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CITY REPORT
MUMBAI OFFICE MARKET
Q4 2009

SUMMARY
Summary p. 3
Macroeconomic Context p. 4
Mumbai Office Market p. 5
Central Business District (CBD) p. 6
Extended Central Business District (ECBD) p. 7
Alternate Central Business District (Alternate CBD) p. 8
Secondary Business District (SBD) p. 9
Periphery Business District (PBD) p. 10
Prime Rents p. 11
Capital Values
Key Transactions
Key Projects
p. 12
p. 13
p. 14
Glossary p. 15
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009

SUMMARY
More enquiries from corporate occupiers, though low conversion rate
The Q4 of 2009 saw an increase in enquiries from corporate
occupiers in the Mumbai region. In fact, many corporates are also
evaluating buy verses lease scenarios which is good news for real
estate developers and owners who are keen to sell to corporate end
users. It must be specifically noted that the conversion rates of these
enquiries into sales remain low. The peripheral areas are showing
signs of revival with strong leasing activity especially in the Powai
area. However, many large ticket transactions, especially in excess of
100,000 sq. ft, which were anticipated to conclude in this quarter has
been postponed to the next quarter. Overall, the lease rents and
capital values are under pressure due to the increasing new supply
for the commercial office space. As a result, competition to win
occupiers is becoming more and more intense among property
owners & developers.
On a positive note, this is leading to better development practices
across the region. The “green concept” in new buildings is gaining
grounds and is becoming a key “influencer” in the occupiers' decision
making process. As supply will overrun demand by an increasing
margin, the prices are expected to fall to 5% from the current levels,
by end of March 2010.
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I3I

12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
Gross Domestic Product (GDP)
9.70%
9.30%
9.30% 9.20%
8.80% 8.80% 8.00%
7.90%
7.90%
7.60%
6.10%
5.30% 5.80%
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009
Source: Confederation of Indian Industries
MACROECONOMIC CONTEXT
Rising inflation. Interest rates hike imminent
With the rising inflation, there is a growing concern among the government
authorities to arrest the escalating food prices across all segments. It is
expected that by January 2010, the Reserve Bank of India will raise the Cash
Reserve Ratio by 50 – 100 basis point. The industry leaders and experts are
lobbying with the government to continue with the fiscal & monetary
reforms. At the same time, the Government is expecting GDP rate to touch 8%
which probably will be the highest growth rate in the world. The FDI inflows
are at 50% higher than corresponding quarter of 2009 thus further boosting
industry confidence. The real estate industry is expecting a lot of fiscal
benefits and clarity especially on indirect taxes in the ensuing budget which
will be tabled in the last week of February 2010.
16.00%
14.00%
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
25,000
20,000
15,000
Jan-09
Feb-09
Wholesale Price Index (WPI)
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Source: Confederation of Indian Industries
Sept-09
Sensex & Nifty
Oct-09
Nov-09
Dec-09
Real Estate
The developer community expects a revival for commercial real estate in
2010 However, a lot is dependent on the global occupier confidence
especially in the IT / ITES sector. Most of the development companies
showed healthy growth in sales. This is due to better consumer sentiment
especially on residential real estate market. It is expected that some of the
development companies will try to sell land in Q1 of 2010 (Jan - March) so
as to show better performance to its shareholders for the Indian financial
year (April 2009 - March 2010).
Major Real Estate
Companies in
India
Sales (In INR / In Million)
Q4 2009 Q3 2009 Q on Q
Change %
Profits (In INR / In Million)
Q4 2009 Q3 2009 Q on Q
Change %
DLF Limited 202,577 175,09.4 16% 46,789 43,974 6%
Unitech 77,446 50,94.9 52% 13,953 17,601 -21%
India Bulls 33,013 29,65.9 11% 6,400 7,113 -10%
Sobha Developers 30,700 22,360 37% 4,080 2,750 48%
Peninsula Land 25,176 16,87.2 49% 8,888 7,287 22%
Parsvnath
Developers
30,364 16,847 80% 2,491 6,143 -59%
10,000
5,000
0
11-12-07
12-12-07
01-12-08
02-12-08
03-12-08
04-12-08
05-12-08
06-12-08
07-12-08
08-12-08
09-12-08
10-12-08
11-12-08
12-12-08
01-12-09
02-12-09
03-12-09
04-12-09
05-12-09
06-12-09
07-12-09
08-12-09
09-12-09
10-12-09
11-12-09
12-12-09
Sensex
Source: Confederation of Indian Industries
Nifty
Pheonix 3,018 2,639 14% 1,019 1,754 -42%
Omaxe Limited 28,020 22,392 25% 2,846 2,251 26%
Mahindra
Lifespaces
10,891 6,352 71% 2,793 1,734 61%
Ananthraj 8,262 8,713 -5% 6,704 7,12.7 -6%
Ackruti City 21,928 7,829 180% 7,777 2,979 161%
Ansal Properties 27,104 17,684 53% 2,644 3,160 -16%
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I4I

MUMBAI OFFICE MARKET
N
23
22
21
20
Sanjay Gandhi National Park
Western Express Highway
19
8
18
17
Tulsi
Lake
1
3
2
4
5
6
7
24
16
Vihar
Lake
9
15
25
10
13
14
Powai
Lake
27
26
11
A r a b i a n S e a
8
9
Worli
Bandra
2
1
4
Sealink
a) Central Business
District
1. Colaba
2. Cuffe Parade
3. Nariman Point
4. Churchgate
5. Fort
6. Chatrapati Shivaji
Terminus (CST)
7. Marine Line
8. Malabar Hill
9. Breach Candy
7
2
3
3
9
1
8
5
7
4
10
6
12
1
6
5
3
11
1
9
4
8
4
Sahar Airport
(International Airport)
7
2
Domestic
Airport
2 3
6
5
30
b) Extended Central
Business District
1. Girgaon
2. Grant Road
3. Mumbai Central
4. Tardeo
5. Mahalakshmi
6. Lower Parel
7. Worli
8. Prabhadevi
9. Pedder Road
31
29
28
32 33
c) Alternate Central
Business District
1. Bandra
2. Bandra East
3. Bandra Kurla
Complex
4. Santacruz East
(Kalina)
15
12
14
d) Secondary Business
District (SBD)
1. Byculla
2. Sewri
3. Parel
4. Dadar
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
Wadala
Kings Circle
Matunga East
Matunga Road
Mahim
Bandra West
Santacruz
Juhu
Vile Parle
Andheri
Jogeshwari
Goregaon
Malad
Malad West
Kandivali
Borivali
Dahisar
Mira Road
Bhayander
Mulund
Bhandup
Kanjurmarg
Powai
Vikhroli
Ghatkopar
Kurla
Chembur
Sion
Mankhurd
13
16
17
18
19
20
21
e) Periphery Business
District (PBD)
1. Thane
2. Kalwa
3. Dighe
4. Mumbra
5. Diva
6. Dombivali
7. Thakurli
8. Kalyan
9. Airoli
10. Rabale
11. Ghansoli
12. Koper Khairne
13. Turbhe
14. Sanpada
15. Vashi
16. Jui Nagar
17. Nerul
18. Belapur
19. Kharghar
20. Khandeshwar
21. Panvel
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I5I

CENTRAL BUSINESS DISTRICT (CBD)
The shift to lower cost occupancy continues
Rental Values (in Rs / sq.ft / month)
600
500
400
300
200
100
0
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
The corporate occupiers continue to shift to lower occupancy cost
building which also offer modern infrastructure and services. The
landlords and building associations / condominiums are responding
by bringing cosmetic changes to the old stock by revamping the lifts
and lobbies. However, a lot more needs to be done in terms of
providing higher level of services to the corporate occupiers so as to
retain them in these old buildings.
RENTALS OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Ballard Estate 400 300 275 250
Q3
2009
250
Q4
2009
250
Nariman Point
Ballard Estate
Cuffe Parade 280 250 225 200
Fort 250 170 150 150
200
150
200
150
Cuffe Parade
Fort
Nariman Point 450 375 350 325
Source: BNP Paribas Real Estate, India
325
325
Capital Values (in Rs / sq.ft)
70,000
60,000
50,000
40,000
30,000
20,000
10,000
—
Q3
2008
Q4
2008
Q1
2009
Nariman Point
Cuffe Parade
Q2
2009
Q3
2009
Ballard Estate
Fort
Q4
2009
CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3
2008
Source: BNP Paribas Real Estate, India
Q4
2008
Q1
2009
Q2
2009
Ballard Estate 42,000 38,000 35,000 35,000
Cuffe Parade 32,000 32,000 30,000 30,000
Fort 27,500 25,000 22,500 22,500
Nariman Point 50,000 45,000 40,000 40,000
Q3
2009
35,000
30,000
22,500
40,000
Q4
2009
35,000
30,000
22,500
40,000
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I6I

EXTENDED CENTRAL BUSINESS DISTRICT
(ECBD)
The favourite micro market for large space
occupier.
Rental Values (in Rs / sq.ft / month)
600
500
400
300
200
100
0
Q3
2008
Q4
2008
Worli
Lower Parel
Q1
2009
Q2
2009
Q3
2009
Prabhadevi
Mahalaxmi
Q4
2009
Most of the large space occupiers are preferring to settle in Extended
CBD as there is lot of new integrated commercial space available.
There are new enquires in the region of 50,000 sq. mts and above and
our estimate is that most of them will be absorbed in the coming
quarter in this micro market. There is a lot of up coming supply in
this region as well which will keep the leasing and capital values
under pressure.
RENTALS OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Lower Parel 280 250 180
Mahalaxmi 225 200 150
Q2
2009
180
150
Prabhadevi 325 280 250 250
Worli 400 375 300 300
Q3
2009
180
150
250
300
Q4
2009
180
150
250
300
Source: BNP Paribas Real Estate, India
60,000
Capital Values (in Rs / sq.ft)
50,000
40,000
30,000
20,000
10,000
—
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Lower Parel 28,000 25,000 18,000
Mahalaxmi 22,500 20,000 15,000
Q2
2009
18,000
15,000
Q3
2009
18,000
15,000
Q4
2009
18,000
15,000
Worli
Lower Parel
Prabhadevi
Mahalaxmi
Prabhadevi 32,500 28,000 25,000 25,000
Worli 40,000 37,500 30,000 30,000
Source: BNP Paribas Real Estate, India
25,000
30,000
25,000
30,000
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I7I

500
ALTERNATE CENTRAL BUSINESS DISTRICT
(ALTERNATE CBD)
Rental Values (in Rs / sq.ft / month)
450
400
350
300
250
200
150
100
50
0
Q3
2008
Bandra - Kurla Complex
Kalina
Q4
2008
Bandra East
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Activity pick up in sales only
The Q4 of 2009 saw lesser activity in this region in terms of leasing
but some sales have been reported between 2,000 - 5,000 sq.ft of
space. A number of new developments are expected to be completed
and will add to new modern stock in the area. Overall, there will be a
lot of supply in this region and will put downward pressure on rents
and capital values..
Bandra - Kurla
Complex
RENTALS OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Source: BNP Paribas Real Estate, India
Q1
2009
Q2
2009
350 350 250 250
Bandra East 230 225 175 175
Kalina 275 250 200 200
Q3
2009
250
175
200
Q4
2009
250
175
200
50,000
45,000
Capital Values (in Rs / sq.ft)
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
—
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Bandra - Kurla Complex
Kalina
Bandra East
Q3
2009
Q4
2009
Bandra - Kurla
Complex
CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3
2008
Source: BNP Paribas Real Estate, India
Q4
2008
Q1
2009
Q2
2009
35,000 35,000 25,000 25,000
Bandra East 23,000 22,500 17,500 17,500
Kalina 27,500 25,000 20,000 20,000
Q3
2009
25,000
17,500
20,000
Q4
2009
25,000
17,500
20,000
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I8I

SECONDARY BUSINESS DISTRICT (SBD)
Pressure on rents and capital values
Rental Values (in Rs / sq.ft / month)
250
200
150
100
50
0
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
This region is witnessing increase in activity from corporate
occupiers. The leasing and capital values however are under
extreme pressure as more and more supply is being added. It is
estimated that 60% of total new supply of the Mumbai Metropolitan
area will fall in this region.
RENTALS OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Andheri E 150 130 120 120
Andheri W 130 120 110 110
Q3
2009
120
110
Q4
2009
120
110
Vile Parle
Andheri East
Andheri West
Powai
Malad
Vikhroli
Borivali
Borivali 60 50 50
Malad 110 100 90
Powai 130 100 90 90
Vikhroli 95 80 65
50
90
65
Vile Parle 160 160 120 120
50
90
90
65
120
50
90
90
65
120
Source: BNP Paribas Real Estate, India
25,000
Capital Values (in Rs / sq.ft)
20,000
15,000
10,000
5,000
CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Andheri E 15,000 13,000 12,000 12,000
Q3
2009
12,000
Q4
2009
12,000
—
Q3
2008
Q4
2008
Vile Parle
Q1
2009
Andheri East
Andheri West
Powai
Q2
2009
Q3
2009
Malad
Vikhroli
Borivali
Q4
2009
Andheri W 13,000 12,000 11,000 11,000
Borivali 6,000 5,000 5,000 5,000
Malad 11,000 10,000 9,000 9,000
Powai 13,000 10,000 9,000 9,000
Vikhroli 9,500 8,000 6,500 6,500
Vile Parle 16,000 16,000 12,000 12,000
Source: BNP Paribas Real Estate, India
11,000
5,000
9,000
9,000
6,500
12,000
11,000
5,000
9,000
9,000
6,500
12,000
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I9I

PERIPHERY BUSINESS DISTRICT (PBD)
Demand is increasing for large space occupier
Rental Values (in Rs / sq.ft / month)
80
70
60
50
40
30
20
10
0
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
There as an increase in activity from corporate occupiers in this area
as the cost has become attractive. The activity is more pronounced
in Navi Mumbai than Thane as it is viewed as more organised and
planned area. However, there is still high level of vacancy in this
area. The new commercial developments will kick start only once a
large built-to-suit tenant is signed. It is expected that a few built-tosuit
transactions (100,000 sq.ft.) will get signed in the next 6
months.
RENTALS OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Airoli 40 35 35 35
Thane 45 40 40 40
Q3
2009
35
40
Q4
2009
35
40
Vashi Thane Airoli
Vashi 75 70 65 60
Source: BNP Paribas Real Estate, India
60
60
Capital Values (in Rs / sq.ft)
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
—
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Q3
2009
Q4
2009
Vashi Thane Airoli
CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3
2008
Q4
2008
Q1
2009
Q2
2009
Airoli 4,000 3,500 3,500 3,500
Thane 4,500 4,000 4,000 4,000
Vashi 7,500 7,000 6,500 6,000
Source: BNP Paribas Real Estate, India
Q3
2009
3,500
4,000
6,000
Q4
2009
3,500
4,000
6,000
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I10I

PRIME RENTS
Region
Q4 2009
Rent
INR/ sq.ft/ month
Ballard Estate 250
Cuffe Parade 200
Fort 150
Nariman Point 325
Q on Q
Change
0%
0%
0%
0%
Central Business District (CBD)
Region
Q4 2009
Rent
INR/ sq.ft/ month
Lower Parel 180
Mahalaxmi 150 0%
Prabhadevi 250 0%
Worli 300
Q on Q
Change
0%
0%
Extended Central Business
District (Extended CBD)
Region
Bandra - Kurla
Complex
Q4 2009
Rent
INR/ sq.ft/ month
Q on Q
Change
250 0%
Alternate Central Business
District (Alternate CBD)
Bandra East 175 0%
Kalina 200 0%
Region
Q4 2009
Rent
INR/ sq.ft/ month
Andheri E 120
Andheri W 110
Borivali 50
Malad 90
Powai 90
Vikhroli 65
Q on Q
Change
0%
0%
0%
0%
0%
0%
Vile Parle 120 0%
Secondary Business District (SBD)
Region
Q4 2009
Rent
INR/ sq.ft/ month
Airoli 35 0%
Thane 40 0%
Vashi 60
Q on Q
Change
0%
Periphery Business District (PBD)
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I11I

CAPITAL VALUES
Region
CAPITAL Q4 2009
INR / sq.ft
Q on Q
Change
Ballard Estate 35,000 0%
Cuffe Parade 30,000 0%
Fort 22,500 0%
Nariman Point 40,000 0%
Central Business District (CBD)
Region
CAPITAL Q4 2009
INR / sq.ft
Lower Parel 18,000
Q on Q
Change
0%
Mahalaxmi 15,000 0%
Prabhadevi 25,000 0%
Worli 30,000
0%
Extended Central Business
District (Extended CBD)
Region
Bandra - Kurla
Complex
CAPITAL Q4 2009
INR / sq.ft
Q on Q
Change
25,000 0%
Bandra East 17,500 0%
Kalina 20,000 0%
Alternate Central Business
District (Alternate CBD)
Region
CAPITAL Q4 2009
INR / sq.ft
Andheri E 12,000
Andheri W 11,000
Borivali 5,000
Malad 9,000
Powai 9,000
Vikhroli 6,500
Q on Q
Change
0%
0%
0%
0%
0%
0%
Vile Parle 12,000 0%
Secondary Business District (SBD)
Region
CAPITAL Q4 2009
INR / sq.ft
Q on Q
Change
Airoli 3,500 0%
Thane 4,000 0%
Vashi 6,000
0%
Periphery Business District (PBD)
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I12I

KEY TRANSACTIONS
Q4 2009
Building Tenant Space
(in sq.ft)
Type
Location
One Indiabulls Centre Marsh 25,000 Extended CBD Lower Parel
One Indiabulls Centre Morgan Stanley 70,000 Extended CBD Lower Parel
Hallmark Plaza Unitech Wireless 27,000 Alternate CBD Bandra East (Kalanagar)
Hallmark Plaza Abbott Healthcare 17,000 Alternate CBD Bandra East (Kalanagar)
Oberoi Towers Verizon 15,000 SBD
Goregaon
Ventura JP Morgan 2,17,000 SBD
Powai
Nirlon Knowledge
Park
Nirlon Knowledge
Park
Crisil House
ICICI Prudential AMC 20,000 SBD
Goregaon
Xerox 3,000 SBD
Goregaon
Crisil 212,000 SBD
Hiranandani Powai
Knowledge Park Nokia Siemens 70,000 SBD Hiranandani, Powai
Essar Tech Park ATL 108,880 SBD Kurla
Kalpataru Square Indofill 35,000 SBD Andheri (East)
G Corp Tech Park Birla Sun Life 150,000 PBD Thane
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I13I

KEY PROJECTS
New Supply – Year 2010
Building Type of Location Location Space (in sq.ft.) Completion date
( expected )
Lodha Excelus Extended CBD Lower Parel 4,00,000 Ready
One India Bulls Centre Extended CBD Lower Parel 7,00,000
Q1 2010
India Bulls Financial
Centre
Cresenzo
Extended CBD Lower Parel 5,00,000 Q1 2010
Alternate CBD
Bandra Kurla
Complex
Phase I - 5,77,000
Phase II - 2,28,000
Ackruti Iris Alternate CBD Andheri East 7,00,000 Q1 2011
Bandra Kurla
Ackruti Gold Alternate CBD 66,000
Complex
Western Edge SBD Borivali 4,50,000
Ready
Q1 2011
Ready
Urbania Alternate CBD Ghatkopar 90,000 Q2 2010
Ready
Rustomjee Natraj SBD Andheri East 2,86,000 Q1 2010
Silver Uthopia SBD Andheri East 4,00,000 Q2 2010
Rustomjee Aspire SBD Sion 1,24,000 Q1 2010
IT Park, Ajmera SBD Andheri East 11,00,000 Q1 2010
R Tech Park SBD Goregaon 4,00,000
Ready
City Park SBD Marol 1,40,000 Q1 2010
The Chambers SBD Vile Parle 1,00,000 Q1 2010
Universal Majestic SBD Chembur 5,00,000
Hiranadani Knowledge
Park
Supreme Chambers SBD Andheri West 2,40,000 Q1 2010
Ackruti Star
SBD Powai 3,00,000
SBD
Andheri East
(MIDC)
Asher IT Park PBD Thane 7,00,000
Ready
Ready
4,00,000 Q2 2010
HCC 247 IT Park SBD Vikhroli 18,00,000
Ready
Corporate Tech Park PBD Thane 10,60,000
Ready
Ready
Reliable Tech Park PBD Airoli 10,00,000 Q2 2010
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I14I

GLOSSARY
Q4: Quarter 4 of the financial year
Absorption: Occupied Stock (n) – Occupied Stock (n-1); Where “n” is the specified
period (quarter, year etc.)
Bare Shell: Premises consisting of basic structure with lifts, power supply to
junction box, water supply line, toilets
BPO: Business Process Outsourcing
BUA: Built up area
CBD: Central Business District
ECBD: Extended Central Business District
ACBD: Alternate Central Business District
SBD: Secondary Business District
PBD: Periphery Business District
Completed Stock: Either the building has received occupancy certificate or the
client has moved in and occupied space and started working in a particular
premises
DU: Dwelling Unit
EPIP: Export Promotion Industrial Park
FAR: Floor Area Ratio (BUA/ Plot Area)
Grade A: Space Office Space with efficiency in excess of 75%, floor plate in excess
of 15,000 sq. ft., Car Parking ratio of atleast 1 per 1000 sq. ft., Floor-to-ceiling
height in excess of 3.75 m, Power provision of 1.25KVA per 100 sq. ft. with 100%
power-backup wherever applicable and professionally managed facilities
Ground Coverage: It is the total covered area on ground by the built component
and is expressed as a percentage of the plot area
Hard Option: Real estate space reserved by the lessee for future occupation
within a particular time frame and at a pre-decided rental
INR: Indian National Rupees
Rs: Rupees
Pre-lease: Space committed for lease before completion of construction
Speculative Stock: The stock which can be leased and excludes Built-to-Suit
(BTS) and Campus facilities.
Stock: Cumulative Supply
Supply: New construction in a particular specified period
Tier I Cities: NCR, Mumbai and Bangalore
Tier II Cities: Chennai, Hyderabad, Pune, Kolkata
Transaction Volumes: Total number of transaction in a particular specified period
Vacancy: Total vacant space in the completed stock
Warm Shell: Premises consisting of power backup, high side A.C., common area fit
outs and fitted out toilets
Q on Q: Quarter on Quarter
y-o-y: year-on-year (All growth figures in this report are y-o-y unless otherwise
mentioned
IT: Information Technology
ITES: Information Technology Enabled Services (includes various services
ranging from call centres, claims processing, medical transcription, e-CRM, SCM
to back-office operations such as accounting, data processing, and data mining)
NCR: National Capital Region (includes urban agglomeration of Delhi, Gurgaon,
Faridabad, Noida, Gaziabad etc.)
ORR: Outer Ring Road
Repo Rate: Rate that an eligible depository institution (such as a bank) is charged
to borrow short term funds directly from the central bank through the discount
window
Reverse Repo Rate: Interest rate that a bank earns for lending money to the
Reserve Bank of India in exchange for government securities
SEC A, B, C & D Socio: Economic Classification; SEC A represents the highest
propensity to spend and SEC D represents the lowest propensity to spend.
Sq.ft: Square Feet
Sq.mt: Square Meter
Stamp Duty: Form of tax charged on instruments (written documents) requiring a
physical stamp (for government legality) to be attached to or impressed.
New: Building built within the last 5 years.
Major Refurbishment: Building which has undergone structural alteration less
than 5 years ago, subject to planning permission.
Recent: Building less than 10 years old.
Renovated: Building which has undergone renovation work not requiring for
planning permission less than 5 years ago.
Modern: High-performance building over 10 years old.
Old: Low-performance building over 10 years old.
CCI (Cost of construction index): Index that makes quarterly measurements of
construction prices for new house building. It is the price after VAT paid by the
owner to construction companies. It excludes land-related prices and costs (site
development, special foundations, etc.), fees and financial costs.
Demand: A search for premises expressed to BNP Paribas Real Estate. The
analysis pertains only to the flow of new demand expressed.
For the occupier: Operation undertaken by an occupier for its own purposes.
New Supply: Any new building and/or heavily refurbished building that adds to
the existing stocks. These are analysed according to progress.
Completed new supply: Buildings on which construction work is finished.
Under construction: Buildings on which construction has effectively begun. Prior
demolition work is not taken into account.
Planning permission granted: Authorisation to build obtained, generally booked
after settlement of third party claims.
Planning permission submitted: Planning permission requested, being
processed.
Pre-letting: Transaction by an occupier more than 6 months before the delivery of
the building.
Headline rent: Annual rent per square meter, featured on the lease, and
expressed excluding taxes and charges. Does not include attached premises such
as parking areas, archives, staff canteens, etc. If the rental is progressive, the
value applied is the average for the first 3 years or the fixed term of the lease.
Average headline rent: Weighted average of rented area. The average featured is
a moving average over 3 quarters, to smooth out the changes.
Underlying rent: Annual rent per square meter expressed free of tax and charges
and excluding advantages agreed by the owners (rent incentive building works,
etc).
Prime rents: Represents the top headline rent (excluding non significant
transactions) for an office unit:- of standard size, of the highest quality and
specification, in the best location in each market.
Top rent: Represents the top headline rent for an office unit. It is not necessarily a
prime rent.
Second hand premises: Premises that have been previously occupied by an
occupier for vacant for more than 5 years.
Renovated: Premises that have been renovated for the new occupier.
Very good condition: High-performance premises of high quality.
Existing state of repair: Low-performance premises that can be rented as they
are.
To be renovated: Low performance premises that need renovation.
Supply available within 1 year: All premises and buildings available within 1 year
including the supply available immediately, new supply that has not been pre-let
and second hand supply that will be vacated definitively (notable terminated
leases).
Take-up: Rental or sale of a property asset, finalised by the signature of a lease or
a bill of sale including turnkey transactions and owner-occupier. The transaction
is only taken into account once any existing conditional clauses have been lifted.
Vacancy rate: Ration measuring the relationship between the supply
immediately available and the existing stock.
BNP Paribas Real Estate cannot be held responsible if, despites its best efforts,
the information contained in the present report turns out to be inaccurate or
incomplete. This report is released by BNP Paribas Real Estate and the
information in it is dedicated to the exclusive use of its clients. The report and the
information contained in it may not be copied or reproduced without prior
permission from BNP Paribas Real Estate.
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009
I15I

LOCATIONS
ALLIANCES
INDIA
Bangalore
403, The Estate,
121, Dickenson Road,
Bangalore - 560 042
Tel: +91 80 4050 8888
Fax: +91 80 4050 8899
Contact: Anuj Nautiyal
anuj.nautiyal@asia.bnpparibas.com
Mumbai
704, Level 7, MMTC House, C-22,
Bandra Kurla Complex, Bandra (E),
Mumbai - 400 051
Tel: +91 22 6138 8088
Fax: +91 22 6138 8089
Contact: Raja Kaushal
raja.kaushal@asia.bnpparibas.com
Delhi
Level 4, Wing B, Statesman House,
Barakhamba Road,
New Delhi - 110 001
Tel: +91 11 3044 6406
Fax: +91 11 3044 6507
Contact: Ankit Tyagi
ankit.tyagi@asia.bnpparibas.com
BAHRAIN
Bahrain Financial Harbour
West Tower
16th Floor
P.O. Box 5253
Manama
Tel: +971-505 573 055
Fax: +971-44 257 817
BELGIUM
Blue Tower
Avenue Louise 326
B14 Louizalaan
1050 Brussels
Tel: +32-2-646 49 49
Fax: +32-2-646 46 50
DUBAI
Emmar Square
Building No. 1, 7th Floor
P.O. Box 7233
Dubai, EAU
Tel: +971-505 573 055
Fax: +971-44 257 817
FRANCE
13 boulevard du Fort de Vaux
75017 Paris
Tel: +33-1-55 65 20 04
Fax: +33-1-55 65 20 00
GERMANY
Goetheplatz 4
60311 Frankfurt
Tel: +49-69-2 98 99 0
Fax: +49-69-29 29 14
IRELAND
40 Fitzwilliam Place
Dublin 2
Tel: +353-1-66 11 233
Fax: +353-1-67 89 981
ITALY
Corso Italia, 15/A
20122 Milan
Tel: +39-02-58 33 141
Fax: +39-02-58 33 14 39
ABUDHABI
Al Bateen Area
Plot No. 144, W-11
New Al Bateen Municipality
Street 32
P.O. Box 2742
Abu Dhabi, UAE
Tel: +971-505 573 055
Fax: +971-44 257 817
JERSEY
4th Floor, Conway House
Conway Street
St Helier
Jersey Je2 3NT
Tel: +44-15 34-62 90 01
Fax: +44-15 34-62 90 11
LUXEMBOURG
EBBC, Route de Trèves 6
Bloc D
2633 Senningerberg
Tel: +352-34 94 84
Fax: +352-34 94 73
ROMANIA
Union International Center
11 Ion Campineanu Street
Sector 1
Bucharest 010031
Tel: +40-21-312 7000
Fax: +40-21-312 7001
SPAIN
María de Molina, 54
28006 Madrid
Tel: +34-91-454 96 00
Fax: +34-91-454 96 04
UNITED KINGDOM
90 Chancery Lane
London WC2A 1EU
Tel: +44-20-7338 4000
Fax: +44-20-7430 2628
USA
787 Seventh Avenue
31st Floor
New York, NY 10019
Tel: +1-917-472 4970
Fax: +1-212-471 8100
ALBANIA
Danos & Associates
Boulevard Deshmoret e Kombit
Twin Towers - Tower 2
11th Floor
Tirana
Tel: +355-4-2280488
Fax: +355-4-2280192
AUSTRIA
Dr. Max Huber & Partner
Dr. Karl-Lueger-Platz 5
1010 Vienna
Tel: +43-1-513 29 39 0
Fax: +43-1-513 29 39 14
BULGARIA
Danos & Associates
28, Hristo Botev Boulevard
Sofia
Tel: +359-2-9532314
Fax: +359-2-9532399
CANADA
Cresa Partners
Tel: +1-612-767 12 78
Fax: +1-612-337 8459
CYPRUS
Danos & Associates
35, I. Hatziosif Ave
2027, Nicosia
Tel: +357-22 31 70 31
Fax: +357-22 31 70 11
GREECE
Danos & Associates
1, Eratosthenous Str.
11635 Athens
Tel: +30-210 7 567 567
Fax: +30-210 7 567 267
JAPAN
RISA Partners
5F Akasaka Intercity 1-11-44
Akasaka, Minato-ku
107-0052 Tokyo
Tel: +81-3-5573 8011
Fax: +81-3-5573 8012
NETHERLANDS
Holland Realty Partners
J.J. Viottastraat 33, 1071 JP
Amsterdam,
Tel: +31-20-305 97 20
Fax: +31-20-305 97 21
NORTHERN IRELAND
Whelan Property Consultants
44 Upper Arthur Street
Belfast Bt1 4GJ
Tel: +44-28-9044 1000
Fax: +44-28-9033 2266
SLOVAKIA
Modesta (Dr. Max Huber &
Partner Group)
Heydukova 12-14
811 08 Bratislava
Tel: +421-2-3240 8888
Fax: +421-2-3214 4777
PORTUGAL
Fenalu
Av. Duarte Pacheco
Empreendimentos das
Amoreiras
Torre 2, 14° - Sala H
1070-102 Lisbon
Tel: +351-21-3833106
Fax: +351-21-3833107
RUSSIA
Astera
10, b.2 Nikolskaya Str.
Moscow, 109012
Tel/Fax: +7-495-925 00 05
SERBIA
Danos & Associates
6, Vladimira Popovica Street
Belgrade 11000
Tel: +381-11-2600 603
Fax: +381-11-2601 571
UKRAINE
Astera
2a Konstantinovskaya Street
04071, Kiev
Tel: +38-044-501 50 10
Fax: +38-044-501 50 11
USA
Cresa Partners
200 State Street
13th Floor
Boston, Massachusetts 02109
Tel: +1-612-767 12 78
Fax: +1-612-337 8459
www.realestate.bnpparibas.com