King Kong Limited acquired a piece of land for setting up a factory for ₹ 50 million on 1st October 2016. It took a loan of ₹ 30 million from the State Bank of India at 10% for this purpose, the balance being met from internal resources. It also incurred 1% of the cost of land towards commission to the real estate agent and 5% towards the registration fees. The earlier owner has defaulted on payment of property tax and the same was also paid by the company amounting to ₹ 50,000. It incurred ₹ 1 million towards clearing and fencing of the land. The construction of factory premises commenced on 1st January 2017 and completed on 31st December 2017. The company repaid the loan to the State Bank of India on 31st March 2018. You are required to determine the cost at which the land will be capitalized in the books of King Kong Limited