Five Profiles — Delhi’s Valuation Geography Demonstrated
Five distinct assignments demonstrate how Delhi property valuation changes with the property’s geography, tenure, statutory context, transaction purpose and evidence environment.
The Lutyens Delhi Estate FMV
A current fair market value assignment for an inherited large-plot private estate required a valuation methodology capable of addressing the unusually limited direct comparable evidence around the Lutyens precinct.
A Delhi-based family was administering the estate of a deceased father who had privately owned a 2.1 acre independent bungalow on a tree-lined avenue in the Vasant Marg area of the Lutyens precinct periphery. The property had been acquired by the grandfather in 1954; the current registered owner had acquired it through an unregistered will in 1982.
Distribution among four heirs required a current FMV certificate. The engagement therefore used a specialised Lutyens-zone multi-method approach.
CPWD DRC
The bungalow had approximately 3,800 sq ft covered area, 1960s construction and good condition with periodic CPWD-standard renovation. The supplied case calculation used ₹18,500 per sq ft construction cost and 40% age depreciation, producing a ₹4.21 crore DRC component.
Adjacent CMA
Five registered comparables from Vasant Marg, Prithviraj Road periphery and Shanti Niketan were considered across the 2023–2025 window. The supplied case data placed the land-rate range at ₹20,000–₹26,000 per sq ft, with an average of ₹23,000 per sq ft.
Institutional Evidence
An NDMC assessment benchmark and a high-court settlement referenced in the supplied case material were used as additional cross-validation for the land-rate range.
The four heirs used the supplied FMV certificate as a common fair-value reference. The eldest heir retaining the property compensated the other three at ₹6.31 crore each, with the supplied case stating that the valuation was accepted without dispute.
The Greater Kailash II Section 55(2)(b) Capital Gain
A retrospective valuation was required to establish the property’s fair market value as on 1 April 2001 for a property acquired in 1993 and sold in 2026.
The property owner had purchased a first-floor builder floor in Greater Kailash II in 1993 for ₹21 lakh. A Section 55(2)(b) retrospective FMV certificate was commissioned for the valuation date of 1 April 2001.
The supplied case material states that GK-II Sub-Registrar records for 2000–2002 were searched and six comparable builder-floor transactions were identified across GK-II and adjacent GK-I.
Indexation
No Indexation
The supplied case states that the CA’s client filed under Method B, with the Section 55(2)(b) certificate and dual-method computation forming the primary deliverable.
The EPFO / NBCC Sector-44 Gurugram Institutional Survey
A 2025 institutional property assessment engagement for EPFO and NBCC demonstrates the practice’s NCR institutional valuation capability beyond Delhi’s administrative boundary.
The supplied engagement involved institutional property assessment for EPFO (Employees’ Provident Fund Organisation) and N.B.C.C. (India) Limited concerning a Sector-44, Gurugram plot. The location is described in the supplied material as a prime institutional and commercial real estate location.
CPWD DRC
Existing structures, where applicable, would be considered using relevant CPWD Delhi/Haryana Schedule rates with an appropriate correction factor.
DLF-Sector CMA
Land evidence would consider adjacent commercial transactions across Sectors 43–44 and DLF Phase II / III.
Institutional Cross-Check
The supplied methodology included an institutional rate cross-check using relevant RERA institutional comparables.
The supplied case describes a certificate prepared in the format required by the respective institutional procurement requirements.
The supplied case positions the engagement as an expression of institutional reliance on a registered valuation practice for government-sector property interests.
The NDMC Connaught Place Leasehold Bank Loan
A working-capital facility secured against an NDMC leasehold commercial property required an updated FMV and DSV assessment.
A Delhi-based company had mortgaged its Connaught Place inner-circle ground-floor commercial unit to Axis Bank for an ₹8 crore working-capital facility. The property was under a 99-year NDMC commercial lease granted in 1987, with 60 years remaining according to the supplied case.
Inner-circle ground-floor commercial evidence from the Delhi Sub-Registrar records, supplemented by documented lease-assignment information.
The supplied case applied an 8–12% illustrative leasehold discount range relative to equivalent freehold value for the relevant context.
The unit was undergoing NDMC leasehold-to-freehold conversion, with application filed and payment made.
The supplied case states that the ₹8 crore facility remained within the approved LTV range against the pre-conversion FMV, while the pending conversion was recorded as a positive covenant event.
The Delhi Cantonment SARFAESI Enforcement
A secured residential property under Cantonment Board lease required current FMV and DSV assessment for a SARFAESI enforcement and reserve-price exercise.
PNB’s SARFAESI branch had initiated enforcement proceedings against a borrower whose residential plot and house were held under a Delhi Cantonment Board lease. The supplied case states that the property had 35 years remaining on the lease and the loan had become an NPA.
Cantonment-specific restriction
The supplied case applied an 18% marketability discount against the civilian-equivalent property value, reflecting the restricted buyer pool and Cantonment transfer considerations.
R.K. Puram Sector 4, Dhaula Kuan residential and Shankar Vihar civilian-adjacent areas.
The supplied case states that the e-auction received two qualified bids, with a hammer price of ₹2.85 crore, described as being within the certified DSV range and sufficient to recover the principal with partial interest.
Different property purposes. Different valuation questions.
These profiles demonstrate how the valuation framework changes when the assignment moves from estate distribution to capital gain, institutional property, bank finance and SARFAESI enforcement.
Have a valuation assignment with a specific purpose?
Discuss the property, location, statutory context and intended use of the valuation with the Delhi valuation practice before deciding the appropriate engagement route.