Residential Property

Market Overview
INDIA

QUARTERLY UPDATE | FEBRUARY | 2012

Accelerating success.

4Q 2011 | THE KNOWLEDGE

Research
SYDNEY CENTRAL
reportBUSINESS DISTRICT

research
India RESIDENTIAL
& forecast
market
Report

MACRO ECONOMIC OVERVIEW

As per the latest Reserve Bank of India (RBI) projections GDP growth rate was recorded at 6.9%
for 4Q 2011. The estimates by various agencies project the growth rate within a range of 7% to
8% for 2011-2012, suggesting a moderation in the growth process.
Provisional Wholesale Price Index as reported by Ministry of Finance was 7.47% for December
2011. This quarter there was a slight decline in primary inflation due to the decrease food
inflation which stood at -3.36%.
In 4Q 2011, RBI did not increase repo rates. It further stated that there will not likely be any
further increase to the policy rates, provided headline inflation moderates as is expected. The
repo rate is currently at 8.5%.

ECONOMIC BAROMETER
Dec-10

Dec-11

REPO RATE

6.25%

8.50%

REVERSE REPO RATE

5.25%

7.50%

CRR

6.00%

6.00%

INFLATION

9.47%

7.47%

Home Loan Rate*

8.00%

11.00%

Return on Alternative Investments

Qualified Foreign Investor can now directly invest in the Indian Equity Market. The investment
limit is to 5% and 10% for individual and QFIs respectively of their paid up capital of the company
that they establish in India.

ECONOMIC INDICATORS

YoY %
12.0

Change
20,496

28,041

36.81%

10.0

SILVER

45,346

51,168

12.84%

8.0

(= 1 year)**

8.50%

9.25%

8.82%

EQUITY

20,389

15,836

-22.33%

REALTY INDEX

2,856

1,497

-47.57%

4.0

2.0

Source: Colliers International India Research

www.colliers.com

Dec 11

Sep11

Oct 11

Nov 11

Jul 11

Jun 11

Aug 11

May 11

Feb 11

Wholesale Price Index

Mar 11
Apr 11

Jan 11

Dec 10

Sep10

Oct10
Nov 10

Jul 10

Jun 10

Cash Reserve Ratio

Aug 10

Apr 10

May 10

Feb 10

Jan 10

Mar 10

Oct09
Nov 09

Reverse Repo Rate

Dec 09

Jul 09

Sep09

Aug 09

Apr 09

Jun 09

May 09

Feb 09

Jan 09

Repo Rate

Mar 09

Oct08

Nov 08

Dec 08

Jul 08

Sep08

Aug 08

Apr 08

(-2.0)

Jun 08

0.0
May 08

* SBI Home Loan Rate for Loan upto INR 50 Lakhs.

** For amount below INR 1 Crore

6.0

Feb 08

Fixed Deposit

In Percentage

Gold

Mar 08

Dec-11

In 4Q 2011, Indian Rupee (INR) fell further by approximately 10% against the US Dollar to close
at INRs 54.40 to 1.00 USD on 29th December 2011. The Rupee also weakened against the Euro
dropping by approximately 5% to close the quarter at INRs 70.99 to 1.00 Euro.

Jan 08

Dec-10

The Department of Industrial Policy and Promotion (DIPP) recorded FDI inflow for the period
April to October, 2011 in Housing & Real Estate at INR 2,130 crores; which is a 2/3rd reduction
from the highs of the years 2008-09 and 2009-10. The Housing and Construction sector
contribution to the total FDI has also reduced to 2.31% from to 7% in the previous year.

THE KNOWLEDGE | 4q 2011 | residential | Mumbai

mumbai

4Q 2011 PREMIUM RESIDENTIAL AVerage

CAPITAL VALUE

In 4Q 2011, various projects/phases of the

projects were completed in Mumbai, including
Kalpataru Aura at Ghatkopar by Kalpataru
developers and Lodha Bellissimo by Lodha
Group at Mahalaxmi.

MUMBAI

CITY RESIDENTIAL BAROMETER

The premium residential lease market

remained active at locations such as Malabar
Hill, Altamount Road, Carmichael Road, Breach
Candy, Napeansea Road, Peddar Road, Khar,
Juhu and Powai. These locations observed an
appreciation in rental values in the range of
1 % to 3% quarter on quarter.

COLLIERS RESIDEX 4Q 2011 - MUMBAI

150
140
130
120
110
100
90
80
70
60

4Q2011

3Q2011

2Q2011

1Q2011

4Q2010

3Q2010

2Q2010

1Q2010

4Q2009

3Q2009

2Q2009

1Q2009

4Q2008

50
3Q2008

Powai

Andheri

Juhu

Khar

Santacruz

Bandra

Worli

Prabhadevi

Colaba, Cuffe Parade

Malabar Hill, Altamount

Road, Carmichael Road

Breach Candy, Napeansea

Road, Peddar Road

CAPITAL VALUE TRENDS

The state government has decided to provide

an additional 0.33 Floor Space Index (FSI)
in suburbs of Mumbai. The FSI would
be available to the developer on paying a
premium. Currently, the state government
allows an FSI of 1 in the suburbs and 1.33 in
the island city.

65,000
55,000
45,000
35,000
25,000
15,000

Breach Candy,
Napeansea Road,
Peddar Road
Santacruz

Khar
Prabhadevi

Colaba, Cuffe
Parade
Bandra

3Q2011

4Q2011

1Q2011

2Q2011

4Q2010

3Q2010

2Q2010

1Q2010

4Q2009

3Q2009

2Q2009

1Q2009

3Q2008

4Q2008

5,000
1Q2008

CAPITAL VALUE

2Q2008

10,000

2Q2008

RENTAL VALUE

1Q2008

20,000

75,000

The residential market remained subdued,

and fewer transactions were recorded during
the quarter on account of an unstable global
economy and rising interest. Capital values
remained stable in almost all the micro
markets except for a few locations such as
Breach Candy, Napeansea Road, Peddar Road,
Worli, Prabhadevi, Andheri and Powai where
capital value values witnessed an increase in
the range of 3 to 6% quarter on quarter.

4Q 2011

Rebase to 100

30,000

INR per sq ft

3Q 2011

50,000
40,000

INR per sq ft

This quarter, the Mumbai real estate market

witnessed the launch of several residential
projects, such as Hill Crest by Hubtown
Ltd., Aria by Parinee Developers, Island
City Centre by Bombay Realty, Tripolis by
Ekta World and Green Acres by Nirman
Relators. Lodha Group also launched its
mix use development project called New
Cuffe Parade, on its 23-acre land parcel in
Wadala. This land was purchased in 2010 at
approximately INR 4,500 crore.

70,000
60,000

Andheri
Worli

Malabar Hill, Altamount Road, Carmichael

Road

Juhu

4Q 2011 PREMIUM RESIDENTIAL AVerage

RENTAL VALUE
Malabar Hill, Altamount Road,
Carmichael Road

Powai

200

Breach Candy,
Napeansea Rd.,
Peddar rd.

150
100

Andheri

Colaba, Cuffe Parade

50
0
Prabhadevi

Juhu

Santacruz

Worli

Khar

Bandra

INR per Sq ft Per Month

NEW PROJECTS
Project Name

Location

Developer Name

Aria

Juhu Vile Parle Development

Parinee Developers

4Q 2014

23,000

Green Acres

Malad East

Nirman Relators

4Q 2016

8,500

Hill Crest

Jogeshwari Vikhroli Link Road

Hub Town

2Q 2014

9,500

Island City Center

Dadar East

Bombay Realty

4Q 2016

37,500

Tripolis

Goregaon West

Ekta World

4Q 2016

10,500

Tentative Possession

Rate (Per Sq.ft.)*

Note: * As quoted by developer

p. 3

| Colliers International

Colliers International |

p. 3

THE KNOWLEDGE | 4Q 2011 | residential | delhi

Delhi

4Q 2011 PREMIUM RESIDENTIAL AVerage

CAPITAL VALUE

The Delhi state cabinet has hiked the circle

rates for the second time this year in Delhi.
The circle rate hike was highest in category
A (Anand Niketan, Bhikaji Cama Place,
Friends Colony, Maharani Bagh, Nehru Place
etc.) at 250% while in B (Defence Colony,
Greater Kailash, Green Park, Hauz Khas etc.),
C (Civil Lines, East of Kailash, Kalkaji, Lajpat
Nagar etc.) and D (Anand Vihar, Dwarka,
Janakpuri,Karol Bagh etc.) category areas the
circle rates increased by 100%. Earlier this
year in February, the circle rates increased up
to 100% in various categories.

COLLIERS RESIDEX 4Q 2011 - DELHI

150
140
130
120
110
100
90
80

Anand Niketan,
Vasant Vihar

Greater Kailash
I & II, South
Extension

Friends Colony,
Maharani Bagh

Panchashila, Anandlok,
Niti Bagh, SDA

Shanti Niketan,
Westend

Golf Links, Jor Bagh,

Sunder Nagar

Chanakya Puri

Prithviraj Road,
Aurangzeb Road
90,000
80,000
70,000
60,000
50,000
40,000
30,000
20,000
10,000

3Q2011

4Q2011

1Q2011

2Q2011

3Q2010

4Q2010

2Q2010

1Q2010

0
3Q2009

CAPITAL VALUE

CAPITAL VALUE TRENDS

4Q2009

RENTAL VALUE

2Q2009

4Q 2011

10,000

1Q2009

3Q 2011

30,000
20,000

3Q2008

CITY RESIDENTIAL BAROMETER

40,000

4Q2008

Due to continuous demand from expatriates

and officials of MNC and Indian Corporate
for prime residential properties, rental values
recorded an increase in the range of 7 to
10% quarter on quarter across all the micro
markets, except for a few location such as
Prithviraj Road, Aurangzeb Road, where rates
remained stable.

50,000

1Q2008

delhi

70,000
60,000

2Q2008

Capital values for premium residential

properties observed a minor appreciation in
the range of 2% to 5% quarter on quarter
across all the micro markets. This could be
attributed to the limited premium supply and
scope of development.

90,000
80,000

INR per Sq Ft

No new project was launched during 4Q

2011.

100,000

INR per Sq Ft

During 4Q 2011, several redevelopment

residential projects were ready for possession
in locations such as Anand Niketan, Vasant
Vihar, Westend, Defence Colony and Malcha
Marg.

Golf Links, Jor Bagh, Sunder Nagar

Prithviraj Road, Aurangzeb Road

Chanakya Puri

Shanti Niketan, Westend

Panchashila, Anandlok, Niti Bagh, SDA

Friends Colony, Maharani Bagh

Greater Kailash I & II, South Extension

Anand Niketan, Vasant Vihar

4Q 2011 PREMIUM RESIDENTIAL average

RENTAL VALUE
Prithviraj Road, Aurangzeb Road
160
140
120
100
80
60
40
20
0

Anand Niketan,
Vasant Vihar

Greater
Kailash I
& II, South
Extension

Chanakya Puri

Golf Links, Jor Bagh,

Sunder Nagar

70
60

Friends Colony,
Maharani Bagh
3Q2011

4Q2011

1Q2011

2Q2011

3Q2010

4Q2010

1Q2010

2Q2010

3Q2009

4Q2009

1Q2009

2Q2009

3Q2008

4Q2008

1Q2008

2Q2008

50

Shanti Niketan, Westend

Panchashila, Anandlok, Niti Bagh, SDA

INR per Sq ft Per Month

Rebase to 100

NEW PROJECTS
Project Name

Location

Developer Name

Kings Court

Greater Kailash- II

DLF

1Q 2015

36,000

Queens Court

Greater Kailash- II

DLF

1Q 2015

26,000

Capital Greens

Shivaji Marg

DLF

2Q 2015

14,000

Winter Hills

Dwarka Morh

Umang Realtech

4Q 2013

7,000

Tentative Possession

Rate (Per Sq.ft.)*

Note: * As quoted by developer

p. 4

| Colliers International

Colliers International |

p. 4

THE KNOWLEDGE | 4q 2011 | residential | gurgaon

gurgaon

4Q 2011 PREMIUM RESIDENTIAL AVerage

CAPITAL VALUE
15,000
12,000
9,000
6,000
3,000

gurgaon

Capital Values for premium ready-to-move

in residential properties located along Golf
Course Road, Sohna Road, Sushant Lok and
NH8 registered an increase in the range of
4 to 10% quarter on quarter.

CITY RESIDENTIAL BAROMETER

3Q 2011

4Q 2011

NH - 8

Sushant Lok

Sohna Road & Ext

Construction activities remained slow, and

none of the major projects or phases of the
project were offered for possession during
the quarter.

DLF Phase I

0
Golf Course Road

INR per sq ft

This quarter, several projects were launched

in Gurgaon, including Diplomatic Residency
by Puri Constructions, Splendo by Splendor
Group, International City by Shobha
Developers and Kokoon by ATS and Chintels.
The Projects were priced in the range of INR
5,500 to 6,000 per sq ft and were launched
in Dwarka Express Way and Golf Course Road
Extension.

CAPITAL VALUE TRENDS

18,000
16,000
14,000
12,000
10,000

Kotak Realty Fund invested INR 170 crore in

the Astaire Gardens project being developed
by BPTP, located at sector-70A. The project is
spread over 102.2 acres and is expected to
be completed towards the end of 2015.
COLLIERS RESIDEX 4Q 2011 - GURGAON

In order to streamline the procedure of approval

of building plans in licensed residential and
industrial plotted colonies for which licensed
is granted under the provision of Haryana
Development and Regulation of Urban Area
Act, 1975, the department introduced self
certification system to reduce the complex
procedure of approval of building plans.

150
140
130
120
110
100
90
80
70

NH-8

Sohna Road & Ext

Golf Course Road

Sushant Lok

3Q2011

4Q2011

2Q2011

1Q2011

3Q2010

4Q2010

1Q2010

2Q2010

3Q2009

4Q2009

2Q2009

1Q2009

2,000
3Q2008

CAPITAL VALUE

8,000
6,000
4,000

4Q2008

Similarly, rental values for premium residential

properties also registered an increase in the
range of 3 to 10% in almost all the micro
markets.

INR per sq ft

RENTAL VALUE

DLF Phase I

4Q 2011 PREMIUM RESIDENTIAL AVerage

RENTAL VALUE
Golf Course Road
60
50
40
30
20

NH-8

Sohna Road & Ext

10
0

4Q2011

3Q2011

1Q2011

2Q2011

3Q2010

4Q2010

1Q2010

2Q2010

4Q2009

3Q2009

1Q2009

2Q2009

50

4Q2008

60

Sushant Lok

DLF Phase I

INR per Sq ft Per Month

Rebase to 100

NEW PROJECTS
Project Name

Location

Developer Name

Chintels Kokoon

Sector 109

ATS

4Q 2014

4,350

Cosmos City

Sector 103

ERA Landmarks

1Q 2015

3,700

Diplomatic Residency

Sector 111

Puri Construction

4Q 2014

6,000

International City

Sector 109, 106, 108

Sobha Developers Ltd.

4Q 2014

13,500

Raheja Revanta

Sector 78

Raheja Group

1Q 2015

5,200

Splendo

Sector 57

Splendor Group

4Q 2013

5,500

Tentative Possession

Rate (Per Sq.ft.)*

Note: * As quoted by developer

Colliers International |

p. 5

THE KNOWLEDGE | 4q 2011 | residential | Noida

noida

4Q 2011 PREMIUM RESIDENTIAL AVERAGE

CAPITAL VALUE

noida

CITY OFFICE BAROMETER

3Q 2011

4Q 2011

8,000

6,000

4,000

2,000

Sector 28, 29, 30

Sector 92/93

Sector 50

Sector 44

0
Sector 61, 62., 63

The number of new projects launched has

reduced significantly in comparison to previous
3 quarters. A prime residential project
launched in this quarter was Supernova by
Supertech Ltd in Sector 94, INR 13,500 per sq
ft well above the average market price range.
The project is proposed supposed to be a high
rise mixed use development with around 80
storeys.

10,000

INR per Sq Ft

During 4Q 2011, no major under construction

projects/phases of the project witnessed
completion.The construction activities had
slowed down during the quarterdue to
agitation from farmers on land issue in the
new sectors allocated by NOIDA authority.
The construction activities are expected to
start picking up as the NOIDA authority has
cleared most of the land issues by paying old
dues.

CAPITAL VALUE TRENDS

10,000
9,000
8,000
7,000
6,000

3,000

In 4Q 2011, rental values in NOIDA increased

in the range of 3 to 7% quarter-on-quarter,
due to demand from MNCs and limited
availabilities of premium properties.
In an attempt to avoid any further agitation
by NOIDA farmers on land acquisition issues,
the NOIDA Authority released a list of 2,663
farmers in 35 villages who will get five per
cent developed plots in the final phase. The
list, according to the Authority, is the final one
for all the villages where land was acquired
after 1997.

COLLIERS RESIDEX 4Q 2011 - NOIDA

150
140
130
120
110
100
90

Sector 61,62,63

Sector 50

Sector 92 / 93

Sector 28,29,30

4Q2011

3Q2011

1Q2011

2Q2011

4Q2010

3Q2010

2Q2010

1Q2010

2,000
3Q2009

CAPITAL VALUE

5,000
4,000

4Q2009

Capital values witnessed an increase in the

range of 4 to 9% quarter-on-quarter in almost
all the premium residential sectors such as
Sector 28-30, 44, 50, 92, 93 and 61-62.

INR per Sq Ft

RENTAL VALUE

Sector 44

4Q 2011 PREMIUM RESIDENTIAL AVERAGE

RENTAL VALUE
Sector 44
30
25
20
15
Sector 28,29,30

10

Sector 50

5
0

80
70
60

3Q2011

4Q2011

1Q2011

2Q2011

3Q2010

4Q2010

1Q2010

2Q2010

3Q2009

4Q2009

1Q2009

2Q2009

3Q2008

4Q2008

1Q2008

2Q2008

50
Sector 92/93

Sector 61,62,63

INR per Sq ft Per Month

Rebase to 100

NEW PROJECTS
Project Name

Location

Developer Name

Arista

Sector 168

Sun World

4Q 2014

3,500

Cleo County

Sector 121

ABA Corp.

2Q 2015

3,300

Kaamna Greens

Sector 143

Sikka Group

3Q 2015

2,800

Supernova

Sector 94

Supertech

1Q 2015

8,500

Wave Mega City Centre

Sector 32

Wave Infratech

4Q 2015

7,300

Tentative Possession

Rate (Per Sq.ft.)*

Note: * As quoted by developer

p. 6

| Colliers International

THE KNOWLEDGE | 4q 2011 | residential | chennai

chennai

4Q 2011 PREMIUM RESIDENTIAL AVerage

CAPITAL VALUE

chennai

CITY RESIDENTIAL BAROMETER

14,000
12,000
10,000
8,000
6,000
4,000

Sholinganallur

Siruseri/ Kazipattur

Velachery

T Nagar

Adyar

Beasant Nagar

Anna Nagar

Nungambakkam

Boat Club

2,000

CAPITAL VALUE TRENDS

21,000

The state government has approved a six-lane

expressway on a 344 km stretch between
Chennai and Bengaluru, which would be
funded through a public-private partnership
(PPP). Real estate activities are expected
to increase along the highway. The state
government has also planned to set up a 311
acre satellite township at Thirumazhisi along
this highway.

COLLIERS RESIDEX 4Q 2011 - CHENNAI

150
140
130
120
110
100

Alwarpet / R A Puram
Beasant Nagar

Siruseri/ Kazipattur

Nugambakkam

Velachery

Anna Nagar

4Q2011

3Q2011

1Q2011

2Q2011

3Q2010

Boat Club
Sholinganallur

4Q2010

1Q2010

2Q2010

4Q2009

3Q2009

2Q2009

1Q2009

Following the previous quarter trends, capital

values for high-end residential properties
remained stagnant during the review period
due to cautious investor sentiment.

3,000

3Q2008

CAPITAL VALUE

9,000
6,000

4Q2008

RENTAL VALUE

15,000
12,000

1Q2008

4Q 2011

18,000

2Q2008

In 4Q 2011, rental values for premium

residential properties remained stable across
all the micro markets. However, rental values
witnessed slight increase especially in the
mid-range housing segment.

INR per sq ft

3Q 2011

18,000
16,000

Alwarpet / R A Puram

The residential market remained active

during the quarter, and several projects were
launched during the quarter. Most of the
projects were located in suburbs and were
priced in the range of INR 2,800 to 7,000 per
sq ft.

20,000

INR per sq ft

A number of projects/phases of projects were

completed this quarter, including Tulip by
Doshi Housing at Kilpauk, Orchid Springs
by Alliance Infrastructure at Padi, Kings
Court by Golden Homes and Praveens by
Praveen Constructions at Anna Nagar, Crest
Dusica by Crest Homes at Alagaputhur
and Prapancha by Catalyst Properties
and Boulevard by Ceebros both located at
Thoraipakkam.

T Nagar
Adyar

4Q 2011 PREMIUM RESIDENTIAL AVERAGE

RENTAL VALUE
Boat Club
75
Siruseri/ Kazipattur

Nungambakkam

60
45
30

Sholinganallur

Anna Nagar

15

90

80
70

Adyar

Velachery

60

3Q2011

4Q2011

1Q2011

2Q2011

3Q2010

4Q2010

1Q2010

2Q2010

3Q2009

4Q2009

1Q2009

2Q2009

4Q2008

3Q2008

1Q2008

2Q2008

50
Beasant Nagar

Alwarpet / R A Puram
T Nagar

Rebase to 100

INR per Sq ft Per Month

NEW PROJECTS
Project Name

Location

Developer Name

Amara Ananta

Palavakkam, ECR

AR Group

1Q 2014

10,000

Boulevard

Vandalur-Kelambakkam road

Vijayshanthi

4Q 2013

2,800

Four Seasons

ECR

Marg Swarnabhoomi

3Q 2013

2,000

Serene Adinath

Vandalur

Covai Property Centre

4Q 2013

2,450

Thazham

OMR

Vasavi Housing

4Q 2013

3,750

Versailles

Uthandi, ECR

Casa Grande

4Q 2013

7,000

Tentative Possession

Rate (Per Sq.ft.)*

Note: * As quoted by developer

Colliers International |

p. 7

THE KNOWLEDGE | 4q 2011 | residential | Bengaluru

BENGALURU

4Q 2011 PREMIUM RESIDENTIAL Average

CAPITAL VALUE

bengaluru

CITY RESIDENTIAL BAROMETER

10,000
8,000
6,000
4,000

Yelahanka

Koramangala

Whitefield (Appts)

Indiranagar

Bannerghatta
Road

Airport Road

Palace Orchard

Cooke Town

Jayanagar

2,000
0

CAPITAL VALUE TRENDS

18,000
16,000
14,000

Rental values for prime residential properties

remained stable in almost all the micro
markets, barring Whitefield, where rentals
witnessed an increase by 5% quarter on
quarter due to increasing leasing activities in
this area.

COLLIERS RESIDEX 4Q 2011 - BENGALURU

150

In 4Q 2011, development work for signal free

corridor between Sirsi circle to Agara Lake
has been commenced. This is expected to
improve the connectivity between the ORR
(Sarjapur-Marathahalli) and Koramangala.

140
130
120
110
100
90

8,000
6,000
4,000
2,000
3Q2011

4Q2011

1Q2011

2Q2011

3Q2010

4Q2010

2Q2010

1Q2010

3Q2009

4Q2009

1Q2009

Central

Cooke Town

Jayanagar

Indiranagar

Airport Road

Bannerghatta Road

Yelahanka

Whitefield

Palace Orchard

Koramangala

4Q 2011 PREMIUM RESIDENTIAL average

RENTAL VALUE

Yelahanka

Central
70
Cooke Town
55
40

Whitefield
(Appts)

Jayanagar

25
10

80
Koramangala

70

2Q2009

0
3Q2008

CAPITAL VALUE

10,000

4Q2008

RENTAL VALUE

12,000

1Q2008

The capital values for premium residential

properties increased in the range of 7 to 10%
quarter on quarter in location like Central
Bengaluru, Indiranagar and Cooke Town due
to limited supply in these areas. Capital values
in suburban and peripheral locations remained
stable during the quarter.

2Q2008

4Q 2011

INR per Sq Ft

3Q 2011

14,000
12,000

Central

In terms of new projects launched, the

Bengaluru market remained active during
4Q 2011. However, the number of residential
projects launched by grade A developers has
reduced significantly from the previous three
quarters. Two of these new projects were
launched in peripheral locations, Devanahalli,
Yemalur ORR and Kanakapura Road, and were
priced in the range of INR 2,650 to 7,450 per
sq ft.

18,000
16,000

INR per Sq Ft

This quarter several projects/phases of

the projects were ready for possession in
Bengaluru, including Purva Highlands
located at Kanakpura and Purva Venezia
at Yelahanka by Purvankara Developers and
Victory Harmony at RT Nagar by Victory
Builders & Developers.

-5

Palace Orchard

60

3Q2011

Airport Road

Bannerghatta Road

4Q2011

1Q2011

2Q2011

3Q2010

4Q2010

1Q2010

2Q2010

3Q2009

4Q2009

1Q2009

2Q2009

3Q2008

4Q2008

1Q2008

2Q2008

50

Indiranagar

Rebase to 100

INR per Sq ft Per Month

NEW PROJECTS
Project Name

Location

Developer Name

Brigade Orchids

Devanahalli

Brigade Group

4Q 2013

6,000

Century Linea

Kanakapura Road

Century Group

4Q 2014

4,200

Embassy Prispine

ORR

Embassy Group

4Q 2014

5,600

Rohan Jhorka Phase II

Yemalur

Rohan Builders

4Q 2013

3,850

Skyline Exantus

Kanakapura Road

Skyline Group

4Q 2014

3,250

Tata Promonte

Banashankari

TATA Housing

4Q 2013

7,450

Tentative Possession

Rate (Per Sq.ft.)*

Note: * As quoted by developer

p. 8

| Colliers International

THE KNOWLEDGE | 4q 2011 | residential | Kolkata

KOLKATA

4Q 2011 PREMIUM RESIDENTIAL AVerage

CAPITAL VALUE

Rental values in almost all the micro markets

witnessed an increase in the range of 3%
to 9% over the quarter except in areas like
Behela, EM Bypass and VIP Road due to large
availability.

COLLIERS RESIDEX 4Q 2011 - KOLKATA

The government has approved Infosys

proposal to establish its second campus at
Rajarhat, and there is also a financial hub
being planned in the same region. Both of
these are expected to generate demand for
residential real estate in the market inthe near
future.

150
140
130
120
110
100
90
80
70

New Town Rajarhat

VIP Road

Salt Lake

Ballygunge

EM Bypass

Behela

Loudon Street

Alipore

Tollygunge

PA Shah Road

Bhawanipur

INR per sq ft

8,000
6,000
4,000
2,000

3Q2011

Bhawanipur

Alipore

Tollygunge

Behela

VIP Road

EM Bypass
Ballygunge

Salt Lake
Loudon Road

Bhawanipur
New Town - Rajarhat

4Q2011

2Q2011

1Q2010

4Q2010

3Q201

2Q2010

3Q201

1Q2010

4Q2009

1Q2010

2Q2010

3Q2009

0
4Q2009

CAPITAL VALUE

12,000
10,000

2Q2009

RENTAL VALUE

CAPITAL VALUE TRENDS

1Q2009

4Q 2011

4Q2008

3Q 2011

Demand remained positive and capital values

across all the micro markets witnessed minor
appreciation in the range of 1 to 3% quarter on
quarter. Capital values in Rajarhat recorded
an average increase of approximately 8%
quarter on quarter. This increase can be
attributed to the rising demand in this area
due to availability of quality apartment in the
affordable price range.

4,000
2,000

3Q2008

CITY RESIDENTIAL BAROMETER

8,000
6,000

1Q2008

kolkata

10,000

2Q2008

New projects launched this quarter were

primarily located at peripheral locations such
as Rajarhat, Rajpur and Nager Bazar and were
priced between INR 2,200 to 4,100 per sq ft.

14,000
12,000

INR per sq ft

Projects/phases of the projects that were

ready for possession in Kolkata this quarter
were Purti Colours by Purti Realty, Diamond
Residency by Super Diamond Nirman Pvt.
Ltd both located at Behala, Sankalpa Phase I
by WBIDFC, Greenfield Ambition by Bengal
Greenfield and Rosedale by Rosedale
Developers, all three located at New Town
and Ekta Oleander by Base Developer at
Beliaghata, and Purti Flower Phase II by
Purti Realty at Mahestala.

4Q 2011 PREMIUM RESIDENTIAL AVerage

RENTAL VALUE
Bhawanipur
35
New Town Rajarhat

30

PA Shah Road

25
15

VIP Road

Tollygunge

10
5
0

Alipore

EM Bypass

60
Behela

4Q2011

3Q2011

1Q2011

2Q2011

3Q2010

4Q2010

1Q2010

2Q2010

4Q2009

3Q2009

1Q2009

2Q2009

Salt Lake
4Q2008

50

Ballygunge
INR per Sq ft Per Month

Rebase to 100

Loudon Street

NEW PROJECTS
Project Name

Location

Developer Name

Emami City

Nagerbazar

Emami Realty

Greentech City

Rajarhat

Omni Lakeview

Rajpur

Rameswara Waterview

Rajarhat

Rishi Meridian
Siddha Sphere

Tentative Possession

Rate (Per Sq.ft.)*

1Q 2015

4,100

1Q 2015

2,200

1Q 2015

2,200

Rameswara Group

3Q 2014

2,300

Rajarhat

Rishi Group

4Q 2014

2,500

Rajarhat

Siddha Group

4Q 2014

2,700

Vedic Realty Pvt Ltd &

Diamond Group
Bengal Omni Tech
Nirman Ltd

Note: * As quoted by developer

Colliers International |

p. 9

THE KNOWLEDGE | 4q 2011 | residential | pune

pune

4Q 2011 PREMIUM RESIDENTIAL AVerage

CAPITAL VALUE

Capital Values remained stable in almost all the

micro markets except in Kalyani Nagar, Viman
Nagar, Baner, Hinjewadi and Wakad locations,
where values increased from 1 to 2%.
COLLIERS RESIDEX 4Q 2011 - PUNE

During 4Q 2011, rental values remained

stable in almost all the micro markets in Pune,
except for locations such as Baner, Hinjewadi,
Wakad, Pashan and Balewadi, where an
average increase of 4% quarter on quarter was
observed. This was primarily due to consistent
demand for rented accommodation from the
working population in nearby commercial
hubs.

150
140
130
120
110
100
90
80
70
60

Pimpri/Chinchwad/
Chakan

NIBM/Undri/Kondhwa

Kothrud/Bavdhan/
Wajre

Baner/Hinjewadi/
Wakad/Pashan

Magarpatta/Hadapsar

Deccan/Camp/
Boat Club

Kalyani Nagar/Viman Nagar/Kharadi

Bhawanipur

INR per sq ft

9,000
8,000
7,000
6,000
5,000
4,000
3,000
3Q2011

4Q2011

2Q2011

1Q2011

2,000
4Q2010

CAPITAL VALUE

10,000

3Q2010

RENTAL VALUE

CAPITAL VALUE TRENDS

2Q2010

In 4Q 2011, several premium projects were

launched in locations like Baner, Viman Nagar,
Wakad, Fatima Nagar, Mhatre Bridge, Aundh,
NIBM Road, Hinjewadi and Pimpri-Chinchwad,
projects were priced in the range of INR 5,000
to 8,000 per sq. ft.

1Q2010

4Q 2011

2,000

3Q2009

3Q 2011

4,000

4Q2009

CITY RESIDENTIAL BAROMETER

6,000

1Q2009

pune

8,000

2Q2009

During 4Q 2011, various premium projects/

phase of projects were completed, including
Rohan Ishita by Rohan Builders At Mundhwa,
Kapil Tranquil Greens at Baner and Kapil
Aasmat at Pashan by Shree Bal Developers,
and Mind Space in Wakad by Saffron Realty.
These projects were priced in the range of
INR 5,000 to INR 8,000 per sq ft.

10,000

INR per sq ft

The premium residential market of Pune

include Deccan, Camp, Boat Club Road,
Kalyani Nagar and central Pune. Locations
like Hinjewadi, Magarpatta, Hadapsar, Baner,
Viman Nagar and NIBM have emerged as ideal
destination for residence consist of high end
and mid range apartments. Upcoming location
in peripheral areas includes Kharadi, Kothrud,
Khodhwa, Pimpri Chinchwad, Undri, Wanowari
and Pashan.

Kalyani Nagar/Viman Nagar/Kharadi

Deccan/Camp/Boat Club/Central Pune

Magarpatta/Hadpsar

Baner/Hinjewadi/Wakad/Pashan/Balewadi

Kothrud/Bavdhan/Wajre

NIBM/Undri/Kondhwa

Pimpri/Chinchwad/Chakan/Talegaon

4Q 2011 PREMIUM RESIDENTIAL AVerage

RENTAL VALUE
Kalyani Nagar/Viman Nagar/Kharadi
30
Pimpri/Chinchwad/Chakan

25
15

Deccan/Camp/Boat Club

10
5
0
Magarpatta/
Hadapsar

NIBM/Undri
/Kondhwa

3Q2011

4Q2011

1Q2011

2Q2011

3Q2010

4Q2010

1Q2010

2Q2010

4Q2009

3Q2009

2Q2009

4Q2008

1Q2009

50
Kothrud/Bavdhan/Wajre

Rebase to 100

Baner/Hinjewadi/Wakad/Pashan

INR per Sq ft Per Month

NEW PROJECTS
Project Name

Location

Developer Name

43 Privet Drive

Balewadi

Bhandari Associates

4Q 2013

6,000

Camelot Royale

Viman Nagar

Mainland Buildcon

3Q 2014

5,500

Empire Estate Phase-II

Chinchwad

4Q 2013

4,800

Galaxy

Mhatre Bridge

Kool Homes

4Q 2013

15,000

Monte Cristo

Baner

Manav Group

4Q 2013

7,500

Sukhwani-Agrawal
Group

Tentative Possession

Rate (Per Sq.ft.)*

Note: * As quoted by developer

p. 10

| Colliers International

THE KNOWLEDGE | 4q 2011 | residential | submarkets

Residential SUBMARKETS
Mumbai
The high-end residential real estate markets in Mumbai include Malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy,
Colaba, Cuffe 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.
Pune
The prime residential areas in Pune include Kalyani Nagar, Viman Nagar, Boat Club Road, NIBM Road, Magarpatta, Hadapsar, Koregaon Park. Recently,
increased activities has been witnessed in Pimpri-Chinchwad, Baner-Pashan and Kondhwa.

CITY BAROMETERS
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter

Colliers Residex
Colliers Residex represents the average secondary sale prices of high end properties. Residex has been derived by rebasing the capital values as
100 as on 1Q 2008.

Colliers International |

p. 11

THE KNOWLEDGE | 4Q 2011

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For national residential services related queries please contact:

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: Suresh Castellino, Office Director
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Kaushik.reddy@colliers.com
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India - 600 031
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Soumya.mukherjee@colliers.com
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Block EP & GP, Salt Lake Sector V, Kolkata - 700 091 West Bengal, India
Tel : 91 33 2357 6501 , fax : 91 33 2357 6502

AUTHORS
Amit Oberoi MRICS
National Director, Valuation & Advisory; Research
Email: Amit.oberoi@colliers.com
Surabhi Arora MRICS
Associate Director, Research
Email: Surabhi.arora@colliers.com
Sachin Sharma
Assistant Manager, Research
Email: Sachin.sharma@colliers.com
Heliana Mano
Assistant Manager, Research
Email: Heliana.mano@colliers.com
For general queries and feedback :
India.Research@colliers.com
Tel: 91 124 456 7580

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
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damages arising there from.
Copyright 2012 - 2013 All Rights Reserved.

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