Valuation Report for Infinity Mall, Andheri West (Academic Purpose Only)

Page 1


VALUATION REPORT INFINITI MALL, ANDHERI WEST, MUMBAI Address: New Link Rd, Phase D, Oshiwara, Andheri West, Mumbai, Maharashtra 400053 Date of Valuation: 30th April, 2019 Date of the Report: 30th April, 2019

Valuer’s Name: Ar. Karan I. Rego (MBA REUI,RICS SBE, Amity, Mumbai) Course Title: Valuation for Real Estate Course Code: AUMREAL656 Programme: MBA in Real Estate & Urban Infrastructure Year: First (Sem II) Course Coordinator: Amol Shimpi & Shekhar Nagargoje


Appraisal Report for Infinity Mall, Andheri West

ACKNOWLEDGEMENT I sincerely acknowledge all the resources who helped me in completing the study for VALULATION OF INFINITI MALL, ANDHERI WEST, MUMBAI. I am grateful to My Parents for their support & for the inspiration to work hard. I would like to thank our guide Prof. Shekhar Vishnu Nagargoje and Prof. Amol Shimpi for their experienced guidance which was very helpful for my study. I have been very fortunate to study in RICS School of Built Environment, Mumbai, which has given us worldwide knowledge, opened a world view & taught us more than just managerial skills & gave us an open platform for discussion rather than a conservative rigid institution of learning books. I would like to thank all our professors from whom we have learnt dierent subjects throughout the program. I would like to specially thank Mr. Manoj Mota, Mr. Pranaypratab SanjayPratab Singh Mala, Mr. Akshay Parab and Ms. Supriya Rasal for guiding and helping me for this study. Finally, I am grateful to all my friends, colleagues and seniors who have been there for my help & support, for helping us to complete the report.

1


Appraisal Report for Infinity Mall, Andheri West

CONTENTS Acknowledgement ............................................................................................................................... 1 1.

Introduction................................................................................................................................... 6 1.1.

1.1.1.

Introduction....................................................................................................................... 6

1.1.2.

Key Terms ........................................................................................................................ 6

1.1.3.

Ethical Standards ............................................................................................................. 7

1.2.

2.

RICS Valuation – Global Standards 2017 ................................................................................ 6

Micro Market Analysis .............................................................................................................. 8

1.2.1.

Area Analysis.................................................................................................................... 8

1.2.2.

Neighborhood Analysis ................................................................................................... 12

1.2.3.

Real estate Market Trends.............................................................................................. 15

Subject Property- Infiniti Mall, Andheri West ............................................................................ 19 2.1.

Introduction............................................................................................................................ 19

2.1.1.

Excecutive Summary ...................................................................................................... 19

2.1.2.

Certificate of Appraisal.................................................................................................... 21

2.1.3.

Disclosure....................................................................................................................... 22

2.1.4.

Purpose of Appraisal ...................................................................................................... 22

2.1.5.

Date of VAluation And Date of the Report....................................................................... 22

2.1.6.

Assumptions, Limitations and Disclaimers ...................................................................... 22

2.2.

Site Details ............................................................................................................................ 24

2.2.1.

Location .......................................................................................................................... 24

2.2.2.

Shape & Size of the Plot ................................................................................................. 28

2.2.3.

Development Plan .......................................................................................................... 29

2.2.4.

Development Control Promotion and Regulations (DCPR 2034) .................................... 30

2.2.5.

Historic Growth of Subject property ................................................................................ 30

2.2.6.

Photographs of Subject property .................................................................................... 31

2.3.

Property Description .............................................................................................................. 34

2.3.1.

General........................................................................................................................... 34

2.3.2.

Gross Floor Area and Leasable Area.............................................................................. 34

2.3.3.

Retail Floor Plans ........................................................................................................... 35

2.4.

Valuation Rationale................................................................................................................ 36

2.4.1.

Intoduction- Valutional Approach and Reasoning ........................................................... 36

2.4.2.

Assumptions ................................................................................................................... 37

2.4.3.

Discounted Cash Flow Analysis ...................................................................................... 37

2.4.4.

Senario Analysis ............................................................................................................. 38

2


Appraisal Report for Infinity Mall, Andheri West 3.

Market Sales Comparison Approach - Residential Property ................................................... 39 3.3.1.

Introduction ........................................................................................................................ 39

3.3.2.

Subject Property................................................................................................................. 39

3.3.3.

Comparable Sales Instance ............................................................................................... 40

3.3.4.

Component Analysis .......................................................................................................... 42

3.3.5.

Grid Approach .................................................................................................................... 44

3.3.6.

Conclusion ......................................................................................................................... 45

4.

Contact Details............................................................................................................................ 46

5.

Appendices ................................................................................................................................. 47

6.

5.1.

Approved BMC Drawings....................................................................................................... 47

5.2.

List of shops in the mall with area and rent per sq. ft details .................................................. 50

5.3.

Cost elements of the project .................................................................................................. 52

5.4.

Income Approach- Discounted Cash Flows ........................................................................... 53

Bibliography................................................................................................................................ 54

LIST OF FIGURES Figure 1: Location of Andheri Micro Market & Gilbert Hill (Source: MCGM) ........................................... 8 Figure 2: Map of andheri Micro Market (Source: wikimapia) .................................................................. 9 Figure 3: Present Linkages .................................................................................................................. 10 Figure 4: Proposed Linkages ............................................................................................................... 10 Figure 5: Urban Fabric of Andheri east (Source: Google images) ........................................................ 11 Figure 6: URBAN FABRIC OF ANDHERI West (SOURCE: GOOGLE IMAGES) ................................. 11 Figure 7: Location Map (Source: Wikimapia) ....................................................................................... 12 Figure 8: Radial Catchment Analysis (Source: Google Earth Pro) ....................................................... 12 Figure 9: Residential and Commercial Office (Source: Wikimapia) ...................................................... 13 Figure 10: Malls and Shopping Centres (Source: Wikimapia) .............................................................. 13 Figure 11: Restaurants and Schools (SOURCE: WIKIMAPIA) ............................................................. 13 Figure 12: Price couture of Andheri (Source: Magicbricks) .................................................................. 15 Figure 13:Mumbai Office Overview (Source: Cushman and Wakefield, Q4, 2018)............................... 17 Figure 14: Product category split in Andheri (Source: KnightFrank,Think India think Retail,2015) ........ 17 Figure 15: Location of Plot ................................................................................................................... 24 Figure 16: Site Surrounding (Source: Wikimapia) ................................................................................ 25

3


Appraisal Report for Infinity Mall, Andheri West Figure 17: Location Map (Source: Google Earth) ................................................................................. 25 Figure 18: Accesibility from Railway and Metro Station (Source: Google Maps) .................................. 26 Figure 19: Accessibility from Subject Property (Source: google Maps) ................................................ 27 Figure 20: Area of Plot (Source: Google Earth) .................................................................................... 28 Figure 21: Area of Plot (Source: DP Remarks 2034- AutoDCR)........................................................... 28 Figure 22: Sanctioned Development plan, 2034 (Source: autodcr.mcgm.gov.in) ................................. 29 Figure 23: Historic Growth of and Around Subject property (Source: Google earth)............................. 30 Figure 24: Arial View and External Photographs of Subject Property (Source: Google Earth) .............. 31 Figure 25: Infinity Mall entance and Atrium (Source: Self captured) ..................................................... 31 Figure 26: Ground Floor Shops (Source: Self captured) ...................................................................... 32 Figure 27: Food Court (Source: Self captured) .................................................................................... 32 Figure 28: Weekly Flea Market and Kiosk (Source: Self captured) ...................................................... 32 Figure 29: Anchor Shops (Source: http://www.infinitimall.com) ............................................................ 33 Figure 30: PVR Icon and Fun City (Source: http://www.infinitimall.com) .............................................. 33 Figure 31: Retail Floor Plans of Infiniti Mall, Andheri west (Source: http://www.infinitimall.com) ........... 35 Figure 32: Property Pictures of HDIL Metropolis (Source: 99Acres) ..................................................... 39 Figure 33: Subject property and Sale Instances (Source: Google Earth Pro) ....................................... 40 Figure 34: Value of Subject Property (Residential) (SOURCE: 99ACRES) .......................................... 45 Figure 35: Location and Block Plan (Source: AutoDCR- MCGM) ......................................................... 47 Figure 36: Lower and upper Basement Plan (Source: AutoDCR- MCGM) ........................................... 47 Figure 37: Ground and First Floor Plan (Source: AutoDCR- MCGM) ................................................... 48 Figure 38: Second and Third Floor Plan (Source: AutoDCR- MCGM) .................................................. 48 Figure 39: Fourth and Terrace Floor Plan (Source: AutoDCR- MCGM) ............................................... 49 Figure 40: Sections (Source: AutoDCR- MCGM) ................................................................................. 49 Figure 41: Construction costs across cities (Source:Renox) ................................................................ 52 Figure 42: Land Rate, 2019 of Subject Property (SOURCE: readyreckoner) ....................................... 53

LIST OF TABLES Table 1: Key Terms from RICS Red Book.............................................................................................. 6 Table 2: Key Points about Andheri Micro Market ................................................................................... 9 Table 3: Grade A rental in INR per sq. ft. per month (Source: Colliers) ................................................ 16

4


Appraisal Report for Infinity Mall, Andheri West Table 4: Occupany rate in Andheri East (source: Primary Data) .......................................................... 16 Table 5: Prime Retail Rent Rates in Malls (Source: Cushman and Wakefield) ..................................... 18 Table 6: Executive Summary for infiniti mall, andheri west ................................................................... 19 Table 7: Location Details ..................................................................................................................... 24 Table 8: Key Assumptions for valuation ............................................................................................... 37 Table 9: Opinion of Value as per Discounted Cash Flow Analysis of INcome Approach ...................... 37 Table 10: Senario Analysis .................................................................................................................. 38 Table 11: Residential Subject Property ................................................................................................ 40 Table 12: Sale Instance 1 (Source: 99ACRES) .................................................................................... 41 Table 13: SALE INSTANCE 2 (SOURCE: 99ACRES) ......................................................................... 41 Table 14: SALE INSTANCE 3 (SOURCE: 99ACRES) ......................................................................... 41 Table 15: SALE INSTANCE 4 (SOURCE: 99ACRES) ......................................................................... 41 Table 16: SALE INSTANCE 5 (SOURCE: 99ACRES) ......................................................................... 42 Table 17: SALE INSTANCE 6 (SOURCE: 99ACRES) ......................................................................... 42 Table 18: Component Analysis- Residential......................................................................................... 42 Table 19: Sale Comparison Approach- Sale Instances ........................................................................ 43 Table 20: Grid Approach ...................................................................................................................... 44 Table 21: Details of shops in Infiniti Mall (Source: Primary and Secondary survey) ............................. 50

LIST OF CHARTS Charts 1: Expense Heads Analysised based on Time trevel method (Source: BusinessAnalysist) ...... 14 Charts 2: Product Mix of Infiniti Mall ..................................................................................................... 34

CONVERSTION FACTORS •

1 sq. mt= 10.764 sq. ft

1 Acre= 4046.86 sq. mt or 43,560 sq. ft

1 mt= 3.28 feet

5


Appraisal Report for Infinity Mall, Andheri West

1. INTRODUCTION 1.1.

RICS Valuation – Global Standards 2017

1.1.1. INTRODUCTION RICS Valuation – Global Standards 2017 also commonly known as the “Red Book” incorporates International Valuation guidelines of various asset classes. It talks about the mandatory rules and best practice guidelines for conducting any valuation assignment for any asset class in any part of the world by providing highest level of professionalism and quality. Published by the International Valuation Standards Council (IVSC) it adopts the International Valuation Standards (IVS). This standards was originally set in 1976 by Royal Institute of Chartered Surveyors (RICS) as the UK government wanted a standard guideline for valuing asset classes. The Red Book includes RICS glossary and technical terms, professional standards for written valuation, ethics, competencies, objectivity and disclosures, valuation performance standards (VPS)- 5 VPS, valuation practice guidance applications (VPGA) – 10 VPGA and International Valuation Standards (IVS).

1.1.2. KEY TERMS Following as some of the important key terms taken from (Royal Institution of Chartered Surveyors (RICS)(Red Book), 2017): TABLE 1: KEY TERMS FROM RICS RED BOOK

Key Terms

Definition

Basis of Value

“A statement of the fundamental measurement assumptions of a valuation”

Cost Approach

“An approach that provides an indication of value using the economic principle that a buyer will pay no more for an asset than the cost to obtain an asset of equal utility, whether by purchase or construction”

Date of the Report

“The date on which the valuer signs the report”

Date of Valuation/ Valuation Date

“The date on which the opinion of value applies. The valuation date should also include the time at which it applies if the value of the type of asset can change materially in the course of a single day”

6


Appraisal Report for Infinity Mall, Andheri West

Income Approach

“An approach that provides an indication of value by converting future cash flows to a single current capital value”

Market Approach

“An approach that provides an indication of value by comparing the subject asset with identical or similar assets for which price information is available”

Market Rent (MR)

“The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and willing lessee on appropriate lease terms in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”

Market Value (MV)

“The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”

Valuation

“An opinion of the value of an asset or liability on a stated basis, at a specified date”

1.1.3. ETHICAL STANDARDS Highest level of professional and ethical standards are followed by RICS members. Hence to practice as a valuer and obtain RICS membership these standards are a must to be followed. These standards also follow ethical principles provided by International Ethical Standards Coalition (of which RICS is a member). According to (Royal Institution of Chartered Surveyors (RICS)(Red Book), 2017) following are the mandatory standard included: • “applies International Valuation Standard (IVS) 102 Section 10 General Principle (Compliance with IVS) and Section 40 Compliance with Other Standards • recognizes the International Ethics Standards and the International Property Measurement Standards • specifies additional mandatory requirements for RICS members.”

7


Appraisal Report for Infinity Mall, Andheri West

1.2.

Micro Market Analysis

1.2.1. AREA ANALYSIS Background Andheri is located in heart of Mumbai Suburban zone. Western railway line divides Andheri into east 24 sq. km. & west 23.5 sq. kms. Andheri falls under K ward (K-east and K-west) which also includes parts of Vile Parle & Jogeshwari sharing ward as per BMC boundaries of Mumbai Suburban district.

History Andheri got its name from a heritage site that is around 200 ft. tall & 65 million old monolith volcanic rock named Gilbert Hill. Earlier the sunlight failing on this hill would create darkness around the area and hence this area is got its name as Andheri meaning Andhar (darkness), according to (Shodh Ganga, 2018).

Current Scenario “Traditionally Andheri is considered as a SBD (Secondary Business District) which created a hotspot for Grade A Commercial offices due to its connectivity to BKC (Commercial hub) & Industrial areas like SEEPZ, MIDC. Due to its recent metro connectivity Andheri has further surged more into commercial development which has given rise to residential development in Andheri East. Likewise Andheri West is known for its high end residential growth�. Source: (HBU Analysis for Andheri Micro Market, 2018)

FIGURE 1: LOCATION OF ANDHERI MICRO MARKET & GILBERT HILL (SOURCE: MCGM)

8


Appraisal Report for Infinity Mall, Andheri West

FIGURE 2: MAP OF ANDHERI MICRO MARKET (SOURCE: WIKIMAPIA)

Summary TABLE 2: KEY POINTS ABOUT ANDHERI MICRO MARKET

Particular

Details

Terrain

Flat Terrain

Natural Barriers

West: Arabian Sea East: Mithi Nadi

Ward

K ward (Andheri East- K East and Andheri west- K West)

Area of Ward

47.50 sq.km

Population (Census 2011)

Andheri East: 3,93,391 Andheri West: 3,12,567

Household Base

4 to 5

Density of Ward

33107 p/sq.km

Sex Ratio Literacy Rate

Andheri East: 924 Andheri West: 842 K/E: Males - 94.75% and Females - 88.1% K/W: Males – 92.00%and Females – 87.4%

Source: (Census of India, 2011)

9


Appraisal Report for Infinity Mall, Andheri West

Regional Linkages Present • •

Andheri is divided into Andheri East and Andheri West by the western railway line Metro line I passes East to West connecting Ghatkopar to Versova

FIGURE 3: PRESENT LINKAGES

Proposed • • •

Metro line III- from Colaba to Bandra to SEEPZ Metro line VII- from Dahisar east to Andheri East Metro line II- from Dahisar west to Mandale. This is sub divided in IIA and IIB. Metro line IIA connects Dahisar East to DN Nagar and IIB connects DN Nagar to Mandale.

10

FIGURE 4: PROPOSED LINKAGES


Appraisal Report for Infinity Mall, Andheri West

Urban Fabric Andheri East Andheri East has grown as a fast paced developing micro market due to its location, current infrastructural developments and mainly due to good connectivity to major parts of the city. It includes a wide range of sectors including industries like SPEEZ and MIDC, commercial office complexes mainly on the AndheriKurla road, 5 star hotels near the airport with many 3 star hotels nearby.

FIGURE 5: URBAN FABRIC OF ANDHERI EAST (SOURCE: GOOGLE IMAGES)

Andheri West Andheri West is traditionally known for its high end residential developments with entertainment and recreational zones including malls, shopping streets, night life- restaurants & bars, film studios, gymkhana and a sports complex. It is also the house of many educational schools and colleges with high number of coaching classes observed near the railway station. (HBU Analysis for Andheri Micro Market, 2018)

FIGURE 6: URBAN FABRIC OF ANDHERI WEST (SOURCE: GOOGLE IMAGES)

11


Appraisal Report for Infinity Mall, Andheri West

1.2.2. NEIGHBORHOOD ANALYSIS Location The Subjected property is located in a prime block of Andheri having close proximity to Versova and Lokhandwala Micro markets. The neighborhood boundaries for the subject property are as follows: North: 36.60 Mt wide DP Road or P Tandon Marg South: Raheja Classic (Luxurious Apartment by K Raheja Realty) East: 41.40 Mt wide DP road or Kamalakarpant Walawalkar Marg West: Raheja Classic (Luxurious Apartment by K Raheja Realty)

Lokandwala Complex

Raheja Classicque

FIGURE 7: LOCATION MAP (SOURCE: WIKIMAPIA)

12

FIGURE 8: RADIAL CATCHMENT ANALYSIS (SOURCE: GOOGLE EARTH PRO)


Appraisal Report for Infinity Mall, Andheri West

Important Zones in the catchment area around the Subject Property

FIGURE 9: RESIDENTIAL AND COMMERCIAL OFFICE (SOURCE: WIKIMAPIA)

FIGURE 10: MALLS AND SHOPPING CENTRES (SOURCE: WIKIMAPIA)

13

FIGURE 11: RESTAURANTS AND SCHOOLS (SOURCE: WIKIMAPIA)


Appraisal Report for Infinity Mall, Andheri West

Catchment area analysis using radially method – Business Analysist Arch GIS

40,000,000,000

160,000,000,000

35,000,000,000

140,000,000,000

300,000,000,000

250,000,000,000 30,000,000,000

120,000,000,000

25,000,000,000

100,000,000,000

20,000,000,000

80,000,000,000

15,000,000,000

60,000,000,000

10,000,000,000

40,000,000,000

5,000,000,000

20,000,000,000

200,000,000,000

150,000,000,000

100,000,000,000

50,000,000,000

0

0

0 10 mins

20 mins

30 mins

14

CHARTS 1: EXPENSE HEADS ANALYSISED BASED ON TIME TREVEL METHOD (SOURCE: BUSINESSANALYSIST)


Appraisal Report for Infinity Mall, Andheri West

1.2.3. REAL ESTATE MARKET TRENDS Residential Andheri West Andheri West, is a prime residential micro market due to its geographical and strategic locational attributes as it close to the Arabian sea and has close proximity with Goregaon film city, Lokhandwala complex and Versova. 2 and 3 BHK apartments are most commonly used by its residence. Following are pricing trends in each category of flats, as per (mumbaipropertyexchange, 2019). 1 BHK – 18,200 min to 21,000 per sq. ft 1.5 BHK – 16,500 min to 21,000 per sq. ft 2 BHK – 19,000 min to 40,000 per sq. ft 3 BHK – 25,150 min to 40,000 per sq. ft 4 BHK – 20,00 min to 20,000 per sq. ft

15

FIGURE 12: PRICE COUTURE OF ANDHERI (SOURCE: MAGICBRICKS)


Appraisal Report for Infinity Mall, Andheri West

Commercial Andheri has approximately 168 commercial office buildings, out of these majority are Grade A office spaces located in eastern & somewhat in western parts of Andheri. The commercial development is broadly seen in eastern part due of better connectivity from mass transit hubs like CSIA 1 , internal connectivity by metro rails & also road connectivity to BKC (Source: Primary Survey). TABLE 3: GRADE A RENTAL IN INR PER SQ. FT. PER MONTH (SOURCE: COLLIERS)

As per (Colliers International Research, 2018), “out of 120 million sq. ft. total commercial market stretch in Mumbai, currently there is 3.7 million sq. ft. gross absorption & around major 38% is absorbed in Andheri. The demanding Sector is Co-working spaces absorbing 20%,16% BFSI followed by IT sector. Despite of having high demand for commercial offices in Andheri, it has seen rent correction of -2.3%”

Occupancy rate of Major Commercial offices in Andheri East TABLE 4: OCCUPANY RATE IN ANDHERI EAST (SOURCE: PRIMARY DATA)

CSIA- Chhatrapati Shivaji International Airport

16

1


Appraisal Report for Infinity Mall, Andheri West

FIGURE 13:MUMBAI OFFICE OVERVIEW (SOURCE: CUSHMAN AND WAKEFIELD, Q4, 2018)

Retail “Andheri – Borivali zone is the largest retail market in the MMR2 with a share of 24%”. Following are the trends observed in Andheri micro market as per (KnightFrank, 2015) report Think India Think retail, 2015. •

The zone has a retail density of 1000 sq. ft. to 1000 population including malls as well as shopping streets.

brick and mortar modern retail spending increased by 63 percent.

As almost all product categories are present in Andheri there is a scope of new brands to experiment with new products and product mixes by taking value space in the market.

Consumer Profile- Product Category Split Maximum consumption is found in entertainment zone mainly due to high use of multiplexes followed by F&B and Apparels respectively, out of 23 product categories (KnightFrank, 2015). Retail Lease-Rent Price Following are the rent for retail shop in a mall per sq. ft. according to (Cushman & Wakefeild, 2018), Mumbai prime retail market and the primary research. FIGURE 14: PRODUCT CATEGORY SPLIT IN ANDHERI (SOURCE: KNIGHTFRANK,THINK INDIA THINK RETAIL,2015)

MMR – Mumbai Metropolitan Region

17

2


Appraisal Report for Infinity Mall, Andheri West TABLE 5: PRIME RETAIL RENT RATES IN MALLS (SOURCE: CUSHMAN AND WAKEFIELD)

Micro Market Link Road (Andheri west) Lower Parel Malad Goregaon Kandivali Kurla Ghatkopar Vashi Thane

Prime Retail Rent Rates in Malls Rent in INR per Q-O-Q in % sq. ft. 410 2.5 880 0.0 470 0.0 490 0.0 200 0.0 180 0.0 260 0.0 350 0.0 280 0.0

Y-O-Y in % 2.5 4.8 0.0 4.3 0.0 -5.3 -13.3 0.0 3.7

Hospitality Hospitality – Mumbai Overview, (Horwath HTL, 2019) According to (Horwath HTL, 2019), following are the key market trends in hospitality industry of Mumbai: Occupancy Rate: Increased to 76.6% ADR3: Rs. + 8000 RevPAR4: Increased by 5.2% and has gone above Rs. 6000

Current Scenario •

ADR gains have sharply tapered off in South and Central Mumbai yet it continues to gain occupancy.

As corporate business has been lost to hotels near the airports, Western suburbs also lost its ADR momentum.

ADR improvement has only been 4.6% in Eastern suburban Mumbai (including airport hotels) yet have absorbed 1100 new rooms added in the last 4 years, with 1300 rooms of demand growth.

3

ADR – Average Daily Rent RevPAR - Revenue Per Available Room

18

4


Appraisal Report for Infinity Mall, Andheri West

2. SUBJECT PROPERTY- INFINITI MALL, ANDHERI WEST 2.1.

Introduction

2.1.1. EXCECUTIVE SUMMARY TABLE 6: EXECUTIVE SUMMARY FOR INFINITI MALL, ANDHERI WEST

Location Attributes Property Address

Infiniti Mall, Andheri West New Link Rd, Phase D, Oshiwara, Andheri West, Mumbai, Maharashtra 400053

Village/Taluka

Oshiwara

Co ordinates

19°8'28"N 72°49'51"E North: 36.60 Mt wide DP Road or P Tandon Marg South: Raheja Classique

Neighborhood

East: 41.40 Mt wide DP road or Kamalakarpant Walawalkar Marg (Link Road) West: Raheja Classique

Site Attributes Owner

K Raheja Realty, Unique Estate Development Company Ltd

Built in Year

2004

Nature of Assignment

To provide opinion on the Market Value of the subject property

Purpose

The valuation is carried out for purely academic purpose to understand the valuation methodology for an Income generating asset

Project Attributes Total Area No. of Floors

10,400 sq. mt approximately (1,12,000 sq. ft) Lower Basement + Upper Basement + Ground and 4 Upper Floors + Terrace

CTS No.

619/B/5/A and 652/C/1 of village Oshiwara

Ward

K West

Shape

Regular Polygonal Shape – Squarish Shape

Frontage

North: Approx. 100m (328ft) East: 102m (335ft)

19


Appraisal Report for Infinity Mall, Andheri West Depth Total Height

North: Approx. 102m (335ft) East: 100m (328ft) 24.86 m till terrace level Approx. 37m till highest point

Total Depth

-4.60 m till lower basement level

Type of Ownership

Freehold (not verified)

Topography

Flat Terrain

Total Built Up Area

Approx. 3,10,000 sq. ft

Total Leasable Area

Approx. 1,70,000 sq. ft

Additional Comments

HT line tower is adjacent to the subject property on the Eastern side

Land Use

Commercial

Infrastructure Attributes Water

Brihanmumbai Municipal Corporation

Sewerage & Drainage

Available and working

Power

Adani Electricity Mumbai Ltd.

Power Back up

Available and working

Air-conditioning

Centralized Plant

Washroom points

2 blocks per retail floor

Parking Rainwater Harvesting

Lower Basement: 186 (144 car and 42bike) Upper Basement: 130 (102 car 28 bike) Available and working

Legal Attributes Title

Not verified

Disputes

Nil as per landowner

Usage

Commercial - Retail mall

SWOT Analysis Strength

Locational Attributes and Future Infrastructural Development nearby

Weakness

Competitors in future with big mall spaces and better product mix

Opportunity

Improve product mix with upcoming needs and demand

Threats

HT line passes in close proximity of site

20


Appraisal Report for Infinity Mall, Andheri West

2.1.2. CERTIFICATE OF APPRAISAL Subject: Valuation of Infiniti Mall, Andheri West Mumbai. Based on the instruction and information provided by the owner of this property, We hereby submit the Valuation Report of Infiniti Mall located in Andheri West, Mumbai. The property is located on approx. 10,400 sq. mt (111944.67 sq. ft) area of land in the prime location of Andheri West. With the permission of the owner, the subject property was visited and studied on 30th March, 2019. The subject property was duly inspected and necessary data points were collected from the subject property along with relevant market study was done with agents/ brokers, developers and experts of the field. The report has been formulated based on IVS5 and RICS Red Book6 standards. Based on the market study and available data, we our experience in valuation sector, our opinion of value for the subject property is as given below: â‚š 4,890,660,096.67

Say Approx. â‚š 490 Cr /-

(Indian Rupees: Four Hundred and Ninety Crores Only) Date of Valuation: 30th April, 2019 Date of the Report: 30th April, 2019 The Above value of the subject property is estimated by Income Approach of Valuation using Discounted Cash Follow (DCF) Analysis.

Valuation Report Prepared by:

____________________ Ar. Karan Rego Student MBA Real Estate and Urban Infrastructure (2018-2020) RICS SBE, Amity University, Mumbai T 022 28222585 M +91 8976217707 E karanr.mr18m@ricssbe.edu.in

5

International Valuation Standards (IVS) Royal Institute of Chartered Surveyors Red Book Standards (RICS Red Book 2017)

21

6


Appraisal Report for Infinity Mall, Andheri West

2.1.3. DISCLOSURE •

This report is generated purely for academic use only

The data points used for valuation of the asset is very limited and generated through primary and secondary research by the student

Key assumptions are considered where data points where not available. These assumptions where based on primary and secondary research along with key guidance of the faculty and experts from the field.

2.1.4. PURPOSE OF APPRAISAL The purpose of appraisal is to estimate the Market Value of the subject property. This report is generated for academic use only to understand the methodology of valuation of an Income generating asset class. As per (Royal Institution of Chartered Surveyors (RICS)(Red Book), 2017) market value is defined as, “The estimated amount for which an asset or liability should exchange on the valuation date between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion”

2.1.5. DATE OF VALUATION AND DATE OF THE REPORT Definition for Date of Valuation and Date of Report is mentioned in Table 1 as per (Royal Institution of Chartered Surveyors (RICS)(Red Book), 2017) Date of Valuation: 30th April, 2019 Date of the Report: 30th April, 2019

2.1.6. ASSUMPTIONS, LIMITATIONS AND DISCLAIMERS Assumptions Following are the assumptions considered for appraisal of the subject property, •

The subject property is purely an Income generating asset

22


Appraisal Report for Infinity Mall, Andheri West •

The subject property works purely on Lease-rental model (No revenue sharing model is considered as there is limited data available for academic purpose)

Valuation is done considering cash flow analysis for next year 15 years and current year for the subject property including present year (Zeroth year).

Limitation This appraisal report is based purely for academic purpose and hence the data points is very limited. Major of the data points is calculated by primary and secondary research and the rest is assumed or confirmed by brokers, agents and experts in the field.

Disclaimers I certify to the best of my knowledge and belief: •

Facts contained in this report are true and correct based on the limitation for the study

The analysis, opinions and conclusion are stated true based upon the assumptions taken into consideration which are limited in nature for academic purpose

There is no bias interest with the subject property

There is no personal interest or bias with the owners/parties of the subject property

The report has been formulated based on RICS Global Standards for Valuation 2017 and International Valuation Standards- IVS

Key Assumptions Following are the key assumptions for valuation guidelines as per (Royal Institution of Chartered Surveyors (RICS)(Red Book), 2017) •

“willing seller

that prior to the date of valuation, there had been a reasonable period (having regard to the nature of property and the state of the market) for the proper marketing of the interest, for the agreement of price and terms and for the completion of the sale

that the state of the market, level of values and other circumstances are the same as on the date of exchange of contracts as on the date of Valuation

that no account is taken of any additional bid by a purchaser with a special interest

that both parties to the transaction had acted knowledgeably, prudently and without compulsion”

23


Appraisal Report for Infinity Mall, Andheri West

2.2.

Site Details

2.2.1. LOCATION Situation The subject property is situated in the Micro Market of Andheri West, Mumbai suburbs, next to Lokandwala complex and is adjacent to New Link Road. It is located in the vicinity of Andheri-Versova Belt having close proximity with Oshiwara and Jogeshwari Micro markets. TABLE 7: LOCATION DETAILS

Particular

Location

Country

India

State

Maharashtra

City/Town

Mumbai Suburbs (Pin Code- 400053)

Micro Market

Andheri West

Ward

K West

Village/ Division

Oshiwara

24

FIGURE 15: LOCATION OF PLOT


Appraisal Report for Infinity Mall, Andheri West

Area Towards Oshiwara

Towards Jogeshwari

Towards Lokandwala Complex

Runwal Elegante

Raheja Classicque

Towards Andheri

FIGURE 16: SITE SURROUNDING (SOURCE: WIKIMAPIA)

The subject property is surrounded around by high end residential apartments, commercial offices, malls, shopping street (Lokandwala market), social joints like pubs and restaurants, etc.

Surrounding

Lokandwala Complex

36.60 Mt Wide DP Road

Raheja Classicque

FIGURE 17: LOCATION MAP (SOURCE: GOOGLE EARTH)

The property is surrounded by roads on two sides i.e. North and East (North- 36.60 Mt wide DP Road or P Tandon Marg and East- 41.40 Mt wide DP road or Kamalakarpant Walawalkar Marg). Adjacent to the property to the West and South is Raheja Classic (Luxurious Apartment by K Raheja Realty).

25


Appraisal Report for Infinity Mall, Andheri West

Accessibility Andheri is best known for its connectivity to various parts of Mumbai using number of modes of transport including roadway and metro. Infiniti Mall, Andheri West, is situated closely to major railway and metro stations. Andheri West Railway Station: 4.6 Kms (21 mins) Jogeshwari West Railway Station: 2.9 Kms (16 mins) Ram Mandir West Railway Station: 3.1 Kms (19 mins) DN Nagar Metro Station: 1.9 Kms (9 mins)

FIGURE 18: ACCESIBILITY FROM RAILWAY AND METRO STATION (SOURCE: GOOGLE MAPS)

26


Appraisal Report for Infinity Mall, Andheri West The subject property is in close proximity with the International Airport (T2), Western Express Highway (WEH), Versova Jetty (only for public and two wheelers). Infiniti 2,located in Malad, New link road, the second mall of K Raheja Realty is accessible by road within 30 mins from subject property. Chhatrapati Shivaji international Airport (CSIA) Terminal 2: 10.1 Kms (27 mins) Western Express Highway: 8.0 Kms (27 mins) Versova Jetty: 5.2 Kms (22 mins) Infiniti Mall 2, Malad West: 5.7 Kms (23 mins)

27

FIGURE 19: ACCESSIBILITY FROM SUBJECT PROPERTY (SOURCE: GOOGLE MAPS)


Appraisal Report for Infinity Mall, Andheri West

2.2.2. SHAPE & SIZE OF THE PLOT The Subject property is located on a Regular Polygonal Plot comprising area of approx. 10,400 Sq.mt. (approx. 1,12,000 sq. ft)consisting of a standalone building (Mall) having lower basement + upper basement + ground floor + 4 upper floors + terrace floor.

FIGURE 20: AREA OF PLOT (SOURCE: GOOGLE EARTH)

FIGURE 21: AREA OF PLOT (SOURCE: DP REMARKS 2034- AUTODCR)

28


Appraisal Report for Infinity Mall, Andheri West

2.2.3. DEVELOPMENT PLAN According to Sanctioned Development Plan(DP), 2034, there are major development near and around the subject property. There is road widening in North- 36.60 Mt wide DP Road or P Tandon Marg and East- 41.40 Mt wide DP road or Kamalakarpant Walawalkar Marg. The Coastal Road Project passes in close proximity, which will improve the connectivity of Mumbai suburb and Mumbai city. Proposed Metro Line 2A (Dahisar to D.N. Road) is under construction on 41.40 Mt wide DP road or Kamalakarpant Walawalkar Marg which is to the east of the subject plot and Proposed Metro Line 6 (LokhandwalaJogeshwari-Vikhroli-Kanjurmarg Line) north to subject property is 36.60 Mt wide DP Road or P Tandon

Marg . Proposed Shanti Nagar Metro Station is a proposed metro station nearest to the subject plot.

29

FIGURE 22: SANCTIONED DEVELOPMENT PLAN, 2034 (SOURCE: AUTODCR.MCGM.GOV.IN)


Appraisal Report for Infinity Mall, Andheri West

2.2.4. DEVELOPMENT CONTROL PROMOTION AND REGULATIONS (DCPR 2034) DCPR 37- Requirements of parts of building Table No. 15- Height of Habitable Rooms per floor Minimum- 3.6 mts Maximum- 6 mts

2.2.5. HISTORIC GROWTH OF SUBJECT PROPERTY In below Figure 23, we can observe the historic growth of the subject property and the surrounding from the year 2000to 2019 (current year). The property was developed in 2004 by K Raheja Realty. Since then there are major developments in this zone as this mall is a key driver and located on the main junction on new link road. Recent development of Metro line 2A and 6 has led to traffic congestion in the area, but will act as a future catalyst for the footfall of mall. It was observed that growth direction is eastwards as there is Arabian sea (Natural Barrier) to the west of Andheri.

Year: 2000

Year: 2004

Year: 20015

Year: 2010

Year: 2019

FIGURE 23: HISTORIC GROWTH OF AND AROUND SUBJECT PROPERTY (SOURCE: GOOGLE EARTH)

30


Appraisal Report for Infinity Mall, Andheri West

2.2.6. PHOTOGRAPHS OF SUBJECT PROPERTY Following images are real time images taken of subject property i.e. self-captured and taken from official website of Infiniti Mall (http://www.infinitimall.com/Andheri).

FIGURE 24: ARIAL VIEW AND EXTERNAL PHOTOGRAPHS OF SUBJECT PROPERTY (SOURCE: GOOGLE EARTH)

FIGURE 25: INFINITY MALL ENTANCE AND ATRIUM (SOURCE: SELF CAPTURED)

31


Appraisal Report for Infinity Mall, Andheri West

FIGURE 26: GROUND FLOOR SHOPS (SOURCE: SELF CAPTURED)

FIGURE 27: FOOD COURT (SOURCE: SELF CAPTURED)

FIGURE 28: WEEKLY FLEA MARKET AND KIOSK (SOURCE: SELF CAPTURED)

32


Appraisal Report for Infinity Mall, Andheri West

FIGURE 29: ANCHOR SHOPS (SOURCE: HTTP://WWW.INFINITIMALL.COM)

FIGURE 30: PVR ICON AND FUN CITY (SOURCE: HTTP://WWW.INFINITIMALL.COM)

33


Appraisal Report for Infinity Mall, Andheri West

2.3.

Property Description

2.3.1. GENERAL According to the data provided the subject mall is a overall retail development comprising of lower basement + upper basement + ground floor + 4 upper floors (3 for retail and part 4th for administration) + terrace floor. Infiniti Mall, Andheri West, contains 65 retail stores including 6 anchor tenants, 31 retail stores, 19 Food Stalls and 9 kiosks. The mall includes a gaming zone on the 3rd and 4th floor of the premises. Also, Flea markets are available majorly on weekends or during festivals and are charged on daily bases. The mall also provides ATM’s service to their customer.

Product Mix 1

5

9

1

Anchor Vanilla Shops

4

Food Court Resturant CafĂŠ 31 15

Kiosk Gaming Zone

CHARTS 2: PRODUCT MIX OF INFINITI MALL

2.3.2. GROSS FLOOR AREA AND LEASABLE AREA The Mall comprises of lower basement + upper basement + ground floor + 4 upper floors + terrace floor. The gross floor area of the mass is approx. 3,10,000 sq. ft. The Total retail leasable area of the mall is approx. 1,70,000 sq. ft.

34


Appraisal Report for Infinity Mall, Andheri West Approved drawings from corporation of the mall is provided in Appendices 5.1 along with list of shops, its area and rent is provided in Appendices 0.

2.3.3. RETAIL FLOOR PLANS

FIGURE 31: RETAIL FLOOR PLANS OF INFINITI MALL, ANDHERI WEST (SOURCE: HTTP://WWW.INFINITIMALL.COM)

35


Appraisal Report for Infinity Mall, Andheri West

2.4.

Valuation Rationale

2.4.1. INTODUCTION- VALUTIONAL APPROACH AND REASONING According to International Valuation Standard Council (IVSC) and RICS Valuation – Global Standards 2017 following are the 3 approaches for valuation,

Sales Comparison/ Market Approach In this approach comparable properties are analyzed and based on its component analysis the market value of the subject can be determined. Property are compared with market properties to determine the value of the property. It approach is best used to determine the value of a residential apartment. Definition of Market approach is at pg. 6, Table 1.

Cost Approach In this approach the value is determined by the price it would take to built the same property including factors like cost of construction, land value, developers profit and depreciation. Depreciated Replacement Cost (DRC) is a method used to estimate the value of an asset by adding the land value, developers profit and cost of construction minus depreciation of that property for its used lifespan. Definition of Cost approach is at pg. 6, Table 1.

Income Approach In this approach the value of the asset is determined by its income generating potential in the future and by discounting it with the rate of return expected or by weighted average cost of capital (WACC). Terminal value is added to the last cash flow in order to determine the value of the property. Definition of Income approach is at pg. 6, Table 1.

Approach used for Valuation The approach used for this valuation assignment is Income Approach as the subject property is an income generating asset. The method of Income approach used is Discounted Cash Flow (DCF).

36


Appraisal Report for Infinity Mall, Andheri West

2.4.2. ASSUMPTIONS Following are the key assumptions used for Income Approach method of valuation TABLE 8: KEY ASSUMPTIONS FOR VALUATION

Key Assumptions No. of years considered

Current year (zeroth year) plus 15 years (till 2034)

Discounting Rate used

16% (WACC- 50:50 Debt to Equity)

Occupancy Rate

90%

Rent Escalation

5%

Tax Rate

30%

Capitalization Rate

9%

2.4.3. DISCOUNTED CASH FLOW ANALYSIS Based on the assumptions and data points provided, the valuation of the subject property as per Discounted Cash Flow Method of Income approach is TABLE 9: OPINION OF VALUE AS PER DISCOUNTED CASH FLOW ANALYSIS OF INCOME APPROACH

Opinion of Value by DCF Method Approx. 490 Cr Opinion of Value (Indian Rupees: Four Hundred and Ninety Crores Only) Date of Valuation

30th April, 2019

Date of the Report

30th April, 2019

The excel sheet for above calculated opinion of value is attached at pg. no. 53, Appendices 5.6.

37


Appraisal Report for Infinity Mall, Andheri West

2.4.4. SENARIO ANALYSIS Assumption Cost of debt (Kd): 14% Cost of Equity (Ke): 18% Tax Rate: 30% TABLE 10: SENARIO ANALYSIS

Scenario

Discounting Rate

NPV Pre Tax

NPV Post Tax

50% Debt and 50%

16%

Approx. 490 Cr

Approx. 345 Cr

100% Equity

18%

Approx. 431 Cr

Approx. 302 Cr

100% Debt

14%

Approx. 562 Cr

Approx. 393 Cr

80% Debt and 20%

14.80%

Approx. 531 Cr

Approx. 372 Cr

17.20%

Approx. 453 Cr

Approx. 317 Cr

15.60%

Approx. 503 Cr

Approx. 352 Cr

16.40%

Approx. 477 Cr

Approx. 334 Cr

Equity

Equity 20% Debt and 80% Equity 60% Debt and 40% Equity 40% Debt and 60% Equity

From the above table we can observe the various net present values at different discounting rates using different capital structure. For this assignment we have used 50% debt and 50% equity structure having Discounting Rate of 16%. Note: Finance cost is not included in model as we only require Net operating Income (NOI) to determine the value of the property using Discounting Cash Flow Method.

38


Appraisal Report for Infinity Mall, Andheri West

3. MARKET SALES COMPARISON APPROACH - RESIDENTIAL PROPERTY 3.3.1.

Introduction

Market Approach or Sales Comparison Approach is used to find the Market Value (MV) of the property provided that there are comparable data points and properties available near the subject property. For definition of key terms refer Table 1.

3.3.2.

Subject Property

The subject property selected is a 2 BHK flat located in HDIL Metropolis, Andheri (West), Mumbai. It contains 2 bedrooms, 2 bathrooms, No balcony and 1 covered car park. It is a ready to move in property located at the 4th floor in the tower, total 31 floors (99Acres, 2019).

FIGURE 32: PROPERTY PICTURES OF HDIL METROPOLIS (SOURCE: 99ACRES)

39


Appraisal Report for Infinity Mall, Andheri West TABLE 11: RESIDENTIAL SUBJECT PROPERTY

Particular

Property Details

Property

HDIL Metropolis

Location

Andheri West, Mumbai

Flat Configuration

2 BHK with 2 bathrooms, 1 covered parking and no balcony

Carpet Area (sq. ft)

800

Saleable Area (sq. ft)

1100

Floor Number

4th of 31 Floors

Facing

South - West

Property Age

1 to 5 years old

Water Source

Municipal corporation

3.3.3.

Comparable Sales Instance

All the comparable properties are within a radius of 2 kms from the subject property. Data of the comparable sale instances are taken from online property portal- 99Acres.com and confirmed with local brokers, agent sand experts of Andheri Micro Market.

40

FIGURE 33: SUBJECT PROPERTY AND SALE INSTANCES (SOURCE: GOOGLE EARTH PRO)


Appraisal Report for Infinity Mall, Andheri West TABLE 12: SALE INSTANCE 1 (SOURCE: 99ACRES)

Particular

Property Details

Property Name

Panorama Tower

Configuration Carpet Area

2 BHK, 2 Bath, 2 parking (1 open and 1 covered) and No Balconies 890

Saleable Area

1122

Sale Price

2.54 Cr

Photo

TABLE 13: SALE INSTANCE 2 (SOURCE: 99ACRES)

Particular

Property Details

Property Name

Palash Towers

Configuration Carpet Area

2 BHK, 2 Bath, 1 open parking and No Balconies 700

Saleable Area

935

Sale Price

2.25 Cr

Photo

TABLE 14: SALE INSTANCE 3 (SOURCE: 99ACRES)

Particular

Property Details

Property Name

Greenville

Configuration Carpet Area

2 BHK, 2 Bath, 1 covered parking and No Balconies 670

Saleable Area

1060

Sale Price

2.5 Cr

Photo

TABLE 15: SALE INSTANCE 4 (SOURCE: 99ACRES)

Particular

Property Details

Property Name

1st cross lane

Configuration Carpet Area

2 BHK, 2 Bath, 1 open parking and 1 Balcony 750

Saleable Area

1000

Sale Price

2.5 Cr

Photo

41


Appraisal Report for Infinity Mall, Andheri West TABLE 16: SALE INSTANCE 5 (SOURCE: 99ACRES)

Particular

Property Details

Property Name

Atlantis Apartment

Configuration Carpet Area

2 BHK, 3 Bath, 1 open parking and No Balcony 860

Saleable Area

1300

Sale Price

2.8 Cr

Photo

TABLE 17: SALE INSTANCE 6 (SOURCE: 99ACRES)

Particular

Property Details

Property Name

Royal Classic

Configuration Carpet Area

3 BHK, 3 Bath, 1 open parking and No Balcony 1000

Saleable Area

1255

Sale Price

3.58 Cr

3.3.4.

Photo

Component Analysis

Following Table 18 and Table 19,contains the value of components by using sales comparison method: TABLE 18: COMPONENT ANALYSIS- RESIDENTIAL

42


Appraisal Report for Infinity Mall, Andheri West TABLE 19: SALE COMPARISON APPROACH- SALE INSTANCES

43


Appraisal Report for Infinity Mall, Andheri West

3.3.5.

Grid Approach

TABLE 20: GRID APPROACH

44


Appraisal Report for Infinity Mall, Andheri West

3.3.6.

Conclusion

By using the sales comparison method including component analysis and grid approach method to find the Market Value of the subject property, our opinion of value for the subject property is as given below: Say ₹ 2,66,82,188.60 /-

… Rounded to ₹ 2,66,83,000 /-

(Indian Rupees Two Crore Sixty Six Lakhs Eighty Three Thousand Only) Date of Valuation: 30th April, 2019 Date of Report: 30th April, 2019

Note: The value observed for the subject property from online portal (99Acres) is close to the value obtained by the above calculation and method (99Acres, 2019).

45

FIGURE 34: VALUE OF SUBJECT PROPERTY (RESIDENTIAL) (SOURCE: 99ACRES)


Appraisal Report for Infinity Mall, Andheri West

4. CONTACT DETAILS 1. Ar. Karan Rego Student MBA Real Estate and Urban Infrastructure (2018-2020) RICS SBE, Amity University, Mumbai T 022 28222585 M +91 8976217707 E karanr.mr18m@ricssbe.edu.in

2. Professor Shekhar Nagargoje Associate Professor, Program Director, RICS School of Real Estate, Amity University, Mumbai T +91 22 710 3000 M +91 9867595060 E snagargoje@ricssbe.edu.in

3. Amol Shimpi MRICS Associate Dean and Director RICS School of Real Estate, Amity University, Mumbai M +91 99997 15268 T +91 22 710 3000 D +91 22 710 73005 F +91 22 710 73050 E ashimpi@rics.org

46


Appraisal Report for Infinity Mall, Andheri West

5. APPENDICES 5.1.

Approved BMC Drawings

FIGURE 35: LOCATION AND BLOCK PLAN (SOURCE: AUTODCR- MCGM)

47

FIGURE 36: LOWER AND UPPER BASEMENT PLAN (SOURCE: AUTODCR- MCGM)


Appraisal Report for Infinity Mall, Andheri West

FIGURE 37: GROUND AND FIRST FLOOR PLAN (SOURCE: AUTODCR- MCGM)

FIGURE 38: SECOND AND THIRD FLOOR PLAN (SOURCE: AUTODCR- MCGM)

48


Appraisal Report for Infinity Mall, Andheri West

FIGURE 39: FOURTH AND TERRACE FLOOR PLAN (SOURCE: AUTODCR- MCGM)

49

FIGURE 40: SECTIONS (SOURCE: AUTODCR- MCGM)


Appraisal Report for Infinity Mall, Andheri West

5.2.

List of shops in the mall with area and rent per sq. ft details

TABLE 21: DETAILS OF SHOPS IN INFINITI MALL (SOURCE: PRIMARY AND SECONDARY SURVEY)

Sr. No 1

Name of the Shop Names Westside

Type of Shop Type Anchor

Category Departmental Store

2 3 4

Pantaloons Food Bazar PVR

Anchor Anchor Anchor

5

Vijay Sales

Anchor

Departmental Store Departmental Store EntertainmentCinema Electronics

Accessorize Rebook Adidas Nike Vero Moda Promod BIBA Global Desi ONLY AND Wacoal Sunglass Hut Titan Eye Plus Catwalk Mochi The Body Shop

Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail Retail

22

Bodhi Saloon Spa Sabai Saloon Spa Nykaa

Retail

Wonder chef Little kangaroo Planet Fashion Mufti Raymond House of Samsonite Levis Spykar

23 24 25 26 27 28 29 30 31 32

Ground and 1st 2nd 1st 3rd

Shop No.

Area (Sq. Ft.)

1, 101

18000

262,263 102 -

12600 15000 58806

107 16 115 109 118 5 23 10 11 2 6 116 12 106 117 114 13,24

4000 108406 530 1200 1200 710 1894 1200 600 1600 1860 1680 525 400 600 540 1150 350

1st

119

750

1st

112

900

Ground

14

522

1st Ground 1st 1st 1st Ground Ground Ground Ground Ground Ground 1st Ground 1st 1st 1st Ground

Retail Retail Retail Retail Retail Retail

Accessorize Active Wear & Sports Active Wear & Sports Active Wear & Sports Women Wear Women Wear Women Wear Women Wear Women Wear Women Wear Women Wear Eye Wear Eye Wear Footwear Footwear Healthy, Beauty and Spa Healthy, Beauty and Spa Healthy, Beauty and Spa Healthy, Beauty and Spa Home & Lifestyle Kids Wear Mv[W ear Mv[W Mv[W Travel and leisure

2nd 1st 1st 1st Ground 1st

230 105 103 113 3 110

150 450 1950 641 2601 830

Retail Retail

Unisex Fashion Unisex Fashion

1st 1st

104 111

1050 1050

Retail Retail

Rent Per Sq. Ft.

198.41 180.00 170.05

182.82 498.33 541.67 704.23 500.00 416.67 250.00

648.15

615.38 436.82 461.36

428.57 380.95

50

6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21

Floor in Mall


Appraisal Report for Infinity Mall, Andheri West 33 34 35

Retail Retail Retail

Unisex Fashion Unisex Fashion Unisex Fashion

Ground Ground Ground

4 7 22

800 1800 1600

36

Tommy Hilfiger Us Polo United Colors of Benetton Just Watches

Retail

Watches

Ground

15

37 38 39 40 41 42 43 44 45 46 47 48 49 50 51

Flavors of China CCD Keventers House of Candy MC D}vo[ Kailash Parbat Dominos Sbarro Malgudi Wok Express Juice Lounge Hurricane Subway Moktu Momos Tibbs Franky

Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court Food Court

Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall Food Stall

2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd 2nd

27

350 31483 300 150 100 90 800 265 300 300 222 200 56 75 165 88 105 3216 2300 1750 1635 2550 1775 10010 90 60

52 53 54 55 56 57 58

Starbucks Burger King Zaffran Pizza Hut KFC

Cafe Food Court Food Court Food Court Food Court

Coffee Shop Restaurants Restaurants Restaurants Restaurants

Ground 2nd 2nd 2nd 2nd

214 246 248 241,242 209,210 208 211 212 213 215 249 247 245 244 243 8 205 204 261 206

Kiosk Kiosk

Food Stall Food Stall

2nd Ground

Kiosk Kiosk Kiosk Kiosk

Food Stall Food Stall Food Stall Food Stall

2nd 2nd 2nd 2nd

224 226 225 224 A

50 110 40 50

63 64

Yogurt Studio MC D}vo[ Kiosk Baskin Robbins The Curcho Co Belgium Waffle Famous pancakes & Bubble Tea Cashify Ideal Hastkala

Kiosk Kiosk

2nd 2nd

235 229,228

50 50

65

Go Colors

Kiosk

Electronics GIFTING, NOVELTIES & STATIONERY Women Wear

264

50 550 15000

59 60 61 62

66

Planet Infiniti

Gaming

Gaming Zone

2nd 2nd,3rd

555.56

428.57 490.45 1000.00 1500.00 1111.11

1203.70 478.26

478.26 1111.11

1111.11 410

51


Appraisal Report for Infinity Mall, Andheri West

5.3.

Cost elements of the project

In any Mall development, following are the costs of the project, •

Land Cost

Construction Cost

Interest During Construction (Finance Cost)

Interiors

Mechanical and electrical cost

Pre-operative expenses

Construction Cost

FIGURE 41: CONSTRUCTION COSTS ACROSS CITIES (SOURCE:RENOX)

52


Appraisal Report for Infinity Mall, Andheri West

Land Cost

FIGURE 42: LAND RATE, 2019 OF SUBJECT PROPERTY (SOURCE: READYRECKONER)

5.4.

Income Approach- Discounted Cash Flows

53


Appraisal Report for Infinity Mall, Andheri West

6. BIBLIOGRAPHY 99Acres, 2019. 99Acres. [Online] Available at: https://www.99acres.com/2-bhk-bedroom-apartment-flat-for-sale-in-metropolis-andheriwest-mumbai-andheri-dahisar-1100-sq-ft-r3-spid-A36072419?pos=SEARCH [Accessed 14th April 2019]. Census of India, 2011. District Census Handbook. Part XII-A, SERIES 28 ed. Mumbai Suburban: Director of Census Operations Maharashtra. Colliers International Research, 2018. India Office Property Market Overview, s.l.: Colliers nternational Research. Cushman & Wakefeild, 2018. Mumbai Reatil- Marketbeats, s.l.: Cushman & Wakefeild. HBU Analysis for Andheri Micro Market, 2018. Highest & Best Use Analysis for Andheri Micro Market, Mumbai: ISSUU. Horwath HTL, 2019. India Hotel Market Review 2018, Mumbai: Horwath HTL and STR. KnightFrank, 2015. Think India Think Retail, s.l.: Knight Frank, Reatail Association of India. mumbaipropertyexchange, 2019. mumbaipropertyexchange. [Online] Available at: https://www.mumbaipropertyexchange.com/research/micro-market-analysis [Accessed 16th April 2019]. RICS, 2019. RICS. [Online] Available at: https://www.rics.org/uk/upholding-professional-standards/standards-of-conduct/ethics/ [Accessed 14 April 2019]. Royal Institution of Chartered Surveyors (RICS)(Red Book), 2017. RICS Valuation – Global Standards 2017 (Red Book). 2017 ed. London: Royal Institution of Chartered Surveyors (RICS). Shodh Ganga, 2018. Shodh Ganga. [Online] Available at: http://shodhganga.inflibnet.ac.in/ [Accessed 15 October 2018].

54


Discounted Cash Flow Analysis Project details Land Area 112,000.00 Builtup Area 310,000.00 Retail Rentable Area 168,665.00 Land Rate (Ready Recknor) 13,712.00 Market Escalation 50% ₹ 1,535,744,000.00 Land Value ₹ 2,303,616,000.00 Land Value with Escaltion Discounted Rate (WACC) 16.00% Scenario Analysis for Discouting Rate Cost of Equity Weight of Equity Cost of Debt Weight of Debt

sq. ft sq. ft sq. ft Rs per sq. ft

18% 50% 14% 50%

Schedule

Year

Rent/Lease Gross Rentable Area for Anchor Avg. Rent per sq. ft for Anchor Occupany % Escalation % No. of Months Total Revenue from Anchor

sq. ft Rs

Rs

Gross Rentable Area for Retail Shops Avg. Rent per sq. ft for Retail Shops Occupany % Escalation % No. of Months Total Revenue from Retail Shops

sq. ft Rs

Gross Rentable Area for Food Courts Avg. Rent per sq. ft for Food Courts Occupany % Escalation % No. of Months Total Revenue from Food Courts

sq. ft Rs

Gross Rentable Area for Restaurants Avg. Rent per sq. ft for Restaurants Occupany % Escalation % No. of Months Total Revenue from Restaurants

sq. ft Rs

Gross Rentable Area for Kiosk Avg. Rent per sq. ft for Kiosk Occupany % Escalation % No. of Months Total Revenue from Kiosks

sq. ft Rs

Area for Gaming Zone Rent for Gaming Zone Occupany % Escalation % No. of Months Total Revenue from Gaming Zone

sq. ft Rs

2019 0

2028 9

2029 10

2030 11

2031 12

2032 13

2033 14

2034 15

108,406.00 245.00 90% 5% 12.00 286,839,690.86

108,406.00 257.25 90% 5% 12.00 301,181,675.41

108,406.00 270.11 90% 5% 12.00 316,240,759.18

108,406.00 283.62 90% 5% 12.00 332,052,797.14

108,406.00 297.80 90% 5% 12.00 348,655,436.99

108,406.00 312.69 90% 5% 12.00 366,088,208.84

108,406.00 328.32 90% 5% 12.00 384,392,619.28

108,406.00 344.74 90% 5% 12.00 403,612,250.25

108,406.00 361.97 90% 5% 12.00 423,792,862.76

108,406.00 380.07 90% 5% 12.00 444,982,505.90

31,483.00 490.45 90%

31,483.00 514.97 90% 5% 12.00 175,097,924.12

31,483.00 540.72 90% 5% 12.00 183,852,820.32

31,483.00 567.75 90% 5% 12.00 193,045,461.34

31,483.00 596.14 90% 5% 12.00 202,697,734.40

31,483.00 625.95 90% 5% 12.00 212,832,621.12

31,483.00 657.25 90% 5% 12.00 223,474,252.18

31,483.00 690.11 90% 5% 12.00 234,647,964.79

31,483.00 724.61 90% 5% 12.00 246,380,363.03

31,483.00 760.84 90% 5% 12.00 258,699,381.18

31,483.00 798.89 90% 5% 12.00 271,634,350.24

31,483.00 838.83 90% 5% 12.00 285,216,067.75

31,483.00 880.77 90% 5% 12.00 299,476,871.14

31,483.00 924.81 90% 5% 12.00 314,450,714.70

31,483.00 971.05 90% 5% 12.00 330,173,250.43

31,483.00 1,019.60 90% 5% 12.00 346,681,912.95

3,216.00 1,263.89 90% 5% 12.00 43,898,400.00

3,216.00 1,327.08 90% 5% 12.00 46,093,320.00

3,216.00 1,393.44 90% 5% 12.00 48,397,986.00

3,216.00 1,463.11 90% 5% 12.00 50,817,885.30

3,216.00 1,536.26 90% 5% 12.00 53,358,779.57

3,216.00 1,613.08 90% 5% 12.00 56,026,718.54

3,216.00 1,693.73 90% 5% 12.00 58,828,054.47

3,216.00 1,778.42 90% 5% 12.00 61,769,457.19

3,216.00 1,867.34 90% 5% 12.00 64,857,930.05

3,216.00 1,960.71 90% 5% 12.00 68,100,826.56

3,216.00 2,058.74 90% 5% 12.00 71,505,867.88

3,216.00 2,161.68 90% 5% 12.00 75,081,161.28

3,216.00 2,269.76 90% 5% 12.00 78,835,219.34

3,216.00 2,383.25 90% 5% 12.00 82,776,980.31

3,216.00 2,502.41 90% 5% 12.00 86,915,829.32

10,010.00 502.17 90% 5% 12.00 54,289,017.39

10,010.00 527.28 90% 5% 12.00 57,003,468.26

10,010.00 553.65 90% 5% 12.00 59,853,641.67

10,010.00 581.33 90% 5% 12.00 62,846,323.76

10,010.00 610.40 90% 5% 12.00 65,988,639.95

10,010.00 640.92 90% 5% 12.00 69,288,071.94

10,010.00 672.96 90% 5% 12.00 72,752,475.54

10,010.00 706.61 90% 5% 12.00 76,390,099.32

10,010.00 741.94 90% 5% 12.00 80,209,604.28

10,010.00 779.04 90% 5% 12.00 84,220,084.50

10,010.00 817.99 90% 5% 12.00 88,431,088.72

10,010.00 858.89 90% 5% 12.00 92,852,643.16

10,010.00 901.83 90% 5% 12.00 97,495,275.32

10,010.00 946.92 90% 5% 12.00 102,370,039.08

10,010.00 994.27 90% 5% 12.00 107,488,541.04

550.00 1,166.67 90% 5% 12.00 6,930,000.00

550.00 1,225.00 90% 5% 12.00 7,276,500.00

550.00 1,286.25 90% 5% 12.00 7,640,325.00

550.00 1,350.56 90% 5% 12.00 8,022,341.25

550.00 1,418.09 90% 5% 12.00 8,423,458.31

550.00 1,489.00 90% 5% 12.00 8,844,631.23

550.00 1,563.44 90% 5% 12.00 9,286,862.79

550.00 1,641.62 90% 5% 12.00 9,751,205.93

550.00 1,723.70 90% 5% 12.00 10,238,766.23

550.00 1,809.88 90% 5% 12.00 10,750,704.54

550.00 1,900.38 90% 5% 12.00 11,288,239.76

550.00 1,995.40 90% 5% 12.00 11,852,651.75

550.00 2,095.17 90% 5% 12.00 12,445,284.34

550.00 2,199.92 90% 5% 12.00 13,067,548.56

550.00 2,309.92 90% 5% 12.00 13,720,925.98

12.00 66,420,000.00

15,000.00 430.50 90% 5% 12.00 69,741,000.00

15,000.00 452.03 90% 5% 12.00 73,228,050.00

15,000.00 474.63 90% 5% 12.00 76,889,452.50

15,000.00 498.36 90% 5% 12.00 80,733,925.13

15,000.00 523.28 90% 5% 12.00 84,770,621.38

15,000.00 549.44 90% 5% 12.00 89,009,152.45

15,000.00 576.91 90% 5% 12.00 93,459,610.07

15,000.00 605.76 90% 5% 12.00 98,132,590.58

15,000.00 636.04 90% 5% 12.00 103,039,220.11

15,000.00 667.85 90% 5% 12.00 108,191,181.11

15,000.00 701.24 90% 5% 12.00 113,600,740.17

15,000.00 736.30 90% 5% 12.00 119,280,777.17

15,000.00 773.12 90% 5% 12.00 125,244,816.03

15,000.00 811.77 90% 5% 12.00 131,507,056.83

15,000.00 852.36 90% 5% 12.00 138,082,409.68 1,137,872,124.87

550.00 1,111.11 90% 12.00 6,600,000.00 15,000.00 410.00 90%

Rs

2027 8

108,406.00 233.33 90% 5% 12.00 273,180,657.97

-

Gross Rent/Lease Visual Merchandising (Advertising) Rent on common Spaces (Weekly Flea Market) Parking Occational Events (Other Incomes)

2026 7

108,406.00 222.22 90% 5% 12.00 260,172,055.21

12.00 51,703,826.09

Rs

2024 2025 5 6 MALL REVENUES

108,406.00 211.64 90% 5% 12.00 247,782,909.72

10,010.00 478.26 90%

Rs

2023 4

108,406.00 201.56 90% 5% 12.00 235,983,723.54

12.00 41,808,000.00

Rs

2022 3

108,406.00 191.96 90% 5% 12.00 224,746,403.37

3,216.00 1,203.70 90%

Rs

2021 2

108,406.00 182.82 90% 12.00 214,044,193.69

12.00 166,759,927.73

Rs

2020 1

547,335,947.51

574,702,744.88

603,437,882.12

633,609,776.23

665,290,265.04

698,554,778.29

733,482,517.21

770,156,643.07

808,664,475.22

849,097,698.98

891,552,583.93

936,130,213.13

982,936,723.79

1,032,083,559.98

1,083,687,737.97

5% Gross Rent

27,366,797.38

28,735,137.24

30,171,894.11

31,680,488.81

33,264,513.25

34,927,738.91

36,674,125.86

38,507,832.15

40,433,223.76

42,454,884.95

44,577,629.20

46,806,510.66

49,146,836.19

51,604,178.00

54,184,386.90

56,893,606.24

1% Gross Rent 3% Gross Rent 3% Gross Rent

5,473,359.48 16,420,078.43 16,420,078.43

5,747,027.45 17,241,082.35 17,241,082.35

6,034,378.82 18,103,136.46 18,103,136.46

6,336,097.76 19,008,293.29 19,008,293.29

6,652,902.65 19,958,707.95 19,958,707.95

6,985,547.78 20,956,643.35 20,956,643.35

7,334,825.17 22,004,475.52 22,004,475.52

7,701,566.43 23,104,699.29 23,104,699.29

8,086,644.75 24,259,934.26 24,259,934.26

8,490,976.99 25,472,930.97 25,472,930.97

8,915,525.84 26,746,577.52 26,746,577.52

9,361,302.13 28,083,906.39 28,083,906.39

9,829,367.24 29,488,101.71 29,488,101.71

10,320,835.60 30,962,506.80 30,962,506.80

10,836,877.38 32,510,632.14 32,510,632.14

11,378,721.25 34,136,163.75 34,136,163.75

613,016,261.21

643,667,074.27

675,850,427.98

709,642,949.38

745,125,096.85

782,381,351.69

821,500,419.27

862,575,440.24

905,704,212.25

950,989,422.86

998,538,894.01

1,048,465,838.71

1,100,889,130.64

1,155,933,587.17

1,213,730,266.53

1,274,416,779.86

40 Rs per sq. ft 5% Gross Mall Revenue 5% Gross Mall Revenue

6,746,600.00 30,650,813.06 30,650,813.06

6,746,600.00 32,183,353.71 32,183,353.71

6,746,600.00 33,792,521.40 33,792,521.40

6,746,600.00 35,482,147.47 35,482,147.47

6,746,600.00 37,256,254.84 37,256,254.84

6,746,600.00 39,119,067.58 39,119,067.58

6,746,600.00 41,075,020.96 41,075,020.96

6,746,600.00 43,128,772.01 43,128,772.01

6,746,600.00 45,285,210.61 45,285,210.61

6,746,600.00 47,549,471.14 47,549,471.14

6,746,600.00 49,926,944.70 49,926,944.70

6,746,600.00 52,423,291.94 52,423,291.94

6,746,600.00 55,044,456.53 55,044,456.53

6,746,600.00 57,796,679.36 57,796,679.36

6,746,600.00 60,686,513.33 60,686,513.33

6,746,600.00 63,720,838.99 63,720,838.99

8% Gross Mall Revenue 2% Gross Mall Revenue

49,041,300.90 12,260,325.22

51,493,365.94 12,873,341.49

54,068,034.24 13,517,008.56

56,771,435.95 14,192,858.99

59,610,007.75 14,902,501.94

62,590,508.14 15,647,627.03

65,720,033.54 16,430,008.39

69,006,035.22 17,251,508.80

72,456,336.98 18,114,084.24

76,079,153.83 19,019,788.46

79,883,111.52 19,970,777.88

83,877,267.10 20,969,316.77

88,071,130.45 22,017,782.61

92,474,686.97 23,118,671.74

97,098,421.32 24,274,605.33

101,953,342.39 25,488,335.60

129,349,852.24

135,480,014.85

141,916,685.60

148,675,189.88

155,771,619.37

163,222,870.34

171,046,683.85

179,261,688.05

187,887,442.45

196,944,484.57

206,454,378.80

216,439,767.74

226,924,426.13

237,933,317.43

249,492,653.31

261,629,955.97

Gross Mall Revenue Gross Mall Revenue Gross Mall Revenue Gross Mall Revenue

6,130,162.61 6,130,162.61 6,130,162.61 18,390,487.84

6,436,670.74 6,436,670.74 6,436,670.74 19,310,012.23

6,758,504.28 6,758,504.28 6,758,504.28 20,275,512.84

7,096,429.49 7,096,429.49 7,096,429.49 21,289,288.48

7,451,250.97 7,451,250.97 7,451,250.97 22,353,752.91

7,823,813.52 7,823,813.52 7,823,813.52 23,471,440.55

8,215,004.19 8,215,004.19 8,215,004.19 24,645,012.58

8,625,754.40 8,625,754.40 8,625,754.40 25,877,263.21

9,057,042.12 9,057,042.12 9,057,042.12 27,171,126.37

9,509,894.23 9,509,894.23 9,509,894.23 28,529,682.69

9,985,388.94 9,985,388.94 9,985,388.94 29,956,166.82

10,484,658.39 10,484,658.39 10,484,658.39 31,453,975.16

11,008,891.31 11,008,891.31 11,008,891.31 33,026,673.92

11,559,335.87 11,559,335.87 11,559,335.87 34,678,007.62

12,137,302.67 12,137,302.67 12,137,302.67 36,411,908.00

12,744,167.80 12,744,167.80 12,744,167.80 38,232,503.40

Rs

36,780,975.67

38,620,024.46

40,551,025.68

42,578,576.96

44,707,505.81

46,942,881.10

49,290,025.16

51,754,526.41

54,342,252.73

57,059,365.37

59,912,333.64

62,907,950.32

66,053,347.84

69,356,015.23

72,823,815.99

76,465,006.79

166,130,827.91

174,100,039.31

182,467,711.27

191,253,766.84

200,479,125.18

210,165,751.44

220,336,709.01

231,016,214.46

242,229,695.18

254,003,849.94

266,366,712.44

279,347,718.06

292,977,773.97

307,289,332.66

322,316,469.30

338,094,962.76

631,559,225.78

663,474,517.06

696,985,572.92

732,172,181.56

769,118,120.64

807,911,356.67

848,644,254.51

891,413,797.23

936,321,817.09 10,403,575,745.50 11,339,897,562.59

Gross Mall Revenue

Rs

MALL EXPENSES Operational Expenses Common Area Maintainace (CAM) Administration and General Marketing Leasing Experts/ Brokers/ Consultants Legal and License Fees Energy Total Operational Expense

Rs

Fixed Expenses Property Tax Insurance Incentives Reserve for Repacement and Repair Tax (GST) Total Fixed Expenses

1% 1% 1% 3%

Gross Mall Expenses

Rs

Net Operating Income (NOI) Terminal Value Net Operating Income (NOI) with Terminal Value Tax Rate PAT (Profit after Tax including Terminal Value)

Rs 9% Cap Rate

30%

Pre Tax Cash Flows Post Tax Cash Flows NPV Pre Tax NPV Post Tax

Rs Rs

4,890,660,096.67 3,423,462,067.67

446,885,433.29

469,567,034.96

493,382,716.70

518,389,182.54

544,645,971.67

CASH FLOW ANALYSIS 572,215,600.25 601,163,710.26

446,885,433.29

469,567,034.96

493,382,716.70

518,389,182.54

544,645,971.67

572,215,600.25

601,163,710.26

631,559,225.78

663,474,517.06

696,985,572.92

732,172,181.56

769,118,120.64

807,911,356.67

848,644,254.51

891,413,797.23

134,065,629.99

140,870,110.49

148,014,815.01

155,516,754.76

163,393,791.50

171,664,680.08

180,349,113.08

189,467,767.73

199,042,355.12

209,095,671.88

219,651,654.47

230,735,436.19

242,373,407.00

254,593,276.35

267,424,139.17

3,401,969,268.78

312,819,803.30

328,696,924.47

345,367,901.69

362,872,427.78

381,252,180.17

400,550,920.18

420,814,597.18

442,091,458.04

464,432,161.95

487,889,901.04

512,520,527.09

538,382,684.45

565,537,949.67

594,050,978.16

623,989,658.06

7,937,928,293.82

2019 0 446,885,433.29 312,819,803.30

2020 1 469,567,034.96 328,696,924.47

2021 2 493,382,716.70 345,367,901.69

2022 3 518,389,182.54 362,872,427.78

2023 4 544,645,971.67 381,252,180.17

FINANCIAL SUMMARY 2024 2025 5 6 572,215,600.25 601,163,710.26 400,550,920.18 420,814,597.18

2026 7 631,559,225.78 442,091,458.04

2027 8 663,474,517.06 464,432,161.95

2028 9 696,985,572.92 487,889,901.04

2029 10 732,172,181.56 512,520,527.09

2030 11 769,118,120.64 538,382,684.45

2031 12 807,911,356.67 565,537,949.67

2032 13 848,644,254.51 594,050,978.16

2033 14 891,413,797.23 623,989,658.06

2034 15 11,339,897,562.59 7,937,928,293.82



Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.