Accelerating success.INDIAQUARTERLY UPDATE | MAY | 2013Residential PropertyMarket Overview
www.colliers.comresearch & forecast ReportSYDNEY CENTRAL BUSINESS DISTRICTIndia RESIDENTIAL marketResearch & forecast repo...
Colliers International | p. 3MumBAIKEY NEW PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq...
p. 4 | Colliers InternationalINDIA | May 2013 | residentialdelhiKEY ONGOING PROJECTSProject Name Location Developer Name T...
Colliers International | p. 5INDIA | May 2013 | residentialGurgaonCITY OFFICE BAROMETER1Q 2013 2Q 2013Capital ValueRental ...
p. 6 | Colliers InternationalCITY OFFICE BAROMETERnoidaCITY OFFICE BAROMETER1Q 2013 2Q 2013Capital ValueRental ValueNew Pr...
Colliers International | p. 7INDIA | may 2013 | residentialKEY NEW PROJECTSProject Name Location Developer Name Tentative ...
p. 8 | Colliers InternationalINDIA | May 2013 | RESIDENTIALbengaluruKEY NEW PROJECTSProject Name Location Developer Name T...
Colliers International | p. 9INDIA | May 2013 | RESIEDENTIALKolkataKEY NEW PROJECTSProject Name Location Developer Name Te...
p. 10 | Colliers InternationalINDIA | May 2013 | RESIEDENTIALpuneKEY NEW PROJECTSProject Name Location Developer Name Tent...
Colliers International | p. 11INDIA | may 2013 | residential | submarketsMumbaiThe high-end residential real estate market...
Colliers International (India) provides property services to property Investors and Occupiers. Wedeliver customised servic...
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India residential property market overview may 2013

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India residential property market overview may 2013

  1. 1. Accelerating success.INDIAQUARTERLY UPDATE | MAY | 2013Residential PropertyMarket Overview
  2. 2. www.colliers.comresearch & forecast ReportSYDNEY CENTRAL BUSINESS DISTRICTIndia RESIDENTIAL marketResearch & forecast reportINDIA | May 2013 | residentialwww.colliers.com1As of March, 2013 (Provisional)2SBI Home Loan Rate for Loan upto INR 30 Lakhs3SBI Fixed Deposit rate for a period of more than one year and amountbelow INR 1 Crore4Realty Index is a free float weighted index, comprised of real estatedevelopment companies in the BSE-500 Index.ECONOMIC BAROMETERReturn on Alternative InvestmentsApr-12 Apr-13REPO 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 %ChangeGold 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%3421Repo Rate Cash Reserve Ratio Wholesale Price IndexECONOMIC INDICATORSInPercentageMACRO ECONOMIC OVERVIEWAs 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 revisedprojection 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 thedecrease 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 bankssuch 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 basispoints.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 providehousing 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 thequarter. Projects in affordable segments with the right price points witnessed high absorptiondue to an overwhelming response from both investors and end users. Capital values of premiumresidential properties in major cities of India displayed a marginal increase in the range of 2 to7% QoQ. We anticipate increased activity in the primary sales market in the coming quarterswith numerous new launches across the cities.4.03.06.05.08.09.07.011.010.012.0Apr‘09Feb‘09Dec‘09Apr‘11Apr‘12Apr‘13Feb‘11Jun‘09Jun‘10Apr‘10Feb‘10Jun‘11Jun‘12Aug’08jun’08Apr‘08Aug‘09Aug‘10Aug‘11Aug‘12Dec’08Oct‘08Oct‘09Dec‘10Oct‘10Oct‘11Oct‘12Feb‘12Feb‘13Dec‘11Dec‘122.01.00.0-1.0-2.0Source: Goverment of India, Colliers International India Research
  3. 3. Colliers International | p. 3MumBAIKEY NEW PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**Alpine Kandivali SD Corp 4Q 2015 11,150Sevens Andheri east Kanakia spaces 4Q 2016 12,500Prithvii Ghatkopar west Rohan Lifescapes 4Q 2016 12,000Western Heights Andheri West Adani Group 4Q 2016 16,000CITY OFFICE BAROMETER1Q 2012 2Q 2013Capital ValueRental ValueNew ProjectConstruction PaceNote: Ongoing Price (P.S.F): Indicative asking price for premium residential propertiesper sq.ft.MUMBAI During 1Q 2013, the city’s residential market• witnessed launches of premium residentialprojects in micro-markets like Parel, Wadalaand Santacruz, priced in the range of INR16,000 - 20,000 per sq ft. A number ofredevelopment projects were also launched inthe western suburbs.Demand in the primary market increased• during the quarter. The project launchedwitnessed good absorption due to right pricepoints. Moreover, the 20-80 payment plansadopted by developers like Lodha Group,Bombay Dyeing and Ekta group got buyerinterest due to ease of payment.Capital values for premium residential• properties in the central and western suburbswitnessed a marginal increase QoQ in therange of 1-3%, while capital values remainedstable in prime locations in south Mumbai.Rental values remained under marginal• pressure and recorded a 1-4% decreaseQoQ in almost all micro-markets, exceptfor locations such as Colaba, Cuffe Parade,Bandra, Santacruz and Juhu.The Mumbai Metropolitan Region Development• Authority (MMRDA) has planned to build a1.6 km elevated road from the Bandra-KurlaComplex to the Eastern Express Highway.Colliers View:• The primary sales marketcontinued to observe the end user demand.The festive season of Gudi Padwa alsohelped to revive the overall sentiments inthe residential market. In medium term weanticipate increase in activity in the primarysales market with numerous launches in linehowever, resale market will continue to showa signs of stagnancy because of high pricepoints.010,00020,00030,00040,00060,00070,00050,00080,000INRpersq.ft.INRpersq.ft.permonth1Q20083Q20083Q20091Q20091Q20103Q20101Q20123Q20121Q20133Q2013F3Q2013F1Q20113Q201180,00040,00050,00070,00060,00010,00020,00030,0000Micro Market Ongoing Price (P.S.F)Thane-Kalyan 4,000 - 8,000Navi Mumbai 3,500 - 7,500Virar- Boisar 3,000 - 6,000INDIA | May 2013 | residentialColaba,CuffeParadeColaba, Cuffe ParadeMalabarHill,AltamountRoad,CarmichaelRoadMalabar Hill, AltamountRoad, Carmichael RoadWorliWorliBreachCandy,NapeanseaRoad,PeddarRoadBreach Candy, NapeanseaRoad, Peddar RoadPrabhadeviPrabhadeviBandraBandraSantacruzSantacruzAndheriAndheriPowaiPowaiKharKharJuhuJuhu200150100500PowaiKharPrabhadeviBreach Candy,Napeansea Road, Peddar RoadMalabar Hill, Altamount Road,Carmichael RoadColaba, Cuffe ParadeBandraJuhuAndheriWorliSantacruzINRPersq.ft.Note:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.Note: * As mentioned by developer** Base selling price as quoted by developerAVERAGE CAPITAL VALUE RANGEAVERAGE RENTAL VALUEAVERAGE CAPITAL VALUE TRENDSINVESTMENT OPPORTUNITIES
  4. 4. p. 4 | Colliers InternationalINDIA | May 2013 | residentialdelhiKEY ONGOING PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**Capital Greens Shivaji Marg DLF Ltd. 2Q 2015 14,000Castlewood Okhla Indiabulls Ltd. 4Q 2013 12,800Kings Court Greater Kailash- II DLF Ltd. 1Q 2015 36,000Queens Court Greater Kailash- II DLF Ltd. 1Q 2015 36,000Winter Hills Dwaraka Morh Umang Realtech 4Q 2013 8,750CITY OFFICE BAROMETER1Q 2013 2Q 2013Capital ValueRental ValueNew ProjectConstruction PacedelhI In 1Q 2013, limited supply was added to the• city’s premium residential inventory. A fewsmall-scale redevelopment projects wereready for possession in locations like VasantVihar, Anand Niketan, Shanti Niketan andDefence Colony.Capital values for premium residential• properties appreciated in the range of 2-7%QoQ in micro-markets like Chanakyapuri,Friends Colony and Maharani Bagh. The restof the micro-markets remained stable.Rental values for premium residential• properties remained stable with marginaldownward pressure in micro-markets likeShanti Niketan, Westend, Panchashila, Anandlok, Niti Bagh, SDA, Greater Kailash I and II,South Extension, Anand Niketan and VasantVihar.The Delhi Development Authority (DDA) has• approved its land pooling policy, which allowsdevelopers or land owners to pool their landto develop new areas. The developer or owneris required to surrender a stipulated portionof their land to the DDA for infrastructuredevelopment, as well as for green and openspace. The policy also mandates the retentionof a portion of land for economically weakersections.Colliers View:• Developers are adopting await-and-watch attitude in view of the newmaster plan, which is anticipated to facilitatevertical growth in the city and introduceadditional new supply in the long-term.Moreover, the future phases of the Delhi Metroproject, and other infrastructure developmentsacross the city, will provide a boost to the realestate sector. 15,000030,00045,00075,00090,000105,00060,000120,000INRpersq.ft.INRpersq.ft.permonthINRPersq.ft.1Q20083Q20083Q20091Q20091Q20103Q20101Q20123Q20121Q2013F3Q2013F1Q2014F1Q20113Q201140,00050,00060,00070,00080,000100,00090,00030,00020,00010,0000AnandNiketan,VasantViharAnand Niketan,Vasant ViharPanchashila,Anandlok,NitiBagh,SDAPanchashila, Anandlok,Niti Bagh, SDAFriendsColony,MaharaniBaghFriends Colony,Maharani BaghShantiNiketan,WestendShanti Niketan,WestendGreaterKailashI&II,SouthExtensionGreater KailashI & II, SouthExtensionGolfLinks,JorBagh,SunderNagarGolf Links,Jor Bagh,Sunder NagarChanakyaPuriChanakya PuriPrithvirajRoad,AurangzebRoadPrithviraj Road,Aurangzeb Road20016012080400Golf Links, Jor Bagh, Sunder NagarPanchashila, Anandlok, Niti Bagh, SDAGreater Kailash I & II, South ExtensionChanakya Puri Shanti Niketan, WestendFriends Colony, Maharani BaghPrithviraj Road, Aurangzeb RoadAnand Niketan, Vasant ViharNote:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.Note: * As mentioned by developer** Base selling price as quoted by developerAVERAGE CAPITAL VALUE RANGEAVERAGE RENTAL VALUEAVERAGE CAPITAL VALUE TRENDS
  5. 5. Colliers International | p. 5INDIA | May 2013 | residentialGurgaonCITY OFFICE BAROMETER1Q 2013 2Q 2013Capital ValueRental ValueNew ProjectConstruction PaceNote: Ongoing Price (P.S.F): Indicative asking price for premium residential propertiesper sq.ft.GURGAON In 1Q 2013, a number of new premium• residential projects and project phases werelaunched. These projects were priced in therange of INR 5,000 - 9,000 per sq ft in micro-markets such as New Gurgaon and DwarakaExpressway.Absorption remained restrained due to high• price-points in boththe primaryand secondarysales markets, while a few select projectswitnessed an over whelming response fromboth investors and end-users in primarymarkets. The Dwarka Expressway and NewGurgaon sectors from 80-92 remained themost active. Capital values in the secondary premium• residential market witnessed a marginalappreciation QoQ in the range of 5-7% inselect projects at Dwarka Expressway. Theremaining micro-markets witnessed marginalappreciation in the range of 2-3% during thequarter.Rental values witnessed a QoQ increase• in the range of 3-6% in most of the micro-markets because of the limited ready to moveproperties in the premium segment.Haryana’s State Government has approved• a nine-kilometre four-lane corridor fromMehurali-Gurgaon Road to Gurgaon-FaridabadRoad. The objective of this road is todecongest traffic and improve the connectivitybetween the cities.COLLIERS VIEW:• The increased investorparticipation resulted in increased resaleinventory stock. In near term, the higher pricepoints will confine the end-user as well asinvestor activity in the established residentialmicro markets. The emerging micro marketssuch as Dawarka Expressway, New Gurgaonwill continue to hold the interest of buyerswhile price are expected to remain more orless at the same level. 05,00015,00010,00020,00025,00030,00035,00045,00040,000INRpersq.ft.INRpersq.ft.permonthINRPersq.ft.3Q20083Q20091Q20091Q20103Q20101Q20123Q20121Q2013F1Q2014F3Q2013F1Q20113Q20116,0008,00010,00012,00014,00016,00018,0004,0002,0000Micro Market Ongoing Price (P.S.F)Golf CourseExtension Road7,500 - 8,500Sohna Extension 5,000 - 6,500Pataudi Road 4,500 - 5,500New Gurgaon 3,500 - 4,500806040200GolfCourseRoadGolf Course RoadSohnaRoad&ExtSohna Road & ExtDLFPhaseIDLF Phase ISushantLokSushant LokNH-8NH - 8DLF Phase INH-8Golf Course Road Sushant LokSohna Road & ExtKEY NEW PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**Ekantum Sector 112 Emaar MGF 4Q 2017 9,000Emerald Bay Sector 104 Puri Construction 4Q 2016 7,250Grande Sector 92 Sare Homes 4Q 2017 5,250Sanskriti Sector 92 Bestech Group 4Q 2016 5,750Note:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.Note: * As mentioned by developer** Base selling price as quoted by developerAVERAGE CAPITAL VALUE RANGEAVERAGE RENTAL VALUEAVERAGE CAPITAL VALUE TRENDSINVESTMENT OPPORTUNITIES
  6. 6. p. 6 | Colliers InternationalCITY OFFICE BAROMETERnoidaCITY OFFICE BAROMETER1Q 2013 2Q 2013Capital ValueRental ValueNew ProjectConstruction PaceNote: Ongoing Price (P.S.F): Indicative asking price for premium residential propertiesper sq.ft.noidaA few new projects were launched in 1Q• 2013. Most of them were new towers inexisting projects in sectors along the NOIDAExpressway, and were priced in the range ofINR 4,500 - 7,000 per sq ft.This quarter witnessed limited additional• supply in the city’s residential stock, as fewunder-construction projects offered ready-for-possession units.Capital values for premium residential• properties in the secondary market increasedmarginally in the range of 2-4% QoQ, whilemicro-markets like Sector 61-63 remainedstable. This could be due to the limited activityin the secondary sales-market in establishedareas. Buyers now prefer new projects with amodern amenities.Rental values during this quarter remained• unchanged across all micro-markets; newprojects were in demand because of thestate-of-an-art facilities and amenities theyoffered.During 1Q 2013, in a major infrastructure push• the local government authorities of NOIDA andGreater NOIDA have cleared more than 29km of metro rail project between NOIDA andGreater NOIDA. Total cost of the entire projectis expected to be around INR 5,500 crore.This will further improve the connectivity andboost the real estate activities between thetwo sister cities.Colliers View:• In mid term, the market willbe dominated by mid-range buyers, primarilybecause of the affordability quotient. Pricesare expected to see moderate appreciation,in view of large upcoming inventory and newproject launches. 5,0002,0008,00011,00017,00014,00020,000INRpersq.ft.INRpersq.ft.permonth3Q20091Q20103Q20121Q20133Q2013F1Q2014F1Q20113Q20101Q20123Q201112,00010,5009,0007,5006,0004,5003,0001.5000Micro Market Ongoing Price (P.S.F)NOIDA Expressway 3,800 - 5,500Sector 72 - 78 4,500 - 5,800Sector 117 - 121 4,000 - 5,000INDIA | May 2013 | residential403020100Sector28,29,30Sector 28, 29, 30Sector92/93Sector 92/93Sector61,62.,63Sector 61, 62., 63Sector50Sector 50Sector44Sector 44Sector 61,62,63Sector 92 / 93 Sector 28,29,30Sector 50 Sector 44INRPersq.ft.Note:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.Note: * As mentioned by developer** Base selling price as quoted by developerAVERAGE CAPITAL VALUE RANGEAVERAGE RENTAL VALUEAVERAGE CAPITAL VALUE TRENDSINVESTMENT OPPORTUNITIESKEY ONGOING PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**Panchsheel Pratishtha Sector 75 Panchsheel Group 4Q 2016 4,600The Palms Sector 117 Unitech Ltd. 4Q 2016 5,000Maxblis Grand Kingston Sector 75Maxblis ConstructionPvt. Ltd.2Q 2016 4,900Victory Ace Sector 143B Victory Group 4Q 2016 4,800Eldeco Inspire Sector 119 Eldeco Group 4Q 2016 4,500Prateek Edifice Sector 107 Prateek Group 4Q 2016 6,950
  7. 7. Colliers International | p. 7INDIA | may 2013 | residentialKEY NEW PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**Albatross EgatturArchean Design &Development4Q 2015 6,000 - 7,000Krona (Ph II) Porur VGN Developers 4Q 2015 4,300Meritta Kelambakkam, OMR Sobha Developers 4Q 2016 5,000Pacifica Aurum OMR Pacifica Group 4Q 2015 3,400Serene Porur Sobha Developers 4Q 2016 4,800Solitaire West Mambalam Casa Grande 4Q 2015 13,500CITY OFFICE BAROMETERchennai1Q 2013 2Q 2013Capital ValueRental ValueNew ProjectConstruction PaceNote: Ongoing Price (P.S.F): Indicative asking price for premium residential propertiesper sq.ft.CHENNAI In 1Q 2013, numerous new projects were• launched in the city. Old MahabalipuramRoad (OMR), Porur, Ponamalee, Ambattur,Sriperumbudur, Orgadamand Egattur havewitnessed the most new launches. Most ofthese projects were priced in the range of INR3,400 – 7,000 per sqft.There was limited supply in the city in micro-• markets such as GST Road, OMR, AnnaNagar, Poes Garden, Boat Club Road, RK Salaiand Thiruvanmiyur, due to the completion ofa number of small projects. In these marketsmost of the mid-range projects were availablefor resale in the price band of INR 7,000 –12,000 per sqft , while premium projects werepriced in the range of INR 14,000 – 30,000per sq ft .Capital values were increased in the range of• 3-5 % in almost all the micro-markets, exceptfor areas like Beasant Nagar, Alwarpet / R APuram and Velachery, where capital valuesremained 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, parksand other works; INR 450 crore for storm-water drains and INR 31.15 crore for bridges.The key focus is to decongest city roads andimprove the overall city’s infrastructure.COLLIERS VIEW:• City premium residentialmarket has been growing at steady pace.Many developers have launched new projectsacross the city. Going ahead, locations alongwith OMR and GST Road would remain activein terms of number of new project launchesbecause of sustained IT/ITeS developmentand planned infrastructure like metro projectand mono rail projects in these locations.AdyarAnnaNagarNungambakkamAlwarpet/RAPuramVelacherySholinganallurSiruseri/KazipatturTNagarBeasantNagarBoatClub6,0002,00010,00018,00014,00022,00026,00030,000INRpersq.ft.INRpersq.ft.permonthSholinganallurVelacheryAlwarpet / R A PuramT NagarBeasant NagarAdyarAnna NagarNungambakkamBoat ClubSiruseri/ KazipatturBoat ClubSiruseri/ KazipatturVelacherySholinganallurAnna NagarT NagarAdyarBeasant NagarNugambakkamAlwarpet / R A Puram1Q20083Q20083Q20091Q20091Q20103Q20101Q20123Q20121Q2013F3Q2013F1Q2014F1Q20113Q201125,00021,00017,00013,0009,0005,0001,000Micro Market Ongoing Price (P.S.F)Velachery 5,000 - 7,000Sholinganallur 3,500 - 4,200Siruseri/ Kazipattur 2,500 - 3,900INRPersq.ft.75604530150Note:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.Note: * As mentioned by developer** Base selling price as quoted by developerAVERAGE CAPITAL VALUE RANGEAVERAGE RENTAL VALUEAVERAGE CAPITAL VALUE TRENDSINVESTMENT OPPORTUNITIES
  8. 8. p. 8 | Colliers InternationalINDIA | May 2013 | RESIDENTIALbengaluruKEY NEW PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**Mantri Web City Hennur Road Mantri Developers 4Q 2016 4,490Prestige Spencer Heights Frazer Town Prestige Group 4Q 2015 14,000Samrudhi Rhythm Off Hosur Road Samrudhi Developers 4Q 2015 3,450SJR Plazza City Sarjapur Road SJR Group 4Q 2016 4,302Tata Haven Tumkur Road Tata Developers 4Q 2016 3,125The Greens Hosur Road Indya Estates 4Q 2016 2,375CITY OFFICE BAROMETERAVERAGE CAPITAL VALUE RANGE1Q 2013 2Q 2013Capital ValueRental ValueNew ProjectConstruction PaceNote: Ongoing Price (P.S.F): Indicative asking price for premium residential propertiesper 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. Thesenew launches were priced in the range ofINR 3,100-5,000 per sq ft, except PrestigeSpencer 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 projectphases were finalised this quarter, includingSkyline Ambrosia, RegencyChandra, VaishnaviSymphony, Esteem Enclave, Century Celesta,Skylark Zenith and Legacy Ariston.Capital values for premium residential• properties witnessed an increase in the rangeof 2-9% QoQ in almost all micro-markets,except Bannerghatta Road where capitalvalues remained stable.Rental values also appreciated in the range of• 1-9% in almost all micro-markets; howeverlocations like Cooke Town, Airport Road andIndiranagar remained stable.In order to reduce congestion and boost• real estate activities in Bangalore, the stategovernment and the Asian Development Bankhave decided to develop eight new residentialand industrial clusters in the Ramanagaram-Channapatna, Kanakapura-Nelamangala,Dobbspet-Peenya, Doddaballapur, Anekal-Jigani-Attibele, Devanahalli-Vijayapura,Magadi and Hoskote- Krishnarajapurammicro-markets.COLLIERS VIEW:• The city’s residentialmarket witnessed healthy demand both frominvestors and end-users. We anticipate thatthe city will see a number of new launchesin both premium and mid-range categories inthe medium-term. Given the number of newlaunches, it is anticipated that prices will seeappreciation in the near-to mid-term.4,00008,00016,00012,00020,00024,00028,000INRpersq.ft.INRpersq.ft.permonthAVERAGE RENTAL VALUE25,00020,00015,00010,0005,0000AVERAGE CAPITAL VALUE TRENDSMicro Market Ongoing Price (P.S.F)Airport Road 5,000 - 6,000Bannerghatta Road 4,200 - 6,000Whitefield 4,400 - 6,700Yelahanka 3,800 - 6,000YelahankaYelahankaBannerghattaRoadWhitefield (Appts)AirportRoadKoramangalaWhitefieldBannerghatta RoadJayanagarIndiranagarCookeTownAirport RoadKoramangalaPalace OrchardIndiranagarJayanagarPalaceOrchardCooke TownCentralCentral8060402001Q20083Q20081Q20101Q20093Q20093Q20101Q20113Q20121Q20133Q2013F1Q2014F1Q20123Q2011CentralYelahankaKoramangalaIndiranagarJayanagarBannerghatta RoadPalace OrchardCooke TownAirport RoadWhitefieldINRPersq.ft.Note:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.Note: * As mentioned by developer** Base selling price as quoted by developerINVESTMENT OPPORTUNITIES
  9. 9. Colliers International | p. 9INDIA | May 2013 | RESIEDENTIALKolkataKEY NEW PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**Arihant Viento` Tangra Arihant Group 2016 5,800Arti Green Valley Garia Arti Group 2017 2,400Mayfair Bloom Jagaddal Mayfair Group 2015 2,280Mayfair Whitefield Narendrapur Mayfair Group 2015 2,350Signum Gardenia Bondel Road Heritage Realty Group 2016 6,000Tirupati Paradise Sonarpur Tirupati Awas 2016 2,014CITY OFFICE BAROMETERAVERAGE CAPITAL VALUE RANGENote:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.1Q 2013 2Q 2013Capital ValueRental ValueNew ProjectConstruction PaceNote: Ongoing Price (P.S.F): Indicative asking price for premium residential propertiesper sq.ft.kolkataDuring 1Q 2013, the city’s residential market• witnessed an increase in new premiumproject launches in locations like Garia,Sonarpur, Bondel Road, Tangra, NarendrapurHowrah and Jagaddal. Most of these projectswere priced in the range of INR 2,400 - 6,000per sq ft.Construction activities remain healthy, with• the completion of numerous residentialprojects like Sunny Dale and Sunny Dew IIby Starlite Group, located at EM Bypass andGaria respectively, and 4 Sight Model Townby Ganguly Group and Hindustan Enclave bySomani Realtors, located at Garia.Demand for residential properties from end• users and investors picked up this quarter,and newly launched projects witnessedhigh absorption. Capital values increasedin the range of 2-7% QoQ in almost allmicro-markets. Similarly, rental values alsowitnessed 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 EMBypass and Science City, the constructionwork of subway taken up by the StateGovernment has been completed in a recordtime of just 29 days.Colliers View:• Residential sales volumesare expected to gain momentum in the near-term.PeripherallocationssuchasTollygaunge,Behala, Salt Lake, EM Bypass and New TownRajarhat will see increased activity, due totheir affordability quotient. Overall, capital andrental values are expected to remain stable inthe near future, except for south Kolkata dueto the limited supply in this area.3,0001,0007,0005,00011,0009,00013,00015,00017,000INRpersq.ft.AVERAGE RENTAL VALUE2,0004,00006,0008,00010,00012,00014,00016,000AVERAGE CAPITAL VALUE TRENDSMicro Market Ongoing Price (P.S.F)Tollygunge 3,600 - 4,800Behela 2,900 - 3,700Salt Lake 4,000 - 5,500EM Bypass 4,000 - 7,000New Town -Rajarhat 3,200 - 4,600BhawanipurBhawanipurPAShahRoadPA Shah RoadTollygungeTollygungeLoudonStreetLoudon StreetBehelaBehelaAliporeAliporeEMBypassEM BypassBallygungeBallygungeSaltLakeSalt LakeVIPRoadVIP RoadNewTownRajarhatNew Town RajarhatBhawanipurEM BypassBallygungeBehelaTollygungeP A Shah RoadNew Town - RajarhatLoudon streetAliporeVIP RoadSalt Lake1Q20083Q20081Q20101Q20093Q20093Q20101Q20113Q20121Q20133Q2013F1Q2014F1Q20123Q2011INRPersq.ft.403020100Note: * As mentioned by developer** Base selling price as quoted by developerINRpersq.ft.permonthINVESTMENT OPPORTUNITIES
  10. 10. p. 10 | Colliers InternationalINDIA | May 2013 | RESIEDENTIALpuneKEY NEW PROJECTSProject Name Location Developer Name Tentative Possession* Rate (Per Sq.ft.)**9 Sadashiv Sadashiv Peth Pinnacle Group 1Q 2015 12,000Imperium BalewadiMadhumita Construc-tions2Q 2014 5,850Nyati Epitome NIBM Nyati Group 4Q 2016 5,200Palm One Kondhwa Nobles Group 1Q 2015 5,100Pittie Kourtyard KharadiRaja Bahadur Interna-tional Ltd.1Q 2014 5,000Privie Sienna Hadapsar Kumar Properties 3Q 2013 5,999CITY OFFICE BAROMETERAVERAGE CAPITAL VALUE RANGENote:Average Capital/Rental Value Range: Indicative asking price for premiumresidential properties on per sq.ft. basis.1Q 2013 2Q 2013Capital ValueRental ValueNew ProjectConstruction PaceNote: Ongoing Price (P.S.F): Indicative asking price for premium residential propertiesper 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 newlaunches were priced between INR 3,500-6,000 per sq ft , with the exception of luxuryprojects quoting INR 10,000 - 12,000 per sqft.This quarter witnessed a slight slowdown• in construction activity, further delayingcompletion of projects.Overall, capital prices in Pune remained• stagnant in most micro-markets in comparisonwith 4Q. However the 10-20% hike inthe ready-reckoner-rate resulted in priceadjustments in the range of 2-8% in areaslike Magarpatta-Hadapsar, Baner-Pashan,Hinjewadi, Wakad, Warje, Pimpri-Chinchwadand Chakan.This quarter’s rental values remained fairly• stable in almost all of the micro-markets inPune.The State Government proposed the provision• of funds in the Union Budget 2013-2014 fortwo corridors of the metro rail project in Puneand Pimpri-Chinchwad, between Vanaz andRamwadi, and between Nigdi and Swargate.COLLIERS VIEW:• Pune’s residential marketcontinues to remain strong, led by the ITindustry’s housing demand. Luxury projectsoffering modern amenities and retained greenareas is the latest demand trend. Being thewell-established residential hubs, Hadapsarand Kharadi continue to be the preferredlocations, next to prime central areas,followed by the Baner-Pashan stretch, due tocompetitive pricing and their close proximityto Hinjewadi. Northern areas of Chakan, likeTalegaon and Ravet are potential residentialhotspots for growth due tothe promotionof SEZs and the planned Pune metro railproject.1,0003,0007,0005,0009,00013,00011,00015,000INRpersq.ft.AVERAGE RENTAL VALUE11,00010,0008,0009,0007,0006,0005,0004,0003,0002,000AVERAGE CAPITAL VALUE TRENDSMicro Market Ongoing Price (P.S.F)Kalyani Nagar/VimanNagar/Kharadi5,000 - 12,000Baner/Hinjewadi/Wakad/Pashan3,800 - 6,000Kothrud/Bavdhan/Wajre 3,800 - 6,000NIBM/Undri/Kondhwa 3,800 - 5,000Pimpri/Chinchwad/Chakan 2,500 - 4,500KalyaniNagar/Vi-manNagar/KharadiBhawanipurKalyani Nagar/Viman Nagar/Kharadi BhawanipurDeccan/Camp/BoatClubDeccan/Camp/Boat ClubBaner/Hinjewadi/Wakad/PashanBaner/Hinjewadi/Wakad/PashanMagarpatta/HadapsarMagarpatta/HadapsarNIBM/Undri/KondhwaNIBM/Undri/KondhwaKothrud/Bavdhan/WajreKothrud/ Bavdhan/ WajrePimpri/Chinchwad/ChakanPimpri/Chinchwad/Chakan3025201510501Q20093Q20091Q20103Q20101Q20113Q20113Q2012F1Q2014F1Q20133Q20121Q2012Kalyani Nagar/Viman Nagar/KharadiKothrud/Bavdhan/WajreNIBM/Undri/KondhwaPimpri/Chinchwad/ChakanDeccan/Camp/Boat Club/Central PuneMagarpatta/HadapsarBaner/Hinjewadi/Wakad/PashanINRPersq.ft.INRpersq.ft.permonthNote: * As mentioned by developer** Base selling price as quoted by developerINVESTMENT OPPORTUNITIES
  11. 11. Colliers International | p. 11INDIA | may 2013 | residential | submarketsMumbaiThe 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.DelhiThe prime residential areas in Delhi are in the South region and comprise Vasant Vihar, Westend, Shanti Niketan, Anand Niketan and Central Delhilocations. These areas enjoy proximity to embassies, the airport and central commercial areas - Connaught Place.GurgaonThe 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.NOIDANOIDA premium residential market is comprised of sectors 44, 50, 92, 61, 62, 63 , 28, 29, 30 and Taj Express Highway.ChennaiThe 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 aremainly concentrated along the CBD, and Eastern and South precincts of the city. Recently, Northern Bengaluru has also witnessed a spree of realtyactivity facilitated by the new International Airport at Devanhalli.KolkataThe 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.PuneThe 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 SUBMARKETSCITY BAROMETERSIncreasing as compared to previous quarterDecreasing as compared to previous quarterRemained stable from previous quarter
  12. 12. Colliers International (India) provides property services to property Investors and Occupiers. Wedeliver customised service solutions utilising local and global knowledge in partnership with ourclients via our property Investment and Occupier service lines. These service lines include - OfficeServices, Facility Management, Project Management, Residential Services, Investment Servicesand Valuation & Advisory Services.www.colliers.com/indiaFor national residential services related queries please contact:Poonam Mahtani, National Director Residential Services & Knowledge Systems Poonam.mahtani@colliers.comTel: +91 22 4050 4551 This book is printed on 100% Recyclable paperINDIA | May 2013Accelerating success.AUTHORSAmit Oberoi MRICSNational Director, Valuation & Advisory; ResearchEmail: Amit.oberoi@colliers.comSurabhi Arora MRICSAssociate Director, ResearchEmail: Surabhi.arora@colliers.comSachin SharmaAssistant Manager, ResearchEmail: Sachin.sharma@colliers.comHeliana ManoAssistant Manager, ResearchEmail: Heliana.mano@colliers.comFor general queries and feedback :India.Research@colliers.comTel: +91 124 456 7580This report and other research materials may be found onour website at www.colliers.com/India. Questions relatedto information herein should be directed to the ResearchDepartment at the number indicated above. This documenthas been prepared by Colliers International for advertisingand general information only. Colliers International makesno guarantees, representations or warranties of any kind,expressed or implied, regarding the information including,but not limited to, warranties of content, accuracy andreliability. Any interested party should undertake theirown inquiries as to the accuracy of the information.Colliers International excludes unequivocally all inferredor implied terms, conditions and warranties arising outof this document and excludes all liability for loss anddamages arising there from.© Copyright 2012 - 2013 All Rights Reserved.482 offices in 62 countries on 6 continentsUnited States: 140 Canada: 42 Latin America: 20 Asia Pacific: 195EMEA: 85$2.0 billion in annual revenue1.1 billion square feet under managementOver 13,500 + professionalsRecent Reports :GLOBAL RETAIL INDIA OFFICE INDIA RESIDENTIAL APAC OFFICE GLOBAL retail iNDIA bUDGET 2012-13OFFICEPROPERTY MARKET OVERVIEWINDIAQUARTERLY UPDATE | APRIL | 2013Accelerating success. Accelerating success.INDIAQUARTERLY UPDATE | FEBRUARY | 2013Residential PropertyMarket Overview ASIA PACIFICOFFICE MARKET OVERVIEW3Q 2012Accelerating success.STREET/PRECINCTRENT(USD)**ANNUALCHANGE(%)New York – Fifth Avenue ��,��� ��.�Hong Kong – QueensRoad Central, Central (tie)��,��� ��.�Hong Kong –Canton Road (tie)��,��� ��.�London – Old Bond St.*** ��,��� ��.�Paris – Avenue des***Champs-Élysées��,��� flatHong Kong -Causeway Bay��,��� ��.�New York –Madison Avenue���� ��.�Zurich – Bahnhofstrasse ���� flatMilan –Via Monte Napoleone���� (�.�)Sydney – Pitt Street Mall ���� (��.�)HIGHLIGHTSGLOBALwww.colliers.comMID-YEAR 2012 | RETAILANN T. NATUNEWICZ Manager | Retail Research | USAColliers’ 2012 Global Retail Streets survey found that of 129 locations tracked, 51 posted higher yearover 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 targetingthe same one or two premier locations, generating heated competition and outsized rental rate growthin a handful of space-constrained corridors.Companies with the most ambitious long-term expansion plans remain focused on emerging marketswith rapidly growing middle-class populations, but recently institutional capital has pulled backsomewhat to favor core markets and investments.While economic and political turmoil did affect rental rates in headline-generating markets (suchas Cairo and Athens), high streets with strong fundamentals remained remarkably resilient, suggest-ing, at least for now, some separation between macroeconomic issues and underlying realestate fundamentals.Since we conducted our survey, however, weakening consumer sentiment among affluent shoppershas already begun to impact retailers’ revenues and could hinder landlords’ near-term ability toraise rents, suggesting flattening growth rates for the coming year.This spring proved to be a tricky time to conduct global benchmarking, as market sentiment hasdeteriorated 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 globalfallout from Europe’s fiscal issues. As the past few months have illustrated, the time to face Eurozoneissues 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 rentsillustrate that the world’s priciest retail corridors continue to attract the most sought-after tenants at loftyrental rates. Eight of Colliers’ top ten Global Retail Streets in 2011 made the list again this year. The bigstory, however, lies with the explosive year over year rental growth achieved in a handful of markets. Sixof our Top 10 grew at double-digit levels year over year in local currency units, five of them by more than20%.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 years flat-to-higher rents than thoseslower to emerge from the recession. We will be watching these areas closely. Even as they representsome 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 ofe-commerce.This report contains two parts. The first summarizes the results of our annual Global Retail Streetssurvey, conducted in April 2012. The second incorporates content from Colliers’ brokerage and researchteams 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; GlobalSlowdown Impacts Momentum ElsewhereTOP 10 GLOBAL RETAIL STREETS*(USD PER SQUARE FOOT PER YEAR)REGIONAL RETAIL RESEARCH CONTACTSAMERICAS> Ann T. NatunewiczAnn.Natunewicz@colliers.comEUROPE/MIDDLE EAST/AFRICA> Zuzanna BaranowskaZuzanna.Baranowska@colliers.comASIA> Simon LoSimon.Lo@colliers.comAUSTRALIA/NEW ZEALAND> Nora FarrenNora.Farren@colliers.comSource: Colliers International* selected cities** exchange rate as of March 31, 2012*** Zone A rentsColliers International1 www.colliers.com/indiaImpact on Real Estate I NeutralTHE KEY HIGHLIGHTS OF THE BUDGET WHICH MAY IMPACT REAL ESTATESECTOR ARE AS FOLLOWS:1Q 2013 | RESEARCHSource: www.bseindia.com | Feb 28, 2013Company Change (%)BSE SENSEX -1.52-2.72-2.05-3.54-0.27-2.97-5.620.23-7.51-2.12-4.00-0.69-2.93-0.77-0.04-0.99-7.95Realty IndexAnant Raj Ltd.D B Realty Ltd.DLF Ltd.Godrej Properties Ltd.HDILHubtown Ltd.Indiabulls Real EstateMahindra LifespaceOrbit Corporation Ltd.Parsvnath DevelopersPeninsula Land Ltd.The Phoenix Mills Ltd.Sobha Developers Ltd.Sunteck Realty Ltd.Unitech Ltd.UNION BUDGET 2013 - A SNEAK PREVIEWHonorable Finance Minister P. Chidambaram started his budget speech 2013-14with the pretext of slowed global economic growth in 2012. He acknowledgedthat the Indian Economy is challenged and mentioned that the Indian economy isconstrained because of a high fiscal deficit; its reliance on foreign inflows tofinance the current account deficit; decreased savings and lower investment; atight monetary policy to contain inflation and strong external headwinds. Heassured that the budget spelled out measures for each of the above mentionedissues. The agenda for the Union Budget 2013-14 is set for ‘higher growthleading to inclusive and sustainable development’. The finance ministerprojected the economy to grow by 4.8% in the next fiscal down from 5.5% in2012-13.The real estate sector had high hopes this year from the Budget. However, thebudget remained silent on most of the major issues such as enactment of the RealEstate (Regulation and Development) Bill, revision of Land Bill, granting industrystatus to the sector or infrastructure status to the much ailing affordable housingsector etc. None the less, there are a few small measures that have been taken forthe real estate industry in this budget.1% TDS on value of the transfer of immovable properties where the considerationexceeds INR 50 lakh; No TDS for agricultural land transfer;Impact: This move would help to increase the much needed transparency in thereal estate transactions. The provision of deducting 1% as TDS will improve thereporting of such transactions and improve the government revenue from capitalgain 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 byincreasing in the overall construction cost. This impact will however be minorconsidering the percentage of cost allocated to this particular construction materialand the alternates available. The impact will probably be felt more in theluxury residential and hospitality construction sectors.STREET/PRECINCTRENT(USD)**ANNUALCHANGE(%)New York – Fifth Avenue ��,��� ��.�Hong Kong – QueensRoad Central, Central (tie)��,��� ��.�Hong Kong –Canton Road (tie)��,��� ��.�London – Old Bond St.*** ��,��� ��.�Paris – Avenue des***Champs-Élysées��,��� flatHong Kong -Causeway Bay��,��� ��.�New York –Madison Avenue���� ��.�Zurich – Bahnhofstrasse ���� flatMilan –Via Monte Napoleone���� (�.�)Sydney – Pitt Street Mall ���� (��.�)HIGHLIGHTSGLOBALwww.colliers.comMID-YEAR 2012 | RETAILANN T. NATUNEWICZ Manager | Retail Research | USAColliers’ 2012 Global Retail Streets survey found that of 129 locations tracked, 51 posted higher yearover 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 targetingthe same one or two premier locations, generating heated competition and outsized rental rate growthin a handful of space-constrained corridors.Companies with the most ambitious long-term expansion plans remain focused on emerging marketswith rapidly growing middle-class populations, but recently institutional capital has pulled backsomewhat to favor core markets and investments.While economic and political turmoil did affect rental rates in headline-generating markets (suchas Cairo and Athens), high streets with strong fundamentals remained remarkably resilient, suggest-ing, at least for now, some separation between macroeconomic issues and underlying realestate fundamentals.Since we conducted our survey, however, weakening consumer sentiment among affluent shoppershas already begun to impact retailers’ revenues and could hinder landlords’ near-term ability toraise rents, suggesting flattening growth rates for the coming year.This spring proved to be a tricky time to conduct global benchmarking, as market sentiment hasdeteriorated 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 globalfallout from Europe’s fiscal issues. As the past few months have illustrated, the time to face Eurozoneissues 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 rentsillustrate that the world’s priciest retail corridors continue to attract the most sought-after tenants at loftyrental rates. Eight of Colliers’ top ten Global Retail Streets in 2011 made the list again this year. The bigstory, however, lies with the explosive year over year rental growth achieved in a handful of markets. Sixof our Top 10 grew at double-digit levels year over year in local currency units, five of them by more than20%.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 years flat-to-higher rents than thoseslower to emerge from the recession. We will be watching these areas closely. Even as they representsome 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 ofe-commerce.This report contains two parts. The first summarizes the results of our annual Global Retail Streetssurvey, conducted in April 2012. The second incorporates content from Colliers’ brokerage and researchteams 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; GlobalSlowdown Impacts Momentum ElsewhereTOP 10 GLOBAL RETAIL STREETS*(USD PER SQUARE FOOT PER YEAR)REGIONAL RETAIL RESEARCH CONTACTSAMERICAS> Ann T. NatunewiczAnn.Natunewicz@colliers.comEUROPE/MIDDLE EAST/AFRICA> Zuzanna BaranowskaZuzanna.Baranowska@colliers.comASIA> Simon LoSimon.Lo@colliers.comAUSTRALIA/NEW ZEALAND> Nora FarrenNora.Farren@colliers.comSource: Colliers International* selected cities** exchange rate as of March 31, 2012*** Zone A rentsMumbai : 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 4272Delhi NCR : Ajay Rakheja, Office Director Ajay.rakheja@colliers.comNew Delhi : Statesman House, 4th Floor, Barakhamba Road, Connaught Place, New Delhi, India - 110001 Tel : +91 11 3044 6423, fax : +91 11 3044 6500Gurgaon : Technopolis Building, 1st floor, DLF Golf Course Main Road, Sector 54, Gurgaon, India - 122002 Tel : +91 124 456 7500, fax : +91 124 456 7502Bengaluru : 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 3131Pune : 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 6434Chennai : 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 1377Kolkata : 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

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