Schedule-05 - Mandatory Minimum Disclosures in Full Valuation Report - Securities and Exchange Board of India (Real Estate Investment Trusts) Regulations, 2014

SCHEDULE V [See Regulation 21(3)] MANDATORY MINIMUM DISCLOSURES IN FULL VALUATION REPORT The full valuation report shall include the following: a. Name and brief details of the valuer b. all material details in relation to the basis of valuation c. Description and explanation of the valuation methodologies adopted including key assumptions used, justification of the assumptions, explanation of the rationale for choosing the particular valuation method if more than one method is or could have been adopted, etc. d. overall structure and condition of the relevant market including an analysis of the supply-demand situation, the market trend and investment activities e. For every property, the following details 1 [, to the extent applicable,] shall be mentioned: i. Address of the property, ownership and title details including whether the transaction is a related party transaction (Valuer may rely on the title disclosures provided by the manager for the purpose) ii. Location of the property (include latest pictures), formal site identification, physical features (e.g. size, configuration, frontage, topography) site services, town planning, etc. iii. If the property is completed and revenue generating, the following shall be mentioned: 1. the existing use of the property 2. a brief description of the property including age of the building, the site area, 2 [developable area, leasable area, completed area, occupied area] etc. 3. occupancy rate iv. In case of under-construction properties, the following shall be mentioned: 1. Stage of completion of the property 2. Statutory approvals received and pending as on date of valuation 3. Approved use of the property as per approved construction plans v. the options or rights of pre-emption and other encumbrances concerning or affecting the property vi. the nature of the interest the REIT holds/proposes to hold in the property whether freehold or leasehold, percentage of interest of the REIT in the property, remainder of the term in case of leasehold property vii. Date of inspection and date of valuation viii. Qualifications and assumptions ix. Method used for valuation x. Valuation standards adopted for valuation of real estate assets xi. Extent of valuer's investigations and nature and source of data to be relied upon xii. Purchase price of the property by the REIT(for existing properties of the REIT) xiii. Valuation of the property in the previous 3 years; (for existing properties of the REIT) xiv. Detailed valuation of the property as calculated by the valuer xv. Latest ready reckoner rate (as published by the state government) 3 [xvi. List of one-time sanctions/approvals which are obtained or pending xvii. List of up to date/overdue periodic clearances xviii. Statement of assets included xix. Estimates of already carried as well as proposed major repairs and improvements along with estimated time of completion xx. Revenue pendencies including local authority taxes associated with REIT asset and compounding charges, if any xxi. On-going 4 [***] material litigations including tax disputes in relation to the assets, if any xxii. Vulnerability to natural or induced hazards that may not have been covered in town planning/ building control] f. any matters which may affect the property or its value g. a declaration by the valuer that: i. the valuer is competent to undertake the valuation ii. the valuer is independent and has prepared the report on a fair and unbiased basis iii. the valuer has valued the properties based on the valuation standards as specified under sub-regulation 10 of 5 [regulation 21] of these Regulations ************** NOTES:- 1 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 2 Substituted for the words gross floor area, net lettable floor area by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 3 Inserted by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2016, w.e.f. 30.11.2016 4 Words and closed omitted by the Securities and Exchange Board of India (Real Estate Investment Trusts) (Amendment) Regulations, 2018, w.e.f. 10.04.2018. 5 Substituted for regulation 20 by the SEBI (Real Estate Investment Trusts) (Amendment) Regulations, 2017, w.e.f. 15.12.2017