ARCIL CUSHMAN AND WAKEFIELD

Cost Review for Xrbia Warai Project

Jan 2024

Cost to complete review

Xrbia Warai

Submitted to
Asset Reconstruction Company of India Limited

(“Client”)

Final Report

29th Jan 2024

Strictly Confidential for Addressee Only

ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

Signed for and on behalf of Cushman & Wakefield (India) Pvt. Ltd

Kedar Wadekar Dhruve Jain Mohan A

Director, India Manager, India Associate, India

Valuation & Advisory Services Valuation & Advisory Services Valuation & Advisory Services
ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

Project Information
Sr. No. Particulars Details
S.No. 6/2, 6/3, 9/1, 10/2A+2B, 10/4+5B, 10/6, 10/9, 12/1,
1 Project Site Address* +2+3, 12/5 of Village Warai, Taluka - Karjat, District -
Raigad
2 Project Details Residential
Mumbai Metropolitan Region Development Authority
3 Planning Authority
(MMRDA)
4 Access Road* 15m wide Neral-Kalamb Road
5 Plot Area* 90,530 sqm
Phase-1- MahaRERA-P52000002828
6 RERA Number^ Phase-2- MahaRERA-P52000004499
Phase-3- MahaRERA-P52000002246
7 FSI Permissible* 1.16
8 Achieved FSI 1.14
9 Total FAR Area(sqm) 98,097.41 sqm
10 Total no. of Towers Residential - 43, Commercial - 1
Residential: 43 nos.
11 No. of Towers(Approved)
Commercial: 1 nos.
12 Tower Configuration 1-BHK; 2-BHK; 3-BHK (Luxury/Smart)
A1, A2, B1, B2, B3, B4, K1, K2, K3, K4, C4, C5, C6, C8,
C9, C1, C2, C3, D2, D3, D4, D5, D1, D6, D8, E1, E2, F1:
14.95m
A3, A4: 28.95m
13 Height of Towers Proposed
A5, A6, A7, A8, A9, A10, K6, B5: 26.10m
K5: 20.40m
K7, K8, K9: 28.85m
C10: 17.55m
14 No. of Car Parks 100 Cars, 3360 2-Wheeler
Expected Project Completion Date Phase 1 & 2 - 29-12-2022
15
(As per RERA) Phase 3 - 30-3-2023
16 Land Ownership Status Freehold Land
ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

CTC Summary
Sr. No. Description- Cost to complete Amount in INR. Cr. Remarks

1 Construction Cost (Towers & Infra) 66.38

Escalation & contigencies on
2 6.78
Construction cost
5% of cost to complete (Construction cost + escalation
3 Admin Cost 3.66
and contingencies) has been considered as admin cost.
5% on unsold area values has been considered as sales
4 Sales & Marketing Cost 12.50 & marketing cost (Unsold value is calculated considering
an average rate of INR 3,373 per sqft).
INR 25 Rs per Sqft approval cost has been considered on
5 Approval Cost 2.99
final flat area
6 Total Cost 92.31

Notes-
1. All Values are exclusive of Taxes
2. CWI has taken the progress shared by developer & verified the same on sample basis during the site visit.
3. Based on the stage of construction CWI has bifurcated the list of towers in following categories-
• 0-20%
• 20%-80%
• 50%-80%
• 80%-100%
4. CWI has referred the approved plan as shared by developer for built up area calculation. In case of absence of
approved plan, the details are considered from proposed plan / details shared by developer.
5. Developer has not shared any area statement, CWI has prepared the same from approval drawing and asked for
the confirmation from developer. However developer has not confirmed the same.
6.CWI has reviewed following documents to understand the specifications/ scope of the project –
• Detailed drawings, brochures, etc. to understand the specifications, amenities and overall scope of the project.
• CWI reviewed WO/PO shared with by developer to understand the specifications being provided and to evaluate
the rates considered.
7. Basis the review of above details and understanding of the project CWI has derived the per sqft BUA rate and the
same has been compared with the typical market standards / benchmarks of construction costs for similar type of
projects (keeping in consideration of the location, size, type and specification).
8. Based on the built-up area, progress and rates CWI has calculated the cost to complete for the pending activities
9. CWI has considered escalation and contingency based on the progress of the project as per the below mentioned
details-
Escalation &
Progress Remarks
Contingency
0-20% 15.00% Escalation - 10% & Contingency -5%
20%-50% 12.50% Escalation - 7.5% & Contingency -5%
50%-80% 8.50% Escalation - 3.5% & Contingency -5%
80%-100% 5.00% Escalation - 0% & Contingency -5%

10. CWI has not done approval review as part of the scope. Calculation for approval cost is done for Fire NOCs, lift
NOCs and OC of the buildings
11. CWI has taken the handover status of units as per the details shared by developer.
12. No. of units/ unsold area has been taken form the sales MIS shared by developer.
ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

CTC Amount in
Towers Progress
INR Cr.
A1 93% 0.11
A2 93% 0.11
A5 94% 0.33
A6 94% 0.35
A7 94% 0.35
A8 94% 0.36
A9 92% 0.44
A10 93% 0.37
B1 93% 0.14
B2 93% 0.14
B3 93% 0.14
B4 92% 0.17
C6 89% 0.33
C8 86% 0.48
C9 90% 0.27
D6 92% 0.27
D8 92% 0.27
K1 91% 0.37
K2 91% 0.35
K3 89% 0.38
K4 86% 0.54
K5 81% 1.51
K6 88% 1.40
B5 89% 0.78
C1 85% 0.51
C2 85% 0.53
C5 86% 0.47
D2 91% 0.30
D3 87% 0.54
F1 82% 0.88
A3 69% 1.65
A4 69% 1.65
K7 66% 3.98
C3 72% 1.05
C4 77% 0.65
D1 64% 1.58
E1 73% 1.27
E2 76% 1.15
D5 71% 1.26
D4 72% 1.19
C10 3% 4.20
K8 10% 9.70
K9 6% 10.09
S1 2% 5.23
Total 57.84
Infra Cost 8.54
Total 66.38
ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

Summary Sheet

BUA 24,239 59,733 59,733 30,626

Tower C10 Tower K8 Tower K9 Tower S1
Activity Progress CTC Progress CTC Progress CTC Progress CTC
Earthwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00
RCC Work 2% 1.70 19% 3.46 10% 3.84 0% 2.19
Blockwork 0% 0.34 0% 0.84 0% 0.84 0% 0.43
Plastering Work 0% 0.41 0% 1.02 0% 1.02 0% 0.52
Waterproofing 0% 0.08 0% 0.21 0% 0.21 0% 0.11
0% 0.39 0% 0.96 0% 0.96 0% 0.49
Tower Progress Flooring & Tiling
Door & Window 0% 0.29 0% 0.72 0% 0.72 0% 0.37
(0% to 20%)
Fabrication 0% 0.03 0% 0.07 0% 0.07 0% 0.04
Electrical 0% 0.27 0% 0.66 0% 0.66 0% 0.34
Plumbing 0% 0.24 0% 0.60 0% 0.60 0% 0.31
Firefighting 0% 0.05 0% 0.30 0% 0.30 0% 0.06
False Ceiling Work 0% 0.02 0% 0.06 0% 0.06 0% 0.03
Painting 0% 0.15 0% 0.36 0% 0.36 0% 0.18
Lift 0% 0.12 0% 0.20 0% 0.20 0% 0.03
Other Extra Work including handover 0% 0.11 0% 0.27 0% 0.27 0% 0.14
Total 4.20 9.70 10.09 5.23

BUA 27,292 27,292 59,733 21,479 16,495 23,862 28,537 28,537 24,234 24,234
Tower A3 Tower A4 Tower K7 Tower C3 Tower C4 Tower D1 Tower E1 Tower E2 Tower D5 Tower D4
Activity Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC
Earthwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
RCC Work 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Blockwork 90% 0.04 90% 0.04 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Plastering Work 79% 0.10 79% 0.10 58% 0.42 91% 0.03 80% 0.06 46% 0.22 87% 0.06 84% 0.08 79% 0.09 87% 0.05
Waterproofing 80% 0.02 80% 0.02 30% 0.15 75% 0.02 100% 0.00 0% 0.08 100% 0.00 80% 0.02 80% 0.02 80% 0.02
20% 0.35 20% 0.35 16% 0.80 57% 0.15 92% 0.02 5% 0.36 54% 0.21 80% 0.09 40% 0.23 24% 0.29
Tower Progress Flooring & Tiling
Door & Window 0% 0.33 0% 0.33 0% 0.72 0% 0.26 0% 0.20 3% 0.28 0% 0.34 0% 0.34 0% 0.29 0% 0.29
(50% to 80%)
Fabrication 100% 0.00 100% 0.00 100% 0.00 70% 0.01 100% 0.00 100% 0.00 0% 0.03 100% 0.00 100% 0.00 100% 0.00
Electrical 51% 0.15 51% 0.15 46% 0.35 48% 0.12 59% 0.08 62% 0.10 60% 0.13 60% 0.13 60% 0.11 60% 0.11
Plumbing 34% 0.18 34% 0.18 31% 0.41 40% 0.13 69% 0.05 32% 0.16 80% 0.06 80% 0.06 40% 0.15 80% 0.05
Firefighting 40% 0.08 40% 0.08 20% 0.24 0% 0.04 0% 0.03 0% 0.05 0% 0.06 0% 0.06 0% 0.05 0% 0.05
False Ceiling Work 0% 0.03 0% 0.03 0% 0.06 0% 0.02 0% 0.02 0% 0.02 0% 0.03 0% 0.03 0% 0.02 0% 0.02
Painting 0% 0.16 0% 0.16 0% 0.36 0% 0.13 0% 0.10 0% 0.14 0% 0.17 0% 0.17 0% 0.15 0% 0.15
Lift 0% 0.10 0% 0.10 0% 0.20 0% 0.05 40% 0.03 0% 0.05 0% 0.05 0% 0.05 0% 0.05 0% 0.05
Other Extra Work including handover 0% 0.12 0% 0.12 0% 0.27 0% 0.10 0% 0.07 0% 0.11 0% 0.13 0% 0.13 0% 0.11 0% 0.11
Total 1.65 1.65 3.98 1.05 0.65 1.58 1.27 1.15 1.26 1.19

BUA 13,174 13,174 24,522 24,522 24,522 24,522 24,522 24,522 16,637 16,637
Tower A1 Tower A2 Tower A5 Tower A6 Tower A7 Tower A8 Tower A9 Tower A10 Tower B1 Tower B2
Activity Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC
Earthwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
RCC Work 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
Blockwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
Plastering Work 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
Waterproofing 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
Flooring & Tiling 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
Tower Progress Door & Window 100% 0.00 100% 0.00 90% 0.03 88% 0.04 90% 0.03 90% 0.03 74% 0.08 83% 0.05 100% 0.00 1.00 0.00
(80%-100%) Fabrication 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
Electrical 100% 0.00 100% 0.00 92% 0.02 88% 0.03 84% 0.04 84% 0.04 79% 0.06 86% 0.04 100% 0.00 1.00 0.00
Plumbing 100% 0.00 100% 0.00 89% 0.03 90% 0.03 88% 0.03 88% 0.03 86% 0.03 88% 0.03 100% 0.00 1.00 0.00
Firefighting 0% 0.03 0% 0.03 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 0% 0.03 0.00 0.03
False Ceiling Work 100% 0.00 100% 0.00 20% 0.02 20% 0.02 45% 0.01 45% 0.01 20% 0.02 30% 0.02 100% 0.00 1.00 0.00
Painting 100% 0.00 100% 0.00 55% 0.07 54% 0.07 50% 0.07 49% 0.08 40% 0.09 52% 0.07 100% 0.00 1.00 0.00
Lift 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 1.00 0.00
Other Extra Work including handover 0% 0.06 0% 0.06 0% 0.11 0% 0.11 0% 0.11 0% 0.11 0% 0.11 0% 0.11 0% 0.07 0.00 0.07
Rework 0% 0.03 0% 0.03 0% 0.05 0% 0.05 0% 0.05 0% 0.05 0% 0.05 0% 0.05 0% 0.04 0.00 0.04
Total 0.11 0.11 0.33 0.35 0.35 0.36 0.44 0.37 0.14 0.14
ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

Summary Sheet

BUA 16,637 16,637 21,446 21,367 21,367 26,253 26,253 26,518 26,518 24,775
Tower B3 Tower B4 Tower C6 Tower C8 Tower C9 Tower D6 Tower D8 Tower K1 Tower K2 Tower K3
Activity Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC
Earthwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
RCC Work 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Blockwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Plastering Work 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Waterproofing 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Flooring & Tiling 100% 0.00 100% 0.00 100% 0.00 96% 0.01 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Door & Window 100% 0.00 100% 0.00 80% 0.05 68% 0.08 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 90% 0.03
Fabrication 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Electrical 100% 0.00 95% 0.01 84% 0.04 72% 0.07 84% 0.04 94% 0.02 98% 0.01 84% 0.05 84% 0.05 80% 0.05
Plumbing 100% 0.00 99% 0.00 92% 0.02 83% 0.04 95% 0.01 99% 0.00 97% 0.01 94% 0.01 95% 0.01 90% 0.03
Firefighting 0% 0.03 0% 0.03 0% 0.04 0% 0.04 0% 0.04 0% 0.05 0% 0.05 0% 0.05 0% 0.05 0% 0.05
False Ceiling Work 100% 0.00 87% 0.00 60% 0.01 35% 0.01 60% 0.01 100% 0.00 100% 0.00 95% 0.00 100% 0.00 50% 0.01
Painting 100% 0.00 92% 0.01 76% 0.03 40% 0.08 76% 0.03 89% 0.02 82% 0.03 48% 0.08 61% 0.06 70% 0.04
Lift 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Other Extra Work including handover 0% 0.07 0% 0.07 0% 0.10 0% 0.10 0% 0.10 0% 0.12 0% 0.12 0% 0.12 0% 0.12 0% 0.11
Rework 0% 0.04 0% 0.04 0% 0.05 0% 0.05 0% 0.05 0% 0.06 0% 0.06 0% 0.06 0% 0.06 0% 0.05
0.14 0.17 0.33 0.48 0.27 0.27 0.27 0.37 0.35 0.38
Tower Progress Total
(80%-100%)
BUA 24,775 41,525 53,664 32,875 21,479 21,479 21,446 24,234 24,234 30,626
Tower K4 Tower K5 Tower K6 Tower B5 Tower C1 Tower C2 Tower C5 Tower D2 Tower D3 Tower F1
Activity Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC Progress CTC
Earthwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
RCC Work 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Blockwork 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Plastering Work 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 90% 0.05
Waterproofing 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Flooring & Tiling 96% 0.02 100% 0.00 98% 0.02 92% 0.04 100% 0.00 96% 0.01 100% 0.00 100% 0.00 92% 0.03 100% 0.00
Door & Window 73% 0.08 5% 0.47 60% 0.26 80% 0.08 49% 0.13 51% 0.13 70% 0.08 86% 0.04 70% 0.09 55% 0.17
Fabrication 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00 100% 0.00
Electrical 72% 0.08 60% 0.18 74% 0.15 72% 0.10 79% 0.05 79% 0.05 78% 0.05 91% 0.02 84% 0.04 62% 0.13
Plumbing 86% 0.04 80% 0.08 80% 0.11 86% 0.05 86% 0.03 87% 0.03 80% 0.04 95% 0.01 80% 0.05 80% 0.06
Firefighting 0% 0.05 0% 0.21 100% 0.00 100% 0.00 0% 0.04 0% 0.04 0% 0.04 0% 0.05 0% 0.05 0% 0.06
False Ceiling Work 15% 0.02 0% 0.04 23% 0.04 0% 0.03 32% 0.01 40% 0.01 45% 0.01 70% 0.01 50% 0.01 50% 0.02
Painting 35% 0.10 8% 0.23 12% 0.28 32% 0.13 28% 0.09 20% 0.10 31% 0.09 100% 0.00 28% 0.10 20% 0.15
Lift 100% 0.00 90% 0.01 0% 0.18 30% 0.13 90% 0.01 90% 0.01 80% 0.01 100% 0.00 100% 0.00 20% 0.04
Other Extra Work including handover 0% 0.11 0% 0.19 0% 0.24 0% 0.15 0% 0.10 0% 0.10 0% 0.10 0% 0.11 0% 0.11 0% 0.14
Rework 0% 0.05 0% 0.09 0% 0.12 0% 0.07 0% 0.05 0% 0.05 0% 0.05 0% 0.05 0% 0.05 0% 0.07
Total 0.54 1.51 1.40 0.78 0.51 0.53 0.47 0.30 0.54 0.88
ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

Caveats & Limitations

1.The Cost to complete Review Report (hereafter referred to as the “Report”) is limited to cover specific scope, which is highlighted in the
Report. In this connection, C&WI has relied solely on the information supplied to C&WI by the Client or third parties advised by client &
information available from the regulatory authorities.
2. In conducting this assignment, C&WI has carried out analysis and assessments of the level of interest envisaged for the property(ies.) under
consideration. C&WI has also obtained other available information and documents that are additionally considered relevant for carrying out the
exercise. The opinions expressed in this report are subject to the limitations expressed below.
A.Condition & Repair:
In the absence of any information to the contrary, C&WI assumes that
•There are no abnormal ground conditions, nor archaeological remains present which might adversely affect the current or future occupation,
development of the property.
•The property is free from rot, infestation, structural or latent defect.
•No currently known deleterious or hazardous materials or suspect techniques will be used in the construction of or subsequent alterations or
additions to the property.
•Comments made in the property details do not purport to express an opinion about, or advice upon, the condition of uninspected parts and
should not be taken as making an implied
representation or statement about such parts
B.Physical Construction progress:
As a part of the current exercise for physical construction progress following is applicable:
•The physical construction progress of the project is as per the date of the site visit undertaken by C&WI.
•For the physical construction progress, C&WI has undertaken only a broad visual inspection i.e. floor wise inspection of work in progress of
various activities. However, no physical measurements on site were undertaken for assessing the actual work done. The actual work done
was not vetted against the data provided by the Client.
C. Budgeted Cost:
•Budgeted Cost calculation and independent verification is for hard construction cost
•Actual total cost incurred as on a specific date
•The scope of review of cost to complete involves the high-level analysis of balance works basis the cost / sq. ft.

•C&WI has not checked bills raised by various contractors employed on the project for this scope. However, C&WI has reviewed the major
contracts awarded and major bills for the project on sample basis where found necessary and wherever available during course of execution.
•C&WI has not reviewed the BOQs prepared by the Client for this scope, however, has verified the construction cost on thumb rule basis.
•C&WI did not undertake quantity calculations / BOQs generations or preparation of measurement sheets for any construction activity for this
scope.
•The assessment of the cost budget and C&WI's opinion is for specifications of the project. The same is mentioned in the report. Any changes
in the design and material specifications or product offering will have an impact of the cost review and opinion.
•All the cost calculation is done excluding GST and taxes
D. C&WI has developed details on construction costs and other areas mentioned in Scope on assumptions that it considers relevant and
reasonable at the given point of time. All of these forecasts are in the nature of likely or possible events/occurrences, and the Report does not
constitute a recommendation to the Client or its affiliates and subsidiaries or its customers or any other party to adopt a particular course of
action. The subject exercise is based on prevailing dynamics (on site condition, construction, sale, financial position, etc.) as on the date of
exercise and does not take into account any unforeseeable developments which could impact the same in the future. The use of the Report at
a later date may invalidate the assumptions and bases on which forecasts have been generated and is not recommended as an input to a
financial decision.
E. Changes in socio-economic and political conditions could result in a substantially different situation than those presented at the stated
effective date. C&WI assumes no responsibility for changes in such external conditions.
F. The services provided are limited to Technical due diligence / Lenders Independent Engineer and do not constitute an audit, a title due
diligence, tax related services or an independent validation of the projections.
G. Accordingly, C&WI does not express any opinion on the financial information of the business of any party, including the Client and its
affiliates and subsidiaries. The Report is prepared solely for the purpose stated and should not be used for any other purpose.
H. C&WI assumes that the subject property is free from any encumbrances, disputes, claims, etc.
I. No Legal & Financial due diligence or Valuation would be undertaken as a part of the Technical Due diligence scope.
J. No environmental due-diligence is undertaken to check possible contamination, signs of environmental pollution, etc. It is assumed that the
subject property is / will be free from any environment hazards.
K.No structural survey and testing of existing structure is undertaken as a part of the Technical Due diligence scope.
L.Further Marketability assessment is not covered as a part of the Technical Due diligence scope.
M.C&WI does not comment on any accounting controls, business strategies, assumptions thereto and risk philosophy of the Client or Client as
part of this report
N.C&WI is not required to give testimony or to appear in any court by reason of this appraisal exercise, with reference to the properties in
question.
O.Any sketch, plan or map in this report is included to assist reader while visualizing the property and assume no responsibility in connection
with such matters.
P.It has been assumed that the existing / proposed development on the subject property adheres / would adhere to NBC (National Building
Code) regulations as prescribed by the relevant authorities. C&WI did not make any enquiries with the relevant development authorities to
validate the legality of the same.
Q.C&WI is not engaged to carry out any possible investigations in relation to the subject property. Wherein our report we identify certain
limitations to our investigations, this is to enable the reliant party to instruct further investigations where considered appropriate or where we
recommend as necessary prior to reliance. C&WI is not liable for any loss occasioned by a decision not to conduct further investigations
R.C&WI did not prepare any source document or support in preparation of the same on behalf of Client or Client
S. While the information included in the Report is believed to be accurate and reliable, no representations or warranties, expressed or implied,
as to the accuracy or completeness of such information is being made. C&WI does not undertake any obligation to update, correct or
supplement any information contained in the Report.
T. In the preparation of the Report, C&WI has relied on the following information:
·Information provided to us by the Client and its affiliates and subsidiaries and third parties;
·Recent data on the industry segments;
·Other relevant information provided to us by the Client and its affiliates and subsidiaries at C&WI's request;
·Other relevant information available to C&WI; and
·Other publicly available information and reports.
3.All assumptions made in the study are based on information or opinions as current. In the course of the analysis, C&WI relies on information
or opinions, both written and verbal, as current obtained from the Clients as well as from third parties provided with, including limited
information on the market, financial and operating data, which is accepted as accurate in bona-fide belief. No responsibility is assumed for
technical information furnished by the third-party organizations and this is bonafidely believed to be reliable.

4.No investigation of the title of the assets will be been made and owners' claims to the assets will be assumed to be valid. No consideration will
be given to liens or encumbrances, which may be against the assets. Therefore, no responsibility is assumed for matters of a legal nature.
ARCIL CUSHMAN AND WAKEFIELD
Cost Review for Xrbia Warai Project
Jan 2024

5.The Client including its agents, affiliates and employees, must not use, reproduce or divulge to any third party any information it receives from
C&WI for any purpose without prior consent from C&WI and should take all reasonable precautions to protect such information from any sort of
disclosure. The information or data, whether oral or in written form (including any negotiations, discussion, information or data) forwarded by
C&WI to the Client may comprise confidential information and the Client undertakes to keep such information strictly confidential at all times.