India residential property market overview may 2013

Accelerating success.
INDIA
QUARTERLY UPDATE | MAY | 2013
Residential Property
Market Overview

www.colliers.com
research & forecast Report
SYDNEY CENTRAL BUSINESS DISTRICT
India RESIDENTIAL market
Research & forecast report
INDIA | May 2013 | residential
www.colliers.com
1
As of March, 2013 (Provisional)
2
SBI Home Loan Rate for Loan upto INR 30 Lakhs
3
SBI Fixed Deposit rate for a period of more than one year and amount
below INR 1 Crore
4
Realty Index is a free float weighted index, comprised of real estate
development companies in the BSE-500 Index.
ECONOMIC BAROMETER
Return on Alternative Investments
Apr-12 Apr-13
REPO RATE 8.00% 7.50%
REVERSE REPO RATE 7.00% 6.50%
CRR 4.75% 4.00%
INFLATION 7.50% 5.96%
Home Loan Rate 11.00% 9.95%
Apr-12 Apr-13 YoY %
Change
Gold 28,423 26,450 -6.94%
SILVER 55,582 45,117 -18.83%
Fixed Deposit 9.00% 8.25% -8.33%
EQUITY 17,151 18,358 7.04%
REALTY INDEX 1,781 1,803 1.24%
3
4
2
1
Repo Rate Cash Reserve Ratio Wholesale Price Index
ECONOMIC INDICATORS
InPercentage
MACRO ECONOMIC OVERVIEW
As per the latest Reserve Bank of India (RBI) projections, the GDP growth rate was recorded at•
4.5% for the third quarter (October - December 2012), the lowest in the last decade. The revised
projection from the RBI for FY 2013 - 14 stands at 5.7%.
The provisional Wholesale Price Index (WPI) declined to 5.96% for March 2013, as compared to•
7.96% for the corresponding month in the previous year. This decline was primarily due to the
decrease in food price inflation.
The central bank reduced the repo rate by 25 basis points from 7.75 to 7.50% in April 2013 to•
induce much needed liquidity in the market. Subsequently, a few nationalised and private banks
such as the State Bank of India, Canara Bank, Housing Development Finance Corporation Ltd
(HDFC) and Axis Bank reduced their home loan rates marginally in the range of 5 to 25 basis
points.
The Government of India, in its latest Union Budget, has allocated INR 2,000 Crore for creation•
of an Urban Housing Fund at the National Housing Bank. The fund has been created to provide
housing finance at competitive rates in urban areas.
COLLIERS VIEW:• The residential market gained traction in cities such as Mumbai, Bangalore,
Kolkata and Pune, though the NCR market and Chennai recorded steady growth during the
quarter. Projects in affordable segments with the right price points witnessed high absorption
due to an overwhelming response from both investors and end users. Capital values of premium
residential properties in major cities of India displayed a marginal increase in the range of 2 to
7% QoQ. We anticipate increased activity in the primary sales market in the coming quarters
with numerous new launches across the cities.
4.0
3.0
6.0
5.0
8.0
9.0
7.0
11.0
10.0
12.0
Apr‘09
Feb‘09
Dec‘09
Apr‘11
Apr‘12
Apr‘13
Feb‘11
Jun‘09
Jun‘10
Apr‘10
Feb‘10
Jun‘11
Jun‘12
Aug’08
jun’08
Apr‘08
Aug‘09
Aug‘10
Aug‘11
Aug‘12
Dec’08
Oct‘08
Oct‘09
Dec‘10
Oct‘10
Oct‘11
Oct‘12
Feb‘12
Feb‘13
Dec‘11
Dec‘12
2.0
1.0
0.0
-1.0
-2.0
Source: Goverment of India, Colliers International India Research

Colliers International | p. 3
MumBAI
KEY NEW PROJECTS
Project Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**
Alpine Kandivali SD Corp 4Q 2015 11,150
Sevens Andheri east Kanakia spaces 4Q 2016 12,500
Prithvii Ghatkopar west Rohan Lifescapes 4Q 2016 12,000
Western Heights Andheri West Adani Group 4Q 2016 16,000
CITY OFFICE BAROMETER
1Q 2012 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
Note: Ongoing Price (P.S.F): Indicative asking price for premium residential properties
per sq.ft.
MUMBAI
During 1Q 2013, the city’s residential market•
witnessed launches of premium residential
projects in micro-markets like Parel, Wadala
and Santacruz, priced in the range of INR
16,000 - 20,000 per sq ft. A number of
redevelopment projects were also launched in
the western suburbs.
Demand in the primary market increased•
during the quarter. The project launched
witnessed good absorption due to right price
points. Moreover, the 20-80 payment plans
adopted by developers like Lodha Group,
Bombay Dyeing and Ekta group got buyer
interest due to ease of payment.
Capital values for premium residential•
properties in the central and western suburbs
witnessed a marginal increase QoQ in the
range of 1-3%, while capital values remained
stable in prime locations in south Mumbai.
Rental values remained under marginal•
pressure and recorded a 1-4% decrease
QoQ in almost all micro-markets, except
for locations such as Colaba, Cuffe Parade,
Bandra, Santacruz and Juhu.
The Mumbai Metropolitan Region Development•
Authority (MMRDA) has planned to build a
1.6 km elevated road from the Bandra-Kurla
Complex to the Eastern Express Highway.
Colliers View:• The primary sales market
continued to observe the end user demand.
The festive season of Gudi Padwa also
helped to revive the overall sentiments in
the residential market. In medium term we
anticipate increase in activity in the primary
sales market with numerous launches in line
however, resale market will continue to show
a signs of stagnancy because of high price
points.
0
10,000
20,000
30,000
40,000
60,000
70,000
50,000
80,000
INRpersq.ft.INRpersq.ft.permonth
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013F
3Q2013F
1Q2011
3Q2011
80,000
40,000
50,000
70,000
60,000
10,000
20,000
30,000
0
Micro Market Ongoing Price (P.S.F)
Thane-Kalyan 4,000 - 8,000
Navi Mumbai 3,500 - 7,500
Virar- Boisar 3,000 - 6,000
Colaba,CuffeParade
Colaba, Cuffe Parade
MalabarHill,Altamount
Road,CarmichaelRoad
Malabar Hill, Altamount
Road, Carmichael Road
Worli
Worli
BreachCandy,Napeansea
Road,PeddarRoad
Breach Candy, Napeansea
Road, Peddar Road
Prabhadevi
Prabhadevi
Bandra
Bandra
Santacruz
Santacruz
Andheri
Andheri
Powai
Powai
Khar
Khar
Juhu
Juhu
200
150
100
50
0
Powai
Khar
Prabhadevi
Breach Candy,
Napeansea Road, Peddar Road
Malabar Hill, Altamount Road,
Carmichael Road
Colaba, Cuffe Parade
Bandra
Juhu
Andheri
Worli
Santacruz
INRPersq.ft.
Note:
Average Capital/Rental Value Range: Indicative asking price for premium
residential properties on per sq.ft. basis.
Note: * As mentioned by developer
** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
INVESTMENT OPPORTUNITIES

p. 4 | Colliers International
delhi
KEY ONGOING PROJECTS
Capital Greens Shivaji Marg DLF Ltd. 2Q 2015 14,000
Castlewood Okhla Indiabulls Ltd. 4Q 2013 12,800
Kings Court Greater Kailash- II DLF Ltd. 1Q 2015 36,000
Queens Court Greater Kailash- II DLF Ltd. 1Q 2015 36,000
Winter Hills Dwaraka Morh Umang Realtech 4Q 2013 8,750
1Q 2013 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
delhI
In 1Q 2013, limited supply was added to the•
city’s premium residential inventory. A few
small-scale redevelopment projects were
ready for possession in locations like Vasant
Vihar, Anand Niketan, Shanti Niketan and
Defence Colony.
properties appreciated in the range of 2-7%
QoQ in micro-markets like Chanakyapuri,
Friends Colony and Maharani Bagh. The rest
of the micro-markets remained stable.
Rental values for premium residential•
properties remained stable with marginal
downward pressure in micro-markets like
Shanti Niketan, Westend, Panchashila, Anand
lok, Niti Bagh, SDA, Greater Kailash I and II,
South Extension, Anand Niketan and Vasant
Vihar.
The Delhi Development Authority (DDA) has•
approved its land pooling policy, which allows
developers or land owners to pool their land
to develop new areas. The developer or owner
is required to surrender a stipulated portion
of their land to the DDA for infrastructure
development, as well as for green and open
space. The policy also mandates the retention
of a portion of land for economically weaker
sections.
Colliers View:• Developers are adopting a
wait-and-watch attitude in view of the new
master plan, which is anticipated to facilitate
vertical growth in the city and introduce
additional new supply in the long-term.
Moreover, the future phases of the Delhi Metro
project, and other infrastructure developments
across the city, will provide a boost to the real
estate sector.
15,000
0
30,000
45,000
75,000
90,000
105,000
60,000
120,000
INRpersq.ft.INRpersq.ft.permonthINRPersq.ft.
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013F
3Q2013F
1Q2014F
1Q2011
3Q2011
40,000
50,000
60,000
70,000
80,000
100,000
90,000
30,000
20,000
10,000
0
AnandNiketan,
VasantVihar
Anand Niketan,
Vasant Vihar
Panchashila,Anandlok,
NitiBagh,SDA
Panchashila, Anandlok,
Niti Bagh, SDA
FriendsColony,
MaharaniBagh
Friends Colony,
Maharani Bagh
ShantiNiketan,
Westend
Shanti Niketan,
Westend
GreaterKailash
I&II,South
Extension
Greater Kailash
I & II, South
Extension
GolfLinks,JorBagh,
SunderNagar
Golf Links,
Jor Bagh,
Sunder Nagar
ChanakyaPuri
Chanakya Puri
PrithvirajRoad,
AurangzebRoad
Prithviraj Road,
Aurangzeb Road
200
160
120
80
40
0
Golf Links, Jor Bagh, Sunder Nagar
Panchashila, Anandlok, Niti Bagh, SDA
Greater Kailash I & II, South Extension
Chanakya Puri Shanti Niketan, Westend
Friends Colony, Maharani Bagh
Prithviraj Road, Aurangzeb Road
Anand Niketan, Vasant Vihar
Note:

Gurgaon
1Q 2013 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
per sq.ft.
GURGAON
In 1Q 2013, a number of new premium•
residential projects and project phases were
launched. These projects were priced in the
range of INR 5,000 - 9,000 per sq ft in micro-
markets such as New Gurgaon and Dwaraka
Expressway.
Absorption remained restrained due to high•
price-points in boththe primaryand secondary
sales markets, while a few select projects
witnessed an over whelming response from
both investors and end-users in primary
markets. The Dwarka Expressway and New
Gurgaon sectors from 80-92 remained the
most active.
Capital values in the secondary premium•
residential market witnessed a marginal
appreciation QoQ in the range of 5-7% in
select projects at Dwarka Expressway. The
remaining micro-markets witnessed marginal
appreciation in the range of 2-3% during the
quarter.
Rental values witnessed a QoQ increase•
in the range of 3-6% in most of the micro-
markets because of the limited ready to move
properties in the premium segment.
Haryana’s State Government has approved•
a nine-kilometre four-lane corridor from
Mehurali-Gurgaon Road to Gurgaon-Faridabad
Road. The objective of this road is to
decongest traffic and improve the connectivity
between the cities.
COLLIERS VIEW:• The increased investor
participation resulted in increased resale
inventory stock. In near term, the higher price
points will confine the end-user as well as
investor activity in the established residential
micro markets. The emerging micro markets
such as Dawarka Expressway, New Gurgaon
will continue to hold the interest of buyers
while price are expected to remain more or
less at the same level.
0
5,000
15,000
10,000
20,000
25,000
30,000
35,000
45,000
40,000
INRpersq.ft.INRpersq.ft.permonthINRPersq.ft.
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013F
1Q2014F
3Q2013F
1Q2011
3Q2011
6,000
8,000
10,000
12,000
14,000
16,000
18,000
4,000
2,000
0
Golf Course
Extension Road
7,500 - 8,500
Sohna Extension 5,000 - 6,500
Pataudi Road 4,500 - 5,500
New Gurgaon 3,500 - 4,500
80
60
40
20
0
GolfCourseRoad
Golf Course Road
SohnaRoad&Ext
Sohna Road & Ext
DLFPhaseI
DLF Phase I
SushantLok
Sushant Lok
NH-8
NH - 8
DLF Phase INH-8
Golf Course Road Sushant Lok
Sohna Road & Ext
KEY NEW PROJECTS
Ekantum Sector 112 Emaar MGF 4Q 2017 9,000
Emerald Bay Sector 104 Puri Construction 4Q 2016 7,250
Grande Sector 92 Sare Homes 4Q 2017 5,250
Sanskriti Sector 92 Bestech Group 4Q 2016 5,750
Note:

noida
1Q 2013 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
per sq.ft.
noida
A few new projects were launched in 1Q•
2013. Most of them were new towers in
existing projects in sectors along the NOIDA
Expressway, and were priced in the range of
INR 4,500 - 7,000 per sq ft.
This quarter witnessed limited additional•
supply in the city’s residential stock, as few
under-construction projects offered ready-
for-possession units.
properties in the secondary market increased
marginally in the range of 2-4% QoQ, while
micro-markets like Sector 61-63 remained
stable. This could be due to the limited activity
in the secondary sales-market in established
areas. Buyers now prefer new projects with a
modern amenities.
Rental values during this quarter remained•
unchanged across all micro-markets; new
projects were in demand because of the
state-of-an-art facilities and amenities they
offered.
During 1Q 2013, in a major infrastructure push•
the local government authorities of NOIDA and
Greater NOIDA have cleared more than 29
km of metro rail project between NOIDA and
Greater NOIDA. Total cost of the entire project
is expected to be around INR 5,500 crore.
This will further improve the connectivity and
boost the real estate activities between the
two sister cities.
Colliers View:• In mid term, the market will
be dominated by mid-range buyers, primarily
because of the affordability quotient. Prices
are expected to see moderate appreciation,
in view of large upcoming inventory and new
project launches.
5,000
2,000
8,000
11,000
17,000
14,000
20,000
3Q2009
1Q2010
3Q2012
1Q2013
3Q2013F
1Q2014F
1Q2011
3Q2010
1Q2012
3Q2011
12,000
10,500
9,000
7,500
6,000
4,500
3,000
1.500
0
NOIDA Expressway 3,800 - 5,500
Sector 72 - 78 4,500 - 5,800
Sector 117 - 121 4,000 - 5,000
40
30
20
10
0
Sector28,29,30
Sector 28, 29, 30
Sector92/93
Sector 92/93
Sector61,62.,63
Sector 61, 62., 63
Sector50
Sector 50
Sector44
Sector 44
Sector 61,62,63
Sector 92 / 93 Sector 28,29,30
Sector 50 Sector 44
INRPersq.ft.
Note:
KEY ONGOING PROJECTS
Panchsheel Pratishtha Sector 75 Panchsheel Group 4Q 2016 4,600
The Palms Sector 117 Unitech Ltd. 4Q 2016 5,000
Maxblis Grand Kingston Sector 75
Maxblis Construction
Pvt. Ltd.
2Q 2016 4,900
Victory Ace Sector 143B Victory Group 4Q 2016 4,800
Eldeco Inspire Sector 119 Eldeco Group 4Q 2016 4,500
Prateek Edifice Sector 107 Prateek Group 4Q 2016 6,950

INDIA | may 2013 | residential
KEY NEW PROJECTS
Albatross Egattur
Archean Design &
Development
4Q 2015 6,000 - 7,000
Krona (Ph II) Porur VGN Developers 4Q 2015 4,300
Meritta Kelambakkam, OMR Sobha Developers 4Q 2016 5,000
Pacifica Aurum OMR Pacifica Group 4Q 2015 3,400
Serene Porur Sobha Developers 4Q 2016 4,800
Solitaire West Mambalam Casa Grande 4Q 2015 13,500
chennai
1Q 2013 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
per sq.ft.
CHENNAI
In 1Q 2013, numerous new projects were•
launched in the city. Old Mahabalipuram
Road (OMR), Porur, Ponamalee, Ambattur,
Sriperumbudur, Orgadamand Egattur have
witnessed the most new launches. Most of
these projects were priced in the range of INR
3,400 – 7,000 per sqft.
There was limited supply in the city in micro-•
markets such as GST Road, OMR, Anna
Nagar, Poes Garden, Boat Club Road, RK Salai
and Thiruvanmiyur, due to the completion of
a number of small projects. In these markets
most of the mid-range projects were available
for resale in the price band of INR 7,000 –
12,000 per sqft , while premium projects were
priced in the range of INR 14,000 – 30,000
per sq ft .
Capital values were increased in the range of•
3-5 % in almost all the micro-markets, except
for areas like Beasant Nagar, Alwarpet / R A
Puram and Velachery, where capital values
remained stable.
Rental values witnessed an increase in the•
range of 4 -5% in almost all micro-markets.
The local Civic Authorities have allocated a•
budget over INR 900 crore for roads, parks
and other works; INR 450 crore for storm-
water drains and INR 31.15 crore for bridges.
The key focus is to decongest city roads and
improve the overall city’s infrastructure.
COLLIERS VIEW:• City premium residential
market has been growing at steady pace.
Many developers have launched new projects
across the city. Going ahead, locations along
with OMR and GST Road would remain active
in terms of number of new project launches
because of sustained IT/ITeS development
and planned infrastructure like metro project
and mono rail projects in these locations.
Adyar
AnnaNagar
Nungambakkam
Alwarpet/
RAPuram
Velachery
Sholinganallur
Siruseri/
Kazipattur
TNagar
Beasant
Nagar
BoatClub
6,000
2,000
10,000
18,000
14,000
22,000
26,000
30,000
Sholinganallur
Velachery
Alwarpet / R A Puram
T Nagar
Beasant Nagar
Adyar
Anna Nagar
Nungambakkam
Boat Club
Siruseri/ Kazipattur
Boat Club
Siruseri/ Kazipattur
Velachery
Sholinganallur
Anna Nagar
T Nagar
AdyarBeasant Nagar
Nugambakkam
Alwarpet / R A Puram
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013F
3Q2013F
1Q2014F
1Q2011
3Q2011
25,000
21,000
17,000
13,000
9,000
5,000
1,000
Velachery 5,000 - 7,000
Sholinganallur 3,500 - 4,200
Siruseri/ Kazipattur 2,500 - 3,900
INRPersq.ft.
75
60
45
30
15
0
Note:

INDIA | May 2013 | RESIDENTIAL
bengaluru
KEY NEW PROJECTS
Mantri Web City Hennur Road Mantri Developers 4Q 2016 4,490
Prestige Spencer Heights Frazer Town Prestige Group 4Q 2015 14,000
Samrudhi Rhythm Off Hosur Road Samrudhi Developers 4Q 2015 3,450
SJR Plazza City Sarjapur Road SJR Group 4Q 2016 4,302
Tata Haven Tumkur Road Tata Developers 4Q 2016 3,125
The Greens Hosur Road Indya Estates 4Q 2016 2,375
1Q 2013 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
per sq.ft.
BENGALURU (BANGALORE)
In 1Q 2013, the Bangalore residential market•
has seen a number of new launches in micro-
markets such as Hosur Road, Hennur Road,
Tumkur Road and Sarjapur Road. These
new launches were priced in the range of
INR 3,100-5,000 per sq ft, except Prestige
Spencer Heights located at Frazer Town,
which was priced INR 14,000 per sq ft.
The city witnessed additional new supply as•
a number of completed projects and project
phases were finalised this quarter, including
Skyline Ambrosia, RegencyChandra, Vaishnavi
Symphony, Esteem Enclave, Century Celesta,
Skylark Zenith and Legacy Ariston.
properties witnessed an increase in the range
of 2-9% QoQ in almost all micro-markets,
except Bannerghatta Road where capital
values remained stable.
Rental values also appreciated in the range of•
1-9% in almost all micro-markets; however
locations like Cooke Town, Airport Road and
Indiranagar remained stable.
In order to reduce congestion and boost•
real estate activities in Bangalore, the state
government and the Asian Development Bank
have decided to develop eight new residential
and industrial clusters in the Ramanagaram-
Channapatna, Kanakapura-Nelamangala,
Dobbspet-Peenya, Doddaballapur, Anekal-
Jigani-Attibele, Devanahalli-Vijayapura,
Magadi and Hoskote- Krishnarajapuram
micro-markets.
COLLIERS VIEW:• The city’s residential
market witnessed healthy demand both from
investors and end-users. We anticipate that
the city will see a number of new launches
in both premium and mid-range categories in
the medium-term. Given the number of new
launches, it is anticipated that prices will see
appreciation in the near-to mid-term.
4,000
0
8,000
16,000
12,000
20,000
24,000
28,000
25,000
20,000
15,000
10,000
5,000
0
Airport Road 5,000 - 6,000
Bannerghatta Road 4,200 - 6,000
Whitefield 4,400 - 6,700
Yelahanka 3,800 - 6,000
Yelahanka
Yelahanka
BannerghattaRoad
Whitefield (Appts)
AirportRoad
Koramangala
Whitefield
Bannerghatta Road
Jayanagar
Indiranagar
CookeTown
Airport Road
Koramangala
Palace Orchard
Indiranagar
Jayanagar
PalaceOrchard
Cooke Town
Central
Central
80
60
40
20
0
1Q2008
3Q2008
1Q2010
1Q2009
3Q2009
3Q2010
1Q2011
3Q2012
1Q2013
3Q2013F
1Q2014F
1Q2012
3Q2011
Central
Yelahanka
Koramangala
Indiranagar
Jayanagar
Bannerghatta Road
Palace Orchard
Cooke Town
Airport Road
Whitefield
INRPersq.ft.
Note:

INDIA | May 2013 | RESIEDENTIAL
Kolkata
KEY NEW PROJECTS
Arihant Viento` Tangra Arihant Group 2016 5,800
Arti Green Valley Garia Arti Group 2017 2,400
Mayfair Bloom Jagaddal Mayfair Group 2015 2,280
Mayfair Whitefield Narendrapur Mayfair Group 2015 2,350
Signum Gardenia Bondel Road Heritage Realty Group 2016 6,000
Tirupati Paradise Sonarpur Tirupati Awas 2016 2,014
Note:
1Q 2013 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
per sq.ft.
kolkata
During 1Q 2013, the city’s residential market•
witnessed an increase in new premium
project launches in locations like Garia,
Sonarpur, Bondel Road, Tangra, Narendrapur
Howrah and Jagaddal. Most of these projects
were priced in the range of INR 2,400 - 6,000
per sq ft.
Construction activities remain healthy, with•
the completion of numerous residential
projects like Sunny Dale and Sunny Dew II
by Starlite Group, located at EM Bypass and
Garia respectively, and 4 Sight Model Town
by Ganguly Group and Hindustan Enclave by
Somani Realtors, located at Garia.
Demand for residential properties from end•
users and investors picked up this quarter,
and newly launched projects witnessed
high absorption. Capital values increased
in the range of 2-7% QoQ in almost all
micro-markets. Similarly, rental values also
witnessed an increase in the range of 2-5%
QoQ across the city.
In order to boost the city’s infrastructure and•
ease out the traffic conditions between EM
Bypass and Science City, the construction
work of subway taken up by the State
Government has been completed in a record
time of just 29 days.
Colliers View:• Residential sales volumes
are expected to gain momentum in the near-
term.PeripherallocationssuchasTollygaunge,
Behala, Salt Lake, EM Bypass and New Town
Rajarhat will see increased activity, due to
their affordability quotient. Overall, capital and
rental values are expected to remain stable in
the near future, except for south Kolkata due
to the limited supply in this area.
3,000
1,000
7,000
5,000
11,000
9,000
13,000
15,000
17,000
INRpersq.ft.
2,000
4,000
0
6,000
8,000
10,000
12,000
14,000
16,000
Tollygunge 3,600 - 4,800
Behela 2,900 - 3,700
Salt Lake 4,000 - 5,500
EM Bypass 4,000 - 7,000
New Town -Rajarhat 3,200 - 4,600
Bhawanipur
Bhawanipur
PAShahRoad
PA Shah Road
Tollygunge
Tollygunge
LoudonStreet
Loudon Street
Behela
Behela
Alipore
Alipore
EMBypass
EM Bypass
Ballygunge
Ballygunge
SaltLake
Salt Lake
VIPRoad
VIP Road
NewTownRajarhat
New Town Rajarhat
Bhawanipur
EM Bypass
Ballygunge
Behela
Tollygunge
P A Shah Road
New Town - Rajarhat
Loudon street
Alipore
VIP Road
Salt Lake
1Q2008
3Q2008
1Q2010
1Q2009
3Q2009
3Q2010
1Q2011
3Q2012
1Q2013
3Q2013F
1Q2014F
1Q2012
3Q2011
INRPersq.ft.
40
30
20
10
0
INRpersq.ft.permonth

INDIA | May 2013 | RESIEDENTIAL
pune
KEY NEW PROJECTS
9 Sadashiv Sadashiv Peth Pinnacle Group 1Q 2015 12,000
Imperium Balewadi
Madhumita Construc-
tions
2Q 2014 5,850
Nyati Epitome NIBM Nyati Group 4Q 2016 5,200
Palm One Kondhwa Nobles Group 1Q 2015 5,100
Pittie Kourtyard Kharadi
Raja Bahadur Interna-
tional Ltd.
1Q 2014 5,000
Privie Sienna Hadapsar Kumar Properties 3Q 2013 5,999
Note:
1Q 2013 2Q 2013
Capital Value
Rental Value
New Project
Construction Pace
per sq.ft.
PUNE
In 1Q 2013, new residential projects were•
launched in locations like Baner-Balewadi,
Kondhwa, Kharadi-Hadapsar, Koregaon Park,
Wakad, NIBM and Taleagon. These new
launches were priced between INR 3,500-
6,000 per sq ft , with the exception of luxury
projects quoting INR 10,000 - 12,000 per sq
ft.
This quarter witnessed a slight slowdown•
in construction activity, further delaying
completion of projects.
Overall, capital prices in Pune remained•
stagnant in most micro-markets in comparison
with 4Q. However the 10-20% hike in
the ready-reckoner-rate resulted in price
adjustments in the range of 2-8% in areas
like Magarpatta-Hadapsar, Baner-Pashan,
Hinjewadi, Wakad, Warje, Pimpri-Chinchwad
and Chakan.
This quarter’s rental values remained fairly•
stable in almost all of the micro-markets in
Pune.
The State Government proposed the provision•
of funds in the Union Budget 2013-2014 for
two corridors of the metro rail project in Pune
and Pimpri-Chinchwad, between Vanaz and
Ramwadi, and between Nigdi and Swargate.
COLLIERS VIEW:• Pune’s residential market
continues to remain strong, led by the IT
industry’s housing demand. Luxury projects
offering modern amenities and retained green
areas is the latest demand trend. Being the
well-established residential hubs, Hadapsar
and Kharadi continue to be the preferred
locations, next to prime central areas,
followed by the Baner-Pashan stretch, due to
competitive pricing and their close proximity
to Hinjewadi. Northern areas of Chakan, like
Talegaon and Ravet are potential residential
hotspots for growth due tothe promotion
of SEZs and the planned Pune metro rail
project.
1,000
3,000
7,000
5,000
9,000
13,000
11,000
15,000
INRpersq.ft.
11,000
10,000
8,000
9,000
7,000
6,000
5,000
4,000
3,000
2,000
Kalyani Nagar/Viman
Nagar/Kharadi
5,000 - 12,000
Baner/Hinjewadi/Wakad/
Pashan
3,800 - 6,000
Kothrud/Bavdhan/Wajre 3,800 - 6,000
NIBM/Undri/Kondhwa 3,800 - 5,000
Pimpri/Chinchwad/Chakan 2,500 - 4,500
KalyaniNagar/Vi-
manNagar/Kharadi
Bhawanipur
Kalyani Nagar/Viman Nagar/
Kharadi Bhawanipur
Deccan/Camp/
BoatClub
Deccan/Camp
/Boat Club
Baner/Hinjewadi/
Wakad/Pashan
Baner/Hinjewadi/Wakad/Pashan
Magarpatta/Hadapsar
Magarpatta/
Hadapsar
NIBM/Undri/Kondhwa
NIBM/Undri/
Kondhwa
Kothrud/Bavdhan/
Wajre
Kothrud/ Bavdhan/ Wajre
Pimpri/Chinchwad/
Chakan
Pimpri/Chinchwad/
Chakan
30
25
20
15
10
5
0
1Q2009
3Q2009
1Q2010
3Q2010
1Q2011
3Q2011
3Q2012F
1Q2014F
1Q2013
3Q2012
1Q2012
Kalyani Nagar/Viman Nagar/Kharadi
Kothrud/Bavdhan/Wajre
NIBM/Undri/Kondhwa
Pimpri/Chinchwad/Chakan
Deccan/Camp/Boat Club/Central Pune
Magarpatta/Hadapsar
Baner/Hinjewadi/Wakad/Pashan
INRPersq.ft.INRpersq.ft.permonth

INDIA | may 2013 | residential | submarkets
Mumbai
The high-end residential real estate markets in Mumbai include Malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy,
Colaba, Cuffe Parade, Prabhadevi, Worli, Bandra, Khar, Santacruz, Juhu and Powai.
Delhi
The prime residential areas in Delhi are in the South region and comprise Vasant Vihar, Westend, Shanti Niketan, Anand Niketan and Central Delhi
locations. These areas enjoy proximity to embassies, the airport and central commercial areas - Connaught Place.
Gurgaon
The prime residential locations of Gurgaon include Golf Course Road, DLF Phase I, Sushant Lok and Sohna Road. The Delhi- Jaipur Highway (NH-8)
is also emerging as a preferred residential location owing to its proximity to the national capital.
NOIDA
NOIDA premium residential market is comprised of sectors 44, 50, 92, 61, 62, 63 , 28, 29, 30 and Taj Express Highway.
Chennai
The prime residential areas in Chennai include Thiruvanmiyur, Valmiki Nagar and Besant Nagar, R.A Puram, Mylapore and Adyar in South Chennai,
Nungambakkam, Chetpet, Poes Garden, Egmore, Alwarpet, T. Nagar in Central Chennai; and Anna Nagar, Kilpauk in North West Chennai.
Bengaluru (BANGALORE)
The residential market of Bengaluru comprises both apartments and independent residences. Currently, high-end residential developments are
mainly concentrated along the CBD, and Eastern and South precincts of the city. Recently, Northern Bengaluru has also witnessed a spree of realty
activity facilitated by the new International Airport at Devanhalli.
Kolkata
The prime residential areas in Kolkata include PA Shah Road, Tollygunge and Bhawanipur in South Kolkata, Alipore and Behala in South-west Kolkata,
Loudon Street and Ballygunge in Central Kolkata; and Salt Lake, EM Bypass and VIP Road in North Kolkata.
Pune
The prime residential areas in Pune include Kalyani Nagar, Viman Nagar, Boat Club Road, NIBM Road, Magarpatta, Hadapsar, Koregaon Park. Recently,
increased activities has been witnessed in Pimpri-Chinchwad, Baner-Pashan and Kondhwa.
Residential SUBMARKETS
CITY BAROMETERS
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter

Colliers International (India) provides property services to property Investors and Occupiers. We
deliver customised service solutions utilising local and global knowledge in partnership with our
clients via our property Investment and Occupier service lines. These service lines include - Office
Services, Facility Management, Project Management, Residential Services, Investment Services
and Valuation & Advisory Services.
www.colliers.com/india
For national residential services related queries please contact:
Poonam Mahtani, National Director
Residential Services & Knowledge Systems
Poonam.mahtani@colliers.com
Tel: +91 22 4050 4551
This book is printed on 100% Recyclable paper
INDIA | May 2013
AUTHORS
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, Research
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
has been prepared by Colliers International for advertising
and general information only. Colliers International makes
no guarantees, representations or warranties of any kind,
expressed or implied, regarding the information including,
but not limited to, warranties of content, accuracy and
reliability. Any interested party should undertake their
own inquiries as to the accuracy of the information.
Colliers International excludes unequivocally all inferred
or implied terms, conditions and warranties arising out
of this document and excludes all liability for loss and
damages arising there from.
© Copyright 2012 - 2013 All Rights Reserved.
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$2.0 billion in annual revenue
1.1 billion square feet under management
Over 13,500 + professionals
Recent Reports :
GLOBAL RETAIL INDIA OFFICE INDIA RESIDENTIAL APAC OFFICE GLOBAL retail iNDIA bUDGET 2012-13
OFFICE
PROPERTY MARKET OVERVIEW
INDIA
QUARTERLY UPDATE | APRIL | 2013
Accelerating success. Accelerating success.
INDIA
QUARTERLY UPDATE | FEBRUARY | 2013
Residential Property
Market Overview ASIA PACIFIC
OFFICE MARKET OVERVIEW
3Q 2012
STREET/PRECINCT
RENT
(USD)**
ANNUAL
CHANGE
(%)
New York – Fifth Avenue ��,�� .�
Hong Kong – Queen's
Road Central, Central (tie)
��,�� .�
Hong Kong –
Canton Road (tie)
��,�� .�
London – Old Bond St.*** ��,�� .�
Paris – Avenue des***
Champs-Élysées
��,�� flat
Hong Kong -
Causeway Bay
��,�� .�
New York –
Madison Avenue
�� .�
Zurich – Bahnhofstrasse �� flat
Milan –
Via Monte Napoleone
�� (�.�)
Sydney – Pitt Street Mall �� (��.�)
HIGHLIGHTS
GLOBAL
www.colliers.com
MID-YEAR 2012 | RETAIL
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).
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
in a handful of space-constrained corridors.
Companies with the most ambitious long-term expansion plans remain focused on emerging markets
with rapidly growing middle-class populations, but recently institutional capital has pulled back
somewhat to favor core markets and investments.
While economic and political turmoil did affect rental rates in headline-generating markets (such
as Cairo and Athens), high streets with strong fundamentals remained remarkably resilient, suggest-
ing, at least for now, some separation between macroeconomic issues and underlying real
estate fundamentals.
Since we conducted our survey, however, weakening consumer sentiment among affluent shoppers
has already begun to impact retailers’ revenues and could hinder landlords’ near-term ability to
raise rents, suggesting flattening growth rates for the coming year.
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—
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
issues has finally arrived, spawning a new wave of financial uncertainty.
More than two years post-recession, though, results from our annual survey of High Street rents
illustrate that the world’s priciest retail corridors continue to attract the most sought-after tenants at lofty
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
20%.
At a regional level, streets in areas that entered 2007-08 better-positioned economically—Australia,
Canada, parts of Eastern Europe—had a higher percentage of this year's flat-to-higher rents than those
slower to emerge from the recession. We will be watching these areas closely. Even as they represent
some of the most attractive destinations for expansion-minded companies and yield-seeking investors,
they too are vulnerable to softening consumer demand and, for those with reliable data, encroachment of
e-commerce.
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
teams worldwide who contributed market operational metrics, nuanced commentary on retail conditions,
and forward-looking opinions on what the next year will hold for consumers, landlords, and investors.
Record Rents for Top Retail Corridors; Global
Slowdown Impacts Momentum Elsewhere
TOP 10 GLOBAL RETAIL STREETS*
(USD PER SQUARE FOOT PER YEAR)
REGIONAL RETAIL RESEARCH CONTACTS
AMERICAS
> Ann T. Natunewicz
Ann.Natunewicz@colliers.com
EUROPE/MIDDLE EAST/AFRICA
> Zuzanna Baranowska
Zuzanna.Baranowska@colliers.com
ASIA
> Simon Lo
Simon.Lo@colliers.com
AUSTRALIA/NEW ZEALAND
> Nora Farren
Nora.Farren@colliers.com
Source: Colliers International
* selected cities
** exchange rate as of March 31, 2012
*** Zone A rents
Colliers International1 www.colliers.com/india
Impact on Real Estate I Neutral
THE KEY HIGHLIGHTS OF THE BUDGET WHICH MAY IMPACT REAL ESTATE
SECTOR ARE AS FOLLOWS:
1Q 2013 | RESEARCH
Source: www.bseindia.com | Feb 28, 2013
Company Change (%)
BSE SENSEX -1.52
-2.72
-2.05
-3.54
-0.27
-2.97
-5.62
0.23
-7.51
-2.12
-4.00
-0.69
-2.93
-0.77
-0.04
-0.99
-7.95
Realty Index
Anant Raj Ltd.
D B Realty Ltd.
DLF Ltd.
Godrej Properties Ltd.
HDIL
Hubtown Ltd.
Indiabulls Real Estate
Mahindra Lifespace
Orbit Corporation Ltd.
Parsvnath Developers
Peninsula Land Ltd.
The Phoenix Mills Ltd.
Sobha Developers Ltd.
Sunteck Realty Ltd.
Unitech Ltd.
UNION BUDGET 2013 - A SNEAK PREVIEW
Honorable Finance Minister P. Chidambaram started his budget speech 2013-14
with the pretext of slowed global economic growth in 2012. He acknowledged
that the Indian Economy is challenged and mentioned that the Indian economy is
constrained because of a high fiscal deficit; its reliance on foreign inflows to
finance the current account deficit; decreased savings and lower investment; a
tight monetary policy to contain inflation and strong external headwinds. He
assured that the budget spelled out measures for each of the above mentioned
issues. The agenda for the Union Budget 2013-14 is set for ‘higher growth
leading to inclusive and sustainable development’. The finance minister
projected the economy to grow by 4.8% in the next fiscal down from 5.5% in
2012-13.
The real estate sector had high hopes this year from the Budget. However, the
budget remained silent on most of the major issues such as enactment of the Real
Estate (Regulation and Development) Bill, revision of Land Bill, granting industry
status to the sector or infrastructure status to the much ailing affordable housing
sector etc. None the less, there are a few small measures that have been taken for
the real estate industry in this budget.
1% TDS on value of the transfer of immovable properties where the consideration
exceeds INR 50 lakh; No TDS for agricultural land transfer;
Impact: This move would help to increase the much needed transparency in the
real estate transactions. The provision of deducting 1% as TDS will improve the
reporting of such transactions and improve the government revenue from capital
gain taxes arising from such transactions.
Increase in excise duty rate on marble from INR 30 per sq. meter to INR 60 per sq.
meter;
Impact: The increase in excise duty rate on marble will affect the sector by
increasing in the overall construction cost. This impact will however be minor
considering the percentage of cost allocated to this particular construction material
and the alternates available. The impact will probably be felt more in the
luxury residential and hospitality construction sectors.
STREET/PRECINCT
RENT
(USD)**
ANNUAL
CHANGE
(%)
New York – Fifth Avenue ��,�� .�
Hong Kong – Queen's
Road Central, Central (tie)
��,�� .�
Hong Kong –
Canton Road (tie)
��,�� .�
London – Old Bond St.*** ��,�� .�
Paris – Avenue des***
Champs-Élysées
��,�� flat
Hong Kong -
Causeway Bay
��,�� .�
New York –
Madison Avenue
�� .�
Zurich – Bahnhofstrasse �� flat
Milan –
Via Monte Napoleone
�� (�.�)
Sydney – Pitt Street Mall �� (��.�)
HIGHLIGHTS
GLOBAL
www.colliers.com
MID-YEAR 2012 | RETAIL
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).
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
in a handful of space-constrained corridors.
Companies with the most ambitious long-term expansion plans remain focused on emerging markets
with rapidly growing middle-class populations, but recently institutional capital has pulled back
somewhat to favor core markets and investments.
While economic and political turmoil did affect rental rates in headline-generating markets (such
as Cairo and Athens), high streets with strong fundamentals remained remarkably resilient, suggest-
ing, at least for now, some separation between macroeconomic issues and underlying real
estate fundamentals.
Since we conducted our survey, however, weakening consumer sentiment among affluent shoppers
has already begun to impact retailers’ revenues and could hinder landlords’ near-term ability to
raise rents, suggesting flattening growth rates for the coming year.
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—
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
issues has finally arrived, spawning a new wave of financial uncertainty.
More than two years post-recession, though, results from our annual survey of High Street rents
illustrate that the world’s priciest retail corridors continue to attract the most sought-after tenants at lofty
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
20%.
At a regional level, streets in areas that entered 2007-08 better-positioned economically—Australia,
Canada, parts of Eastern Europe—had a higher percentage of this year's flat-to-higher rents than those
slower to emerge from the recession. We will be watching these areas closely. Even as they represent
some of the most attractive destinations for expansion-minded companies and yield-seeking investors,
they too are vulnerable to softening consumer demand and, for those with reliable data, encroachment of
e-commerce.
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
teams worldwide who contributed market operational metrics, nuanced commentary on retail conditions,
and forward-looking opinions on what the next year will hold for consumers, landlords, and investors.
Record Rents for Top Retail Corridors; Global
Slowdown Impacts Momentum Elsewhere
TOP 10 GLOBAL RETAIL STREETS*
(USD PER SQUARE FOOT PER YEAR)
REGIONAL RETAIL RESEARCH CONTACTS
AMERICAS
> Ann T. Natunewicz
Ann.Natunewicz@colliers.com
EUROPE/MIDDLE EAST/AFRICA
> Zuzanna Baranowska
Zuzanna.Baranowska@colliers.com
ASIA
> Simon Lo
Simon.Lo@colliers.com
AUSTRALIA/NEW ZEALAND
> Nora Farren
Nora.Farren@colliers.com
Source: Colliers International
* selected cities
** exchange rate as of March 31, 2012
*** Zone A rents
Mumbai : Vaibhav Kumar, Office Director
Vaibhav.kumar@colliers.com
IndiaBulls Finance Centre, 1701-A, 17th Floor, Tower 3, Elphinstone Mills,
Senapati Bapat Marg, Mumbai- 400 013.
Tel : +91 22 4050 4527, fax : +91 22 2351 4272
Delhi NCR : Ajay Rakheja, Office Director
Ajay.rakheja@colliers.com
New Delhi : Statesman House, 4th Floor, Barakhamba Road, Connaught Place,
New Delhi, India - 110001
Tel : +91 11 3044 6423, fax : +91 11 3044 6500
Gurgaon : Technopolis Building, 1st floor, DLF Golf Course Main Road, Sector 54, Gurgaon,
India - 122002
Tel : +91 124 456 7500, fax : +91 124 456 7502
Bengaluru : Goutam Chakraborthy, Office Director
Goutam.chakraborthy@colliers.com
Prestige Garnet, Level 2, Unit No.201/202, 36 Ulsoor Road, Bengaluru,
India - 560 042
Tel : +91 80 4079 5500, fax : +91 80 4112 3131
Pune : Suresh Castellino, Office Director
Suresh.castellino@colliers.com
Hotel Le Meridian, 101, R.B.M. Road, Pune, India - 411 001
Tel : +91 20 4120 6438, fax : +91 20 4120 6434
Chennai : Kaushik Reddy, Office Director
Kaushik.reddy@colliers.com
Heavitree Complex, Unit 1C, 1st floor, 23, Spurtank Road, Chetpet, Chennai,
India - 600 031
Tel : +91 44 2836 1064, fax : +91 44 2836 1377
Kolkata : Soumya Mukherjee , Office Director
Soumya.mukherjee@colliers.com
Infinity Business Centre, Infinity Benchmark, Room No 13, Level 18, Plot G - 1,
Block EP & GP, Salt Lake Sector V, Kolkata - 700 091 West Bengal, India
Tel : +91 33 2357 6501, fax : +91 33 2357 6502

India residential property market overview may 2013

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