H1 2014 - Market Insights

Market Insights
September 2014
Capri Global Capital Limited
CONTENTS
CONTENTS
Macro Economic
Performance
Residential
Segment
Overview
Developments
Key
Appendix
Macro Economic Performance
Positive signals as economy grew fastest in the past nine

quarters
GDP Growth
9%
8%
7%
6%
5%
5.70%
Average Growth Rate (Past Nine Quarters)
4%
3%
2%
1%
0%
Q1 2012-13
Q2 2012-13
Q3 2012-13
Q4 2012-13
Q1 2013-14
Q2 2013-14
Q3 2013-14
Q4 2013-14
Q1 2014-15
Quarterly GDP Growth (%)
As the political impasse gave way to a strong decisive mandate to the Modi-led government, the trend of declining economic activity witnessed in last two
years was reversed. Economic growth revived to surpass industry expectations during the April-June quarter of 2014-15;
Growth revival was led by resurgence in manufacturing sector which grew by 3.5% (after experiencing contraction in the past two quarters), with overall
industrial growth at 4.2% vis--vis -0.4% in Q1 2013-14;
A stable Government with an incremental reformist approach has led to revival in business sentiments. Investments rebounded in April June 2014-15,
with gross fixed capital formation registering a 7% growth (highest in the past 24 months) vis--vis 2.8% contraction during in the same quarter last year; &
Going forward, for a sustained momentum in economic activity, provision of a conducive policy environment focused on reducing supply bottlenecks in the
system would be critical.
Source: Ministry of Statistics and Programme Implementation and CGCL Research
Post a period of limited activity, FDI increased by 22% in

April-June 2014-15
USD bn
70
USD bn
60
Metallurgical
Industries
5%
50
40
30
20
10
Chemicals
(excluding Fertilizers)
6%
Total FDI (USD Billion)
Power
6%
Drugs &
Pharmaceuticals
8%
Computer Software
and Hardware
9%
Telecommunications
11%
Construction
Development:
Townships, Housing,
built-up
Infrastructure
16%
FDI Equity flows (USD Billion)
FDI Inflows (USD Bn)
Services Sector**
27%
Automobile Industry
7%
2005-06 2006-07 2007-08 2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15*
Hotel & Tourism

5%
Cumulative FDI Inflows Sectoral Distribution (%)
Improved investor sentiment on account of stable central leadership coupled with a revival in growth has led to increased foreign investment in recent
months. Total FDI inflows during April-June 2014-15 were USD 11 bn vis--vis about USD 9 bn witnessed during the corresponding period in 201314;
Resonating with the momentum in overall investment flows, the FDI flows for construction development increased y-o-y by 68% during April-June
2014-15; &
Going forward, the momentum of FDI flows is expected to be sustained as the Government focuses on improving the business environment. Few
measures include increased foreign investment limits in defense and insurance sectors to 49% coupled with relaxation of FDI norms in real estate
(built-up asset and capital conditions relaxed).
** Services sector includes Financial, Banking, Insurance, Non- financial/ business, Outsourcing, R&D, Courier, Tech. Testing and analysis
Source: Department of Industrial Policy and Promotion and CGCL Research
FIIs confidence in Realty stocks renewed in May and June

2014
USD bn
USD mn
120
FII Realty (USD Million)
Total FII (USD Billion)
100
6
80
4
60
40
2
20
0
0
-20
-2
FIIs have invested USD 124 mn in

May and June 2014 in Realty stocks
-40
-4
-60
January
February
Morch
April
May
June
Net FII Flows (Jan-Jun 2014)
Revival in business sentiments during the last two months of Q2 2014 (on the back of a decisive political mandate in general elections) was reflected
in institutional investments too ~ Net Foreign Institutional Investments (FIIs) (both debt and equity) in May and June stood at over USD 11 bn;
Reflecting the overall market, investments in realty stocks also witnessed increase during May and June 2014 ~ listed developers such as Oberoi
Realty, Omaxe, amongst others, witnessed an increase in FII shareholdings (as a percentage of total shareholding) in recent months; &
Increase in foreign investments have had a positive impact on the Rupee movement as well vis--vis major global currencies.
Source: Securities and Exchange Board of India, National Securities Depository Limited and CGCL Research
But countervailing factors kept the Rupee stable in JanAug 2014

Exchange Rate (INR/USD)
INR/USD
54
55
56
The Rupee gained by more than 5% against the US dollar on

the back of growing expectations of a stable government at
the Centre
57
58
Post reaching a peak in May, the Rupee declined by more

than 3% till August on account of global factors such as the
ongoing Iraq crisis
59
60
61
62
63
64
1/1
1/15
1/29
2/12
2/26
3/12
3/26
4/9
4/23
5/7
5/21
6/4
6/18
7/2
7/16
7/30
8/13
8/27
Month/Day
Rupee Movement vis--vis US Dollar (Jan-Aug 2014)
Post a volatile period in 2013, the Indian Rupee has largely been range bound in first eight months of 2014, appreciating by around 2% during the
period; &
Going forward, the Rupee is expected to remain range bound with factors such as pro-reform Government policies expected to strengthen the Rupee,
while concerns over capital outflows on possible increase of interest rates by the US Federal Reserve may weaken the Rupee.
Source: Reserve Bank of India and CGCL Research
Buoyed by foreign capital inflows, Sensex touched record

levels, however, Realty stocks underperformed
Sensex Index Value
30,000
Realty Index Value

2,500
27,500
2,250
25,000
2,000
22,500
1,750
20,000
17,500
1,500
15,000
1,250
Post formation of a stable Government, the Sensex

has sustained momentum to reach 26,638 by
August-end, however, the Realty Index has not been
able to match Sensex, declining by 23% after
touching peak in June 2014
12,500
10,000
7,500
Between January and May 2014 (week of announcement of general election

results), both Sensex and Realty Index increased witnessing 17% and 34%
increment respectively
1,000
750
5,000
500
1/1
1/15
1/29
2/12
2/26
3/12
3/26
4/9
4/23
S&P BSE Sensex
5/7
5/21
6/4
6/18
7/2
7/16
7/30
8/13
8/27
S&P BSE Realty Index
Stock Indices ~ BSE Sensex and Realty Index (Jan-Aug 2014)
Overall, during the first eight months of 2014, Sensex and Realty Index increased by 26% and 17% respectively ~ The Realty Index has
underperformed the overall Sensex, owing to a decline witnessed in past two months on the back of poor performance of indexs major players such
as DLF and Unitech, which have witnessed legal setbacks in the months of July and August.
Source: Bombay Stock Exchange and CGCL Research
Further, credit costs remained high as the Central Bank

maintained a hawkish stance to curb inflation
Percentage
14%
12%
RBI target of 8% inflation by January 2015
RBI target of 6% inflation by January 2016
10%
8%
6%
4%
2%
0%
CPI (IW)
Repo Rate
Reverse Repo Rate
Credit Costs ~ Repo and Reverse Repo (%) and Inflation ~ CPI (%)
Retail inflation eased in the first half of 2014 to below 8% levels (the short term target set by RBI), as the Central banks tight monetary policy in the
past 15 months have yielded results coupled with slower annual increments in fuel and cloth prices;
However, despite sub 8% levels, the Central bank kept the repo and reverse repo rates stable in 2014 on account of concerns remaining over
possibility of inflation heading north over monsoon deficit in conjunction with the Central banks focus on ensuring continued trend of lowered
inflation levels as growth picks up; &
Unchanged repo and reverse repo rates left banks with limited room for reduction of lending rates, which led to continuance of higher funding costs
for the real estate sector.
Source: Ministry of Statistics and Programme Implementation, Reserve Bank of India and CGCL Research
Residential Segment Overview

Overview|H1 2014
Overall Supply (units)
Supply Distribution ~ Top 3 and Other Four Leading Cities*
200,000
180,000
#112,797 units
37% decline vis--vis H2 2013
Number of Units
160,000
Supply share
in H2 2013
140,000
120,000
100,000
73% 70%
80,000
Supply share
in H1 2014
30% 27%
60,000
40,000
20,000
0
H2 2013
Supply (units)
H1 2014
Absorption Distribution ~ Top 3 and Other Four Leading Cities*
Top 3 cities
Other 4 Cities
Overall Absorption (units)

160,000
65% 63%
Absorption
share in H1
2014
140,000
#103,040 units;
23% decline vis--vis H2 2013
120,000
100,000
37% 35%
80,000
60,000
Number of Units
Absorption
share in H2
2013
40,000
20,000
0
Top 3 cities
Other 4 Cities
H1 2014
Absorption (units)
H2 2013
Subdued economic environment since past two years, high inflation and interest rates, coupled with rising inventory levels led to restrained demand-supply activity;
Despite a decline in new launches, overall unsold inventory levels increased by more than 10% during the review period. The increase was led by NCR which
observed an increment in its unsold stock by approximately 8%;
Demand-supply activity was primarily focused on affordable housing segment during the review period, with preference for projects offering 2 and 3 BHK
configurations; &
The weighted average price in five of the top seven cities witnessed subdued appreciation during H1 2014, amidst pressures owing to high unsold inventory levels.
Appreciation in MMR and Pune was primarily skewed due to launches above the prevailing base sale price in the city coupled with decline in new launches.
Notes: *Top 3: MMR, NCR and Bengaluru; Other Four: Chennai, Pune, Hyderabad and Kolkata
Source: PropEquity and CGCL Research
11
Delhi-NCR
Kolkata
Hyderabad
Bengaluru
MumbaiMMR
Chennai
Pune
City Level Insights

H1 2014
H1 2014
Supply (New Launches): 28,008 units
Absorption: 27,774 units
Weighted Avg. Launch Price: INR 8,324/sft
Mumbai Metropolitan Region

Mumbai, Navi Mumbai & Thane
Demand-Supply Activity
Half Yearly City Level Supply (units)
Micro-market wise Supply Distribution (H1 2014)
75,000
67,500
Number of Units
60,000
Average Supply
24%
52,500
45,000
45%
37,500
30,000
22,500
15,000
31%
7,500
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Thane
Mumbai
Navi Mumbai
Half Yearly City Level Absorption (units)
Micro-market wise Absorption Distribution (H1 2014)
60,000
52,500
18%
37,500
30,000
20%
22,500
62%
15,000
7,500
Thane
Navi Mumbai
Mumbai
0
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
Owing to dampened sentiments of previous seven to eight quarters, the demand albeit subdued, continued to be led by end users vis-a-vis investors in the
MMR, with the former focusing on affordability which led to dominance of cost effective peripheral locations in Thane and Navi Mumbai, while Western
suburbs led within the core Mumbai city (on back of proximity to commercial hubs and better connectivity to other parts of the city);
As unsold inventory levels remained high along with impending elections both at the Centre (May 2014) and at the State (Oct 2014), developers continued to
discount with approximately 50% reduction in new launches in H1 2014, focusing primarily on mid and high end segments in peripheral locations of MMR; &
Some of the projects launched included Runwal Eirene by Runwal Group, Acropolis Ph-III by Arkade Group, Godrej City by Godrej Properties, Western Heights
by Adani Group, Transcon Auris Ivorine by Transcon Developers, amongst others.
14
Number of Units
45,000
Average Absorption
Pricing and Unsold Inventory

Pricing (INR/sft) and Unsold Inventory (units)
MMR Residential
H1 2014*
H2 2013
Weighted Average Price

New Launches (INR/sft)
8,324
6,195
Unsold Inventory (units

000)
213.76
213.53
9,000
250
200
7,000
Price (INR/sft)
6,000
150
5,000
4,000
100
3,000
2,000
50
1,000
0
H1 2011
H2 2011
H1 2012
H2 2012
Weighted Average Price - New Launches
H1 2013
H2 2013
H1 2014
Unsold Inventory
As decline in new launches outpaced the decrease in absorption, the demand-supply gap for the region reduced during the review period, which in turn led to
only marginal increase in unsold inventory levels during H1 2014; &
The weighted average price of new launches witnessed an increment of 34% during H1 2014 in MMR, as Mumbai city (having higher prices than average
MMR base sale price) had a larger share in new launches during the review period (31% in H1 2014 vis--vis 21% in H2 2013).
Notes: The base data for the analysis incorporates row houses/villas, Independent floors/low rise and Plots
15
Unsold Inventory (Number of Units - '000)
8,000
Top Ten Performers

Top 10 Locations based on Absorption (units)
Top 10 Locations based on New Supply (units)

Absorbed
Units
Location
45%
55%
Top10 Locations
Others
Dombivali (E) (Thane)

Badlapur (Thane)
Panvel (N.Mum)
Virar (W) (Thane)
Kalyan(W) (Thane)
Ulwe (N.Mum)
Ambernath (Thane)
Ghodbunder Road
(Thane)
Nalasopara (W)
(Thane)
Vasai (E) (Thane)
3,191
1,530
1,484
1,224
931
913
902
42%
58%
901
781
730
Top10 Locations
Top 10 Developers based on Absorption (units)
Location
17%
83%
Lodha Group
Runwal Group
Godrej Properties
Sugandhi Builders
Rashmi Housing
Kalpataru
Rustomjee Group
Raunak Group
Panvelkar
Shreenath
Enterprises
Top 10 Developers
Launched
Units
Location
Neral (N. Mum)
Dombivali (Thane)
Panvel (N.Mum)
Virar (W) (Thane)
Andheri (W) (Mum)
Dahisar (E) (Mum)
Worli (Mum)
Powai (Mum)
Sector 37 Kharghar
(N.Mum)
Majiwada (Thane)
2,196
1,332
1,312
1,268
833
786
784
761
730
708
Others
Top 10 Developers based on New Supply (units)
Absorbed
Units
2,332
524
346
261
251
210
201
191
177
39%
61%
164
Others
Mum - Mumbai; N.Mum - Navi Mumbai
Launched
Units
Location
Top 10 Developers
Runwal Group
2,132
Vijay Group
2,000
Lodha Group
1,012
Godrej Properties
890
Hiranandani
720
Soham Developers
700
Arkade Developers
634
Adhiraj Constructions
600
Wadhwa Group
590
Vaastu Siddhi Group
559
Others
16
H1 2014
National Capital Region

Delhi, Gurgaon, Noida, Gr. Noida,
Ghaziabad & Faridabad
80,000
Number of Units
70,000
23.2%
60,000
Average Supply
0.4%
50,000
41%
40,000
10.9%
30,000
1.1%
20,000
23.5%
10,000
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
Faridabad
H1 2014
Ghaziabad
Greater Noida
Gurgaon
New Delhi
Noida
60,000
23.7%
Average Absorption
1.3%
40,000
42.0%
30,000
13.7%
20,000
0.8%
10,000
18.5%
Faridabad
Ghaziabad
Greater Noida
Gurgaon
New Delhi
Noida
0
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
High interest costs coupled with sluggish economic activity in the past 24 months meant residential traction in NCR continued to remain tepid during H1 2014
as both investors and end-users adopted a cautious approach. Absorption witnessed a decline of approximately 51% vis--vis H2 2013 ~ more than 65% of
the sales were accounted by Greater Noida and Ghaziabad (primarily in mid segment) followed by Gurgaon (with traction in both mid and high end projects);
As the region remained a supply laden market, developers remained hawkish towards new launches and focused on completion of existing projects ~ new
supply declined by 25%, with units primarily being released in mid end segment in Greater Noida and Ghaziabad and in high end segment in Gurgaon; &
Key projects launched included One India Bull by IREL (Indiabulls), Oasis by Godrej Properties, Enviro City by Lotus Greens Developers, amongst others.
18
Number of Units
50,000

H1 2014*
H2 2013

4,124
3,842

000)
182.34
169.13
4,500
200
4,000
180
160
3,500
140
Price (INR/sft)
3,000
120
2,500
100
2,000
80
1,500
60
1,000
40
500
20
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Unsold Inventory
The demand-supply gap for NCR was maximum during the review period, as a steep decline in absorption outpaced decline in new launches, thus leading to
an increase of approximately 8% in unsold stock in H1 2014 ~ more than 46% of the unsold inventory was accounted by Greater Noida followed by
Ghaziabad and Gurgaon at approximately 19% and 17% respectively; &
The weighted average price of new launches witnessed a moderate increment of 7% during H1 2014, as Gurgaon (having higher prices than average NCR
base sale price) had a relatively larger share in new launches during the review period (23% in H1 2014 vis--vis 13% in H2 2013).
Notes: *an increase in price and a decline in unsold inventory taken as positive and vice versa
19
NCR Residential
Top Ten Performers

46%
Top 10 Locations
Raj Nagar Ext. (Gzb.)

Tech Zone IV (Gr. Noida)
Yamuna Exp. (Gr. Noida)
Sec.16C (Gr. Noida)
Sec. 1 (Gr. Noida)
NH-24 Bypass (Gzb.)
Pratap Vihar (Gzb.)
Sec. 6B (Gr. Noida)
Jaypee Sp. City (Gr. Noida)
Crossings NH-24 (Gzb.)
1,055
1,030
943
705
704
679
532
500
278
270
Top 10 Locations
22%
78%
Top 10 Developers
51%
49%
Others
Location
Prateek Buildtech
Amrapali Group
Vatika Group
Mahagun
Supertech Limited
Wave Infratech
Jaypee
Gaursons India
Oasis Group
Godrej Properties
Launched
Units
Location
Absorbed
Units
Location
54%
Others
Yamuna Expressway
(Gr. Noida)
Pratap Vihar (Gzb.)
Sector 1 (Gr. Noida)
NH-24 Bypass (Gzb.)
Sector Omicron-1
(Gr.Noida)
Tronica City (Gzb.)
Sector 16B (Gr. Noida)
Tech Zone IV
(Gr. Noida)
Sector 5 (Gurg.)
Sector 129 (Noida)
2,500
2,188
1,622
1,610
1,150
1,038
1,000
978
950
900
Absorbed
Units
450
391
374
332
324
320
308
273
236
231
Others
Gzb - Ghaziabad; Gr. Noida - Greater Noida; Gurg - Gurgaon
Launched
Units
Vihaan Developers
2,000
Prateek Buildtech
1,388
Gaursons India
1,246
Vatika Group
1,175
Magnum Group
1,038
Agarwal Developers
1,000
Amrapali Group
980
Mahagun
924
Bayaweaver
900
IREL (Indiabulls)
888
Location
42%
58%
Top 10 Developers
Others
20
H1 2014
Bengaluru
40,000
Number of Units
35,000
30,000
6%
Average Supply
25,000
27%
50%
20,000
15,000
1%
10,000
16%
5,000
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Central
North East
North West
South East
South West
30,000
8%
25,000
20,000
44%
34%
15,000
10,000
1%
Central
North East
5,000
13%
North West
South East
South West
0
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
Led by steady demand from IT workforce, the Bengaluru residential market remained most resilient during H1 2014, with the decline in sales at 5%, being the
smallest across top seven cities;
Owing to high unsold stock, developers remained cautious with subdued new launches, primarily in mid and high end segments. Some of the projects
launched included Republic of Whitfield by DivyaSree Developers, Purva Palm Beach by Puravankara, E City Town II by GM Infinite dwelling, amongst others; &
Proximity to commercial hubs and affordable price points led to continuance of attractiveness of peripheral locations such as Electronic City, Whitefield, Hennur
Road, Sarjapur Road, Marathahalli, Hebbal, KR Puram, amongst others, across North East and South East micro markets of the city.
22
Number of Units
Average Absorption

H1 2014*
H2 2013

4,556
4,239

000)
87.13
86.89
5,000
100
4,500
90
4,000
80
3,500
70
3,000
60
2,500
50
2,000
40
1,500
30
1,000
20
500
10
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Unsold Inventory
Steady demand coupled with fewer launches led to reduction in demand-supply gap, which in turn led to a marginal increase in unsold inventory levels
during the review period; &
Despite slowdown in launches, the weighted average price of new launches witnessed a moderate increment of 7% during H1 2014, as developers factored
in increase in input costs.
Notes: *an increase in price and a decline in unsold inventory taken as positive and vice versa
23
Price (INR/sft)
Bengaluru Residential
Top Ten Performers


Absorbed
Units
Location
44%
56%
Top10 Locations
Whitefield
Electronic City
Sarjapur Road
Sarjapur
Hosur Road
K.R. Puram
Haralur Road
Bannerghatta Road
Kanakpura Road
Hennur Road
2,764
2,206
1,171
947
789
736
683
631
618
607
29%
71%
Others
Top10 Locations
Location
21%
79%
Top 10 Developers
Prestige Group
DivyaSree
Puravankara
Shriram Properties
Provident Housing
Prabhavathi
Builders
DS-Max Properties
Sobha Developers
Indya Estates
Dreamz Infra
Launched
Units
Location
Electronic City
Hoskote
Whitefield
Gunjur
Sarjapur Road
Hennur Road
Haralur Road
Yeshwantpur
Thanisandra
Binnypet
2,176
1,613
1,465
1,211
1,204
1,091
1,080
840
721
703
Others
Absorbed
Units
970
840
819
509
467
45%
55%
396
390
336
328
327
Others
Launched
Units
Location
Top10 Developers
Others
GM Infinite Dwelling
1,400
DivyaSree
1,300
Prestige Group
1,211
Shriram Properties
Mahaveer Reddy
Structures
1,096
980
Namma Mane Housing
900
Shapoorji Pallonji
703
Esteem Group
700
Puravankara
651
Assetz
449
24
H1 2014
Chennai
Half-yearly City Level Supply (units)
25,000
30%
Average Supply
15,000
10,000
6%
64%
5,000
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
North East
North West
South East
South West
Half-yearly City Level Absorption (units)
20,000
15,000
Average Absorption
38%
48%
10,000
5,000
13%
1%
0
North East
North West
South East
South West
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
The overall macro economic condition impacted the Chennai market too, with end users delaying purchases, while developers focused on completion of
existing projects. Consequently, a decline of 12% and 14% was witnessed in supply and absorption respectively during H1 2014;
Availability of land parcels, affordability, proximity to IT hubs coupled with improving connectivity owing to under construction metro network remained key
drivers for demand-supply activity in peripheral locations of South West and South East Chennai. The 12-15 km Old Mahabalipuram Road (OMR) stretch in
South East including Semmancherry, Thiruporur, Thuraipakkam, Kelambakkam, Egattur, Indiranagar, Perungudi remained most active; &
Key projects launched included Eden Park Ph II (Almond-Marigold & Peach) by L&T Properties, Serene by Mantri Developers, amongst others.
26
Number of Units
Number of Units
20,000

Chennai Residential
H1 2014*
H2 2013

4,997
4,358

000)
42.18
44.45
6,000
50
40
35
Price (INR/sft)
4,000
30
3,000
25
20
2,000
15
10
1,000
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Unsold Inventory
In the past one year, the city based developers have responded prudently to the subdued demand levels in the region by holding on to new launches.
Consequently, demand led supply by more than 2,000 units in both H2 2013 and H1 2014, thus leading to a 5% decline in unsold stock in past 12 months; &
An increase of 15% in weighted average price of new launches during first six months of 2014 is primarily on account of launch of projects in higher budget
segments and in part due to decreasing unsold stock.
27
45
5,000
Top Ten Performers

Location
35%
65%
Top10 locations
Padur (OMR)
Perumbakkam
Porur
Ambattur
Siruseri (OMR)
Padappai
Tambaram
Sholinganallur (OMR)
Kelambakkam (OMR)
Chromepet

Absorbed
Units
3,191
1,530
1,484
1,224
931
913
902
901
781
730
74%
26%
Top 10 Locations
Others
Location
22%
78%
Top 10 Developers
Others
Arun Excello
Foundations
L&T Properties
VGN
Pdotg Constructions
Amarprakash Group
Ruby Builders
Step Stone
Mahindra Lifespaces
Jain Housing &
Constructions
TVH Builders
Launched
Units
Location
GST Road
Siruseri (OMR)
Sriperumbudur
Pallavaram
Tambaram
Arasankazhani (OMR)
Padur (OMR)
Chembarambakkam
Sholinganallur (OMR)
Manapakkam
860
712
636
552
458
383
357
350
288
258
Others
Absorbed
Units
2,332
524
346
261
251
210
201
191
177
164
Launched
Units
Location
34%
66%
Top10 Developers
Hall Mark Infrastructure
860
L&T Properties
712
Vijay Shanthi
548
Ruby Builders
538
BSCPL Infrastructure
383
TVH Builders
357
Vishwakarma(Chennai)
284
Tata
250
Isha Homes
216
Mantri Developers
168
Others
28
H1 2014
Supply (New Launches):15,366 units
Pune
Half-yearly City Level Supply (Units)
40,000
22%
30,000
Average Supply
25,000
31%
20,000
18%
15,000
10,000
5,000
29%
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
North East Pune
North West Pune
South East Pune
South West Pune
30,000
21%
25,000
Average Absorption
20,000
42%
15%
15,000
10,000
5,000
22%
North East
North West
South East
South West
0
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
At an overall level, with the background of a cautious environment, the citys residential market witnessed sluggish activity during H1 2014, as both supply and
absorption declined by 50% and 19% respectively;
The North West micro market has led the demand-supply activity in recent years; however, as prominent locations of Wakad and Hinjewadi (being commercial
hubs) in the micro market lead to saturation, the focus has shifted to adjoining areas of Ravet, Punawale, Moshi, amongst others offering units at lower price
points. Besides these, locations such as Hadapsar, Handewadi Road, Phursungi, Bavdhan etc. in Southern micro markets of the city have been witnessing
increasing interest owing to proximity to SP Infocity (IT Park) and Mumbai-Pune Highway; &
Key projects launched included Dream City by DS Kulkarni Developers, Stargaze by Kolte Patil Developers, Presidio by Prithvi Edifice, amongst others.
30
Number of Units
Number of Units
35,000

Pune Residential
H1 2014*
H2 2013

5,547
4,229

000)
79.23
81.80
6,000
90
70
Price (INR/sft)
4,000
60
50
3,000
40
2,000
30
20
1,000
80
5,000
10
0
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Unsold Inventory
Unsold inventory levels declined by more than 2% during H1 2014, as decline in absorption was corresponded by a sharper decrease in new launches by the
developers; &
The weighted average price increased by 31% during H1 2014, primarily skewed on account of new launches above the prevailing base sale price in the city.
The increase was further accentuated owing to rising input costs materials coupled with a steep decline in new launches.
31
Top Ten Performers

Location
41%
59%
Top 10 Locations

Absorbed
Units
Wagholi
Moshi
Wakad
Dhanorie
Chakan
Hadapsar
Talegaon
Undri
Hinjewadi
Ambegaon budruk
1,177
986
792
792
618
600
570
515
509
485
35%
Others
17%
83%
Top 10 Developers
Others
65%
Top10 Locations
Location
Kolte Patil Developers
Pride Housing
Maple Group
Darode Jog
Kumar Properties
D.S. Kulkarni Developers
Aksha Group
Kumar Urban
Development
Goel Ganga
Development
Shivtara Properties
Launched
Units
Location
Wagholi
Hadapsar
Dhanorie
Kondhwa Road
Kharadi
Bavdhan
Pirangut
Moshi
Lonikand
Undri
1,460
1,132
1,000
856
694
650
650
600
376
340
Others
586
496
301
286
275
213
204
47%
53%
184
175
171
Launched
Units
Location
Absorbed
Units
Top10 Developers
Others
D.S. Kulkarni
Developers
1,044
Pride Housing
1,000
Darode Jog
872
Kolte Patil Developers
703
Rohan Builders
550
Prabhavee Group
450
Prithvi Shelters
450
Saarrthi Group
376
Mantri Developers
306
Gulmohar Builders
300
Paradigm Construction
300
32
H1 2014
Supply (New Launches): 3,421units
Hyderabad
15,000
Number of Units
18%
10,000
Average Supply
17%
57%
5,000
8%
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
North East
H1 2014
North West
South East
South West
10,000
Average Absorption
8,000
6,000
19%
60%
4,000
2,000
12%
North East
North West
South East
South West
0
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
Political uncertainty over the long standing demand for formation of the new State finally ended in H1 2014, however, this had marginal impact on the real estate
activity during the review period, as buyers remained in a wait and watch mode to understand how the division process would transpire going forward. Consequently,
both supply and demand remained subdued during the first six months of 2014;
The western micro markets (owing to proximity to commercial hubs) led demand-supply activity followed by locations in Eastern region (on back of improving
connectivity due to upcoming Phase I of metro line). Locations that were most active included: Miyapur, Gachibowli, Kondapur, Tellapur (North West); Manikonda,
Toli Chowki, Kokapet (South West); Nagole, LB Nagar (South East); &
Key projects launched included Akash Lake View by YSK Infra Projects Limited, Sulakshana by TNR Estates, Trendset Rhythm by Trendset Builders, amongst others.
34
Number of Units
9%

H1 2014*
H2 2013

3,114
3,375

000)
31.69
34.28
4,000
37.00
3,500
36.00
35.00
Price (INR/sft)
3,000
34.00
2,500
33.00
2,000
32.00
1,500
31.00
1,000
30.00
500
29.00
28.00
H1 2011
H2 2011
H1 2012
H2 2012
Hyderabad Residential
H1 2013
H2 2013
H1 2014
Unsold Inventory
Unsold stock in the city declined by more than 7% during H1 2014, as decline in absorption was corresponded by a sharper decrease in new launches by the
developers as they continued to focus on project completions; &
The weighted average price of new launches decreased by about 8% during H1 2014, as new launches were primarily focused in cost effective peripheral
locations which had average pricing below the city level average base sale price.
35
Top Ten Performers

Location
45%
55%
Top 10 Locations
Manikonda
Miyapur
Patancheru
KPHB
Kondapur
Chandanagar
Kompally
Gachibowli
LB Nagar
Tellapur

Absorbed
Units
664
480
399
354
341
312
260
254
248
212
29%
21%
79%
Top 10 Developers
Others
71%
Top10 Locations
Others
Location
Krushi Realtors
Mahindra Lifespaces
Aparna Constructions
& Estates
Aditya Constructions
Prajay Engineers
Syndicate
Rajapushpa Properties
Rashmi Realty
Builders
Praneeth Developers
Legend Estates
Trendset Builders
Launched
Units
Location
Kokapet
LB Nagar
KPHB
Hi-tech City
Suchitra Circle
Gopanapalli
Miyapur
Nagole
Lingampally
Kondapur
426
257
256
253
216
205
198
180
165
140
Others
Launched
Units
Location
Absorbed
Units
Mahindra Lifespaces
256
Armsburg Properties
216
Vertex Homes
Sivaa Shakthi
Constructions
216
Muppa Homes
205
163
126
TNR Estates
197
Mahanagar Homes
180
125
108
107
101
Tripura Constructions
Jain Srikar
Constructions
165
Trendset Builders
140
250
240
206
183
40%
60%
Top 10 Developers
Others
210
36
157
H1 2014
Kolkata
15,000
Average Supply
10,000
65%
18%
5,000
3%
3%
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Central
North East
North West
South East
5%
South West
Outskirts
24 Parganas
10,000
7%
8,000
Average Absorption
6,000
54%
22%
4,000
2,000
10%
3%
3%1%
Central
North East
North West
South East
0
South West
Outskirts
24 Paraganas
H1 2014
H2 2013
H1 2013
H2 2012
H1 2012
H2 2011
H1 2011
Post a period of stagnation, the residential real estate market in Kolkata showed initial signs of recovery during H1 2014, as new launches witnessed increase
of about 45% vis--vis H2 2013. Launches were primarily focused in mid-end segment across peripheral locations in Eastern and Southern micro-markets
including New Town, Rajarhat, Garia, amongst others (on back of proximity to major IT/ITeS such as Sector V, Salt Lake coupled with ongoing infrastructure
developments including widening of Rajarhat Expressway, metro expansion, amongst others);
However, demand continued to remain restrained as end-users that primarily drive sales in the city continued to postpone their investment decisions; &
Key projects launched included Siddha Nation by Siddha Group, The RainForest by Mounthill Realty, PS Srijan Ozone by PS Group, amongst others.
38
Number of Units
Number of Units
6%

Kolkata Residential
H1 2014*
H2 2013

3,969
3,923

000)
29.06
26.28
35,000
4,000
30,000
3,500
25,000
Price (INR/sft)
3,000
2,500
20,000
2,000
15,000
1,500
10,000
1,000
5,000
500
0
H1 2011
H2 2011
H1 2012
H2 2012
H1 2013
H2 2013
H1 2014
Unsold Inventory
Unsold stock in the city increased by more than 10% during H1 2014 (highest increase across leading seven cities), as demand remained sluggish while new
launches were greater during the review period; &
The weighted average price of new launches remained almost stable during the review period, as new launches were primarily in the mid-end segment in the
cost effective peripheral locations with launch prices close to the prevailing base sale price in the city.
39
4,500
Top Ten Performers


Absorbed
Units
Location
43%
57%
Top10 Locations
Rajarhat
Garia
Barasat
Narendrapur
Sonarpur Road
Madhyagram
Behala
Howrah
Uttarpara
Amtala
1,676
253
220
160
158
138
132
132
111
106
Top 10 Locations
43%
57%
Top10 Locations
80%
20%
Others
Location
Ideal Developers
Mounthill Realty
Tata
Siddha Group
Vibgyor Group
Team Taurus
Eden Group
Srijan Realty
Magnolia
Infrastructure
BGA Realtors
Launched
Units
Location
Rajarhat
Beliaghata
BT Road
Baruipur
Dum Dum
Garia
Howrah
Sinthi
Narendrapur
Kaikhali
2,779
500
477
364
305
272
267
193
167
150
Others
Absorbed
Units
410
211
209
164
159
113
101
85
Siddha Group
40%
60%
85
83
Others
Launched
Units
Location
Top 10 Developers
1,434
Vedic Realty
560
Mounthill Realty
400
Dhoot Group
377
PS Group
291
Merlin Group
234
Tata
225
Nestwood Estates
197
Trident Group
193
Arrjavv
184
Others
40
Key Developments
Budget 2014-15
Negatives
Positives
Not ideal but certainly a forward looking budget for the sector...
Norms eased for FDI in real estate built up area and capital conditions relaxed1
Focus on affordable housing with proposed Mission on Low Cost Affordable Housing within the NHB in
conjunction with INR 4,000 crore allocation to the Board for FY15
Development of 100 smart cities in India headway for the concept achieved with INR 7,060 crore
allocation in FY15
Increase in income tax deduction limit under 80C for repayment of principal on housing loans2. Further,
deduction limit on interest payment for housing loan enhanced3
Provision of incentives for REITs coupled with pass through status for taxation
Warehousing sector gets a boost with an allocation of INR 5,000 crore
Plans to develop 20 industrial corridors and 7 industrial smart cities
Emphasis on infrastructure and manufacturing sector with several policy announcements. Further, banks
can now extend long-term loans for infrastructure projects without any priori requirements such as CRR,
SLR and priority sector lending norms
Hospitality segment to benefit from tourism enhancement measures creation of world-class convention
centres (through PPP mode); and introduction of e-visa services in nine international airports in India over
the next six months
No proposal for single window clearances for real estate projects
Absence of industry status for real estate or infrastructure status to affordable housing
Continuance of MAT and DDT on SeZ developers and units
Lack of forward looking statement on Real Estate (Regulation and Development) Bill
No definitive timeline for GST implementation
Non-addressal of a critical issue of rising construction costs
42
Built up area reduced from 50,000 sqm to 20,000 sqm, while minimum investment limit decreased from USD 10 million to USD 5 million); 2 Limit
increased from INR 1 lakh to 1.5 lakh; 3 Limit increased from INR 1.5 lakh to 2.0 lakh
SEBIs REIT Regulations

Key Takeaways
Norms for Listing

Minimum REITs assets
value: INR 5 billion;
Minimum issue size for initial
offer: INR 2.5 billion;
Minimum public float: 25%;
Minimum subscription size of
lots: INR 200,000;
Minimum trading lot of REIT
units: INR 100,000;&
Minimum outside unit
holders: 20.
Norms for Parties

REITs to be set up as a trust: to
have parties such as Trustee,
Sponsor(s) and Manager;
Sponsor: Minimum net worth of
INR 200 million and 5 years real
estate experience;
Manager: Minimum net worth of
INR 50 million; 5 years fund
management experience; and
atleast 50% of investment
committee should be
independent. Endowed with
REITs operational responsibilities;
Trustee: To be a SEBI registered
debenture trustee, with no
association with
Sponsor/Manager. Will oversee
REITs activities;&
Maximum 3 sponsors, with lockin of 25% for 3 years, and 15%
for lifetime of REIT.
Norms for Investment

Investment can be made in
commercial real estate assets or
an SPV (minimum 50% control
with REIT);
Minimum 80% of REITs assets
should comprise of completed
and revenue generating
properties;
Maximum 20% of assets can be
invested across developmental
properties1, MBS2, listed/unlisted
debt of companies in real estate
sector, government securities,
money market instruments/cash
equivalents and equity shares of
listed companies in India3;
Investment should be in atleast 2
projects (with maximum of 60%
of asset value in one project);&
Investment in units of another
REIT cannot be made.
Other Important Norms

At least 90% of net
distributable cash flows to be
distributed to investors
(atleast on half yearly basis);
Full valuation of assets to be
undertaken on yearly basis,
with half yearly updations of
the same by a principal
valuer;&
For ordinary matters 60% unit
holders consent required,
while 75% (positive content)
required for specified
matters*.
43
Notes: 1investments to be restricted to 10% of REITs assets value; 2MBS-Mortgae Backed Securities; 3comapnies listed on recognized stock exchange in India having minimum 75% of their operating income
from real estate activity ;*Detailed provisions for related party transactions, valuation of assets, disclosure requirements, etc. are provided in regulations
Appendix
Micro-market Classification
Micromarkets
City
MMR
NCR
Bengaluru
Chennai
Pune
Key Locations
Mumbai
Cuffe Parade, Lower Parel, Mahalaxmi, Prabhadevi, Walkeshwar, Worli, Wadala, Ghatkopar, Mulund, Chembur, Andheri, Bandra, Borivali,
Goregaon, Kandivali, Sewri, Parel
Thane
Nalasopara,Vasai, Virar, Dombivali, Kalyan, Ambernath, Badlapur, Karjat, Manpada, Ghodbunder Road
Navi Mumbai
Airoli, Nerul, Vashi, Panvel
New Delhi
Greater Kailash, Mayur Vihar, Patparganj, Pitampura, Saket, Vasant Vihar
Gurgaon
Gold Course Road, M.G.Road, NH-8, Sohna Road
Noida
Sector 44, Sector 50, Sector 93, Sector 129, 131
Gr.Noida
Noida Extension, Sector Alpha, Chi, Pi, Sector Beta, Yamuna Expressway
Ghaziabad
Indirapuram, NH 24, Raj Nagar Extension
Faridabad
Palwal, Sector 75, Suraj Kund
Central
Lavelle Road, M.G Road, Palace Road, Richmond Road
North East
Hebbal, Hennur, Indiranagar, K.R. Puram, Whitefield
North West
Jalahalli, Malleshwaram, RMV Extension, Sanjay Nagar, Tumkur Road, Yelahanka
South East
Electronic City, Hosur Road, Koramangala, Marathalli, Old Madras Road, Sarjapur Outer Ring Road, Sarjapur Road,
South West
Bannerghatta Road, Jayanagar, J.P.Nagar, Kanakpura Road, Mysore Highway
North East
Egmore, Tondiarpet
North West
Ambattur, Anna Nagar, Korattur, Kolathur, Mogappair, Nungambakkam, Perambur, Poonamallee, Kilpauk,
South East
Adyar, Alwarpet,Perumbakkam, Perungudi, RA Puram, Sholinganallur, Velachery
South West
Anakaputhur, Chrompet, Guduvancheri, Porur, Urapakkam, Vadapalani,
North East
Koregaon Park, Kalyani Nagar, Kharadi, Vishrantwadi, Wagholi
North West
Aundh, Akurdi, Baner, Nigdi, Kiwale, Wakad, Pimpri, Hinjewadi, Balewadi, Bhosari, Ravet, Tathawade
South East
Mukund Nagar, Karvenagar, Pisoli, Kondhwa, Salisbury Park, Lulla Nagar, Hadapsar
South West
Erandwane, Karve Rpad, Dhayari, Kothrud
Source: CGCL Research
45
Micro-market Classification
City
Hyderabad
Kolkata
Micromarkets
Key Locations
North East
Uppal, Nacharam, AS Rao Nagar, Bowenpally, Sainikpuri
North West
Samajiguda, Begumpet, Jubilee Hills, Banjara Hills, Ameerpet, Kukatpally, Madhapur, Kondapur, Gachibowli, Miyapur, Nizampet, Nallagandla,
Chandanagar,Kompally, Bachupally
South East
Himayath Nagar, Nagole, Hyderguda
South West
Manikonda, Rajendra Nagar
Central
Alipore HO, Ballygunge, Camac St. Elgin Road, Esplanade, Gurusaday Road, Park Street, Rawdon Street, Ultadanga
North East
BT Road, Jessore Road, Kankurgachi, lake town, Paikpara, Rajarhat, Salt lake, Sinthimore, VIP Road
North West
Howrah, Kona Expressway
South East
EM Bypass, Garia, Jodhpur Park, Kasba, Queens Park, Ras Behari Avenue, Santoshpur, Tollygunge
South West
Behala, Maheshtala, New Alipore,
Outskirts
Baruipur, Hooghly, Mumbai Expressway
24
Parganas
North 24 Paraganas, South 24 Paraganas
46
List of Abbreviations
Abbreviation
Full Form
Abbreviation
Full Form
Bn
Billion
MBS
Mortgage Backed Securities
BSE
Bombay Stock Exchange
MMR
Mumbai Metropolitan Region
CPI
Consumer Price Index
Mn
Million
CRR
Cash Reserve Ratio
NCR
National Capital Region
DDT
Divided Distribution Tax
OMR
Old Mahabalipuram Road
GDP
Gross Domestic Product
PPP
Public Private Partnership
GST
Goods and Services Tax
RBI
Reserve Bank of India
FDI
Foreign Direct Investment
REIT
Real Estate Investment Trust
FII
Foreign Institutional Investor
SEBI
Securities and Exchange Board of India
IT
Information Technology
SeZ
Special Economic Zone
ITeS
Information Technology enabled Services
SLR
Statutory Liquidity Ratio
MAT
Minimum Alternate Tax
Y-o-Y
Year on Year
47
Key Contacts
Viswajit Srinivasan
Ashish Khanna
Director Business Development

Wholesale Lending
4th Floor Merchant Chambers
41, Sir Vithaldas Thackersey Marg
New Marine Lines
Mumbai
t: +91 22 4088 8100
e: viswajit.srinivasan@cgcl.co.in
Deputy Manager India Research

Wholesale Lending
2nd Floor, B1/H9 Building
Mohan Cooperative Industrial Estate
Mathura Road
New Delhi
t: +91 11 4777 3000
e: ashish.khanna@cgcl.co.in
Viswajit is responsible for origination of real estate debt funding opportunities,

assessment and oversight through to deal execution. Prior to joining Capri
Global Capital, Viswajit led the Corporate Advisory Services business for JLL,
India. Viswajit's areas of focus included, RE Portfolio Management, Investment
Management, Asset Monetisation/Divestment & Acquisition, Entry/Exit Strategies
& Development of Marketing strategies & collateral for RE focused PE funds.
Viswajit has in the past worked with global majors such as Cushman &
Wakefield, Ernst & Young and BMR Advisors.
Ashish is responsible for leading the in-house real estate research function of the
organization, coupled with analytics and business development support for
wholesale debt funding opportunities. In his prior assignments, Ashish has
worked with International Property Consultancy firm, CBRE and a Delhi-based
infrastructure research company and has worked on various Indian and global
research assignments spanning across real estate, transport, gas and urban
infrastructure segments.
48
About Us
Capri Global Capital Limited (CGCL) is a leading Indian Non-Banking Finance Company (NBFC) operating since 1997. The
company is registered with Reserve Bank of India (RBI) and listed on both the Bombay Stock Exchange (BSE) and the National Stock
Exchange (NSE). At CGCL, we are proud of our lineage and have since inception, achieved significantly commendable milestones
as we move towards our objective of strengthening our position as Indias leading NBFC.
Erstwhile known as Money Matters Financial Services Limited (MMFSL), the company, in October 2012, entered into a strategic
alliance with Capri Global Capital (CGC), a part of Capri Capital Partners LLC (CCP), a Chicago based USD 3.7 billion fund in
real estate and structured equity investments. As per the arrangement between MMFSL and CGC, the name of MMFSL has been
changed to Capri Global Capital Limited (CGCL) w.e.f. 24th July, 2013.
As part of our business activities, CGCL is predominantly focused into Asset Financing and Lending business. The Wholesale
Lending Business segment provides specialized and holistic solutions to Indian corporates helping them build and grow their
businesses with initial funding, mezzanine financing, acquisition financing etc. We focus on products in the structured credit space
backed by adequate collaterals and cash flows to build a secured and quality wholesale lending portfolio.
As part of the diversification and growth plans, in 2012 CGCL forayed into SME and Retail Lending Business with special focus on
Priority Sector Lending. The division focuses on generating supreme quality asset book spread across multiple locations where the
MSME clusters exist.
Prior to 2012, CGCL offered financial solutions related to Debt Advisory Service and has to its credit transactions close to INR
50,000 crore in debt advisory space during FY2009 to FY2011. In October 2010, CGCL successfully completed a Qualified
Institutional Placement (QIP) and raised INR 445 crores thereby foraying into Asset Financing and Lending business. We successfully
attracted investments from Wellington Management Company LLP, Morgan Stanley, Fidelity, Goldman Sachs, etc.
CGCL has the requisite skill set to provide specialized knowledge and expertise, and deliver financial solutions to a range of clients
across the industry spectrum that include power, steel, ports, roads, financial services, auto, telecom, textiles, hospitality, retail and
real estate. Our thrust is our intellect, having a total experience of over 250 man-years from diverse backgrounds such as Banks,
Financial Institutions, Investment Banking firms, Private Equity funds, large Corporate/s (ICICI, Axis, Standard Chartered Bank,
Deloitte, Barclays Bank, Reliance Capital, CB Richard Ellis, Knight Frank, Jones Lang LaSalle among others).
49
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ymbol=CGCL&illiquid=0
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Disclaimer: The information presented in this document is in summary form and is therefore intended for general interest and understanding only. We at CGCL confirm that information contained herein, including projections, has
been obtained from reliable sources. While we do not doubt their accuracy, we have not yet verified them and make no guarantee, warranty or representation about them. It is not intended to be a substitute for detailed research or
the exercise of professional judgment. Nether CGCL nor any other member of the CGCL subsidiaries can accept any responsibility for loss occasioned to any person acting or refraining from action as a result of any material in this
publication. On any specific matter, reference should be made to the appropriate advisor. Also, this information is offered entirely for use by CGCL clients and professionals and all rights to the material are reserved and cannot be
reproduced without prior written consent.
50

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H1 2014 - Market Insights

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Market Insights

Macro Economic Performance

Capri Global Capital Limited

Positive signals as economy grew fastest in the past nine

Average Growth Rate (Past Nine Quarters)

Quarterly GDP Growth (%)

Source: Ministry of Statistics and Programme Implementation and CGCL Research

Post a period of limited activity, FDI increased by 22% in

Total FDI (USD Billion)

FDI Equity flows (USD Billion)

FDI Inflows (USD Bn)

Hotel & Tourism

Cumulative FDI Inflows Sectoral Distribution (%)

FIIs confidence in Realty stocks renewed in May and June

FII Realty (USD Million)

Total FII (USD Billion)

FIIs have invested USD 124 mn in

Net FII Flows (Jan-Jun 2014)

But countervailing factors kept the Rupee stable in JanAug 2014

The Rupee gained by more than 5% against the US dollar on

Post reaching a peak in May, the Rupee declined by more

Rupee Movement vis--vis US Dollar (Jan-Aug 2014)

Source: Reserve Bank of India and CGCL Research

Buoyed by foreign capital inflows, Sensex touched record

Realty Index Value

Post formation of a stable Government, the Sensex

Between January and May 2014 (week of announcement of general election

S&P BSE Sensex

S&P BSE Realty Index

Stock Indices ~ BSE Sensex and Realty Index (Jan-Aug 2014)

Source: Bombay Stock Exchange and CGCL Research

Further, credit costs remained high as the Central Bank

RBI target of 8% inflation by January 2015

RBI target of 6% inflation by January 2016

Reverse Repo Rate

Residential Segment Overview

Supply Distribution ~ Top 3 and Other Four Leading Cities*

Absorption Distribution ~ Top 3 and Other Four Leading Cities*

Overall Absorption (units)

City Level Insights

Capri Global Capital Limited

Mumbai Metropolitan Region

Micro-market wise Supply Distribution (H1 2014)

Half Yearly City Level Absorption (units)

Micro-market wise Absorption Distribution (H1 2014)

Pricing and Unsold Inventory

Weighted Average Price

Unsold Inventory (units

Weighted Average Price - New Launches

Unsold Inventory (Number of Units - '000)

Top Ten Performers

Top 10 Locations based on New Supply (units)

Dombivali (E) (Thane)

Top 10 Developers based on Absorption (units)

Top 10 Developers based on New Supply (units)

Vaastu Siddhi Group

National Capital Region

Micro-market wise Supply Distribution (H1 2014)

Half Yearly City Level Absorption (units)

Micro-market wise Absorption Distribution (H1 2014)

Pricing and Unsold Inventory

Weighted Average Price

Unsold Inventory (units