Dwarka expressway a highway to value creation a report by PropTiger Data Labs
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Dwarka Expressway is an 18 km highway connecting Delhi to Gurgaon that has opened up large tracts of land for residential and commercial development. Close to 90 projects with 47,000 housing units have been launched along the Expressway, with most being luxury properties. Current prices range from Rs. 4,700-14,000 per square foot depending on location. While sales have slowed in recent months due to economic factors, the long term outlook remains positive as construction nears completion.
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Dwarka expressway a highway to value creation a report by PropTiger Data Labs
- 1. Dwarka Expressway Highway to value creation July 2013
- 2. Executive Summary • • • • • • • Dwarka Expressway, a 18 km long and 150 mt wide road, connecting Delhi to Gurgaon will have world class highway infrastructure and has opened up massive real estate space in Gurgaon Close to 90 projects with 47,000 units have already been launched on Expressway; projects launched in late 2008 and early 2009 will be ready for occupancy by late 2013 Most projects launched are luxury with dominance of large sizes and deluxe specifications Current prices on Expressway range from ~Rs 4700 (sectors close to Gurgaon) to ~Rs 14000 (sectors close to Delhi). Prices in sectors close to Delhi are on an average at ~35% premium over sectors close to Gurgaon Prices though have been appreciating since last year (~33%), last five months of this year have seen steep appreciation especially in sectors close to Gurgaon (~20%) Sales have slowed down in last 3 months impact of overall economic depression, high prices and reduced exit options for investors We are bullish in long term and believe that price will stabilize this year but with reduced new launches. Market will see renewed interest once Palam Vihar land acquisition dispute is resolved and Expressway construction reaches closer to last milestone Source: Proptiger Research May 2013 Confidential and for Internal Use only 1
- 3. Agenda What is Dwarka Expressway Residential Real Estate in Dwarka Expressway Commercial Real Estate in Dwarka Expressway Our view on future of Dwarka Expressway Source: Proptiger Research May 2013 Confidential and for Internal Use only 2
- 4. Dwarka Expressway consists of 23 residential and 6 new commercial sectors in Gurgaon Expressway sectors Commercial Residential Institutional Dwarka Expressway is an alternative route to connect Gurgaon with Delhi Source: Proptiger Research May 2013 Confidential and for Internal Use only 3
- 5. Its planned to be an integral part of Gurgaon road network NPR or Dwarka Expressway will be masterpiece infrastructure • 150 mt wide twice the size of NH8 • Minimum 8 lanes with 2 – 4 service lanes • 18 Km long • Aligned with proposed metro NH8 NH8 SPR Source: Proptiger Research May 2013 Confidential and for Internal Use only 4
- 6. It will alleviate congestion as well as open up new residential space for Gurgaon residents • Reduces congestion by providing alternative to NH8 Alleviates congestion • Halves travel time to International Airport • Provides alternative for daily commuters from Delhi who get stuck at NH8 toll plaza – smoother flow of traffic as there is no toll on this road Opens up massive real estate opportunity • Provides opportunity for Gurgaon residents to own houses closer to Delhi at affordable price e.g. Sector 112, 113 and 114 will be closer to Delhi then DLF Phase - 1 • Optimal mix of commercial, industrial and residential sectors ensure excellent social infrastructure and increase liveability of area • Key commercial and retail space of Gurgaon is currently tough to approach for residents of old Gurgaon sectors 1, 2, 3, 14, 15, 23 etc. • These residents will get access to new commercial and office space on Dwarka Expressway • Brings new Diplomatic Enclave as well as AIIMS – 2 (new building of AIIMS) closer to Gurgaon Improves Social Infra for Old Gurgaon Source: Proptiger Research May 2013 Confidential and for Internal Use only 5
- 7. Expressway construction has started current deadline of completion is Oct 2013 Construction Progress • Contract for construction of 14 km of Dwarka Expressway awarded to Indiabulls Real Estate in July 2011 • Out of remaining disputed 4 km, dispute in 2km is resolved ‒ 700 mt was running through an SEZ which is cancelled now ‒ 1000 mt was stuck due to pending railway overbridge which is also approved now ‒ 300 mt is goes through Village Kherki Daula which is also closed to resolution • • Solution to this will create value for residents of this area Last stretch of ~2 km passes through Palam Vihar where about 500 families will be displaced. Resolution is still pending on this front Project was expected to complete by Dec 2012 but has missed deadline to Oct 2013 Source: Proptiger Research May 2013 Confidential and for Internal Use only 6
- 8. Construction of few early launch projects is in final stages, e.g. Mahindra Aura Launched in Oct 2009 in Sector 111 Phase 1 – Tower C (7th June 2013) Phase 2 – Tower A (7th June 2013) Phase 4 Tower H (7th June 2013) Source: Proptiger Research May 2013 Confidential and for Internal Use only 7
- 9. Construction progress of Raheja Atharva Launched in May 2008 in Sector 109 Source: Proptiger Research May 2013 Confidential and for Internal Use only 8
- 10. Construction progress of Ramprastha The Edge Towers Launched in Jan 2009 in Sector 37 D As on June 2013 As on June 2013 Source: Proptiger Research May 2013 Confidential and for Internal Use only 9
- 11. Construction progress of Ramprastha Atrium Launched in Jan 2009 in Sector 37D As on June 2013 As on June 2013 Source: Proptiger Research May 2013 Confidential and for Internal Use only 10
- 12. Construction progress of Corona Optus Launched in Mar 2011 in Sector 37C Source: Proptiger Research May 2013 Confidential and for Internal Use only 11
- 13. Construction progress of Sobha International City Launched in Jun 2011 in Sector 109 As on May 2013 Source: Proptiger Research May 2013 Confidential and for Internal Use only 12
- 14. Agenda About Dwarka Expressway Residential Real Estate in Dwarka Expressway Commercial Real Estate in Dwarka Expressway Our view on future of Dwarka Expressway Source: Proptiger Research May 2013 Confidential and for Internal Use only 13
- 15. We view Dwarka Expressway as three different residential micro markets Micro market 1 • Closest to Delhi will be sector 110, 110A, 111, 112, 113, 114, 109 • This area will also be close to planned Diplomatic Enclave and AIIMS 2 Micro market 2 • Sectors of 107, 108, 105,106, 104, 103, 102, 102A, 101 will be middle sectors on Dwarka Expressway Micro market 3 • Sectors of 99, 99A, 37C, 37D, 36A, 88A, 88B, 84, 83 will be closer to NH8 and Golf course extension road Source: Proptiger Research May 2013 Confidential and for Internal Use only 14
- 16. Micro market 1: 23 projects, ~9,300 units under construction Project World Champion Tower Ekaantam International City Gurgaon Gateway 114 Avenue Windchants Atharva Builder Homestead Emaar MGF Sobha TATA Housing VSR Infratech Experion Raheja Locality Status Type Land (Pre) Size Total Launch (Acres) Towers Units Date Launch BSP* Current /Last BSP* Sector 109 Sector 112 Sector 109 Sector 113 Sector 114 Sector 112 Sector 109 Under Const Pre Launch Under Const Launch Under Const Under Const Under Const Appt Appt Villa Appt Appt Villa Appt Appt 5 NA 150 28 NA NA 15.61 1 NA NA NA 1 7 8 100 300 840 250 112 491 504 Oct-12 Mar-13 Jun-11 Feb-13 Feb-12 Jun-12 May-08 8000 9500 9000 9500 8000 7000 2400 - 2500 14000 11500 11000 11000 10000 9100 8675 Raheja Sector 109 Kashish Sector 111 Nimai Sector 114 Indiabulls Sector 110 ATS Group Sector 109 Eminence Kimberly Suits Group Sector 112 Puri Diplomatic Greens Construction Sector 111 Mahindra Mahindra Aura Lifespaces Sector 110 Serenity Chintels Sector 109 Conscient One Conscient Infra Sector 109 Paradiso Chintels Sector 109 Kocoon ATS Group Sector 109 Lumbini Terrace Homes Brisk Infra. Sector 109 Capital Gateway Tashee Group Sector 111 Zeal Antriksh Group Sector 112 Earth Copia Earth Infra. Sector 112 Source: Proptiger Research May 2013 Under Const Under Const Pre Launch Under Const Pre Launch Appt Villa Appt Appt Appt Appt 18 NA 3.5 NA 12 23 12 1 10 5 250 714 100 450 435 Jan-09 Jun-12 May-13 Sep-10 Apr-13 2000 - 2200 6300 8250 4500 7500 8475 8333 8250 8200 8000 Pre Launch Appt NA 3 420 Feb-13 6000 7750 Under Const Villa Appt 20 23 758 Nov-11 5500 7528 Under Const Pre Launch Pre Launch Under Const Under Const Appt Appt Appt Appt Appt 17 25 NA 12.3 11 11 NA 1 9 6 800 280 17 532 440 Oct-09 Oct-12 May-13 Mar-11 Jun-11 2200 7000 6900 3700 5500 6975 6950 6900 6575 6500 Under Const Under Const On Hold Under Const Appt Appt Appt Appt NA NA NA NA 5 13 3 10 264 650 350 520 Mar-11 Aug -10 NA Oct-11 3200 2700 4900 3000 6050 5700 NA 5000 Shilas Manor One Place Enigma Tourmaline Note: * BSP in Rs/sq ft Confidential and for Internal Use only 15
- 17. Micro market 2: 32 Projects, ~18,000 units under construction Contd… Project Builder Locality Status Land Size Type (Acres) Towers Total Units (Pre) Launch Date Launch BSP* Current / (Approx) Last BSP* Triumph ATS Group Capital Square Capital Group Vedaanta Floors Raheja Godrej Summit Godrej Properties Vedas Raheja Dews Paras Vedaanta Raheja The Heart Song Experion Golf Avenue CHD Developer Woodshire M3M Sector 104 Sector 104 Under Cons Pre Launch Appt Appt 12 4 8 2 443 572 Nov-12 Jun-13 7500 8500 9000 8500 Sector 108 Sector 104 Sector 108 Sector 106 Sector 108 Under Cons Under Cons Under Cons Under Cons Under Cons Appt Appt Appt Appt Appt NA 22 NA 14 11 15 11 3 6 6 75 1176 400 624 798 Jun-11 Sep-12 Nov-09 Mar-13 May-11 3750 5350 2000 - 2200 5000 2400 - 2500 8000 7621 7275 7000 6875 Sector 108 Sector 106 Sector 107 Under Cons Under Cons Under Cons 15 12 19 12 9 18 811 616 984 Nov-12 Sep-12 Dec-12 5500 4650 4400 6550 6417 6250 Emerald Bay Cosmocity Beau Monde ELACASA Estella Spire woods Spire 103 1000 Trees Sector 104 Sector 103 Sector 104 Sector 107 Sector 103 Sector 103 Sector 103 Sector 105 Under Cons Under Cons Pre Launch Under Cons Under Cons Under Cons Under Cons Pre Launch Appt Appt Appt Villa Appt Appt Appt Appt Appt Appt Appt Appt 17 NA 12 NA 16 NA NA 14 9 10 14 7 14 5 12 11 702 666 751 540 860 166 600 700 Mar-13 Jan-12 May-13 Feb-13 Jan-12 Jan-12 Oct-11 Dec-12 7250 3500 - 3700 5800 4500 - 5000 2600 3500 3500 4200 6188 6000 6000 5650 5611 5500 5500 5500 Puri Construction Era Group M2K Infra. Earth Infra. Sidharatha Group Spire World Spire World Geoworks Source: Proptiger Research May 2013 Note: * BSP in Rs/sq ft Confidential and for Internal Use only 16
- 18. Micro market 2: 32 Projects, ~18,000 units under construction Project Beethoven 8 Builder Agrante Locality Status Land Size Type (Acres) Towers (Pre) Launch Date Total Units Launch BSP* (Approx) Current / Last BSP* Sector 107 Under Cons Appt NA 5 391 May-13 5600 5500 Highland Park Ansal Housing Sector 103 Under Cons Appt 12 8 620 Jun-12 4000 5400 The Hermitage Satya Group Sector 103 Under Cons Appt 10 8 456 Dec-11 2200 - 2500 5223 Centrum Park Indiabulls Sector 103 Under Cons Appt 17 15 776 Dec-09 2350 5200 The Residency Landmark Group Sector 103 Under Cons Appt 11 3 500 Apr-11 3200 4500 Officers Heights Sector 104 Under Cons Appt 11 6 240 Jun-10 NA 3200 Gurgaon Greens Emaar MGF Sector 102 Under Cons Appt 13.5 26 654 Jan-12 4650 7500 Amstoria Lutyens Plots BPTP Sector 102 Under Cons Plot NA NA 847 Jan-11 4900 NA Chateau BPTP Sector 102 Under Cons Villa NA NA 46 Jan-11 Oyster Grande Adani Group Sector 102 Under Cons Appt NA 18 1200 Oct-12 5495 6000 Imperial Gardens Emaar MGF Sector 102 Under Cons Appt NA 9 576 Nov-12 5750 7700 Heritage Max Conscient Infrastructure Sector 102 Under Cons Appt 11 6 500 Dec-12 5500 7049 Amstoria Country Floor BPTP Sector 102 Under Cons Appt NA NA 600 Nov-10 NA NA Amstoria Farm Villas BPTP Sector 102 Under Cons Villa NA NA NA Oct-10 NA 5500 - 7500 Soldier Housing 5063 Source: Proptiger Research May 2013 Note: * BSP in Rs/sq ft Confidential and for Internal Use only 17
- 19. Micro market 3: 39 Projects, ~20,000 units under construction Contd… Project Gurgaon 21 Sovereign Park The Habitat Merchant Plaza Urban Expression Elvedor Hibiscus 2 Lifestyle Homes Palm Gardens Kalistaa Paradise Blith Primera Amantra Rubix The Edge Towers Terra Almeria Privy AT4 The Coralwood New Launch Builder Vatika Vatika Newgrowth Silver Glades Vatika Imperia SS Group Vatika Emaar MGF Spaze Mapsko Group Assotech Ramprastha Ansal Housing Imperia Ramprastha BPTP SS Group Spaze SS Group Ashiana Landcraft Locality Sector 83 Sector 99 Sector 99 Sector 88 Sector 88B Sector 37C Sector 83 Sector 83 Sector 83 Sector 84 Sector 83 Sector 99 Sector 37D Sector 88A Sector 37C Sector 37D Sector 37D Sector 84 Sector 84 Sector 84 Sector 88A Status Under Cons Under Cons Launch Under Cons Pre Launch Under Cons Pre Launch Under Cons Under Cons Under Cons Under Cons Under Cons Under Cons Pre Launch Under Cons Under Cons Under Cons Under Cons Under Cons Under Cons Pre Launch Land (Pre) Size Total Launch Type (Acres) Towers Units Date Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt Appt 20 NA 0.67 0 18.5 NA 15 NA 8 NA NA NA 450 10.1 NA NA NA 7.5 20 15 14.25 12 950 12 311 5 15 1 150 12 150 4 600 11 500 25 703 12 1094 1 80 7 364 7 558 5 472 10 560 1 250 15 1272 6 552 5 165 10 539 10 650 NA 300 Oct-09 Dec-12 May-13 May-13 May-13 Nov-12 Feb-13 Feb-10 May-11 Jun-12 Apr-11 May-12 May-13 May-13 Oct-12 Jan-09 Aug-12 Jan-12 Aug-12 Aug-10 May-13 Launch BSP* Current / (Approx) Last BSP* 2500 6800 - 7050 7750 9000 8000 8000 8000 8000 7650 7650 7200 7600 7500 7500 3100 6800 4100 6740 5500 6720 3600 6700 4350 6500 5000 6500 6300 6300 5400 6250 2200 6200 5250 6083 4800 6000 3480 5928 2850 5925 5850 5850 Source: Proptiger Research May 2013 Note: * BSP in Rs/sq ft Confidential and for Internal Use only 18
- 20. Micro market 3: 38 Projects, ~20,000 units under construction Project Status Land Size Type (Acres) Towers Pre Launch Under Cons Under Cons Under Cons Under Cons 106 11.47 NA NA 17 NA 11 13 5 8 609 570 1368 334 720 Feb-10 Jun-11 Jun-10 Jul-12 Mar-11 3200 2400 3150 3700 - 4000 1800 5800 5500 5250 5225 5190 Antriksh Group Sector 84 Ramprastha Sector 37D Ramprastha Sector 37D Plot Appt Appt Appt Appt Villa Under Cons Appt Under Cons Appt Under Cons Appt NA NA 450 13 6 5 May-09 Jan-09 Jun-09 2250 1800 2000 5123 5122 5000 Pareena Ramprastha Ramprastha Imperia Vatika ILD BPTP BPTP Sas Group Uppal Group Cosmos Infra Piedmont Launch Under Cons Under Cons Under Cons Under Cons Under Cons Under Cons Under Cons On Hold Under Cons Under Cons Under Cons 13 NA NA NA 8 NA NA NA NA 106 NA 11.47 10 9 5 10 11 7 6 7 NA NA 10 11 1147 336 280 112(Lau nched) 684 315 800 600 700 450 406 NA 609 616 570 Apr-13 Feb-11 Oct-11 May-12 Jun-08 Jan-10 Apr-12 Dec-09 Mar-09 Feb-10 May-11 Jun-11 4990 3250 3850 3100 2800 2000 - 2200 3750 2700 2550 3200 3200 2400 5000 4750 4750 4708 4500 4500 3875 3450 NA 5800 5513 5500 Builder Gurgaon 99 Uppal Group Taksila Heights Piedmont Spacio Park Serene BPTP ILD Grand ILD Optus Corona Group Antriksh Heights The Atrium The view The Elite Residences Skyz Rise Esfera City Homes Spire Greens Park Generation Park Serene Arcadia Homes Gurgaon 99 Express 99 Taksila Heights Locality Sector 99 Sector 37C Sector 37D Sector 37C Sector 37C Sector 99A Sector 37D Sector 37D Sector 37C Sector 83 Sector 37C Sector 37D Sector 37D Sector 83 Sector 99 Sector 99 Sector 37C Appt Appt Appt Appt Appt Appt Appt Appt Appt Plot Appt Appt Total Units (Pre) Launch Date Launch BSP* Current / (Approx) Last BSP* Source: Proptiger Research May 2013 Note: * BSP in Rs/sq ft Confidential and for Internal Use only 19
- 21. Launches on Expressway increased post Q2 2011 after Expressway construction contract was awarded Sobha villas at BSP* of 9000 launched Total Units 8000 Avg BSP* of 2500 2700 7000 6000 5000 4000 Avg BSP* of 2400 2800 3332 3000 2000 1858 1427 1104 1000 Schumacher tower at BSP* of 8000 Puri Diplomatic at 5500 Indiabulls Enigma at BSP* of 4500 Emaar Ekantham at BSP* of 9500 6755 5107 3987 3713 3093 3299 2623 4222 2916 1608 1403 1100 650 New launches have slowed down this year 0 Source: Proptiger Research May 2013 Note: * BSP in Rs/sq ft Confidential and for Internal Use only 20
- 22. Most projects are aimed at Premium and Luxury segment • High ratio of 3, 4 BHK going upto 6 BHK • Average super area of the apartment is on the higher side • ~45 apartments per acre compared to 60 – 65 seen in other localities and cities • Luxury amenities and features range from helipads, VRV air conditioning, double height living rooms, Italian marble etc. Source: Proptiger Research May 2013 Confidential and for Internal Use only 21
- 23. ~70% of supply in Dwarka Expressway is 3 and 4 BHK Even 1 BHK are mostly Studio and Serviced residences # of Units # of Launched Units 18000 16776 16000 Most of these are 2 BHK + servant units 14000 70% supply is above 3 BHK 12000 10000 8000 Most of these are serviced apartments 8397 6182 6000 4000 2000 1857 638 0 1 BHK (Serviced/Studio) 2 BHK 3 BHK 4 BHK 5 BHK and above Source: Proptiger Research May 2013 Confidential and for Internal Use only 22
- 24. Apartment sizes for all BHK configurations are above benchmark sizes Super area (Sq ft) 9000 600 1100 1500 2000 8000 xx 2700 Benchmark Sizes 8000 7400 7000 6000 5733 5000 4000 4625 Ramprastha Atrium 3314 3000 2275 2000 1000 1364 965 1191 745 500 2032 3600 1998 Highest Average Lowest 1185 0 1 BHK 2 BHK 3 BHK 4 BHK 5 BHK Source: Proptiger Research May 2013 Confidential and for Internal Use only 23
- 25. 80 70 60 50 40 30 20 10 0 Amstoria International City Gurgaon Gateway Shilas World Champion… The Habitat Place Tourmaline Triumph Diplomatic Greens ATS Kocoon Puri Emerald Bay Corona Optus Paras Dews The Hermitage Heritage Max Centrum Park Era 103 Gurgaon Greens Golf Avenue Woodshire 1000 Trees Godrej Summit The Heart Song Amantra Beau Monde The Elite… Vedaanta Most projects have <45 apartments per acre against benchmark of 60 - 65 # of units Apartments per Acre <45 apartments Villas 36 9 4 6 14 20 22 41 42 37 38 40 45 45 46 46 54 54 48 51 52 52 48 55 63 70 75 29 Source: Proptiger Research May 2013 Confidential and for Internal Use only 24
- 26. Examples of luxurious amenities and specifications Sobha International City • • • • 2 Acre Grand Club House with five star amenities Premium marble and wooden flooring Double glazed French windows from floor to ceiling Double height dining and living spaces and spacious rooms with high ceilings Michael Schumacher Tower • • • • Cantilevered helicopter platform Italian marble flooring Curved decks and terraces with a multitude of entertainment spaces Stylish Observatory Deck, 250 ft above the ground Experion Heart Song • • • • 4 acres of themed landscape and activity hubs Split air conditioners in living room and all bedrooms Approximately 20,000 sq ft of centralized community spaces Conceptualized by Woodhams, New Zealand • • • ATS Kocoon have employed Hafeez Contractor for design Chintels Paradiso boasts of ~85% open space Godrej summit has 3 or more spacious balconies in every apartment Other Projects Source: Proptiger Research May 2013 Confidential and for Internal Use only 25
- 27. Market has seen price appreciation of 33% since Mar 2012; ~12 – 20% in last 6 months Average BSP (Rs per sq ft) 9,500 8,900 8,867 9,029 12% 8,500 8,050 7,500 6,500 7,500 6,838 6,800 6,271 6,500 6,515 6,630 5,800 5,300 6,048 20% 5,748 5,500 5,100 5,050 4,500 5,500 5,100 4,500 Micro Market 1 Micro Market 2 4,000 3,500 May-13 Apr-13 Mar-13 Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Micro Market 3 Source: Proptiger Research May 2013 Confidential and for Internal Use only 26
- 28. Current price of Rs 6,600 – 9,000 per sqft is stretched MM1 commands 36% premium over MM 3 whereas MM 2 and 3 have converged Micro Market 1 Micro Market 2 Micro Market 3 Sectors Sector 109, 110, 110A 111, 112, 113, 114 Sector 103, 104, 105, 106, 107, 108 Sector 102, 102A, 99, 99A, 37C, 37D, 36A, 88A, 88B, 84, 83 Min (BSP) 6050 (Mahindra Aura) 5241 (Satya Hermitage) 4708 (Imperia Esfera) Max (BSP) 14000 (Schumacher Tower) 9000 (ATS Triumph) 8000 (Merchant Plaza) 9029 6838 6630 Average (BSP) 36% End users have options of purchasing resale flats in well developed sectors 56/57 at ~7000 per sq ft rather wait 5 years for construction of project Source: Proptiger Research May 2013 Confidential and for Internal Use only 27
- 29. Rising prices have impacted sales since Apr 2013 Lower inventory overhang is result of lack of new launches Units 6000 7.3x 6.4x 5.3x 5482 7.8x 5543 5600 4843 5000 4000 Yx Total Inventory (units) Total Sales (units) 3000 2000 1000 Inventory Overhang (Y months of inventory) 749 872 911 721 Feb-13 Mar-13 Apr-13 May-13 0 Customer interest in new launches have diminished due to high prices and reduced affordability Source: Proptiger Research May 2013 Confidential and for Internal Use only 28
- 30. Agenda About Dwarka Expressway Residential Real Estate in Dwarka Expressway Commercial Real Estate in Dwarka Expressway Our view on future of Dwarka Expressway Source: Proptiger Research May 2013 Confidential and for Internal Use only 29
- 31. Dwarka Expressway will also have abundant supply of office and retail infrastructure Micro Market 3 Micro Market 2 Micro Market 1 Builder Project Location Project type Eminence Nimai VSR Neo Earth Homes Conscient Infra Spire Ansal Tulip Capital Square Indiabulls Clarion Group Ocus Raheja Ansal KLJ VSR Ameya Orris Bestech Imperia Kimberly Suites The Place 114 Avenue Neo Square Skyline-109 Conscient One The Plaza Ansal's Townwalk Spectra London Walk Indiabulls Tech Park Crescendo Ocus Medley Raheja Business Floors Ansal Hub-II KLJ Upcoming Project 83 Avenue Sapphire Eighty Three Floreal Towers City Gate Imperia Elvedor Sector-112 Sector-114 Sector-114 Sector-109 Sector-109 Sector-109 Sector-106 Sector-104 Sector-104 Sector-104 Sector-103 Sector-102 Sector-99 Sector 84 Sector-83 Sector-83 Sector-83 Sector-83 Sector-83 Sector-81 A Sector-37C Studio Office Office Office Retail and Office Retail Retail Office Retail and Office Retail Office Office Retail and Office Office Retail Retail and Office Retail and Office Retail Retail and Office Office Retail and Office Source: Proptiger Research May 2013 Confidential and for Internal Use only 30
- 32. Agenda About Dwarka Expressway Residential Real Estate in Dwarka Expressway Commercial Real Estate in Dwarka Expressway Our view on future of Dwarka Expressway Source: Proptiger Research May 2013 Confidential and for Internal Use only 31
- 33. We are bullish in long term but expect hard times in next 1 – 1.5 years • Target of completing Expressway by Oct 2013 will be missed. Realistically, we expect it will take at least another 18 months i.e., Dec 2014 to complete the construction Overall subdued macroeconomic scenario has impacted the purchasing capacity/intention of buyers hence impacting end user demand • Lack of end user demand has dried exit options for investors and forced investors to block more money in existing construction • Rise in prices has also made resale supply in existing well developed sectors more attractive to end users • Given the reduced demand, new launches are expected to decline this year • New regulatory bill will also impact approval process and slow down launches • Clearance of relocation issue with residents of Palam Vihar will be a positive sign • Prices and Demand • • Expressway Construction Pressure of end users whose projects are completing this year will force authorities to resolve the Palam Vihar relocation issue on priority Economic recovery with stable government post election next year will further boost demand through improved buyer sentiment New Launches Green shoots Source: Proptiger Research May 2013 Confidential and for Internal Use only 32