Independent Non-broking

Liases Foras
Real Estate Rating & Research Pvt. Ltd.
Real Estate Research Company

Liases Foras Valuation Services

Our expertise lies in real estate price valuation
and associated risk
Valuation Services

We carry out valuation for large under-construction project, residual valuation of

land, income/direct sale comparison valuation of diverse asset class such as
residential, office building, hotel, mall, SPV / portfolio/entity valuation through sum
of the parts analysis (SOTP). We also undertake retail valuation of independent
house, apartment unit, commercial office or retail shop for banks and home loan
providers.

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Valuation Types

l Project/Corporate Valuation (LAP)

l Construction approval and Monitoring
Technical Valuation / l Land acquisition value / Joint development optimum share
TEV Studies l Land, Building and Projects of diversified asset classes
l Geographical coverage across India

l Conducting Valuation for Residential / Commercial and

independent unit of property using valuation work flow
Retail Valuation for automation technology
home loans l Geographical coverage across Mumbai, MMR, Pune and
Bengaluru

l Benchmarking of existing portfolio

l Flagging properties needing attention / Flagging high risk
locations
Portfolio Validation
l Price assessment and forecast
l Quarterly update on sales, prices and other trends

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Real Estate Research Company
The Advantage

l Largest data in real estate with proven predictive analysis

l Independent and Non-broking
l Over 20 years of dedicated research in Pricing and valuation
l Best experts in valuation providing expert advisory to all the valuations of ARCIL and Axis Bank
l Use tech-based valuation work flow modules developed by Liases Foras to ensure faster TAT /
transparency and accuracy

Conducted 6,000+ valuations in CY 2018

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Real Estate Research Company
 Trained Fleet
Unbiased who understand
& Honest real estate
market

Data
Use of mobile
repository
Expert in real app on field
of 17+ years
estate prices
& risk for lenders

Faster TAT and

Decoded &
Transparency
developed scientific
through the
model of
use of Crystal
pricing & AVM

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Real Estate Research Company
Robust Database - Core of our Valuation

Cities We Cover
MMR
Greater Mumbai Region | Western (Mira Road - Virar) Region | TMC (Thane) Region | North - East (Diva - Shahpur - Titwala)
Navi Mumbai Region | Panvel- Uran Region (Outside Navi-Mumbai) | Neral - Karjat Region | Pen Region |
Alibag Region | Palghar - Boisar

NCR
Delhi | Gurgaon | Noida & Greater Noida | Ghaziabad | Faridabad | Dharuhera-Bhiwadi | Sonipat-Kundli

Bengaluru Alwar Aurangabad Nagpur

Pune Pondicherry Goa Kolhapur
Hyderabad Dhanbad Surat Indore
Chennai Solapur Lucknow Vadodara
Kolkata Jaipur Raipur Thiruvananthapuram
Ahmedabad Kanpur Jodhpur Patna
Lonavala Mangalore Srinagar Neemrana
Nashik Bhubaneswar Karnal Shirdi
Chandigarh Kota Vijayawada Dehradun
Cochin Vizag Daman Meerut
Coimbatore Guwahati Agartala Vapi
Bhopal
Tiruchirappalli Jamshedpur Shimla
Rajkot
Silvassa Ludhiana Sangli
Tirupur
Ranchi

At present our coverage spans over 60 cities, 13,179 micro-markets, over 11,000 developers,
over 19,000 projects and 77,61,533 number of units spread across 13,179 micro-markets or 1,748
PIN codes.

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Real Estate Research Company
 National Capital
Region (NCR)

Mumbai
Metropolitan
Region (MMR)

Our Data Set

l Property Registration Data

l Property Listing Data
Bengaluru
l Residential Primary Market Data
l Commercial Primary Market Data
l Retail Primary Market Data

Liases Foras has largest real estate database in the country, capturing the price and absorption
trends of more than 19,000 projects across India from 2005 onwards.

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Real Estate Research Company
Our Approach

Safeguard Against Over -Valuation

The prevalent practices in valuation have grossly neglected the price productivity parameters and
associated risk resulting into overvaluing the properties in past. Property can be sold at any price but
how long it takes to sell it has a bearing on the valuation.

The direct sales comparison and prevailing instances fail to take into account the gestation period in
sales resulting into over valuation thus putting the lenders money at risk.

Liases Foras with its robust database and trends have an upper hand in accessing the productive
value of the property and underlying risk related to the prevailing prices.

We consider habitation index, rental yields, months inventory and prevailing sales velocity to
adjudicate productivity of the final price.

Market value is validated by at least two methods for every valuation as per standards laid down by
RICS and IIV (IBBI RVO).

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Real Estate Research Company
 Valuation

Comparable Productivity Cost Method

Market approach to value Income approach to value Cost approach to value

l Sales comparable with l Rent capitalisation method l Flat rate / Replacement cost
adjustment grid method (determination of rent & year
l Depreciation (straight line
of purchase)
l Sales comparable hedonic method & constant
pricing regression model l DCF method using Best Use percentage method)
Analysis
l Belting method l Reinstatement / Insurance
l Residual / Development cost
method
l Profit method
l Lessee and lessor’s interest
l Hypothetical plotting
scheme

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Our Contribution in Real Estate Valuation

While data is Liases Foras’ biggest strength, it is scientific framework, research and
our contribution in the price and valuation domain that separates us from the rest.

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Real Estate Research Company
Sales Velocity - the missing dimension in real estate valuation

While property can be sold at any price, the time it will take to sell has a significant bearing on its
valuation. By introducing sales velocity as the missing dimension in real estate valuation, especially in
the DCF (discounted cash flow) method, risks of over valuation due to irrational increase in prices can
be mitigated.

Urban Price Setting Model – decoded the science behind property prices
Our work in decoding the science of property pricing is aimed at bringing transparency in the area of
property prices and valuation. Every city maintains a specific price setting at any point of time. Any
change in price of a particular property alters this setting. The price of a property is governed by four
fundamental factors: distance, density, surroundings and product. The Urban Price Setting Model is a
simulation model that provides accurate market valuation of any property (old, new, good or bad) in
any city in India.

Magnet Theory of Future Price Projections - predicts development and prices

The magnet theory describes that spatial mobility (polorisation) to a specific region depends on the
internal magnet (attractiveness) of the region and how economic hubs impact the region.

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Real Estate Research Company
Distinguished Valuation Expert

Mr Pankaj Kapoor l 20+ years of experience in the field of valuation,

consulting and risk analytics
l Member of the central advisory council – RERA
l Affiliated member of the Royal Institutes of Chartered
Surveyors (RICS)
l Leads the implementation and development of RESIDEX
(NHB)
l Member of external valuation committee of Assets
Reconstruction Company (India) Ltd (ARCIL)
l Member of the expert panel at Axis Bank
l Recipient of the Bharat Nirman Award by Global
Achiever Foundation for developing the Magnet Theory
and Urban Price Setting Model

Founder and MD
Liases Foras Real Estate Rating and
Research Pvt Ltd

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Real Estate Research Company
Core Team

Key Persons

l Pankaj Kapoor: MRICS , MBA

Team of 20+ Architects /
Urban Planners / Civil l Dickson Pinto: Chartered Accountant
Engineers
l Naimunnisa Khan: Architect Planner and member of IIV - RVO
l Sandip Kumar: Architect Planner and member of PVAI - RVO
l Bhushan Advade: Renowned real estate market expert
l Tanvi Goyal: Architect planner and member of IIV - RVO
l Amit Mazumdar: Town Planner
50+ on-ground fleet, whose
real estate market l Jasraj Pilankar: Valuer RICS
knowledge has been l Vaishnavi Shriram: Architect Planner
nurtured over the decades
l Priyami Maheshwari: Architect Planner

Members of RICS and Indian

Institute of Valuers and
Practising Valuers
Association which are
recognised under IBBI

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Real Estate Research Company
Testimonials

Sucheta Dalal
Managing Editor, Moneylife

“Pankaj Kapoor is undoubtedly the best and most honest property

researcher in India.”

Renu Sud Karnad

Managing Director, HDFC Ltd

“Ressex (an online real estate market database platform conceptualised

by Liases Foras) is going to be one of the most pertinent and useful
indices for the whole industry and in particular for us. From a banker's
perspective, Ressex will be an invaluable aid in gauging growth areas as
it provides trends on price, inventory, sales, efficiency, etc. It will allow the
financing institution to arrive at reliable conclusions on variables such
as affordability, potential market appreciation, and project viability.”

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Real Estate Research Company
Existing Empanelment

Other Banking Clients

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Real Estate Research Company
 Liases Foras
Real Estate Rating & Research Pvt. Ltd.

Naimunnisa Khan Sandip Kumar Vaishnavi Shriram

+91 9620900984 +91 96992 37716 +91 99620 88788

[email protected] [email protected] [email protected]

Mumbai: S-6, Pinnacle Business Park, Mahakali Caves Rd, Andheri E, Mumbai 400093. O: +91 2228 3914 86/63

Bangalore: 103, Raheja Chambers (next to post office), Museum Road, Bengaluru 560001. O: +91 80411 39314

Delhi: 208, 2nd Floor Square1, Saket District Center, New Delhi -110017. Tel: +91 11 4010 5461

www.liasesforas.com | www.ressex.com