cb india property insight

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PROPERTYINSIGHTS

Underlying demand will continue to prevail

India Quarter 4, 2011

INDIA MARKET OVERVIEW

INDIA ECONOMIC OVERVIEW

Trends & Updates

Indias economic growth has slowed down

considerably. Sectors such as banking & finance,

insurance & business services, trade, hospitality,

transport,communication and electricity, gas & water

supply recorded the best performances and primarily

powered the countrys GDP growth to 6.9% during the

period July-September 2011. High rates of inflation

continues to prevail though some moderation was

observed in food inflation in November 2011. Rupee

continued to remain under stress since August 2011

weakening to an all-time low at more than INR 52

against the US dollar in December 2011. A deceleration

in investment flows were observed with FDI inflows

registering major decline in wake of the uncertainty in

the global macroeconomic situation and tightening of

liquidity in most countries.

Even in the backdrop of uncertainities, the

performance of the various real estate sectors in the

country has been consistent with commercial office

space sector showing great degree of resilience with

substantially high absorption levels during the year in

review. Retail sector too, inspite of high inflationary

conditions in the economy, witnessed quite a few major

retailers, both national and international, expanding

their operations. Mall supply which remained subdued

during 2010 saw major improvement with most cities

witnessing major projects becoming operational.

In the residential sector, though the developers

initiated new project launches, buyers demonstrated

catiousness in purchase decisions, thereby restraining

major price escalations in the segment.

According to Central Statistical Organization

estimates, during the period July-September 2011,

Indias Gross Domestic Product (GDP) at factor cost

(at 2004-05 prices) recorded a growth of 6.9%. This

was a significant decline compared to 8.4% growth

recorded during the same period in the previous year.

Finance, insurance & business services, trade, hotels,

transport, communication sector and electricity, gas

& water supply were the primary growth drivers.

Performance of agriculture and construction as well

as the manufacturing sectors continues to remain low.

Moreover, high rates of inflation have also resulted in

lowering the growth rate.

1


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2

In Mid Quarter Monetary Policy Review, December

2011, Reserve Bank of India (RBI) maintained the repo

and reverse repo rates at 8.5% and 7.5% respectively.

This was primarily on account of the decelerating

domestic growth rates and to cushion the economy

from persistent financial uncertainties and worsening

global economic outlook.

The trend of overall depreciation in the rupee

against the US dollar which was observed in August-

September 2011 persisted during October-December

2011. In spite of the RBIs intervention by bringing

about interest rate revision, the rupee has been under

stress. The Indian rupee weakened to an all-time low

against the US dollar at more than 52 in December 2011.

High inflationary conditions in the economy coupled

with high global commodity prices and uncertainties

have also been crucial determinants. However, as per

industry analysts, the rupee depreciation is expected

to be positive for the country as it will boost exports in

view of the slowing economy.

The third quarter of 2011-2012 witnessed investors

continuing with a cautious approach in view of the

global uncertainties and the prevailing macroeconomic

instability. The Foreign Direct Investments (FDI)

inflow in the housing and real estate sector witnessed

significant decline and was recorded at approximately

INR 87 crores during the first month of the third

quarter of 2011-2012. The decline was by about 74%

compared to the same time period in 2010-2011. The

total inflow as such stood at INR 2,130 crores for the

period April-October 2011.

The BSE Realty Index continued with its subdued

trend during the week ended 30th December 2011

closing at 1375.65 points. The index which closed

at 2870.59 points in January 3rd 2011 registered a

decline by about 52% by the end of the year 2011. The

index continued to touch 2000 points till the last week

of July 2011 recording minor variations in the course.

However, by the end of August 2011, the uncertainties

in the global markets accentuated anxiety levels;

thereby the index remained quite conservative.

Though the property prices appreciated in early

2011 and developers initiated launch of new projects,

the cautious demand levels resulted in lowering the

developers profit margins and in some cases, even

pressuring them.

9.6%

10.1%

9.3%

9.7%

9.3%

9.4%

9.7%

8.5%7.6%

7.5%

6.1%

5.8%

6.0%

8.6%

6.5%

8.6%

8.8%8.9%

8.3%

7.8%

7.7%

6.9%

0%

2%

4%

6%

8%

10%

12%

G

rowthRate(%)

GROSS DOMESTIC PRODUCT GROWTH RATE

Source: Central Stascal Organisaon, Govt. of India

48

47 47 4746

46

45

44

46

4747 47

46

4445 45

45 4545

4445 45

44

45

48

49

51

53

40

42

44

46

48

50

52

54

INR/USD

EXCHANGE RATE MOVEMENT (INR/USD)

Source: MInistry of Finance, Govt.of India

48

47 47 4746

46

45

44

46

4747 47

46

4445 45

45 4545

4445 45

44

45

48

49

51

53

40

42

44

46

48

50

52

54

INR/USD

EXCHANGE RATE MOVEMENT (INR/USD)

Source: MInistry of Finance, Govt.of India

0

500

1000

1500

2000

2500

3000

3500

4000

4500

Index

BSE REALTY INDEX

Source: BSE


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3

Residential Overview

During the period October-December 2011, the

capital values of the residential properties across

the countrys major metros remained stabilized.

Marginal appreciation was observed only in the

city of Chennai during the quarter in review. Most

of the appreciation was recorded in the first two

quarters of 2011; and by July 2011 the countrys

major metros witnessed stabilization in the values.

This was to a great extent accentuated by high

borrowing rates creating pressure on affordability.

Moreover, cautious approach of buyers with regard

to purchases/investments also resulted in the prices

to remain at the same level.

The southern region dominated new residential

unit launches, accounting for approximately 59%

of the total launches during the period October-

December 2011. Most of the new unit launches during

the period under review were recorded in the mid

segment category. In Chennai, Hyderabad and Pune,

most of the launches were in the mid-end category

while NCR, Bangalore and Mumbai witnessed a

balanced mix of both high and mid-end segment

launches.

On account of the uncertainty prevailing in the

market with high inflation projections for 2012, an

immediate reversal in the interest rate is unlikely. This

may lead to continuation of the borrowing rates on the

higher side, which may consequently create pressure

on the affordability factor. Moreover, anticipation in

the market prevails of a price decline in the short to

medium term. Though the demand level is likely to

remain cautious, the underlying demand for housing

units and unavailability of suitable housing options

will continue to prevail.

During the year 2011, the Indian real estate

market was characterized by cautious sentiments.

The housing market registered mixed trends during

the year. While demand in the property market

strengthened in the first half of the year, towards the

second half of 2011, the housing market was governed

by subdued market sentiments. The dampened

sentiments in the market could be attributed to the

uncertainty in economic conditions, inflationary

pressures, rising home loan rates, and high price

points across majority of residential markets.

Featured Story: The Year Gone By Real Estate Market in 2011

Housing Markets across India exhibit varying trends

-

100

200

300

400

500

600

700

800

Bangalore (Burnton Road Laval le Road) Chennai (Boat Club)

Hyderabad (Banjara Hills) Kolkata (Ballygunge)

Mumbai (South) NCR (Satya Niketan Anand Niketan)

Pune (Koregaon Park)

RESIDENTIAL CAPITAL VALUES GROWTH INDEX

Source: Cushman & Wakeeld Research

16%

11%

35%

13%

8%9% 8%

0%

5%

10%

15%

20%

25%

30%

35%

40%

New unit launches (%)

NEW RESIDENTIAL UNIT LAUNCHES ACROSS LOCATIONS IN 4Q 2011



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4

According to Cushman & Wakefield Research,

office space absorption in 2011 has increased by 8%

over the previous year. The total absorption during

the year was recorded at 35.51 msf. The supply on

the other hand, registered a decline of almost 20%

helping reduce the demand-supply gap marginally.

Overall office space vacancy in India has remained

high at 18%. Among the major cities, Bangalore

registered the highest absorption of 11.53 msf.

along with additional pre commitments of 5 msf. for

next year. Chennai and NCR have also witnessed a

considerable growth in the absorption of 32% and

15% respectively over the previous year. Rentals

across most micro markets remained stable for the

most part during 2011 barring Mumbai CBD NarimanPoint (8-9% drop) and peripheral ORR micro market

(11% increase) in Bangalore.

In the retail sector, the country awaited major

policy measures regarding approving FDI in

multibrand retail, allowing 100% FDI in single brand

retail along with the implementation of Goods andServices Tax (GST). During the first half of 2011, end

consumer demand persisted and retailers seemed

Owing to the prevailing uncertainties, the capital

values across markets registered slower appreciation

in comparison to the growth recorded in 2010.

Among the major cities, NCR, Bangalore, Chennai

and Kolkata have registered higher escalation in

property rates. Several residential precincts in these

cities registered substantial appreciation in the range

of 21-31% in property prices. Other markets such

as Hyderabad, Mumbai and Pune witnessed slower

growth in capital values. The appreciation in these

markets was registered in the range of 2-13% during

the year. During the year, select markets in Mumbai

and Hyderabad also witnessed price corrections on

account of moderation in demand. Mid-end markets

across major cities, driven by inherent demand, have

fared better in comparison to the high-end markets.

Several mid-end markets have clocked growth of

more than 25% in 2011.

The leasing market in the residential sector

remained buoyant during 2011. Markets in proximity

to the office districts and with better connectivity

witnessed substantial demand during the year.

Postponement of purchasing decisions by end users

further propelled the demand for rental properties

across most markets, especially during the second

half of 2011. Cities such as Bangalore and Chennai

witnessed maximum appreciation in rental values

on account of increased demand. Select markets in

these cities recorded rental escalations in the range

of 45-55%. While majority of markets across India

registered healthy demand, Mumbai can be singled

out as the only market to register correction in rental

values, primarily on account of prevailing high price

points and increased availabilities.

-20%

0%

20%

40%

60%

80%

100%

0

10000

20000

30000

40000

50000

Central

Central

SouthCentral

NorthEast

Gurgaon

SouthEast

SouthCentral

Gurgaon

Off

Central

SouthEast

BoatClub

PoesGarden

RajivGandhiSalai(Perungudi)

T.Nagar

Nugambakkam

Madhapur,Gachibowli

Kukatpally

BanjaraHills

JubileeHills

SouthWest

SouthCentral

SouthCentral

North

Mumbai NCR Bangalore Chennai Hyderabad K olkata

Average capital values in December 2011 (INR/sq.f.) Cha nge fr om P eak Va lue ( In %)


0.55

4.46

1.36

4.54

3.26

9.04

6.4

4.4

0.4

11.53

5.1

4.1

1.97

4.8

6.23

2.6

0

1

2

34

5

6

7

8

9

10

11

12

InMillionsq.f.

Supply 2011 Absorpton 2011

Office Supply and Absorption 20 11 across major cities


Commercial Office and Retail Markets in 2011

Capital Values across major residential markets


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5

confident of expansion. NCR, Bangalore, Pune,

Mumbai and Chennai witnessed healthy mall supply

catering to this demand. Most of the mall supply was

seen to come up in peripheral locations. However,

both Hyderabad and Kolkata did not see any fresh

mall supply during 2011. In cities like Chennai, NCR,

Hyderabad and Kolkata rental values remained

stable mostly across malls during the second half of

the year in view of lack of supply. Simultaneously, a

lack of availability of mall space pushed retailers to

opt for main streets across the major cities. Hence,

main streets continued to register increased enquires

from national and international retailers. Rentals in

main streets in CBD in most major cities witnessed

significant y-o-y appreciation.

The year also witnessed several land mark

initiatives by the government for the real estate

sector. The remarkable announcements were the

introduction of the Land Acquisition Reforms &

Rehabilitation Bill, The Real Estate Regulatory Bill,

100% allowance of FDI in single brand retail and the

new development norms in some States. Although

many of the bills are yet to be enacted and approved

by the parliament, it is still worthy to note that these

are the first steps in the right direction aimed to

institutionalize the sector.

Going Ahead

Indian housing market is expected to remain

cautious on account of uncertain global economic

conditions. The trends exhibited by major cities across

India are likely to prevail over the next few quarters.

Bangalore, Pune and Mumbai are expected to witness

several residential launches in the next few quarters.

Limited availability of ready properties is likely to put

positive pressure on several premium markets across

major cities. Capital values across majority of locations

are expected to remain stable or register moderate

appreciation. However the rental markets across

several cities are likely to remain active resulting in

rental escalations.

Commercial office space market in 2012 is expected

to be driven by steady demand. Space uptake by firms

in the IT/ITES and BFSI space are likely to remain as

the primary demand drivers. While majority of the

office districts are expected to register stable rentals,

CBD markets in cities like Pune, Kolkata and Chennai

along with suburban markets in locations like NCR and

Hyderabad are expected to register slight appreciation

in the short term. This may be attributed to the limited

availability of grade A space in these locations. On

account of supply that is anticipated in major cities,

the vacancy levels are expected to remain stable or

register mild fluctuations in cities like NCR, Pune and

Chennai. Contrary to other markets, Bangalore and

Hyderabad are expected to register a dip in vacancy

rate due to the growing demand.

Indian retail market is likely to continue on the

growth trajectory in 2012. Increased retailer interest

both by international and domestic retailers isexpected to persist in the market, further boosted

by the policy approval for 100% FDI allowance in

single brand retail and industrys expectations of at

least an allowance of 51% FDI in multibrand retail.

Approximately 9.9 msf of mall supply is anticipated

in the year 2012 across the major cities of which the

NCR, Mumbai and Bangalore are likely to register 2.2

msf of mall supply in the first half of the year. Majority

of the retail markets are expected to see stability in

terms of mall rentals with the anticipated increase in

availability of mall space. On the other hand, prime

main street markets across the major cities are likely

to witness escalation in rentals due to the demand

driven by increased retailer interest and scarcity of

space.


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6

Ahmedabad 7

Bangalore 10

Chennai 14

Hyderabad 17

Kolkata 20

Mumbai 23

National Capital Region 26

Pune 30

Index


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7

Ahmedabad witnessed a moderate spate of

transaction activity in the fourth quarter of 2011 in

the residential segment. Capital values have remained

stable across all micro markets so as to sustain

demand. More sales are witnessed in readily available

properties as it is preferred by end users due to

which some projects nearing completion have shown

appreciation in capital values.

Construction activity was witnessed in RingRoad and Thaltej catering to the mid-segment.

Some of these projects include Shreekunj High end

Apartments (Nidhi Group) and Sapphire (Shree

Shivam Corporation) which are likely to be available

for possession by mid 2012.

The Ahmedabad Urban Development Authority

(AUDA) has announced the development of a 60m

wide, 76 km long city level Ring Road estimated at

a cost of Rs.335 crores to add to the 2 ring roads

already operational. The ring road will help in better

connectivity to Sanand and will divert the regional

traffic that enters city roads, hence reducing

congestion.

Ahmedabad

Market Overview

Trends & Updates

Ready Residential Property Update

Due to its proximity to major commercial hubs

Satellite and Prahlad Nagar have seen a 17% and 7%

appreciation in capital values in the high end segment.

Developers are offering various incentives and

favourable payment schedules to increase demand.

4,500

2,8502,600 2,600

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

Premium Ready Residental Property Values in December'11

Price (INR/sf)-December 2011


Source: Cushman and Wakeeld Research

Note: The above values for high segment typically include units of 2,000-4,000 sq..

Average Capital values High end (INR 000/Sq.ft.)Location Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Satellite 3.8-4.3 3.9-4.6 4.0-4.6 4.0-4.8 4.3-5.0 4.3-5.1 4.3-6 4.3-6

Vastrapur 3.4-3.7 3.6-4.0 3.6-4.0 3.7-4.0 3.7-4.0 3.7-4.0 3.7-5 3.7-5

S.G.Highway 3.5-4.1 3.5-4.1 3.6-4.3 3.7-4.3 3.7-4.3 3.7-4.5 3.7-4.5 3.7-4.5

Prahlad Nagar 4.0-5.0 4.1-5.0 4.2-5.2 4.2-5.3 4.2-5.3 4.2-5.3 4.2-6 4.2-6


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8

New Residential Launches

Ahmedabad witnessed just 2 significant launches

in the fourth quarter of 2011. Newer residential

developments are launched along the Gandhinagar-

Ahmedabad Road and Satellite road. The city has

witnessed restrained new projects in this quarter due

to the liquidity crisis faced by developers and high

interest rates. However, new projects are expected

to launch in the coming quarter.

Under construction Residential Property Update

Retail

Office

Construction activity has witnessed a slowdown

in the last quarter. Residential projects under

construction are mainly concentrated in locations

such as Ring Road, S.G. Highway and Bopal.

Ahmedabad witnessed fresh mall supply of around

7 lakh sft in the form of Alpha One at tVastrapur.

The mall includes anchor stores like HyperCity and

Shoppers Stop with retailers such as Nike, Tommy

Hilfiger, Pepe Jeans and Samsonite. Modest demand

and relatively high vacancy rates have kept rental

values unchanged from the last quarter.

Ahmedabad witnessed a total commercial supply

of around more than 4.3 lakh sft for the year and 1.3

lakh sft for the quarter. A 14% year on year drop in

supply compared to 2010. The city saw absorption

of just over 1 lakh sft for the fourth quarter of 2011.

The absorption for 2011 stood at 4.2 lakh sft with S.G

Highway and Satellite Road contributing 61% of total

absorption.


Note: The above values for mid segment typically include units of 1,200-1,800 sq..

* Esmated and as per market informaon

Average Capital values Mid range (INR 000/Sq.ft.

Location Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Satellite 2.8-3.4 2.8-3.6 2.8-3.8 2.8-3.8 2.8-4.1 2.8-4.2 2.8-4.3 2.8-4.3

Vastrapur 2.6-3.2 2.6-3.3 2.6-3.5 2.6-3.5 2.6-3.6 2.6-3.8 2.6-3.8 2.6-3.8

S.G.Highway 2.8-3.4 2.8-3.4 3.0-3.6 3.0-3.8 3.3-4.1 3.3-4.2 3.3-4.3 3.3-4.3

Prahlad Nagar 2.7-3.3 2.7-3.3 2.8-3.6 2.8-3.6 2.8-3.6 3.0-4.0 3.2-4.2 3.2-4.2

Project Name Developer Location Number of Units* Area of Units

Orchid elegance Dhyaana Reality Bopal 240 2BHK: 1215sq.ft. to 1285sq.ft.3BHK: 1490sq.ft. to 1545sq.ft.

Pacifica Reflections Pacifica Companies Off Ring Road 220 2BHK: 1325sq.ft. to 1425sq.ft.3BHK: 1600sq.ft. to 1900sq.ft.


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9

Prices in the residential markets are expected

to move upwards in the coming months. Most new

projects are expected in the mid-end range segment.

Commercial office space rentals in the CBD area may

witness an increase due to limited grade A supply.

However, rentals are expected to remain stable

across other micro markets due to moderate demand

and current vacancy levels.

Ahmedabad is not expected to witness any new

mall supply during the first quarter of 2012. Rentalvalues across malls and main streets are expected to

remain stable so as to sustain demand.

Outlook


10/33

10

Bangalore

Market Overview

A cautious approach by both the end-users as well

as the investors continued to prevail in Bangalores

residential market on account of high price points in

most markets and high interest rates. Capital values

mostly remained stable during the fourth quarter of

2011.

New project launches continued during the quarter

though the market had substantial availability, as

significant numbers of projects were launched duringthe year, thereby offering buyers with a wide range of

options to choose from.

With the infrastructure development works like the

flyover constructions, metro rail as well as elevated

highways commencing in full swing across the city, the

immediate micro markets as well as adjacent ones are

witnessing increased prominence.

Bangalore office market continued with its

buoyant trend registering high demand levels. Quite

a few significant big ticket deals were closed during

the quarter. However, demand for spaces in the range

of 3,000-20,000 square feet was dominant and

comprised of almost 60% of the number of deals

closed during the quarter. Vibrancy persisted in the

citys retail market with two major malls becoming

operational during the quarter. Continued interest

was observed from retailers across segments and

quite a few new lease deals were also closed during

the quarter across the upcoming malls.

Trends & Updates


Demand to a great extent remained subdued for

ready/second generation properties on account of

the high price points quoted coupled with the high

interest rates for mortgages. An anticipation of

a decline in prices prevailed. Moreover, investors

were also apprehensive as the rentals fetched

were comparatively on the lower side relative to

the capital investments.

Buyers had a wide range of options to choose in

new developments/ launches, wherein they were

able to secure discounts, thereby tilting the scale

in favour of developer stock. As a result, investors

primarily in high-end properties faced difficulties

in exiting their investments as it was unfeasible

for lowering their quotes considering their initial

capital investments.

Second generation properties maintained their

capital values in view of substantial availability

in new properties or project launches. However,

no incident of distress sales or reduction in the

prices was observed across the second generation

properties.

7,000

4,100

5,750

4,450

5,250

4,500

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000





11/33

11

High Segment

Central: Lavelle Road, Off Palace Road, Off Cunnigham

Road, Ulsoor Road, Richmond Road

South: Koramangala, Outer Ring Road, Bannerghatta

Road, JP Nagar

Off Central: Frazer Town, Benson Town, Richards

Town, Dollars Colony

East: Whitefield (villas)

North: Hebbal, Yelahanka, Jakkur, Devanahalli

Mid Segment

Central: Brunton Road, Artillery Road, Ali Askar Road,

Cunningham Road

East: Marathalli, Whitefield, Airport Road

South East: Sarjapur Road, Outer Ring Road, HSR

Layout

South: Koramangala, Jakkasandra

South West: Jayanagar, J P Nagar, Kanakpura Road,

Bannerghatta Road, BTM Layout

North: Hebbal, Bellary Road, Yelahanka, Dodballapur

Road, Jalahalli

Off Central*: Vasanth Nagar, Richmond Town,

Indiranagar

Off Central*:* Cox Town, Frazer Town, HRBR, Benson

Town, etc

North West: Malleshwaram, Rajajinagar

Key to Locations:

Average Capital values High end (INR000/Sq.ft.)

Location 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Central 12.00-14.50 12.00-15.00 13.00-16.00 13.00-16.00 13.50-17.5 13.60- 17.60 14.00-18.00 14.00-18.00 14.00-18.00

South 6.00-8.50 5.50-9.00 5.80-9.00 5.80-9.00 6.00-9.50 6.10-9.70 6.50-10.00 6.50-10.00 6.50-10.00

Off Central 5.00-6.60 5.00-6.60 5.00-6.80 5.00-6.80 5.00-7.00 5.20-7.10 5.50-7.50 6.00-8.50 6.00-8.50

East 5.60-7.00 5.60-6.80 6.00-7.00 6.00-7.00 6.50-7.50 6.50-7.70 6.80-8.00 6.80-8.00 6.80-8.00North 5.50-7.00 5.50-6.50 5.50-6.80 5.50-7.00 5.50-7.00 5.70-7.00 6.00-7.40 6.50-8.00 6.50-8.00

Average Capital values Mid range (INR000/Sq.ft.)

Location 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Central 5.00-6.00 5.00-6.50 5.20-6.60 5.50-7.00 5.50-7.00 5.60-7.10 5.80-7.40 6.00-7.50 6.00-7.50

East 2.40-2.70 2.40-2.90 2.70-3.00 2.70-3.00 2.70-3.10 2.70-3.30 3.00-3.50 3.20-3.80 3.20-3.80

South East 2.50-3.20 2.50-3.50 2.70-3.80 2.80-4.00 2.80-4.00 2.80-4.30 3.00-4.50 3.40-5.00 3.40-5.00

South 4.60-5.70 4.60-5.70 4.60-5.80 4.80-6.00 4.80-6.00 4.80-6.30 5.00-6.50 5.00-6.50 5.00-6.50

North 2.80-4.00 2.60-4.30 2.80-4.30 2.80-4.30 2.80-4.40 2.80-4.50 3.00-4.80 3.00-4.80 3.00-4.80

South West 2.70-3.90 2.90-3.90 3.00-4.30 3.20-4.50 3.20-4.50 3.30-4.70 3.60-5.00 3.60-5.00 3.60-5.00

Off Central* 3.70-5.70 3.70-5.70 3.80-5.90 4.00-6.20 4.00-6.20 4.20-6.40 4.50-6.70 4.50-6.70 4.50-6.70

OffCentral**

3.30-5.70 3.50-5.70 3.60-5.90 3.80-6.20 3.80-6.20 3.90-6.40 4.30-6.70 4.30-6.70 4.30-6.70

North West 3.50-5.20 3.50-5.10 3.80-5.40 3.80-5.60 3.80-5.60 3.90-5.80 4.30-6.20 4.30-6.20 4.30-6.20






12/33

12

Bangalore continued to witness some major new

launches from the prominent developers. The new

launches recorded during the quarter also included

formal launches of projects which were pre-launchedin the earlier quarters. New project launches were

across upper, mid as well as lower segment brackets

with a mix of apartment and villa developments.

Moreover, the southern peripheries of the city were

observed to account for most of the new launches

during the quarter. Marketing of pre-launched

projects was also observed with developers offeringcustomized discounts and value added services to the

buyers for quick uptakes in their projects. * Estimated

and as per market information

Significant numbers of projects were launched

during the year and the same commenced

construction leading to substantial availability in the

market. This provided the buyers with a wide range of

options to choose across different price bands, type of

developments and locations among others. During the

quarter in review, consistent work progression was

recorded in the under construction projects.

In view of substantial availability in new properties,

no significant appreciation in the capital values of

these projects was observed barring a few exceptions.

Moreover, developers continued to offer customized

discounts and value added services without bringing

about any direct reduction in the capital values.

Under Construction Residential Property Update



The Promont Tata Housing Banashankari 320 3BHK: 2376sq.ft. to 2522sq.ft.4BHK: 3024sq.ft. to 3033sq.ft.

DLF Maiden Heights DLF Homes Rajapura 696 2BHK: 913sq.ft. to 925sq.ft.3BHK: 1222sq.ft. to 1230sq.ft.


During the fourth quarter of 2011, the commercial

market in the city however, exhibited growth

with comparatively high demand levels despite

the discomfort in the market on account of the

global uncertainties. Absorptions were clocked at

approximately 3.09 msf and rentals mostly remained

stabilized across all micro markets.

Supply remained subdued during the first half

of the year; however, during the last two quarters

it showed marked improvement. Supply totaled

approximately 2.33 msf, during the fourth quarter

of 2011. The vacancy levels in the city registered a

decline to approx. 12% as on 4Q 2011 from 16% (4Q

2010) on account of good absorption levels coupled

with constricted infusion of supply.

Office


13/33

13

During the fourth quarter of 2011, the commercial

market in the city however, exhibited growth

with comparatively high demand levels despite

the discomfort in the market on account of the

global uncertainties. Absorptions were clocked at

approximately 3.09 msf and rentals mostly remained

stabilized across all micro markets.

Supply remained subdued during the first half

of the year; however, during the last two quarters

it showed marked improvement. Supply totaled

approximately 2.33 msf, during the fourth quarter

of 2011. The vacancy levels in the city registered a

decline to approx. 12% as on 4Q 2011 from 16% (4Q

2010) on account of good absorption levels coupled

with constricted infusion of supply.

Demand is likely to remain cautious in the initial

months of 2012 with buyers adopting a wait and

watch policy in view of the high price points as well

as the high borrowing rates. Further capital value

escalations are unlikely and prices are expected to

remain stable in the forthcoming quarters.

New project launches are likely to continue

with most developers initiating pre-launch of their

projects at discounted prices to gauge the tempo

of the market and consumer attitude to pricing and

product offering. Locations in the North and South

peripheries of the city are likely to see greater share

in the project launches. High land, construction and

other associated costs may compel the developers

to launch projects at higher price points. Developers,

however, are expected to continue offering

customized discounts and better bargains to ensure

quick uptakes in their projects.

Approximately 11msf of new supply is expected in

the commercial office space segment in 2012. During

the initial months of 2012, the absorption levels will

remain on the higher side. Marginal scarcity of space

options, as a result, is likely to prevail in early 2012.

Vacancy rates too may come down marginally or

remain stable.

Three new mall developments are likely to become

operational by the first half of 2012. On account of

the already high rentals commanded, prime rents are

likely to continue at the same level. Retailer interest

too is expected to remain persistent.

Retail

Outlook


14/33

14

Demand for residential properties in Chennai

continued to remain healthy during the last quarter

of 2011. Developers continued to launch projects in

the suburban and peripheral locations in order to

capitalize on the demand in these locations.

The leasing activity remained buoyant during the

fourth quarter of 2011. Locations such as Poes Garden,

Kilpauk and Adyar noticed substantial appreciation in

the high-end segment. In the mid-end segment, Adyar,

Anna Nagar and Nungambakkam recorded significant

rental appreciation during the quarter.

Chennai

Market Overview

Trends & Updates


Premium residential markets such as Boat Club and

Poes Garden registered marginal appreciation driven

by the inherent demand. Demand for ready property

remained significant during the quarter. High-end

markets such as R.A. Puram, Adyar and Kilpauk also

saw revision in prices, driven primarily by the resale

activity.

The suburban markets saw an improved demand

for ready property due to the uncertainty over

completion of several under construction projects.

With no significant demand, majority of the mid-end

segment markets remained stable.

13,500

9,00012,500

22,000

19,500

0

5,000

10,000

15,000

20,000

25,000




Average Capital values High end (INR 000/sq.ft.)

Location 2008 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011

Boat Club 18-24 18-20 18-21 18-21 18-21 18-23 19-23 19-23.5 20-24.5 20-25.0

R.A Puram* 13-15 13-15 13-16.5 13-16.5 13-16.5 13-16.5 13-16.5 13-16.5 13-16.5 14-17

Besant Nagar NA NA NA NA NA NA NA NA 12.5-13.5 12.5-13.5

Kotturpuram NA NA NA NA NA NA NA NA 12-14 12-14

Adyar 5.5-10 5.5-9.5 6-11 8-12 8-12 8-12 8-12 8-12 10-13.5 11.5-13.5

Poes Garden** 14.5-20 14.5-18 14.5-19 14.5-19 14.5-19 14.5-20 15-20 15.5-20.5 15.5-23.5 17.5-24.5

Nungambakkam 13-16 13-16 13-16.5 13-16.5 13-16.5 13-16.5 13-16.5 13-16.5 13-17 13-17

Anna Nagar 6-9 6-9 6.5-10 7.5-10.5 7.5-10.5 7.5-10.5 8-10.5 8-10.5 8-11.5 8-11.5

Kilpauk 4-8 4-8 5-9 6-9.5 8-11 8-12 8. 5-12 8. 5-12.5 8.5-12 9-15



The me series have been adjusted to reect the updated values

*RA Puram also includes Alwarpet and Abhiramapuram

**Poes Garden also includes Venus Colony and Kasturi Rangan Road


15/33

15

New launches trend during the last quarter of 2011

remained subdued. The uncertainty prevailing over

market conditions has resulted in fewer launches

compared to the previous quarters. Majority of

the launches were registered in the suburban and

peripheral locations, though concentrated more in the

southern residential pockets of Chennai. Substantial

number of launches was registered in Rajiv Gandhi

Salai and GST Road. Prominent developers such as

Vijay Shanthi Builders and Landmark Construction

were noticed to unveil new projects during the quarter.

Majority of the projects that were rolled out catered to

the mid-end segment while the supply in the high-end

segment was sluggish.


Average Capital values Mid range (INR 000/sq.ft.)


Adyar 4.5-6.5 4.5-6.5 5-6.5 6-8.5 6-8.5 6-8.5 6-8.5 6-8.5 6.5-10 8-11

Rajiv Gandhi Salai(Perungudi)

2.5-3.6 2.5-2.8 2.5-3.25 3-4 3.5-4.5 3.5-4.5 3.8-5 4-5.5 4-5.5 4-5.5

Velachery 3.8-4.2 3.5-4 3.5-4.5 3.5-5 3.5-5 3.5-5 3.5-5 3.5-5.3 3.5-5.5 3.5-5.5

T Nagar 4-6.5 4-6.5 5-6.5 6.5-9 7.5-10.5 7.5-10.5 7.5-10.5 7.7-11 8-11 8.5-11.5

Mylapore NA NA NA NA NA NA NA NA 8-12.5 8-12.5

Mogappair NA NA NA NA NA NA NA NA 5-5.5 5-5.5

Kilpauk 4.5-6 4.5-6 5-6 5-7 5-8 6-8 6-8.5 6.5-8.5 7-9 7.5-9.5



The me series have been adjusted to reect the updated values



Tivoli Landmark Construction Mogappair 88 2BHK: 1200sq.ft. to 1400sq.ft.3BHK: 1500sq.ft. to 1800sq.ft.

Boulevard Vijay Shanthi Builders Vandalur-KelambakkamRoad

332 3BHK: 1170sq.ft. to 1278sq.ft.Row Houses: 2255sq.ft. to2275sq.ft.

Aspects Landmark Constructions East Avenue, Korattur 24 3BHK: 1660sq.ft.

Valencia ICIPL Potheri, GST 16 2BHK & 3BHK: 650sq.ft. to1012sq.ft.

Green 201 Kgeyes Builders Besant Nagar 585 NA

The prices for majority of under construction

projects continued to remain stable. The developers

refrained from increasing prices in order to improve

the momentum of sales. However, select projects

nearing completion in suburban markets were noticed

to register marginal appreciation during the quarter.

The handover of projects including Hiranandani

Upscale, HIRCO Palace Gardens and Temple Green are

happening in a phased manner. Several projects such

as Lancor Central Park South and DLF Garden City

are expected to hand over some of their apartments

during the first quarter of 2012.



16/33

16

The cautious demand in the market is expected

to result in stable capital values across most

residential markets. Despite anticipating a drop

in property registrations, the developers might

restrict decreasing the capital values in view of

rising construction costs. The rental values are

likely to continue appreciating during the next few

quarters on account of buoyant demand.

In the commercial office space markets, rentals

are expected to remain stable. However, grade A

buildings in CBD locations might register a slight

appreciation due to the insufficient supply in this

market. Persistent demand for retail space in

the main streets is likely further exert a positive

pressure on the rental values during 2012. Mall

supply of approximately 850,000 sf is expected to

be infused in the first quarter of 2012 with rentals

likely to remain stable over the next few months.

Outlook

Retail market in Chennai was characterized by

dearth of prime retail space. Scarcity of space in main

streets resulted in significant rental appreciation in

majority of the retail precincts in Chennai. KhaderNawaz Khan Road and Anna Nagar 2nd Avenue

registered the maximum appreciation in the range of

13-16% during the quarter.

In malls, absorption in several centrally located

malls resulted in an overall lower vacancy of 6.6%

during the quarter. Despite much anticipation, there

was no mall supply recorded during the quarter. Themall rentals exhibited a stable trend during this time

period.

Retail

During the fourth quarter of 2011, Chennai

witnessed significant office space absorption of

approximately 1.88 msf. with the uptake of office

space in SEZs gaining momentum. Contrary to thebuoyant absorption registered during the quarter,

influx of supply remained sluggish. The market

registered a supply of just 0.1 msf. Limited supply and

buoyant demand resulted in moderation of vacancy

levels (16.3% for fourth quarter 2011) in the fourth

quarter of 2011. Despite the healthy demand scenario,rental values during the last quarter remained stable

on account of cautious market sentiments.

Office


17/33

17

Hyderabad

Market Overview

The uncertainty over the land reservation

regulation has continued for the fourth quarter

in a row. With no clarity on provision of LIG and

EWS housing, developers have further delayed

announcing new projects. Unlike the last 6 months,

Hyderabad residential market has witnessed

some launches this quarter in the form of project

extensions and reBHKanding / relaunching of old

projects.Subdued political turmoil, stability in prices and

various promitional offers towards the end of the

year have resulted in a higher number of enquiries,

thereby recording a marginal rise in sales in key

residential localities such as Miyapur, Gachibowli,

Madhapur and Kukatpally. Projects in prime

residential localities with locational advantages

and that are in the final stages of completion have

witnessed a growth in number of enquiries.

The commercial office space market in

Hyderabad has regained momentum towards the

end of 2011.Demand for office space was recorded

at over 1.6msf, which is nearly 60% higher than Q3.

In the retail market, overall demand has remained

on the lowerside as comapred to the previous

quarters. Upcoming malls such as Manjeera Trinity

and Manjeera Majestic have witnessed some pre-

commitments during this quarter.

Trends & Updates

Ready Residential Update

Property prices have recorded mixed trends

across the city during this quarter. High-end projects

recorded marginal appreciation in most micro markets

including Madhapur and Gachibolwi. Overall market

conditions, especially in the mid-end segment, looked

favourable as compared to the last two quarters, thus

encouraging developers to evaluate their options in

terms of sales and promitional activities .

Projects in the medium segment in Miyapur and its

surroundings have recorded a 6-8% growth in capital

values. Prices have gone up by 8-12% in few projects

that are close to the IT and Financial districts and are

ready for immediate possession.

8000

8550

4650

10250

4100

5200

0

2000

4000

6000

8000

10000

12000

Premium Ready Residental Property Values in December '11




18/33

18

Seven projects totalling approximately 1,700 units

were launched across the high-end and mid-end

segments in the upcoming locations of Miyapur, Nizampet

and Gachibowli. Majority of the projects launched during

this quarter were either approved prior to the land

reservation clause or are extensions of ongoing projects.

Mid-end housing projects continue to concentrate

on Miyapur, Nizampet and the immediate surroundings

due to their proximity to the IT and financial districts and

presence of large pool of potential buyers.


Average Capital values High end (INR 000/sq.ft.)


Banjara Hills 6.5-7.1 5.8-6.5 6.0-6.7 6.0-7.0 6.0-7.0 6.0-7.2 6.0-7.4 6.3-7.4 6.3-7.5 6.4-7.5

Jubilee Hills 6.5-7.1 5.5-6.3 5.7-6.6 5.7-7.0 5.7-7.0 6.0-7.0 6.0-7.0 6.2-7.0 6.2-7.1 6.2-7.2

Himayatnagar 3.4-4.4 3.3-4.0 3.5-4.0 3.7-4.0 3.5-4.0 3.7-4.0 3.7-4.0 3.7-4.0 3.7-4.0 3.7-4.2

West & EastMarredpally 3.3-4.3 3.3-3.8 3.3-3.9 3.5-4.0 3.5-4.0 3.5-4.0 3.5-4.2 3.6-4.2 3.6-4.2 3.6-4.3

Begumpet,Somajiguda

3.9-4.5 3.9-4.5 3.9-4.5 4.1-4.5 4.1-4.5 4.1-4.5 4.1-4.7 4.3-4.7 4.3-4.7 4.3-4.8

Madhapur, Gachibowli 3.8-4.4 3.5-4.3 3.7-4.5 3.8-4.5 3.8-4.7 3.8-4.9 3.8-5.0 4.0-5.0 3.9-5.0 3.9-5.3

Kukatpally 3.3-4.3 3.3-4.0 3.5-4.3 3.5-4.3 3.5-4.5 3.5-4.5 3.5-4.8 3.8-4.8 3.8-5.0 3.8-5.1

Miyapur, NizampetRoad

NotAvailable

2.6-3.3 2.7-3.4 2.7-3.4 2.7-3.4 2.7-3.4 2.7-3.4 2.7-3.4 2.8-3.4 2.8-3.5

Average Capital values Mid range (INR 000/sq.ft.)


Banjara Hills 3.4-4.2 3.6-4.2 3.6-4.3 3.6-4.3 3.6-4.5 3.6-4.5 3.6-4.5 3.8-4.5 3.8-4.6 3.8-4.6

Jubilee Hills 3.4-4.0 3.5-4.0 3.7-4.0 3.7-4.0 3.7-4.0 3.7-4.0 3.7-4.0 3.9-4.2 4.0-4.2 4.0-4.2

Himayatnagar 2.6-3.0 2.7-3.0 2.7-3.2 2.7-3.5 2.7-3.5 2.7-3.5 2.7-3.5 2.7-3.5 2.7-3.5 2.7-3.7

West & EastMarredpally

2.5-3.0 2.5-2.8 2.5-2.9 2.7-3.0 2.7-3.0 2.7-3.0 2.7-3.0 2.8-3.0 2.8-3.0 2.8-3.2

Begumpet,Somajiguda

2.5-3.0 2.6-3.1 2.8-3.1 2.8-3.5 2.8-3.5 2.8-3.5 2.8-3.5 2.9-3.5 2.9-3.5 2.9-3.6

Madhapur, Gachibowli 2.6-3.0 2.5-3.1 2.5-2.9 2.6-3.2 2.6-3.2 2.6-3.4 2.6-3.4 2.8-3.4 2.8-3.3 2.8-3.5

Kukatpally 2.4-2.8 2.4-2.9 2.6-3.2 2.6-3.2 2.6-3.2 2.7-3.2 2.7-3.2 2.9-3.2 2.9-3.3 2.9-3.5

Miyapur, NizampetRoad

NotAvailable

1.8-2.5 1.8-2.5 1.8-2.5 1.8-2.5 1.8-2.5 1.8-2.7 2.4-2.7 2.4-2.7 2.4-3.0


The above values for high end typically include units of 1,600-3,200 sq..



The above values for mid range typically include units of 1,200-1,600 sq..


Babukhan Lakefront Babukhan Properties Kokapet 40 4BHK+4T: 2885sq.ft. to 3678sq.ft.

Purple Town Manjeera Constructions Gopanpally, Gachibowli 47 4BHK+4T: 3400sq.ft.

Aparna Hill Park Avenues Aparna Constructions Miyapur 647 2BHK+2T: 1150sq.ft. to 1340sq.ft.3BHK+3T: 1400sq.ft. to 1670sq.ft.

Vertex Prime Vertex homes pvt. Ltd Nizampet Road 284 2BHK+2T: 1140sq.ft.3BHK+3T: 1280sq.ft. to 1470sq.ft.

Eden Park Aditya Constructions Nallagandla, Gachibowli 80 3BHK+3T: 1805sq.ft. to 2380sq.ft.

PBEL Phase II PBEL property develop-

ment (India) Pvt.Ltd

Bandlaguda, APPA Junc-

tion

394 2BHK+2T: 1077sq.ft. to 1269sq.ft.

3BHK+3T: 1289sq.ft. to 1703sq.ft.

Rajapushpa Retreat Rajapushpa propertiesPvt.Ltd

Kokapet 168 2BHK+2T: 1250sq.ft.3BHK+2T: 1410sq.ft. to 2085sq.ft.


19/33

19

Property prices across the city have mostly

remained stable during Q4. Madhapur and Gachibowli

witnessed a minor appreciation especially in the

projects that are close to completion. Some projects

with successful completion of Phase I have witnessed

8-10% increase in property prices for the second

phase.

Moderately stable prices and steady political

environment along with several promotional offers

by the developers have attracted the buyers during

this quarter. The number of enquires have gone up

this quarter as several potential buyers evaluated

properties, mainly in key residential catchments.

Projects such as Empress Towers, Rainbow Vistas,

Aparna Hill Park Avenues, Vertex Prime, PBEL City

and Green Grace have witnessed a growing number

of enquiries considering successful completion of

the earlier projects by the developers and locational

advantages.


The market recorded approximately 1.25 msf ofoffice space absorption during the fourth quarter.

Demand for SEZ space was clearly evident through

pre-commitments of over 4 lakh sft, especially

in the suburban micro markets, which include

Madhapur and Gachibowli.

Despite healthy absorption and a growth inenquiries, office rentals have remained stable due to

continued infusion of second generation space and

availability of space options across all micro markets.

Large format stores, which are rapidly expandinginto tier-II cities, have continued negotiations in

suburban locations such as Attapur, Mehdipatnam, LB

Nagar and Chandanagar during this quarter. Retailers

who adopted a wait and watch approach during the

third quarter have started actively exploring space

options towards the end of 2011 due to stability in thepolitical environment. Continued scarcity of space in

operational malls has lead to a growth in enquires in

upcoming malls such as Manjeera Trinity and Manjeera

Majestic in Kukatpally.

The political factors which influenced the cityduring the second half seems to have stabilized giving

a positive outlook for 2012. The residential market is

likely to witness a moderate growth in during 2012.

Several new project launches are likely if the current

regulation on land reservation gets resolved. Property

prices across the city are likely to remain stable thru

first half of 2012. The overall demand is likely to grow

due to reasonably stable prices and continued supply.

Majority of the upcoming SEZ supply in 2012 isalready pre-committed. The shortage of grade A

supply is likely to continue in the commercial office

space market during 2012. In the retail market, some

large format stores may get operational in the suburbs

by the end of 2012. As retailers are becoming more

flexible in terms of suitability of space, demand for

small format stores is likely to remain healthy in prime

retail locations such as Banjara Hills and Jubilee Hills

over the next two quarters.

Office

Retail

Outlook


20/33

20

Kolkata

Market Overview

Trends & Updates


During the fourth quarter of 2011, Kolkatas

residential market witnessed reduced transaction

activities across the micro markets. Buyers seemed

to defer buying decisions due to rising interest

rates and high inflation. Clarity over the States

Land Acquisition policy was not provided, which

influenced developers and financial investors to

take a wait and watch approach.

Along with Rajarhat, which remains the hub ofreal estate activities in the city, peripheral locations

like Garia and Barasat also assumed increased

importance.

Keeping with the global market sentiments

and the countrys reduced growth rate, the office

markets in Kolkata witnessed slightly moderate

absorption. Total absorption was recorded at around

just over 2 lakh sft. in the fourth quarter, dropping

by more than 50% in comparison to last quarter.

Retail markets in Kolkata exhibited less vibrancy in

terms of transactions as lack of supply remained a

major concern for retailers; retail establishments in

CBD continued to witness high occupancy.

High-end properties across the city witnessed

a 6 - 8% quarterly appreciation in view of lack of

supply. Capital values remained stable compared

to last quarter. However, they witnessed more than

20% y-o-y appreciation in the high-end segment

and more than 25% y-o-y appreciation in the mid-

end segment.

8500

6500

8500

6000

4500

5500

0

1000

2000

3000

4000

5000

6000

7000

8000

9000




Average Capital values High end (INR 000/Sq.ft.)


South 5.0 - 6.0 4.8-5.9 4.9-6.0 5.3-6.5 5.3-6.8 5.3-6.8 6.0-8.0 6.3-8.0 6.3-8.5 6.3-8.5

South Central 9.0-10.0 8.5-9.6 8.5-10.0 9.5-11.5 9.5-13.0 9.5-13.0 9.5-14.0 10.0-17.0 10.0-18.0 10.0-18.0

South East 4.5-5.7 4.5-5.7 4.5-6.0 4.5-6.3 4.5-8.0 4.5-8.0 5.0-8.5 5.8-9.2 5.8-9.2 5.8-9.2

South West 9.5-10.0 8.6-9.8 8.7-10.0 8.9-11.5 8.9-13.0 8.9-13.0 10.0-12.0 10.0-15.0 10.0-15.0 10.0-15.0

Central 7.5-8.5 7.2-8.1 7.3-8.5 7.5-9.0 7.5-9.2 7.5-9.2 7.8-9.5 8.3-10.2 8.3-10.2 8.3-10.2

East 4.0-5.0 4.0-4.7 4.0-4.7 4.0-4.8 4.0-4.9 4.0-4.9 4.2-5.0 4.5-5.3 4.5-5.5 4.5-5.5

North East 2.5-3.0 2.4-2.9 2.4-3.0 2.4-3.4 2.4-3.9 2.4-3.9 2.6-4.2 2.8-4.5 2.8-4.5 2.8-4.5


Note: The above values for high-end segment typically include units of 2,000-4,000 sq..


21/33

21

Key to Locations:

South*: Southern Avenue, Dover Lane

South Central*: Ballygunge, Queens Park, Rainy Park,Gurusaday Road, etc.

South East: EM Bypass

SouthWest: Alipore Park Road, Ashoka Road,

Belvedere Road, etc.

Central: Lansdowne, Park Street

East: Salt Lake

North East: Rajarhat

South**: New Alipore, Golf Green, Tollygunge, etc.

South Central**: Hindustan Park

North: Kankurgachi, Lake Town, Jessore Road,

Ultadanga, etc.

Key to Locations:

Almost 1,300 units were launched during thefourth quarter, compared to 1,776 units in the last

quarter. Most of the project launches were in the mid-

end segment. Both peripheral markets and Rajarhat

New Town witnessed almost an equal number of

project launches.

Most of the projects launched during this quarterwere priced between Rs.1,500/- to Rs.4,500/-.

Significantly, the presence of individual developers

was more prominent in comparison to large corporate

developers.


Average Capital values Mid range (INR 000/Sq.ft.)


South 2.8-4.3 2.7-3.9 2.9-4.0 3.2-4.5 3.2-4.5 3.2-4.5 3.2-5.0 3.8-5.5 3.8-5.5 3.8-5.5

South Central 4.5-5.5 4.2-5.3 4.3-5.4 4.5-5.8 4.5-6.0 4.5-6.0 5.0-7.0 5.5-7.2 5.5-8.0 5.5-8.0

South East 2.5-3.0 2.4-2.8 2.4-2.9 2.4-3.2 2.5-3.3 2.5-3.2 2.7-4.0 2.8-4.5 2.8-4.5 2.8-4.5

North East 1.8-2.2 1.9-2.2 2.0-2.2 2.0-2.3 2.2-2.7 2.2-2.7 2.3-2.8 2.4-3.0 2.4-3.0 2.4-3.0North 1.8-3.5 1.8-3.4 1.9-3.5 2.0-3.7 2.2-4.7 2.2-4.7 2.3-4.8 2.8-5.2 2.8-5.2 2.8-5.2


NNote: The above values for mid-end segment typically include units of 1,600-2,000 sq..


Siddha Sphere Siddha Group Rajarhat New Town 297 2BHK: 845sq.ft. to 1105sq.ft.3BHK: 1090sq.ft. to 1415sq.ft.

Purnasons Magnolia City Magnolia InfrastructureGroup

Shastri Road, Barasat 222 1BHK: 479sq.ft. to 509sq.ft.

Greentech City Vedic Realty & DiamondGroup

Rajarhat New Town 200 3BHK: 1963sq.ft. to 2046sq.ft.4BHK: 2494sq.ft. to 2615sq.ft.



22/33

22

Under construction projects by reputed developers

in Rajarhat New Town have witnessed at least 5%

appreciation over the last quarter. However quite a

few large format projects by reputed developers in

New Town Rajarhat area have seen slow construction

work primarily due to the lack of infrastructure facility.

During the fourth quarter, Kolkatas office market

exhibited a balanced trend of supply and absorption.

Total absorption during this quarter was recorded

at almost 0.21 msf sft, while total supply during the

quarter was nearly 0.24m sf. Although the absorption

was less compared to last quarter, the quarter reported

the highest fresh absorption of the year. Interestingly,

the total demand during this quarter was generated by

regional corporate companies which mainly included

BFSI and engineering companies.

Kolkatas retail market witnessed a sluggish trend

during the last quarter of the year. In spite of increased

enquiries from retailers, the transactions were reduced

as availability of space in prime locations was a major

concern. In view of lack of supply in malls coupled with

very low vacancy in existing malls, retailers were then

inquiring for main street locations, which pushed the

main street rentals significantly upward in the CBD.


Office

Retail

The residential market in Kolkata is expected

to see a vibrant scenario in 2012 in terms of new

launches and transactions. However, if inflation

rises further, sales in mid-end segment may be

hampered. Growth of high-end segment is likely

to be stable. Peripheral locations like Barasat in

North and Garia in South will continue to continue

to witness increased importance due to more

number of affordable project options and improved

infrastructure facility.

Uncertainties over West Bengal Governments

Land Acquisition policy may dampen the mindset

of developers and financial investors. Hence

supply scenario may be restricted. Retail markets

will continue to see a low supply situation.

Hence retailers will opt for main streets in CBD

and peripheral locations with good catchment.

Therefore main street rentals will continue to

appreciate in the short term.

Outlook


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23

Mumbai

Market Overview

The residential market in Mumbai has witnessed

a slowdown during the last quarter. This is primarily

due to a slower pace in construction activity by

builders due to a liquidity crunch.

Residential capital values have remained stable

for most micro markets in Mumbai as developers

have refrained from price correction despite the

high input costs and high cost of funding. End users

have shown more interest for projects nearingcompletion in the mid range segment resulting in

appreciation of capital values in some projects in

select micro markets.

During the quarter, office space supply was

registered at 2.6 msf, whereas less than a million

square feet was absorbed during the same period.

The CBD witnessed an 8.3% drop due to low

demand, whilst all the other micro markets showed

stability in rentals. With the micro markets of Kurla

and Malad contributing majorly, the year witnessed

a healthy supply of 2.2 msf of mall space. Main street

rentals witnessed appreciation of about 4-12% over

the last quarter due to limited availabilities and high

demand. Large infrastructure projects such as the

Mumbai metro and monorail projects are currently

facing delays of around 6 months, though further

delays may still be expected.

Trends & Updates


Capital values at prime residential locations are

expected to reduce so as to maintain demand for

existing projects. However, high-end residential

capital values in Central Mumbai and mid range

capital values in South Central have witnessed a

4% and 2% drop respectively.

10,500

30,000

37,500 38,000

12,500

0

10,000

20,000

30,000

40,000




Average Capital values High end (INR000/sq.ft.)


South 43-55 42.5-58 42.5-58 43-60 43-60 43-60 43-60 45-65 45-65 45-65

South Central 47-67 42- 66 42-66 45-70 45-70 45-70 45-70 45-75 45-75 45-75

Central 33-53 34-55 34-55 35-55 35-55 35-55 35-55 35-55 35-55 32-54

North 27-31 22-30 22-30 24-31 24-31 24-32 24-32 24-32 24-32 24-32

Far North 9-13 10-16.5 10-16.5 11-16.5 11-16.5 11-16.5 11-16.5 11-16.5 11-16.5 11-16.5

North East 14-18 10-16 10-16 10-16 10-16 10-16 10-16 10-17 10-18 10-18


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24

Note:

High End

- Approximately 2,500 sq.ft. to 6,000 sq.ft. for South,

South Central, Central and North (Bandra & Khar)

- Approximately 1,800 sq.ft. to 4,000 sq.ft. for North

(Santacruz & Juhu), Far North and North East

Mid Range

- Approximately 1,400 sq.ft. to 2,500 sq.ft.

for South, South Central, Central and North

- Approximately 1,200 sq.ft. to 1,600 sq.ft. for Far

North and North East

South: Colaba, Cuffe Parade, Nariman Point,

Churchgate, etc.

South Central: Altamount Road, Carmichael Road,

Malabar Hill, Napeansea Road, Breach Candy, Pedder

Road, etc.

Central: Worli, Prabhadevi, Lower Parel/ Parel

North: Bandra (W), Khar (W), Santacruz (W), Juhu, etc.

Far North: Andheri (W), Malad, Goregaon, etc.

North East: Powai

Key to Locations:

Average Capital values Mid range (INR000/sq.ft.)


South 27-34 28-37 28-38 30-40 30-40 30-40 30-40 30-40 30-40 30-40

South Central 34-43 35-45 36-46 40-48 40-48 40-48 40-48 40-48 40-48 39-47

Central 18-28 15-26 15.5-27 15.5-30 15.5-30 17-30 17-30 17-30 17-35 17-35

North 13.5-19.5 16-24 16-24 16-24 16-24 16-25 16-25 16-25 16-25 16-25Far North 7-9 8.5-11.5 9-12 9-12 9-12 9-12 9-12 9-12 9-13 9-13

North East 6-7.4 6.4-8.5 6.5-8.5 6.5-8.5 6.5-8.5 6.5-8.5 6.5-8.5 7-8.5 7-10 6.5-10

Mumbai witnessed just 2 significant launches in the

fourth quarter of 2011 as developers have refrained

from launching new projects due to the prevailing

economic uncertainties and reduced demand from

buyers.



Island City Center 1 & 2 Bombay Reality Dadar 700 3BHK: 1500sq.ft. to 1800sq.ft. + (300 sq.ft. terrace)4BHK: 2000sq.ft. to 2400sq.ft. + (300 sq.ft. terrace)

Samarpan Exottica Kanakia Spaces Borivali 136 2BHK: 1180sq.ft.2.5BHK: 1450sq.ft.3BHK: 1580sq.ft.


Construction activity has witnessed a slowdown

in Mumbai during the last quarter with developer

delaying delivery of projects due to liquidity concerns

and a slowdown in demand from both end users and

investors.

Under construction projects have maintained

price points quoted in the previous quarter while

projects nearing completion have witnessed a minor

appreciation. Also, developers are offering various

incentives and favourable payment schedules to

increase demand.



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25

Market City Kurla admeasuring 1 msf became

operational during the fourth quarter of 2011. The

year has witnessed a healthy supply of 2.2 msf

of mall space, majority of which was in the micro

markets of Kurla and Malad. Main street rentals

in Colaba Causeway, Kemps Corner and Vashi

witnessed appreciation of about 8%, 12% and 4%

respectively over the last quarter due to limited

availabilities and high demand.

With few deals materializing, Mumbai has

witnessed a moderate spate in commercial office

space transactional activity in the fourth quarter

of 2011. During the quarter, office space supply wasregistered at 2.6 msf; where as the total demand

was estimated to be 0.9 msf.

For the whole year, Mumbai witnessed a

commercial supply of 10.4 msf, mainly concentrated

in the western suburbs of Andheri, Goregaon and

Malad which contributed close to 48% of the total

supply.

Whilst all the secondary and peripheral micro

markets showed stability in the commercial

rentals, the CBD witnessed an 8.3% drop due to

low demand.

Retail

Office

A slowdown in construction activity is further

expected, which would result in restrained

residential supply in the coming months. End users

are adopting a wait and watch policy for either

home loan rates or capital values to reduce in the

coming quarters.

An upcoming commercial office space supply

of 2.3 msf in the next quarter coupled with current

vacancy levels would keep rentals stable. Mall rentals

in locations like Malad, Lower Parel and Linking Road

may witness an upward pressure on account of low

vacancy levels. However, mall rentals in Thane are

expected to remain stable as approximately 1 msf of

mall supply is expected by the second quarter of 2012.

Outlook


26/33

26

National Capital Region

Market Overview

13,000

10,00011,500

10,250

24,500

-

5,000

10,000

15,000

20,000

25,000

30,000




Overall, the end user sentiment in the NCR

seems weak with delayed buying decisions in the

wake of inflationary conditions, rising home loan

rates, and high price points. Interestingly, a few

developers in Gurgaon claimed that recent project

launches in Gurgaon witnessed an upward price

revision owing to good response from end users

and investors alike. The values of ready property

remained in a similar range as the last quarterhighlighting cautiousness in the market.

The office segment saw heightened real estate

activity with increase in both supply and absorption

compared to the last year. The supply increased

significantly by 73% and demand was noted to be

14.8% higher than the previous year, driven by IT/

ITeS, insurance, consulting and engineering firms.

In contrast, the retail segment saw reduced mall

supply by 36% compared to last year as few mallswere planned in anticipation of a slow revival.

Farm houses in Delhi that were built before

February 2007, and which fall in the green belt are

likely to get regularized as per the proposed policy

by Delhi Development Authority (DDA). The policy

will apply to not only those farmhouses that have

construction beyond the permissible limit, but also

those that had been built without proper sanctions.

Both will be regularized under the proposed policy

after certain penalties.

To ease traffic congestion and provide an

alternate mode of transport, the Delhi State

Industrial and Infrastructure Development

Corporation (DSIIDC) has suggested a 10.4-km

monorail corridor - from Shastri Park to Trilokpuri

in East Delhi. The connectivity from Noida to South

Delhi is also likely to improve with the construction

of the metro rail, which is expected to begin in

January 2012 and will connect areas such as

Kalkaji, Malviya Nagar, Green Park and Vasant Kunj

directly. This enhanced connectivity is expected to

strengthen price of select locations in Noida.

Trends & Updates


NCR residential market during 2011 exhibited signs

of balanced growth. The capital values registered

steady growth during the first half of 2011. However,

the growth during the second half of 2011 was

restricted to select Delhi locations with limited supply.

The trends displayed in the leasing markets inNCR during the year included the high-end markets

registering marginal growth (3-5%) and mid-end

markets witnessing significant growth (11-40%).

Values across suburban locations during the

last two quarters were noticed to stabilize due to

moderation in demand. However, over the quarter the

rental and capital values have remained stable overacross the region highlighting stability in the markets.


27/33

27



South West 28-33 29-34 30-35 30.5-35.5 36-43 36-43 36-45 40-47 42-50 42-50

South East 19-23 21-24 21-25 21.5-25.5 24-30 24-30 24-30 25-32 25-35 25-35

SouthCentral

20-23 21-25 22-25.5 23-26 25-32 25-32 25-35 27-40 27-40 27-40

Central 45-50 40-45 40-45 40-45 50-57 50-57 50-60 50-60 50-65 50-65

Gurgaon 5.2-11 5.3-12.5 6-15 6-15 6.2-18 6.2-18 7.5-20 8.5-21 8.5-21 8.5-21

Noida 5.2-6.2 5.2-6.5 5.3-6.7 5.4-6.8 5.5-7 5.5-7 5.5-7 5.5-7.5 5.5-7.5 5.5-7.5


Note: The above values for high end segment typically include units of 2,000-4,000 sq..



South East 14-16 14.5-16.5 15-17.5 15-18 15-20 15-20 15-22 15-25 15-28 15-28

SouthCentral

18-20 18.5-20.5 18.5-20.5 19-21 20-23.5 20-23.5 20-25 22-27 25-30 25-30

Gurgaon 3.8-5.2 4-6.5 4.2-7 4.3-7.5 4.5-7.5 4.5-7.5 4.8-8.5 5-9 5-9 5-9

Noida 3-4.5 3.2-5.5 3.3-5.6 3.5-5.6 3.8-5.6 3.8-5.6 4-5.6 4.2-5.8 4.2-5.8 4.2-5.8


Note: The above values for mid range segment typically include units of 1,600-2,000 sq..

High Segment

South West: Shanti Niketan, Westend, Anand Niketan,

Vasant Vihar

South East: Friends Colony East, Friends Colony West,

Maharani Bagh, Greater Kailash - I, Greater Kailash II.

South Central: Defence Colony, Anand Lok, Niti Bagh,

Gulmohar Park, Hauz Khas Enclave, Safdarjung

Development Area, Mayfair Gardens, Panchsheel Park,

Soami Nagar, Sarvodaya Enclave.

Central: Jorbagh, Golf Links, Amrita Shergil Marg,

Aurangzeb Road, Prithviraj Road, Sikandara Road, Tilak

Marg, Ferozshah Road, Mann Singh Road, Sunder Nagar,Nizamuddin, Tees January Marg, Chanakyapuri.

Mid Segment

South East: New Friends Colony, Kalindi Colony, Ishwar

Nagar, Sukhdev Vihar, Kailash Colony, Pamposh Enclave.

South Central: Uday Park, Green Park, Saket, Asiad

Village, Geetanjali Enclave, Safdarjung Enclave,

Sarvapriya Vihar, Panchsheel Enclave, Navjeevan Vihar.

Key to Locations:

The first half of the year saw improved demand.

However, the second half of 2011 registered cautious

and subdued demand. A few developers offered freebies

and discounts to potential buyers to increase sales

as the sales have been stagnant leading to increase in

inventories in the last two quarters. New launches in

the fourth quarter catered to both mid-end and high-

end segments and last quarter saw the least number of

launches during the year.



28/33

28

Project Name Developer Location Number ofUnits*

Area of Units*

Amrapali Hanging Gardens Amrapali Group Sector-107, Noida 1,100-1,200 1BR+1T: 565sq.ft.2BR+2T: 985sq.ft.2BR+2T+1SR: 1075sq.ft.3BR+2T: 1265sq.ft.

Revanta Raheja Developers Sector 78, Gurgaon 214 townhousescomprising of770 units &555 apartments

High Rise1BR+1T: 1197sq.ft.2BR+2T: 1478sq.ft. to 1854sq.ft.3BR+3T: 2165sq.ft. to 2813sq.ft.4BR+4T: 3434sq.ft.5BR+6T: 4293sq.ft.6BR+6T: 4961sq.ft.Independent Floor3BR+3T: 2073sq.ft.4BR+4T: 3533sq.ft.4BR+3T+1SR: 2372.6sq.ft.Lower Penthouse2BR+2T: 3141sq.ft.


Many developments in the high-end and mid-end

segments are expected to be ready for possession

in the coming months which may put pressure on

the capital values. Properties in Gurgaon such as

DLF Park Place, Belaire and Tata Raisana to name

a few are in advance stages of construction and

are likely to be delivered this year.


The city witnessed significant additions of

approximately 6.4 million square feet (msf) to

the office stock in 2011, of which 68% consist of

IT developments in the suburban location. The

last quarter has seen highest completions of

approximately 2.2 msf, majority (55%) of which

were concentrated in the suburban location

of Gurgaon. IT/ITeS, insurance, consulting and

engineering firms were the main drivers for

commercial office space leasing for the year

resulting in 6.23 msf being occupied. The last

quarter accounted for a third of the leasing

activity, majority of which was noted in Gurgaon.

Owing to buoyant demand, office rents across the

markets appreciated in the range of 5-12% over

the year with suburban locations noticing high

growth compared to the CBD/Off CBD locations.

However, rental values remained stable over the

last quarter.

Office

During the last quarter of the year, malls

admeasuring 800,000 became operational adding

to total of 2.3 million square feet (msf) of new mall

space this year. Retail rents witnessed no change

during the last two quarters indicating stability

in most of the markets across city. However, in

the year two quarters, strengthening demand

amidst stable economic conditions had resulted

in the expansion and entry of both domestic and

international retailers across malls and main

streets in the city further leading to an increase

in rents.

Retail


29/33

29

Prices across suburban locations in NCR are

likely to remain stable in the short term owing to

moderate sales activity and cautiousness in the

market. Premium locations in Delhi are expected

to appreciate only marginally.

The office markets are expected to see

additions of approximately 2.1 msf in 1Q 2012

spread across Gurgaon and Noida. The rents

in suburban locations are likely to appreciate

marginally whereas rents across Delhi locations

will remain stable. Approximately 1.2 msf of mall

developments are likely to get complete in the first

half of the year across Gurgaon, Ghaziabad and

West Delhi with rentals likely to remain at current

level.

Outlook


30/33

30

Pune

Market Overview

Pune saw moderate volumes of residential activities

resulting in stable rental and capital values across most

micro markets. Although the city has witnessed an

increase in enquiries for residential projects, it has not

resulted in an increase in capital values in fourth quarter

of 2011. The sub-urban and peripheral locations of

Baner, Balewadi and Hinjewadi witnessed the maximum

construction activities in fourth quarter of 2011.

In 2011, Pune witnessed an infusion of approximately

4.2 million square feet (msf) of commercial office space,

72% catering to SEZ space, 18% catering to IT space and

10% catering to non IT space. The city saw absorption of

approximately 2.9 msf of commercial space, 69% being

absorbed by IT/ITeS sector and 31% absorbed by non IT

sector in 2011. During the year, commercial office space

rental trend was almost stable in most micro markets

across the city. However, owing to lack of new quality

commercial space, as well as their premium location,

the micro markets of SB Road and Wakdewadi saw an

appreciation of approximately 9% in commercial rentals

in 2011.

Pune saw an inflow of 3.3 msf of retail space, catering

towards the suburban and peripheral locations of the

city in 2011. The city saw an improvement in transaction

activities, which was not restricted to operational malls

and high streets, but also included pre-commitments in

under construction malls. Restrained availability of space

in high streets has given an opportunity to landlords to

command a high premium. With international brands

continuing with their preference for established high

streets, the micro markets of JM Road, FC Road and

Aundh witnessed an appreciation in rentals.

5000

3500

4600 4600

5500

4000

0

1000

2000

3000

4000

5000

6000




Trends & Updates


The last quarter saw a couple of residential

projects being completed and handed over in Pune.Some of the projects include Kool Homes at Balewadi

and Rohan Mithila (First Phase) at Viman Nagar. The

micro markets of Koregaon Park and Aundh did not

witness any movement in capital values in fourth

quarter of 2011 for the high-end segment. However,

owing to the presence of commercial hubs coupled

with better infrastructural facilities, Kalyani Nagar

saw an increase of 5% in capital values with respect

to the third quarter of 2011 in the high-end segment.

The micro market of Aundh witnessed the maximum

appreciation of 11% with respect to third quarter of

2011. The micro markets of Baner, Kalyani Nagar and

Wanowrie saw an appreciation of approximately 5%-

9% with respect to third quarter of 2011 in mid-end

segment.


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31

The infusion of residential units in city catered

to both high-end as well as mid-end segments.

New launches were witnessed in the suburban and

peripheral locations of Pune, including Hinjewadi,

Baner and Balewadi. These projects were launched

at pricing levels that were almost similar to the

pricing levels for new launches in the previous

quarter of 2011.




Koregaon Park,Bundh Garden

9.6-12.7 8.5-10.7 8.5-12.5 8.5-12.5 9-13 9-13 9-13 9-13 9-13 9-13

Aundh 4.9-6.1 5-5.2 5-5.5 5-5.5 5-5.5 5-5.5 5-6 5-6 5-6 5-6

Kalyani Nagar 7.6-9.6 7.3-9.2 7.3-10.5 7.3-10.5 8-12 8-12 8-12 8-12 7.5-12 8-12.5

Wanowrie 3.4-4.5 3.3-3.6 3.3-4.2 3.3-4.2 4-5 4-5 4-5 4-5 4-5.5 4-5.5



Koregaon Park,Bundh Garden

4.5-5 4.5-5.5 4.5-5.5 4.5-5.5 4.5-6 6-7 6-7 6-7 6-7 6-7

Aundh 3.5-4 3.6-4.2 3.6-4.5 3.6-4.5 4-5 4-5 4.5-5.5 4.5-5.5 4-5 4.5-5.5

Baner 3-3.8 2.9-3.6 3-4 3-4 3-4 3.5-5.5 3.8-5.5 4-5.5 4-5 4-5.5

Wakad 2.5-3 2.2-2.8 2.4-3 2.4-3 2.6-3.4 3.5-4 3.5-4.2 3.8-4.4 3.7-4.5 3.7-4.5

Kalyani Nagar 4.5-5.5 4.5-5.5 4.5-5.5 4.5-5.5 5-6 6.5-7 6.5-7.5 6.5-7.5 6.5-7 6.5-7.5

Wanowrie 3-3.2 2.8-3.1 3-3.2 3-3.2 3-3.8 4-5.5 4-5.5 4-5.5 4-4.7 4-5.5


Note: The above values for high segment typically include units above 1500 sq..




Life Republic Kolte-Patil Developers Limited Hinjewadi 15,000 1BHK: 567sq.ft. to 595sq.ft.2BHK: 799sq.ft. to 1215sq.ft.3BHK: 2106sq.ft.

Alacrity B.U. Bhandari Landmarks Baner 108 2BHK: 1093sq.ft.3BHK: 1346sq.ft.

Shanti Terraces Vimalraj Sancheti Developers Sus Pashan Road 68 2BHK: 1000sq.ft. to 1071sq.ft.3BHK: 1278sq.ft. to 1335sq.ft.

Blliss Unique Developer Wakad 78 2BHK: 1045sq.ft. to 1185sq.ft.

3BHK: 1290sq.ft. to 1340sq.ft.4BHK: 2495sq.ft.


Residential projects such as Forest County and

Tuscan Estate at Kharadi are likely to be ready

for possession from 2013 onwards. Also, the

construction activities have been more pronounced

among the projects located in Baner, Aundh and

NIBM Road.



32/33

32

With the launch of Kumar Pacific Mall and

Abhiruchi Mall, the city saw an inflow of 0.7 msf of

retail space in the fourth quarter of 2011. The city

saw an improvement in transaction activities acrossthe operational malls and established main streets.

Upcoming retail developments likely to be completed

in the near future had been successfully drawing

interest from retailers as evident from the quantum of

pre commitments in them.

Owing to an impending liquidity crisis coupled with

an already existing inventory, the fourth quarter of

2011 saw a moderate infusion of supply in commercial

spaces and was estimated at 0.6 msf, which was 67%less than the previous quarter. Majority of the supply

was catering to the IT/ITeS sectors, which accounted

for over 60%. There were no pre-commitments

recorded during the quarter. Total absorption was

recorded at approximately 0.8 msf, which registered

an increase of 26% over the previous quarter. Thisled to moderation of the vacancy rate, which was

recorded at 25%

Retail

Office

The rental and capital values for residential

properties across segments are likely to remain

stable across most micro markets in Pune. The

excess supply coupled with moderate demand in

peripheral locations is likely to put pressure on

rentals. The slowdown in the economy will lead to

more developers shifting their offerings towards

affordable projects in Pune.

The city is expected to witness an infusion of

commercial office space for approximately of 0.7

msf in the next three months of 2012 catering

mainly to the IT/ITeS sector. Also, the retail market

in the city is likely to witness approximately

500,000 sf of additional mall supply by the first

quarter of 2012.

Outlook


33/33

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