Collier Report

Accelerating success.
Property
Market Overview
INDIA
QUARTERLY UPDATE | JULY | 2011
TABLE OF CONTENTS
INDIA PROPERTY MARKET OVERVIEW | 2Q2011
ECONOMIC OVERVIEW .................................................3
CITY OVERVIEWS
- MUMBAI
COMMERCIAL & RESIDENTIAL MARKET .................................................4
- DELHI
COMMERCIAL & RESIDENTIAL MARKET.....................................................6
- GURGAON
COMMERCIAL & RESIDENTIAL MARKET...................................................8
- NOIDA
COMMERCIAL & RESIDENTIAL MARKET..................................................10
- CHENNAI
COMMERCIAL & RESIDENTIAL MARKET....................................................12
- BENGALURU
COMMERCIAL & RESIDENTIAL MARKET...................................................14
- KOLKATA
COMMERCIAL & RESIDENTIAL MARKET............................................................16
- PUNE
COMMERCIAL MARKET ..............................................................18
GLOSSARY OF WORDS 19
CONTACT INFORMATION 20
www.colliers.com
MACRO ECONOMIC OVERVIEW
According to RBI, GDP growth estimates for
the 2Q2011 stood at 8.3 per cent against 8.6
percent in the same quarter of the previous
year. Continual rise in infation, along with
volatility in crude oil prices and uncertain
economic conditions in the west, are the
primarily reason behind this.
Total FDI infows for the month of April 2011
were recorded at 13,846 crores,of which the
share of FDI in real estate was only 1.2
percent.
This quarter the Indian rupee weakened
against both the USD and the Euro. A fall of
more than 0.5 percent was observed in the
Indian rupee against the USD and 2.8 percent
against the Euro during the quarter.
The Bombay Stock Exchange Sensitive
Index(BSE Sensex) and Realty Index remained
highly volatile during the quarter, primarily
due to rising commodity prices and interest
rates.
In a bid to curb the rising Infation, RBI again
hiked the repo and reverse repo rates to 7.5
and 6.5 per cent, respectively, This represent
an increase of 75 basis points over the
previous quarter. WPI remained high at 9.44
per cent during 2Q2011. It is expected that the
impact of these policy measures will take
some time to curb Infation.
To achieve greater transparency and
accountability on the part of the developers
and real estate companies, the Union Ministry
of Housing prepared a draft bill on the basis of
concurrent list of constitution. Currently the
bill has been referred to the Law Ministry for
their opinion.
ECONOMIC BAROMETER
RETURN ON ALTERNATIVE INVESTMENTS
Jun-10 Jun-11
REPO RATE
5.5% 7.50%
REVERSE REPO RATE 4% 6.50%
CRR
6.0% 6.0%
INFLATION
10.28%
9.44%
TREASURY BOND RATE
7.59%
8.20%
FIXED DEPOSIT(<1 YEAR)*
5.25% 7.75%
FOREIGN EXCHANGE
INR - USD
46.6
44.72
INR- EURO
56.94
64.79
Jun-10 Jun-11 YoY %
Change
GOLD
18,830 21,965
16.65%
SILVER
30,095 52,945 75.93%
EQUITY (BSE
SENSEX)
17,700 18,845 6.47%
REALTY INDEX
3,127 2,019 -35.43%
ECONOMIC INDICATORS
RESEARCH & FORECAST REPORT
SYDNEY CENTRAL BUSINESS DISTRICT
THE KNOWLEDGE REPORT
COLLIERS INTERNATIONAL
70
60
50
80
85
90
95
100
105
110
115
120
80
90
110
100
120
130
150
140
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4.00%
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6.00%
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8.00%
9.00%
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* For amount below INR 1 Crore
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Gross Domestic Product at factor cost
FDI in Real Estate
BSE Sensex & Realty Index
Exchange Rates
0
2000
4000
6000
8000
10000
12000
14000
0.000%
1.00%
2.00%
3.00%
BSE Sensex
INR/Euro
*Rebase to 100
*Rebase to 100
Realty Index
INR/USD
Source: Colliers International India Research
2
6
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2Q2011 GRADE A AND GRADEB
RENTAL VALUES
PRIME OFFICE SPACE RENTAL TREND
C
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0
50
100
150
200
250
300
2
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1
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1
3
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2
0
1
0
70
20
120
170
220
270
320
370
420
470
520
Grade A Grade B
CBD
Lower Parel Navi Mumbai
Kalina Goregaon
/ JVLR
Andheri East Malad
Powai
BKC
Worli /
Prabhadevi
Thane / LBS 2
Q
2
0
0
8
3
Q
2
0
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8
4
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1
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P. 4 | COLLIERS INTERNATIONAL
MARKET TRANSACTIONS
CLIENT BUILDING NAME AREA
(SQ. FT.)
LOCATION TRANSACTION TYPE
Progress Software R-Tech 20,000 Goregaon Leave and License
Patni The Capital 20,000 Bandra Kurla Complex Sale
Feedback Ventures Rustomjee Natraj 15,762 Andheri East Lease
Swiss Air Urmi Estate Tower 10,000 Central Mumbai Lease
Baring Private Equity Peninsula Corporate Park 6,300 Central Mumbai Lease
COMMERCIAL
Over 11 million sq ft grade A ofce stock
was available for ready for ft-out in 2Q2011.
Approximately 65 per cent of the total stock
was IT/ITeS ofce space located in Lower
Parel, Goregaon, Navi Mumbai, Thane and
Lal Bahadur Shastri Marg. The Non-IT/
ITES ofce space was primarily concentrated
in Andheri East, Bandra Kurla Complex and
Lower Parel.
Projects completed this quarter include
Peninsula Business Park, developed by
Peninsula Developers, admeasuring approx 1.2
million sq ft, and Benefce Business Park by
Devansh Developers, admeasuring 75,000 sq
ft. Both these project were located in Lower
Parel (SBD).
No commercial project was launched this
quarter.
Rental values for grade A commercial ofce
space remained stable in almost all the micro
markets in Mumbai. Similarly, rental values
for grade B IT/ITeS ofce remained stable in
almost all the micro markets.
The grade A ofce market witnessed an
increased absorption and demand was primarily
from the BFSI, IT/ITeS, Transportation, Media,
Education and Communication sectors.
However, due to addition of new supply,
rentals remained stable.
Agile Real Estate Pvt. Ltd, a subsidiary of
Kalptaru Developers, purchased a 108-acre
land parcel in Thane at Kolshet Road for a
consideration of approximately INR 260 crores.
In another instance, Textiles frm Mafatlal
Industries got shareholder approval to sell/
develop its Mazgaon Land admeasuring about
30,910 sq metres to Gliders Build Con LLP, for
a consideration of INR 605.80 crores.
SUPPLY IN PRIME AREAS
Lower Parel 19%
BKC 5%
Andheri East 23%
CBD 0.5%
LBS / Thane 22%
Kalina 1%
Goregaon /
JVLR 9%
Worli/Prabhdevi 1%
Navi Mumbai 9 %
Powai 6%
Malad 5%
CITY OFFICE BAROMETER
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | MUMBAI
GRADE A AVERAGE RENTAL VALUE
MUMBAI
0
50
100
150
200
250
300
Forecast
IN
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CAPITAL VALUE TRENDS
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
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IN
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75000
5000
25000
35000
15000
45000
65000
55000
3
Q
2
0
0
8
PROJECT NAME LOCATION
Crest Bhandup
Nexzone Panvel
Exquisite II Goregaon East
Alta Monte Malad East
Serene Bandra East
JP Deck Goregaon East
Elegante Andheri West
PROJECT LAUNCHED IN 2Q2011
Malabar Hill, Altamount Road, Carmichael
Road
Santacruz
Breach Candy,
Napeansea Road,
Peddar Road
Khar
Prabhadevi
Colaba, Cufe
Parade
Bandra
Andheri
Worli
Juhu
COLLIERS INTERNATIONAL | P. 5
MARKET TRANSACTIONS
CLIENT PROPERTY
CLASSIFICATION
AREA
(SQ. FT.)
Individual Apartment 6,000 Khar Lease
Mizhou Bank Apartment 5,000 Bandra West Sale
RAAS Properties Apartment 3,000 Nariman Point Sale
Hughes Apartment 2,950 Bandra Lease
Individual Apartment 2,850 Khar Sale
RESIDENTIAL
Project launched this quarter include Crest
by Kalpataru Developers, Nexzone by
Marathon Developers, Exquisite II by Oberoi
Group, Serene by Ackruti Developer, JP
Deck by JP Infra and Elegante by Runwal
Developer. All of the above mentioned projects
were launched either in Luxury or the Super
Luxury segment in a price band of INR 7,000
to INR 16,000 per sq ft depending on location.
A mid range project AltaMonte by Omkar
Developer was also launched in Panvel.
Capital values appreciated in the range of 2
to 8 per cent quarter on quarter in most of
the micro markets except micro markets like
Colaba, Juhu, Malabar Hill, Khar etc wherein
capital values remained stable. However
capital values in Worli fell by approximately
3 per cent against the previous quarter on
account of fall in demand from the MNCs and
the end user.
Rental values also showed an upward trend
across most of the areas. An increase of 2 to
5 per cent quarter on quarter was observed in
areas such as Juhu, Colaba, Khar and Breach
Candy. However, a minor correction of 1 to
2 per cent was observed in areas such as
Santacruz, Bandra and Worli.
None of the under construction projects (or
phases of projects) were completed this
quarter.
In a recent decision, the state government
has increased the Floor Space Index (FSI) for
redevelopment of dilapidated building from 2 to
3. This decision sets the stage for developers
to redevelop hundreds of old buildings in
South Mumbai. The original residents of the
old buildings who will be rehabilated in the
new buildings do not have to pay property tax
for the frst ten years as the charges will be
borne by developers.
CITY RESIDENTIAL BAROMETER
MUMBAI
1Q2011 2Q2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | MUMBAI
2Q2011 PREMIUM RESIDENTIAL AVERAGE
CAPITAL VALUE
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65000
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RENTAL VALUE
Prabhadevi
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Peddar rd.
Malabar Hill, Altamount
Road, Carmichael Road
200
150
100
50
0
Powai
Andheri
Juhu
Khar
Santacruz
Worli
Bandra
Grade A Grade B
Nehru Place Saket
Netaji Subhash
Jasola Cannaught
place
RENTAL VALUES
MARKET TRANSACTIONS
(SQ. FT.)
ONGC IFCI Tower 10,000 Nehru Place Lease
Swatch Group Rectangle One 9,500 Saket Lease
Bose Corp. Salcon Aurum 9,000 Jasola Lease
Gateway Rail Freight Southern Park 9,000 Saket Lease
Tata Telecom Rectangle One 3,000 Saket Lease
COMMERCIAL
Over I.0 million sq ft of grade A ofce space
was available for lease/sale in Delhi. Most
of this available supply was concentrated in
Jasola and Saket.
No new supply was added to citys grade A
ofce inventory this quarter.
Rental values in the CBD and Nehru Place
witnessed an increase in the range of 4 to
5 per cent quarter-on-quarter. Downward
pressure on rental values was observed in
Jasola and Saket due to large available supply.
In these two micro markets rental value fell
in the range of 5 to 8 per cent during the
quarter.
The state government has made it mandatory
for the party registering a property, to include
building sanction plan and structural safety
certifcate. This has been undertaken to curb
unsafe and unauthorized construction. Due
to this ruling there was a steep decline in
registration of property in the capital.
This quarter government has approved the
proposal for the 108-km Delhi Metro Phase-
III, which will have fve routes serving 67
stations. Phase III of Metro is aimed towards
improving connectivity between Delhi and
National Capital Regions.
Connaught Place 2%
Nehru Place 10%
Saket 29%
Jasola 59%
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | DELHI
1
Q
2
0
0
8
2
Q
2
0
0
8
0
50
100
150
200
250
300
350
400
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0
50
100
150
200
250
300
350
400
450
500
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
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1
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1
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4
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3
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2
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0
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0
2
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0
1
1
1
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2
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1
1
4
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2
0
1
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3
Q
2
0
1
0
IN
R

p
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q

f
t

p
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M
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h
120
140
160
180
200
220
240
260
280
IN
R

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S
q

f
t

p
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M
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n
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h
DELHI
2
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
1
Q
2
0
1
2
2
Q
2
0
1
2
4
Q
2
0
0
9
1
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2
0
0
8
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
Forecast
IN
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Winter Hills Dwarka
RESIDENTIAL
For the frst time in a long time a premium
project project was launched in Delhi,
Winter Hills, by Umang Realtech Pvt. Ltd,
a joint venture between Uppal Group and
Indus Capital Partners (US) was launched
in Dwarka. The project will be developed on
5.43 acres of land and will have approximately
300 premium apartments.
An appreciation in the range of 2 to 4 per cent
quarter on quarter was observed in capital
values of prime residential properties across
most of the south Delhi micromarkets such
as Golf Links, Jor Bagh, Sunder Nagar, Shanti
Niketan, Niti Bagh, Friends Colony, Maharani
Bagh, Anand Niketan and Vasant Vihar.
Capital values in micro markets in Lutyens
Delhi remained stable during the quarter.
Continuing the trend from the previous quarter,
rental values for prime residential properties
remained stable in most of the micromarkets,
barring locations, such as Anand Niketan,
Vasant Vihar, Shanti Niketan and Westend,
which registered an appreciation in the range
of 2 to 4 per cent quarter-on-quarter.
The state government followed up the hike in
circle rates, by announcing the removal of the
upper limit of INR 50,000 as the maximum
registration fee for the properties values at
more than INR 50,00,000.The Registration
cost is fxed at 1 per cent of the registered
value of the property with no cap on the
registration fee.
1Q2011 2Q2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | DELHI
RENTAL VALUE
Golf Links, Jor Bagh,
Sunder Nagar
Chanakya Puri
Prithviraj Road, Aurangzeb Road
Anand Niketan,
Vasant Vihar
Greater
Kailash I
& II, South
Extension
Friends Colony,
Maharani Bagh
Shanti Niketan, Westend
Panchashila, Anandlok, Niti Bagh, SDA
140
120
100
80
60
40
20
0
I
N
R

P
e
r

S
q

F
t

5000
15000
25000
35000
45000
55000
65000
75000
85000
90000
1
Q
2
0
0
9
1
Q
2
0
0
8
2
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
3
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
0
9
4
Q
2
0
0
9
2
Q
2
0
1
0
3
Q
2
0
1
0
4
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
Prithviraj Road, Aurangzeb Road
Shanti Niketan, Westend
Friends Colony, Maharani Bagh
Panchashila, Anandlok, Niti Bagh, SDA
Greater Kailash I & II, South Extension
Chanakya Puri
Golf Links, Jor Bagh, Sunder Nagar
Anand Niketan, Vasant Vihar
CAPITAL VALUE
0
10000
20000
30000
40000
50000
60000
70000
80000
A
n
a
n
d

N
ik
e
t
a
n
,
V
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a
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t

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it
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,
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D
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s

C
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,
M
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a
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i

B
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t
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a
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h

I
&

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S
o
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io
n
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o
lf

L
in
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s
,
J
o
r

B
a
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h
,
S
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a
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a
n
a
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a

P
u
r
i
IN
R

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r

S
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t
P
r
it
h
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ir
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j
R
o
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,
A
u
r
a
n
g
z
e
b

R
o
a
d
DELHI
MARKET TRANSACTIONS
CLIENT PROPERTY
CLASSIFICATION
AREA
(SQ. FT.)
Builder Independent House 8,000 Vasant Vihar Sale
Individual Bungalow 7,200 Golf Links Lease
LG Apartment 6,000 Poorvi Marg Lease
Bank Of Tokyo Apartment 4,400 Shanti Niketan Lease
Embassy of Israel Apartment 3,800 Vasant Marg Lease
Individual Apartment 2,400 Vasant Vihar Sale
RENTAL VALUES
M
G

R
o
a
d
I
N
R

p
e
r

s
q

f
t

p
e
r

m
o
n
t
h
G
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lf

C
o
u
r
s
e

R
o
a
d

/
E
x
t

/
S
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n
a

R
o
a
d
N
H
8
/
U
d
h
y
o
g

V
ih
a
r
M
a
n
e
s
a
r
In
s
t
it
u
t
io
n
a
l
S
e
c
t
o
r
s

/
S
u
s
h
a
n
t

L
o
k
S
o
h
n
a

R
o
a
d

(
IT
)
D
L
F

C
y
b
e
r

C
it
y

(
IT
)
N
H
8
/
U
d
h
y
o
g

V
ih
a
r

(
IT
)
M
a
n
e
s
a
r

(
IT
)
0
20
40
60
80
100
120
140
Grade A Grade B
MG Road
Golf Course Road/Ext /Sohna Road
NH8/Udhyog Vihar (it)
Institutional Sectors /Sushant Lok
NH8/Udhyog Vihar
Manesar (IT) DLF Cyber City (IT)
Golf Course Road/
Ext /Sohna Road (IT)
Manesar
MARKET TRANSACTIONS
(SQ. FT.)
William E Connor Spaze Edge 35,000 Sohna Road Lease
Canara HSBC OBS Insurance Augusta Point 25,000 Golf Course Road Lease
Yamaha Music Spaze Edge 17,000 Sohna Road Lease
ADM Agro Vatika Business Park-Tower-B 15,000 Sohna Road Lease
Yatra Online Unitech Cyber Park 8,000 Gurgaon Lease
Nihon Kohden Spaze Edge 7,500 Sohna Road Lease
COMMERCIAL
Total grade A ofce inventory available for
ft-out in 2Q2011 was over 9.5 million sq ft.
More than 60 per cent of this available supply
was in the form of IT/ITeS ofce space,
concentrated in Golf Course Road, Sohna
Road, Cyber City and Manesar.
This quarter three new grade A commercial
projects were launched in Gurgaon:
Technopolis 2 in sector 52 by Orcus and
Prakash, Ameya in Sector 42 by Ameya
Group and Baani Business Park on Golf
Course Extension Road by Baani group. All
these projects are expected to be completed
by 2013 and will contribute approximately 0.8
million sq ft to the citys ofce stock.
The leasing market remained active, and
absorption increased. Rental values in most
of the locations remained stable, primarily
due to availability of ample existing stock
and continuous addition of new supply to the
market.
Capital values also remained stable during the
quarter.
A plot admeasuring 17.63 acres was bought
by Ambience Developers from Aricent Group
for a total consideration of INR206 crore.
Efective from 1st April 2011, the district
administration of Gurgaon has revised the
circle rates in the city. The circle rates were
revised in the range of 2 to 20 per cent in
various locations, .At the same time in some
locations the rates have been left unchanged.
Institutional Sectors /
Sushant Lok
7%
DLF Cyber
City 14%
MG Road 4%
Manesar 23%
Golf Course Road/
Ext /Sohna Road
26%
NH8/Udhyog Vihar 26%
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | GURGAON
GRADE A AVERAGE RENTAL VALUE PRIME OFFICE SPACE RENTAL TREND
IN
R

p
e
r

s
q

f
t

p
e
r

m
o
n
t
h
180
20
40
60
80
100
120
140
160
2
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
1
Q
2
0
1
2
2
Q
2
0
1
2
IN
R

p
e
r

S
q

f
t

p
e
r

M
o
n
t
h
0
20
40
60
80
120
100
GURGAON
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
4
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
3
Q
2
0
1
0
2
Q
2
0
0
8
3
Q
2
0
0
8
Forecast
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
4
Q
2
0
1
0
3
Q
2
0
1
0
IN
R

p
e
r

s
q

f
t
13000
14000
15000
2000
3000
4000
5000
7000
8000
6000
9000
10000
12000
11000
3
Q
2
0
0
8
Golf Course Road
DLF Phase I
NH-8
Sushant Lok
Sohna Road & Ext
Spire 103 Sector 103
Maceo Sector 91
Fernhill Sector 91
International City Sector 109
I-Nxt Sector 82
Garden Astaire Sector 70 A
Aura Sector 82
Primanti Sector 72
RENTAL VALUE
Sohna Road & Ext
Golf Course Road
NH-8
Sushant Lok DLF Phase I
50
40
30
20
10
0
MARKET TRANSACTIONS
CLIENT PROPERTY
CLASSIFICATION
AREA
(SQ. FT.)
Daikin Villa 6,000 Sector 40 Lease
Denso Apartment 4,000 Sector 30 Lease
Samsung Apartment 4,000 Golf Course Road Lease
Bluestar Apartment 3,800 Golf Course Road Lease
Toyota Apartment 3,250 Golf Course Road Lease
Panasonic Apartment 2,610 Golf Course Road Lease
RESIDENTIAL
Projects launched this quarter include
International City by Sobha Developers,
Primanti by Tata Housing Development
Company, Fernhill by Ansal API, Spire 103
by Spire World, Universal Aura by Universal
Group, I-Nxt by Vatika Group, Garden
Astaire by BPTP Group, and Maceo by Anant
Raj Group. All these projects were launched in
the mid-range in the price band of INR 2,600-
3,750 per sq ft, except International City and
Primanti, which command an asking price in
the range of INR 8,000 8,500 per sq ft.
During 2Q 2011, capital values across all
micromarkets remained stable. Investors were
cautious in making any further investment,
due to increase in lending rates and infation.
Unlike capital values, rental values for prime
residential properties increased marginally
in the range of 2- 3 per cent quarter-on-
quarter in locations such as DLF Phase 1,
Golf Course Road and Sushant Lok, primarily
due to renewed interest from expatriates and
senior executives of MNCs and large Indian
companies. No change was observed in
rental values across Sohna Road, Sohna Road
Extension and NH-8.
This quarter Haryana Urban Development
Authority awarded a contract to India Bulls
Real Estate for the construction of a 12.5-
km road out of the total of 18 km of Dwarka
Expressway. Following this news, a number
of developers started launching their projects
in this area.
1Q2011 2Q2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | GURGAON
CAPITAL VALUE
G
o
lf

C
o
u
r
s
e

R
o
a
d
IN
R

p
e
r

s
q

f
t
S
o
h
n
a

R
o
a
d

&

E
x
t
D
L
F

P
h
a
s
e

I
S
u
s
h
a
n
t

L
o
k
N
H

-

8
0
2000
3000
1000
4000
6000
5000
8000
7000
10000
9000
12000
11000
14000
15000
13000
IN
R

p
e
r

S
q

f
t

P
e
r

M
o
n
t
h
GURGAON
Grade A Grade B
RENTAL VALUES
MARKET TRANSACTIONS
(SQ. FT.)
HCL C 49 55,000 Sector 57 Lease
Net Magic H 223 48,000 Sector 63 Lease
Page Point A 67 27,500 Sector 63 Lease
Foresight Advant IT Park 7,000 Expressway Lease
COMMERCIAL
Over 6 million sq ft of grade A and grade
B ofce space was available for ft-out
in NOIDA this quarter. Grade A supply
was primarily in the form of IT/ITeS ofce
space and was concentrated in Institutional
sectors such as 16A, 62 and Sector 125-
142 alongside the express highway. Grade
B supply was located in Industrial Sectors
such as 1 to 9, 57 to 60 and 63 to 65.
Supertech Limited launched a retail-cum-
ofce complex project, E Square, in Sector
96 on the NOIDA expressway. The project,
admeasuring 0.55 million sq ft of retail-cum-
ofce space, is expected to be ready for ft-out
by the end of 2013.
Rental values for grade A and grade B
ofce space remained stable during the
quarter. Owing to a positive employment
scenario in the IT/ITeS sector, an increase in
absorption was observed but not as much as
in Gurgaon.
Similarly, not much change was observed in
the capital values during the quarter.
To further boost the existing infrastructure in
NOIDA, the Noida Authority has approved a
proposal to build an expressway from Gautam
Buddha Nagar to Faridabad. The 75-m wide
expressway will start from Sector 150,
which would connect four lane bridge on the
yamuna, taking the expressway to Faridabad.
Once completed, the expressway is expected
to ofer commuters direct connectivity to
Faridabad.
Industrial Sectors
(Industrial Usage bt
IT also allowed)
(Sec. 1-9, 57-60, 63-65)
16%
Commercial Sectors
(sec 18) 1%
Institutional Sectors
(Sec.16A, 62, 125-142)
83%
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | NOIDA
2
Q
2
0
0
8
IN
R

P
e
r

S
q
F
t

P
e
r

M
o
n
t
h
0
20
40
60
80
100
120
140
0
20
40
60
80
100
120
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
In
d
u
s
t
r
ia
l
S
e
c
t
o
r
C
o
m
m
e
r
c
ia
l
S
e
c
t
o
r
In
s
t
it
u
t
io
n
a
l
S
e
c
t
o
r

(
IT
)
IN
R

P
e
r

S
q
F
t

P
e
r

M
o
n
t
h
In
s
t
it
u
t
io
n
a
l
S
e
c
t
o
r
s

(
N
o
n

IT
)
2
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
4
Q
2
0
1
0
3
Q
2
0
1
0
Institutional Sectors (Non IT)
Institutional Sectors (IT) Commercial Sectors
Industrial Sector
2
Q
2
0
0
8
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
2
Q
2
0
1
2
1
Q
2
0
1
2
4
Q
2
0
1
0
3
Q
2
0
1
0
IN
R

p
e
r

S
q

f
t

p
e
r

M
o
n
t
h
0
10
20
40
30
50
80
60
70
NOIDA
Forecast
MARKET TRANSACTIONS
CLIENT PROPERTY
CLASSIFICATION
AREA
(SQ. FT.)
Individual Villa 2,500 Sector 50 Sale
Individual Apartment 2,000 Sector 93 B Lease
Individual Apartment 1,600 Sector 50 Sale
Individual Apartment 1,600 Sector 44 Lease
RESIDENTIAL
Projects launched this quarter in NOIDA
included Golden Palm by Nimbus Developers,
Neo World & Blossam Zest by Logix Group,
and Stylom by Prateek Developers. Most of
these projects were launched in the newly
developing sectors along NOIDA expressway
priced in the range of INR 2850 to 4,200 per
sq ft.
This quarter a plotted development project
Pebble Beach was also launched by JayPee
Group in sector 128.
Capital values witnessed an increase in the
range of 3 to 8 per cent quarter on quarter in
almost all the prime residential sectors such
as Sector 44, 93, 92, 62 and sector 50 for
ready to move in properties.
Rental values also increased in the range
of 5 to 7 percent quarter on quarter due to
increased demand and limited supply of the
premium properties in the near term.
Lot of construction activities were observed
in the new projects alongside the expressway
and other newly developing sectors such as
Sector 76,77 and 78. By end of 2012 and
in 2013 a lot of supply is expected to hit the
market as projects launched in 2009 and early
2010 will be ready for possession by then.
This quarter, in a major decision Honourable,
Supreme Court invalidated land acquisition
in Greater Noida popularly known as Noida
Extension. The Apex Court has imposed
a penalty on Greater Noida Industrial
Development Authority (GNIDA) and directed
to return the land which was acquired using
emergency clause from the original owners.
Following the suit, farmers of other villages
have also fled a petition in the court.
1Q2011 2Q2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | NOIDA
Blossom Zest Sector 143
Neo World Sector 150
Golden Palm Sector 168
Stylome Sector 45
NOIDA
RENTAL VALUE
Sector 50
Sector 44
Sector 28,29,30
Sector 92/93
Sector 61,62,63
25
20
15
10
5
0
3
Q
2
0
0
9
IN
R

P
e
r

S
q

F
t

0
1000
2000
3000
4000
5000
6000
8000
7000
9000
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
4
Q
2
0
0
9
2
Q
2
0
1
1
1
Q
2
0
1
1
4
Q
2
0
1
0
Sector 92/93
Sector 61,62,63
Sector 44
Sector 28,29,30
Sector 50
CAPITAL VALUE
0
1000
2000
3000
4000
5000
6000
7000
9000
8000
S
e
c
t
o
r

2
8
,
2
9
,
3
0
S
e
c
t
o
r

9
2
/
9
3
S
e
c
t
o
r

6
1
,
6
2
.
,
6
3
S
e
c
t
o
r

5
0
IN
R

P
e
r

S
q
F
t
S
e
c
t
o
r

4
4
IN
R

p
e
r

S
q

f
t

P
e
r

M
o
n
t
h
2Q2011 GRADE A IT AND NON IT
RENTAL VALUES
C
B
D
IN
R

p
e
r

s
q

f
t

p
e
r

m
o
n
t
h
G
u
in
d
y

(
S
B
D
)
A
m
b
a
t
t
u
r
O
M
R
G
S
T

r
o
a
d
0
10
20
30
40
50
60
70
80
IT NON IT
MARKET TRANSACTIONS
(SQ. FT.)
Cognizant Technology Solutions Ramanujan IT SEZ 600,000 Taramani Lease
Alcatel - Lucent TVH Agnito 122,000 Kandanchavadi Lease
ZOHO DLF SEZ 75,000 Manapakkam Lease
L&T IES DLF SEZ 71,000 Manapakkam Lease
Mphasis DLF SEZ 42,000 Manapakkam Lease
Shriram Group Independent Building 35,000 Santhome Lease
COMMERCIAL
Nearly 11 million sq ft of grade A ofce
space was available for ft-out in Chennai this
quarter. Approximately 85 per cent of this
ofce space was in the form of IT/ITeS ofce
space, primarily located along the OMR (IT
Corridor) and in Ambattur.
In 2Q2011 approximately 0.5 million sq ft of
grade A ofce space was added to the citys
total inventory. Projects or parts of the project
constituting this new supply were Paladium,
developed by Prestige Constructions,
Spacio developed by Sabari Realtor Pvt.
Ltd, and the Film Chamber Building. All these
projects were located in the Central Business
District(CBD) of Chennai. As existing stock
in the CBD is well absorbed, this new supply
will shift demand of commercial ofce space
towards the CBD.
This quarter Bharat Sanchar Nigam Limited
launched a commercial project at Greams
Road.
Rental value remained stable in almost all the
micro markets in Chennai except the CBD,
where an increase in the range of 3-4 per
cent was noticed.
The absorption has improved from the previous
quarter, as companies who were holding their
decision to lease due to to state assembly
elections started fnalizing their expansion
plans. The major sectors contributing to this
demand were IT/ITeS, BFSI, Trade, including
the Healthcare, Real Estate and Construction,
Media & Entertainment, Manufacturing and
Education, Research & Consulting sectors. A
number of IT/ITeS ofce space transactions
were concluded at OMR.
CBD
6%
Guindy (SBD)
1%
Velachery
5%
OMR (IT Corridor)
63%
Ambattur 25%
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | CHENNAI
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
4
Q
2
0
1
0
3
Q
2
0
1
0
2
Q
2
0
0
8
1
Q
2
0
0
8
IN
R

p
e
r

s
q

f
t

p
e
r

m
o
n
t
h
90
20
30
40
50
60
70
80
3
Q
2
0
0
8
Ambattur GST road
OMR (IT Corridor)
Guindy (SBD) CBD
2
Q
2
0
0
8
1
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
1
Q
2
0
1
2
2
Q
2
0
1
2
4
Q
2
0
1
0
3
Q
2
0
1
0
IN
R

p
e
r

S
q

f
t

p
e
r

M
o
n
t
h
0
10
20
30
40
60
50
CHENNAI
Forecast
3
Q
2
0
0
8
4
Q
2
0
0
8
2
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
2
Q
2
0
1
1
4
Q
2
0
1
0
3
Q
2
0
1
0
IN
R

p
e
r

s
q

f
t
21000
1000
3000
5000
7000
11000
13000
9000
15000
17000
19000
1
Q
2
0
0
8
Boat Club
Beasant Nagar
Velachery Alwarpet / R A Puram
Siruseri/ Kazipattur
Adyar
Nungambakkam
Anna Nagar
T Nagar
Sholinganallur
1Q2011 2Q2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | CHENNAI
MARKET TRANSACTIONS
CLIENT PROPERTY
CLASSIFICATION
AREA
(SQ. FT.)
JETRO Beach house 3,500 Neelankarai Lease
Mapletree Apartment 3,000 Boat Club Lease
Mitsubishi Apartment 3,000 Boat Club Lease
RBS Apartment 2,000 Harrington Road Lease
RENTAL VALUE
Adyar
Anna Nagar
Nungambakkam
Boat Club
Siruseri/ Kazipattur
Sholinganallur
Velachery
Alwarpet / R A Puram Beasant Nagar
T Nagar
80
60
40
20
0
RESIDENTIAL
This quarter a number of premium residential
projects/phases of the projects were
completed: Eden Park, developed by L&T
South City in OMR, Bhagyam Bala Villas by
Bhagayam Constructions in Podur, Radhae
Shyam by Shyams Homes in Vannagaram,
Grange by Landmark Constructions in
Pallavakkam, and Casa Del Mar by Vishranthi
Homes in Uthandi.

In suburban areas a number of projects were
launched in Chennai this quarter, including
Purva Windermere by Puravankara Projects
Ltd, Alta Vida by Yuga Homes and Vertica
by landmark Constructions. Unitech also
launched a plotted development project
named Birch Court. All of these projects
were launched in mid-range except Vertica,
which is a 17-storey premium residential
project.

Rental values for premium residential property
witnessed an increase in the range of 2-5 per
cent in prime residential areas, such as Boat
Club, Besant Club and Anna Nagar. This was
primarily attributed to the increasing demand
and shortage of good quality residential
properties in these areas.
Following the previous quarter trend, no
change in capital values of prime residential
properties was recorded during the quarter.
CAPITAL VALUE
B
o
a
t

C
lu
b
N
u
n
g
a
m
b
a
k
k
a
m
IN
R

p
e
r

s
q

f
t
A
n
n
a

N
a
g
a
r
T

N
a
g
a
r
B
e
a
s
a
n
t

N
a
g
a
r
A
d
y
a
r
S
h
o
lin
g
a
n
a
llu
r
A
lw
a
r
p
e
t

/

R

A

P
u
r
a
m
V
e
la
c
h
e
r
y
S
ir
u
s
e
r
i/

K
a
z
ip
a
t
t
u
r
0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
Purva Windermere Pallikaranai
Alta Vida Thaiyur
Vertica Royapettah
Birch Court Nallambakkam
Unnamed Kolathur, GST
IN
R

p
e
r

S
q

f
t

P
e
r

M
o
n
t
h
CHENNAI
1
Q
2
0
1
1
RENTAL VALUES
MARKET TRANSACTIONS
(SQ. FT.)
Logica World Trade Centre 1,00,000 Outer Ring Road Lease
Continuous Computing Prestige Exora 58,837 Outer Ring Road Lease
Zingo Logos 40,000 MG Road Lease
Huawei Prestige Shanthiniketan 31,458 Whitefeld Lease
Qualcomm Adarsh Eco Place 28,000 Whitefeld Lease
Religare Technologies Prestige Blue Chip 20,246 Hosur Road Lease
COMMERCIAL
Approximately 4.5 million sq.ft of grade A
ofce space was available for lease/sale this
quarter. Nearly 80 per cent of this available
stock was for IT/ITeS usage, concentrated in
areas such as Outer Ring Road, EPIP Zone,
Whitefeld and Hosur Road.
New projects launched this quarter included
a one million-sq ft Special Economic Zone in
ORR Hebbal by Karle Group. The project is
expected to complete by the frst quarter of
2013. A small project, admeasuring 36,000 sq
ft, was also launched in the CBD by Richmond
Group.

Projects and parts of projects completed
this quarter included TNR Tech Zone
and Salarpuria Symphony, developed by
Salarpuria Group, located in Whitefeld, and
Hosur Road, respectively, and Sulo House,
an Independent Building in the CBD. All
these projects together contributed approx
0.3 million sq ft to the grade A ofce space.
Beside this approx 0.5 million sq ft of ofce
space was ready for ft-out in ITPL, a Special
Economic Zone developed by Ascendas.

As mentioned in the previous quarter,
demand remained strong for grade A IT/
ITeS ofce space, and a number of large foor
plate transaction were recorded this quarter
as well.
Due to increased absorption and limited
supply in the market, rental values for grade
A ofce picked up and increase in the range
of 4-8 per cent was observed in micro such
as EPIP Zone/Whitefeld, Electronic City and
Outer Ring Road.
CBD 11%
Outer Ring Road
34% Bannerghatta Road 10%
Electronic City 10%
EPIP Zone/ Whitefeld 25%
Hosur Rd 10%
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | BENGALURU
1
Q
2
0
0
8
2
Q
2
0
0
8
IN
R

P
e
r

S
q
F
t

P
e
r

M
o
n
t
h
0
10
20
30
40
50
60
70
80
90
100
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
3
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
0
9
4
Q
2
0
0
9
2
Q
2
0
1
0
3
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
4
Q
2
0
1
0
0
10
20
30
40
50
60
70
80
90
O
u
t
e
r

R
in
g

R
o
a
d
Grade A Grade B
E
le
c
t
r
o
n
ic

C
it
y
(
IT
)
B
a
n
n
e
r
g
h
a
t
t
a

R
o
a
d
E
P
IP

Z
o
n
e
/

W
h
it
e
f
e
ld
H
o
s
u
r

R
o
a
d
IN
R

P
e
r

S
q
F
t

P
e
r

M
o
n
t
h
C
B
D

CBD
Electronic City
Outer Ring Road EPIP Zone / Whitefeld
Hosur Road
Bannerghatta Road
I
N
R

p
e
r

S
q

f
t

p
e
r

M
o
n
t
h
0
5
15
10
20
30
25
50
45
40
35
BENGALURU
2
Q
2
0
0
8
1
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
1
Q
2
0
1
2
2
Q
2
0
1
2
4
Q
2
0
1
0
3
Q
2
0
1
0
Forecast
MARKET TRANSACTIONS
CLIENT
PROPERTY
CLASSIFICATION
AREA
(SQ. FT.)
Individual Apartments 4,000 Kanakpura Road Sale
HSBC Villa 3,200 ORR Lease
H & M Apartments 2,700 Sanjaynagar Lease
Individual Apartments 1,950 Hebbal Lease
L&T Apartments 1,850 Brookfeld Lease
RESIDENTIAL
Projects or phases of projects completed
this quarter include Pebble Bay 2 by
B Raheja Group, Gateway by Brigade
Group, Shanthiniketan by Prestige Group,
Fairmount by Motwani Builders, Sky
Gardens by G Corp, and Metropolis by
Brigade.
A number of new residential projects in
the mid-range category were launched
in Bangalore: Purvankara Midtown by
Purvankara Group, Uniworld Resort by
Unitech Developers, Skylark Esta by Skylark
Developers, and Mantri Alpyne by Mantri
Developers.
Capital values for premium residential
properties increased in the range of 2 to 5
per cent quarter-on-quarter in almost all
the micro markets. Areas such as Central,
Cooke Town, Jaya Nagar and Airport Road
registered the highest percentage increase
in capital values. This increase was primarily
attributed to limited supply and robust
demand in these areas, This micro market
have good connectivity with the CBD and
other commercial hubs.
Rental values for prime residential properties
appreciated in the range of 3 to 7 per cent
quarter-on-quarter across most of the micro
markets, barring few areas such as Indira
Nagar, Koramangala and Yelahanka.
Century Real Estate Developers acquired
a prime residential property on Richmond
Road for a consideration of INR 80 crore
and launched a 36-apartment luxury project,
Century Renata, in the price band of 5 11
crore per apartment.
1Q2011 2Q2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | BENGALURU
CAPITAL VALUE
0
2000
4000
8000
6000
10000
14000
16000
12000
Y
e
la
h
a
n
k
a
W
h
it
e
f
e
ld

(
A
p
p
t
s
)
K
o
r
a
m
a
n
g
a
la
B
a
n
n
e
r
g
h
a
t
t
a

R
o
a
d
In
d
ir
a
n
a
g
a
r
A
ir
p
o
r
t

R
o
a
d
P
a
la
c
e

O
r
c
h
a
r
d
J
a
y
a
n
a
g
a
r
C
o
o
k
e

T
o
w
n
IN
R

p
e
r

S
q

F
t
C
e
n
t
r
a
l
1
Q
2
0
0
8
2
Q
2
0
0
8
3
Q
2
0
0
8
IN
R

p
e
r

S
q

F
t
500
2500
4500
6500
8500
10500
12500
14500
2
Q
2
0
1
0
4
Q
2
0
0
9
1
Q
2
0
1
0
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
3
Q
2
0
1
0
4
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
Central
Bannerghatta Road
Yelahanka
Palace Orchard
Cooke Town Jayanagar
Indiranagar
Whitefeld (Appts)
Airport Road
Koramangala
Palace Orchard
Jayanagar
Cooke Town
Central
Yelahanka
Whitefeld
(Appts)
Koramangala
Bannerghatta Road
Airport Road
Indiranagar
60
50
40
30
20
10
0
RENTAL VALUE
Century Renata Richmond Road
Purvankara Midtown K.R. Puram
Uniworld Resort Electronic City
Skylark Esta Brookfeld
Mantri Alpyne Of Mysore Road
IN
R

p
e
r

S
q

F
t

p
e
r

M
o
n
t
h
BENGALURU
RENTAL VALUES
C
B
D
IN
R

p
e
r

s
q

f
t

p
e
r

m
o
n
t
h
S
e
c
t
o
r

5
B
a
lly
g
u
n
g
e

C
ir
c
u
la
r

R
d
S
e
c
t
o
r

5

(
IT
)
E
a
s
t

K
o
lk
a
t
a
N
e
w

T
o
w
n
,
R
a
ja
r
h
a
t
N
e
w

T
o
w
n
,
R
a
ja
r
h
a
t

(
IT
)
0
20
40
60
80
100
120
140
Grade A Grade B
MARKET TRANSACTIONS
(SQ. FT.)
Ericsson DLF IT SEZ 350,000 Rajarhat Lease
Acclaris Eco space 26,000 Rajarhat Lease
Westwell Iron & Steel Limited PS Space 10,800 Topsia Sale
Vanilla Retail Pvt Ltd Ambuja Eco Center 8,000 Salt Lake Sale
Qatar Airways RDB Boulevard 4,000 Salt Lake Lease
COMMERCIAL
Projects launched this quarter include PS
Srijan Tech Park Phase II by PS Group
and Srijan, Eco Suite by Ambuja Group
and Maestro Business Park by PS Group.
These projects will contribute approximately
one million sq ft to the citys grade A IT/ITeS
ofce space over next three years.
Approximately half a million sq ft of grade
A ofce space were added to the citys total
inventory this quarter, primarily in the form of
IT/ITeS ofce space in PBD. Projects or part
of the projects comprising this supply were
RMZ Ecospace developed by RMZ Corp,
Xtra developed by Rungta Group in New
Town, and PS Pace by PS Group at Topsia.
A minor correction in the range of 2 to 3 per
cent quarter-on-quarter was observed in
rental values of grade A ofce space across
all the CBD and SBD micromarkets barring
PBD locations such as New town and Sector
5. Availability of good grade A buildings
with easy connectivity at relatively low prices
make the PBD locations more preferable
for Corporate. Thus, demand shift has been
observed from CBD and SBD locations to
PBD.
Large foor plate leases were registered in
PBD areas like Rajarhat.
Capital values remained stable across all the
micro markets.
NEW SUPPLY IN PRIME AREAS
PBD
(New Town,Rajarhat)
76%
East Kolkata - 24%
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | KOLKATA
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
4
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
3
Q
2
0
1
0
2
Q
2
0
0
8
1
Q
2
0
0
8
IN
R

p
e
r

s
q

f
t

p
e
r

m
o
n
t
h
160
20
40
60
80
100
120
140
3
Q
2
0
0
8
Ballygunge
Circular Rd
PBD(New T
own ,Rajarhat)
Sector- 5
CBD (Park St,
Camac St,AJC
Bose Rd)
East
Kolkata
IN
R

p
e
r

S
q

f
t

p
e
r

M
o
n
t
h
0
20
10
50
40
30
90
100
70
80
60
KOLKATA
2
Q
2
0
0
8
1
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
1
Q
2
0
1
2
2
Q
2
0
1
2
4
Q
2
0
1
0
3
Q
2
0
1
0
Forecast
3
Q
2
0
0
8
4
Q
2
0
0
8
2
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
1
Q
2
0
1
0
2
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
3
Q
2
0
1
4
Q
2
0
0
9
2
Q
2
0
1
1
1
Q
2
0
1
1
4
Q
2
0
1
0
3
Q
2
0
1
0
IN
R

p
e
r

s
q

f
t
14000
2000
1000
4000
8000
6000
10000
12000
1
Q
2
0
0
8
Bhawanipur
EM Bypass
Alipore Salt Lake
Behela
PA Shah Road Tollygunge
Ballygunge
New Town - Rajarhat
Loudon Street
VIP Road
MARKET TRANSACTIONS
CLIENT PROPERTY
CLASSIFICATION
AREA
(SQ. FT.)
Individual Apartment 1,339 Mahestala Sale
Individual Apartment 1,335 New Town Sale
Individual Apartment 1,275 Kalikapur Sale
Individual Apartment 1,125 Rajarhat Sale
Individual Apartment 1,050 Garia Sale
RESIDENTIAL
Projects or phases of the projects ready
for possession this quarter were Rosedale
Phase-1 by Rosedale Developers, Srijan
Midlands by Srijan Group, Srijoni by
Sweet Hut Construction and Sri Niket by
Goenka Realtors. Approximately 80% of this
new supply was located in New Town and
Jessore Road, The rest of the new supply
rest was distributed between Harinavi and
Kankurgachi.
Projects launched this quarter consist of
Dream Palazzo by Jain Group, Salarpuria
Pearl by Salarpuria Group, and Club Town
Gardens by Space Group. All these projects
were mid-range projects priced between of
INR 2,000 to 2,500 per sq ft.
Capital values across all the markets observed
an appreciation in the range of 2 to 5 per cent
quarter-on-quarter. Areas such as Ballygunge,
Salt Lake and EM Bypass observed the highest
increase in capital values, owing to limited
supply and steady demand in these areas.
Locations such as Bahela, Tollgunge, New
Town and PA Shah Road witnessed marginal
increase in the capital values.
Similarly, rental values appreciated in the
range of 2 to 6 per cent quarter-on-quarter
in areas such as Tollygunge, Alipore, Loundon
Street and Ballygunge. However, micro
markets such as Bahela, Em Bypass and VIP
Road did not observed any change in rental
values during the quarter.
1Q2011 2Q2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | KOLKATA
CAPITAL VALUE
B
h
a
w
a
n
ip
u
r
P
A

S
h
a
h

R
o
a
d
IN
R

p
e
r

s
q

f
t
T
o
lly
g
u
n
g
e
L
o
u
d
o
n

S
t
r
e
e
t
B
e
h
e
la
A
lip
o
r
e
E
M

B
y
p
a
s
s
B
a
lly
g
u
n
g
e
S
a
lt

L
a
k
e
V
IP

R
o
a
d
N
e
w

T
o
w
n

R
a
ja
r
h
a
t
0
2000
4000
6000
8000
10000
12000
Alipore
Tollygunge
PA Shah Road
Bhawanipur
New Town Rarhat
VIP Road
EM Bypass
Ballygunge
Salt Lake
Behela
Loudon Street
40
30
20
10
0
RENTAL VALUE
IN
R

p
e
r

S
q

f
t

P
e
r

M
o
n
t
h
KOLKATA
Dream Palazzo Narayanpur
Salarpuria Pearl Rajarhat Main Road
Club Town Gardens MM Feeder Road
2Q2011 GRADE A IT AND NON IT
RENTAL VALUES
MARKET TRANSACTIONS
(SQ. FT.)
Crisil BlueRidge SEZ 1,00,000 Hinjewadi Lease
Metro AG EON 70,000 Khardi Lease
Tata Tele Services BlueRidge SEZ 45,000 Hinjewadi Lease
Bentley Systems Magarpatta CyberCity 36,000 Magarpatta, Hadapsar Sale
Symantec Western Center III 28,000 Aundh Lease
COMMERCIAL
Nearly 10 million sq ft of Grade A IT/ITeS
ofce stock was available for lease/sale,
primarily in Hinjewadi, Hadapsar, Fursungi,
Kharadi and Airport Road.
No new supply was added to the citys Grade
A ofce stock this quarter. Two new projects,
Pride Infotech Park and Pride House by
Pride Housing and Construction Pvt. Ltd. are
expected to be ready for ft out by next quarter,
resulting in the addition of approximately 0.3
million sq ft of Grade A ofce space to the
citys total commercial inventory.
This quarter, Kumar Builders launched a
Special Economic Zone, Cerebrum, in
Hinjewadi. The project is expected to be
completed in two to three years and will
add approximately 6 million sq ft of ofce
space. Wadhwa Developers also launched a
commercial project in Hinjewadi admeasuring
approximately 0.3 million sq ft, which is
expected to be completed by the end of this
year.
Rental values in almost all the micro markets
remained stable during the quarter. Increased
absorption from the previous two quarters
was unable to push rental values upward due
to the large stock availability.
To further improve the road connectivity
between Pune and Mumbai, the states public
works department (PWD) has started to build
an eight-lane highway along the existing
Sion-Panvel link connecting BARC junction
at Deonar in northeast Mumbai to the Pune
expressway at Kalamboli.
Bavdhan 2%
Senapati Bapat Rd 1%
Airport road 10%
Aundh 1%
Bund Garden 1%
Kharadi 5%
Hadapsar/Fursungi 8%
Nagar Road 55%
Hinjewadi 13%
Kalyani Nagar 5%
1Q2011 2Q2011
VACANCY
ABSORPTION
CONSTRUCTION
RENTAL VALUE
THE KNOWLEDGE REPORT | Q2 2011 | COMMERCIAL | PUNE
1
Q
2
0
0
8
2
Q
2
0
0
8
IN
R

P
e
r

S
q
F
t

P
e
r

M
o
n
t
h
20
30
40
50
60
70
80
90
100
110
120
130
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
3
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
0
9
4
Q
2
0
0
9
2
Q
2
0
1
0
4
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
3
Q
2
0
1
0
0
10
20
30
40
50
60
70
80
K
h
a
r
a
d
i
K
a
ly
a
n
i
N
a
g
a
r
N
a
g
a
r

R
o
a
d
B
a
v
d
h
a
n
H
a
d
a
p
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a
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/
F
u
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s
u
n
g
i
H
in
je
w
a
d
i
S
e
n
a
p
a
t
i
B
a
p
a
t

R
o
a
d
A
u
n
d
h
A
ir
p
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r
t

r
o
a
d
/
p
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e

s
t
a
t
io
n
B
u
n
d

G
a
r
d
e
n
IN
R

P
e
r

S
q
F
t

P
e
r

M
o
n
t
h
B
a
n
e
r
Bavdhan Airport road/pune station
Baner
Khardi
Nagar Road
Hinjewadi / Hadapsar/Fursungi
Kalyani Nagar
Bund Garden
Aundh
Senapati Bapat Rd
IN
R

p
e
r

S
q

f
t

p
e
r

M
o
n
t
h
0
10
30
20
40
70
60
50
PUNE
2
Q
2
0
0
8
1
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
2
Q
2
0
1
2
1
Q
2
0
1
2
4
Q
2
0
1
0
3
Q
2
0
1
0
IT Non IT
Forecast
Mumbai
The major business locations in Mumbai are the CBD (Nariman Point,
Fort and Ballard Estate), Central Mumbai (Worli, Lower Parel and Parel),
Bandra Kurla Complex (BKC) and Andheri Kurla stretch. Powai, Malad
and Vashi are the preferred IT/ITeS destinations, while Airoli at Navi
Mumbai and Lal Bahadur Shastri Marg are emerging as new ofce and
IT/ITeS submarkets.
Delhi
The commercial areas in New Delhi metropolitan area can be broadly
classifed into the CBD (Connaught Place), SBD Nehru Place, Bhikaji
Cama Place, Netaji Subhash Place, Jasola and Saket .
Gurgaon
The prime business locations in Gurgaon are MG Road, Golf Course
Road, Cyber City and Udhyog Vihar. Manesar on the outskirts of Gurgaon
is also emerging as the citys new ofce destination.
Noida
Noida market is comprised of sectors broadly classifed as institutional,
industrial and commercial sectors. Institutional sectors include sec 16A,
62 and 125-142, industrial sectors include sec 1-9, 57-60 and 63- 65
while sector 18 is the most developed commercial sector.
Chennai
Prime ofce properties in Chennai are located in four principal sub-
markets: the CBD, the IT Corridor, the SBD and the PBD. The SBD
comprises Guindy, Manapakkam, Velachery and other areas. The PBD
primarily includes Ambattur and GST Road, while the IT Corridor is the
Old Mahaballipuram Road (OMR) in south Chennai.
Bengaluru
Prime ofce properties in Bangaluru can be divided into three principal
sub-market CBD, the SBD consisting of Banerghatta Road & Outer
Ring Road (ORR) and PBD including Hosur Road, EPIP Zone, Electronic
City and Whilefeld.
Pune
The prime ofce sub-markets of Pune include Deccan Gymkhana,
Senapati Bapat Road & Camp (SBD), while the PBD includes Aundh,
Bund Garden, Airport Road and Kalyani Nagar, among other locations.
The eastern corridor, along with Nagar Road and Kharadi, have emerged
as a preferred location for fnancial and IT/ITeS companies.
Kolkata
The major business locations in Kolkata are CBD (Park Street, Camac
Street, AJC Bose Rd, Chowranghee Rd), Ballygunge circular Rd, East
Kolkata and PBD (New Town & Rajarhat). The area around Park Street,
Camac Street and AJC Bose road houses number of high-rises
commercial buildings such as Chatterjee International Centre, Tata
Centre, Everest House and Industry House among others.
Mumbai
The high-end residential real estate markets in Mumbai include Malabar
Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy,
Colaba, Cufe Parade, Prabhadevi, Worli, Bandra, Khar, Santacruz, Juhu
and Powai.
Delhi
The prime residential areas in Delhi are in the South region and
comprise Vasant Vihar, Westend, Shanti Niketan, Anand Niketan and
Central Delhi locations. These areas enjoy proximity to embassies, the
airport and central commercial areas - Connaught Place.
Gurgaon
The prime residential locations of Gurgaon include Golf Course Road,
DLF Phase I, Sushant Lok and Sohna Road. The Delhi- Jaipur Highway
(NH-8) is also emerging as a preferred residential location owing to its
proximity to the national capital.
Noida
Noida premium residential market is comprised of sectors 44, 50, 92,
61,62,63 , 28, 29, 30 and Taj Express Highway.
Chennai
The prime residential areas in Chennai include Thiruvanmiyur, Valmiki
Nagar and Besant Nagar, R.A Puram, Mylapore and Adyar in South
Chennai, Nungambakkam, Chetpet, Poes Garden, Egmore, Alwarpet,
T. Nagar in Central Chennai; and Anna Nagar, Kilpauk in North West
Chennai.
Bengaluru
The residential market of Bengaluru comprises both apartments and
independent residences. Currently, high-end residential developments
are mainly concentrated along the CBD, and Eastern and South precincts
of the city. Recently, Northern Bengaluru has also witnessed a spree of
realty activity facilitated by the new International Airport at Devanhalli.
Kolkata
The prime residential areas in Kolkata include PA Shah Road, Tollygunge
and Bhawanipur in South Kolkata, Alipore and Behala in South-west
Kolkata, Loudon Street and Ballygunge in Central Kolkata; and Salt Lake,
EM Bypass and VIP Road in North Kolkata.
COMMERCIAL SUBMARKETS RESIDENTIAL SUBMARKETS
THE KNOWLEDGE REPORT | Q2 2011 | RESIDENTIAL | SUBMARKETS
CITY BAROMETER
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter
This report and other research materials may be found on
our website at www.colliers.com/India. Questions related
to information herein should be directed to the Research
Department at the number indicated above. This document
has been prepared by Colliers International for advertising
and general information only. Colliers International makes
no guarantees, representations or warranties of any kind,
expressed or implied, regarding the information including, but
not limited to, warranties of content, accuracy and reliability.
Any interested party should undertake their own inquiries
as to the accuracy of the information. Colliers International
excludes unequivocally all inferred or implied terms,
conditions and warranties arising out of this document and
excludes all liability for loss and damages arising there from.
Copyright 2011 - 2012 All Rights Reserved.
Colliers International (India) provides property services to property Investors and Occupiers. We
deliver customised service solutions utilising local and global knowledge in partnership with our
clients via our property Investment and Occupier service lines. These service lines include - Ofce
Services, Facility Management, Land Sales, Project Management, Residential Services, Retail
Services, Investment Services and Valuation & Advisory Services.
For more information please visit www.colliers.com/india
Mumbai : George Mckay, South Asia Director
George.mckay@colliers.com

Poonam Mahtani, Ofce Director
Poonam.mahtani@colliers.com
31/A, 3rd foor, flm Center, 68, Tardeo Road, Mumbai - 400 034
Tel : 91 22 4050 4500 fax: 91 22 2351 4272
New Delhi : Vikas Kalia, National Director
Vikas.kalia@colliers.com
Ajay Rakheja, Ofce Director
Ajay.rakheja@colliers.com
2204/205, 2nd foor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi- 110001
Tel:91 11 4360 7500 - 23 fax: 91 11 2335 6624
Bengaluru : Joe Verghese, Managing Director
Joe.verghese@colliers.com
Goutam Chakraborthy, Ofce Director
Goutam.chakraborthy@colliers.com
Prestige Garnet, Level 2, Unit No.201/202, 36 Ulsoor Road, Bengaluru - 560 042.
Tel: 91 80 4079 5500 fax:91 80 4112 3131
Pune : Suresh Castellino, Ofce Director
Suresh.castellino@colliers.com
Vatika Business Center, Level-5,C Wing, Panchsheel Tech Park-1, Yerwada
Pune- 411 006. Tel : 91 20 4011 1356
Gurgaon : Saccketh Chawla, Ofce Director
Saccketh.chawla@colliers.com
G3-5th Floor, NewBridge Business Centers, TechnoPolis, DLF Golf Course Main Road,
Sector 54, Gurgaon - 122002. Tel : 91 124 437 5807 fax : 91 124 437 5806
Chennai : Kaushik Reddy, Ofce Director
Kaushik,reddy@colliers.com
Heavitree Complex, Unit 1C, 1st foor, 23,Spurtank Road, Chetpet,
Chennai - 600 031. Tel : 91 44 2836 1064 fax: 91 44 2836 1377
Kolkata : Ajay Rakheja, Ofce Director
Ajay.rakheja@colliers.com
Infnity Business Centre, Infnity Benchmark, Room No 13, Level 18, Plot G - 1, Block EP & GP,
Salt Lake Sector V, Kolkata - 700 091. West Bengal, India
Tel : +91 33 2357 6501 Extn : 206 , Fax +91 33 2357 6502
Recent Reports :
- India Property Market Overview 1Q 2011
- Asia Pac Ofce Market Overview - Q1-2011
- Asia Pac Real Estate Investment Market Bulletin - Second Half 2010
- Global Ofce Market Overview - Second Half 2010
- Asia Pac Industrial Market : May-2010
AUTHORS
Amit Oberoi
National Director, Valuation & Advisory; Research
Tel: 91 11 4360 7500
Email: Amit.oberoi@colliers.com
Surabhi Arora MRICS
Senior Manager, Research
Tel: 91 11 4360 7542
Email: Surabhi.Arora@colliers.com
For general queries and feedback :
India.Research@colliers.com
For Press enquiries:
Poonam Mahtani
National Director, Knowledge System
Tel: 91 22 4050 4500
Email: India.marketing@colliers.com
This book is printed on 100% Recyclable paper
THE KNOWLEDGE REPORT | Q2 2011
512 OFFICES IN 61 COUNTRIES ON
6 CONTINENTS
USA 125
Canada 38
Asia 32
ANZ 182
Latin America 18
EMEA 117
US $59 billion in annual transaction volume

2.2 billion square feet under management
12,509 Professionals
US$ 1.5 billion in annual revenue

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