documents and contracts
have been used as reference only and all dimensions, measurements and areas are approximations. No on-site measurement has been
taken.
3.5 We have assumed that there is no timber infestation, asbestos or any other defect (unless advised otherwise) and that the property is
compliant with all relevant environmental laws. It is Your responsibility to provide reports to Us that are relevant to these issues.
3.6 An internal inspection has been made, unless otherwise stated, no detailed on-site measurements have been taken.
3.7 While due care is exercised in the course of our inspection to note any serious defects, no structural survey of the Property will or has
been undertaken, and We will not (and are not qualified to) carry out a structural, geotechnical or environmental survey. We will not
inspect those parts of the property that are unexposed or inaccessible.
3.8 None of the services have been tested by Us and we are unable therefore to report on their present condition, but will presume them
to be in good working order.
3.9 We recommend that You engage appropriately qualified persons to undertake investigations excluded from our Services.
3.10 No responsibility will be accepted either to You or to any third party for loss or damage that may result directly or indirectly from the
condition of the property.
4. ENVIRONMENT AND PLANNING
4.1 We have obtained only verbal town planning information. It is your responsibility to check the accuracy of this information by obtaining
a certificate under the appropriate legislation.
4.2 We do not hold ourselves to be experts in environmental contamination. Unless otherwise stated, our inspection of the site did not
reveal any contamination or pollution affectation, and our valuation has been prepared on the assumption that that the land is not
contaminated and has not been affected by pollutants of any kind. We would recommend that this
matter be checked by a suitably qualified environmental consultant. Should subsequent investigation show the site is
contaminated, our valuation may require revision.
5. BUILDING AREAS
5.1 Where a survey is provided to Us for consideration, We will assume that information contained in the survey is accurate and has been
prepared in accordance with the prevailing Professional Property Practice Standards.
5.2 If you do not provide Us with a survey, We will estimate building areas based only upon available secondary information (including but
not limited to building plans, deposited plans, and our own measurements). Such estimates do not provide the same degree of accuracy
or certainty as would be provided by a survey prepared by an appropriately qualified professional in accordance with the prevailing
Professional Property Practice Standards.
5.3 Where such a survey is subsequently produced which differs from the areas estimated then You will refer the valuation back to Us for
comment or, where appropriate, amendment.
6. OTHER ASSUMPTIONS
6.1 Unless otherwise notified by You, We will assume:
(a) There are no easements, mortgages, leases, encumbrances, covenants, caveats, rights of way or encroachments except
those shown on the title.
(b) All licences and permits can be renewed and We have not made any enquiries in this regard.
6.2 Where third party expert or specialist information or reports are provided to Us or obtained by Us in connection with Services (including
but not limited to surveys, quantity surveyors reports, environmental audits, structural / dilapidation reports), we will rely upon the
apparent expertise of such experts / specialists. We will not verify the accuracy of this information or reports, and assume no
responsibility for their accuracy.
6.3 Our services are provided on the basis that the Client has provided us, to the best of its knowledge, with a full and frank disclosure of
all information and other facts which may affect the service, including all secrecy clauses and side agreements. We accept no
responsibility or liability whatsoever for the valuation unless such a full disclosure has been made.
6.4 Any plans, sketches or maps included in this report are for identification purposes only and should not be treated as certified copies of
areas or other particulars contained therein.
6.5 The study of possible alternative development options and the related economics are not within the scope of this report, unless
otherwise stated.
6.6 Our opinion about the market value of the property is free from any influence and/ or point of views of any other parties.
7. ESTIMATED SELLING PRICE
7.1 Where you instruct Us to provide an estimated selling price, You agree that the Services:
(a) Are limited to the provision of an opinion based on Our knowledge of the market and informal enquiries.
(b) We are not required to carry out a full inspection of the property; any inspection of comparable properties; a search of
title(s) or other enquiries as to encumbrances, restrictions or impediments on title(s); or other investigations which would
be required for a formal valuation.
(c) Provide an indicative figure only which is not suitable for use for any purpose other than as general information or guide
as to sale expectations. It is not suitable to be relied upon for the purpose of entry into any transaction.
7.2 No responsibility will be accepted either to You or to any third party for loss or damage that may result from the issue of such an
estimated selling price.
8. CURRENCY OF VALUATION
8.1 Due to possible changes in market forces and circumstances in relation to the property the Services can only be regarded as
relevant as at the Currency Date.
8.2 Where You rely upon Our valuation report after the Currency Date, You accept the risks associated with market movements
between the Currency Date and the date of such reliance.
8.3 Without limiting the generality of 8.2, You should not rely upon Our valuation:
(a) After the expiry of 3 months from the Currency Date;
(b) Where circumstances have occurred during that period which may have a material effect on the value of the
property or the assumptions or methodology used in the valuation report.
9. MARKET PROJECTIONS
9.1 Any market projections incorporated within our Services including, but not limited to, income, expenditure, associated growth rates,
interest rates, incentives, yields and costs are projections only and may prove to be inaccurate. Accordingly, such market projections
should be interpreted as an indicative assessment of potentialities only, as opposed to certainties.
9.2 Where Our Services include market projections such projections require the dependence upon a host of variables that are highly
sensitive to varying conditions. Accordingly, variation in any of these conditions may significantly affect these market projections.
9.3 Where market projections form part of Our Services, We draw your attention to the fact that there will be a number of variables within
acceptable market parameters that could be pertinent to Our Services and the projections adopted are representative of only one of
these acceptable parameters.
9.4 All statements of fact in the valuation report which are used as the basis of our analyses, opinions, and conclusions will be true and
correct to the best of our knowledge and belief. We do not make any representation or warranty, express or implied, as to the accuracy
or completeness of the information or the state of affairs of the Property furnished to us by you.
10. YOUR OBLIGATIONS
10.1 You warrant that the instructions and subsequent information supplied by You, to the best of your knowledge, contain a full and
frank disclosure of all information that is relevant to Our provision of the Services.
10.2 You warrant that all third party expert or specialist reports provided to Us by You for the purpose of Us providing the Services
are provided with the authority of the authors of those reports.
10.3 You authorise and license Us to incorporate Your intellectual property within Our report(s).
10.4 Our Report is being issued in connection with the proposed acquisition of the Real Properties by You and may be shared with Y our
advisors or referred to or disclosed in any communication or notice to Your shareholders. Our Report may also be submitted to any
regulatory authority as required under applicable law..
10.5 We reserve the right to reconsider or amend the valuation advice, or the Fee set out in Our Quotation to You, if;
(a) Certificates, surveys, leases, side agreements or related documentation that were not provided to Us prior tothe provision
of the Services are subsequently provided, and contain matters that may affect the value of the advice; or
(b) Where subsequent site inspections made in relation to any of the matters raised in Clause 3 materially affect or may alter
the value of the property, the subject of the Services.
(c) The information provided to Us by You prior to the provision of services is in any way incomplete, misleading or wrong.
10.6 We have no responsibility to any other person even if that person suffers damage as a result of You providing this valuation without
Our prior consent.
10.7 You agree that the only remedy for losses or damages relating to the breach of this Agreement shall be limited to three times Our
contracted fee for the assignment and no claim shall be made for any consequential or punitive damages.
10.8 You agree not to bring any claim for any losses against any director, consultant or any employee of Ours. You hereby agree that Our
director, consultant or any employee does not have a personal duty of care to You and any claim for losses must be brought against
Colliers International.
10.9 Where any loss is suffered by You for which We and any other person are jointly and severally liable to You the loss recoverable by You
from Us shall be limited so as to be in proportion to our relative contribution to the overall fault.
11. CONFIDENTIALITY
11.1 This report and each part of it is prepared and intended for the exclusive use of the Client for the sole purpose outlined in Our
agreement in connection with the proposed acquisition of the Real Properties by the Client and may be shared with the advisors of the
Client or referred to or disclosed in any communication or notice to the shareholders of the Client. The Report may also be submitted
to any regulatory authority as required under applicable law.
11.2 If consent to disclose the Confidential Information is provided by Us, You agree to abide by any additional terms and conditions that
We may apply to that disclosure.
11.3 You agree that You will indemnify, hold harmless and defend Us from and against any and all loss, liability, costs or expenses (including
but not limited to professional or executive time) We may suffer or reasonably incur, directly or indirectly, as a result of a breach of
this clause.
11.4 Unless otherwise directed in writing by Client, Colliers International retains the right to include references to the Services in its
promotional material. Such references shall not contain confidential material.
12. PRIVACY
12.1 We may obtain personal information about You in the course of performing Our Services. We respect your privacy and advise You that
we will only obtain information that is necessary to assist us in the course of performing Our Services. If it is necessary for Us to engage
third parties, we will inform these parties that they are not to disclose any personal information about You to any person or
organisation other than Us.
13. SUBCONTRACTING
13.1 We may sub-contract or otherwise arrange for another person to perform any part of the Services or to discharge any of Our obligations
under any part of these terms and conditions, with Your consent.
14. LIMITATION OF COLLIERS LIABILITY
14.1 To the extent permissible under applicable laws, in no event shall Colliers International be liable to Client or anyone claiming by,
through or under Client, including insurers, for any lost, delayed, or diminished profits, revenues, production, business, use or
opportunities, or any incidental, special, indirect, or economic losses, wasted costs, diminution of value or consequential damages, of
any kind or nature whatsoever, however caused.
14.2 We shall be released from Our obligations to the extent that performance thereof is delayed, hindered or prevented by any
circumstances beyond Our reasonable control (examples being a strike, act of God or act of terrorism). All the costs and benefits
forecasted will, ultimately, be determined by future market conditions. Forecasts of these elements are based on assumptions of
certain variable factors, which, in turn, are extremely sensitive to changes in the market and economic contexts. For this reason, the
figures mentioned in this report were not computed under any known or guaranteed conditions. Rather, these are forecasts drawn
from reliable sources of data and information and made in the best judgment
and professional integrity of Colliers International. Notwithstanding this, Colliers International
reiterates that it will not accept any responsibilities in the face of damage claims that might result from
any error, omission or recommendations, viewpoints, judgments and information provided in this
report.
14.3 Neither Colliers nor any employee of Ours shall be required to give testimony or to appear in court or any
other tribunal orat any government agency by reason of this valuation report or with reference to the property
in question, except by court summons / judicial notification, and unless prior arrangements have been made
and we are properly reimbursed for reasonable time and expenses incurred. The hourly billings pertain to
court preparation, waiting and travel time, documentreview and preparation (excludes valuation report) and
all meetings related to court testimony.
14.4 We are free from any possible legal and/ or non-legal issue which may attach to the Property’s title documents.
14.5 All statements of fact in the valuation report which are used as the basis of our analyses, opinions, and
conclusions will be true and correct to the best of our knowledge and belief. We do not make any
representation or warranty, express or implied, as to the accuracy or completeness of the information or
the state of affairs of the Property furnished to Us by You.
14.6 Our liability for loss and damage attributable to Our negligence, breach of contract, misrepresentation or
otherwise (but not in respect of fraud, fraudulent misrepresentation, death or personal injury) shall be limited
to a maximum of three times Our contracted fee for the assignment per property for any single case. A single
case of damages is defined as the total sum of all damage claims of all persons entitled to claim, which arise
from one and the same professional error / offence. In the case of damages suffered from several offences
brought about by the same technical error within the scopeof several coherent services of a similar nature,
we are only to be held liable for an amount of three times Our contracted fee for the assignment per property.
14.7 Where the agreement is addressed to more than one Client, the above limit of liability applies to the
aggregate of all claims by all such Clients and not separately to each Client.
14.8 No third party will be entitled to rely on any part of Our valuation report or its substance or advice except with
our written consent. Should any third party rely on Our report without obtaining Our written consent, We are
not bound by any liability which arises from the use of or reliance upon Our valuation report by such
unauthorised party.
14.9 We will not be liable for any services outside the scope of the services agreed to be performed by Us, and in
respect of anyconsequential losses or loss of profits.
14.10 Responsibility for Our valuation extends only to the party(ies) to whom it is addressed. However in the event
of Us being asked by You to re-address Our report to another party or other parties or permit reliance upon
it by another party or other parties, We will give consideration to doing so, to named parties, and We reserve
the right to charge additional fee for doing so although We will agree such fee with You before commencing
the work.
15. ENTIRE AGREEMENT
15.1 No further agreement, amendment or modification of these terms and conditions shall be valid or binding
unless made in writing and executed on behalf of the Parties by their duly authorised officers.
15.2 If there is inconsistency between these terms and conditions and the Quotation, any letter of instruction
from You, or otherspecific request or information shall prevail to the extent of the inconsistency.
15.3 Copyright in any reports, documents or other material provided to You by Us shall remain Our property at
all times unless otherwise stated.
16. ANTI BRIBERY AND CORRUPTION MEASURES
16.1 We represent, in connection with any services to be provided to You, that neither We nor Our contractors,
employees or agents (collectively, “Consultant”) has made or will make, either directly or indirectly, any
payments (i) to or for the use or benefit of any Government Official (ii) to any other person either for an
advance or reimbursement, if Consultant knows or has reason to know that any part of such payment has
been or will be given to any Government official or (iii) to any person or entity, the payment of which
would violate laws and regulations in Australia, the United States, the United Kingdom or any other
government entity having jurisdiction over the activities carried out by Consultant. The term "Government
Official" in this paragraph means any officer or employee of a government or any governmental department
or agency, or any person acting in an official capacity for or on behalf of any such government or governmental
department or agency, including employees of state-owned or controlled entities and candidates for political
office.
16.2 We represent that, in connection with any services to be provided to You, We will conduct operations at all times
in compliance with applicable financial recordkeeping and reporting requirements, including all applicable
money laundering-related laws of any jurisdictions where We conduct business or own assets.