How to Calculate Fair Value of an 8-Year-Old Villa in Ponmar, Chennai?

Hi everyone, I’m considering buying a villa in a gated community in Ponmar, Chennai, and I want to estimate its fair valuation before making an offer. Here are the property details: • Location: Ponmar, Chennai (Gated Society) • Plot Size: 1,350 sq. ft. • Built-up Area: 1,723 sq. ft. • Age of House: 8 years • Land Value: ₹4,000 per sq. ft. (Approx) From my understanding, the valuation should include: 1. Land Value Calculation: ₹4,000 × 1,350 = ₹54,00,000 2. Building Value: What’s the right way to price an 8-year-old construction? Should I consider depreciation (e.g., 2% per year) on standard construction cost (~₹2,500 per sq. ft.)? 3. Market Trends: Are resale villas in gated communities getting higher or lower premiums? 4. Additional Factors: Is it a good purchase considering it’s significantly outskirts as of now. Would appreciate insights from anyone in real estate familiar with property valuation. Thanks