The document provides a 15-page report on the valuation of land, buildings, and associated services for M/s. Siemens-Gamesa Renewable Power Pvt. Ltd. located in Halol, Gujarat, India. It details the scope of assets valued, inspection dates, purpose of valuation, personnel involved, valuation methodology using cost and market approaches, and valuation of the leasehold land at 292260.90 sqm at Rs. 2500 per sqm for a total market value of Rs. 73 crores. Assumptions and limiting conditions are also provided.

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REPORT ON VALUATION
OF
LAND, BUILDING & IMPROVEMENTS AND ASSOCIATED SERVICES
OF
M/S. SIEMENS-GAMESA RENEWABLE POWER PVT. LTD.
1.0 M/s. Siemens-Gamesa Renewable Power Pvt. Ltd. appointed us to estimate
‘Fair Value’ of the property mentioned under para 4.0.
2.0 Date of inspection of the assets : 25th December 2020
3.0 Date of Valuation : 31st March 2020
4.0 Date of Report : 27th December 2020
5.0 Purpose for which exercise is carried out : Management Discussion
6.0 Personnel involved in the site inspection : Rajesh Rajpara
Nikhil XXXX
8.0 Scope –
The scope includes land, building & improvements and associated services
located at 3/A, GIDC estate, Halol, Gujarat.
The particulars of property (land) under consideration:
Leasehold land totally admeasuring 292260.90 sq.m situated at Plot no. 3/A,
GIDC estate, along Chandrapura to Halol road, Village: Chandrapura, Taluka:
Halol, District: Panchmahals, State: Gujarat, Country: India. The balance
period of lease is ……….years. After expiry of the lease period the lease is
renewable. The land tenure is for perpetuity hence it is as good as freehold
land.
Buildings situated thereupon

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The building services under the scope includes certain machinery assets. This includes
HVAC system, solar power plant, RO plant, sewer water treatment plant, fire hydrants
and electrical reticulation assets.
The scope of the assets included certain assets from FAR. The scope is as following.
Asset status Number of line entries Gross Value
Assets under scope 478 1,957,399,304
Assets under scope but excluded - Consumables 3 46,637
Assets under scope but excluded - Disposed 4 738,063
Assets under scope but excluded - No
acquisition costs
233 -
Out of scope entries 1759 2,479,509,267
Total 2477 4,437,693,271
The valuation is a retrospective in nature as the date of valuation is in before the date of
inspection. The valuation is based on the information that was known or available at the
date of valuation. As the inspection on a retrospective basis is problematic, we have
relied on the historical evidence, observations and notes regarding the asset’s condition
where possible. We have endeavored to verify information relied upon.
9.0 Basis of Valuation:
Cost approach
10.0 Premise of Value adopted
Current use of the subject assets is the highest and best use.
The estimation of the value the assets is carried out on ‘as is where is basis’ and
the ‘value-in situ’.

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11.0 The report is based on scan copy of the following information furnished by the
client and inspection carried out by us:-
11.1 Registered Lease deed.
11.2 Plan approvals / approved plan by local authority – Gujarat Industrial
Development Corporation.
11.3 Fixed Asset Register
12.0 Definitions of various terms used :
12.1 Fair Value:
As per IAS 113, Fair value is defined as the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date.
13.0 Procedure Adopted
13.1 Property has been inspected. The area of the land as per the lease deed
and approved layout plans provided to us has been relied upon.
13.2 The built-up area statement given by the company officials have been
relied upon. Random measurements have been carried out to check the
authenticity of the built-up area statement. Wherever the built-up area of
the building is not matching with the statement given we have considered
the built-up area as per our measurements.
13.3 The Gross Historical Cost of the investment in the Land, building and
Building services has been obtained from the Fixed Asset Register and
discussions with the company official has been done on the site itself.

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13.3 Sale instances have been obtained from the various sources and data
bank.
13.4 Enquiry with estate brokers and developers operating in the area to
ascertain the current price.
14.0 Valuation methodology
In determining the fair value of the subject assets we have adopted the market and cost
approach as the valuation method for assets under scope.
Cost approach - For the purpose of this analysis, the cost approach was used to value
the subject assets. By using this approach we recognised the contributory value
associated with the necessary installation, engineering, and set-up costs related to the
installed complement of equipment.
Market approach - The market approach was applied where we had sufficient
information in respect of comparable sales and offering data in the marketplace. i.e.
Land.
14.1 Cost approach has been considered.
The land has been valued using the market approach. The depreciated
replacement cost for the buildings have been estimated by reducing the
depreciation from the replacement cost new.
Land:
Following factors have been taken into consideration:-
 Transactions recorded in the Office of Sub-Registrar of Documents.
 Condition, potential, location and marketability of the property.

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 Asking price obtained by oral inquiry.
 Peculiarity of real estate market.
 Comparison of the subject land with the available sale instances and
asking price instances.
14.2 It is pertinent to point out that ‘value to the seller’ and ‘value to the buyer’ are
different.
Due to subjective considerations of buyers and sellers, eagerness to complete
transaction, negotiation skill, price at which transaction takes place differs from
market value because price is a fact and value is an estimate of what price to be
conducted ought to be.
15.0 Valuation
15.1 Locational Aspects :
The subject property is situated at land bearing plot no. 3/A, GIDC estate,
along Chandrapura to Halol road, Village Chandrapura, Taluka Halol,
District Panchmahals, State: Gujarat, Country: India.
Total land area is 292260.90 sq.m
Demarcation of the land as per lease deed:
On or towards East by Plot no. 3/B
On or towards West by Estate boundary and Plot no. 4
On or towards North by Halol-Champaner road

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On or towards South by Champaner-Shivrajpur railway line
Demarcation of the land as per actual:
On or towards East by Plot no. 3/B, GIDC estate occupied by WINDAR
On or towards West by Estate boundary and Plot no. 4 of GIDC estate On
or towards North by Halol-Savli state highway road
On or towards South by WalkChampaner-Shivrajpur railway line
The subject property is situated within the limits of village Chandrapura
and just situated opposite to the road leading to the ‘Gamthal’ of
Chandrapura village.
This subject property abuts state highway connecting Halol-Savli state
highway.
There is a very good industrial development in Chandrapura village and
surrounding villages viz. Muvala, Khakhariya, Madhvas, Rampura etc.
Large industrial units of many reputed companies are having their
manufacturing facilities in this region to name a few CEAT, Saint-Gobain,
The Supreme Industries Ltd., Sisecam Flat Glass India, ABB India Ltd.,
Valmont, MG Motors, TOTO, L M Wind Turbine etc.
Many small scale units are situated within old GIDC estate at Halol which
is situated about 2 km distance from the subject property
The subject property abuts good motorable road of 24 m width that
connects Chandrapura village with Madhvas and further to Halol-Godhra
state highway.

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It is situated about 4 kms away from the four cross roads near M G Motors
along the Halol-Godhra highway.
The skilled and unskilled workmen are available from nearby villages and
towns within a comfortable distance of 10 kms to 20 kms
The International Airport and Railway station at Vadodara are available
within comfortable distance of 40 to 50 km from the subject property.
The subject site is already connected with necessary power supply from
MGVCL.
The water is supplied by GIDC.
Demand / Supply aspect :
There is good demand for land in this region for using it for industrial
purposes as can be judged from the land transactions occurred during
the past 3 years recent past.
Market Approach:
Following information has been considered while estimating the
market value of the subject land.
1. A leasehold land situated within GIDC estate which is being developed
under the banner of ‘Mascot Industrial Park’ (earlier Navkar Industrial
Park) situated along the Chandrapura to Savli road, totally
admeasuring 49170.57 sq.m is available for purchase or on lease. The

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minimum plot size is 511 sq.m and the offer price is ₹ 6458 to ₹ 7535
per sq.m. These are the tentative offer price and subject to
negotiations. The offer price is for a very small size of plots compared
to the size of the subject property.
2. M/s. Shaily Engineering Plastics Ltd. had acquired a large piece of
freehold land by executing four separate sale deeds in the month of
July 2018. The land purchased is of agricultural nature for bonafied
industrial use. The total area of land purchased is 72640 sq.m and the
sale consideration paid is ₹ 13,45,95,143/-. The average rate yielded
by these transactions is ₹ 1853 per sq.m. The subject land under
valuation is 4 times bigger than this land.
3. M/s. Inabensa Bharat Private Ltd sold the industrial nature of land
admeasuring 91712 sq.m along with 22616 sq.m of industrial shed
type structures to M/s. Derit Infrastructure Private Ltd in the month of
November 2017 for total sale consideration of ₹ 58,25,12,943/-. The
subject land under valuation is 3 times bigger than this land.
4. M/s. Derit Infrastructure Private Ltd sold the industrial nature of land
admeasuring 91712 sq.m along with 22616 sq.m of industrial shed
type structures to M/s. Valmont Structures Private Ltd. in the month
of August 2018 for total sale consideration of ₹ 67,14,05,430/-. The
subject land under valuation is 3 times bigger than this land.
Considering average depreciated rate of ₹ 16146 per sq.m of cost of
construction of the structures the rate yielded by the land as per this
transaction comes to ₹ 3339 per sq.m.
Overall ₹ 7321 per sq.m is the rate yielded by the land (including
building) as per this transaction.

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5. There is 15.26% appreciation in the asset value during past 9 months
as per transactions mentioned at Sr. no. 3 and 4 above.
The properties available for purchase as well as transaction of large
pieces of lands as mentioned above are situated along the Halol
(Chandrapura) to Savli main road. The location of the subject property
on the same road and is slightly better than the sale instances.
Considering the above information and analysis, I estimate the market
value of the leasehold land at ₹ 2500 per sq.m which is fair and reasonable in
my opinion.
Market Value:
Total Area of land : 292260.90 sq.m
(as per Sale deeds)
Estimated Rate of developed
Land : ₹ 2500 per sq.m
Market Value of land : 292260.90 sq.m x ₹ 2500/-
: ₹ 73,06,52,250.00
Say ₹ 73,00,00,000.00
Transfer fee payable 15% of present Allotment price i.e. 15% of
Rs. 1320 per sq.m = Rs. 198 per sq.m. Transfer fee Rs.
57867658.20 Say Rs.5,79,00,000/-
Halol – Rs. 810 per sq.m
Halol (New) – Rs. 1320 per sq.m (This is Chandrapura)
Halol (Expansion) – Rs. 1590 per sq.m (This is Madhvas)

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10.0 General Remarks
12.1 The identification of the property was done by Mr. Balraj Kartikey of M/s.
Siemens-Gamesa
12.2 At land is a leasehold land having total lease period of 99 years and
unexpired period of lease
11.0 Assumptions and Limiting Conditions
11.1 This valuation exercise has been carried out on urgency basis as there is
urgent requirement of estimation of value at the client’s end.
11.2 That we have totally relied on the representative of company and sketch
plan provided to us for identification of property.
11.3 We have not done any site analysis related to conditions and services for the
purpose for which property is developed or intended to be developed.
11.4 That we have not carried out land survey / soil testing / ground water
availability and its quality and are unable to report that the property is free
of any such fault, infestation or defect of any other nature including inherent
weakness, If any investigation identifies any structural defect in the
property our report may require revision;
11.5 That there are no dues towards any Government body or any other
authority;
11.6 That there are no encumbrances, outgoings, elements, restriction or charges
on property which may have detrimental effect upon the value or
marketability;
11.7 That the subject property and its value are unaffected by any matters which
would be revealed by inspection of property records or by statutory notice
and that neither the property nor its condition, nor its use, nor its intended
use, is or will be unlawful;

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11.8 Unless advised by the company or representative of the company, we do not
normally make allowance for any liability already incurred, but not yet
discharged, in respect of balance land cost, completed works, or obligations
in favour of contractors, subcontractors or any other professional.
11.9 Any sketch, plan or map in this report is included to assist the reader in
visualizing the property. We have made no land survey of the property and
assume no responsibility in connection with such matters.
11.10 The property is valued on the assumption that it is free and clear of all
mortgages encumbrances and other outstanding premiums and charges.
11.11 The ascertaining liability towards Government Authority or any third party
is out of the scope of this assignment. If there exists any liability on the
property the same need to be deducted from the Market Value of the
property.
11.12 Market values are without taking into consideration any liability to taxation
on sale or the costs involved in effecting a sale.
11.13 We are orally informed by the client that no notice has been served by any
government body of acquiring the same for any public purpose.
11.14 Due to peculiarity of real estate transactions in our country oral information
furnished by various agencies is relied in good faith.
11.15 The market is being impacted by the uncertainty caused by the COVID‐19
pandemic. As at the date of valuation we consider that there is market
uncertainty resulting in significant valuation uncertainty.
11.16 This valuation is therefore reported on the basis of ‘significant valuation
uncertainty’. As a result, less certainty exists than normal and a higher
degree of caution should be attached to our valuation than normally would
be the case. Given the unknown future impact that COVID‐19 might have on
markets, we recommend that the user(s) of this report review this valuation
periodically.
11.17 This valuation is current at the date of valuation only. The value assessed
herein may change significantly and unexpectedly over a relatively short
period of time (including as a result of factors that the Valuer could not

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reasonably have been aware of as at the date of valuation). We do not accept
responsibility or liability for any losses arising from such subsequent
changes in value.”
14.0 Caveat
14.1 Neither the whole nor any part of this valuation or report or any reference to
it may be included in any published document, circular or statement nor
published in any without the Valuer’s prior written approval of the form and
context in which it may appear.
14.2 The report is confidential to the clients, their professional advisors for the
specific purpose to which they refer. The valuer disclaims all responsibility
and will accept no liability to any other party.
14.3 This valuation report is prepared for management information purpose
hence it is valid for this purpose only and it should not be utilized for any
other purpose.
14.4 The valuer is not required to give testimony or to appear in court by reason
of this, as appearance in the court is out of scope of the assignment.
15.0 Conclusion:
The Fair Value of the subject property, as on date of valuation, is estimated at ₹
3,08,00,000/- (Rupees Three Crore Eight Lakh only) which is fair and reasonable
in my opinion.

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Rajesh P. Rajpara
Prop. Of Hem AssetValuers
Govt. Regd. Valuer of Immovable Property
Regd. No. Cat-I/333
Govt. Regd. Valuer of Machinery and Plant
Regd. No. Cat-VII/79
Master of Valuation (Real Estate)
Master of Valuation (Plant and Machinery)
Fellow of Institution of Valuers, India.
Member of Institution of Surveyors, India.
Place: Vadodara. (Valuation Surveying) (M/1276/IS)
Date: 04.05.2019 Founder Member of CVSRTA, India.
ANNEXURE – I: SKETCH PLAN OF THE LAND

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ANNEXURE – II: GOOGLE IMAGE SHOWING LOCATION OF THE SUBJECT LAND

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