India Office Property Market Overview - Colliers International

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India Office Property Market Overview - Colliers International

Office

PrOPerty Market Overview

iNDia

QUarterLy UPDate | JULy | 2012

Accelerating success.


2Q 2012 | OFFICE

REsEARCh sYDNEY CENTRAl & fORECAsT BusINEss REpORT DIsTRICT

RESEARcH INDIA OFFIcE & FOREcAST MARkET REPORT

ECONOMIC BAROMETER

www.colliers.com

Jun-11 Jun-12

REPO RATE 7.50% 8.00%

REVERSE REPO

RATE

6.50% 7.00%

cRR 6.00% 4.75%

INFLATION 9.51% 7.55%

PRIME

LENDING RATE

DEPOSIT RATE

(


MUMBAI

CITY OffICE BAROMETER

INR per Sq ft per Month

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

1Q 2012 2Q 2012

GRADE ‘A’ AVERAGE RENTAl VAluE

245

210

175

140

105

70

35

0

1Q2008

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

4Q2010

1Q2011

2Q2011

3Q2011

4Q2011

1Q2012

2Q2012

MARKET TRANsACTIONs

Forecast

3Q2012F

4Q2012F

1Q2013F

2Q2013F

MuMBAI

•During

2Q 2012, approximately 9.4 million

sq.ft. of grade ’A’ office space was available

for lease and sale, primarily concentrated in

Andheri East, Lower Parel and Thane/ LBS

Marg.

•The

city’s grade ‘A’ inventory was added by

0.2 million sq.ft. of new supply in SBD this

quarter by “Star Hub” project of Star

Developers at Andheri East.

•During

the surveyed quarter, construction

activities remained moderate. Due to a

slowdown in the economy, developers

remained cautious and hesitant in undertaking

further construction activities, thus, no new

projects were launched in the market.

•Rental

levels of grade ‘A’ office space remained

stable across all the micro markets except

Bkc (Bandra-kurla-complex) where rents

increased by 3% q-o-q due to limited supply

and demand from corporates.

•Going

forward, the rental values for grade ‘A’

office space are expected to remain stable in

almost all micro markets.

•In

this quarter, the state revenue department

revised the Land Lease Policy and imposed a

7.5% premium on the market value of the

land/plots leased for redevelopment of

residential, educational and religious activities,

whereas 10% for other activities.

•During

the same period, Peninsula Land sold

off its office building located at Lower Parel to

various financial services firms namely Tata

capital, National Realty, India Nivesh Insurance

Brokers and Tata AIG Life Insurance.

cLIENT BUILDING NAME AREA

(SQ. FT.)

2Q 2012 GRADE ‘A’ AND GRADE ’B’

RENTAl VAluEs

INR Per Sq ft Per Month

INR per Sq ft per Month

AVAIlABlE supplY IN pRIME AREAs

300

250

200

150

100

50

0

cBD

Andheri East

Bkc

Lower Parel

Malad

Navi Mumbai

Powai

pRIME OffICE spACE RENTAl TREND

420

370

320

270

220

170

120

70

20

1Q2008

Worli / Prabhadevi 1%

Powai 4%

2Q2008

3Q2008

4Q2008

1Q2009

Goregoan / JVLR 8%

2Q2009

3Q2009

Worli/Prabhdevi

4Q2009

Goregaon / JVLR

kalina

1Q2010

2Q2010

Thane / LBS

3Q2010

Andheri East (IT)

Lower Parel (IT)

Grade A Grade B

4Q2010

1Q2011

Malad (IT)

2Q2011

cBD

Andheri East Malad

Lower Parel Navi Mumbai

Powai

Goregaon

/ JVLR

kalina

Thane / LBS

Navi Mumbai (IT)

3Q2011

Powai (IT)

4Q2011

Goregaon / JVLR (IT)

1Q2012

Thane / LBS (IT)

2Q2012

Bkc

Worli /

Prabhadevi

LOcATION TRANSAcTION

TYPE

Devon Supreme Business Park 56,000 Powai Lease

Famy care Peninsula corporate Park 15,000 Lower Parel Lease

Lodha I Think 40,000 Thane Lease

Reliance Digital Times Square 26,000 Andheri Lease

Tata Tesco kohinoor Business Park 50,000 Vidyavihar Lease

Vships Lotus Midtown 27,000 kalina Lease

Malad 5%

Navi Mumbai 6%

Lower Parel 19%

iNDia | 2Q 2012 | OFFICE

Bkc 9%

kalina 1%

Thane / LBS 22%

cBD 1%

Andheri East 24%

Source: Colliers International India Research

COllIERs INTERNATIONAl | p. 3


iNDia | 2Q 2012 | OFFICE

DELHI

CITY OffICE BAROMETER

INR per Sq ft per Month

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

1Q 2012 2Q 2012

GRADE ‘A’ AVERAGE RENTAl VAluE

280

245

210

175

140

105

70

35

0

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

4Q2010

1Q2011

2Q2011

3Q2011

MARKET TRANsACTIONs

p. 4 | COllIERs INTERNATIONAl

2Q2010

3Q2010

4Q2011

1Q2012

2Q2012

Forecast

3Q2012F

4Q2012F

1Q2013F

2Q2013F

DElhI

•Approximately

1.0 million sq.ft. of grade ‘A’

office space was ready for lease / sale in

2Q 2012 located mainly in Saket and Jasola

neighborhoods of Delhi.

•Fast

paced construction activities were

observed in a newly developed area near Delhi

Airport namely Aerocity. Two projects located

at Aerocity such as “Aria Signature Office

and “IBIS commercial Tower” developed by

JW Marriot and IBIS Hotel respectively, added

approximately 0.2 million sq.ft. of commercial

grade ’A’ office during this quarter.

•A

new commercial project “caddie commercial

Tower”, was launched by caddle Hotel with

an area of 0.1 million sq.ft. in Aerocity. The

project is expected to be complete by end of

2013.

•Overall

absorption was restrained in 2Q

2012 in comparisons to last quarter as both

investors and end-users were following wait

and watch policy due to prevailing economic

uncertainties.

•In

2Q 2012, rental values for grade ‘A’

properties increased in the range of 2 to 7%

on q-o-q in locations such as connaught

Place and Nehru Place, however negative

corrections in the range of 4 to 10% were

registered in Jasola and Saket.

Office

rent prognosis reveal further stability

for grade ‘A’ office space in the market on

account of economy slowdown and limited

supply.

cLIENT BUILDING NAME AREA

(SQ. FT.)

AVAIlABlE supplY IN pRIME AREAs

Saket 29%

Nehru Place 10%

2Q 2012 GRADE ‘A’ AND GRADE ’B’

RENTAl VAluEs

INR per Sq Ft per Month

INR per Sq ft per Month

400

350

300

250

200

150

100

50

0

Grade A Grade B

pRIME OffICE spACE RENTAl TREND

450

400

350

300

250

200

150

100

50

0

2Q2008

3Q2008

Nehru Place

4Q2008

1Q2008

2Q2009

connaught

Place

3Q2009

4Q2009

1Q2009

Netaji Subhash

2Q2010

connaught Place 2%

Jasola 59%

Nehru Place Jasola cannaught

Saket

Netaji Subhash

place

LOcATION TRANSAcTION

TYPE

Barista Independent Building 10,000 Okhla Phase I Lease

cPM c-126 12,000 Okhla Phase I Lease

Hitachi konnectus 25,000 Minto Road, c.P Lease

Marico DLF Towers 4,300 Jasola Lease

3Q2010

4Q2010

Jasola

1Q2010

2Q2011

3Q2011

Saket

4Q2011

1Q2012

2Q2012

Source: Colliers International India Research


GURGAON

CITY OffICE BAROMETER

GuRGAON

•Nearly

13.8 million sq.ft. of grade ‘A’ office

space was available for fit-out in 2Q 2012.

Most of this available supply was concentrated

in Golf course Road and its extension, Udyog

Vihar and NH8 up to Manesar.

•Projects/parts

of the projects completed

this quarter includes: “Ascendas Onehub”

developed by Ascendas; “JMD Megapolis” by

JMD Group and “Park View Business Park” by

Bestech Group, located on Sohna Road; and

“Universal Business Park” by Universal Group

on Golf course Road Extension. All of these

projects together contributed approximately

2.8 million sq.ft. of grade ‘A’ office space to

the city’s total office inventory.

•During

this quarter no new grade ‘A’

commercial

Gurgaon.

project was launched in

•Demand

for grade ‘A’ office space remained

stable and only few large floor plate leases

were signed during the quarter.

•On

the rental side, grade ‘A’ office space

values observed a negative correction in the

range of 2 to 4% on quarter on quarter across

all micro-markets, except for Manesar where

rentals remained stable.

2Q 2012 GRADE ‘A’ AND GRADE ’B’

RENTAl VAluEs

140

120

100

80

60

40

20

0

MG Road

Golf course Road

/Ext /Sohna Road

NH8/Udyog Vihar

Manesar

MG Road

Golf course Road/Ext /Sohna Road

Institutional Sectors /Sushant Lok

NH8/Udyog Vihar (IT)

Manesar (IT)

Institutional Sectors /

Sushant Lok

Golf course

Road/Ext /Sohna

Road

Grade A Grade B

GRADE ‘A’ AVERAGE RENTAl VAluE •Looking

forward, Demand for office space in

Gurgaon is likely to witness moderate growth

pRIME OffICE spACE RENTAl TREND

120

Forecast

and rents are expected to remain stable in the

near future.

180

160

INR per Sq ft per Month

105

90

75

60

45

30

15

0

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

1Q 2012 2Q 2012

4Q2010

1Q2011

2Q2011

3Q2011

4Q2011

1Q2012

MARKET TRANsACTIONs

2Q2012

3Q2012F

4Q2012F

1Q2013F

2Q2013F

cLIENT BUILDING NAME AREA

(SQ. FT.)

INR per sq ft per month INR per sq ft per month

AVAIlABlE supplY IN pRIME AREAs

DLF cyber city 4%

Golf course Road/Ext /

Sohna Road 47%

140

120

100

80

60

40

20

2Q2008

3Q2008

4Q2008

1Q2009

iNDia | 2Q 2012 | OFFICE

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

4Q2010

NH8/ Udyog

Vihar 21%

MG Road 2%

DLF cyber city(IT)

Institutional Sectors /

Sushant Lok

8%

NH8/Udyog Vihar(IT)

Manesar 18%

4Q2011

Manesar (IT)

1Q2012

DLF cyber city (IT)

Golf course Road/

Ext /Sohna Road (IT)

Manesar

NH8/Udyog Vihar

LOcATION TRANSAcTION

TYPE

capgemini Spaze iTech Park 80,000 Sohna Road Lease

childrens Place cyber Terraces 12,000 DLF cyber city Lease

E&Y DLF cyber Greens 100,000 DLF cyber city Lease

Hitachi Time Tower 3,000 M.G. Road Lease

Pepsi Pioneer Park 269,000 Golf course Road Extn. Lease

Stel Independent Building 4,000 Sector 29 Lease

Source: Colliers International India Research

COllIERs INTERNATIONAl | p. 5

1Q2011

2Q2011

3Q2011

2Q2012


iNDia | 2Q 2012 | OFFICE

NOIDA

CITY OffICE BAROMETER

INR per Sq ft per Month

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

1Q 2011 2Q 2012

GRADE ‘A’ AVERAGE RENTAl VAluE

80

70

60

50

40

30

20

10

0

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

MARKET TRANsACTIONs

p. 6 | COllIERs INTERNATIONAl

3Q2010

4Q2010

1Q2011

2Q2011

3Q2011

4Q2011

1Q2012

2Q2012

3Q2012F

Forecast

4Q2012F

1Q2013F

2Q2013F

NOIDA

•In

2Q 2012, about 6 million sq.ft. of grade

‘A’ and grade ’B’ office space was available

for sale or lease. 88% of this available office

space was dedicated to IT/ITeS located in

sectors 16 A, 62 and 125 to 143 along the

NOIDA expressway.

•New

grade ‘A’ office supply of more than

1.5 million sq.ft. was added to NOIDA’s total

office inventory. contributors to the new

supply were, “SDS tower” by SDS Infratech

Private Limited, “Plot No. 8” by 3c Universal

Pvt. Ltd., “Ansal corporate Park” by Ansal API

and “Plot No. 6, 12 & 21” at Sector 125 by few

local developers.

•Nearly

1 million sq.ft of grade ‘A’ office space

were launched during this quarter including

“Logix Riviera” at sector 105 by Logix Group,

“Jaypee commercial Space” at sector 128

by Jaypee Group and “Assotech Business

cresterra” at Sector 135 by Assotech.

•Overall

demand for grade ‘A’ office space

remained subdued and only few transactions

were observed during the quarter. Leasing in

special economic zone remained active, and

vacancy has significantly dropped over the

quarter.

•In

2Q 2012, rental values declined in almost all

the micro markets in the range of 2 to 5% due

to cautious investor sentiments and downward

pressure of office demand. However in the

Industrial Sector rentals appreciated by 4%

on quarter on quarter basis.

•Going

forward rental values for grade ‘A’

office space are expected to remain stable on

account of limited supply in the near future.

Most of the under construction projects are

scheduled to complete by the end of the year

2013.

cLIENT BUILDING NAME AREA

(SQ. FT.)

AVAIlABlE supplY IN pRIME AREAs

Institutional Sectors

(Sec.16A, 62, 125-142)

88%

2Q 2012 GRADE ‘A’ AND GRADE ’B’

RENTAl VAluEs

INR Per SqFt Per Month

INR Per SqFt Per Month

100

90

80

70

60

50

40

30

20

10

0

Grade A Grade B

pRIME OffICE spACE RENTAl TREND

140

120

100

80

60

40

20

0

1Q2009

Institutional

Sectors (Sec.16A,62,

125-142 )

2Q2009

3Q2009

4Q2009

1Q2010

Industrial Sector

commercial Sectors

commercial Sectors

(Sec 18)

2Q2010

3Q2010

4Q2010

1Q2011

Industrial Sectors

(Sec 1-9,57 -60,

63 -65)

2Q2011

commercial Sectors

(Sec 18) 2%

Industrial Sectors (Sec.

1-9, 57-60, 63-65)

(Grade B)

10%

3Q2011

Institutional Sectors

(Sec 16A,62 ,125-

142) (IT)

4Q2011

1Q2012

2Q2012

Institutional Sectors (IT)

Institutional Sectors (Non IT)

LOcATION TRANSAcTION

TYPE

I Yogi Oxygen SEZ 50,000 Sector 144 Lease

Mercerr Unitech SEZ 120,000 Sector 135 Lease

United Health Group Oxygen SEZ 60,000 Sector 144 Lease

Source: Colliers International India Research


cHENNAI

CITY OffICE BAROMETER

INR per Sq ft per Month

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

1Q 2011 2Q 2012

GRADE ‘A’ AVERAGE RENTAl VAluE

60

50

40

30

20

10

0

1Q2008

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

4Q2010

1Q2011

2Q2011

3Q2011

4Q2011

1Q2012

2Q2012

3Q2012F

4Q2012F

1Q2013F

2Q2013F

MARKET TRANsACTIONs

Forecast

ChENNAI

•Over

13 million sq.ft. grade ‘A’ office space

was available for lease/sale in 2Q 2012.

Nearly 75% of this stock was dedicated to IT/

ITeS office space mainly located at OMR (IT

corridor) and Ambattur.

•commercial

projects launched in chennai in

2Q 2012 includes “Gupta Towers” in Guindy

by Gupta Builders admeasuring 0.2 million

sq.ft. The project’s completion is foreseen by

1Q 2013.

•No

new grade ‘A’ office space was completed

during this quarter in chennai. The majority

of the projects that were expected to be ready

for fit out during 2Q 2012 were deferred until

the next quarter.

•In

2Q 2012, the commercial lease market

remained active and a number of mid-sized

companies were considering consolidation

and looking for more cost effective real estate

solutions.

•Rental

values remained stable in almost all

the micro markets. Going forward, rentals

are likely to remain stable on account of the

limited supply scheduled for completion by

end of this year.

•In

this quarter, NHAI (National Highways

Authority of India) has finalised the six lane

chennai-Bangalore highway with a total cost

estimation of around INR 5,000 crore, which

is anticipated to boost the real estate activities

in the region.

cLIENT BUILDING NAME AREA

(SQ. FT.)

2Q 2012 GRADE ‘A’ IT AND NON IT

RENTAl VAluEs

INR per sq ft per month

INR per sq ft per month

AVAIlABlE supplY IN pRIME AREAs

80

70

60

50

40

30

20

10

0

OMR (IT corridor) 51%

Ambattur 24%

cBD

iNDia | 2Q 2012 | OFFICE

Guindy (SBD)

Ambattur

IT NON IT

COllIERs INTERNATIONAl | p. 7

OMR (IT corridor)

cBD

14%

Guindy (SBD) 5%

pRIME OffICE spACE RENTAl TREND

90

80

70

60

50

40

30

20

1Q2008

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

Ambattur GST road

OMR (IT corridor)

1Q2010

2Q2010

3Q2010

4Q2010

cBD

1Q2011

2Q2011

GST Rd 3%

Velachery 1%

Vadapalini 1%

3Q2011

GST road

4Q2011

1Q2012

2Q2012

Guindy (SBD)

LOcATION TRANSAcTION

TYPE

Agility Logistics Temple Steps 19,500 Guindy Lease

Beroe Systems ASV chandilya 50,000 IT corridor Lease

Emirates Prestige Palladium Bayan 8,000 Greams Road Lease

GE converteam Ramaniyam 40,000 Guindy Lease

kavian Systems khivaraj complex 11,000 Nandanam Lease

Lafarge RR1 Towers 10,000 Guindy Sale

Source: Colliers International India Research


iNDia | 2Q 2012 | OFFICE

BENGALURU

CITY OffICE BAROMETER

INR per Sq ft per Month

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

1Q 2012 2Q 2012

GRADE ‘A’ AVERAGE RENTAl VAluE

50

45

40

35

30

25

20

15

1Q2008

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

4Q2010

1Q2011

2Q2011

3Q2011

4Q2011

1Q2012

MARKET TRANsACTIONs

p. 8 | COllIERs INTERNATIONAl

2Q2012

Forecast

3Q2012F

4Q2012F

1Q2013F

2Q2013F

BENGAluRu (BANGAlORE)

•About

8.6 million sq.ft. of commercial grade

’A’ office space was available for fit-outs in

2Q 2012. More than 60% of this total available

space is concentrated in EPIP Zone and

Whitefield.

•New

supply in Bengaluru’s grade ’A‘ office

space for 2Q 2012 accounted for more

than 0.8 million sq.ft. Projects/ parts of the

projects contributing to this new supply were

“confident Electra” and “confident Aquila”

developed by confident Group, “Embassy

Vogue” by Embassy Group and “Neo Town”

by Patel Realty.

•During

2Q 2012, RMA corp launched two

new towers in “RMZ EcO WORLD” with a

development potential of about 1.7 million

sq.ft. Additionally, Bagmane Group launched

a commercial project “Bagmane constellation

– Pheonix” with a lettable area of about 0.4

million sq.ft. Both these projects were located

along Outer Ring Road and expected to be

ready for clients by end of 2014.

•The

leasing market remained active with

a number of medium size deals in the a

range of 10,000 to 50,000 sq. ft. Most of

the transaction took place in Whitefield and

Electronic city micro markets.

•Average

rentals for grade ’A’ office premises

remained stable in almost all the micro

markets except for cBD where an increase of

6% was observed on quarter on quarter. This

increase could be attributed to the persistent

demand and limited supply in this region.

•For

the next quarter, absorption levels are

expected to remain fairly high. Despite the

elevated demand, rental values will remain

stable as significant supply is expected to enter

the market in the near future complimenting

this way the expected demand.

cLIENT BUILDING NAME AREA

(SQ. FT.)

AVAIlABlE supplY IN pRIME AREAs

EPIP Zone/ Whitefield 64%

Electronic city 10%

2Q 2012 GRADE ‘A’ AND GRADE ’B’

RENTAl VAluEs

INR Per SqFt Per Month

INR Per SqFt Per Month

90

80

70

60

50

40

30

20

10

0

Bannerghatta Road 3%

pRIME OffICE spACE RENTAl TREND

100

90

80

70

60

50

40

30

20

10

0

1Q2008

2Q2008

cBD

3Q2008

4Q2008

Hosur Road

1Q2009

2Q2009

Grade A Grade B

3Q2009

cBD

Hosur Road

EPIP Zone / Whitefield

EPIP Zone/

Whitefield

4Q2009

1Q2010

2Q2010

Electronic

city(IT)

3Q2010

4Q2010

1Q2011

Bannerghatta Road

Outer Ring Road 13%

cBD 7%

Hosur Rd 4%

2Q2011

3Q2011

Bannerghatta Road

Electronic city

Outer Ring Road

LOcATION TRANSAcTION

TYPE

Axis Aerospace Vaswani centerpolis 21,650 Langford Road Lease

Ellusion Prestige Zeenath 31,820 Rajaram Mohan Roy Road Lease

Tyco Prestige Shantiniketan 25,000 Whitefield Lease

VM Ware Forutna1 28,000 JP Nagar Lease

xentrix Studios Private Limited Pritech - SEZ 21,125 Outer Ring Road Lease

Yokogawa IA Technologies Umiya Business Bay 30,000 Outer Ring Road Lease

4Q2011

Outer Ring Road

1Q2012

2Q2012

Source: Colliers International India Research


kOLkATA

CITY OffICE BAROMETER

INR per Sq ft per Month

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

1Q 2012 2Q 2012

GRADE ‘A’ AVERAGE RENTAl VAluE

90

80

70

60

50

40

30

20

10

0

1Q2008

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

4Q2010

1Q2011

2Q2011

3Q2011

4Q2011

1Q2012

2Q2012

3Q2012F

4Q2012F

1Q2013F

2Q2013F

MARKET TRANsACTIONs

Forecast

KOlKATA

•In

2Q 2012, 0.5 million sq. ft. was added to

the grade ’A’ office stock in kolkata. Projects/

parts of the projects contributing this supply

were “New Town Square” by PS Group, “DLF

Galleria” by DLF Ltd. both of these projects

were located at New Town. Another project

“Merlin Legend” by Merlin Group located at

Bhowanipore.

•“Bio

Wonder” project was launched in 2Q

2012 with an area of 0.4 million sq.ft. of office

space located at EM Bypass. Another project

by Zion Realty at Park circus connector was

launched with an area of 0.1 million sq.ft. both

expected to be completed by end of 2015.

•Rentals

in 2Q 2012 remained stable in almost

all the micro markets except in cBD where an

appreciation of 4% was marked on q-o-q. The

overall market sentiments remained stagnant

during the quarter; while many companies

are following the wait and watch strategy

until uncertainties related to policies will be

cleared by the state government.

•Expectations

for the next quarter reveal stable

rentals in cBD while peripheral areas could

witness a downward pressure on rental levels

due to massive upcoming supply in pipeline.

•Major

land transactions in 2Q 2012 include, a

2 acre plot on EM Bypass was sold to AHW

Steels for INR 115 crore by kolkata Municipal

corporation and 10 acre land parcel was

sold to State Bank of India for INR 58 crore

for establishing a their training institute at

Rajarhat.

cLIENT BUILDING NAME AREA

(SQ. FT.)

2Q 2012 GRADE ‘A’ AND GRADE ’B’

RENTAl VAluEs

INR per sq ft per month

INR per sq ft per month

NEW supplY IN pRIME AREAs

140

120

100

80

60

40

20

0

cBD (Park St, camac

St,AJc Bose Rd)

Ballygunge

-circular RD

iNDia | 2Q 2012 | OFFICE

East kolkata

Sector-5

(IT)

pRIME OffICE spACE RENTAl TREND

160

140

120

100

80

60

40

20

1Q2008

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

Sector-5

cBD (Park St,

camac St,AJc Bose Road) 5%

PBD (New

Town, Rajarhat

Grade A Grade B

3Q2009

cBD (Park St,camac St,

AJc Bose Rd)

Ballygunge circular Rd

PBD (New Town, Rajarhat

4Q2009

1Q2010

2Q2010

3Q2010

PBD (New Town,

Rajarhat)

95%

PBD New Town,

Rajarhat (IT)

COllIERs INTERNATIONAl | p. 9

4Q2010

Sector 5

1Q2011

East kolkatta

LOcATION TRANSAcTION

TYPE

Aditya Birla Nova Haut Street 4,000 Topsia Lease

Bajaj Finance Technopolis 10,000 Sector 5, Salt Lake Lease

EBMIRON Building No.139 4,000 SP Mukherjee Road Lease

HDFc Eco Space 125,000 New Town, Rajarhat Lease

Learning Mate Eco Space 30,000 New Town, Rajarhat Lease

TcS Eco Space 33,000 New Town, Rajarhat Lease

2Q2011

3Q2011

4Q2011

1Q2012

2Q2012

Source: Colliers International India Research


iNDia | 2Q 2012 | OFFICE

PUNE

CITY OffICE BAROMETER

INR per Sq ft per Month

VACANCY

ABsORpTION

CONsTRuCTION

RENTAl VAluE

1Q 2012 2Q 2012

GRADE ‘A’ AVERAGE RENTAl VAluE

70

60

50

40

30

20

10

0

1Q2008

2Q2008

3Q2008

4Q2008

1Q2009

2Q2009

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

4Q2010

1Q2011

2Q2011

3Q2011

4Q2011

1Q2012

2Q2012

3Q2012F

MARKET TRANsACTIONs

p. 10 | COllIERs INTERNATIONAl

Forecast

4Q2012F

1Q2013F

2Q2013F

puNE

•About

6.0 million sq.ft. of grade ‘A’ office

space was available for fit out in Pune during

2Q 2012. Nearly 76% of this supply was

evenly distributed in micro markets of kharadi,

Hinjewadi, Hadapsar/Fursungi, Nagar Road

and Airport Road.

•No

new supply was added to city’s grade ‘A’

office space during the surveyed period.

•Panchshil

Realty launched “convex”

admeasuring 0.4 million sq.ft. in kharadi. The

project is expected to be completed by 4Q

2015.

•Pune

continued to experience high absorption

levels. Most of the small floor plate layout

office leases were observed in Viman Nagar,

Aundh, Wakdewadi and Hadapsar.

•In

this quarter rental values of grade ‘A’ office

space registered an increase in the range of

5 to 6% on q-o-q in Baner and kalyani Nagar

locations primarily due to limited availability

of supply in cBD. However, rents in all other

micro markets remained stable.

•Going

forward, rentals are expected to remain

stable in most of the micro markets barring

special economic zones, where marginal

appreciation can be seen due to limited

supply.

•During

this quarter, work commenced for

operating the bus rapid transit system (BRTS)

on 11-km stretch of the Pune-Mumbai highway

in Pimpri- chinchwad commenced and is

expected to be completed by end of 2012. This

will further interest in the real estate along the

Pune-Mumbai highway.

cLIENT BUILDING NAME AREA

(SQ. FT.)

supplY IN pRIME AREAs

Hadapsar/Fursungi 11%

Hinjewadi 26%

Nagar Road 11%

kharadi 21 %

kalyani Nagar 5%

2Q 2012 GRADE ‘A’ IT AND NON IT

RENTAl VAluEs

INR Per SqFt Per Month

INR Per SqFt Per Month

90

80

70

60

50

40

30

20

10

130

120

110

100

90

80

70

60

50

40

30

20

0

1Q2008

Baner

2Q2008

3Q2008

Bund Garden

4Q2008

Airport road/

pune station

1Q2009

2Q2009

Aundh

3Q2009

4Q2009

1Q2010

2Q2010

3Q2010

4Q2010

Baner 5%

Bavdhan 4%

pRIME OffICE spACE RENTAl TREND

Senapati Bapat Road

Bavdhan

kalyani Nagar

Nagar Road

1Q2011

Bund Garden 2%

Airport road/

pune station 7%

Aundh 3%

Senapati Bapat Road 4%

Bavdhan Aundh

Airport road/pune station

Bund Garden

IT Non IT

Nagar Road

kalyani Nagar

Senapati Bapat Rd

Hinjewadi / Hadapsar/Fursungi

Baner

Hinjewadi

2Q2011

khardi

LOcATION TRANSAcTION

TYPE

Ascent Group Sakar 10 7,900 Bund Garden Road Lease

cox & kings Mansoor Ali Tower 2,400 Dhole Patil Road Lease

DHL R B Business centre 4,000 Aundh Lease

HUAWEI Gera Emporia 8,000 Vimannagar Lease

kLINGELNBERG No.12 3,250 koregaon Park Lease

kONEcRANES Magarpatta 22,000 Hadapsar Whitefield

3Q2011

Hadapsar/Fursungi

4Q2011

kharadi

1Q2012

2Q2012

Source: Colliers International India Research


OffICE suBMARKETs

Mumbai

The major business locations in Mumbai are the cBD (Nariman Point, Fort and Ballard Estate), central Mumbai (Worli, Lower Parel and Parel), Bandra

kurla complex (Bkc) and Andheri kurla stretch. Powai, Malad and Vashi are the preferred IT/ITES destinations, while Airoli at Navi Mumbai and Lal

Bahadur Shastri Marg are emerging as new office and IT/ITES submarkets.

Delhi

The 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 .

Gurgaon

The prime business locations in Gurgaon are MG Road, Golf course Road, cyber city and Udyog Vihar. Manesar on the outskirts of Gurgaon is also

emerging as the city’s new office destination.

NOIDA

NOIDA 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.

Chennai

Prime 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.

Bengaluru (Bangalore)

Prime office properties in Bengaluru 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.

Pune

The 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, among other locations. The eastern corridor, along with Nagar Road and kharadi, have emerged as a preferred

location for financial and IT/ITES companies.

Kolkata

The major business locations in kolkata are cBD (Park Street, camac Street, chowranghee Rd), SBD (AJc Bose Rd, Ballygunge circular Rd, East

kolkata), East kolkata and PBD (New Town & Rajarhat). The area around Park Street, camac Street and AJc Bose road houses number of high-rises

commercial buildings such as chatterjee International centre, Tata centre, Everest House and Industry House among others.

CITY BAROMETER

Increasing as compared to previous quarter

Decreasing as compared to previous quarter

Remained stable from previous quarter

iNDia | 2Q 2012 | OFFICE

COllIERs INTERNATIONAl | p. 11


colliers International (India) provides property services to property Investors and Occupiers. We

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New Delhi : Statesman House, 4th Floor, Barakhamba Road, connaught Place,

New Delhi, India - 110001

Tel : +91 11 4360 7500, fax : +91 11 2335 6624

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India - 122002

Tel : +91 124 437 5807, fax : +91 124 437 5806

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Tel : +91 33 2357 6501, fax : +91 33 2357 6502

Recent Reports :

GLOBAL RETAIL INDIA RESIDENTIAL APAc INDUSTRIAL GLOBAL INDUSTRIAL GLOBAL OFFIcE INDIA BUDGET

MID-YEAR 2012 | RETAIL

GLOBAL

HIGHLIGHTS

Record Rents for Top Retail Corridors; Global

Slowdown Impacts Momentum Elsewhere

ANN T. NATUNEWICZ Manager | Retail Research | USA

Colliers’ 2012 Global Retail Streets survey found that of 129 locations tracked, 51 posted higher year

over year average rental rates, 49 were flat, and 24 were down (5 lacked comparable data).

TOP 10 GLOBAL RETAIL STREETS*

(USD PER SQUARE FOOT PER YEAR)

Retailers entering new markets—both developed and developing—continue to hedge risk by targeting

the same one or two premier locations, generating heated competition and outsized rental rate growth

ANNUAL

RENT CHANGE in a handful of space-constrained corridors.

STREET/PRECINCT

(USD)** (%)

Companies with the most ambitious long-term expansion plans remain focused on emerging markets

New York – Fifth Avenue , .

with rapidly growing middle-class populations, but recently institutional capital has pulled back

Hong Kong – Queen's , . somewhat to favor core markets and investments.

Road Central, Central (tie)

While

Hong Kong –

, .

economic and political turmoil did affect rental rates in headline-generating markets (such

Canton Road (tie)

as Cairo and Athens), high streets with strong fundamentals remained remarkably resilient, suggest-

London – Old Bond St.*** , . ing, at least for now, some separation between macroeconomic issues and underlying real

Paris – Avenue des*** , flat estate fundamentals.

Champs-Élysées

Since we conducted our survey, however, weakening consumer sentiment among affluent shoppers

Hong Kong -

, . has already begun to impact retailers’ revenues and could hinder landlords’ near-term ability to

Causeway Bay

raise rents, suggesting flattening growth rates for the coming year.

New York –

.

Madison Avenue

Zurich – Bahnhofstrasse flat This spring proved to be a tricky time to conduct global benchmarking, as market sentiment has

deteriorated markedly since April. During the past year, virtually every entity making a forecast—

Milan –

(.)

Via Monte Napoleone

including Colliers in our 2012 U.S. Retail Outlook—included a caveat related to not-yet-quantifiable global

fallout from Europe’s fiscal issues. As the past few months have illustrated, the time to face Eurozone

Sydney – Pitt Street Mall (.) issues has finally arrived, spawning a new wave of financial uncertainty.

Source: Colliers International

* selected cities

More than two years post-recession, though, results from our annual survey of High Street rents

** exchange rate as of March 31, 2012

illustrate that the world’s priciest retail corridors continue to attract the most sought-after tenants at lofty

*** Zone A rents

rental rates. Eight of Colliers’ top ten Global Retail Streets in 2011 made the list again this year. The big

story, however, lies with the explosive year over year rental growth achieved in a handful of markets. Six

of our Top 10 grew at double-digit levels year over year in local currency units, five of them by more than

REGIONAL RETAIL RESEARCH CONTACTS

20%.

AMERICAS

> Ann T. Natunewicz

At a regional level, streets in areas that entered 2007-08 better-positioned economically—Australia,

Ann.Natunewicz@colliers.com

Canada, parts of Eastern Europe—had a higher percentage of this year's flat-to-higher rents than those

EUROPE/MIDDLE EAST/AFRICA

slower to emerge from the recession. We will be watching these areas closely. Even as they represent

> Zuzanna Baranowska

some of the most attractive destinations for expansion-minded companies and yield-seeking investors,

Zuzanna.Baranowska@colliers.com

they too are vulnerable to softening consumer demand and, for those with reliable data, encroachment of

e-commerce.

ASIA

> Simon Lo

Simon.Lo@colliers.com

This report contains two parts. The first summarizes the results of our annual Global Retail Streets

survey, conducted in April 2012. The second incorporates content from Colliers’ brokerage and research

AUSTRALIA/NEW ZEALAND

teams worldwide who contributed market operational metrics, nuanced commentary on retail conditions,

> Nora Farren

Nora.Farren@colliers.com

and forward-looking opinions on what the next year will hold for consumers, landlords, and investors.

www.colliers.com

Residential Property

Market Overview

INDIA

QUARTERLY UPDATE | MAY | 2012

Accelerating success.

ASIA PACIFIC

OFFICE MARKET OVERVIEW

1Q 2012

Accelerating success.

This book is printed on 100% Recyclable paper

SECOND HALF 2011 | INDUSTRIAL

GLOBAL INDUSTRIAL

HIGHLIGHTS

JAMES COOK Director of Research | USA we expect overall warehouse rents in the São

Paulo region to rise by as much as four percent in

Global Industrial Trend Forecast

the coming year.

GLOBAL INDUSTRIAL

Growing

CAPITALIZATION RATES

global trade will steady demand for

(Prime Yield/Percent)

quality warehouse space in many regions. Mexico City saw a three percent decrease in its

Industrial vacancy rates will further drop in industrial vacancy rate in the second half of 2011,

MARKET

DEC DEC

(Select Markets) REGION 2011 2010 most markets.

down to 4.8 percent. Mexico was more negatively

affected by the recession than most countries in

Hong Kong Asia Pacific . . Some markets, U.S. and Australia among them,

North America, and its economic future is largely

Singapore Asia Pacific . . will experience a lack of new supply in the face

tied to that of its key trading partner, the United

London (Heathrow) EMEA . . of growing demand.

Tokyo Asia Pacific . .

States. But with U.S. growth on the upswing,

Prime warehouse rents will climb in most Asia

Los Angeles –

Mexico too is poised to grow at a modest rate and

NA . . Pacific markets, remain stable in EMEA and

Inland Empire, CA

we expect that vacancies could make further

LATAM, and continue to strengthen in North

Chicago, IL NA . .

drops in the country.

American markets.

Paris EMEA . .

Munich EMEA . . Citing deteriorating financial conditions and Steady Demand in North America

Vancouver, BC NA . . dimming growth prospect, the International Since peaking in 2010, growth in the manufacturing

Marseilles EMEA . . Monetary Fund’s (IMF) revised its September 2011 and distribution industry has kept the U.S. vacancy

New Jersey – Northern NA . . World Economic Outlook growth projections rate dropping in a mostly regular fashion. Vacancy

Dallas-Ft. Worth, TX NA . . downward in January 2012. However, the IMF still dropped to 9.72 percent in Q4 2011. With

Shanghai Asia Pacific . . forecasts that global trade volume will rise by 3.8 construction proceeding at low levels, we expect

Seoul Asia Pacific . . percent in 2012 and 5.4 percent in 2013; as global vacancies to continue to drop at a measured rate

Madrid EMEA . . trade rises, so too will demand for warehouse into 2013.

Sydney Asia Pacific . . space.

Mexico City LATAM . .

Toronto, Canada’s biggest industrial market, saw

Prague EMEA . .

While warehouse rents have stabilized in most 13.7 million square feet of industrial space

Athens EMEA . .

EMEA and Latin American markets, prime absorbed in 2011, and the city’s prime warehouse

Bucharest EMEA . .

warehouse rents quoted in local currencies rents grew by 7.1 percent in the second half of

increased in the majority of Asia Pacific and North 2011.

GLOBAL TOP TEN INDUSTRIAL

American markets in 2011 over the previous year.

WAREHOUSE RENTS

We expect this trend to continue, with prime Dropping Vacancies in Most Asian Markets

RENT

warehouse rents climbing in most Asia Pacific and Asia Pacific saw dropping vacancies in nearly

(USD/ 6-MONTH North American markets in the next year. every market. Prime warehouse rents grew in

MARKET REGION PSF/Year) CHANGE*

more than half of the markets, and observers in

Tokyo Asia Pacific . -.% Latin American Rents Poised to Stabilize more than half of those markets expect that

London (Heathrow) EMEA . .% In Latin America, prime warehouse rental rates warehouse rents will continue to climb over the

Hong Kong Asia Pacific . .% took a fall. In 71.4 percent of the markets we track, next six months.

Singapore Asia Pacific . .% year-end rents decreased in 2011 from a year

Zurich EMEA . .% earlier. However, we expect warehouse rents in Australian industrial has been especially strong in

Oslo EMEA . .% Latin America to stabilize in the coming year. most major markets. Retail purchases, made more

Moscow EMEA . .%

attractive by the relatively strong Australian dollar,

Geneva EMEA . -.%

São Paulo saw a 12.4 percent drop in warehouse have pushed up demand for large warehouse

São Paulo LATAM . -.%

rents in local currency, due to increased supply. space in several port markets. While there is

Helsinki EMEA . .%

However, with absorption set to outpace supply,

Marseilles EMEA . .%

growing demand for large modern warehouse

Paris EMEA . .%

Continued on page 8

*Local currency

WWW.COLLIERS.COM

Global Warehouse Demand Shows

Consistent Growth

SECOND HALF 2011 | OFFICE

GLOBAL OFFICE

HIGHLIGHTS

WWW.COLLIERS.COM

Global Office Demand Growth

Slow and Steady

JAMES COOK Director of Research | USA

Global Office Trend Forecast

Global office vacancies will continue their decline, due to steady demand and low levels of new construction in North

America and Europe.

GLOBAL CAPITALIZATION RATES /

The “flight to quality” trend will continue in many major markets, with occupiers trading up to higher-quality space or a

PRIME YIELDS: 10 LOWEST CITIES

better location as their leases expire.

The European sovereign debt crisis will likely push the Eurozone into a mild recession in early 2012. This contraction

CBD CAP RATE (%)

MARKET

will be felt most profoundly in a handful of commercial property markets within the most troubled nations.

(Ranked by DEC JUNE DEC Economic prospects in the Eurozone have slightly reduced overall positive global expectations for market performance in

Dec 2011)

2011 2011 2010 2012. We expect continuing modest demand for office space, with most cities seeing a drop in vacancy rates. But global

Taipei . . . averages do not speak to the nuances of individual markets, and—while we expect positive absorption due to business

growth and expansion in the United States, China and Australia—some Eurozone countries may see negative absorption

Hong Kong . . . and increased vacancy as the region enters a mild recession.

Vienna . . .

Latin America Boasts the Tightest Office Markets each has shown apparent decline in rents between June

London – West End . . . Some of the world’s lowest office vacancy rates are found and December of 2011, when quoted in U.S. dollars.

Zurich . . . in Latin American cities. Santiago, Chile; Rio de Janeiro, Substantial declines, in fact: led by a $10.87 USD drop in

Brazil; São Paulo, Brazil; and Lima, Peru all have vacancy Parisian Class A rents.

Singapore . . .

rates below three percent, resulting in a market that

Geneva . . . strongly favors landlords, prompts new construction and But how significant are these figures? The change in

Beijing . . . might squeeze some tenants that desire to expand. For the London and Paris rents is due to the strengthening dollar

most part, we expect the strength of these markets to relative to the euro and pound sterling. In local currency,

Paris . . . persist. While decreases in European demand for its prime rents in these markets are holding ground. Although

Munich . . . commodities will likely hurt Latin America, this will be smaller, the decline in Hong Kong of $7.56 USD ($5.10 HKD)

tempered by continued demand from China. In São Paolo, per square foot may be a more important indicator of things

Tokyo . . .

heightened demand has spurred the highest rates of new to come, as demand from the banking and financial sector

development in the region, which will eventually put continue to weaken.

downward pressure on asking rents.

EMEA and Asia Pacific Lead Global Construction

GLOBAL OFFICE OCCUPANCY COSTS:

TOP 10 CITIES

Select Asia Pacific Markets See Big Vacancy Drops A significant percentage of the office space under

The global trend in dropping vacancy rates should be evi- construction is in Europe, the Middle East and Africa

dent in Asia and continue through 2012. Markets that saw (EMEA), and much of that is occurring in Moscow and

CLASS A / NET RENT (USD/SQ FT)

a drop in vacancy in the second half of 2011 outnumbered Dubai. While both of these markets should expect strong

MARKET

by a two-to-one margin those where vacancy increased. economic growth in 2012, the fact that Dubai—with a

(Ranked by DEC JUNE DEC

vacancy rate of 50 percent—is constructing at such a pace

Dec 2011)

2011 2011 2010 Of the world’s most populous markets, those with the most leads us to expect that supply will continue to outpace

significant declines in six-month vacancy rates were nearly demand in that market.

Hong Kong . . . all in the Asia Pacific region. Chengdu, propelled by its

London – West End . . . strong manufacturing sector, saw its vacancy rate drop by The other two top markets for office construction are in the

Paris . . .

7.8 percent in the period, and Shanghai saw a 3.2 percent Asia Pacific region. Guangzhou—China’s leading

drop in vacancy.

commercial port city—and Tokyo have 19.6 and 15.6 million

Rio de Janeiro . . .

square feet under construction respectively. Asian economic

Two other large Asian markets saw vacancy rates drop by growth rates will remain strong in the coming months, with

Moscow . . .

1.5 percent or more: Jakarta, which has also seen China and India leading the pack. Rents are on the rise in

London – City . . . sustained growth in CBD rental rates and renewed global most cities in the region. However, dropping rents in Seoul

Perth . . . investor interest; and Singapore, where occupancies are and Hong Kong are a potential indicator of global economic

expected to stabilize.

uncertainty. In Tokyo, where new supply has been increasing

Singapore . . .

for the past three years, we expect construction to peak and

Geneva . . .

Marquee Markets See Rent Decline

begin to decline in the coming year.

While Hong Kong, London’s West End and Paris command

São Paulo . . . the top three highest asking rents for Class A office space,

Q1 2012 | RESEARCH

A SNEAK PREVIEW

UNION BUDGET 2012 -13

Budget Highlights | Real Estate

MARKET REACTION TO BUDGET

Company Change (%) Finance Minister Pranab Mukherjee started his budget speech 2012-13 in the

BSE SENSEX - 1 . 1 9 backdrop of challenging macroeconomic scenario. The finance minister projects

Realty Index -1.26 the economy to grow by 7.6% in the next fiscal up from 6.9% in 2011-12. He

Anant Raj Inds -6.04 mentioned that due to adverse global economic sentiments there has been a

D B Realty -2.02 slowdown in the Indian Economy but the fact is India still remains among the

DLF 0.15 front runners in the economic growth in any cross country comparison. The

Godrej Properties -2.82 budget aims at faster, sustainable and more inclusive growth across sectors

HDIL -5.21 emphasizing on five focus areas including revival of domestic consumption,

Hubtown Ltd. -4.13 rapid revival of high growth in private investment, removal of supply bottlenecks,

Indiabulls Real Estate - 1 . 9 5 addressing malnutrition in 200 high burden districts and expedite improvement

Mahindra Lifespaces -0.72 in delivery system, governance and transparency.

Orbit Corp. - 3 . 3 7

Parsvnath Developers -4.04 From a real estate perspective, the budget remained silent on most of the major

Peninsula Land - 3 . 1 8 issues including status of STPIs (Software Technology Parks of India), Real

Estate Regulatory Bill, Land Bill etc. however, it mentioned that efforts are on to

Phoenix Mills -2.65

arrive at a political consensus on the issue of allowing 51% Foreign Direct

Sobha Developers 3.04

Investment (FDI) in multi-brand retail.

Sunteck Realty - 1 . 1 3

Unitech -1.68 THE KEY HIGHLIGHTS OF THE BUDGET WHICH MAY IMPACT REAL ESTATE

Source: www.bseindia.com | Mar 16, 2012

SECTOR ARE AS FOLLOWS:

- External Commercial Borrowings (ECB) for low cost affordable housing

projects. Impact: Real estate companies developing large affordable housing

projects with large fund requirements will benefit the most from the easing of

external commercial borrowing (ECB) norms as interest rate charged is lower in

case of external borrowings in comparison to rates charged by domestic

institutions.

- Increase in provision under Rural Housing Fund to INR 4,000 crore from the

existing INR 3,000 crore.Impact: It will provide housing finance to targeted

groups in rural areas at competitive rates.

- Extension of the existing scheme of interest subvention of 1% on housing

loans up to INR 15 lakh where the cost of the house does not exceed INR 25

lakh for another year. Impact: This will boost the affordable housing segment

by providing cheaper loan to the end users.

P. 1 | COLLIERS INTERNATIONAL

www.colliers.com/india

AUTHORS

iNDia | 2Q 2012 | OFFICE

522 offices in 62 countries on 6 continents

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Latin America: 19

Asia Pacific: 201

EMEA: 118

$1.8 billion in annual revenue

2.55 billion square feet under management

Over 12,300 + professionals

Amit Oberoi MRICS

National Director, Valuation & Advisory; Research

Email: Amit.oberoi@colliers.com

Surabhi Arora MRICS

Associate Director, Research

Email: Surabhi.arora@colliers.com

Sachin Sharma

Assistant Manager, Research

Email: Sachin.sharma@colliers.com

Heliana Mano

Assistant Manager,Valuation & Advisory

Email: Heliana.mano@colliers.com

For general queries and feedback :

India.Research@colliers.com

Tel: +91 124 456 7580

This report and other research materials may be found on

our website at www.colliers.com/India. Questions related

to information herein should be directed to the Research

Department at the number indicated above. This document

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and general information only. colliers International makes

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