The guide rent, the report said, is the key mechanism through which SLA ensures that state properties are rented out at a fair market rate. It is intended to be the minimum rental to be achieved and all offers – whether bids or direct offers – are measured against it.
In general, reference is made to rentals of comparable properties. Valuers adhere to established principles and methods for valuation.
The report stated that it is the norm to refer to recent rental transactions for other black-and-white bungalows in determining the guide rent.
If there are insufficient rental transactions for black-and-white bungalows, listings of comparable landed residential properties, including good class bungalows, will be used, but adjusted to take into account factors such as the age and condition of the property.
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