colliers india

Property Market Overview INDIA

QUARTERLY UPDATE | JULY | 2010

Our Knowledge is your Property

®

®

c o l l i e r s i n t e r n at i o n a l

national oFFice BaroMeter

cBD sBD

s e c o n D Q u a rt e r | 2 0 1 0

national resiDential BaroMeter

Note: All Rental and Capital Values provided in this document are for Warm Shell properties and for reference only. Capital and Rental Values may vary on various parameters.

PriMe suBurBs

MuMBai

Delhi

GurGaon

noiDa

chennai

BenGaluru

KolKata

www.colliers.com/india ®

econoMic inDicators

2700

2900

3100

3300

3500

3700

Realty Index

15500

16000

16500

17000

17500

18000

18500

19000

1-Ja

n-10

8-Ja

n-10

15-Ja

n-10

22-Ja

n-10

29-Ja

n-10

5-Fe

b-10

12-F

eb-1

019

-Feb

-10

26-F

eb-1

05-

Mar

-10

12-M

ar-1

019

-Mar

-10

26-M

ar-1

06-

Apr-1

013

-Apr

-10

20-A

pr-1

027

-Apr

-10

5-M

ay-1

012

-May

-10

19-M

ay-1

026

-May

-10

3-Ju

n-10

10-Ju

n-10

17-Ju

n-10

24-Ju

n-10

INR

Price of Gold in India

INR Per 10 Grams

0.00

2.00

4.00

6.00

8.00

10.00

12.00

02000400060008000

10000120001400016000

2005-06 2006-07 2007-08 2008-09 2009-10

Per c

ent

INR

Cror

e

FDI in Real Estate

FDI in Real Estate Real Estate in Total FDI

4444.5

4545.5

4646.5

4747.5

48

Mar

01,1

0

Mar

08,1

0

Mar

15,1

0

Mar

22,1

0

Mar

29,1

0

Apr0

5,10

Apr1

2,10

Apr1

9,10

Apr2

6,10

May

03,

10

May

10,

10

May

17,

10

May

24,

10

May

31,

10

Jun

07,1

0

Jun

14,1

0

Jun

21,1

0

INR/

USD

Exchange rate (INR/USD)

MuMBai

Delhi

GurGaon

NOIDA

chennai

BenGaluru

Pune

KolKata

MACRO ECONOMIC REVIEW

The GDP at constant prices for 2009-10 •showed an YoY increase of 7.4 per cent over 2008-09. The quarterly estimates of GDP at constant prices for Jan-March 2010 show an YoY increase of 8.6 per cent over last year.

The FDI in Real Estate in 2009-10 has •increased to INR 13586 crore from INR 12621 crore in 2008-09.The share of Real estate in total FDI rose to 11.01 per cent in 2009-10 from 10.27 per cent in 2008-09.

Overall BSE realty index fell during •2Q2010. It started to rise after touching 2869.54 on May 25, 2010.

Over the last one year the monthly •wholesale general inflation continually rose from (-) 1.01 per cent to a double digit figure of 10.16 per cent.

In this quarter, Indian rupees initially •experienced depreciation against US dollars till INR 47.71 on May 25, 2010; however, it started appreciating thereafter.

The price of gold reached new height in •second quarter of 2010 at INR 18800 per 10 grams on June 8, 2010 after hovering around INR 16500 per 10 grams in the previous quarter.

This quarter RBI has increased repo and •reverse repo rate in two consecutive months by 25 basis points each which resulted into the repo rate at 5.25 per cent and reverse repo rate at 3.75 per cent. It also hiked Cash Reserve Ratio (CRR) by 25 basis points.

colliers international 3

MarKet Deals

MuMBai

client BuilDinG naMe area (sQ. Ft.)

location transaction tYPe

edelweiss lotus Midtown 2,00,000 Kalina outright sale

siemens hcc 1,00,000 Vikroli lease

india infoline sun infotech Park 1,15,000 thane outright sale

sBi Kaledonia 20,000 andheri (e) lease

cipla raj Plaza 20,000 Vikhroli lease

canon rustomjee nataraj 15,000 andheri (e) lease

amway rustomjee nataraj 15,000 andheri (e) lease

Source: Colliers International India Research

Nariman Point

citY oFFice BaroMeter

VacancY

AbsORPTION construction

rental rate

1Q2010

IL&FS Financial Centre, BKC

suPPlY in PriMe areas

PriMe oFFice sPace rental trenD

2Q2010 GraDe ‘a’ anD GraDe’B’ rentals

Lower Parel 18%

BKC 5%

Andheri East 17%CBD 0.5%

LBS / Thane 25%

Kalina 2%

Goregaon / JVLR 10 %

Powai 6 %Worli Prabhadevi 1 %

Navi MumBai 11%Malad 5%

450420390360330300270240210180150120906030

480

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

300

CBD

Andh

eri E

ast

BKC

Lowe

r Par

el

Mala

d

Mala

d (IT

)

Navi

Mum

bai

Navi

Mum

bai (

IT)

Powa

i (IT

)

Powa

i

Gore

gaon

/ JV

LR (I

T)

Wor

li / P

rabh

adev

i

Gore

gaon

/ JV

LR

Kalin

a

Than

e / L

BS

Than

e / L

BS (I

T)

Andh

eri E

ast (

IT)

Lowe

r Par

el (I

T)

250

200

Grade A Grade B

150

100

50

0

CBD Andheri East BKC Lower Parel

Malad Navi Mumbai Powai Worli /Prabhadevi

Goregaon / JVLR Kalina Thane / LBS

INR

per s

q ft

per m

onth

INR

per s

q ft

per m

onth

2Q2010

Approximately 12.5 million sq ft of prime •office space was available in Mumbai in 2Q2010. 70 percent of this available supply was in the form of IT/ITES office space primarily concentrated in Lower Parel, LBS/Thane, Navi Mumbai and Goregaon/JVLR.

A number of new office buildings were •ready for fit-out in 2Q2010 in areas such as Andheri, BKC, LBS and Thane, adding approximately 2.5 million sq ft of prime office space to the existing inventory. These projects include Pittie Chambers by Pittie Developers, Everest Urbania by Everest Group, Boomerang by Kanakia Spaces, Ackruti Star by Ackruti Developers, Silver Utopia by Silver Group and Element by Dosti & Neptune Group.

Rentals and capital values remained •stable for both IT and non-IT office space in almost all of the micro-markets.

Vacancy remained high during •the quarter, due to addition of new supply and the limited number of transactions in the market.

In a recent notification, the state urban •development department decided to amend the regulation 33 (1) of the Development Control Rules 1991 and to provide 25 per cent more floor space index (FSI) to the developers should they construct a road on a portion of land surrendered to the BMC.

In line with Central Legislation, the •Building and the Other Construction workers Cess Act, 1996, Maharashtra Government decided to charge 1 per cent labour cess on construction cost of all new public and private projects.

The Knowledge Report | Second Quarter | 2010 | Commercial

colliers international4

In 2Q2010 approximately 1.0 million •sq ft of prime office space was available for fit-outs. This supply was primarily concentrated in Jasola and Saket.

Virtually no new supply was added to the •city’s prime office space inventory this quarter.

Rentals for Grade A office space across all •the CBD and SBD locations witnessed a marginal increase in the range of 2-5 per cent quarter-on-quarter, due to limited supply and improved demand.

Capital values have also strengthened •marginally over the quarter, in the range of 3-4 per cent across all the micro-markets.

Vacancy level in the CBD has witnessed •a decrease from the previous quarter; however, vacancy in SBD areas such as Jasola, Nehru Place and Saket remained unchanged, due to limited numbers of transactions.

The much awaited flyover connecting •Delhi to Ghaziabad and Noida via NH-24 at Ghazipur became operational this quarter. Due to the upcoming Commonwealth Games, the city’s infrastructure has improved at a fast pace. It is expected that all the related infrastructure work will be handed over by 31st July 2010.

MarKet Deals

Delhi



louis Vuitton itt 5,500 nehru Place lease

hyundai Baani corporate one 50,000 Jasola lease

Max Bupa salcon rasvilas 20,000 saket lease



Splendor Forum, Jasola

Statesman House, CBD

VacancY


rental rate

1Q2010 2Q2010




Jasola 51%

Nehru Place Netaji Subhash

Jasola

Saket

Connaught Place

Saket 30%Connaught Place 3%

Conn

augh

t Plac

e

Nehru Place 16%

Nehr

u Pl

ace

Sake

t

Jaso

la

500450400350300250200150100

500

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

300

350

250

200

150

10050

0

Grade A Grade B

INR

per s

q ft

per m

onth

INR

per s

q ft

per m

onth



Over 8.5 million sq ft of Grade A office •space was ready for fit-outs in Gurgaon in 2Q2010. Most of this supply was concentrated at National Highway 8/Udhyog Vihar, followed by Golf Course Road/Extension, Sohna Road and Manesar.

Approximately 60 per cent of this •available supply was in the form of IT/ITES office space.

Projects or parts of projects completed in •this quarter in Gurgaon include Unitech Business Zone; a non-IT office space at Golf Course Extension Road and Bestech Orient Business Tower; an IT building at NH-8. Both these projects contributed approximately 0.8 million sq ft to the city’s Grade A office space.

Capital values for non-IT office space •witnessed an increase in the range of 2-4 per cent quarter-on-quarter in most of the micro-markets in Gurgaon. However, capital values for IT/ITES office space remained stable across all the micro-markets.

Following the capital value trends, •rentals for non-IT Grade A office space in areas such as MG Road, Golf Course Road/Extension, Sohna Road and NH8/Udhyog Vihar observed an increase in the range of 3-5 per cent quarter-on-quarter. However, rentals for IT/ITES office buildings remained stable over the previous quarter, due to large available supply.

This quarter Delhi Metro between Delhi •and Gurgaon become operational, the 14.47 km link connects Qutub Minar in Delhi with HUDA City Centre in Gurgaon.

MarKet Deals

GurGaon



Gateway Tower, NH8

Times Square, Sushant Lok




Institutional Sectors /Sushant Lok 4%

MG Road 7%

DLF Cyber City 7%

Manesar 17%

Golf Course Road/Ext /Sohna Road 25%

NH8/Udhyog Vihar 40%

Golf

Cour

sse

Road

/Ex

t / S

ohna

Roa

d

Soh

na R

oad

(IT)

DLF

CYbe

r CIT

Y (IT

)

NH8/

Udy

og V

ihar

(IT)

Mae

sar (

IT)

Man

esar

NH8

/ Udh

yog

Viha

r

MG

Road

Inst

itutio

nal S

ecto

rs/

Sush

ant L

ok

100

120

180160

140

120

100

80

60

40

20

80

60

40

20

0

Grade A Grade B

2Q20

08

2Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

MG RoadDLF Cyber city (IT)

ManesarNH8 / Udyog vihar NH8 / Udyog vihar (IT)

Institutional Sectors / Sushant Lok

Golf Course Rd./ Ext / Sohana Rd.

Golf Course Rd./ Ext / Sohana Rd.

Manesar (IT)

VacancY


rental rate

INR

per s

q ft

per m

onth

INR

per s

q ft

per m

onth

1Q2010 2Q2010



Max DlF silokhera 2,50,000 nh-8 lease

remfrey sagar individual Bldg 2,00,000 Golf course road lease

amway individual Bldg 1,00,000 Golf course road lease

evalueserve unitech infospace seZ 50,000 Dundahera lease

contract advertising chimes 20,000 sector 44 lease

sony ericsson times tower 12,000 MG road lease





MD everywhere individual Bldg 1,00,000 sector 58 lease

tech Mahindra individual Bldg 50,000 sector 58 lease

Quest telecom Green Boulevard 32,000 sector 127 lease

MarKet Deals

noiDa



More than 5.5 million sq ft of Grade A •and Grade B office space was available for fit- out in Noida during 2Q2010. Over 70 percent of this supply was IT/ITES office space.

Approximately 85 per cent of this total •available stock was contributed by Institutional Sectors such as Sector 16-A, 62, 125 and 142 . The remainder of the supply was primarily Grade B IT/ITES office supply concentrated in Industrial Sectors.

Projects or parts of projects witnessed •completion this quarter included Tower C and D of Express Trade Tower building at Sector 132 alongside Noida Express Way. This contributed approximately 0.4 million sq ft to city’s Grade A IT/ITES office space.

Two new projects were launched in Noida •this quarter: Capital City at Sector 94 on Express Way, and World Trade Tower at Sector 16 on Delhi Noida Delhi Toll Bridge, by BPTP and Electrotherm Developers, respectively.

Rental for IT/ITES office space remained •stable QoQ in most of the micro-markets. However, rentals for Grade A non-IT office space in Institutional Sectors such as 62, 125, 142 and 16A increased marginally in the range of 2-4 per cent QoQ.

Vacancy for both IT/ITES and Non IT/•ITES office space decreased marginally .

In a recent decision, the Noida Authority •increased the commercial and institutional land rate by 10 per cent. Accordingly the land compensation has also been hiked by 10 pecent.

VacancY


rental rate

Express Trade Tower, Sector 16A

Logix Technopark, Sector 127

Grade A Grade B

Institutional Sectors ( Non IT)Industrial Sectors Commercial Sectors

Institutional Sectors (IT)



20

40

60

2Q20

08

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10In

stitu

tiona

l Se

ctor

s

Com

mer

cial

Sect

ors

Inst

itutio

nal

Sect

ors

(IT)

Inst

itutio

nal

Sect

ors

( Non

IT)

80

100

120

140

0

0

40

60

80

100

120

20

INR

per s

q ft

per m

onth

INR

per s

q ft

per m

onth


Commercial Sectors (Sec 18) 0.6%

Institutional Sectors (Sec.16A, 62,

125-142) 86% Industrial Sectors

(Industrial Usage bt IT also allowed) (Sec. 1-9, 57-60, 63-65) 14%

1Q2010 2Q2010



MarKet Deals

chennai



cognizant technologies DlF 2,00,000 Manapakkam lease

tcs samson it Park 20,000 egmore lease

cevin care shreyas 16,000 chamiers road lease

sBB constructions rMG complex 12,000 Guindy lease

Dalkia shreyas 8,000 chamiers road lease



Tidel Park, OMR

Siruseri Techno Park, OMR



2Q2010 GraDe ‘a’ rentals

Ambattur 30%

Guindy (SBD) 0.45%

CBD 37%

Vadapalani 2%Velacheery 1%

OMR (IT Corridor) 30%

CBD

70

60

50

40

30

20

10

0

GST

Road

Guin

dy (S

BD)

Amba

ttur

OMR

Chennai Grade ‘A’ office market observed •over 9 million sq ft of available stock in 2Q2010. Most of this supply was contributed by areas such as Ambattur, OMR (IT Corridor) and GST Road.

Approximately 90 per cent of this •available stock was IT/ITES office space.

Projects/parts of projects ready for fit-•outs include Harmony Tower and KDH located in the CBD. Both these projects contribute approximately 1 million sq ft to the city’s Grade A office space.

The continual addition of new supply •kept the vacancy level high in the city prime office market, despite improvement in absorption levels.

Rental and capital values for IT/ITES •prime office space remained stagnant during the quarter. This could be attributed to high vacancy levels and large upcoming supply across most of the micro-markets.

In a recent decision the Tamil •Nadu Government has approved uniform guidelines of Development Control Regulations (DCR) relating to multistoreyed buildings, special buildings, group developments, layouts and subdivisions. These regulations will be implemented in planning areas, including Trichy, Madurai, Tirunelveli, Thoothukudi, Salem, Erode, Coimbatore, Tirupur, Vellore and sub-urban areas falling in Kancheepuram and Tiruvallur districts in Tamil Nadu.

90

80

70

60

50

40

30

20

CBD Ambattur

Guindy (SBD)OMR (IT Corridor)

GST Road

1Q20

08

2Q20

08

4Q20

08

1Q20

09

2Q20

09

4Q20

09

1Q20

10

2Q20

10

3Q20

09

3Q20

08

VacancY


rental rate

Grade A

INR

per s

q ft

per m

onth

Rent

als in

INR

PSF/

Mon

th

1Q2010 2Q2010



Over 7.5 million sq ft of grade A office •space was ready for fit-out in 2Q2010 in Bengaluru. Approximately 80 per cent of this available stock was in the form of IT/ITES office space, primarily concentrated at EPIP Zone, Whitefield and Outer Ring Road.

Project/part of the project that witnessed •its completion this quarter was Vrindavan Tech Village located at ORR contributing approximately 0.9 million sq ft to the city’s prime office space.

This quarter, two new projects were •launched in Bengaluru: Bagmane Commerce II at CV Ramanagar, and Stand Alone at Hebbal, by Bagmane Group and a local developer, respectively.

Following the previous quarter’s trend, •the absorption level in terms of lease and outright sale transactions showed signs of improvement, due to prevailing lower rentals and improved market sentiment, specifically in the IT and auto sectors.

The city’s overall vacancy levels remained •stable QoQ, largely due to the limited infusion of new supply, coupled with a slight rise in absorption levels.

Rentals of Grade ‘A’ office space has •increased marginally in the range of 2 - 5 per cent quarter on quarter in most of the micro markets.

MarKet Deals

BenGaluru






Electronic City 8%

EPIP Zone / Whitefield 30%

CBD 10 %

Hosur Rd 9%

Outer Ring Road 33%

Bannerghatta Road 10%

8090

7060

50

3040

2010

0

CBD

Hous

ur R

oad

EPIP

Zon

e /

Whi

tefie

ld

Elec

troni

c Ci

ty

Bann

ergh

atta

Rd

Oute

r rin

g Rd

UB City, Vittal Mallya Road



schneider electricals rMZ nXt 70000 Whitefield lease

crossdomain stand alone 40,000 Yeshwanthpur lease

elken BPl towers 30,000 Kasturaba road lease

semler research center

Pvt. ltd.

stand alone 30,000 Yeshwanthpur lease

hexawear technologies embassy icon 25,000 infantry road lease

system advisores the estate 16,000 Dickenson road lease

Infosys Campus, Electronic City

Grade A Grade B

CBD

Bannerghatta Road

Hosur road EPP Zone / Whitefield

Outer Ring RoadElectronic City

10

0

20

30

40

50

60

70

80

90

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10


VacancY


rental rate

INR

per s

q ft

per m

onth

INR

per s

q ft

per m

onth

1Q2010 2Q2010



In 2Q2010 approximately 10 million sq •ft of Grade ‘A’ office space was available. Most of this stock was in the form of IT/ITES office space.

More than 50 per cent of this supply •was concentrated on Nagar Road. The remainder was distributed among areas such as Hinjewadi, Hadapsar, Fursungi, and Airport Road, etc.

This quarter a new commercial project •was launched in Pune named AG Inspire - at Aundh by AG Construction.

After almost three static quarters, rentals •in Pune started inching up in few areas. An increase, in the range of 2-6 per cent, was witnessed in areas such as Baner, Bund Garden, Airport Road and Hinjewadi. However, no change in capital values was observed in this quarter.

Vacancy dropped marginally, due to •increase in the number of deals compared to previous quarters, and no new supply addition in the existing office space.

The construction activity has started •picking up, due to positive market sentiment and the recovery of the IT/ITES industry, which is main growth driver of Pune.

MarKet Deals

Pune



citibank onyx 24,000 Koregaon Park lease

Global advertisement

services

eon 36,000 Kharadi lease

cognizant technologies DlF 2,48,000 hinjewadi lease

iDBi Pride house 32,000 sB road lease



Infosys Headquarter Building, Hinjewadi

HSBC Building, Kalyani Nagar



2Q2010 GraDe ‘a’ rentals


VacancY


rental rate

Nagar Road 51%

Kalyani Nagar 5%

Hadapsar/Fursungi 8%

Hinjewadi 17%

Senapati Bapat Road 1%Aundh 1%

Kharadi 5%

Bavdhan 2%

Bund Garden 1%Airport road 9%

2030405060708090100110120130

1Q20

08

2Q20

08

BanerBund Garden Airport road/ pune station

AundhSenapati Bapat Marg BavdhanKalyani Nagar

Bane

r (IT

)

Sena

pati

Bapa

t Roa

d (IT

)

Sena

pati

Bapa

t Roa

d

Bavd

han

(IT)

Bavd

han

Kalya

ni N

agar

(IT)

Kalya

ni N

agar

Naga

r Roa

d (IT

)

Naga

r Roa

d

Hinj

ewad

i

Hinj

ewad

i/Had

apsa

r/Fur

sung

i(IT)

Hinj

ewad

i/Had

apsa

r/Fur

sung

i

Khar

adi (

IT)

Khar

adi

Bane

r

Bund

Gar

den

(IT)

Bund

Gar

den

(IT)

Airp

ort r

oad/

Pun

e st

atio

n

Airp

ort r

oad/

Pun

e st

atio

n

Aund

h (IT

)

Aund

h0

10

20

30

40

50

60

70

80

Nagar Road

4Q20

08

1Q20

09

2Q20

09

4Q20

09

1Q20

10

2Q20

10

3Q20

09

3Q20

08

INR

per s

q ft

per m

onth

INR

per s

q ft

per m

onth

Kharadi Hinjewadi/Hadapsar/ Fursungi

1Q2010 2Q2010



The second quarter witnessed a new supply •of approximately 1 million sq ft in Kolkata prime office space. Approximately 60 per cent of this supply was in the form of IT/ITES office space, concentrated mostly in Sector V.

New projects saw their completion this •quarter includes Synthesis in New Town and Godrej Waterside (Tower II) at Salt lake, by Bengal Shrachi and Godrej Properties, respectively.

Continuing the previous quarter’s trend, •rental values in most markets remained stable, except Sector V and New Town (Rajarhat), where a marginal increase in the range of 3-7 per cent was observed QoQ for both IT/ITES and non-IT office space.

Capital values remained stable during •2Q2010, barring New Town (Rajarhat), which witnessed an increase of approximately 9 per cent quarter on quarter.

Absorption has improved as compared to •previous quarters, and a few large deals happened in areas such as Salt Lake and New Town, resulting in marginal appreciation in rentals in these areas.

Overall vacancy in 2Q2010 remained •almost stagnant, attributed to the new supply addition nullifying the impact of absorption in the prime office space market.

MarKet Deals

KolKata





Sector-5 83%

PBD (New Town,Rajarhat) 17%

8090

100

70

5060

3040

20100

CBD

Bally

gung

e Ci

rcul

ar R

D

East

Kol

kata

Sect

or -

5

Sect

or -

5(IT

)

New

Town

/Ra

jarha

t

New

Town

/Ra

jarha

t(IT)

Rent

als In

INR

PSF/

Mon

th

DLF IT Park-2, New Town Rajarhat



sharda Group Globsyn crystal 150,000 salt lake lease

Bajaj allianz ecospace 50,000 rajarhat, lease

uninor south city Pinnacle 40,000 salt lake lease

Zte telecom Godrej Waterside 30,000 salt lake lease

edu com akash tower 16,500 eM Bypass lease

aditya Birla Minacs ashram Building 3,500 salt lake lease

HSBC Building, Salt Lake

Grade A Grade B

20

40

60

80

100

120

160

140

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

CBD (Park St, Camac St, JC Bose Rd)

East Kolkata

Ballygunge Circular Rd.

Sector -5

PBD (New Town, Rajarhat)


VacancY


rental rate

INR

per s

q ft

per m

onth

1Q2010 2Q2010



MarKet Deals

MuMBai


2Q2010 PreMiuM resiDential aVeraGe caPital Value

caPital Value trenDs

citY resiDential BaroMeter

55,00060,00065,00070,000

50,00045,00040,00035,00030,00025,00020,000

10,00015,000

5,0000

Andh

eri

Juhu

Sant

acru

z

Khar

Band

ra

Wor

li

Prab

hade

vi

Mala

ar h

ill,

Alta

mou

ndt R

d,ca

rmich

ael R

d

Colab

a , c

uffp

arad

e

Brea

ch C

andy

,Na

pean

sea

rd,

Pedd

er R

d

Oberoi Parkview, Kandivali(E)

client ProPertY classiFication

area (sQ. Ft.)


individual apartment 1,200 Parel lease

itochu corp. apartment 2,500 Bandra lease

Morgan stanley apartment 4,500 Bandra lease

individual apartment 2,400 charmichael

road

lease

Marsh apartment 1800 Mahalaxmi lease

British consulate apartment 2,350 Bandra lease

Hiranandani Gardens, Powai

rental Value

CAPITAL Value

5000

15000

25000

35000

45000

55000

65000

75000

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

Colaba, Cuffe Parade

PrabhadeviSantacruz

WorliAndheri

BandraMalabar Hill, Altamount Road, Carmichael Rd

Breach candy, Neapen Sea Road, Peddar Road

INR

per s

q ft

INR

per s

q ft

ProJects launcheD

PROJECT NAME LOCATION

World One Lower Parel

Ahuja Towers Prabhadevi

Kumar Coture Prabhadevi

Oberoi Exquisite Goregaon

Aqua Marine Bandra (West)

Hill Roof Bandra (West)

1Q2010 2Q2010

New supply additions in the premium •residential market remained limited this quarter, with only two new projects/ parts of projects witnessed their completion: Orbit Eternia in Lower Parel and Orchid Enclave in Mumbai Central developed by Orbit Developers and DB Realty, respectively.

A number of premium projects were •launched this quarter in Mumbai including World One by Lodha Developers, Ahuja Towers by Ahuja Builders, Kumar Cortue by Kumar Builders, Oberoi Exquiite by Oberoi Builders, Aqua Marine & Hill Roof by Kamla Group. Most of these projects were concentrated in Lower Parel, Prabhadevi, Goregaon and Bandra (West).

Despite a few big ticket transactions, such •as the INR 37 crore deal for an apartment at Samudra Mahal building at Haji Ali, and the INR 33 crore deal for an apartment in Kamal Mahal building on Carmicheal road, capital values remained stable this quarter in most of the locations in South and South Central areas such as Colaba, Cuffe Parade, Malabar Hills, Altamount Road, Carmicheal Road, Breach Candy, Napeansea Road, and Peddar Road . However, an increase in the range of 2-7 per cent was witnessed in Central and North Mumbai locations such as Worli, Prabhadevi, Bandra, Santacruz, Khar and Juhu.

Rentals witnessed a fall of approx. 4-6 per •cent in most of the micro-markets, except for a few locations in South Central areas.

The Knowledge Report | Second Quarter | 2010 | Residential


MarKet Deals

Delhi





5000060000

70000

40000

0

10000

20000

30000

Anan

d Ni

keta

n,va

sant

vih

ar

Grea

ter K

ailas

h I &

II,

Sout

h Ex

tens

ion

Frien

ds C

olon

y,M

ahar

ani B

agh

Panc

hash

ila,A

nand

lok,

Niti

Bagh

,SDA

Shan

ti Ni

keta

n,W

este

nd

Golf

Link

s, J

or B

agh,

Sund

er N

agar

Chan

akya

Pur

i

Prith

viraj

Road

,Au

rang

jeb R

oad

Aurangzeb Road

Lutyen’s Delhi

rental Value

CAPITAL Value

Supply additions in premium residential •properties were restricted, as only a few redevelopment projects were completed in the South Delhi area, such as Vasant Vihar, Anand Niketan, Defense Colony and Shanti Niketan.

The demand for premium properties •started picking up and an increase in enquiries were recorded; however, the conversion ratio is still very low, due to cautious investor sentiment.

Capital values for prime residential •properties in most of the micro-markets showed marginal appreciation in the range of 2-4 per cent, except in a few areas, such as Friends Colony, Maharani Bagh, Greater Kailash and South Extension.

Rental for premium residential areas •observed rise in the range of 2 to 6 per cent in areas such as Prithviraj Road, Chanakya Puri, Panchashila, Anandlok, Niti Bagh, Anand Niketana and Vasant Vihar, due to restricted supply with existing stock being recycled in the market.

In a recent policy change, the Delhi •Government revised the circle rates for sale and purchase of properties in the capital. For premium residential areas, such as Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave Anandlok, etc., the circle rate was revised at INR 1.25 lakh per sq mtr, from the existing rate of INR 43,000 per sq mtr. The Government has also decided to abolish the existing eight categories of colonies and introduce the new rates for 2,480 colonies identified by the Revenue Department.

5000

15000

25000

35000

45000

55000

65000

75000

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

Prithviraj Road, Aurangzeb Road

“Only Few redevelopment projects were launched in areas such as Vashant Vihar , Westend, Chanakya Puri and Defence Colony”.

Panchashila, Anandlok, Niti Bagh, SDA

Chanakya Puri

Shanti Niketan, WestendFriends Colony, Maharani Bagh

Anand Niketan, Vasant ViharGreater Kailash I & II, South Extension

Golf Links, Jor Bagh, Sunder Nagar

INR

per s

q ft

INR

per s

q ft


area (sQ. Ft.)


Xerox Farm house 4,500 rajokri the Green lease

BMW apartment 3,200 Westend lease

German embassy apartment 5,200 Vasant Vihar lease

Ben & company apartment 3,200 Westend lease

1Q2010 2Q2010

ProJects launcheD



MarKet Deals

GurGaon



Vipul Belmonte, Gurgaon


6000700080009000

1000011000

50004000300020001000

0

NH -

8

Sush

ant L

ok

DLF

Phas

e I

Soha

na R

d &

Extt

Golf

Cour

se R

d

DLF phase IV

caPital Value trenDsrental Value

CAPITAL Value

20003000400050006000700080009000

1000011000

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

Golf Course Road Sohna Road & Ext

Sushant Lok NH - 8

DLF Phase I

In 2Q2010 a number of residential •projects were launched. These included Spire South by Millennium Spire, Victory Valley by IREO, Tulip Purple by Tulip Infratech Pvt. Ltd. , Upvan Phase II by ABW Group, Carnation Residency by Orris Infrastructure, Harmony Nirvana Country by Unitech Ltd., Casa Bella Phase II by Mapsko Builders, ILD Spire Greens by ILD Millennium , M3M Golf Estate by M3M Group.

Most of these projects were launched in •newly developing sectors such as sector 67,68,69, 85 and 45 located on Golf Course Extension Road and Sohna Road.

In 2Q2010 no supply was added to the •city’s premium residential space.

Due to improved economic conditions •and active investor participation the absorption for prime residential properties observed an increase from previous quarter.

Capital values for premium residential •properties in locations like DLF Golf Course Road, Sohna Road and NH8 witnessed an increase in the range of 8-10 percent quarter.

Rentals observed an increase of 3-6 •percent quarter on quarter across all the micro markets in Gurgaon.

The State Government has decided to •develop 6 new residential sectors 58-63 to cater to the growing housing requirement. The government is in process for acquiring the land falling in eight villages namely Medawas, Tigda, Behrampur, Ulvass, Badshapur, Nangali Umarpura, Ghata and Kadarpur for this purpose.

GurGaon

INR

per s

q ft

INR

per s

q ft

ProJects launcheD


Spire South Sector 68

Victory Valley Sector 67

Tulip Purple Sector 69

Upvan Phase II Sector M-1

Carnation Residency Sector 85

Harmony Nirvana Country

Sector 50

Casa Bella Phase II Sector 82

1Q2010 2Q2010


area (sQ. Ft.)


Mnc apartment 4,200 Golf course

road

lease

croma apartment 4,000 DlF Phase V lease

Phillips apartment 4,000 DlF Phase V lease

ranbaxy apartment 2,600 DlF Phase V lease



A number of mid range projects were •launched in Noida in 2Q2010 including Eldeco Sharnam by Eldeco Developers, Mahagun Moderne by Mahagun Pvt. Ltd, Jaypee Kensington Boulevard, Kasa Isles, and Knight’s Court by Jaypee Developers, Royal Park by Purvanchal Developers, Golf Views by Antriksh Group, 34 Pavilion, Ceyane Heights and Apex Heights by Supertech, Princely Estate by Amrapali Developers, Morpheus Green by Morpheus Group, Sikka Karmic Greens by Sikka Group, Prateek Wisteria by Prateek Group and Elite Homz, by HR Oracle Developers.

These project were mostly concentrated •either in Sector 75,76,77,78 or in Sectors adjoining Noida Greater Noida Express way such as 137,117, 107, 131, 129, and 93 A.

Additionally Noida Authority has also •launched a scheme of duplex residences in various sectors of Noida pricing between INR 80.53 lakh to INR 1.11 crore admeasuring in the range of 125 sq mtr to 180 sq mtr. The registration amount for these duplex were fixed at INR 8 lakh for all categories and rest of the amount will have to be paid in six monthly installments.

Capital value remained stable across all •the micro-markets in Noida. Ample new supply is the major factor attributed to this trend.

Rental values also remained stable across •all the micro-markets in Noida.

This quarter the first flyover on the UP •Link Road connecting Akshardham to Noida witnessed completion. The flyover will be open to public in July 2010. This is expected to be used by approximately 50,000 commuters every day .

MarKet Deals

noiDa





7000650060005500500045004000350030002500200015001000500

0

Sect

or 4

4

Sect

or 5

0

Sect

or 9

2/93

Sect

or 6

1, 6

2, 6

3

Sect

or 2

8, 2

9, 3

0

rental Value

CAPITAL Value

3500

3000

4000

5000

4500

6000

5500

7000

6500

3Q20

08

4Q20

09

1Q20

10

2Q20

10

Sector 44

Sector 92/93

Sector 61,62,63

Sector 28,29,30

Sector 50

INR

per s

q ft

INR

per s

q ft

1Q2010 2Q2010

ProJects launcheD

ATS Green Sector 92A, Expressway

Eldeco Utopia, Sector 93A, Expressway


Eldeco Sharnam Sector 107

Mahagun Moderne Sector 78

Kasa Isles Sector 129

Royal Park Sector 137

Golf View Sector 78


area (sQ. Ft.)


individual apartment 1,300 sector 62 sale

individual apartment 1,600 sector 44 lease

individual apartment 1,500 sector 93 lease



In 2Q2010 a number of premium projects/•parts of the projects were completed, including Anantya in Navallur, Aura One in Shastri Nagar, Strawberry in Egmore, and Central Park West in Sholinganallur, developed by Indus Builders, Androit Urban,Vijayshanthi and Lancor developers, respectively.

Due to improved market conditions •Chennai observed the launch of a number of projects in areas such as OMR, Velachery and Mogaippair. Projects, that were launched in 2Q2010 include Gem Grove, Carolina, Verdan Acres, Sunrise and Dewy Terraces, by Vision India Real Estate, Kgeyes, Plaza Properties, Golden Prosperous Properties and Sare Group, respectively.

The demand has improved marginally in •the prime residential market, as analysed from the number of enquiries during the quarter. However, the conversion rate of these enquiries into real transactions remained low, due to cautious investor sentiments. In terms of leasing, an increased demand for fully furnished apartments and service apartments was witnessed from corporate clients.

Despite an increase in demand, the rental •and capital values for prime residential properties remained stable in almost all the micro-markets in Chennai.

In an effort to provide housing for lower •income groups and the economic weaker section (EWS), the state government made a necessary provision for 10 per cent of the site area to be earmarked for the provision of housing for the lower income group and EWS, where developments are proposed for sites exceeding 10,000 sq m.

MarKet Deals

chennai





2000018000160001400012000100008000600040002000

0

Siru

seri

/ Kaz

ipat

tur

Boat

Clu

b

Nung

amba

kkam

Anna

Nag

ar

Adya

r

Beas

ant N

agar

T Na

gar

Alwa

rpet

/ R A

Pur

am

Velac

hery

Shol

inga

nallu

r

VGP Layout, East Coast Road


area (sQ. Ft.)


saipem india Projects

Pvt ltd

apartment 4,000 Poes Garden lease

hindustan oil exploration apartment 4,000 Poes Garden lease

individual apartment 4,000 Boat club lease

Pharmaceutical company apartment 3,000 Gopalapuram lease

German consulate apartment 2,500 Poes Garden lease

ProJects launcheD


Gem Grove Padur, OMR

Carolina Velachery

Verdant Acres Perumbakkam, OMR

Sunrise Golden George Nagar, Mogappair

Dewy Terraces Thiruporur, OMR

Grayshott Apartments, R A Puram

rental Value

CAPITAL Value

1000

50003000

7000

110009000

1500013000

17000

2100019000

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

Boat ClubAdyar

Alwarpet / R A Puram

Nungambakkam

Beasant Nagar

Velachery

Anna Nagar

T Nagar

SholinganallurSiruseri/ Kazipattur

INR

per s

q ft

INR

per s

q ft

1Q2010 2Q2010



Bengaluru residential market witnessed •launches of a number of new projects across all segments during the second quarter of 2010. Projects that were launched in the premium segment includes Melody and Purva Atria Platina by Salarpuria & Sattva Group and Purvankara developers, respectively.

In mid range segment, the projects such •as The Ledge by Mehta Commercials Pvt. Ltd., Century Pragati by Century Group, Century Paradise by Century Real Estate Holdings, Royal Manor by Arattukulam Developers and Pride Pavilion by Pride Expert Properties were launched.

Demand for premium residential property •witnessed an increase due to improved expatriates movements. However, demand has shifted towards suburbs due to availability of better quality of housing amenities and good infrastructure.

The construction speed witnessed an •increase in the projects which were earlier either delayed or put on hold due to economic slowdown.

Capital values remained stable witnessing •minor appreciations in some of the micro-markets in Central and South East locations.

Continuing the previous quarter trends •rentals remained stable across all the micro markets in Bengaluru.

MarKet Deals

BenGaluru2Q2010 PreMiuM resiDential aVeraGe caPital Value



110001200013000

10000

6000700080009000

50004000300020001000

0

Cent

ral

Cook

e To

wn

Jaya

naga

r

Palac

e Or

char

d

Airp

ort R

oad

Indi

ra N

agar

Bann

ergh

atta

Roa

d

Kora

man

gala

Whi

tefie

ld (A

ppts

)

Yelah

anka

Golden Woods, Sarajapur Road

Purva Riviera, Airport Road

rental Value

CAPITAL Value

10000

40005000

30002000

6000

900080007000

1000011000

130001400015000

12000

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

Central

Airport Road

Whitefield (Appts)

Cooke Town Jayanagar Palace Orchard

Indiranagar Bannerghatta Road

Koramangala

YelahankaIN

R pe

r sq

ftIN

R pe

r sq

ft

ProJects launcheD

1Q2009 2Q2010


area (sQ. Ft.)


Individual apartment 2,400 Whitefield sale

individual apartment 4,200 cBD lease

individual Villa 2,040 Whitefield lease



Melody Mysore Road

Purva Atria Platina Sanjay Nagar

The Ledge Bellary Road

Century Pragati Bannerghatta Road

Pride Pavillion Rajajji Nagar

Royal Manor HSR Layout

Century Paradise Bannerghatta Road



KolKata




ProJects launcheD


50006000700080009000

10000

40003000

20001000

0

Bhaw

anip

ur

PA S

hah

Roa

d

Tolly

gung

e

Alip

ore

Loud

on S

treet

Behe

la

Bally

gung

e

Salt

Lake

EM B

ypas

s

VIP

Road

New

Town

Raja

rhat

South City, Anwar Shah Road


area (sQ. Ft.)


individual apartment 1,365 Kalikapur sale

individual apartment 1,300 Jadavpur sale

individual apartment 1,295 sonarpur sale

individual apartment 1,050 rajarhat sale

individual apartment 945 rajarhat sale


Club Town Heights BT Road

Eden Court -Primo (Phase-1)

New Town, Action Area-II

Emerald Garden Teghoria

PS Magnum VIP Road

Devaloke De Casa Sonarpur

Ujjwala, Rajarhat

rental Value

CAPITAL Value

1000

30002000

4000

60005000

80007000

9000

1100012000

10000

1Q20

08

2Q20

08

3Q20

08

4Q20

08

1Q20

09

2Q20

09

3Q20

09

4Q20

09

1Q20

10

2Q20

10

BhawanipurAliporeBallygunge

PA Shah Rd

Bahela

Salt Lake

New Town - Rajarhat

TollygungeLoudon StreenEmbypass

VIP RoadIN

R pe

r sq

ftIN

R pe

r sq

ft

Kolkata witnessed completion of a •number of projects/parts of projects in 2Q2010 contributing approximately 1 million sq ft to the city’s residential stock. The Projects constituting this supply include PS Srijan Sonargaon, PS Palazzo & Jubilee Park, Siddha Pines and Purti Utsav developed by PS Group & Srian Developers, PS Group, Siddha Real Estate Developments and Purti Group, respectively. Most of these projects were located in South Kolkata areas such as Sonar Pur, Panditiya Road, Tollyguange and Rajarhat.

A number of projects were launched in •Kolkata this quarter, including Club Town Heights, Eden Gourth - Primo (Phase-1) Emerald Garden, PS Magnum, Devaloke De Casa, by Space Group, Tata Housing, Realtech Nirman, PS Group, Devaloke Group, respectively.

Most of these projects were launched •in the mid-range segment, consisting of 2BHK and 3BHK configuration.

In 2Q2010 capital values witnessed an •increase in the range of 2-6 per cent in areas such as Bhawanipur, Tollygaunge, Alipore, Behela, EM Bypass and VIP Road in South, South West and North Kolkata. However, in the rest of the micro-markets the capital values remained stable.

Contrary to the capital value trends, the •rental values remained stable in almost all the micro-markets in Kolkata.

1Q2009 2Q2010



MumbaiThe major business locations in Mumbai are the CBD (Nariman Point, Fort and Ballard Estate), Central Mumbai (Worli, Lower Parel and Parel), Bandra Kurla Complex (BKC) and Andheri Kurla stretch. Powai, Malad and Vashi are the preferred IT/ITES destinations, while Airoli at Navi Mumbai and Lal Bahadur Shastri Marg are emerging as new office and IT/ITES submarkets.

DelhiThe commercial areas in New Delhi metropolitan area can be broadly classified into the CBD (Connaught Place), SBD Nehru Place, Bhikaji Cama Place, Netaji Subhash Place, Jasola and Saket .

GurgaonThe prime business locations in Gurgaon are MG Road, Golf Course Road, Cyber City and Udhyog Vihar. Manesar on the outskirts of Gurgaon is also emerging as the city’s new office destination.

NOIDANoida market is comprised of sectors broadly classified as institutional, industrial and commercial sectors. Institutional sectors include sec 16A, 62 and 125-142, industrial sectors include sec 1-9, 57-60 and 63- 65 while sector 18 is the most developed commercial sector.

ChennaiPrime office properties in Chennai are located in four principal sub-markets: the CBD, the IT Corridor, the SBD and the PBD. The SBD comprises Guindy, Manapakkam, Velachery and other areas. The PBD primarily includes Ambattur and GST Road, while the IT Corridor is the Old Mahaballipuram Road (OMR) in south Chennai.

BengaluruPrime office properties in Bangalore can be divided into three principal sub-market— CBD, the SBD consisting of Banerghatta Road & Outer Ring Road (ORR) and PBD including Hosur Road, EPIP Zone, Electronic City and Whilefield.

PuneThe prime office sub-markets of Pune include Deccan Gymkhana, Senapati Bapat Road & Camp (SBD), while the PBD includes Aundh, Bund Garden, Airport Road and Kalyani Nagar, amongother locations. The eastern corridor, along with Nagar Road and Kharadi, have emerged as a preferred location for financial and IT/ITES companies.

KolkataThe major business locations in Kolkata are CBD (Park Street, Camac Street, AJC Bose Rd, Chowranghee Rd), Ballygunge circular Rd, East Kolkata and PBD (New Town & Rajarhat). The area around Park Street, Camac Street and AJC Bose road houses a number of high-rises commercial buildings such as Chatterjee International Centre, Tata Centre, Everest House and Industry House among others.

MumbaiThe 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.

DelhiThe prime residential areas in Delhi are in the South regionand comprise Vasant Vihar, Westend, Shanti Niketan, AnandNiketan and Central Delhi locations. These areas enjoy proximity to embassies, the airport and central commercial areas - Connaught Place.

GurgaonThe 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.

NOIDANoida premium residential market is comprised of sectors 44, 50, 92, 61,62,63 , 28, 29,, 30 and Taj Express Highway.

ChennaiThe 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.

BengaluruThe residential market of Bangalore 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 Bangalore has also witnessed a spree of realty activity facilitated by the new International Airport at Devanhalli.

KolkataThe prime residential areas in Kolkata include PA Shah Road, Tollygunge and Bhawanipur in South Kolkata, Alipore and Behala in South-west Kolkata, Loudon Street and Ballygunge in Central Kolkata; and Salt Lake, EM Bypass and VIP Road in North Kolkata.

coMMercial suBMarKets resiDential suBMarKets

The Knowledge Report | Second Quarter | 2010 | City Submarkets

480 oFFices in 61 countries on 6 continents

usa 135canada 39asia 26anZ 168latin america 17eMea 95

us $154 billion in annual transaction volume 2.4 billion square feet under management

15,052 Professionals

us$ 1.9 billion in annual revenue

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RECENT REPORTS

- Asia Pacific Office Market Overview - April 2010

- Asia Pacific Industrial Market Overview - 2010

- Global Parking Rate Survey - 2010

surabhi Arora MRICssenior Manager, Research Tel: 91 11 4360 7542 Email: [email protected]

Author

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The Knowledge Report | Second Quarter | 2010

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