A property has 120 rooms and each room has a monthly rent of Rs.750. The occupancy rate throughout the year is 80% and maintenance expenses per year works out to be Rs.3,00,000. Capitalization rate is 12%.
Calculate the value of the property?
A . Rs.45 lacs
B . Rs.47 lacs
C . Rs.46 lacs
D . Rs.44 lacs
Answer: B