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<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Market Highlights<br />
AUGUST 2015<br />
Office space demand<br />
improved across all<br />
cities barring<br />
Ahmedabad, Chennai<br />
and Kolkata<br />
Get city <strong>Pulse</strong> by clicking below<br />
Retail space leasing<br />
increased in Chennai,<br />
Hyderabad, Kolkata<br />
and Mumbai<br />
Residential demand<br />
continued to increase in<br />
Hyderabad
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Commercial Real Estate<br />
up across Major Cities<br />
Average transacted office lease sizes across Mumbai, Bangalore,<br />
Chennai and Pune have increased from the uncertain times seen in<br />
1Q14 – prior to the general elections. Following elections in May<br />
2014, however, market sentiment improved gradually, while Mumbai,<br />
for example, witnessed 65% appreciation in average deal sizes<br />
between 2Q14 and 2Q15.<br />
Next<br />
India’s economy, defying weakness in<br />
developed countries and elsewhere in<br />
emerging Asia, expanded 7% in the April—<br />
June quarter, making it one of the world’s<br />
fastest-growing as China downshifts.<br />
Asia’s third-largest economy also continued<br />
to distinguish itself by being fuelled not by<br />
investments or exports but by consumer<br />
spending, which grew 7.4% y-o-y. Indians are<br />
still opening their pocketbooks despite a<br />
withering of demand in other large<br />
economies, which has sapped trade and<br />
production growth around the globe.<br />
Investment sentiments<br />
improving<br />
A sea-facing triplex penthouse of 17,000 sq. ft.<br />
carpet area in South Mumbai's Napean Sea<br />
Road locality is being sold for INR 2 billion,<br />
the biggest for a residential apartment in India<br />
The number of transactions has also increased considerably across<br />
all these cities. Pune leads with an impressive 89% y-o-y growth in<br />
transacted space per lease deal, followed by Bangalore at 78% and<br />
Chennai at 67%. Good days are returning for office real estate and<br />
tenants will remain in an expansionary mode. Occupiers are not only<br />
leasing larger office space, but they also expect all the space to be on<br />
the same floor. Developers are constructing bigger floor plates to<br />
meet the evolving demand.<br />
Ashutosh Limaye, National Director- Research, JLL India<br />
--------------------------------------------------------------------------------------------<br />
For further reading please refer to following link:<br />
http://www.joneslanglasalleblog.com/realestatecompass/real-estate/2015/08/commercialreal-estate-residential-major-indian-cities///<br />
The Centre named 98 cities for the Narendra Modi<br />
government's flagship Smart Cities project, with Uttar Pradesh<br />
bagging the most in August.<br />
To develop Rajarhat-New Town as a green and<br />
smart city, the Housing Infrastructure<br />
Development Corporation (HIDCO) will set up<br />
two new utility buildings in the township that will<br />
be developed as green buildings<br />
Legend: Market Sentiment<br />
Favourable Neutral Unfavourable
Cities<br />
Office<br />
Rental<br />
Value<br />
Retail<br />
Rental<br />
Value<br />
Residential<br />
Capital<br />
values<br />
AHMEDABAD<br />
DELHI<br />
MUMBAI<br />
DELHI<br />
PUNE<br />
BANGALORE<br />
AHMEDABAD<br />
KOLKATA<br />
CHENNAI<br />
MUMBAI<br />
PUNE<br />
HYDERABAD<br />
HYDERABAD<br />
KOLKATA<br />
Legend<br />
Growing Stabilise Stagnate Falling<br />
BANGALORE<br />
CHENNAI<br />
Back to top<br />
For more information about our research, contact<br />
Ashutosh Limaye<br />
National Director, Research and REIS +91 98211 07054 ashutosh.limaye@ap.jll.com<br />
Sujash Bera<br />
Manager, Research +91 98305 43922 sujash.bera@ap.jll.com<br />
Research Dynamics 2015<br />
<strong>Pulse</strong> reports from JLL are frequent updates on real estate market dynamics.<br />
www.joneslanglasalle.co.in
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Ahmedabad<br />
Demand<br />
RV<br />
Demand<br />
RV<br />
Demand<br />
RV<br />
OFFICE<br />
Vacancy<br />
CV<br />
RETAIL<br />
Vacancy<br />
CV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
The office space transactions in<br />
Ahmedabad remained moderate<br />
during the month of August. Select<br />
pockets such as CG Road observed<br />
some traction. Small office units<br />
ranging from 2,000 – 3,000 sq. ft. got<br />
transacted the most.<br />
Major transactions:<br />
• Amazon Prione in CBD<br />
Retail malls in Ahmedabad continued<br />
to see lukewarm transaction during<br />
the month. Nonetheless, the demand<br />
for strategically located commercial<br />
development with showroom spaces<br />
remained noteworthy.<br />
Major transactions:<br />
• Nexa in SBD<br />
Residential sector in Ahmedabad<br />
witnessed stable demand over the<br />
month. New launches were mostly in<br />
affordable segment especially in the<br />
nodes such as Bopal, Chandkheda,<br />
Naroda.<br />
New Launches:<br />
• Jewel Residences in Ambli Road<br />
The Sardar Patel Institute of Public Administration (SPIPA) has lined up<br />
an expenditure plan worth INR 140 crore to beef up and upgrade its<br />
infrastructure to be at par with the top institutes of the country. Top<br />
architects from the state will be taken on board for the purpose.<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Prahlad Nagar 35–50 6,000–7,500<br />
S G Highway 35–50 6,000–7,500<br />
Ashram Road 32–42 5,500–6,500<br />
Navarangpura 32–44 5,500–6,500<br />
Koba 22–35 4,000–5,000<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Back to top<br />
Capital Value<br />
(INR per sq ft)<br />
CG Road 100–125 16,000–18,000<br />
SG Highway 80–110 11,000–13,000<br />
Ashram Road 110–130 14,000–16,000<br />
Chandkheda 60–80 9,000–12,000<br />
Koba 50–70 8,000–10,000<br />
Rental Value<br />
Key Precincts<br />
(INR per month<br />
Capital Value<br />
for a 1,000 sq ft<br />
(INR per sq ft)<br />
2BHK<br />
apartment)<br />
Naroda 4,000–6,000 2,200–2,500<br />
Gota 5,000–8,000 2,500–2,800<br />
Navrangpura 15,000–20,000 6,000–7,000<br />
SG Highway 10,000–15,000 5,500–7,500<br />
Satellite 12,000–15,000 4,000–6,000<br />
South Bopal 8,000–12,000 3,000–4,000<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Bangalore<br />
Back to top<br />
Demand<br />
RV<br />
OFFICE<br />
Vacancy<br />
CV<br />
Good connectivity with good<br />
infrastructure and availability of Grade<br />
A office projects were the main key<br />
factors to keep the demand intact in<br />
the Outer Ring Road over the month.<br />
However, less space availability for<br />
leasing in this sub-market pushed the<br />
rents upwards.<br />
Major transactions:<br />
• Citrix at Inner Ring Road<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
CBD 80–130 10,000–22,000<br />
Old Airport Road 60–75 7,000–12,000<br />
Outer Ring Road (Eastern) 52–65 6,000–8,500<br />
Old Madras Road 48–65 5,200–7,000<br />
Electronic City 28–34 3,000–3,800<br />
Demand<br />
RV<br />
Demand<br />
RV<br />
RETAIL<br />
Vacancy<br />
CV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
Retail demand improved significantly<br />
over the month.<br />
Major transactions:<br />
• Farzi Café, Made in Punjab and<br />
Ducati, all at UB City Mall<br />
• Nandos at Indira Nagar<br />
Launches in August remained healthy<br />
with the city witnessing good volume<br />
of high end projects.<br />
Key Launches:<br />
• Sobha Clovelly at<br />
Padmanabhanagar<br />
• Godrej Gold County at Tumkur<br />
Road<br />
• VKC Chourasia Sapphire at<br />
Mahadevapura<br />
The Bangalore Metro Rail Corporation Limited (BMRCL) revised the plan<br />
for the part of phase-II metro rail project at Jayadeva hospital junction. As<br />
per the new plan Jayadeva flyover will get demolished to build two levels<br />
of metro lines above the flyover at maximum height of 22 m for the<br />
Gottigere and Nagavara line above the ground level and also 14 buildings<br />
out of 98 will be razed under this plan. BMRCL allocated INR 245 Billon<br />
for this two line metro rail which is of 72km length.<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Koramangala 90–160 9,000–18,000<br />
Indiranagar 90–180 12,000–18,000<br />
New BEL Road 60–80 6,000–12,000<br />
Commercial Street 175–250 16,000–20,000<br />
Jayanagar 100–170 8,000–18,000<br />
Rental Value<br />
Key Precincts<br />
(INR per month<br />
Capital Value<br />
for a 1,000 sq ft<br />
(INR per sq ft)<br />
2BHK<br />
apartment)<br />
Old Madras Road 15,000–25,000 5,000–8,000<br />
Indiranagar 25,000–35,000 10,000–25,000<br />
Bellary Road 12,000–18,000 4,500–11,000<br />
Hosur Road 10,000–14,000 4,000–6,000<br />
Whitefield 18,000–25,000 5,000–9,000<br />
Tumkur Road 8,000–12,000 3,600–5,500<br />
Kanakapura Road 10,000–17,000 4,200–6,500<br />
Mysore Road 8,000–10,000 3,500–5,000<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Chennai<br />
Back to top<br />
Demand<br />
OFFICE<br />
Vacancy<br />
The growth of banking and health care<br />
was the trend that continued even<br />
during this month<br />
Major transactions:<br />
• World Bank in OMR Perungudi<br />
• Lyca Health in Nungambakkam<br />
• Caterpillar in OMR Taramani<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Mount Road 60–85 9,000–16,500<br />
RK Salai 65–85 10,000–15,000<br />
Pre-toll OMR 40–70 5,000–6,500<br />
RV<br />
CV<br />
Post-toll OMR 30–40 3,000–6,000<br />
Guindy 45–65 6,500–9,000<br />
RETAIL<br />
Most of the reputed retailers preferred<br />
high streets for expanding their<br />
footprints in Chennai.<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Demand<br />
RV<br />
Vacancy<br />
CV<br />
Major transactions:<br />
• Anjappar and Concorde Motors at<br />
OMR<br />
• Shree Mithai at Nungambakkam<br />
T. Nagar 120–180 12,000–15,000<br />
Nungambakkam 130–150 13,000–16,000<br />
Velachery 90–125 10,000–12,000<br />
Pre-toll OMR 80–100 8,000–11,000<br />
Demand<br />
RV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
Chennai witnessed moderate increase<br />
in number of launches in key micro<br />
markets.<br />
Key launches<br />
• Express Exclusive at Royapettah<br />
• Abhinandan at Perambur Barracks<br />
Road by Landmark Constructions<br />
• Colorberry at Padur by Color<br />
Homes<br />
• TVH Crossway at Karapakkam<br />
Chennai court passed a new order stating that the landlord is entitled to<br />
receive only one month's agreed rent by way of advance and any<br />
amount paid in excess of agreed rent shall be refunded or adjusted<br />
towards rent.<br />
Anna Nagar 120–150 11,000–13,000<br />
LB Road (Adyar) 100–140 10,500–13,500<br />
Key Precincts<br />
Rental Value<br />
(INR per month<br />
for a 1,000 sq ft<br />
2BHK<br />
apartment)<br />
Capital Value<br />
(INR per sq ft)<br />
Adyar 20,000–30,000 18,000–22,000<br />
Medavakkam 11,000–14,000 4,000–6,000<br />
Tambaram 8,000–15,000 4,000–6,000<br />
Anna Nagar 18,000–25,000 10,000–15,000<br />
Porur 7,000–12,000 4,200–6,200<br />
Sholinganallur 9,000–12,000 4,500–6,000<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Delhi NCR<br />
Back to top<br />
Demand<br />
RV<br />
OFFICE<br />
Vacancy<br />
CV<br />
Demand continued to remain healthy<br />
as occupiers were active in fulfilling<br />
their space requirements. Some<br />
moderate to large space requirements<br />
would become active going forward.<br />
Major transactions:<br />
• Bank of Tokyo & Mitsubishi and<br />
Oracle, both in SBD<br />
• Navig8 Shipping Management in<br />
MG Road-Gurgaon<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Barakhamba Road 170–400 28,000–35,000<br />
Jasola 110–170 17,000–21,000<br />
DLF Cybercity 95–100 NA<br />
MG Road 115–140 17,000–19,000<br />
Golf Course Road 90–110 12,500–15,000<br />
Demand<br />
RV<br />
RETAIL<br />
Vacancy<br />
CV<br />
Demand continued to remain weak as<br />
vacancy is low in good-performing<br />
malls.<br />
Major transactions:<br />
• H&M, Hush Puppies, Monisha<br />
Jaising, Creyate and Mothercare,<br />
all in Prime South<br />
• Indian Terrain and Paislei, both in<br />
Ghaziabad-Suburbs<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
South Delhi 180–330 24,000–32,000<br />
West and North Delhi 140–230 15,000–23,000<br />
Gurgaon–MG Road 140–270 17,500–23,000<br />
Rest of Gurgaon 60–100 8,000–14,000<br />
Demand<br />
RV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
Sales remained slow as buyers<br />
remained fence-sitters and were taking<br />
time before their buying decisions.<br />
Price discounts and various pricing<br />
techniques were on offer by developers<br />
to push project sales.<br />
New Launches:<br />
• Godrej 101 in Gurgaon<br />
• Panchsheel Premium 24 and<br />
Panchsheel Pebbles in Ghaziabad<br />
• Indo-Chinese JV, Cico-YFC awarded contract for construction of 6.8<br />
km link of Metro from Noida City Centre to Sector-62 in Noida.<br />
• Work on Delhi-Jaipur highway to be completed by March, 2016<br />
• Circle rates enhanced by 5-10% across various categories in Noida<br />
• Lutyens Bungalow Zone in Delhi to be shrunk by 5 sq. km as areas<br />
such as Bengali Market, Jor Bagh, Sundar Nagar, Golf Links to be<br />
taken out of the LBZ regulations<br />
Noida 130–220 14,000–25,000<br />
Ghaziabad 90–150 10,500–16,000<br />
Key Precincts<br />
Rental Value<br />
(INR per month<br />
for a 1,000 sq ft<br />
2BHK<br />
apartment)<br />
Capital Value<br />
(INR per sq ft)<br />
Golf Course Road 27,000–32,000 13,000–19,000<br />
Sohna Road 17,000–20,000 5,800–7,500<br />
Golf Course Extension Road 19,000–22,000 8,500–11,000<br />
Dwarka Expressway NA 5,500–7,500<br />
Noida–Greater Noida<br />
Expressway<br />
13,000–15,000 4,300–6,500<br />
Noida City 12,000–14,500 4,700–6,000<br />
Indirapuram 11,000–12,000 4,500–5,300<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Hyderabad<br />
Demand<br />
RV<br />
Demand<br />
RV<br />
Demand<br />
RV<br />
OFFICE<br />
Vacancy<br />
CV<br />
RETAIL<br />
Vacancy<br />
CV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
The city’s western sub market<br />
remained active with most of the<br />
leases. Government policies to draw<br />
investment would soon show results<br />
as there would likely be increased<br />
interest among investors.<br />
Major transactions:<br />
• CDK Global at Hitec City.<br />
• Indeed at Kondapur<br />
Demands remained strong with some<br />
large transactions happening in the<br />
CBD and SBD sub markets. Luxury<br />
brand Zara opened its first store at a<br />
mall in Prime suburb while Cinepolis<br />
expanded in the city with operation of<br />
another 5 screens.<br />
Major transactions:<br />
• Crocodile, Wildcraft and Lenskart<br />
in the High Streets of CBD<br />
Hyderabad Residential sector<br />
witnessed moderate rise in the<br />
demand numbers during the month.<br />
New Launches:<br />
• Jayabheri Temple Tree and<br />
Jaybheri The Peak near Express<br />
Highway - ORR crossing off<br />
Gachibowli.<br />
• INR 25 billion natural gas pipeline is proposed to be developed to<br />
link East and South connecting Paradip in Odisha and Hyderabad in<br />
Telangana.<br />
• The government is soon slated to launch the first phase of T- Hub,<br />
an incubation hub for start-ups to encourage start-up initiatives in the<br />
city.<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Begumpet 45–50 5,300–6,500<br />
Banjara Hills 45–55 6,000–8,000<br />
Hitec City 45–53 5,200–6,500<br />
Gachibowli 38–43 5,000–6,000<br />
Uppal 30–38 4,000–5,000<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Back to top<br />
Capital Value<br />
(INR per sq ft)<br />
Banjara Hills - Jubilee Hills 110–165 11,000–16,500<br />
Secunderabad 110–120 11,000–12,000<br />
Hitec City 110–130 11,000–13,000<br />
Kukatpally 100–110 10,000–11,500<br />
Himayatnagar 150–160 15,000–16,000<br />
Rental Value<br />
Key Precincts<br />
(INR per month<br />
Capital Value<br />
for a 1,000 sq ft<br />
(INR per sq ft)<br />
2BHK<br />
apartment)<br />
Banjara Hills 20,000–25,000 8,500–15,000<br />
Begumpet 14,750–20,000 4,500–5,500<br />
Kondapur 11,500–17,500 3,500–5,700<br />
Gachibowli 10,500–16,000 3,300–5,000<br />
Tellapur 8,000–13,000 2,800–3,700<br />
Kukatpally 9,500–15,000 4,000–5,000<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Kolkata<br />
Back to top<br />
Demand<br />
RV<br />
OFFICE<br />
Vacancy<br />
CV<br />
Overall demand of the city started<br />
witnessing positive demand traction.<br />
Occupier enquiries increased across<br />
all submarkets other than SBD.<br />
Major transactions:<br />
• Bentley at Rajarhat<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Park Street 110–135 13,000–20,000<br />
Topsia 70–90 7,500–10,000<br />
Kasba 75–90 8,000–11,000<br />
Salt Lake Sector V 40–45 4,000–4,800<br />
New Town and Rajarhat 32–36 3,200–4,100<br />
Demand<br />
RV<br />
Demand<br />
RV<br />
RETAIL<br />
Vacancy<br />
CV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
Transaction activity continued to<br />
increase during August. Acropolis Mall<br />
at Kasba would commence operation<br />
in the coming 1—2 months.<br />
Major transactions:<br />
• Chili’s opened its second outlet<br />
• Airtel opened stores in multiple<br />
locations within city limits.<br />
• Axis Bank opened its outlet in<br />
Prime Others.<br />
Residential demand in the city<br />
continued to be stable in the mid-end<br />
and upper-mid end category. New<br />
Launches:<br />
• Starwood by Aspira Group and<br />
Arch Group near Chinar Park<br />
• Merlin Maximus at Sodepur<br />
In a bid to develop Rajarhat New Town as a green and smart city, the<br />
Housing Infrastructure Development Corporation (HIDCO) will set up two<br />
new utility buildings in the township that will be developed as green<br />
buildings. Once set up, the two buildings will be the first green buildings<br />
developed beforehand with ready built-up space for accommodating<br />
government offices.<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Elgin Road 300–350 24,000–28,000<br />
Park Street (high street) 325–375 25,000–31,000<br />
Prince Anwar Shah Road 150–200 15,000–18,000<br />
Salt Lake 185–225 15,000–20,000<br />
New Town and Rajarhat 60–80 6,500–8,000<br />
Gariahat (high street) 200–250 16,000–22,000<br />
Key Precincts<br />
Rental Value<br />
(INR per month<br />
for a 1,000 sq ft<br />
2BHK<br />
apartment)<br />
Capital Value<br />
(INR per sq ft)<br />
Alipore 50,000–70,000 15,000–22,000<br />
Prince Anwar Shah Road 20,000–35,000 7,000–14,000<br />
EM Bypass (Topsia) 15,000–25,000 6,000–10,000<br />
Lake Town 10,000–16,000 4,000–7,500<br />
New Town (AA- I, II & III) 9,000–15,000 3,500–6,000<br />
Rajarhat 7,000–14,000 3,000–4,500<br />
Behala 7,000–14,000 3,000–5,500<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Mumbai<br />
Back to top<br />
Demand<br />
RV<br />
OFFICE<br />
Vacancy<br />
CV<br />
The month of August witnessed robust<br />
transaction activity in Mumbai office<br />
market. Important to mention, most of<br />
them were lease renewals in the<br />
submarkets such as SBD Central &<br />
Eastern Suburbs. Rents remained<br />
unaltered during the month.<br />
Major transactions:<br />
• MNC IT/ITeS firm renewed at<br />
Eastern Suburbs<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Lower Parel 160–200 17,000–22,000<br />
BKC 240–330 26,500–34,000<br />
Andheri - Kurla Road 100–145 10,000–15,500<br />
Goregaon-Malad 85–125 9,000–12,500<br />
Wagle Estate 50–65 5,200–6,900<br />
Demand<br />
RV<br />
Demand<br />
RV<br />
RETAIL<br />
Vacancy<br />
CV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
With limited space available in quality<br />
malls within Mumbai's city limits, many<br />
brands expressed their interest in<br />
occupying space in existing or<br />
upcoming malls in the far-off suburbs.<br />
Major transactions:<br />
• Anita Dongre in a high street in<br />
Prime South<br />
• Brio hospitality, Lifestyle and<br />
Louis Philippe, all at Suburbs<br />
Mumbai residential market continued<br />
to witness fall in demand on the back<br />
of sluggish market sentiments. New<br />
launches also recorded a fall in the<br />
month of August.<br />
New Launches:<br />
• Lodha Codename August Moon at<br />
Upper Worli<br />
• Arihant Anaika at Taloja<br />
• Avant Heritage at JVLR<br />
The Chief Minister of Maharashtra approved the two new Metro lines, a<br />
16.5-km line from Andheri (East) to Dahisar (East) and an 18.6-km line<br />
from Dahisar to DN Nagar. The Andheri (East) to Dahisar (East) line<br />
would be part of a 27-km Dahisar-Andheri-Bandra (East) Metro, while<br />
the Dahisar-DN Nagar line would be part of the larger 40-km Dahisar-<br />
Charkop-Bandra-Mankhurd Metro.<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Lower Parel 260–390 22,000–32,300<br />
Malad 160–250 12,500–20,000<br />
Ghatkopar 130–220 10,100–18,300<br />
Mulund 125–200 9,500–15,500<br />
Thane 100–185 8,000–14,500<br />
Navi Mumbai 75–150 7,000–12,000<br />
Key Precincts<br />
Rental Value<br />
(INR per month<br />
for a 1,000 sq ft<br />
2BHK<br />
apartment)<br />
Capital Value<br />
(INR per sq ft)<br />
Lower Parel 65,000–1,10,000 25,000–40,000<br />
Wadala 36,000–60,000 15,000–23,000<br />
Andheri 32,000–55,000 12,500–21,500<br />
Ghatkopar 30,000–46,000 11,500–17,000<br />
Ghodbunder Road 12,000–25,000 6.000–9,500<br />
Kharghar 10,000–18,000 6,000–9,000<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
<strong>Pulse</strong><br />
Monthly Real Estate Monitor<br />
September 2015<br />
Pune<br />
Back to top<br />
Demand<br />
RV<br />
OFFICE<br />
Vacancy<br />
CV<br />
Demand for office space in Pune<br />
remained buoyant with transactions<br />
dominated by IT/ITeS firms. As a<br />
result, vacancy rate witnessed<br />
marginal dip. Western part of the city<br />
and Hinjewadi continued to remain<br />
favourable among occupiers.<br />
Major transactions:<br />
• Tata Technologies in Suburbs<br />
• InfoBeans in SBD<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
Hadapsar 55–70 6,500–8,000<br />
Kharadi 55–70 6,500–7,500<br />
Hinjewadi 38–48 5,000–7,000<br />
Viman Nagar 55–75 6,500–8,500<br />
SB Road 70–85 7,000–12,000<br />
Demand<br />
RV<br />
RETAIL<br />
Vacancy<br />
CV<br />
Leasing activity in malls remained<br />
sluggish. With no new completions<br />
recorded, Pune’s organised retail<br />
stock remains unchanged. Rents and<br />
capital values remained stable over<br />
the month.<br />
Key Precincts<br />
Rental Value<br />
(INR per sq ft<br />
per month)<br />
Capital Value<br />
(INR per sq ft)<br />
MG Road 100–160 15,000–21,000<br />
Bund Garden Road 90–130 13,000–17,000<br />
FC Road 100–150 15,000–20,000<br />
JM Road 100–150 15,000–20,000<br />
Demand<br />
RV<br />
RESIDENTIAL<br />
Launches<br />
CV<br />
Pune Residential sector witnessed<br />
stable demand during the month.<br />
Projects such as Purvankara<br />
Silversand and Kalapataru Crescendo<br />
were at pre-launch stage.<br />
New launches:<br />
• New tower inside Godrej Prana in<br />
South East submarket<br />
• Marvel Fria II in North East<br />
submarket<br />
No new infrastructure update is available for August.<br />
DP Road 90–130 12,000–16,000<br />
SB Road 80–140 13,000-16,000<br />
Key Precincts<br />
Rental Value<br />
(INR per month<br />
for a 1,000 sq ft<br />
2BHK<br />
apartment)<br />
Capital Value<br />
(INR per sq ft)<br />
Wakad 10,000–13,000 5,000–6,500<br />
Hinjewadi 9,000–11,000 4,800–6,500<br />
Kharadi 11,000–15,000 5,000–7,200<br />
Hadapsar 13,000–18,000 5,500–7,500<br />
Undri 8,000–12,000 4,000–5,500<br />
Pimri-Chinchwad 8,000–15,000 4,500–6,000<br />
Demand/Vacancy<br />
Rental Value (RV) / Capital Values (CV)<br />
Increasing Moderate Increase Stable Moderate Fall Falling
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients<br />
seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 70 countries from<br />
more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property<br />
portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate<br />
assets under management.<br />
JLL has over 50 years of experience in Asia Pacific, with over 27,500 employees operating in 80 offices in 15 countries across the region. The<br />
firm was named ‘Best Property Consultancy’ in three Asia Pacific countries at the International Property Awards Asia Pacific 2013, and won<br />
nine Asia Pacific Awards in the Euromoney Real Estate Awards 2013.<br />
For further information, please visit our website, www.jll.com<br />
JLL is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities<br />
(Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over<br />
6800, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including<br />
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The firm was named the Best Property Consultancy in India (5 Star Winner) at the International Property Awards – Asia Pacific for 2012-13.<br />
For further information, please visit www.joneslanglasalle.co.in<br />
For more information about our research, contact<br />
Ashutosh Limaye<br />
National Director, Research and REIS<br />
+91 98211 07054 ashutosh.limaye@ap.jll.com<br />
Sujash Bera<br />
Manager, Research<br />
+91 98305 43922 sujash.bera@ap.jll.com<br />
Research Dynamics 2015<br />
<strong>Pulse</strong> reports from JLL are frequent updates on real estate market dynamics.