There is a wealth of information within these pages. For better readability, we have presented somedata as tables and others as graphs. Between them, you will find how property markets haveperformed in the Jul-Sep 2011 quarter from many different perspectives – from a capitalappreciation perspective, from a rental/yield realization perspective & from a supply of propertiesperspective. We recommend that you evaluate the city report in its entirety – that will provide arounded perspective of the performance of the property market within each city. Here are details ofwhat you will find in each of the city reports enclosed within-

1. City Property Index – This is a composite index which is a function of supply of properties aswell as the average capital appreciation/drop in various localities of the city in the quarter. Thecity index is the weighted average of the average rate per square feet in that locality & thesupply of properties from that locality. Premium localities (with higher average rate per squarefeet) as well as localities with higher supply of properties will have a bigger impact on theIndex.E.g. if the supply of properties from a premium locality drops, that locality will end up havinga lower weightage in the index which in turn will push the Index downwards (and vice-versa).On the other hand, supply of properties remaining unchanged, the index will be influenced bycapital appreciation within the locality.

2. Price Monitor - This reflects the capital appreciation/drop within a locality. It is calculatedbasis a movement in the “average rate per square feet” within that locality. By and large, the movement in the “average rate per square feet” reflects capitalappreciation/drops. However, in a few selected cases, we have observed that the average rate persquare feet moves due to a change in mix of apartments within that locality (e.g. if the ratio ofpremium apartments, which command a higher per square feet rate, changes over the quarter).In these few circumstances, the Price Monitor will in turn depict reflect this input. Suchchanges have been explained in the text of the City reports.

3. Rent Monitor - This reflects the rental appreciation/drop within a locality. It is calculatedbasis a movement in the “average rent per square feet” within that locality. By and large, the movement in the “average rent per square feet” reflects rentalappreciation/drops. However, in a few selected cases, we have observed that the average rentper square feet moves due to a change in mix of apartments within that locality (e.g. if the ratioof premium apartments, which command a higher per square feet rent, changes over thequarter). In these few circumstances, the Rent Monitor will in turn depict reflect this input.Such changes have been explained in the text of the City reports.

4. Yield Meter – Yield is the annual rate of return earned on property. Yield meter depicts thegross yield percentages across the various localities. Gross yield is a ratio of average annualrental value to the average capital value of the property.

5. Capital Value Tables (given in Annexures) - This shows the actual range of Prices withinwhich properties were available in each locality. Prices are shown in rupees per square feetbasis; these are the prevailing rates for properties in each locality.

GLOSSARY & DEFINITIONS

MagicBricksPropIndex

MagicBricks PropIndex is atool which empowersproperty seekers andinvestors with detailedinformation on themovement of residentialapartment prices andsupply of properties inIndia. No credible propertyindex can be a function ofdirect values as the changesare governed by multiplefactors.

MagicBricks PropIndex hastaken this reality intoaccount and produced anindex based on listing ofapartments and theircapital and rental values onthe website.

Magicbricks.com has over 4 lakh active propertiesposted by more than 1,00,000active users in 300 cities and3,500 localities. Our usersinclude owners, brokers andbuilders.

Methodology

Apartment values andlistings form the basis ofthe MagicBricks PropIndex.These include multistoreyapartments and single unitson plotted developments,referred to as Builder Floorson MagicBricks.com.

The Index is structured insuch a way that Individualproperties are aggregatedinto respective localitieswhich in turn are weighted

to their respective citywhich in turn is weighted tothe National Index.Weightages for PropIndexare based on the supply ofproperties within thelocality/city. Based on thisstructure, PropIndex gives arealistic picture of trends inprice/supply acrossdifferent property marketsin each city. We have useddifferent weightages forPrice Monitor/RentMonitor. Therefore, read asa whole, PropIndex alongwith tables provided forPrice Monitor, Rent Monitor,Yield Monitor and Capitalvalues. PropIndex gives anexcellent perspective of theproperty marketperformance in the quarter.

While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.

The National PropertyIndex (NPI) is indicative ofthe extent of activity as well

as price movements acrosscities and localities in themajor cities active onMagicBricks.com. The indexincludes the top 11 cities(these have been chosenbased on their activitylevels) and has anindividual city report foreach of these cities. Whilethe NPI and its movementsare of interest to the expertcommunity of bankers,builders and investors, thePropIndex has also takencare to explain the nuancesof index movements at thelocality level that wouldhelp the huge base ofMagicBricks.com.consumers

The PropIndex has been puttogether throughmeticulous research at thelocality level and throughdetailed discussions withexperts who have regularlybeen offering market adviceand comments on variousforums in theMagicBricks.com’s offlineand online initiatives.

The real estate markets inIndia are dynamic and thePropIndex reflects thosechanges. Since it is derivedfrom a dynamic database,there will be some additionsand deletions of localitiesthat happen as a function of market dynamics. Thesewill be reflected in futureeditions of the Index. TheMagicBricks PropIndex is released on a quarterlybasis.

METHODOLOGY

JUL-SEP 2011

The National Property Index(NPI) went up by 4% in thequarter Jul-Sep 2011, compared toApr-Jun 2011.

The NPI is a weighted average ofsupply and prices across cities. Ofthe 11 cities covered in the IndiaApartment Index, 9 have risen atthe city level. These includeDelhi, Chennai and Ghaziabad(9%), followed by Noida (8%),Bangalore and Hyderabad (5-6%)and Mumbai, Gurgaon and Pune (1-2%).

Ahmedabad index value dropped5% on the back of falling valuesin some key locations whileKolkata remained stable duringthe Jul-Sep 2011 period.

The NPI is a weighted average ofcity indices. Mumbai, Gurgaon,Delhi and Bangalore were themajor contributors to the NPI.

The MagicBricks Propindex isbased on dynamic data minedfrom the portal to show the levels

of supply and the type ofproperty listed in each locality.These are cleaned with complexalgorithms to remove outliers andarrive at the index values forlocality, city and national levels.

The index is impacted by thenumber and the average price ofproperties in each locality and thelocality’s weightage in the city.This is based on its contributionto the city’s property databank.

Since the listings on the websiteare by end users and marketplayers, the index is based on amix of newly developing andestablished localities as well asnew and old construction.

The composite index value of acity draws from the changingindex values of differentlocalities. Localities that weremore active than others cancontribute significantly to theindex values of that city.

This index is reflective of trendsacross multistorey and singlefloor apartments.

n National Property Index(NPI) rose 4%

n Quoted prices remain highacross cities

n Maximum hike in values inlocalities adjoiningecnonomic corridors

n Rental values rise on backof improved transportcorridors and Metroconnectivity

n Demand and supply moveto the suburbs

JUL-SEP 2011

IN THIS REPORT:

National Property Index...............1Delhi.........................................4Gurgaon....................................7Noida & Ghaziabad................... 10Mumbai....................................13Pune........................................16Ahmedabad..............................19Kolkata...........,........................ 21Chennai....................................23Hyderabad................................26Bangalore.................................28Annexures.................................31

NATIONAL PROPERTY INDEX (NPI)

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NATIONAL PROPERTY INDEX

There have been certain commonthreads across different cities:

l Markets witnessed limitedsupply of new projects due totight monetary conditions

l Consumers displayed weaksentiments due to persistentlyrising home loan interest rates

l High quoted prices led users togo slow on investmentdecisions

l Suburban properties registeredbig hike in capital values onthe back of increasing supplyof affordable options, backedby robust demand

l Demand for low cost housingshifted to peripheral areas

l All major developments tookplace along transport spines

l Demand for residentialproperty focused on localitiesnear IT corridors andcommercial hubs

l Shifting commercial hubsdrove residential demand inthat direction

l Very high pricing in premiumlocalities drove supply anddemand of properties inneighbouring low-priced areas

l Increase in capital values inone locality due to economic or

local factors led to spillovereffect in capital values ofsurrounding areas

l Infrastructure development ledto rising number of propertylistings and values

The Ahmedabad index valuedropped 5%. Sharp fall in capitalvalues in Prahlad Nagar impactedthe city index value significantly.There has been a significant dropin the number of properties

coming up for transaction inpremium areas such as PrahladNagar, Satellite and Gurukul,which have pushed index valuesdownwards.

The Bangalore Index rose by 5%.Hike in capital values and thenumber of listings in heavyweightage localities such asWhitefield, Banerghatta Road andSarjapur Road tilted the indexupwards. In North Bangalore newinvestment destinations such as

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Hebbal and Yelahanka toocontinued to quote values 3-8%higher, which further pushed theindex upwards.

The Chennai Index posted 9%increase. Rise in values of 8-13%as also the number of listings inThiruvanmiyur and Ambatturwere major contributors to therising index values. Premiumlocalities such as Anna Nagar tooposted significant increase innumber of listings, pushing upindex values. However, there hasalso been a noticeable fall innumber of listings in localitiessuch as Medavakkam, Perungudi,Velacheri and Sriperumbudur,which arrested the increase inindex values.

Delhi city index rose by 9%primarily because of rise inaverage prices in majority oflocalities across the city. Averagecapital values rose significantly inDwarka, Chittranjan Park,Kalkaji, East of Kailash, MayurVihar Phase-1 and Paschim Vihar,followed by Rohini Sector -13 andAlaknanda. Also there was afluctuation in the number oflistings in most of the areas.However, fall in number of listingsand average capital values inPanchsheel Enclave impacted theindex adversely during the periodJul-Sep 2011.

Ghaziabad index rose 9% becauseof increase in average capitalvalues of properties across thecity from the previous quarter.However, significant increase innumber of listings in areas suchas Indirapuram and CrossingsRepublik helped to push the indexup further.

With no major supply posted inmajority of localities in the Jul-Sep 2011 quarter, the Gurgaonindex posted nominal increase of2%. Sohna Road was the onlylocality that registered significantincrease in listings, owing to anumber of projects which are atthe possession stage. Steadyincrease in values in mostlocalities held the city index up.

The Hyderabad city index rose by5% in the Jul-Sep quarter,indicating end-user activity.Values rose in about 60% of thelocalities. The localities nearcommercial districts or easilyaccessible from them have seen arise in capital as well as rentalvalues. As a result, city andsuburban areas witnessedsignificant price rise.

Rising values and increasingnumber of listings in developingareas such as Rajarhat, New Townand Gharia held the Kolkataindex unchanged. Due to pre-festive season slowdown across thecity, listings remained stable inmost areas.

Noida once again posted healthyincrease in index values of 8%.Increase in average capital valuesof the properties across the regionwas primarily attributed to thelegal battles in Noida Extensionbetween farmers and the Noidadevelopment authority. This hasbenefitted properties in thepossession as well as under-construction stage. Rise in listingsof ready-to-move-in and completedprojects has also helped pushindex values up. However, fall innumber of listings in under-construction sectors such as 74, 75,76 and 78 indicates that sellers areholding back for future gains.

Backed by a small rise in valuesacross the city, the Pune cityindex went up by a mere 1% in theJul-Sep 2011 quarter. The numberof listings remained largelyunchanged. Localities near or withgood transport links to IT parksremained the big drivers of theresidential space in the suburbanlocalities.

Mumbai index values rose 2%inthe Jul-Sep 2011 quarter. Nominalincrease in property values andnumber of listings in heavyweightage areas such as AndheriWest, Kharghar, Kandivali Eastand Mira Road held the city indexup. Only 37% of localitiesimpacted the city index positively.The rest remained weak.

TOP YIELD GROSSERS

Rental yield is a factor of the changes inrental values locality-wise vis-a-vis thechanges in capital values. Given beloware the top yield-grossing localities ineach city

Locality Gross yield

Bangalore, Marthahalli 5.29%

Kolkata, Narendrapur 4.99%

Chennai, Porur 4.77%

Hyderabad, Kondapur 4.76%

Mumbai, Powai 3.97%

Pune, Hadapasar 28 3.78%

Ahmedabad, Vejalpur 3.66%

Ghaziabad, Indirapuram 3.52%

Noida, Sector-62 3.34%

Gurgaon, Dlf City Phase II 2.89%

Delhi, Vasundhara Enclave 2.76%

CAPITAL GAINS

The table given below indicates maximum increase in capital values ineach city

Locality % Change

Delhi, Rohini Sector 13 24%

Mumbai, Bandra East 22%

Gurgaon, Palam Vihar 15%

Bangalore, Airport Road 17%

Hyderabad, Begumpet 16%

Pune, Pashan 14%

Chennai, Thiruvanmiyur 13%

Ghaziabad, Raj Nagar Extn 12%

Noida, Sector-93 11%

Kolkata, Narendrapur 10%

Ahmedabad, Bopal 6%

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CITY PROPERTY INDEX

The Mumbai Property index roseby 2%, below the NPI of 4%.Suburban Mumbai continued tocater to the upper middle classdream of owning a house.

The price monitor showed 3%increase in the Jul-Sep 2011quarter. Rental values rosesignificantly in areas such asPowai and Khargahar whileSouth Mumbai areas such asParel showed a drop in rentalvalues.

PRICE MONITORThane, Kalyan, Airoli and Vashiregistered 10-15% rise in values.There has been a rising demandfor affordable housing in theseareas and with new projects alsoin ample supply, these are areasin demand. Kanjur Marg posted asteep rise in values, probablybecause of premium projects

launched at levels well aboveaverage prevailing values. Thelocality is in demand because ofgood social infrastructure such asmalls and recreation spots inneighbouring Mulund andBhandup.

Kanjur Marg East has weak socialinfrastructure, which is reflectedin the nominal 2% rise in values.Despite its being in an industrialbelt with slums in the vicinity, itis closer to travel to the city as it lies on the EasternExpress Highway line. However, it has future potential with the

Godrej & Boyce land in Vikhroliup for redevelopment in thefuture. The Lodha Group’s Aurum Grande, launched at Rs9500-10,000 per sq ft may become a game changer in this locality.The market value of development ranges between10500-11500 per sq ft

Bandra East has posted a rise inproperty values because of theproximity to the Bandra Kurlacomplex. Bandra West hasbecome unaffordable and thedemand has slowly shifted toBandra East, which is a 15-20minute drive from the BandraKurla Commercial complex. HDILand Rustomjee have residentialprojects there currently. These are

PROPINDEX - MUMBAI QUICKSTATS

n Yield Meter: Yield ranges between 2.09 to 3.97%

n Capital values rose in 75% localities

n Rental values rose in 63% localities

n Property Index rose from 102 to 104

n Price Monitor rose from 97 to 100

+3%Price Monitor indicates +3% increase in the average sale price

P R I C E M O N I T O R

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slowly changing the profile of thelocality to a more modern one.

Mulund West on the LBS Roadhas posted a healthy 14% rise invalues thanks to a large numberof projects here by developerssuch as Damji Samji, Neptune,Mahavir, Marathon and NirmalLifestyle.

The entire stretch from Thane toKurla was earlier an industrialstretch. Those have beenrelocated and residential propertydeveloped here. City brokerBhuwanesh Agarwal of UnitedProperties Group says thatdemand here is high butavailability limited.

According to Shailesh Puranik,Managing Director, PuranikBuilders, “Right now, Thane givesthe best option to invest inproperty but one should decidedepending upon their needs, suchas proximity to your work place.A flat in Thane or Kalyan willgive better returns than land infar-flung areas,” he added.

The areas which are near theNhava Sheva bridge willobviously be ideal destination to

invest. There are many townshipscoming up in and around Thaneand Kalyan with very goodamenities. “You should considerinvesting there after a detaileddue diligence,” Puranik cautions.

Borivali West, which has alreadyreached saturation from thedevelopment perspective, haspushed up values in Borivali East,which is very close to Dahisar, theend of Mumbai’s postal limits.Kandivali is cluttered and MiraRoad and Thane have lost theextremely affordable status.

RENT MONITORRental values are going up inolder parts of Mumbai such asMahim which is close to Dadarand the Bandra Worli Sealink.Though Bandra and Mahim arejust one signal away from eachother, this area has a lowerprofile. However, the ease oftravel to the BKC has resulted ingood demand and thereforeredevelopment is expected in thenext 2-3 years.

Navi Mumbai has posted a 5-6%steady increase in rental values.

There was no new development inVashi owing to shortage of land.This had restricted the number ofproperties on rent and aconsequent increase in rentalvalues of resale properties.

Thane West has beenoutperforming Thane East. It alsohas better social infrastructureincluding schools, colleges andentertainment options.

Taloja MIDC is an industrial areawith lots of projects in the underconstruction stage. With fertilizercompanies and such heavyindustries, pollution is an issuethat detracts from the locality’sresidential profile. There is alsoweak transport infrastructure inTaloja. All these have led to dropin capital values.

Andheri East has performed wellbecause of the proximity toAndheri West, which is apremium residential area.Traditionally, Andheri East wasmore popular for commercialdevelopments. However, thiswould be convenient to end-userswho choose to stay here ratherthan commute through the

Y I E L D M E T E RGross Yield - Locality Wise

n With a slight fall in capitalvalues and an increase of 3% in the rental value, Powaimoved to the top position inthe yield list.

n With a slight increase incapital values andunchanged rental valuesKharghar remained at thebottom of the yield list.

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crowded roads. As a result rentalvalues are up this quarter.

Powai has posted better rentalvalues thanks to its proximity tocommercial hubs of Andheri Eastand Chandivali.

Kharghar in Navi Mumbai is well-connected and the best plannedlayout in the area after Vashi. Asa result rental values have risen.Similarly Seawoods in NaviMumbai, has several new projectsplanned.

The 22% rise in rental values inGhatkopar can be directlyattributed to the ongoing metroproject. An enhanced flyoverconnectivity has led to risingrental values in Manpada Thane.

ECONOMIC DRIVERSRising home loan interest ratesand limited access to funds haspushed end users in the highvalue Mumbai markets to suburbslike Thane and Navi Mumbai.

Developers loudly criticized themonetary policies that havesystematically raised cost offunds to home buyers. As a result

developers have slowed down thelaunch of projects or releasedsmaller phases. With constructioncosts spiraling up 35-40%, the sizeof apartments are being shrunk.

Niranjan Hiranandani of Hircosees “a slowdown in the shortterm but a huge burst of demandin the next five years. I thinkthere will be a growth of about 30-40% per annum for the next fiveyears, compounded (barring maybe the next 6 months because ofthe negative housing policymeasures).”

INFRASTRUCTURE DRIVERSAll transport infrastructureprojects have translated intorising values. Navi Mumbai andPanvel, in particular, may benefitfrom the new InternationalAirport that has been announced.In addition, the Chief Ministerannounced four infrastructureprojects and has asked the PrimeMinister for special funding ofthese projects. These include across-harbour bridge, Panvelfreeway, metro and mono rail andconnectivity from two airports to

Panvel Airport. This is expectedto improve property values. Oncethe projects are under execution,real estate prices are expected toincrease significantly. The first-mover advantage goes hand-in-hand with first-mover risk.

Thane and Mira Road are cases inpoint. The early movers gotproperty in these suburbs at verylow rates which have increased by10% in the quarter. The low ratesare now restricted to areasfurther away in Kalyan andGodbunder Road.

Another significant trend inMumbai is of redevelopment ofold housing societies. Despite thefact that there are stringent lawsabout consent of over 80% ofresidents to start a redevelopmentproject, the good news is that lawsare in place.

The best way to take forwardredevelopment of the project is tomake the existing residents awareof the tangible economic benefitsof the move.

Chandresh D Mehta, Director,Rustomjee Group advocatedpushing for redevelopment of olddilapidated structures, citingeconomic benefits to unit holders.“In an old dilapidated building byMHADA in ‘60s on its own wouldnot fetch you more than Rs 60-70lakh per unit. The same property,after redevelopment, could go upto Rs 1.5 crore or plus per unit. ”

RENT MONITOR Rent Price Percentage Change n City index rose by 2%

n Suburban areas active inpremium affordable housing

n Suburban prices up in thequarter, development travels toperiphery

n Proposed infrastructure projectsdrive up values

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CAPITAL VALUES – LOCALITY WISE

Average Residential Apartment Prices

Airoli 6450 to 7700

Andheri East 10750 to 12550

Andheri West 13800 to 16750

Badlapur 2350 to 2650

Bandra West 25450 to 30700

Belapur 6200 to 7250

Bhandup West 8300 to 9600

Bhayandar East 4500 to 5150

Bhayandar West 4300 to 5200

Borivali East 9450 to 11000

Borivali West 9800 to 11150

CBD Bela pur 6650 to 7700

Chandivali 10650 to 11650

Chembur 12000 to 14100

Colaba 33550 to 39350

Dadar East 19650 to 23450

Dadar West 22250 to 25900

Dahisar East 6400 to 7900

Dahisar West 9050 to 10150

Dombivli East 4150 to 4900

Ghansoli 6300 to 6800

Ghatkopar East 10550 to 13600

Ghatkopar West 9950 to 11250

Ghodbunder Road 5450 to 6350

Goregaon East 9750 to 11500

Goregaon West 10350 to 12400

Hiranandani Estate 7800 to 8800

Jogeshwari East 12550 to 14400

Juhu 20700 to 24800

Kalamboli 4150 to 4850

Kalyan 3750 to 4300

Kamothe 4200 to 4700

Kandivali East 9600 to 10900

Kandivali West 8950 to 10350

Khar West 22700 to 27000

Kharghar 5100 to 5950

Kolshet Road 6150 to 7000

Koper Khairane 6100 to 7200

Lower Parel 24300 to 31050

Majiwada 7450 to 8500

Malad East 9400 to 11000

Malad West 10000 to 12250

Manpada 6950 to 7650

Marol 10050 to 11400

Mira Bhayandar Road 4750 to 5450

Mira Road 4550 to 5150

Mulund East 9000 to 10150

Mulund West 8850 to 10350

Nalasopara 3000 to 3600

Nerul 7200 to 8700

Palm Beach 9450 to 11200

Panvel 2750 to 3150

Panvel East 2500 to 2550

Parel 21450 to 25050

Pokhran Road 7500 to 8900

Powai 10750 to 12550

Prabhadevi 26850 to 31450

Sanpada 7750 to 9300

Santacruz East 12900 to 15000

Santacruz West 20000 to 24000

Seawoods 6350 to 7200

Sewri 21950 to 24850

Sion 14500 to 18500

Thane West 6700 to 8000

Ulwe Village 4050 to 4450

Vasai 3350 to 3900

Vasant Vihar 7900 to 9000

Vashi 8250 to 9950

Vile Parle East 17850 to 20550

Vile Parle West 17400 to 20650

Virar 3350 to 3850

Wadala 13100 to 15450

Waghbil 5800 to 6450

Worli 26150 to 31550

Locality Capital Values (Rs/Sq feet)

Locality Capital Values (Rs/Sq feet)

MUMBAI

MUMBAI35VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

D I S C L A I M E REvery effort has been made to make this Index as complete and as accurate as possible. MagicBricksaccepts no responsibility for inaccuracies in the information/data contained in this book. It shall haveneither liability nor responsibility to any person or entity with respect to any loss or damage caused, oralleged to have been caused, directly or indirectly, by the information contained in this book. Theinformation/data in this book is subject to change from time to time due to market condition.

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