mezzanine floor is valued at 70% and open terrace above shop or office is considered at 40%, loft facility is considered at 40% of the basic rate of built up premises. The valuer has considered 40% rate i.e. Rs.10,000/- per sq.ft. of loft area. After deriving Rs.2,38,42,200/- as reproduction value considering the market value of the unit of Rs.25,000/- in respect of area of 863.sq.ft. and at the rate of Rs.10,000/-per sq.ft. towards area of lofts admeasuring about 226.72 sq.ft. and after deducting 40% depreciation out of the same amount, the valuer arrived at the figure of Rs.2,32,20,840/- as the present market valuation of the said unit. The valuer thereafter considered the rate of interest in the nationalised and co-operative banks, govt. bonds, mutual funds and other investments in the range of 8.50 to 9.50% per annum for long term investments and prime lending rate of the banks are about 12.50%. The valuer considered 12% per annum as the rate of interest at the rate of valuation of the said suit premises for calculation of royalty. Rate of return accordingly arrived at by the valuer at Rs.2,32,208.40 per month. On perusal of the said report and the reasoning given by the valuer, it is clear that even the valuer has not furnished any details in the said report about the market rate considered at Rs.25,000/- to Rs.30,000/- on page 6 of the report. It is only stated that the said amount is revealed on making enquiry. No documentary evidence is referred in the said report for arriving at such amount. As far as instance of rent being paid by the Life Insurance
