2. Research & Forecast Report
India I Residential | Feb 2014
SYDNEY CENTRAL BUSINESS DISTRICT
research & forecast Report
Macro Economic Overview
• The GDP grew by 4.6% in the first half of FY2013-14, which is the slowest economic
growth rate in the last nine years. The Reserve Bank of India (RBI), The World Bank, IMF
and ADB have lowered the growth forecast from 3.75% to 5.3% for 2013-14.
• RBI raised its policy repo rate to 7.75% amid market worries over slowing growth and
the prospect of further tapering of US stimulus. Following the hike, banks are likely to
increase their home loan rates.
ECONOMIC BAROMETER
Dec-12
Dec-13
Repo rate
8.00%
7.75%
Reverse Repo rate
7.00%
6.75%
CRR
4.25%
4.00%
7.31%
6.16%
10.00%
10.30%
Inflation
Home loan rate
1
Return on Alternative Investments
Dec-12
Dec-13
31,096
30,434
-2.13%
Silver
59,963
46,121
-23.08%
Equity
Realty Index
3
8.50%
9.00%
ECONOMIC INDICATORS
12.0
5.88%
11.0
18,916
20,703
9.44%
10.0
1,940
1,347
-30.57%
8.0
SBI Home loan rate for loan upto INR 30 Lakhs
2
SBI Fixed deposit rate for a period of more than one year
and amount below INR 1 Crore
3
Realty Index is a free float weighted index, comprised of
real estate development companies in the BSE-500 Index.
9.0
In Percentage
2
Fixed Deposit
1
• COLLIERS VIEW: The Indian real estate markets are primarily sentiment driven, and
the perception due to the adverse economic climate is that the residential sector will
witness lower demand until at least the national elections. We believe that for those
looking at a longer term investment, this is a good time to buy a property. Property today
is available at good discounts, and with prospects of a stable government the demand is
likely to rebound.
YoY %
Change
Gold
• Due to the pessimistic economic outlook, sales volumes have come down by 15% to
40%. In the primary market, many developers were willing to negotiate on prices and
offered various incentives. In the secondary market, a substantial discount was available
and prices were well below that of the primary market. This is primarily because
investors shied away from the market, as they found it difficult to flip units and do not
foresee significant capital appreciation in the realty sector in the short term.
7.0
6.0
5.0
4.0
3.0
2.0
1.0
Repo Rate
Source: Goverment of India, Colliers International India Research
2 Research & Forecast Report | Feb 2014 | Residential | Colliers International
www.colliers.com
Cash Reserve Ratio
Wholesale Price Index
Oct ‘13
Dec ‘13
Jun ‘13
Aug ‘13
Feb‘13
Apr ‘13
Oct‘12
-2.0
Dec‘12
Jun‘12
Aug‘12
Feb‘12
Apr‘12
Oct‘11
Dec‘11
Jun‘11
Aug‘11
Feb‘11
Apr‘11
Oct‘10
Dec‘10
Jun‘10
Aug‘10
Feb‘10
Apr‘10
Oct‘09
Dec‘09
Aug‘09
Apr ‘09
Jun ‘09
Feb ‘09
Oct‘08
Dec’08
jun’ 08
Aug’08
-1.0
Apr ‘08
0.0
3. Mumbai
AVERAGE CAPITAL VALUE RANGE
80,000
70,000
60,000
50,000
INR per sq.ft.
• e market witnessed limited projects
Th
launched in micro-markets like
Goregaon, Byculla and Dombivali. These
projects were priced in the range of INR
12,750 to 19,000 per sq ft. A large-scale
mid-range project, Palava by Lodha
Group, was launched at Dombivali at
INR4,545 per sq ft.
Virar - Boisar
3,000 - 5,500
Note: Ongoing Price: Indicative asking price in the primary
market.
• COLLIERS VIEW: Low liquidity, an
increase in interest rates and ready
reckoner rates will keep residential
markets under pressure in coming
quarters. Absorption in the luxury
segment will remain restricted; however,
the new launches in the middle and
low-end segments will continue to
have traction at the introductory prices.
Overall capital values in the primary and
secondary sales markets are expected
to be under pressure in the short to
medium term.
Andheri
Powai
Santacruz
Juhu
Khar
Bandra
Prabhadevi
Worli
South Mumbai
70,000
60,000
50,000
40,000
30,000
20,000
10,000
0
Colaba,
Cuffe Parade
Bandra
Andheri
Khar
Prabhadevi
Juhu
Santacruz
Breach Candy,
Napeansea Road,
Peddar Road
3Q2014F
3,500 - 7,500
80,000
3Q2013
Navi Mumbai
AVERAGE CAPITAL VALUE TRENDS
1Q2014F
4,000 - 8,000
Bandra
Khar
1Q2013
Thane - Kalyan
Prabhadevi
Santacruz
1Q2012
Ongoing Price
(P.S.F)
Worli
3Q2012
Micro Market
0
Juhu
3Q2011
INVESTMENT OPPORTUNITIES
50
1Q2011
Construction Pace
Colaba,
Cuffe Parade
100
Andheri
3Q2010
New Project
Breach Candy,
Napeansea
Road, Peddar Road
150
1Q2010
Rental Value
• The state government has increased the
ready reckoner rates for residential and
commercial properties by up to 20% in
26 posh zones of Mumbai. The increase
in rates will impacts micro-markets like
Worli, Napeansea Road, Altamount Road
and Carter Road. The government is
expected to collect over INR20,000 crore
in 2013 - 14 via stamps and registration.
The increase in the ready reckoner rates
may result in increase in property prices
in these areas.
Malabar Hill, Altamount
Road, Carmichael Road
200
Powai
3Q2009
Capital Value
AVERAGE rental value
1Q2009
1Q 2014F
0
1Q2008
4Q 2013
10,000
INR per sq.ft. per month
CITY RESIDENTIAL BAROMETER
• The average capital and rental values of
prime residential properties remained
stable. Due to very limited transactions
by both investors and end-users across
the city.
30,000
20,000
INR Per sq.ft.
MumBAI
40,000
3Q2008
• Demand for premium residential
properties in the secondary sales market
remained moderate this quarter due to
high price points. In the primary market,
developers remained open to negotiation
on prices in projects having significant
unsold inventory.
Malabar Hill,
Altamount Road,
Carmichael Road
Powai
Worli
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Aveza (Gateway Towers)
Mulund East
Tata Housing
4Q 2017
13,500
Elanza
Santacruz East
Shamik Group
1Q 2015
17,000
Monte South
Byculla
Marathon Realty
4Q 2018
18,999
Palava
Dombivali
Lodha Group
4Q 2018
4,545
Raheja Ridgewood
Goregaon
Raheja Group
4Q 2017
13,250
Sunteck City - Avenue II
Goregaon
Sunteck Realty
4Q 2018
12,750
Note: * As mentioned by developer ** Base selling price as quoted by developer
3
4. Delhi
Greater Kailash I &
II, South Extension
Panchashila, Anandlok, Niti Bagh, SDA
Friends Colony,
Maharani Bagh
Anand Niketan,
Vasant Vihar
Shanti Niketan,
Westend
Chanakya Puri
Anand Niketan,
Vasant Vihar
160
Chanakya Puri
120
80
40
Greater
Kailash I
& II, South
Extension
Golf Links,
Jor Bagh,
Sunder Nagar
0
Shanti Niketan,
Westend
Friends Colony,
Maharani Bagh
• In order to create more land for residential
development on the outskirts of Delhi,
the Delhi Development Authority (DDA)
proposes to target areas like Kanjhawala,
Najafgarh, Burari, Ghitroni and Bawana
for real estate development as amended
in Master Plan of Delhi (MPD-2021).
Panchashila, Anandlok,
Niti Bagh, SDA
AVERAGE CAPITAL VALUE TRENDS
80,000
70,000
60,000
50,000
40,000
30,000
20,000
Prithviraj Road,
Aurangzeb Road
Chanakya Puri
Golf Links, Jor Bagh,
Sundar Nagar
Shanti Niketan, Westend
3Q2014F
3Q2013
1Q2014F
1Q2013
3Q2012
0
1Q2012
10,000
1Q2008
• COLLIERS VIEW: The residential sector
will witness restricted demand until at
least the national elections. However, the
new state government started focusing
on various stalled infrastructure projects
in the city which are expected to be
operational in coming quarters. Rental
and capital values will remain under
pressure in near term for premium
properties.
Golf Links, Jor Bagh,
Sunder Nagar
Prithviraj Road,
Aurangzeb Road
Prithviraj Road,
Aurangzeb Road
200
1Q2011
Construction Pace
• Capital values have come under pressure
and properties were available in the
market at heavy discounts. The sales
volumes were low and only a few deals
were concluded.
AVERAGE rental value
3Q2011
New Project
• Pressures on rents continued with the
officials of multinational corporations
and expatriates that are currently trying
to optimise their costs negotiating on
rental values. However, asking rentals
have not changed much from previous
quarter.
1Q2010
Rental Value
0
3Q2010
Capital Value
15,000
1Q2009
1Q 2014F
45,000
30,000
INR Per sq.ft.
4Q 2013
60,000
3Q2009
CITY RESIDENTIAL BAROMETER
90,000
75,000
INR per sq.ft. per month
Delhi
105,000
3Q2008
• Limited new supply entered into Delhi
prime residential this quarter, in the
form of redevelopment in Vasant Vihar
and Panchsheel Park micro markets.
AVERAGE CAPITAL VALUE RANGE
120,000
INR per sq.ft.
• The Delhi residential market remained
depressed for a third consecutive quarter.
Sales volumes were reduced significantly
primarily because of limited investor
interest in view of the current political
turbulence.
Panchashila, Anandlok,
Niti Bagh, SDA
Friends Colony,
Maharani Bagh
Greater Kailash I & II,
South Extension
Anand Niketan,
Vasant Vihar
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Capital Greens
Shivaji Marg
DLF Ltd.
2Q 2015
14,000
Castlewood
Okhla
Indiabulls Ltd.
2Q 2014
12,800
Kings Court
Greater Kailash- II
DLF Ltd.
1Q 2015
40,000
Queens Court
Greater Kailash- II
DLF Ltd.
1Q 2015
36,000
Signature Villas
Connaught Place
Tata Housing Ltd.
4Q 2017
120,000 - 150,000
Winter Hills
Dwaraka Morh
Umang Realtech
2Q 2014
10,250
Note: * As mentioned by developer ** Base selling price as quoted by developer
4 Research & Forecast Report | Feb 2014 | Residential | Colliers International
5. Gurgaon
Gurgaon
35,000
30,000
• Projects which were close to completion
witnessed robust demand from endusers. However, in the secondary market,
a substantial discount was available
and prices were well below that of the
primary market. Slow construction
activities resulted in completion of few
residential projects / parts of projects
like “Tulip Orange” by Tulip Infratech
Pvt, Ltd, at Sector 70.
25,000
20,000
15,000
10,000
DLF Phase I
Sohna Road & Ext
Sushant Lok
NH - 8
0
Golf Course Road
5,000
AVERAGE rental value
Golf Course Road
80
Note: Ongoing Price: Indicative asking price in the primary
market.
• COLLIERS VIEW: Looking forward, the
capital values are expected to remain
under pressure in coming quarters.
End-user activity is expected to remain
restricted primarily due to high price
points and relatively fewer options
available for mid-segment housing.
The pre-launches in the mid- and lowend segment will continue evince good
response at the introductory prices.
INR per sq.ft. per month
4,000
2,000
0
Golf Course Road
NH-8
Sohna Road
& Ext
Sushant Lok
3Q2014F
4,000 - 5,000
3Q2013
New Gurgaon
8,000
6,000
1Q2014F
4,500 - 5,500
1Q2013
Pataudi Road
10,000
3Q2012
4,000 - 5,000
14,000
12,000
1Q2012
Sohna Extension
18,000
16,000
1Q2011
7,500 - 9,000
AVERAGE CAPITAL VALUE TRENDS
3Q2011
Golf Course Road
Extension
DLF Phase I
1Q2010
Ongoing Price
(P.S.F)
Sushant Lok
3Q2010
INVESTMENT OPPORTUNITIES
• In order to boost residential real estate
activities, the Haryana government
has decided to allow mixed land use
in commercial zones notified in the
master plan. According to the new
policy, projects with at least 10 acres
land and located along at least 30 meter
wide road, will be allowed mixed use
development comprising a maximum of
50% residential usage.
0
3Q2009
Construction Pace
Sohna Road
& Ext
20
1Q2009
New Project
40
NH - 8
3Q2008
Rental Value
• Due to decreased demand, developers
remained cautious in launching new
projects. Restricted sales volumes in
both primary and secondary markets
resulted in downward pressure on both
capital and rental values across all micro
markets.
INR Per sq.ft.
1Q 2014F
Capital Value
Micro Market
40,000
60
CITY RESIDENTIAL BAROMETER
4Q 2013
AVERAGE CAPITAL VALUE RANGE
45,000
INR per sq.ft.
• During 4Q 2013, restricted investor
activity pulled down the overall demand
in Gurgaon’s residential market. In the
primary market, developers did not
reduce the base selling price, but many
were willing to negotiate and offered
various incentives.
DLF Phase I
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Ashiana Landcraft
Sector 88A
Ashiana Group
4Q 2017
6,250
BPTP Pedestal
Sector 70A
BPTP Ltd.
4Q 2018
7,000
Eldeco Sohna
Sohna Road
Eldeco Group
4Q 2018
4,250
Imperial Tower (Godrej Summit)
Sector 104
Godrej Group
4Q 2017
7,400
Ivy Terraces
Sector 70
Unitech Ltd.
4Q 2018
4,500 - 6,500
Tranquil Heights
Sector 82A
Vatika Group
4Q 2017
7,200
Note: * As mentioned by developer ** Base selling price as quoted by developer
5
6. NOIDA
AVERAGE CAPITAL VALUE RANGE
• The NOIDA residential property market
witnessed low sales volumes in both
primary and secondary residential
markets in 4Q 2013.
4,000 - 7,000
Sectors 71 to 83
4,500 - 5,500
Note: Ongoing Price: Indicative asking price in the primary
market.
Sector 28, 29, 30
Sector 61, 62., 63
Sector 50
Sector 92/93
Sector 44
0
Sector 61,62,63
INR per sq.ft.
Sector 92/93
AVERAGE CAPITAL VALUE TRENDS
12,000
10,500
9,000
7,500
6,000
4,500
3,000
1,500
0
3Q2014F
NOIDA Expressway
Sector 50
10
1Q2014F
Ongoing Price
(P.S.F)
20
Sector
28,29,30
3Q2013
Micro Market
• COLLIERS VIEW: Currently, investors are
delaying their decisions due to economic
and political uncertainties. However,
considering the fact that the NOIDA
residential market is primarily driven by
end-users, the market may see marginal
increase in end-user and investor activity
with many new projects in the pipeline
offering various attractive offers and
other promotional schemes to lure buyer
interest. The market is expecting the
completion of various projects that were
launched during 2009 to 2010 and which
have already been delayed one or two
years. This additional supply will keep
capital and rental values stable across all
micro markets.
30
1Q2013
INVESTMENT OPPORTUNITIES
Sector 44
40
1Q2012
Construction Pace
AVERAGE rental value
3Q2012
New Project
0
3Q2011
Rental Value
1,500
1Q2011
• In order to optimise the utilisation of land
and improve the habitability of NOIDA,
the NOIDA authority has approved a
mixed land use policy in NOIDA Master
Plan 2021, which will permit residential
facilities in commercial and institutional
areas.
Capital Value
3,000
3Q2010
1Q 2014F
4,500
1Q2010
4Q 2013
6,000
3Q2009
CITY RESIDENTIAL BAROMETER
9,000
7,500
INR per sq.ft. per month
Noida
• Capital values and rental values in both
primary and secondary markets remained
stable; this is due to limited interest from
both investors and end-users. However,
developers offered various incentives,
that included cash discount to clear their
unsold inventories.
10,500
INR Per sq.ft.
• New launches have dried up in the
fourth quarter in NOIDA and only a few
residential projects were launched, in
the price band of 4000 to 9000 per sq ft.
However a premium residential project
“Brys Buzz” by Brys Group at Sector 150
was priced at INR17,000 per sq ft.
12,000
Sector 92 / 93
Sector 44
Sector 50
Sector 61,62,63
Sector 28,29,30
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Brys Buzz
Sector 150
Brys Group
4Q 2017
17,000
Mahagun Meadows
Sector 150
Mahagun Group
4Q 2016
4,550
Pratishtha
Sector 75
Panchsheel
Buildtech Pvt. Ltd
4Q 2017
4,960
Romano
Sector-118
Supertech Ltd.
4Q 2017
4,150
Vasilia
Sector-32 & 25A
Wave Group
4Q 2016
8,370
Victory We
Sector 25A
Victory Projects
4Q 2015
8,650
Note: * As mentioned by developer ** Base selling price as quoted by developer
6 Research & Forecast Report | Feb 2014 | Residential | Colliers International
7. Chennai
CITY RESIDENTIAL BAROMETER
4Q 2013
1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
INVESTMENT OPPORTUNITIES
Micro Market
Ongoing Price
(P.S.F)
Velachery
5,000 - 7,000
Sholinganallur
3,500 - 4,200
Siruseri/ Kazipattur
3,000 - 4,000
Kelambakkam
3,000 - 4,000
34,000
30,000
INR per sq.ft.
26,000
22,000
18,000
14,000
10,000
6,000
Siruseri/ Kazipattur
Sholinganallur
Velachery
T Nagar
Adyar
Beasant Nagar
Anna Nagar
Alwarpet /
R A Puram
Boat Club
Nungambakkam
2,000
AVERAGE rental value
Boat Club
85
Siruseri/ Kazipattur
Nungambakkam
70
55
40
Sholinganallur
Anna Nagar
25
10
-5
Adyar
Velachery
• During the same quarter, capital
values increased in the range of 2 - 9%
QoQ across all micro-markets, except
Nungambakkam and Anna Nagar, where
capital values remained stable due to
the high price bracket and low demand
base.
Beasant Nagar
Alwarpet /
R A Puram
T Nagar
AVERAGE CAPITAL VALUE TRENDS
25,000
21,000
• Rents increased in the range of 4 - 10%
QoQ in most micro-markets, except Boat
Club, Anna Nagar, Adyar, Beasant Nagar,
T Nagar and Velachery where rents
remained stable.
17,000
INR Per sq.ft.
Chennai
• 4Q 2013, saw completion of various
premium projects, including Jashn by
Arihant Group at Egmore, 36 Carat by
Akshaya Homes at Kilpauk, both priced
in the range of INR18,000 - 22,000 per
sq ft and mid-range projects like Oriana
by Doshi Housing at Perungudi; Svasti
by True Value Homes at Thoraipakkam;
Lotus Pond by Vijayshanthi Group at
Padur; Upscale by Hiranandani Group
and Opaline Ph II by Olympia Group,
both at Egattur.
AVERAGE CAPITAL VALUE RANGE
38,000
INR per sq.ft. per month
• In 4Q 2013, many new premium and
mid-range projects were launched
in Chennai. Micro-markets like R.A.
Puram, T. Nagar and Kotturpuram saw
premium projects launched in the price
range of INR15,000 - 25,000 per sq ft,
while micro-markets like Thoraipakkam,
Kelambakkam, Siruseri and Pallikaranai
witnessed mid-range projects launched
in the price bracket of INR3,000 - 7,000
per sq ft.
13,000
9,000
Boat Club
Sholinganallur
Siruseri/
Kazipattur
Alwarpet /
R A Puram
Beasant Nagar
T Nagar
Nugambakkam
3Q2014F
1Q2014F
1Q2013
3Q2013
1Q2012
3Q2012
1Q2011
3Q2011
3Q2010
1Q2010
3Q2009
1Q2009
1,000
1Q2008
• COLLIERS VIEW: Going forward, we
expect a moderate increase in capital
values in the short term in the mid-range
segment. The demand is expected to
pick up further in this segment in the
near term. Rental and capital values for
premium properties will continue to
remain stable cautious sentiments of
investors as well as occupiers.
3Q2008
5,000
Note: Ongoing Price: Indicative asking price in the primary
market.
Anna Nagar
Adyar
Velachery
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Aldea
Thoraipakkam
Casa Grande
4Q 2015
5,100
Czar
R.A.Puram
Real Value
4Q 2015
25,000
Lilac Heights
R.A.Puram
ETA Star
4Q 2015
18,000
Manadarin
Thoraipakkam
Radiance
2Q 2015
7,100
Park Residence
Kotturpuram
Olympia Group
4Q 2015
23,000
Sukriti
T.Nagar
BBCL
2Q 2015
15,000
Note: * As mentioned by developer ** Base selling price as quoted by developer
7
8. Bengaluru
AVERAGE CAPITAL VALUE RANGE
32,000
28,000
24,000
20,000
INR per sq.ft.
• In 4Q 2013, the Bengaluru residential
market witnessed reasonable demand
for residential space, mainly in micromarkets like Yelahanka, Sarjapur,
Whitefield and Thanisandra Road.
However there were less projects
launched this quarter as compared to
previous three quarters.
16,000
12,000
8,000
Bengaluru
CITY RESIDENTIAL BAROMETER
Yelahanka
Bannerghatta Road
Whitefield
Airport Road
Airport Road
Jayanagar
Cooke Town
Indiranagar
Koramangala
Central
Palace Orchard
0
AVERAGE rental value
Central
80
Yelahanka
Cooke Town
Yelahanka
3,500 - 5,000
Note: Ongoing Price: Indicative asking price in the primary
market.
• COLLIERS VIEW: The city’s premium
residential market is expected to remain
active, due to healthy residential demand
for mid-range and premium housing,
accompanied by full-on construction
activities. Looking at the positive outlook,
we anticipate that capital values will
increase further from 2 to 4% QoQ across
all micro-markets.
10,000
5,000
0
3Q2014F
4,400 - 6,000
3Q2013
Whitefield
15,000
1Q2014F
4,200 - 6,000
20,000
• n a major land deal, Tata Housing has
I
purchased 20 acres of land in north
Bengaluru from Alstom T&D India for
a total consideration of INR120 crore to
develop a luxury housing project.
1Q2013
Bannerghatta Road
25,000
1Q2012
5,000 - 7,000
AVERAGE CAPITAL VALUE TRENDS
• Continuous demand from IT/ITeS sector
employees caused an upsurge of 1 - 7% in
rents QoQ, across all micro-markets.
3Q2012
Airport Road
Airport Road
Indiranagar
3Q2011
Ongoing Price
(P.S.F)
Bannerghatta Road
1Q2011
Micro Market
Palace
Orchard
3Q2010
INVESTMENT OPPORTUNITIES
Koramangala
1Q2010
Construction Pace
0
1Q2009
New Project
Jayanagar
20
3Q2009
Rental Value
40
Whitefield
3Q2008
Capital Value
• Overall capital values in most of the
micro-markets remained stable during
the quarter; however, a increase of 9 12% QoQ was witnessed in locations like
Jayanagar, Bannerghatta Road, Whitefield
and Yelahanka. This is because few
projects have been launched at a premium
price, making a significant change in the
average capital price range.
1Q2008
1Q 2014F
INR per sq.ft. per month
60
INR Per sq.ft.
4Q 2013
• In this quarter, the city witnessed
completion of various premium and
mid-range projects, like Nitesh Central
Park by Nitesh Estates at Bagalur Cross,
Concorde South Scape by Concorde
Group at E-City Phase 2, Patel Smondo
Ville by Patel Realty at E-City Phase 1, and
Chartered Jardin by Chartered Housing
at RMV 2nd Stage.
4,000
Central
Cooke Town
Jayanagar
Indiranagar
Airport Road
Bannerghatta Road
Yelahanka
Koramangala
Whitefield
Palace Orchard
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Concorde Amber
Off Sarjapur Road
Concorde Group
4Q 2016
4,000
Mantri Lithos
Off Hebbal
Mantri Developers
4Q 2017
5,590
Prestige Lakeside Habitat
Varthur Road
Prestige Group
4Q 2017
4,770
Purva Westend
Hosur Main Road
Puravankara
Developers
4Q 2017
4,890
Skylark Ithaca
Whitefield
Skylark Mansion
4Q 2017
3,930
Sobha Palladium
Yemlur, Old Airport Road
Sobha Developers
4Q 2016
8,560
Note: * As mentioned by developer ** Base selling price as quoted by developer
8 Research & Forecast Report | Feb 2014 | Residential | Colliers International
9. Kolkata
AVERAGE CAPITAL VALUE RANGE
• Reasonable demand was witnessed
during the quarter, primarily in midrange micro-markets located in South
and North Kolkata. Most of this demand
has come from end users.
Salt Lake
4,000 - 6,000
EM Bypass
4,000 - 7,000
New Town
-Rajarhat
3,200 - 4,600
Note: Ongoing Price: Indicative asking price in the primary
market.
• COLLIERS VIEW: Many mid-range and
affordable residential projects were
launched in the peripheral locations
and the city witnessed increasing
activity in the mid-range segment. This
could be due to smaller ticket size and
affordability. Looking forward, capital
values are expected to rise marginally,
especially in the outskirt micro-markets
due to demand from end-users.
INR per sq.ft.
Behela
VIP Road
New Town -Rajarhat
Salt Lake
Tollygunge
EM Bypass
PA Shah Road
Loudon Street
Ballygunge
Bhawanipur
Alipore
Salt Lake
Behela
Ballygunge
Loudon Street
AVERAGE CAPITAL VALUE TRENDS
20,000
18,000
16,000
12,000
10,000
8,000
6,000
4,000
2,000
0
3Q2014F
2,900 - 3,700
Alipore
1Q2014F
Behela
0
EM Bypass
1Q2013
3,600 - 4,800
Tollygunge
10
3Q2013
Tollygunge
20
1Q2012
Ongoing Price
(P.S.F)
30
VIP Road
3Q2012
Micro Market
PA Shah Road
3Q2011
INVESTMENT OPPORTUNITIES
50
40
1Q2011
Construction Pace
• Capital values in the premium residential
market remained stable in almost all
micro-markets, except Alipore and
Ballygunge where around a 3% QoQ
increase was witnessed during the
quarter. On the other hand, rents rose
in the range of 1 - 4% QoQ in almost all
micro-markets, except PA Shah Road,
Loudon Street, Ballygunge and VIP Road
where rents remained stable, due to low
base demand and limited availability.
Bhawanipur
New Town Rajarhat
1Q2010
New Project
AVERAGE rental value
3Q2010
Rental Value
0
3Q2009
Capital Value
10,000
1Q2009
1Q 2014F
30,000
20,000
1Q2008
4Q 2013
40,000
3Q2008
CITY RESIDENTIAL BAROMETER
• Construction
activities
remained
moderate resulting in completion of few
projects / parts of the projects during
the last quarter of 2013, including Meera
Garden by Rajat Group at Madhyamgram
and Tirumani by Mani Group at
Ballygunje.
60,000
50,000
INR per sq.ft. per month
kolkata
70,000
INR Per sq.ft.
• During 4Q 2013, the Kolkata residential
market saw many new launches
especially in micro-markets like
Rajarhat Action Area-III, Mahishbathan,
Tollygunj, Narendrapur and Belghariya
Expressway. Most of these projects were
launched in the affordable and midranges and were priced in the range of
INR2,900 - 4,150 per sq ft.
80,000
Bhawanipur
Alipore
Tollygunge
Behela
VIP Road
P A Shah Road
EM Bypass
Salt Lake
Ballygunge
Loudon street
New Town Rajarhat
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Curiocity
Action Area-III
Realtech Nirman
4Q 2016
4,150
Ideal Aquaview
Mahishbatan
Ideal Group
4Q 2016
3,700
Ivory Tower
Tollygunj
Ivory Group
4Q 2015
4,000
Magnolia Skyview
Rajarhat
Magnolia Group
4Q 2016
3,200
North Grande
Belghariya Expressway
Mounthill Realty
4Q 2016
3,600
Sucasa Twins
Norendrapur
Rupayan Construction Pvt Ltd
4Q 2015
2,900
Note: * As mentioned by developer ** Base selling price as quoted by developer
9
10. Pune
Pune
AVERAGE CAPITAL VALUE RANGE
80,000
70,000
60,000
50,000
INR per sq.ft.
40,000
30,000
20,000
Pimpri/Chinchwad/
Chakan
NIBM/Undri
/Kondhwa
Kothrud/
Bavdhan/
Wajre
Baner/Hinjewadi/
Wakad/Pashan
• During the surveyed quarter, construction
activities remained slow and thus no
known projects / parts of projects saw
completion. Going ahead, construction
activities are likely to improve.
Magarpatta/
Hadapsar
0
Kalyani Nagar/
Viman Nagar/
Kharadi
Bhawanipur
10,000
Deccan/Camp/
Boat Club
• Demand for residential units in Pune
continued to remain stable and the city
witnessed launch of a number of midrange projects in the price range of INR
4,500 to 5,500 per sq ft. However, few
premium projects like “The Palladium”
by Guardian Developers at Kothrud,
“Sanctum” by Kumar Properties at Baner,
and “Panchshil One North” by Panchshil
Realty at Hadapsar, were priced in the
range of INR9,900 to INR14,900 per sq ft.
AVERAGE rental value
Kalyani Nagar/Viman Nagar/Kharadi
Bhawanipur
30
Kothrud/Bavdhan/
Wajre
3,800 - 6,000
NIBM/Undri/
Kondhwa
3,800 - 5,000
Pimpri/Chinchwad/
Chakan
3,000 - 4,500
Note: Ongoing Price: Indicative asking price in the primary
market.
• COLLIERS VIEW: The Pune residential
market saw many new launches in both
premium and mid segments. Continuous
demand from end-users and investors was
witnessed and is expected to continue in
the coming few quarters. In anticipation
of reasonable demand, capital values are
expected to rise in the mid-range and
affordable housing locations like PimpriChinchwad, Chakan and Kondhwa in the
range of 2% to 3% on a quarterly basis.
7,000
6,000
5,000
4,000
3,000
2,000
1Q2014F
5,000 - 12,000
3Q2014F
Baner/Hinjewadi/
Wakad/Pashan
9,000
8,000
3Q2013
5,000 - 12,000
11,000
10,000
1Q2013
Kalyani Nagar/
Viman Nagar/
Kharadi
AVERAGE CAPITAL VALUE TRENDS
3Q2012
Ongoing Price
(P.S.F)
Baner/Hinjewadi
/Wakad/Pashan
1Q2012
Micro Market
Kothrud/ Bavdhan/ Wajre
1Q2011
INVESTMENT OPPORTUNITIES
• In 4Q 2013, the local government hiked
the Ready Reckoner (RR) rates in an
average range of 10% to 20% in almost
all the micro markets. Capital values
are set to increase mainly in locations
like Koregaon Park, Pimple Gurav and
Pimpri-Chinchwad, where a sharp
increase in rates was witnessed.
Magarpatta/
Hadapsar
3Q2011
Construction Pace
NIBM/
Undri/
Kondhwa
3Q2010
New Project
5
1Q2010
Rental Value
15
0
1Q2009
Capital Value
Deccan/Camp
/Boat Club
20
10
3Q2009
1Q 2014F
25
Pimpri/
Chinchwad
/Chakan
INR per sq.ft. per month
4Q 2013
• Capital values in micro markets like
Kalyani Nagar, Viman Nagar, Kharadi,
Deccan, Camp, Boat Club, PimpriChinchwad and Chakan saw a marginal
increase in the range of 1% to 3% quarteron-quarter (QoQ). The rest of all micro
markets remained stable.
INR Per sq.ft.
CITY RESIDENTIAL BAROMETER
Kalyani Nagar/Viman Nagar/
Kharadi
Kothrud/Bavdhan/Wajre
Deccan/Camp/Boat Club/
Central Pune
Magarpatta/Hadapsar
NIBM/Undri/Kondhwa
Baner/Hinjewadi/Wakad/
Pashan
Pimpri/Chinchwad/Chakan
Note: Above values represents indicative asking price for
premium properties
SELECT NEW PROJECTS
Project Name
Location
Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Bramha Skycity
Dhanori
Bramha Realty &
Infrastructure
3Q 2015
4,550 - 4,600
Eastern Ranges phase II
Keshav Nagar
Phadnis Properties
4Q 2015
5,200
Guardian The Palladium
Kothrud
Guardian
Developers
1Q 2017
14,900
Nyati Evita
Lohegaon
Nyati Group
4Q 2016
4,500
Panchshil One North
Hadapsar
Panchshil Realty
4Q 2016
9,900
Sanctum
Baner
Kumar Properties
1Q 2017
12,000
Note: * As mentioned by developer ** Base selling price as quoted by developer
10 Research & Forecast Report | Feb 2014 | Residential | Colliers International
11. 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 Boat Club, R.A.Puram, MRC Nagar, 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.
CITY BAROMETERS
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter
11