INDIAN REALESTATE MARKET OVERVIEW Service sectors 13% 22% Engineering 6% 8% Chennai Real Estate Market Recent Rental Deals in Commercial Properties Building Occupier Location Approx

INDIAN REALESTATE MARKET OVERVIEW

2012

INDIA – AT A GLANCE

Capital : New Delhi States : 29 States and 5 U.T. Area : 3.28 million Sq. Km Coastline : 7,516 km Population : 1.28 Billion (aprox.)

Major Cities : Delhi, Mumbai, Chennai, Kolkata, Banglore

Delhi NCR

Mumbai

Bengaluru

Chennai

Kolkata

REAL ESTATE MARKET IN

INDIA

ECONOMIC

BAROMETER

GDP Growth Rate

Currency (INR) vs $ (USD)

Interest Rate

Government Bond Yield Chart

Annual Disposable Income

2008 2009 2010 2011

1,073,243 1,095,3991,356,096 1,511,001

0

500000

1000000

1500000

2000000

1/1/00

1/2/00

1/3/00

1/4/00

Year US$ million

2008 1,073,243

2009 1,095,399

2010 1,356,096

2011 1,511,001

Consumer Confidence

Bombay Stock Exchange

Comparable BSE SENSEX of Major Real Estate Companies in India

Comparable BSE Sensex of Major Banks in India

FDI in Real Estate

Delhi NCR

Mumbai

Bengaluru

Chennai

Kolkata

Delhi NCR Real Estate Market

Delhi

Capital Value Trends – Residential Market

Delhi 1Q 2012 Residential Real Estate Market

Office Space Market in DELHI NCR

Office Space Market in DELHI NCR

Ren

tal

Mn

sqft

Vaca

ncy

Rat

e

Commercial/Office Space Market in DELHI NCR

Distribution of office spaces across broad industry sectors

Micro-market split of upcoming Supply 2012-

2014

Commercial/Office Space Market in DELHI NCR

Recent Rental Deals in Commercial Properties

Delhi Real Estate Market

Commercial Market Several new projects were launched in the PBD area, such as “Jaypee Chambers”, “Wave City Centre” and “Logix City Centre” in NOIDA and “One Horizon Centre” and “Athena” in Gurgaon. All of these projects are expected to add approximately 3.5 million sq ft of Grade A office space to the city’s total stock.

Mumbai

Mumbai Real Estate Market

Capital Value Trends Residential Market

Mumbai 1Q 2012 Residential Real Estate Market

Office Space Market

Office Space Market in Mumbai

Mn

sqft

Vaca

ncy

Rat

e


Micro-market split of upcoming Supply

Broad Industry Classification

Q4 Q4 Q3

FY12 FY11 FY12

BFSI 17% 6% 15%

IT/ITeS 20% 42% 10%

Manufacturing 22% 14% 32% Other Service sectors 33% 33% 33%

Others 7% 4% 12%




Commercial Market : Occupier demand remained steady in almost all sub-markets and only a few large space commercial leases were signed in 1Q 2012. • On the supply side, no Grade A office building was completed and no new office project was being launched during the quarter. • Average rents for Grade A office buildings decreased by 4.76% QoQ in 1Q 2012. The fall was primarily contributed to by the decrease in rent in the CBD of Mumbai Nariman Point, as demand shifted from this sub-market to the more established areas such as BKC and other south Mumbai locations. On the other hand, average Grade A office rents in the other sub-markets remained stable.

Kolkata

Kolkata Real Estate Market


Kolkata 1Q 2012 Residential Real Estate Market

Office Space Market

Vaca

ncy

Rat

e

Office Space Market in Kolkata


Office Space Market in Kolkata

Kolkata Real Estate Market

Commercial Market :

Chennai

Chennai Real Estate Market


Chennai 1Q 2012 Residential Real Estate Market

Mn

sqft

Vaca

ncy

Rat

e

Office Space Market in Chennai


Broad Industry Classification

Q1 Q1

FY12 FY13 BFSI 6% 20% IT/ITeS 75% 48%

Manufacturing 0% 2% Other Service

sectors 13% 22% Engineering 6% 8%



Building Occupier Location Approx Area

(Sq.ft.)

Ascendas IT Park Williams LEA Taramani 13800

DLF IT Park L & T Manapakkam 74,000

SP InfoCity Citibank Perungudi 18,240

Prestige Palladium Emirates Greams Road 8,000

Ambit IT Park Dorschel Ambattur 35,000

DLF IT Park Virtusa Manapakkam 72,000


Commercial Market No major Grade A office project was completed in 1Q 2012 in Chennai. Tight supply is anticipated in 1Q 2012 and 1.2 million sq ft is expected to be added to the market in the second half of the year. • Demand for Grade A office space softened as occupiers remained cautious on the backdrop of the current economic outlook. Demand in the cities primarily came from companies that were looking for relocation and consolidation. • Average rents in 1Q 2012 remained stable across all sub-markets.

Bangalore

Bangalore Real Estate Market


Bangalore 1Q 2012 Residential Real Estate Market

Office Space Market in Bangalore

Mn

sqft

Vaca

ncy

Rat

e

Office Space Market in Bangalore



Bangalore Market Approximately 0.6 million sq ft of new office space was added to the city’s Grade A office market. Projects contributing to this new supply were “Mantri Commercio” developed by Mantri Group at Outer Ring Road (ORR) and “Equinox Tech Park ̶ North Block” by Essar Group in Electronic City • In terms of absorption, the CBD, Whitefield and the EPIP zone remained active due to limited availability of Grade A office space in other areas such as Outer Ring Road. However, overall demand for Grade A office premises softened during the quarter. • A number of tenants requiring large office spaces are preferring built-to-suit options due to limited availability of office space with large floor plate size in the market. Average Grade A office rents remained stable across all sub-markets in 1Q 2012.

NHB Residex

CITIES 2007

July-Dec 2009

Jan-Mar 2010

Apr-Jun 2010

July-Sept 2010

Oct-Dec 2010

Jan-Mar 2011

Apr-Jun 2011

Jul-Sept 2011

Oct-Dec 2011

Jan-Mar 2012

Apr-Jun 2012

Hyderabad 100 81 81 82 87 87 83 91 84 79 86 85

Patna 100 119 127 124 148 146 146 146 141 140 129 140

Ahmedabad 100 128 113 131 141 164 165 169 163 167 164 174

Jaipur 100 63 66 61 63 69 67 64 65 64 80 78

Faridabad 100 145 154 152 170 176 165 220 206 218 217 217

Chennai 100 143 164 183 210 214 218 248 271 296 304 309

Pune 100 117 124 135 140 141 148 150 169 184 181 200

Bhopal 100 162 158 153 166 173 167 224 208 211 204 207

Kolkata 100 185 165 176 191 213 211 194 191 190 191 196

Mumbai 100 126 134 160 167 173 175 181 194 193 190 197

Delhi 100 113 106 110 115 123 126 147 154 167 168 172

Indore 100 208 203

Bengaluru 100 59 64 68 74 101 88 92 93 100 92 100

RECENT DEALS

• US private equity firm Blackstone has inked India's biggest commercial real estate acquisition deal, which will give it 50% stake in a Bangalore builder-owned portfolio of three business parks for $200 million.

• Morgan Stanley Real Estate's US$ 95m investments in Supertech's township project in Noida was the largest during June quarter. Supertech also attracted investments worth US$ 18m from US-based Walton Street Capital.

• Government of Singapore Investment Corporation (GIC) invested US$ 20m to enable listed real estate developer Brigade Group to buy land in Bangalore's Whitefield to develop a premium residential project, as per data collated by Venture Intelligence.

• Tata Housing buys a bungalow with land area 1 acre in Delhi's Connaught Place for Rs 218 crore; plans to build luxury apartments

BIG DEAL

Documents

INDIAN REALESTATE MARKET OVERVIEW Service sectors 13% 22% Engineering 6% 8% Chennai Real Estate Market Recent Rental Deals in Commercial Properties Building Occupier Location Approx