When the actual cost of acquisition or construction of a residence is not known, the present value of the residence, exclusive of the site on which it stands, shall be estimated by the executive engineer, and fixed by the Government.The present value shall be determined as follows:The plinth area of the building will be ascertained and the present day cost of constructing a building of similar size and specification then estimated at plinth area rates. From the figures so arrived at will be deducted-(a)a percentage, estimated by the executive engineer from inspection, representing depreciation or obsolescence of the materials in the building;(b)a lump sum representing such damage which may exist but which does not affect the life of the building; and(c)if necessary, a further lump sum deduction representing the value of those features which exist and which have been included in the plinth area valuation but which represent no value to a tenant (e.g. exceptionally thick walls, mosaic mural decoration, tahkhanas and the like).Rules made by the Governor under Fundamental Rule 45 A-II, proviso (ii)
