Valuations for flats in Ggm’s Chintels Paradiso increased
The revised valuation report of the carpet rates of flats in Tower D of Chintels Paradiso increased the minimum base price from ₹5,500-₹5,600 per square foot to ₹5,900 per square foot. The report compiled by Nagpal Associates, a government-approved valuer, was submitted to the district administration and the department of town and country planning (DTCP) last week. The new valuation report also took into account the value of interior construction carried out by the residents — a figure absent in the first valuation report released on November 9.
However, residents have registered their disappointment with the new report as well.
The revised report (a copy of which is with HT) said that the valuation of the carpet area rate was increased keeping in view the price trend of the neighbourhood, and the completion of Dwarka Expressway. It also said that the evaluation committee took into account the 20% escalation in land rates from 2021. It also revised the rate of margin of architectural consultancy services and dealers to 10% of the total cost. It has also added electrical charges and common area charges on the basis of actuals along with preferential location charges and club charges. “Valuation of interiors of 8 flats is enclosed. The flats were inspected in the presence of owners,” the report dated November 24 said.
The district administration had ordered a revaluation of the flats in Tower D following complaints by owners that they had not been valued properly, and rate was too low as compared to the market rate of existing properties in the same area.
After multiple ceilings in Tower D collapsed on February 10, killing two people, the structural audit carried out by experts from IIT Delhi recommended that the building be demolished.
When asked about the revised valuation report, a senior official of DTCP said they will not comment on this matter as the case is now under the consideration of the Supreme Court. “We have received a notice from the apex court and we will submit our reply in the court,” he said.
The flat owners of Tower D and the RWA, however, said that they were still not satisfied with the revised valuation report as the revised basic price of ₹5,900 was still half the market value.
Vijay Kumar Grover, a resident, said, “The valuation of interiors is also too low. I had spent double the amount on my flat but the valuation has been pegged at only ₹30.73 lakh. All the owners including me are not satisfied with this report.”