Summary Valuation Report for the half year ended September 30, 2026 shared for Stratum@Venus Grounds, Ahmedabad

PropShare Celestia has submitted the Summary Valuation Report for the half year ended September 30, 2026.

Mon 12 Oct 2026

Market Value Opinion

INR2,517,900,000 as on 30 September 2026

In-place Rent

INR 80.6 per sq. ft. per month

Market / Marginal Rent

INR 77.0 per sq. ft. per month

PropShare Celestia, the third scheme of the Property Share Investment Trust, has submitted the Summary Valuation Report of the scheme for the half year ended September 30, 2026. The report covers the scheme's commercial office asset in Ahmedabad, with an opinion on market value of INR2,517,900,000 as on 30 September 2026.

Valuation snapshot

• Opinion on market value as on 30 September 2026: INR2,517,900,000
• Total leasable area: 2,07,838 sq. ft. spread over 7 floors
• In-place rent: INR 80.6 per sq. ft. per month
• Market / marginal rent: INR 77.0 per sq. ft. per month
• Exit cap rate: 8.00%
• Discount rate / WACC: 11.75%
• Age of the project: ~ 4.5 years

What the asset is

The property is leasable space on seven floors — 2, 4, 10, 13, 14, 15 and 16 — of Stratum@Venus Grounds, Nehru Nagar, Ahmedabad. The report describes it as a Grade A+ commercial office development that is completed and operational, with no under-construction components. The project was completed in February 2022 as per the occupancy certificate. The total land area of the project is stated as ~9,754 sq.m., and the entitlement is a proportionate undivided share, right, title and interest of ~26,910 square feet or ~2,500 square meters in the project land, together with 200 exclusive car parking spaces.

Who the tenants are

• Paragraph Khajanchi Business Centre LLP — floors 16, 10 and 2, with 28,917, 26,028 and 35,780 sq. ft. respectively
• EFC Limited — floor 15, 55,431 sq. ft.
• Smartworks Coworking Spaces Pvt Limited — floors 13 and 14, with 28,584 and 27,527 sq. ft.
• Ericsson — floor 4, 5,571 sq. ft.

What the valuer notes

The opinion on market value is stated to be subject to special and significant assumptions and is based on the client's representations. These include that the SMREIT, through its SPVs, is now the complete owner of the property, with all ownership documents in the possession of the trust, namely Axis Trustee Services Limited, and has 100% rights, ownership and interests in the property as the sole and exclusive beneficiary of all cash flows from it. The client has also represented that no fresh leases have been signed with the existing tenants, that all current cash flows including rentals and CAM will flow to the SMREIT, and that the lease details and lease agreements continue unchanged. It is further represented that there are no arrears or payments due to any entity, that neither government authorities nor banks nor financial institutions nor other creditors have any charge on the title, ownership, rights and interests of the property, and that it can be freely transacted without any encumbrances and/or restrictions in the open market.

A takeaway for unitholders

This disclosure provides a point-in-time independent opinion on the market value of the scheme's asset, along with the rents and assumptions behind that estimate. The report itself states that the opinion is contingent on the client's representations; if those representations on ownership, rights, interests, liens, encumbrances, debt and persistence of the existing leases and lease covenants are not valid or are defective as on 30 September 2026, the opinion would be rendered invalid, voided and cancelled.

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