The NOI that looked good on old data
Income-based pricing at ₹2.70 crore looked solid until rental comps were updated. Karthik Anand’s valuation needed vacancy adjustments and HVAC aging that old data ignored.
Current market data changed the income math
Vacancy rates and aging revealed NOI built on yesterday’s rents.
₹25 lakh
Saved by updating outdated rental comps to current rates
88%
Income projection accuracy vs. seller’s NOI claims
2.8×
Negotiation power with updated lease data
In Salt Lake, rental comps age faster than sellers admit
Old Data
Rental comps 2 years old market had shifted.
Vacancy Gap
Projections assumed full occupancy actual 15-18% vacant.
Building Costs
HVAC and façade aging capital expenses not factored.
Investment Need
Law firm needed real income, not inflated projections
What Changed Karthik Anand’s Valuation
We stepped in with a simple, facts-first 3-step process:
Market Research
Updated lease comparables to current Salt Lake commercial rates.
Found rental assumptions were 2 years stale and overstated income.
Occupancy Reality
Normalized for vacancy and concessions reducing effective rental income.
Documented 15-18% vacancy vs. seller’s zero-vacancy projection.
Capital Costs
Adjusted NOI for building aging HVAC and façade upgrade needs.
Delivered ₹2.40–₹2.48 cr removing inflated income assumptions.
How Rental Data Reset Valuation
Zero-vacancy assumptions and outdated comps failed when current occupancy patterns and building costs entered income analysis.
Market Truth
Current lease rates revealed income inflation from old data.
Income-Based Price
Delivered ₹2.40–₹2.48 cr with realistic projections.
Features
The NOI Analysis That Reset Valuation
Seller quoted commercial office PPSF. Industrial specification breakdown revealed warehouse features that justified different valuation.
Market Research
Updated rental comps to current Salt Lake rates.
Occupancy Reality
Adjusted for actual vacancy patterns in market.
Lease Incentives
Factored concessions into effective rent calculations.
System Aging
Identified HVAC upgrade costs within 3-5 years.
Building Condition
Assessed façade maintenance impact on NOI.
Fair NOI
Delivered ₹2.40–₹2.48 cr removing income inflation.
“As a law firm, we were buying for investment income. The seller’s NOI used 2-year-old rental comps and assumed full occupancy. Current lease data showed ₹25 lakhs less income potential when vacancy and building aging were factored.”
—Karthik Anand
Law Firm Partner, Salt Lake
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