• In 1Q 2013, Mumbai, NCR, Bangalore, Chennai Kolkata and Pune recorded an overall absorption of more than 8 million sq ft. Bangalore saw the highest absorption, followed by the Mumbai and NCR markets however, Kolkata and NOIDA markets witnessed relatively weaker demand. We anticipate stability in rental values across the major markets due to large inventory in pipeline despite recovery in demand.
The occupiers’ demand remained cautious regarding expansion plans in almost all cities amid global economic crisis. The six major cities ie; Mumbai, NCR, Bengaluru, Chennai, Kolkata and Pune recorded an overall absorption of around 6.93 million sq ft which is approximately 15% less than 1Q 2013. Top ranking city for highest absorption rate continues to be Bangalore, Mumbai and NCR region with levels of 2.5 mln sq. ft., 1.41 mln sq. ft. and 1.45 mln sq. ft respectively.
HIGHLIGHTS
• uring 1Q 2014, office absorption in eight major cities was recorded at around 8 MN SF, 7% up from last quarter.
•Bangalore and NCR topped the chart contributing 75% in the total absorption.
•All markets, with the exception of Mumbai, Chennai and Pune, have witnessed increase in office absorption.
•With positive signals emanating from the global economy, which finds resonance in our improved export performance, we anticipate further improvement in sentiments after the elections
Demand-supply gap is likely to remain a concern in
coming quarters. While a few grade A office
buildings are likely to see completion towards the
end of 2017, we expect upward pressure on rents at
least in H1 2017. Tenants looking for quality assets
should find their options limited this year given that
most of the new supply is likely to enjoy high precommitment
rates from existing occupiers.
India Office Property Market Overview April 2015Sachin Sharma
The document provides an overview of office property markets across major cities in India for the first quarter of 2015. Some key points:
- Office space absorption increased 2.8% quarter-over-quarter to 8.5 million square feet across top cities led by Bengaluru, Delhi-NCR, and Mumbai.
- Demand was primarily from the IT/ITeS and BFSI sectors, with e-commerce companies accounting for 52% of total space absorbed.
- Rental values remained stable or increased up to 3-5% in select micro-markets of cities like Bengaluru, Mumbai, and Noida.
India Office Property Market Overview October 2015Sachin Sharma
Office market absorption in India reached 30 million square feet year-to-date, an 11% increase over the previous year. Major cities like Bengaluru, Gurgaon and Mumbai are expected to see continued office space uptake in the coming quarter. Rents remained stable across most markets except some areas of Gurgaon, Bengaluru and Pune which saw declines. The report provides an overview of the office markets in key cities like Mumbai, Delhi, Gurgaon, NOIDA, Chennai, Bengaluru, Kolkata, Pune and includes statistics on absorption, vacancy, rents and major transactions.
Although rents are likely to remain stable across
most micromarkets, we believe availability of Grade
A buildings at affordable rent will remain a concern
for the next several years. Thus instead of focusing
purely on spatial requirements, companies should
consider taking advantage of flexible office spaces
and formulate a forward-looking workplace strategy.
This document provides a quarterly update on the Indian residential property market in May 2013. It summarizes economic indicators and trends in key cities like Mumbai, Delhi, and Gurgaon. In Mumbai, demand increased for projects priced affordably, while capital and rental values saw marginal changes. Delhi saw limited new supply and price appreciation of 2-7% in some areas. New projects launched in Gurgaon priced between Rs. 5,000-9,000 per square foot, with buyer activity restrained by high prices.
This report identifies the top 11 residential investment destinations in India from 2016-2020. It analyzes locations within 6 major cities: Mumbai, NCR, Bengaluru, Pune, Chennai, and Hyderabad. Madh-Marve in Mumbai is identified as the top investment destination, expected to appreciate 94% over 5 years. Other top locations include Ulwe in Mumbai, New Airport Road in Pune, and Panathur-Varthur in Bengaluru. These locations were selected based on factors like employment growth, infrastructure development, and future price appreciation potential.
The occupiers’ demand remained cautious regarding expansion plans in almost all cities amid global economic crisis. The six major cities ie; Mumbai, NCR, Bengaluru, Chennai, Kolkata and Pune recorded an overall absorption of around 6.93 million sq ft which is approximately 15% less than 1Q 2013. Top ranking city for highest absorption rate continues to be Bangalore, Mumbai and NCR region with levels of 2.5 mln sq. ft., 1.41 mln sq. ft. and 1.45 mln sq. ft respectively.
HIGHLIGHTS
• uring 1Q 2014, office absorption in eight major cities was recorded at around 8 MN SF, 7% up from last quarter.
•Bangalore and NCR topped the chart contributing 75% in the total absorption.
•All markets, with the exception of Mumbai, Chennai and Pune, have witnessed increase in office absorption.
•With positive signals emanating from the global economy, which finds resonance in our improved export performance, we anticipate further improvement in sentiments after the elections
Demand-supply gap is likely to remain a concern in
coming quarters. While a few grade A office
buildings are likely to see completion towards the
end of 2017, we expect upward pressure on rents at
least in H1 2017. Tenants looking for quality assets
should find their options limited this year given that
most of the new supply is likely to enjoy high precommitment
rates from existing occupiers.
India Office Property Market Overview April 2015Sachin Sharma
The document provides an overview of office property markets across major cities in India for the first quarter of 2015. Some key points:
- Office space absorption increased 2.8% quarter-over-quarter to 8.5 million square feet across top cities led by Bengaluru, Delhi-NCR, and Mumbai.
- Demand was primarily from the IT/ITeS and BFSI sectors, with e-commerce companies accounting for 52% of total space absorbed.
- Rental values remained stable or increased up to 3-5% in select micro-markets of cities like Bengaluru, Mumbai, and Noida.
India Office Property Market Overview October 2015Sachin Sharma
Office market absorption in India reached 30 million square feet year-to-date, an 11% increase over the previous year. Major cities like Bengaluru, Gurgaon and Mumbai are expected to see continued office space uptake in the coming quarter. Rents remained stable across most markets except some areas of Gurgaon, Bengaluru and Pune which saw declines. The report provides an overview of the office markets in key cities like Mumbai, Delhi, Gurgaon, NOIDA, Chennai, Bengaluru, Kolkata, Pune and includes statistics on absorption, vacancy, rents and major transactions.
Although rents are likely to remain stable across
most micromarkets, we believe availability of Grade
A buildings at affordable rent will remain a concern
for the next several years. Thus instead of focusing
purely on spatial requirements, companies should
consider taking advantage of flexible office spaces
and formulate a forward-looking workplace strategy.
This document provides a quarterly update on the Indian residential property market in May 2013. It summarizes economic indicators and trends in key cities like Mumbai, Delhi, and Gurgaon. In Mumbai, demand increased for projects priced affordably, while capital and rental values saw marginal changes. Delhi saw limited new supply and price appreciation of 2-7% in some areas. New projects launched in Gurgaon priced between Rs. 5,000-9,000 per square foot, with buyer activity restrained by high prices.
This report identifies the top 11 residential investment destinations in India from 2016-2020. It analyzes locations within 6 major cities: Mumbai, NCR, Bengaluru, Pune, Chennai, and Hyderabad. Madh-Marve in Mumbai is identified as the top investment destination, expected to appreciate 94% over 5 years. Other top locations include Ulwe in Mumbai, New Airport Road in Pune, and Panathur-Varthur in Bengaluru. These locations were selected based on factors like employment growth, infrastructure development, and future price appreciation potential.
1. Office absorption in Mumbai picked up towards the end of 2014, though total absorption of 3.12 million sq ft was still 44% lower than 2013.
2. BFSI continued to be the dominant sector in Mumbai, occupying 39% of office space, while Western suburbs remained the most preferred location.
3. Vacancy levels fell to 14% in 2014 from 14.5% in 2013, despite limited new supply of 3.3 million sq ft added during the year. Rents witnessed a 4% annual increase due to low vacancy.
4. The outlook for 2015 is positive with demand expected to rise in the first half of the year, while new supply entering the market in the second half will
1. Office absorption in Mumbai picked up towards the end of 2014, though total absorption of 3.12 million sq ft was still 44% lower than 2013.
2. BFSI continued to be the dominant sector in Mumbai, occupying 39% of office space, while Western suburbs remained the most preferred location.
3. Vacancy levels fell to 14% in 2014 from 14.5% in 2013, despite limited new supply of 3.3 million sq ft added during the year. Rents witnessed a 4% annual increase due to low vacancy.
The latest report by Colliers Research titled "India Office Property Market Overview - Trends to watch for in 2017" is now out and ready for download. India recorded 41.6 million sq ft (3.9 million sq metres) of gross office leasing transactions in 2016. With a modest increase of 3.5% over 2015, the data indicates a robust occupier market. Bengaluru (Bangalore) remained on a high growth trajectory and maintained its leading status among the key cities by retaining a 31% share followed by Delhi-NCR, which represented 18% of the total occupier demand. Despite the fact that many forecasters have revised down their 2017 estimates for India’s GDP to 6.8-7.0% due to short-term adverse repercussions of demonetization, we believe the outlook for the office sector remains positive in 2017. In our view, the policy changes that the government is implementing should help improve business confidence in India resulting in robust office leasing demand in coming years. We predict an average annual rental growth of 4.6% in 2017. Firm demand should absorb new supply in technology-driven markets, keeping vacancy low.
THIS PPT IS ABOUT THE CONDUCTING THE SUCCESSFUL BUSINESS IN THE INDIA AND SOME CASE STUDIES ARE GIVEN BELOW THE POWER POINT PRESENTATION. THIS MAY HELP YOU TO START THE NEW BUSINESS IN THE SOCIETY.
We have presented in Detail the total opportunity in India's Industrial corridors totalling USD $150+ B.
We have analysed the DMIC in detail so that the investor gets the feel of the opportunity in Make In India
The DMIC is the largest Industrial corridor in India and would mean an opportunity of Approx USD$100 B.
DMIC also marks the rising partnership between India and Japan as one of the Principal Investor and Japan Bank for International Cooperation - JBIC
The Whole Economic Ecostystem that will be stimulated would be- Sea Port,Roads & Highways, Railways-High speed train,Cities-township-Affordable Housing, Airport,Power Hydro, Solar-Renewable Energy,Warehouse & Logistics, FDI- inflow and listing on BSE,NSE,NASDAQ, LSE, and development of SEZ.
“Let’s strategically source our services , let’s Netsource !”
Market Research Report : Rail transport market in india 2014 - SampleNetscribes, Inc.
For the complete report, get in touch with us at: info@netscribes.com
Abstract:
Netscribes’ latest market research report titled Rail Transport Market in India 2014 states that with the government opening up the rail freight transport sector to private companies in 2006, the market has developed considerably and offers tremendous potential for players. Freight traffic has increased considerably in the past few years and is projected to grow even further. Although the sector had faced challenges from road freight in the recent past, with several infrastructural development projects being on the verge of completion, the sector is expected to get a major boost. With developments in the sector, efficiency will increase and more companies will be willing to transport products through rail freight. Dedicated freight corridors will vastly aid in this. Further, the country’s growing international trade has increased the need for transportation services, especially from the ports. This will further assist growth in the market.
To encourage rail freight and to develop the sector, several marketing schemes have been formulated by Indian Railways. Also, the aim is to modernize the entire railway network. This will provide operational benefits to players active in the sector. At present, there are 16 companies that have the license to operate in the sector with the Government of India undertaking, Container Corporation of India Ltd. (CONCOR) dominating the market. The private players are yet to establish themselves with most of them having a very small fleet size compared to CONCOR. However, with the implementation of various wagon investment schemes and wagon leasing schemes, the private players will benefit and the market will exhibit steady growth.
Coverage
• Overview of the rail transport market in India and historical data for freight earnings and freight loading over 2009-10 to 2013-14, as well as forecasted data over 2013-14 to 2018-19e
• Information on the zone-wise freight earnings and freight loading, and commodity-wise freight revenue generation
• Analysis of the various initiatives for freight services and freight marketing schemes
• Analysis of the key drivers and challenges influencing the market
• Analysis of the competitive landscape and detailed profiles of major players
• Analysis of the major modernization plans and investment requirements of Indian Railways
Table of Contents:
Slide 1: Executive Summary
Macroeconomic Indicators
Slide 2: GDP at Factor Cost: Quarterly (2011-12, 2012-13, 2013-14, 2014-15), Inflation Rate: Monthly (Jul 2013 – Dec 2013)
Slide 3: Gross Fiscal Deficit: Monthly (Feb 2013 – Jul 2013), Exchange Rate: Half Yearly (Apr 2014 – Sep 2014)
Slide 4: Lending Rate: Annual (2011-12, 2012-13, 2013-14, 2014-15), Trade Balance: Annual (2010-11, 2011-12, 2012-13, 2013-14), FDI: Annual (2009-10, 2010-11, 2011-12, 2012-13)
Introduction
Slide 6: Indian Railways – Overview
Slide 7:
Theme : “Public Sector Enterprises in Railways”
The Railways, a prime mover of the economy and a primary transporter of vital bulk products such as coal, oil and petro products, metals and minerals, food grains as well as people, is getting ready to meet the projected requirements of its user segments. The Railways and its departmental enterprises have articulated an ambitious roadmap and are gearing up to meet new growth targets.
Indian Railways is the 3rd largest rail network in the world by size. It carried over 23 million passengers daily and transported 1,107.1 million tonnes of freight in FY17. Private sector participation is being encouraged in rail projects through various initiatives like the Foreign Rail Technology Cooperation Scheme. Indian Railways is undertaking various modernization efforts and technology upgradations like electrification, introduction of new coaches and setting up of waste to energy plants. It aims to triple freight traffic to 3.3 billion tonnes by 2030.
Colliers International - Hyderabad Office Market Report - 2nd Quarter 2016Srinivas Hari Prakash
During the second quarter of 2016, Hyderabad witnessed about 1.9 million square feet of total office space absorption across the city, a 54% increase quarter-over-quarter. Demand was driven primarily by technology firms expanding and new companies entering the market. HITEC City remained the preferred location, accounting for 85% of leasing activity. Rents in the Southern Business District increased 10% quarter-over-quarter due to high demand for prime office spaces, while rents in the Central Business District decreased 4% with a lack of grade A space available. Looking ahead, leasing volumes are forecast to strengthen in the second half of the year as incentives and a stable political climate attract more IT/ITeS companies
This document provides an overview of the Indian two-wheeler industry. It discusses trends in motorcycle sales by engine capacity and the outlook for different segments. The entry segment is dominated by Hero Motocorp but faces increased competition. The executive segment offers better profits and all manufacturers are focusing on it. The premium segment remains niche but more launches are planned, though volumes will likely remain small due to high prices of imported components.
Indian Railways has the world's 3rd largest rail network carrying over 23 million passengers daily. Private sector participation is being encouraged in rail projects through models like participative models for capacity augmentation projects and JVs. Various growth initiatives are being taken like electrification, increasing freight traffic capacity, modernizing stations, and introducing new trains. Technology upgradation plans include manufacturing of modern coaches and introducing a mobile application.
Commercial Vehicle industry in India has contributed significantly in the growth of national economy. Check out this presentation to know more about this industry and its future endeavours in India.
The commercial real estate market in India remained robust in 2017 despite economic disruptions. Office leasing volume was around 42.8 million sq ft excluding pre-commitments, marginally higher than 2016. Bengaluru accounted for the largest share of leasing at 36% followed by NCR at 18%. Demand is expected to be driven by the technology, engineering, manufacturing and finance sectors. Flexibility, collaboration, workspace efficiency and cost effectiveness will be key focus areas for corporate real estate heads in 2018. Flexible office spaces are expected to continue growing while pre-commitments of large office spaces and built-to-suit developments will remain popular strategies. Occupiers may also explore expanding to tier 2 and 3 cities to access cheaper
This presentation was delivered to the pharmaceutical companies in 2017 by Dr. Atul Thakare in order to showcase the benefits to the pharma sector by investing in the MIHAN project.
- Indian Railways is the third largest rail network in the world by size, with over 66,000 km of track and over 8,500 stations. It transports over 30 million passengers daily and 1,107 million tonnes of freight annually.
- Revenues have grown steadily over the years, reaching $25.2 billion in FY2016, with freight accounting for over two-thirds of revenues. Freight volumes have also grown, reaching 1,107 million tonnes in FY2016.
- Passenger volumes have increased to over 8 billion annually, and are projected to reach 15.18 billion by FY2020, reflecting growing demand for rail travel in India. The government is working to enhance infrastructure,
Indian Railways is the third largest rail network in the world by size. In FY16, Indian Railways transported over 1.1 billion tonnes of freight and carried over 8 billion passenger trips. Revenue has grown steadily over time, reaching $25.2 billion in FY16, and is estimated to reach $44.5 billion by FY20. Freight transportation accounts for the majority of revenue at 67.1% in FY16, while passenger fares make up the second largest segment. The government is undertaking various modernization efforts and encouraging private investment to upgrade infrastructure and services.
fundamental and technical analysis of capital goods sectorrupesh rege
The document contains information about 6 group members working on a project about the capital goods sector. It then provides details on the capital goods sector including its introduction, current scenario, budget details, future growth, and challenges. It discusses two companies, Bharat Electronics Limited and Honeywell Automation India Limited, providing their introduction, products, vision, and mission. It also includes a ratio analysis comparing the two companies. The document ends with recommendations for Larsen & Turbo and Gammon India Ltd based on ratio and technical analysis.
The document discusses skill gaps and education landscape in India's logistics and supply chain sector. It finds that while courses are offered, curriculums are not standardized. It also notes the sector employs 40 million people but lacks focus on developing skills, resulting in significant gaps in workforce numbers and quality that could hamper industry and manufacturing growth if not addressed urgently. Specific gaps exist in road freight, warehousing, and lack technical, soft, and strategic skills. Rapid industry evolution and lack of training institutions also contribute to gaps.
The document discusses India's logistics sector and opportunities for growth. It notes that India's current logistics network is insufficient to support expected GDP growth. Key points discussed include:
1) Implementation of GST and development of dedicated freight corridors and industrial corridors will help rationalize the logistics network and increase the market share of rail freight.
2) Container trade is expected to continue growing faster than GDP, benefiting logistics companies involved in container movement.
3) Private container train operators stand to benefit from improvements in the rail network through initiatives like DFCC and multimodal logistics parks.
4) The government is focusing on reviving coastal and inland water transport to reduce logistics costs and ease
Southwest Airlines should consider entering the Indian market by 2015 due to several key factors:
1) The rise in domestic air passengers, urban population, and number of cities with over one million people represents untapped market potential.
2) Southwest's expertise in low-cost and efficient operations as well as financial hedging strategies could be beneficial in the Indian aviation market which is 64% comprised of low-cost carriers.
3) Potential strategies for Southwest include forming joint ventures with established Indian players and initially operating in tier I and II cities and states with lower aviation fuel taxes to gain a foothold in the market.
The report will provide you a year-end review of the Mumbai office market and the prognosis for 2014. The Highlights of the report are as follows:
• The prevailing sentiment in 2013 was one of caution due to uninspiring economic conditions.
• Cumulative new leasing of office space in Mumbai in 2013 was 4.76 MN SF
• The BFSI and IT/ITeS were the major occupiers accounting for 46% of the total absorption.
• In 2014, Landlords will be willing to offer greater incentives, rather than lowering base rentals.
• Occupiers holding decisions in 2013 are likely take up new space in 2014 post the national elections hoping for a more inspiring economic trend and improvement of sentiment
For More information:
Please contact
Surabhi Arora | Associate Director | Research
Surabhi.arora@colliers.com
Various factors impacted the Asian economies during 2Q 2013, such as further confirmation
of slower than expected growth in China and increasing worries on the next interest hike
in Asia as the US Federal Reserve signaled they may start scaling back its quantitative
easing policy later this year. Against a backdrop of weakening economic conditions across
the region, individual Asian countries have seen a drop in inflation and are still subject to
various challenges ahead such as the potential risk of liquidity outflow from Asia. With
the economic performance yet to show any sign of acceleration, the region is entering an
era of slower growth.
The economic environment in Asia is expected to remain uncertain as the region continues
to be reactive to the overall global economic conditions. Individual governments are expected
to focus on economic issues and introduce additional stimulus measures to help their
countries emerge from prolonged bouts of deflation. Nevertheless, based on the findings
of Colliers Asia Office Leasing Survey for 2Q 2013, it is anticipated that rents will increase
in the next 12 months but the pace of rental growth will taper off. Investment transaction
volume is likely to consolidate further in the second half of 2013, as risk-averse investors
continue to be cautious, due to concerns that rising interest rates will lead to higher property
yields and reduced property values.
1. Office absorption in Mumbai picked up towards the end of 2014, though total absorption of 3.12 million sq ft was still 44% lower than 2013.
2. BFSI continued to be the dominant sector in Mumbai, occupying 39% of office space, while Western suburbs remained the most preferred location.
3. Vacancy levels fell to 14% in 2014 from 14.5% in 2013, despite limited new supply of 3.3 million sq ft added during the year. Rents witnessed a 4% annual increase due to low vacancy.
4. The outlook for 2015 is positive with demand expected to rise in the first half of the year, while new supply entering the market in the second half will
1. Office absorption in Mumbai picked up towards the end of 2014, though total absorption of 3.12 million sq ft was still 44% lower than 2013.
2. BFSI continued to be the dominant sector in Mumbai, occupying 39% of office space, while Western suburbs remained the most preferred location.
3. Vacancy levels fell to 14% in 2014 from 14.5% in 2013, despite limited new supply of 3.3 million sq ft added during the year. Rents witnessed a 4% annual increase due to low vacancy.
The latest report by Colliers Research titled "India Office Property Market Overview - Trends to watch for in 2017" is now out and ready for download. India recorded 41.6 million sq ft (3.9 million sq metres) of gross office leasing transactions in 2016. With a modest increase of 3.5% over 2015, the data indicates a robust occupier market. Bengaluru (Bangalore) remained on a high growth trajectory and maintained its leading status among the key cities by retaining a 31% share followed by Delhi-NCR, which represented 18% of the total occupier demand. Despite the fact that many forecasters have revised down their 2017 estimates for India’s GDP to 6.8-7.0% due to short-term adverse repercussions of demonetization, we believe the outlook for the office sector remains positive in 2017. In our view, the policy changes that the government is implementing should help improve business confidence in India resulting in robust office leasing demand in coming years. We predict an average annual rental growth of 4.6% in 2017. Firm demand should absorb new supply in technology-driven markets, keeping vacancy low.
THIS PPT IS ABOUT THE CONDUCTING THE SUCCESSFUL BUSINESS IN THE INDIA AND SOME CASE STUDIES ARE GIVEN BELOW THE POWER POINT PRESENTATION. THIS MAY HELP YOU TO START THE NEW BUSINESS IN THE SOCIETY.
We have presented in Detail the total opportunity in India's Industrial corridors totalling USD $150+ B.
We have analysed the DMIC in detail so that the investor gets the feel of the opportunity in Make In India
The DMIC is the largest Industrial corridor in India and would mean an opportunity of Approx USD$100 B.
DMIC also marks the rising partnership between India and Japan as one of the Principal Investor and Japan Bank for International Cooperation - JBIC
The Whole Economic Ecostystem that will be stimulated would be- Sea Port,Roads & Highways, Railways-High speed train,Cities-township-Affordable Housing, Airport,Power Hydro, Solar-Renewable Energy,Warehouse & Logistics, FDI- inflow and listing on BSE,NSE,NASDAQ, LSE, and development of SEZ.
“Let’s strategically source our services , let’s Netsource !”
Market Research Report : Rail transport market in india 2014 - SampleNetscribes, Inc.
For the complete report, get in touch with us at: info@netscribes.com
Abstract:
Netscribes’ latest market research report titled Rail Transport Market in India 2014 states that with the government opening up the rail freight transport sector to private companies in 2006, the market has developed considerably and offers tremendous potential for players. Freight traffic has increased considerably in the past few years and is projected to grow even further. Although the sector had faced challenges from road freight in the recent past, with several infrastructural development projects being on the verge of completion, the sector is expected to get a major boost. With developments in the sector, efficiency will increase and more companies will be willing to transport products through rail freight. Dedicated freight corridors will vastly aid in this. Further, the country’s growing international trade has increased the need for transportation services, especially from the ports. This will further assist growth in the market.
To encourage rail freight and to develop the sector, several marketing schemes have been formulated by Indian Railways. Also, the aim is to modernize the entire railway network. This will provide operational benefits to players active in the sector. At present, there are 16 companies that have the license to operate in the sector with the Government of India undertaking, Container Corporation of India Ltd. (CONCOR) dominating the market. The private players are yet to establish themselves with most of them having a very small fleet size compared to CONCOR. However, with the implementation of various wagon investment schemes and wagon leasing schemes, the private players will benefit and the market will exhibit steady growth.
Coverage
• Overview of the rail transport market in India and historical data for freight earnings and freight loading over 2009-10 to 2013-14, as well as forecasted data over 2013-14 to 2018-19e
• Information on the zone-wise freight earnings and freight loading, and commodity-wise freight revenue generation
• Analysis of the various initiatives for freight services and freight marketing schemes
• Analysis of the key drivers and challenges influencing the market
• Analysis of the competitive landscape and detailed profiles of major players
• Analysis of the major modernization plans and investment requirements of Indian Railways
Table of Contents:
Slide 1: Executive Summary
Macroeconomic Indicators
Slide 2: GDP at Factor Cost: Quarterly (2011-12, 2012-13, 2013-14, 2014-15), Inflation Rate: Monthly (Jul 2013 – Dec 2013)
Slide 3: Gross Fiscal Deficit: Monthly (Feb 2013 – Jul 2013), Exchange Rate: Half Yearly (Apr 2014 – Sep 2014)
Slide 4: Lending Rate: Annual (2011-12, 2012-13, 2013-14, 2014-15), Trade Balance: Annual (2010-11, 2011-12, 2012-13, 2013-14), FDI: Annual (2009-10, 2010-11, 2011-12, 2012-13)
Introduction
Slide 6: Indian Railways – Overview
Slide 7:
Theme : “Public Sector Enterprises in Railways”
The Railways, a prime mover of the economy and a primary transporter of vital bulk products such as coal, oil and petro products, metals and minerals, food grains as well as people, is getting ready to meet the projected requirements of its user segments. The Railways and its departmental enterprises have articulated an ambitious roadmap and are gearing up to meet new growth targets.
Indian Railways is the 3rd largest rail network in the world by size. It carried over 23 million passengers daily and transported 1,107.1 million tonnes of freight in FY17. Private sector participation is being encouraged in rail projects through various initiatives like the Foreign Rail Technology Cooperation Scheme. Indian Railways is undertaking various modernization efforts and technology upgradations like electrification, introduction of new coaches and setting up of waste to energy plants. It aims to triple freight traffic to 3.3 billion tonnes by 2030.
Colliers International - Hyderabad Office Market Report - 2nd Quarter 2016Srinivas Hari Prakash
During the second quarter of 2016, Hyderabad witnessed about 1.9 million square feet of total office space absorption across the city, a 54% increase quarter-over-quarter. Demand was driven primarily by technology firms expanding and new companies entering the market. HITEC City remained the preferred location, accounting for 85% of leasing activity. Rents in the Southern Business District increased 10% quarter-over-quarter due to high demand for prime office spaces, while rents in the Central Business District decreased 4% with a lack of grade A space available. Looking ahead, leasing volumes are forecast to strengthen in the second half of the year as incentives and a stable political climate attract more IT/ITeS companies
This document provides an overview of the Indian two-wheeler industry. It discusses trends in motorcycle sales by engine capacity and the outlook for different segments. The entry segment is dominated by Hero Motocorp but faces increased competition. The executive segment offers better profits and all manufacturers are focusing on it. The premium segment remains niche but more launches are planned, though volumes will likely remain small due to high prices of imported components.
Indian Railways has the world's 3rd largest rail network carrying over 23 million passengers daily. Private sector participation is being encouraged in rail projects through models like participative models for capacity augmentation projects and JVs. Various growth initiatives are being taken like electrification, increasing freight traffic capacity, modernizing stations, and introducing new trains. Technology upgradation plans include manufacturing of modern coaches and introducing a mobile application.
Commercial Vehicle industry in India has contributed significantly in the growth of national economy. Check out this presentation to know more about this industry and its future endeavours in India.
The commercial real estate market in India remained robust in 2017 despite economic disruptions. Office leasing volume was around 42.8 million sq ft excluding pre-commitments, marginally higher than 2016. Bengaluru accounted for the largest share of leasing at 36% followed by NCR at 18%. Demand is expected to be driven by the technology, engineering, manufacturing and finance sectors. Flexibility, collaboration, workspace efficiency and cost effectiveness will be key focus areas for corporate real estate heads in 2018. Flexible office spaces are expected to continue growing while pre-commitments of large office spaces and built-to-suit developments will remain popular strategies. Occupiers may also explore expanding to tier 2 and 3 cities to access cheaper
This presentation was delivered to the pharmaceutical companies in 2017 by Dr. Atul Thakare in order to showcase the benefits to the pharma sector by investing in the MIHAN project.
- Indian Railways is the third largest rail network in the world by size, with over 66,000 km of track and over 8,500 stations. It transports over 30 million passengers daily and 1,107 million tonnes of freight annually.
- Revenues have grown steadily over the years, reaching $25.2 billion in FY2016, with freight accounting for over two-thirds of revenues. Freight volumes have also grown, reaching 1,107 million tonnes in FY2016.
- Passenger volumes have increased to over 8 billion annually, and are projected to reach 15.18 billion by FY2020, reflecting growing demand for rail travel in India. The government is working to enhance infrastructure,
Indian Railways is the third largest rail network in the world by size. In FY16, Indian Railways transported over 1.1 billion tonnes of freight and carried over 8 billion passenger trips. Revenue has grown steadily over time, reaching $25.2 billion in FY16, and is estimated to reach $44.5 billion by FY20. Freight transportation accounts for the majority of revenue at 67.1% in FY16, while passenger fares make up the second largest segment. The government is undertaking various modernization efforts and encouraging private investment to upgrade infrastructure and services.
fundamental and technical analysis of capital goods sectorrupesh rege
The document contains information about 6 group members working on a project about the capital goods sector. It then provides details on the capital goods sector including its introduction, current scenario, budget details, future growth, and challenges. It discusses two companies, Bharat Electronics Limited and Honeywell Automation India Limited, providing their introduction, products, vision, and mission. It also includes a ratio analysis comparing the two companies. The document ends with recommendations for Larsen & Turbo and Gammon India Ltd based on ratio and technical analysis.
The document discusses skill gaps and education landscape in India's logistics and supply chain sector. It finds that while courses are offered, curriculums are not standardized. It also notes the sector employs 40 million people but lacks focus on developing skills, resulting in significant gaps in workforce numbers and quality that could hamper industry and manufacturing growth if not addressed urgently. Specific gaps exist in road freight, warehousing, and lack technical, soft, and strategic skills. Rapid industry evolution and lack of training institutions also contribute to gaps.
The document discusses India's logistics sector and opportunities for growth. It notes that India's current logistics network is insufficient to support expected GDP growth. Key points discussed include:
1) Implementation of GST and development of dedicated freight corridors and industrial corridors will help rationalize the logistics network and increase the market share of rail freight.
2) Container trade is expected to continue growing faster than GDP, benefiting logistics companies involved in container movement.
3) Private container train operators stand to benefit from improvements in the rail network through initiatives like DFCC and multimodal logistics parks.
4) The government is focusing on reviving coastal and inland water transport to reduce logistics costs and ease
Southwest Airlines should consider entering the Indian market by 2015 due to several key factors:
1) The rise in domestic air passengers, urban population, and number of cities with over one million people represents untapped market potential.
2) Southwest's expertise in low-cost and efficient operations as well as financial hedging strategies could be beneficial in the Indian aviation market which is 64% comprised of low-cost carriers.
3) Potential strategies for Southwest include forming joint ventures with established Indian players and initially operating in tier I and II cities and states with lower aviation fuel taxes to gain a foothold in the market.
The report will provide you a year-end review of the Mumbai office market and the prognosis for 2014. The Highlights of the report are as follows:
• The prevailing sentiment in 2013 was one of caution due to uninspiring economic conditions.
• Cumulative new leasing of office space in Mumbai in 2013 was 4.76 MN SF
• The BFSI and IT/ITeS were the major occupiers accounting for 46% of the total absorption.
• In 2014, Landlords will be willing to offer greater incentives, rather than lowering base rentals.
• Occupiers holding decisions in 2013 are likely take up new space in 2014 post the national elections hoping for a more inspiring economic trend and improvement of sentiment
For More information:
Please contact
Surabhi Arora | Associate Director | Research
Surabhi.arora@colliers.com
Various factors impacted the Asian economies during 2Q 2013, such as further confirmation
of slower than expected growth in China and increasing worries on the next interest hike
in Asia as the US Federal Reserve signaled they may start scaling back its quantitative
easing policy later this year. Against a backdrop of weakening economic conditions across
the region, individual Asian countries have seen a drop in inflation and are still subject to
various challenges ahead such as the potential risk of liquidity outflow from Asia. With
the economic performance yet to show any sign of acceleration, the region is entering an
era of slower growth.
The economic environment in Asia is expected to remain uncertain as the region continues
to be reactive to the overall global economic conditions. Individual governments are expected
to focus on economic issues and introduce additional stimulus measures to help their
countries emerge from prolonged bouts of deflation. Nevertheless, based on the findings
of Colliers Asia Office Leasing Survey for 2Q 2013, it is anticipated that rents will increase
in the next 12 months but the pace of rental growth will taper off. Investment transaction
volume is likely to consolidate further in the second half of 2013, as risk-averse investors
continue to be cautious, due to concerns that rising interest rates will lead to higher property
yields and reduced property values.
Colliers Analysis | Real Estate Perspective | Union Budget 2013 -14Surabhi Arora, MRICS
The document provides a summary of the key highlights of the Union Budget 2013-14 that may impact the real estate sector in India. Some of the key points include:
1) Introduction of 1% TDS on property transactions over Rs. 50 lakh to increase transparency.
2) Increase in excise duty on marble to increase construction costs.
3) Continued service tax exemption for affordable housing and single units.
4) Allocation of funds for rural housing, urban housing, and infrastructure development which will indirectly boost the real estate sector.
5) Increase in home loan interest exemption limit to promote home ownership.
However, the budget remained silent on granting industry status to real estate and other
This document provides an overview of the Asia Pacific office market in the fourth quarter of 2011. Some key points:
- Economic growth slowed in many markets due to issues in Western economies and slowing exports. However, low interest rates supported investment.
- Leasing demand was mixed across markets, with Greater China seeing strong demand from financial, manufacturing, and IT firms. Rents increased in some cities like Jakarta but softened in others.
- Office investment sales remained robust despite softening rents, as yields compressed slightly. Domestic investors and funds remained active buyers.
- The outlook anticipates continued demand softening in the first half of 2012 but stable capital values, with a potential pickup in deals and
Colliers International Research has just released the Asia Pac Office Market Overview 3Q 2012. The report provides real estate office market trends in Asia Pac region. The office sector in the Asia Pacific region continued to be challenging in 3Q 2012 with a slowing economic growth and the unresolved European debt crisis; market participants are holding positive views on market outlook but confidence is not as strong as the previous quarter. Looking ahead, the prospective trend of office rents in most cities will remain positive in the next 12 months, despite a substantial supply projected to enter the market in individual cities.
The document provides information on real estate investment in India by non-resident Indians (NRIs). It states that NRIs can purchase immovable property in India with no restriction on the number of properties. The purchase can be funded through inward remittances to India or through NRI bank accounts. NRIs can also take loans from Indian banks for property purchase. Upon sale, NRIs can repatriate the proceeds up to $1 million per year, subject to restrictions like proof of original purchase amount. The document also outlines various costs involved like taxes, maintenance costs, and agents/brokers fees. It provides details on applicable taxes like stamp duty, capital gains tax, and annual property taxes.
This document discusses chemical reactions and energy changes. It explains that chemical bonds contain potential energy and energy can be released or absorbed as bonds are broken or formed in reactions. It defines oxidation as the loss of electrons and reduction as the gain of electrons. As an example, it shows the redox reaction of methane and oxygen producing carbon dioxide, energy, and water, with methane undergoing oxidation and oxygen undergoing reduction.
This letter is a proposal from Ferine Cosmetics Ltd. to an advertising agency to promote their new line of men's cosmetics called "X-men". The letter proposes advertising the product through magazines, television, and newspapers to effectively reach their target customer base and ensure the audience sees the product constantly. The budget and costs for the advertising campaign are negotiable contingent on the agency accepting the proposal. The letter asks for a response regarding the proposal within 5 days. However, the letter is poorly written and needs revision to improve clarity and use formal English.
The residential property market in India remained subdued in the third quarter of 2013. Demand for residential units declined in both the primary and secondary markets due to high inventory levels and tight liquidity. Across major cities like Mumbai, Delhi, and Gurgaon, transaction volumes were low and capital values remained largely stable or declined slightly. Looking ahead, demand is expected to remain constrained until economic and political uncertainty clears while oversupply gets gradually absorbed over the coming quarters.
In Q1 2017, occupiers mainly continued expansion in
southern peripherals. Though we expect occupier
demand to remain upbeat in these locations, the
upcoming new supply is unlikely to meet the rising
demand in coming quarters resulting in upward
pressure on rents. Absorption of pre-committed
spaces coupled with expected demand upsurge is
likely to outpace the upcoming supply pipeline of 8.1
mn sq ft (757,160 sq m) by the year end.
In the first quarter of 2016, the top six* cities witnessed the
infusion of nearly 19,000 new residential units. Of the total,
maximum launches were concentrated in Mumbai (34%),
Bengaluru (32%) and Pune (12%). Whilst developers across all
major cities steered clear of inundating the primary residential
segment with too many new products, recovering market
confidence prompted them to lure buyers with cash discounts
and freebies. As per Reserve Bank of India (RBI)’s new
directive, interest rates will have to be reviewed every month on
the basis of MCLR (marginal cost of lending rate) which is
expected to bode well for the buyers seeking home loans.
HIGHLIGHTS
• Due to the pessimistic economic outlook, sales volumes have come down in India’s major residential markets.
• Developers were willing to negotiate on prices and offered various incentives in primary market.
• In the secondary market prices were well below that of the primary market.
• We anticipate that the residential sector will witness lower demand until at least the national elections.
• For those looking at a longer term investment, this is a good time to buy as property today is available at discounts, and with prospects of a stable government the demand is likely to rebound.
The residential property markets in India are facing lower demand due to the adverse economic climate and slowing growth. In major cities like Mumbai, Delhi, and Gurgaon:
- Housing sales volumes have declined 15-40% from a year ago as investor interest has waned.
- Property prices have softened with developers offering discounts and incentives in the primary market. The secondary market is seeing substantial price discounts.
- Rental values have remained stable in major cities but are under pressure, with tenants negotiating for lower rents.
- The outlook is cautious, with demand expected to remain muted until the national elections. However, buying property now offers longer-term investment potential as demand is expected to rebound with economic growth.
HIGHLIGHTS
• In 2013, Delhi NCR witnessed approximately 8.31 MN SF of commercial space lease absorption 22% up from previous year.
• Within Delhi NCR, 70% of the space was leased in Gurgaon, 23% in NOIDA and the remaining 7% in Delhi.
• A number of large deals included developer’s committing to hard options to accommodating new and existing occupier expected growth requirements.
• In 2014, sentiment will remains cautious, despite robust absorption in 2013.
• Gurgaon is expected to witness a lot of lease renewals in 2014 and 2015.
Delhi witnessed strong office leasing growth in 2014, with absorption nearly doubling compared to 2013. The IT/ITeS sector accounted for the majority of demand. Limited new supply was added in 2014, reducing overall vacancy slightly. Rents remained stable across most markets except for a 2% increase in Jasola and 1% decrease in Connaught Place. The outlook for 2015 is continued recovery in demand and stable rents, with new supply helping to maintain equilibrium, though quality buildings may command premium rates.
Delhi witnessed strong office leasing growth in 2014, with absorption nearly doubling compared to 2013. The IT/ITeS sector accounted for the majority of demand. Limited new supply was added in 2014, reducing overall vacancy slightly. Rents remained stable across most markets except for a 2% increase in Jasola and 1% decrease in Connaught Place. The outlook for 2015 is continued recovery in demand and stable rents, with new supply helping maintain equilibrium.
• Increased absorption of commercial and IT real estate space
• The CBD of Delhi sees a significant drop in the vacancy rates
• Excessive supply leads to stabilized rental values
The report gives an overall macroeconomic overview followed by latest real estate updates and trends in each city through supply and demand, rental and capital values as well as market prognosis for 2013 onwards.
Gurgaon remained the most active office market in NCR in 2014, accounting for 67% of absorption. However, absorption declined 13% YoY to 4.73 million sq ft due to cautious market sentiments. IT/ITeS was the largest demand driver, increasing its share of absorption to 62%. New supply also declined, dropping to 3.2 million sq ft in 2014 from 4.53 million sq ft in 2013 as developers focused on completing existing projects. Office rents increased 6% on average across micro-markets such as NH8, Golf Course Extension Road, and Sohna Road. Gurgaon is expected to remain the preferred office destination in NCR, with leasing dominated by large IT/IT
Gurgaon Office Market Overview Jan 2015Sachin Sharma
Gurgaon remained the most active office market in NCR in 2014, accounting for 67% of absorption. However, absorption declined 13% YoY to 4.73 million sq ft due to cautious market sentiments. IT/ITeS was the largest demand driver, increasing its share of absorption to 62%. New supply also declined, dropping to 3.2 million sq ft in 2014 from 4.53 million sq ft in 2013. Office rents increased 6% on average across micro-markets such as NH8, Golf Course Extension Road, and Sohna Road. Gurgaon is expected to remain the preferred office destination in NCR, with leasing dominated by large IT/ITeS companies and vacancy remaining stable
HIGHLIGHTS
• Restricted sales transactions were observed in major cities like Mumbai, Delhi, Gurgaon and NOIDA during 1Q 2014. However, an increase in the number of enquiries for residential properties has been seen across the markets.
• Chennai, Bengaluru and Pune markets remained active and witnessed ample new project launches.
• Capital values remain stable in most cities. However select micro markets with inherent demand witnessed increases in the range of 2 - 5% Q-o-Q.
• With the new Government in place and business confidence gaining momentum, we anticipate an increase in residential sales in the coming quarter.
Leasing remained healthy in 2016 despite the flight
of cost-conscious tenants to Delhi's satellite cities.
Demand continued to be driven by the financial
services and manufacturing companies. We expect
0.3 million sq ft (27,870 sq meters) of Grade A office
supply to be delivered in Q1 2017 mainly in the CBD.
We expect a correction in rents especially in grade B
buildings due to tenants' preference for premium
buildings.
Real Estate Demand & Supply Assessment of Bangalore Residential Market Q1 2013centreformanagement
A summer internship project at Money Matters Pvt. Ltd. by Kartik Kothari and Manali Jain, Semester III PGDBM (Finance) students of Centre for Management
• Developers are upbeat because of increasing demand for Grade \'A\' office space from the IT/ITeS sector in the SBD and PBD
• Vacancy levels in PBD expected to rise due to increase in the stock by around 5 million.
• Vacancy in CBD and SBD expected to decrease due to lack of supply
The Kolkata office market remained subdued in 2014 with total absorption of around 1.66 million square feet, similar to 2013 levels. Demand was led by the BFSI, IT/ITES, and construction sectors. Limited supply addition of 1.14 million square feet and below-average absorption kept vacancy levels stable. Grade A office rents declined 7% year-over-year across micromarkets except one. Capital values decreased 16% year-over-year in peripheral locations but increased 3% in the CBD due to domestic investor demand. The market is expected to remain stagnant in 2015 until policy level issues are addressed.
Kolkata Office Market Overview Jan 2015Sachin Sharma
The Kolkata office market remained subdued in 2014 with total absorption of around 1.66 million square feet, similar to 2013 levels. Demand was led by the BFSI, IT/ITES, and construction sectors. Limited supply addition of 1.14 million square feet and below-average absorption kept vacancy levels stable. Grade A office rents declined 7% year-over-year across micromarkets except one. Capital values decreased 16% year-over-year in peripheral locations but increased 3% in the CBD due to domestic investor demand. The market is expected to remain stagnant in 2015 until policy level issues are addressed.
The document analyzes India's top business districts for real estate investment from 2013-2017. It identifies Mumbai, Delhi-NCR, Bengaluru, Chennai, Hyderabad, and Pune as the major office markets in India due to factors like a large talent pool, infrastructure, and business-friendly policies. Within these cities, Central Mumbai, SBD West in Mumbai, and certain districts in Hyderabad and Pune are expected to offer the highest annual investor returns of up to 19% during the forecast period due to strong demand and rental growth prospects in these areas. The report provides a ranking of 33 business districts across the six cities based on their expected rental growth, capital appreciation, and overall investor returns over the
The document discusses the Indian telecom sector and provides recommendations. It notes that competitive intensity is declining as smaller players focus on profitable growth, with the number of players consolidating to 6-8 from more previously. Incumbents have gained market share while being rational in the market. Realizations should increase over the medium term as freebies are withdrawn and data usage rises. The document recommends Bharti Airtel, Idea Cellular and Reliance Communications as preferred stocks based on valuations offering 30-40% upside over the next 12-18 months. It notes regulatory issues still need to be addressed and questions Reliance Infotel's entry strategy.
Similar to India office property market overview april 2013 (20)
Colliers radar delhi gurgaon and noida the three aces_june 2018Surabhi Arora, MRICS
The National Capital Region (NCR), is consistently the second largest office market with 20% share of the annual nationwide leasing volume over the past five years. In our opinion, the NCR should retain its dominance in office demand over the next five years. We expect Delhi to see a facelift with redevelopment projects over the coming years. The satellite city Gurugram should remain the preferred city among corporate occupiers against the backdrop of a business-friendly environment, healthy new supply and infrastructure improvements. NOIDA is likely to come out of its image of affordable technology hub and rise as an emerging commercial market. We advise new entrants to choose well- established micromarkets in Delhi and Gurugram while occupiers looking for affordability should start exploring NOIDA for their large requirements and backend operations. In our opinion, investors should keep the momentum upbeat taking cues from the infrastructure initiatives and optimistic business conditions in the region.
The uncertainty regarding the continuity of fiscal incentives is an area of growing concern among various stakeholders in Special Economic Zones (SEZs). Although more than 40.0 million sq ft (3.8 million sq m) of new supply is scheduled for completion before the mandatory deadline of 2020 to qualify for income tax benefits in SEZs, it seems unlikely that all the projects will be completed by then. We advise first-time entrants to pre-commit spaces only in projects that are in advance stages of construction to avoid last-minute delays in starting operations which may lead to disqualification for direct tax benefits. Regardless of optimism among the stakeholders about a further extension of income tax benefits, until this is certain, developers should schedule the completion of construction three to six months in advance
Pallavaram - Thoraipakkam Road (PTR), the 11 km stretch located in the Old Mahabalipuram Road (OMR) Post-Toll market is gearing up to entice numerous multinational companies and small and medium enterprises to Chennai. Being strategically placed and well connected to the key office markets of the OMR and Grand Southern Trunk (GST) Road, this link road is likely to disrupt the linear growth pattern of the OMR. The PTR is now emerging as a strong new growth centre in the OMR district. Over the next three years, we expect 11.5 million sq ft (1.06 million sq m) of office space supply to see completion in Chennai. Of this total, 58% is concentrated along the PTR. We expect that by 2020 the improved infrastructure and new offices with modern amenities should greatly enhance the area’s appeal to prospective tenants. In our opinion, occupiers looking for expansion within Special Economic Zones (SEZs) should take advantage of huge upcoming supply in this corridor. For relocation and consolidation, occupiers can either pre-commit or opt for built-to-suit options in PTR to hedge against future rent rises.
Colliers Radar Report - Impact of Artificial Intelligence on Indian Real EstateSurabhi Arora, MRICS
Artificial intelligence and automation have the potential to disrupt many industries including real estate. However, AI is expected to complement human roles rather than replace them, and drive productivity and value creation. The convergence of AI, the internet of things, and alternative workplace solutions such as activity-based and agile working will transform buildings and the workplace. Offices of the future are expected to be more efficient, collaborative, and healthier. Indian enterprises should embrace AI early on and invest in skills development, while developers should offer flexible workspaces and prepare for increasing automation. Overall, high rents and poor infrastructure pose greater risks to the Indian property market than AI.
Colliers radar india coworking space - the new kid on the blockSurabhi Arora, MRICS
India offers a great opportunity for coworking space operators to profit from rising demand for flexible, innovative and collaborative workspace designs. We estimate that more than 1.2 million sq ft were leased by coworking operators in India in 2016, which accounted for 3% of the overall leasing volume. Although it represents only a small share of the total leasing demand, coworking operators are planning to lease 8 to 9 million sq ft by 2020.
We foresee that the concentration of coworking spaces will intensify further in Bengaluru, Mumbai, and Gurugram thanks to the availability of adequate infrastructure and opportunities for start-ups in those cities. We recommend occupiers, especially small and medium enterprises, to consider use of flexible space for their office requirements in order to benefit from an integrated networking environment, greater cost-effectiveness and more innovative workspace design.
With most of the new supply scheduled for
completion in 2018, vacancy in Pune market is likely
to remain tight in the short term. We cannot rule out
the possibility of further increase in rent as the
additional supply infusion may not meet the pent-up
demand of the last few quarters. In our opinion, the
market is likely to remain tilted in property owners'
favour for a while. In our view, developers should
expedite completion of projects under construction
and plan more new projects to profit from the
untapped demand in the market.
We expect tenant favourable conditions to attract
domestic companies and Information Technology
majors to expand operations mainly in the New
Town, Rajarhat and Sector V micromarkets. Rents
are likely to register a 3-5% dip in Sector V and
peripheral areas of New Town and Rajarhat as
property owners are likely to remain flexible on rents
to boost occupancy in their buildings.
Amid surging office demand in this re-established IT
hub, most of the upcoming quality office spaces
have been pre-committed by occupiers, creating a
severe supply shortage. Hyderabad's average office
rent is likely to surge in 2017, as en-bloc
completions are still 12-15 months away. We advise
developers to expedite construction and undertake
new projects to meet the heightened occupier
demand to retain the city's image of an affordable
Information Technology and Information Technology
and enabled services (IT-ITeS) location.
Average rents in Gurgaon's office market are expected to remain stable in 2017. Demand is projected to strengthen from the technology and banking sectors. Significant new supply coming online will help keep prime area rents in check, while submarkets like Golf Course Extension Road may see a 2-5% correction. Demand was strong in Q1 2017 especially from IT/ITeS firms, though overall leasing volume declined slightly year-over-year. New completions were concentrated on Golf Course Extension Road, with more supply slated for delivery there and along NH8 by year-end. Vacancy rates may rise slightly due to new inventory, and occupiers are considering more affordable areas as well.
Due to limited availability of quality supply in
preferred micromarkets, peripheral areas of the city
are likely to grow in coming quarters. With
significant new supply scheduled for completion
along Pallavaram-Thoraipakkam Road by 2020, we
expect this corridor to become the next hotspot for
Information Technology and Information Technology
enabled Service (IT-ITeS) occupiers due to its
proximity to Old Mahabalipuram Road (OMR)-Pre
Toll area and Grand Southern Trunk (GST) Road. We
recommend big occupiers looking for large floor
plates in Special Economic Zones (SEZs) to consider
Chennai to benefit from the upcoming SEZ supply in
OMR-Post Toll micromarket.
The latest report by Colliers Research titled ‘India Office Property Market Overview Q1 2017’ is now out and ready for download. Notwithstanding the demonetisation of high-value currency notes in November 2016, the economy recovered faster than expected and early projections suggest a growth of 7.1% in the fiscal year ending March 2017. All the key economic indicators suggest that India’s consumption based recovery is on track, and the economy is benefiting from an upswing in demand and output. Although five months on from demonetisation occupiers' markets across India's major cities have seen no discernible adverse impact, we expect demand to firm up driven by the strengthening economy. Gross office take-up in India amounted to 9.3 million sq ft (863,998 sq m) in Q1 2017. The Bengaluru (Bangalore) market maintained its top position across nine cities despite low vacancy and recorded an overwhelming share of 37% in total absorption. Mumbai and Delhi NCR followed with shares of 18% and 17% respectively in total absorption. Chennai, Pune, Hyderabad and Kolkata accounted for 11%, 9%, 6% and 2% respectively in the overall leasing volume.
The latest radar report by Colliers Research titled "Coworking space: The New Kid on the Block" is out and ready for download. India offers a great opportunity for coworking space operators to profit from rising demand for flexible, innovative and collaborative workspace designs. We estimate that more than 1.2 million sq ft was leased by major coworking operators in India in 2016, which accounted for 3% of the overall leasing volume. Although it represents only a small share of the total leasing demand, coworking operators are planning to lease 8 to 9 million sq ft by 2020.
Tenant appetite for higher quality offices has been
reflected in new leases being executed at abovemarket
rates in select Grade A buildings. We expect
a similar trend in 2017. Due to a dearth of quality
office space in other technology-driven markets like
Pune and Bengaluru, we may see supply-led demand
in coming quarters resulting in increased absorption
volumes.
Steady decline in headline vacancy rates, increase in rents in CBD and SBD, pushed the occupiers to peripheral areas. In our opinion peripheral markets should continue to gain the occupier preference as most of the new supply is concentrated in this micro markets.
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2. www.colliers.com
MACRO ECONOMIC OVERVIEW
GDP growth was recorded at 4.5% in 4Q•
2012, the lowest in the last decade. The
economic growth in the first nine months of
fiscal year 2012-13 stood at 5%, much lower
than 6.6% recorded during the same period
last year.
Headline inflation, based on the wholesale•
price index, stood at 5.96% for the month of
March 2013 as compared to 7.96% for the
corresponding month of previous year. The
reduction in the inflation was primarily due to
low food inflation.
The Reserve Bank of India reduced the CRR•
(Cash Reserve Ratio) of scheduled banks by
25 basis points from 4.25 to 4%, effective
from January 2013, to induce immediate
liquidity in the market. The central bank also
reduced the repo rate by 50 basis points in
two tranches in January and March this
quarter.
The Indian Rupee remained under pressure•
and closed at 54.28 to the USD and 70.37 to
the Euro as on 15 March 2013.
The commercial office market showed signs•
of revival in almost all markets. The six major
markets, i.e. Mumbai, NCR, Bangalore, Chennai
Kolkata and Pune recorded an overall
absorption of around 8 million sq ft in 1Q
2013. Bangalore saw the highest absorption,
followed by the Mumbai and NCR markets.
The Kolkata and NOIDA markets to witnessed
relatively weaker demand. IT/ITeS and BFSI
remained the key demand drivers this quarter
in almost all major markets.
COLLIERS VIEW: The prevailing recovery in
occupier demand is anticipated to continue in
medium term. We anticipate stability in rental
values across the major markets due to large
inventory in pipeline despite recovery in
demand.
ECONOMIC BAROMETER
Return on Alternative Investments
research & forecast Report
SYDNEY CENTRAL BUSINESS DISTRICT
India office market
Research & forecast report
Mar-12 Mar-13
REPO RATE 8.50% 7.50%
REVERSE REPO
RATE
7.50% 6.75%
CRR 4.75% 4.00%
INFLATION (WPI)1
7.69% 5.96%
PLR2
10.00% - 10.75% 9.70% - 10.25%
DEPOSIT RATE3
8.50% - 9.25% 7.50% - 9.00%
Exchange RATE
INR - USD 50.39 54.28
INR- Euro 65.89 70.37
Mar-12 Mar-13 YoY %
Change
Gold 27,300 29,348 7.50%
SILVER 56,014 53,859 -3.85%
EQUITY (BSE
SENSEX) 17,676 19,428 9.91%
REALTY INDEX 1,,822 2,048 12.46%
Source: Colliers International India Research
ECONOMIC INDICATORS
INRCroreInPercentage
2005-06
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
April-Feb13
FDI in Real Estate
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
Jan-Mar09
Apr-Jun09
Jul-Sep09
Oct-Dec09
Jan-Mar10
Apr-Jun10
Jul-Sep10
Oct-Dec10
Jan-Mar12
Oct-Dec12
Jun-Sep12
Oct-Dec11
Jul-Sep11
Apr-Jun11
Jan-Mar11
Gross Domestic Product at Factor Cost
0.0%
1.0%
2.0%
3.0%
1Q 2013 | OFFICE
70
80
120
130
100
110
90
1-feb-2013
1-Mar-2013
15-feb-2013
1-Jan-2013
15-Jan-2013
30-Jan-2013
15-Mar-2013
BSE Sensex & Realty Index
BSE Sensex Realty Index* Rebase to 100
USD Euro
Exchange Rates
65
70
55
60
50
75
80
1-Jan-13
15-Jan-13
30-Jan-13
15-Feb-13
1-Feb-13
1-Mar-13
15-Mar-12
Note : All values in the above tables are as on 15th of March
2012 and 2013
1
Wholesale Price Index
2
SBI Prime Lending Rate
3
SBI interest rate < INR 1 croreTerm Deposits for ≤1Year
Apr-Jun12
3. Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
Colliers International | p. 3
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
MUMBAI
During the surveyed quarter, about 8.2 million•
sq ft of Grade A commercial office space was
available for fit-out. More than 65% of this
available space was concentrated in Lower
Parel, Andheri East and Thane.
No new major Grade A commercial office•
supply was added to the city’s office
inventory.
During the quarter, office space absorption•
was recorded at around 2.17 million sq ft. A
number of large-sized (40,000 – 100,000
sq ft) leases were signed. BFSI and IT/ITeS
were the primary sectors contributing to this
demand.
No major movement in capital values were•
recorded across the submarkets, except in
Bandra Kurla Complex (BKC) and Lower Parel,
where capital values increased in the range of
2 -5% QoQ.
Average rental values remained stable in•
almost all micro–markets, except for a
marginal decrease in the range of 1 -3% in
areas like Nariman Point and Lower Parel.
In this quarter, construction work on the•
Eastern Freeway project was completed.
The 16 km long elevated road connects south
Mumbai to Wadala and continues onwards to
Ghatkopar in the eastern suburbs.
COLLIERS VIEW: In 1Q 2013, occupier demand
is expected to remain healthy with micro-
markets like Andheri, BKC and Lower Parel
continuing to be the preferred destination
for the occupiers. Overall rentals across
the micro-markets are expected to remain
unchanged, while rentals for premium office
space may increase slightly due to limited
availability.
Andheri East
25%
CBD
1%
Thane / LBS
21%
Worli / Prabhadevi
1%
Goregoan / JVLR
5%
Powai
4%
Malad
6%
Navi Mumbai
5%
Lower Parel
22%
BKC
9%
Kalina
2%
AVAILABLE Supply in Prime Areas
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
CITY OFFICE BAROMETER
Micro Market Rental
Values
% Change
QoQ YoY
CBD 225 - 260 -3% -3%
Andheri East 90 - 125 0% 0%
BKC 225 - 315 0% 3%
Lower Parel 140 - 180 -3% -3%
Malad 80 - 90 0% 0%
Navi Mumbai 55 - 75 0% 0%
Powai 100 - 120 0% 0%
Worli/ Prabhdevi 175 - 225 0% 0%
Goregaon/ JVLR 80 - 110 0% -5%
Kalina 175 - 210 0% 0%
Thane / LBS 50 - 100 0% 0%
AndheriEast
BKC
LowerParel
Malad
NaviMumbai
Powai
Worli/
Prabhdevi
Goregaon/
JVLR
Kalina
Thane/LBS
CBD
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
Grade a Capital Values
CapitalValues-INRPerSq.ft.
1Q2008
1Q2009
3Q2008
3Q2009
3Q2010
1Q2010
3Q2013F
1Q2013
3Q2014F
1Q2014F
3Q2012
1Q2012
3Q2011
1Q2011
50 5,000
0 0
100 10,000
150 15,000
200 20,000
250 25,000
300 30,000
AVERAGE RENTAL AND CAPITAL VALUE TREND
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
KEY UNDER CONSTRUCTION PROJECTS
BUILDING NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Godrej One Godrej & Boyce 758,000 Vikhroli 2013
Marathon Futurex Phase III Marathon Group 360,000 Lower Parel 2013
iThink Techni Campus C wing Lodha Developer 212,700 LBS Marg 2013
KEY MARKET TRANSACTIONS
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
Aditya Birla Minacs Worldwide Ltd. Symphony IT Park 30,000 Andheri East Lease
Axis Securities Ltd. Phoenix Market City 40,000 Kurla Lease
Barclays Nirlon 180,000 Goregaon Lease
Colgate Palmolive India Ltd. L&T Business Park 100,000 Andheri East Lease
Future Generali India Insurance Co. Ltd. iThink 27,000 Thane Lease
Tata Group Lodha Simtools 100,000 Thane Sale
MumBAI
4. p. 4 | Colliers International
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
DELHI
In 1Q 2013, more than 1.5 million sq ft of•
Grade A office space was available for fit-out.
The majority of this supply was located in the
Jasola and Saket micro-markets.
During 1Q 2013, the completion of Red Fort•
Capital Parsvnath Towers by Parsvnath
Developers added approximately 0.5 million
sq ft of Grade A new supply to the CBD.
Commercial projects launched in 1Q 2013•
include Prime Towers at Okhla by DLF Ltd
measuring 0.7 million sq ft. The project is
expected to be completed by the end of 2014.
Steady occupier demand was noticed during•
the quarter. A few mid-sized (15,000 to
50,000 sq ft) leases were concluded in micro-
markets such as Netaji Subhash Place, Minto
Road and Okhla Phase I. The city witnessed
absorption of approximately 0.1 million sq ft
during the quarter.
The investment market continued to remain•
sluggish with no major sales transactions
concluded this quarter.
Rental values in new buildings completed•
recently in the CBD are commanding higher
than the market rentals due to their state-of-
the-art facilities and amenities. However, the
overall rents and capital values for Grade A
offices remained stable in all micro-markets.
COLLIERS VIEW : Not much supply is
anticipated in Delhi except in Aerocity, an
emerging location near the International
Airport. Demand is expected to remain steady,
the limited supply of Grade A office space will
keep overall rents at the same levels.
Jasola
59%
Nehru Place
10%
Saket
29%
Connaught place
2%
CITY OFFICE BAROMETER
AVAILABLE Supply in Prime Areas
Micro Market Rental
Values
% Change
QoQ YoY
Connaught Place 330 - 384 0% 5%
Nehru Place 180 - 192 0% 9%
Netaji Subhash
Place
65 - 75 0% 1%
Jasola 112 - 130 0% -4%
Saket 162 - 180 0% 3%
NehruPlace
ConnaughtPlace
Jasola
Saket
NetajiSubhash
0
10,000
20,000
30,000
40,000
50,000
60, 000
Grade a Capital Values
CapitalValues-INRPerSq.ft.
50 5,000
0 0
100
10,000
150
15,000
200
20,000
250
25,000
400
350
300
30,000
35,000
45,000
40,000
AVERAGE RENTAL AND CAPITAL VALUE TREND
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
KEY UNDER CONSTRUCTION PROJECTS
BUILDING NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Caddie Commercial Tower Caddie Hotel 100,000 Aerocity 2013
DLF Towers DLF Ltd. 420,000 Okhla 2013
NBCC Plaza NBCC 350,000 Okhla 2013
KEY MARKET TRANSACTIONS
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
Essilor A-3 15,000 Okhla Phase I Lease
OTIS Cyber Plaza II 14,896 Netaji Subhash Place Lease
Ebay Statesman House 5,850 Barakhamba Road Lease
VFS Global Konnectus 50,000 Minto Road Lease
George Institute Splendor Forum 3,000 Jasola Lease
delhi
Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
1Q2008
1Q2009
3Q2008
3Q2009
3Q2010
1Q2010
3Q2013F
1Q2013
3Q2014F
1Q2014F
3Q2012
1Q2012
3Q2011
1Q2011
5. Colliers International | p. 5
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
MG Road
4%
Institutional Sectors /
Sushant Lok
8%
Manesar
23%
DLF Cyber City
4%
NH8/Udhyog Vihar
21%
Golf Course Road/
Ext /Sohna Road
42%
CITY OFFICE BAROMETER
AVAILABLE Supply in Prime Areas
GolfCourse
Road/Ext
/SohnaRoad
NH8/UdhyogVihar
Institutional
Sectors/
SushantLok
GolfCourse
Road/Ext/Sohna
Road(IT)
NH8/Udhyog
Vihar(IT)
Manesar(IT)
Manesar
MGRoad
0
5,000
10,000
15,000
20,000
25,000
CapitalValues-INRPerSq.ft.
20 2,000
0 0
40 4,000
60 6,000
80 8,000
100 10,000
120 12,000
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
Grade a Capital Values
AVERAGE RENTAL AND CAPITAL VALUE TREND
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
KEY UNDER CONSTRUCTION PROJECTS
BUILDING NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Corporate Green - Tower 1 DLF 660,000 NH-8 2013
Digital Greens Tower A Emmar MGF 350,000 Golf Course Ext Rd. 2013
Unitech Infospace, Phase 2 Building 7 Unitech 432,000 NH-8 2013
KEY MARKET TRANSACTION
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
Carlsberg Paras Twin Tower 15,000 Golf Course Road Lease
Clairvolex Unitech Infospace 12,000 Dundahera Lease
Daffodil World Tech Centre 22,000 Silokhera - NH8 Lease
Macy’s Plot no 32 10,000 Sector 44 Lease
Toshiba Building-10 25,000 DLF Cyber City Lease
Xerox Bestech Park 40,000 Sohna Road Lease
Gurgaon
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
Micro Market Rental
Values
% Change
QoQ YoY
M. G. Road 112 - 121 1% -1%
Golf Course Rd./
Ext /Sohna Rd.
55 - 108 -1% -11%
NH8/Udhyog
Vihar
110 - 140 0% 10%
Manesar 45 - 62 0% 0%
Institutional
Sectors /
Sushant Lok
60 - 117 0% 21%
Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
GURGAON
More than 17 million sq ft of Grade A office•
space was available for fit-out during 1Q 2013.
Most of the available supply was concentrated
along Golf Course Road and its extension,
Sohna Road, Udyog Vihar and NH-8,up to
Manesar.
More than 1.5 million sq ft of Grade A office•
space was added to the city’s total inventory.
In 1Q 2013, a number of commercial projects•
were launched, including Elvedor by Imperia
Structures in Sector 37D; Capital Cyberscape
by Capital Builders at Sector 59; GPL Trade
Towers by GPL Group and Business Club by
AIPL Group, both of which are located on Golf
Course Extension Road. All of these projects
are expected to contribute around 1.5 million
sq ft to the city’s Grade A office space by the
end of 2015.
The office take-up rate in this quarter was•
around 1 million sq ft. Demand from both new
tenants and existing tenants seeking to expand
increased, especially in the IT/ITeS sector.
Rental values posted moderate growth in•
the range of 1 to 2% QoQ in micro-markets
such as NH-8, Udhyog Vihar and M.G. Road;
however other micro-markets remained stable
on account of huge supply availability.
COLLIERS VIEW : The office market shall
witness increased vacancy due to the massive
new supply in the pipeline expected to be
completed in the next 12 months. The office
rental value growth will be capped due to
existing vacancy and the forthcoming new
supply. Moreover, due to the cost-cautious
approach taken by most occupiers, micro-
markets with affordable rents will remain the
preferred location.
1Q2008
1Q2009
3Q2008
3Q2009
3Q2010
1Q2010
3Q2013F
1Q2013
3Q2014F
1Q2014F
3Q2012
1Q2012
3Q2011
1Q2011
6. p. 6 | Colliers International
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
nOIDA
In 1Q 2013, around 8.8 million sq ft of Grade•
A and Grade B office space was available for
fit-out. About 90% of this available space
was IT/ITeS office space located primarily in
Sectors 16A and 62, and Sectors 125 to 143
along the NOIDA Expressway.
More than 1 million sq ft of Grade A office•
space was added to the city’s total inventory.
Two new commercial projects were launched•
in 1Q 2013: Mist Avenue by Bhasin Group at
Sector 143; and Cosmic Corporate Park II
by Cosmic Group at Sector 140. These two
projects together will contribute about 1.4
million sq ft of Grade A office space by the
end of 2015.
Occupier demand from the traditional demand•
drivers IT/ITeS in the city remained muted
and very few large floor-plate deals were
executed during the quarter. Total absorption
of around 0.5 million sq ft was recorded in the
surveyed quarter.
Following last quarter’s trend, the rental•
values further declined by 2% in most of
the Commercial and Industrial sectors, while
rental values in the Institutional sectors
remained stable.
COLLIERS VIEW : Demand decreased
marginally for the third consecutive quarter in
NOIDA. Further a large commercial supply is
expected to hit the market by the end of 2013
and in early 2014, we anticipate that the rental
values will remain stable in the near future.
This is primarily because the rental values
have already reached levels at which there is
not much scope for further reduction.
Commercial Sectors (Sec
18) (Grade B)
0.7%
Industrial Sectors
(Sec. 1-9, 57-60, 63-65)
(Grade B)
8.6%
Commercial Sectors
(Sec 18) (Grade B)
0.2%
Institutional Sectors
(Sec.16A, 62, 125-142
90.5%
CITY OFFICE BAROMETER
AVAILABLE Supply in Prime Areas
Micro Market Rental
Values
% Change
QoQ YoY
Institutional
Sectors (Non IT)
61 - 72 0% -11%
Institutional
Sectors (IT)
46 - 50 0% -6%
Comercial
Sectors
95 - 105 -2% -0%
Industrial
Sector
23 - 32 -2% 2%
Institutional
Sectors(NonIT)
Institutional
Sectors(IT)
Commercial
Sectors
0
3,000
6,000
9,000
12,000
15,000
Grade A Capital Values
CapitalValues-INRPerSq.ft.
20 3,000
0 0
40 6,000
9,000
60
12,000
80
15,000120
100
AVERAGE RENTAL AND CAPITAL VALUE TREND
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
KEY UNDER CONSTRUCTION PROJECTS
BUILDING NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Amigo Cyber Park Amigo 250,000 NOIDA Expressway 2013
Corporate Park Ansal API 200,000 NOIDA Expressway 2013
Oxygen SEZ Tower F 3C Group 250,000 NOIDA Expressway 2013
KEY MARKET TRANSACTIONS
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
ACL Mobile Express Trade Tower 18,000 Sector 132 Lease
HCL Individual Building 98,000 Sector 1 Lease
Fiserv DLF IT Park 200,000 Sector 62 Lease
Sunguard Financial Services Advant IT Park 10,000 Sector 142 Lease
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
noida
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
1Q2009
3Q2009
3Q2010
1Q2010
3Q2013F
1Q2013
3Q2014F
1Q2014F
3Q2012
1Q2012
3Q2011
1Q2011
7. Colliers International | p. 7
KEY UNDER CONSTRUCTION PROJECTS
PROJECT NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Purva Moneta Puravankara Projects 300,000 Guindy 2013
Ramanujan IT City Little Wood Tower Block D Tata Realty & Infrastructure 600,000 Taramani 2013
SP InfoCity Shapoorji Pallonji Group 1,200,000 OMR 2013
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
CHENNAI
Approximately, 13.5 million sq ft of Grade•
A office space was available for fit-out this
quarter. More than half of this supply was
located along the OMR IT corridor.
The city has not witnessed any major•
completions this quarter. Developers have
adopted a cautious approach due to high
vacancy levels, and have slowed the pace of
their construction works
•Demand in special economic zones (SEZs)
remained upbeat and a number of medium to
large floor plate size deals (40,000 – 200,000
sq ft) were concluded this quarter. The total
office space absorption was recorded at
around 1 million sq ft. More than 60% of the
total absorption has taken place in SEZs.
BFSI and IT/ITeS were the primary sectors
contributing to this demand.
•No majormovement of capital and rentalvalues
were recorded, across all micro-markets.
In 1Q 2013, the Chennai Corporation Council•
approved the proposed property tax for
buildings that accommodate IT companies.
This will increase tax rates in the range of 50-
200%.
COLLIERS VIEW: In 1Q 2013, the city
witnessed moderate leasing activities, with
demand mostly driven by IT/ITeS occupants
in SEZs. We anticipate the same level
of absorption momentum in the coming
quarters. With controlled supply in the near
future, rental values are expected to remain
at current levels in preferred micro-markets
such as the CBD, OMR and Guindy. However,
there will be downward pressure in locations
on the fringes of the city due to lower demand
for such locations.
CBD
14%
Guindy (SBD)
6%
Velachery
1%
Vadapalini
0%
GST Rd
3%
OMR (IT Corridor)
51%
Ambattur
24%
CITY OFFICE BAROMETER
AVAILABLE Supply in Prime Areas
Micro Market Rental
Values
% Change
QoQ YoY
CBD 65 - 85 0% 0%
Guindy (SBD) 50 - 60 0% 4%
Ambattur 25 - 30 0% 0%
OMR (IT
Corridor)
25 - 40 0% 0%
GST road 35 - 40 0% 0%
Guindy(SBD)
Ambattur
OMR(IT
Corridor)
CBD
0
2,000
4,000
6,000
8,000
10,000
CapitalValues-INRPerSq.ft.
0
1Q2008
1Q2009
3Q2008
1Q2010
3Q2010
1Q2011
3Q2011
1Q2012
3Q2012
1Q2013
3Q2013
3Q2009
1Q2013F
3Q2013F
20
0
40
2,000
4,000
60 6,000
80 8,000
100 10,000
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
KEY MARKET TRANSACTIONS
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
ADP India Tamarai IT Park 41,000 Gunidy Lease
Altimetrik Ascendas 24,000 OMR Lease
Barclays India DLF SEZ 69,000 Guindy Lease
Flextronics RMZ Millennia Business Park 80,000 OMR Lease
Mindtree Ramanujam IT SEZ 200,000 OMR Lease
Tata Consultancy Services Ramanujam IT SEZ 100,000 OMR Lease
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
Grade a Capital Values
AVERAGE RENTAL AND CAPITAL VALUE TREND
chennai
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
8. p. 8 | Colliers International
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
BENGALURU (BANGALORE)
About 11.2 million sq ft of Grade A office space•
was available for fit-out. Most of this available
supply was concentrated in areas such as the
EPIP Zone, Whitefield, Outer Ring Road (ORR)
and Electronic City.
During 1Q 2013, construction activities in•
Bangalore remained active, resulting in
numerous completions. More than 1.5 million
sq ft of Grade A office space was added to the
city’s total inventory.
Following last quarter’s trend, most of the•
demand was generated by small and medium
enterprises in the IT/ITeS sector, in micro-
markets such as Whitefield, Electronic City
and ORR. More than 2.6 million sq ft of Grade
A office space was absorbed during this
quarter.
Despite healthyoccupierdemand, rentalvalues•
remained stable across all the micro-markets.
This is primarily due to the supply/demand
equilibrium in the city’s office market.
COLLIERS VIEW : In 1Q 2013, we witnessed
improved absorption from the IT/ITeS sector,
the traditional driver of office demand in the
city. We anticipate that in the short to medium
term, rental values will remain stable on
account of supply/demand equilibrium. There
will be limited additional supply in the near to
medium term, as developers are refraining
from speculative development due to the
uncertainty in the future performance of the
IT/ITeS sector, and competitive developments
in from other locations such as Pune and
Hyderabad.
Hosur Road
3%
CBD
7%
Bannerghatta Road
2%
Electronic City
12%
EPIP Zone/ Whitefield
46%
Outer Ring Road
30%
CITY OFFICE BAROMETER
AVAILABLE Supply in Prime Areas
Micro Market Rental
Values
% Change
QoQ YoY
CBD 80 - 100 0% 6%
Hosur Rd. 20 - 40 0% 0%
EPIP Zone/
Whitefield
23 - 32 0% -2%
Electronic City 25 - 35 0% 7%
Bannerghatta Rd. 48 - 54 0% -4%
Outer Ring Rd. 47 - 60 2% 5%
-
HosurRoad
EPIPZone/
Whitefield
Electronic
City
Bannerghatta
Road
OuterRing
Road
CBD
0
5,000
10,000
15,000
20,000
CapitalValues-INRPerSq.ft.
20 2,000
0 0
40 4,000
6,00060
80 8,000
100 10,000
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
KEY UNDER CONSTRUCTION PROJECTS
BUILDING NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Divyasree Tech Park Divyasree Developers 650,000 Whitefield 2013
Vaswani Presidio Vaswani Group 125,000 Outer ring road 2013
RMZ Eco World 5A & 5B RMZ Corp 500,000 Outer ring road 2013
KEY MARKET TRANSACTIONS
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
Goodrich Aerospace Netra Tech Park 45,000 Whitefield Lease
Linkedin Prestige Tech park 80,000 Outer Ring Road Lease
Microchip Technology Renaissance First Face 155,000 Whitefield Lease
SAP RMZ Nxt 34,765 Whitefield Sale
Siemens India Golden Supreme Tech Park 240,000 Electronic City Lease
VM Ware RPS Green Space 60,000 JP Nagar Lease
Grade a Capital Values
AVERAGE RENTAL AND CAPITAL VALUE TREND
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
bengaluru
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
1Q2008
1Q2009
3Q2008
3Q2009
3Q2010
1Q2010
3Q2013F
1Q2013
3Q2014F
1Q2014F
3Q2012
1Q2012
3Q2011
1Q2011
9. Colliers International | p. 9
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
KOLKATA
About 0.5 million sq ft of new Grade A office•
supply was added to the city’s office inventory.
Most of this new supply was located in the
PBD micro-market such as Sector – 5 and
Sonarpur.
During the quarter a few mid sized projects•
such as “Arihant Square” by Arihant Group
(at Park Street), and “Primarc Tower” by
Primarc Group (at Sector 5 in Saltlake) were
launched.
Occupier demand remained bleak during•
the surveyed quarter and a limited number
of small-sized leases were concluded,
predominately in micro-markets like Park
Street, Rajarhat and Saltlake. The city
witnessed total absorption to the tune of
approximately 0.15 million sq ft.
Due to poor uptake of commercial stock, rental•
values declined in the range of 5 - 7% QoQ in
micro-markets like Ballygunge Circular Road
and Sector-5, however other micro-markets
remained stable.
Capital values remained stable during the•
quarter with the exception of New Town –
Rajarhat, which recorded a decline of 6% in
capital values QoQ.
COLLIERS VIEW: Rental values declined
in few micro-markets in 1Q 2013; other
micro markets are also facing considerable
downward pressure due to low occupier
demand. We anticipate that demand will
continue to remain low in the near term and
rental may further decline in the range of 2 -
5% QoQ.
Sector-5
86%
PBD (Narendrapur, Sonarpur,
VIP, Madhyamgram)
14%
CITY OFFICE BAROMETER
AVAILABLE Supply in Prime Areas
Micro Market Rental
Values
% Change
QoQ YoY
CBD (Park
St,Camac
St,AJC Bose
Road)
110 - 130 0% 4%
Ballygunge
Circular Rd.
100 - 110 -5% -5%
East Kolkata 75 - 85 0% 0%
Sector-5 48 - 50 -7% -7%
PBD (New Town,
Rajarhat)
34 - 39 0% 0%
CBD(Park
St,CamacSt,AJC
BoseRoad)
Ballygunge
Circular
Road
EastKolkata
Sector-5
PBD(New
Town,
Rajarhat)
0
5,000
10,000
15,000
20,000
CapitalValues-INRPerSq.ft.
20 2,000
0 0
40 4,000
60 6,000
80 8,000
100 10,000
120 12,000
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
KEY UNDER CONSTRUCTION PROJECTS
BUILDING NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Acropolis Merlin Group 500,000 EM Bypass 2013
IT Godrej Simocco Phase 2 Godrej Waterside 1,000,000 Salt Lake Sector V 2013
Unitech Infospace, Kolkata Phase 3 B Unitech Ltd. 1,306,800 Rajarhat 2013
KEY MARKET TRANSACTIONS
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
General Motors Apeejay Tower 3,300 Ruby Lease
HP Apeejay Surrendra 30,000 Taratala Lease
ITC Limited Apeejay Surrendra 60,000 Taratala Lease
Prax Air DLF IT Park 1 6,000 New Town, Rajarhat Lease
Reliance Industries Eco Space 50,000 New Town, Rajarhat Lease
Sanofi Pharma Apeejay House 10,000 Park Street Lease
Grade a Capital Values
AVERAGE RENTAL AND CAPITAL VALUE TREND
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
Kolkata
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
1Q2008
1Q2009
3Q2008
3Q2009
3Q2010
1Q2010
3Q2013F
1Q2013
3Q2014F
1Q2014F
3Q2012
1Q2012
3Q2011
1Q2011
10. p. 10 | Colliers International
INDIA | 1Q 2013 | OFFICE
Source: Colliers International India Research
PUNE
During 1Q 2013, more than 5.8 million sq ft•
of Grade A office space was available for
fit-out in the city. Most of this supply was
concentrated in the Hinjewadi, Airport Road,
Kharadi and Nagar Road micro-markets.
Approximately 0.8 million sq ft of Grade•
A office space was added to the city’s total
inventory during this quarter.
Occupier demand showed a marginal•
reduction in 1Q 2013. The city witnessed
more than 1 million sq ft absorption in Grade A
office space. The most active micro-markets
during the quarter were Hinjewadi, Hadapsar,
Viman Nagar and Yerwada.
Overall, average rentals in almost all the micro•
markets remained stable in 1Q 2013. A few
new completions in micro market such as
Baner, Bavadhan, Aundh and Nagar Road was
leased above 10 to 15% above market rentals
due to their state of an facilities and amenities.
This resulted in increase of 5 to 10% in overall
average rental values in these micro markets.
The Pimpri Chinchwad Municipal Corporation•
(PCMC) has planned to construct dedicated
Bus Rapid Transit System (BRTS) lanes on
the Pune-Mumbai Highway and Aundh-Ravet
Road, at an estimated cost of INR 12 Crore.
This will improve connectivity between the
Mumbai & Pune.
COLLIERS VIEW: Pune witnessed significant
demand from the IT/ITeS sector this quarter
when compared to same period last year. The
demand momentum is likely to remain the
same in the upcoming quarters. We anticipate
a marginal appreciation in rental values in
micro-markets like Hinjewadi, Hadapsar,
Viman Nagar, Yerwada and Kharadi.
Bavdhan
3%
Kalyani Nagar
7%
Senapati Bapat Road
2%
Aundh
3%
Baner
6%
Bund Garden
4%
Airport road/
pune station
21%
Hinjewadi
21%
Nagar Road
11%
Kharadi
17%
Hadapsar/Fursungi
5%
CITY OFFICE BAROMETER
AVAILABLE Supply in Prime Areas
Micro Market Rental
Values
% Change
QoQ YoY
Baner 45 - 55 11% 18%
Bund Garden 60 - 70 8% 8%
Airport Rd. 47 - 60 2% 2%
Aundh 45 - 51 13% 13%
Senapati Bapat 65 - 90 3% 3%
Bavdhan 38 - 44 9% 9%
Kalyani Nagar 45 - 60 0% 5%
Nagar Rd. 40 - 50 6% 6%
Hinjewadi 32 - 40 3% 31%
Hadapsar/
Fursungi
32 - 45 -9% 10%
Kharadi 32 - 50 -9% 9%
BundGarden
Airportroad/
punestation
Aundh
Senapati
BapatRoad
Bavdhan
KalyaniNagar
NagarRoad
Hinjewadi
Hadapsar/
Fursungi
Kharadi
Baner
0
2,000
4,000
6,000
8,000
10,000
12,000
CapitalValues-INRPerSq.ft.
20 2,000
0 0
40 4,000
60 6,000
80 8,000
100 10,000
Forecast
RentalValues-INRPerSq.ft.PerMonth
CapitalValues-INRPerSq.ft.
KEY UNDER CONSTRUCTION PROJECTS
BUILDING NAME Developer AREA (Sq. Ft.) LOCATION Expected Completion
Marvel Edge Marvel Realtor 500,000 Fursungi 2013
DLF IT Park, Phase 2 Building 6 DLF Ltd. 750,000 Hinjewadi 2013
SP InfoCity, Building 6 Shapoorji Pallonji Group 500,000 Fursungi 2013
KEY MARKET TRANSAcTIONS
CLIENT Building Name AREA (Sq. Ft.) LOCATION TRANSCATION TYPE
Axa Technologies Marvel Edge 120,000 Viman Nagar Lease
Kohler India P5 50,000 Hadapsar Lease
PRAJ Industries Ltd. Vascon 111,000 Hinjewadi Lease
Siemens Embassy Tech Zone 84,000 Hinjewadi Lease
Synechron Ascendas 600,000 Hinjewadi Lease
Synygy India Business Bay 50,000 Yerwada Lease
Grade a Capital Values
AVERAGE RENTAL AND CAPITAL VALUE TREND
Note:
Available Supply: Total Grade A office space being marketed for sale or lease in
surveyed quarter.
Grade A Rental/Capital Values: Indicative asking price for Grade A office space.
Prime Office Average RentalTrends: Average market rental values for Grade A
properties.
pune
Note:All the rentals shown above are indicative Grade A rentals in INR per sq ft per month.
4Q 2012 1Q 2013
Vacancy
Absorption
Construction
Rental Value
Capital Value
1Q2008
1Q2009
3Q2008
3Q2009
3Q2010
1Q2010
3Q2013F
1Q2013
3Q2014F
1Q2014F
3Q2012
1Q2012
3Q2011
1Q2011
11. Mumbai
The major business locations in Mumbai are the CBD (Nariman Point, Fort and Ballard Estate), Central Mumbai (Worli, Lower Parel and Parel), Bandra
Kurla Complex (BKC) and Andheri Kurla stretch. Powai, Malad and Vashi are the preferred IT/ITES destinations, while Airoli at Navi Mumbai and Lal
Bahadur Shastri Marg are emerging as new office and IT/ITES submarkets.
Delhi
The commercial areas in New Delhi metropolitan area can be broadly classified into the CBD (Connaught Place), SBD Nehru Place, Bhikaji Cama Place,
Netaji Subhash Place, Jasola and Saket .
Gurgaon
The prime business locations in Gurgaon are MG Road, Golf Course Road, Cyber City and Udyog Vihar. Manesar on the outskirts of Gurgaon is also
emerging as the city’s new office destination.
NOIDA
NOIDA market is comprised of sectors broadly classified as institutional, industrial and commercial sectors. Institutional sectors include sec 16A, 62 and
125-142, industrial sectors include sec 1-9, 57-60 and 63- 65 while sector 18 is the most developed commercial sector.
Chennai
Prime office properties in Chennai are located in four principal sub-markets: the CBD, the IT Corridor, the SBD and the PBD. The SBD comprises Guindy,
Manapakkam, Velachery and other areas. The PBD primarily includes Ambattur and GST Road, while the IT Corridor is the Old Mahaballipuram Road
(OMR) in south Chennai.
Bengaluru (Bangalore)
Prime office properties in Bengaluru can be divided into three principal sub-market— CBD, the SBD consisting of Banerghatta Road & Outer Ring Road
(ORR) and PBD including Hosur Road, EPIP Zone, Electronic City and Whilefield.
Pune
The prime office sub-markets of Pune include Deccan Gymkhana, Bund Garden Road, Senapati Bapat Road & Camp (CBD), while the Off CBD includes
Aundh, Airport Road and Kalyani Nagar, among other locations. The eastern corridor, along with Nagar Road and Kharadi, have emerged as a preferred
location for financial and IT/ITES companies.
Kolkata
The major business locations in Kolkata are CBD (Park Street, Camac Street, Chowranghee Rd), SBD (AJC Bose Rd, Ballygunge circular Rd, East
Kolkata), East Kolkata and PBD (New Town & Rajarhat). The area around Park Street, Camac Street and AJC Bose road houses number of high-rises
commercial buildings such as Chatterjee International Centre, Tata Centre, Everest House and Industry House among others.
OFFICE SUBMARKETS
Colliers International | p. 11
INDIA | 1Q 2013 | OFFICE
City Barometer
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter