The valuation report has annexed herein with in annexure. The report has been certified by the valuation officers. The feasibility report has been prepared in accordance with the report of valuation officer with the special assumption made thereon.
Evaluation of key risks and proposals for risk management, identification of cost allowances within the appraisal
The key risk factors are as follows.
The other construction industry is also planning the same kind of venture.
The lower price, 2 bedroom flats made available in nearby areas are the main competition.
Company is planning to construct a super market nearby but the proposal has not approved yet.
Explanation of risk factors such as site/policy/legal constraints which will affect timing of payments, or levels of return
Risk factors associated with construction are as follows
If the multi-storeyed parking not prepared nearby, as proposed, the 2 BHK flats in locality will have its property value less than what it has estimated.
Legislation has some effort to bifurcate commercial and residential property which will decrease the property prices.
Given public expectations of government today, consider whether the Wednesbury test for unreasonableness has become too restrictive for modern society.
Wednesbury test for unreasonableness is one way to define an irrational decision as compared to a rational decision (Allan, 2006; Hilson, 2003). Now considering a test for irrationality, it has been maintained that the Wednesbury test as presented in the case of Associated Provincial Picture Houses Ltd v Wednesbury Corporation (1948) 1 KB 223 is too restrictive. It is so because of its nature to understand that a reasonable person’s and reasonable decision making is too fixed. In real time situations, this will not be the case. There will be no correct decision. The argument made in the Wednesbury is that the court will conclude on what could be reasonable for anybody or rational for anybody and then imposes it on the primary decision maker. Here the reality of administrative decision making is forgotten. The job of the court is to only assess for whether a decision making is rational or correct, and it should not be tasked with the job of providing a reasonable decision given any situation. The range of reasonable options are the decision makers choice and they should decide what they want to choose, not the court, and they should be judged based on those decisions.