annual newsletter 2013

Real Estate News Letter

2013

For private circulation only

CONTENTS

1. Quarter 1- Highlights




5. Major Deals

Private equity investments Private equity exits Land

Quarter 1 -Highlights

Delhi government's revenue department has made Biometric ID as mandatory document

for registration across its 20 services. Thus, if you are looking to register property or your

marriage in the capital, biometric identity proof will be mandatory from now

The Ashiana Angan Project, from Delhi based realty company Ashiana Housing, has

bagged CNBC Awaz Real Estate Award 2012 for the best affordable housing in India &

the best affordable housing in NCR. Around 8000 projects across 12 cities were

competing for this award.

Hit by the turbulences in the domestic and global economies, the corporates in India

remained wary on office expansion in the year 2012. The same has resulted in a dip of

26% in office space absorption during last year

Government is proposing Real Estate (Regulation and Development) Bill that will

empower home buyers to have a better deal, while necessitating builders sell residential

property on the basis of carpet area instead of ambiguous terms like "super area".

The PE arm of Piramal Enterprises has announced to invest 250 crore in two projects.

Indiareit Fund Advisors will invest 250 Cr. two projects, one in the island city of Mumbai,

and the other is a residential project in Pune.

Housing Ministry has put forth a proposal before Finance Ministry, seeking tax

concessions for developers of affordable housing projects. Currently, such exemptions

are available under government run-schemes only.

Delhi has approved development of 91 unauthorised colonies. In these colonies, the

lands of Archaeological Survey of India (ASI) and Forest Department were encroached by

people.

According to RICS' global commercial property survey, India when rated on occupier

demand and available commercial real estate space in the country, has taken a steep

jump to reach ninth position in the fourth quarter of 2012 as opposed its previous ranking

of nineteenth in the third quarter.

Aditya Birla Group's real estate fund is set to buy 50 % stake in realty developer

Peninsula Land's 30-acre township project in Pune. The deal that is estimated to fetch

25% returns to Aditya Birla Group will cost it Rs 115 crore at present


US based private equity firm Blackstone Group has decided to buy a business park in

south India for 19.5 billion rupees ($367 million). Blackstone Group will buy this business

part in joint venture with two other companies.

The realty market of Mumbai witnessed 83,000 units as unsold inventory for 2012. Knight

Frank Research has revealed that Mumbai market currently has an estimated 83,000 units

of unsold inventory which is approximately 39% of the units under construction.

A revision has been made Haryana government of norms, guidelines and parameters for

grant of Change of Land Use permission for development of retail outlets and fuel filling

stations other than CNG (compressed natural gas) or PNG (piped natural gas).

According to National Housing Bank (NHB), housing prices in 18 major cities in India have

shot up by a whopping 9.6 % during October-December last year. Mumbai and Delhi top

the list with maximum increases in housing prices.

Emerging out of the daunting shadows of global financial crisis, Indian commercial real

estate sector is headed towards bright prospects. If reports are to be believed, prestigious

Blackstone Group LP is set to buy Gurgaon SEZ for $440 mn.

Laying emphasis on the development of urban housing sector, Finance Minister P

Chidambaram announced a Rs 2000 crore urban housing fund and at the same time,

proposed a cut in abatement on service tax on luxury homes.

Budget 2013 has widened the smiles of first time home buyers. First time property buyers

will now get an additional benefit of Rs 1 lakh on home loans up to Rs 25 lakh, a move that

will make properties more affordable.

In order to match up with the spiralling demands for urban development in the city, Delhi

Development Authority (DDA) has a tabled a new land policy that advocates involving

private players.

The new, revised Ready Reckoner (RR) rates in Maharashtra have been raised by 250 to

1,000 per cent in Mumbais western suburbs, especially the Borivli Zone stretching from

Goregaon to Dahisar.


Metro cities are witnessing a different trend altogether where builders have started

resorting to smart ways to extract something out of this phase marked by a sluggish

market. Apartment size is shrinking and so do the prices to lure in potential buyers.

Godrej Garden City township, owned by Godrej Properties, will be graced by five 12-storey

buildings that will have affordable 1BHK apartments starting from Rs 16.5 lakh.

The government decision to allow put and call options in mergers and acquisitions, and

private equity (PE) deals will help funds to exit from their investee companies amid

increasing pressure to give returns to their investors

Godrej Properties is set to develop a luxury residential project in Malad West and has

entered into a joint development agreement with Sunder Sangam Cooperative Housing

Society for the same.

Delhi based pharma company Panacea Biotec and realty company Bestech Group have

decided to jointly develop a township project. The township, spread over 100-acre plot

owned by Panacea in Gurgaon, is expected to fetch the pharma company over Rs 750 Cr

in revenue.

According to property consultant Knight Frank, weak demand for housing stocks being

constructed in National Capital Region has left 5.2 lakh housing units unsold, which is not

a good sign for realty estate sector.


Godrej Properties is all set to begin its new partnership venture that happens to be a 1.5-

million-sq-ft residential project at Undri in Pune. The proposed housing project, in which

the company shares 40 % of the profit, comprises of 1, 2 and 3 BHK apartments.

A consumer forum has in its judgment said that builders are obliged to hand over the

possession of the parking space along with the flat, thus ruling out the practice of selling a

flat's parking space separately.

As per global real estate advisor DTZ, office space demand is expected to shoot up to

30.5 million sq ft this year. A number of factors viz., local economic policy amendments,

climb-down of repo rates by RBI and stronger economic outlook, have resulted in

improved market sentiment.

Essel Group, owned by Subhash Chandra, has rolled out a Rs 500-crore real estate

private equity fund. The Securities & Exchange Board of India has approved and given

license for category II AIF (alternative investment fund).

The office space demand in India's first planned central business district continues to see

sluggish demand. According to CBRE, Nariman Point Nariman Point, Fort and Cuffe

Parade has seen office space absorption of meagre 10,000 sq ft during the quarter.

Tata Housing's latest real estate project in Gurgaon received subscriptions worth Rs 450

crores in a single day. The IPO style strategy adopted by Tata Housing has proved to be

a big hit. Orders were received both from customers in India as well as abroad.

Market regulator Sebi has allowed 47 entities to set up AIFs - newly created class of

pooled-in investment vehicles for real estate, private equity and hedge funds, over a

period of ten months.

The finance ministry on Friday said that the government is probing 18 real estate firms

across the country for alleged forgeries and running dubious investment schemes.

Valmark Group, a Bangalore based realty company, has announced to roll out its first

Bangalore-focused real estate private equity fund, signalling the return of risk capital to

the beleaguered sector.


Mantri Realty will be investing a sum of Rs 1,500 crore in six housing projects. These

projects comprising of about 2,300 flats will be launched within next three to four months.

Market may be sluggish for real estate developers but it has certainly brought a smile on

the faces of those planning to buy luxury apartments in central Mumbai. Leading

developers Lodha Group and Indiabulls Real Estate are already offering property at 10-

15% lower price tags.

Piramal Enterprises' real estate-dedicated private equity arm, Indiareit Fund Advisors will

no more be a third-party investor in real estate projects. It will now venture into

developing residential real estate properties in Bangalore on its own.

Real estate sector has welcomed the decision of Reserve Bank Of India to cut key policy

rates by 0.25 per cent. Realtors wish more reduction so as that interest costs to home

buyers and builders can come down.

To simplify the process and encourage residents to get the maps of their new buildings,

the Ludhiana Municipal Corporation has now launched SARAL, a one form to get passed

the maps of buildings of upto 200 square yards of area.

In what could be termed as a radical reform in existing property registration system in

Delhi, the state government is set to introduce a transparent mechanism which will

empower people to avail services in all 13 sub-registrar offices without any jurisdictional

issue.

After nearly five years of laborious work involving tedious land acquisition and

coordination with multiple agencies, the construction of the first phase of the ambitious

Eastern Freeway, touted to be the longest in any Indian city, is now in its last mile.

In the bid to identify defaulters of property tax, the North Delhi Municipal Corporation

(NDMC) is set to map the properties under its jurisdiction. The properties will be coded as

per the Unit Property Identification Code (UPIC).

According to the latest retail report by Real estate consultancy Cushman & Wakefield,

Connaught Place (Inner Circle) has witnessed a sharp rise of 12% in real estate rentals.

Prime malls across Delhi NCR are not far behind with rentals going up by 10%.


Mumbai has pipped National Capital Region to emerge as the most attractive investment

destination for office properties in India. As per the report of global real estate consultant

Knight Frank, the city is likely to witness 63% hike in property prices and 47% rise in

rentals over five years.

Ghaziabad-based realty firm Gaursons will start developing an integrated township by

end of this year. For the project it has bought 300 acre land on Yamuna Expressway in

Greater Noida from Jaypee group for over Rs 1,500 crore.

About 20 representatives of different resident welfare associations (RWAs) spent their

Saturday afternoon pondering over ways to tackle environmental pollution at the

Epicentre in Gurgaon ahead of Earth Day

Godrej Properties is set to develop a luxury residential project in Malad West and has

entered into a joint development agreement with Sunder Sangam Cooperative Housing

Society for the same.

Assotech Realty is set to invest around Rs 100 crore in developing a service apartment

project at Shirdi in Maharashtra. The project named Sandal Suites spans across 2.5

acres

The Maharashtra government said today it plans to introduce a metro rail line connecting

South Mumbai and neighbouring Thane.

A comprehensive report by ASK Property Investment Advisors, the real estate private

equity arm of ASK Group, has predicted property prices in Chennai to remain firm in near

future

The sluggish state of real estate sector in Nation Capital Region (NCR) has thrown open

opportunities for home buyers to go bargain hunting. Smart buyers have been able to

seal the deals at prices up to 15% lower than the peak rates. A 125-acre township project

by Real Estate Firm Supertech has drawn a hefty investment of Rs 280 crore from private

equity firm Xander. The real estate firm plans to use a fraction of this money to buy more

land.

The Mumbai Heritage Conservation Committees (MHCC) proposed guidelines for

redevelopment in the Marine Drive heritage precinct, include, among other measures,

capping the height of buildings in the area.


As per the findings of real estate consultancy firm Knight Frank, the real estate market in

Mumbai is the most unaffordable with more than one fourth of city's under-construction

properties priced at Rs 1 crore.

Industry experts are of the view that rising number of property portals are providing high

quality information about projects, which could be a key factor in contributing to the

growth of online real estate business.

The American realty tycoon and celebrity Donald Trump has announced his company's

first Indian project, a 22-storied residential twin towers in Pune. The Trump Towers Pune

will have 44 luxurious single-floor condominiums

Private equity firm ASK Property Investment Advisors is keeping a close eye on Indian

real estate growth story and has decided to invest up to Rs 500 crore in mid-income

residential projects by this fiscal end.

The latest report by Cushman & Wakefield paints a gloomy picture of commercial real

estate in the top eight cities in India. Office space absorption has dropped by 15% in the

first half of this year.

In an attempt to bring more transparency in real estate sector the Noida, Greater Noida

and Yamuna authorities will be uploading details of all builders who are constructing

housing projects on their official websites.

HDFC announces its intention to buy Hindustan Unilever's (HUL) former HQ located in

Churchgate (Mumbai). Though undisclosed, realty experts say that the deal could be

sealed anywhere around Rs 350-400 crore.

Indian Real Estate Sector has seen one of its biggest investment deals with sovereign

wealth fund Qatar Investment Authority (QIA) investing $300 million ( Rs 1,800 crore) in

Bangalore-based real estate developer RMZ Corp.

Now properties in Delhi can be registered through General Power of Attorney (GPA), after

Delhi government issued a notification for the same. The move came after the Revenue

Department was pulled up by Delhi High Court.


As per the findings of Liases Foras - a property research firm - New Home Sales in

prominent cities like Delhi NCR, Pune, Chennai, Mumbai suffered a downturn in June

quarter; Bangalore was the only city among these which showed positive sales

Real sector in India might be going through a lean patch but the foreign investors are

optimistic and have raised nearly $2 billion (Rs 11,854 crore) in the past year despite the

economic uncertainties.

As per the latest Citi report, in the second quarter of the year 2013, Bangalore witnessed

the launch of over 10,500 residential units, which amounts to approximately 31% of the

total launches across the country.

Buying land and property in Noida in Uttar Pradesh will be costlier as circle rates has

been increased by 10 to 25 per cent from today.

As per the report published by Global Property Guide, an organization engaged in

collating real estate data from all over the world, property prices in Delhi have witnessed

a sharp rise of 60% in past two years.

Six big companies including US-based private equity firm Blackstone, have offered bids

of up to Rs 2,700 crore to Unitech Corporate Parks, a Unitech group firm listed in London,

for sale of its IT Special Economic Zone in Gurgaon.

In a move to provide affordable housing to needy people, the Haryana government has

given a nod of approval to "Affordable Housing Policy 2013". This policy is aimed at

ensuring an increased supply of affordable housing in the market.

DLF has announced the repayment of a sizeable portion of its debts by the end of this

fiscal year. The prominent real estate developer is banking on the proceeds gained from

the sale of its luxury hotel chain - Aman Resorts - to cut it debts upto Rs 15,500 crore

Girija Vyas, the Minister Of Housing And Urban Poverty Alleviation has put forth the Real

Estate Regulation And Development Bill for consideration in Rajya Sabha. The bill aims to

protect the interests of home buyers.

Buying land and property in Noida in Uttar Pradesh will be costlier as circle rates has

been increased by 10 to 25 per cent from today.


Street-front shops in the upmarket localities of cities like Delhi, Mumbai and Bangalore no

more fit into the scheme of things for brands like Reebok, UCB, Reliance Trends, KFC,

etc. owing to the economic slowdown that is keeping buyers far away

According to a report by property consultant Jones Lang LaSalle, in the past five years,

developers across the country have shrunk the size of residential apartments by around

31% so as to improve affordability and sales volume.

As per the findings of CBRE, there was a 12% decline in Housing prices in the first half of

2013 in comparison to the second half of 2012. This decline is attributed to the low

demand and high rates in real estate.

In the anticipation of the proposed international airport in Navi Mumbai, Real Estate

Developers launched new projects in haste, and now they are paying the price with sales

crashing down and inventory climbing up.

Private equity firm Red Fort Capital has invested Rs 365 crore for the development of

housing projects, launched by the real estate firm Lotus Greens Developers in the

national capital region.

Pune based Kolte-Patil Developers (KPDL) will be developing four new luxury projects in

the city. Two of the projects will be located in Kharadi, and the remaining two in

NIBMRoad- Undri and Hinjewadi.

In yet another consequence of rupee's steep fall against dollar, the real estate arm of

Morgan Stanley has pulled out off a proposed deal to invest nearly $200 million in an

upcoming commercial real estate project in Mumbai.

Developers building skyscrapers over 70 metres high (20 floors) in the island city now

face another hurdle to get their plans approved.


New Delhi based Realty firm Alchemist Township will be investing Rs 600 crore in

developing a residential project on 20 acre land it has bought from a local builder

Highland Group in Kolkata.

Real Estate Consultancy Firm Cushman & Wakefield expects revival of sluggish Indian

economy after the general elections that may eventually result into 132 million sqft of

office space getting absorbed by the year 2017.

As per the latest reports, the government is all set to reject the proposal put forward by

the Urban Development Ministry regarding FDI in real estate sector. The proposal mainly

deals with eliminating all the restrictions implemented on FDI below 50% in realty sector

Reputed Bangalore based developers Sobha Developers and Prestige Estate have both

reported growth in total sales in the September quarter. Owing to the strong growth of IT

sector in the city, the property market in Bangalore is set to see an upward rise in the

commercial & residential property investment.

As per a new ruling announced by Supreme Court, Value-Added-Tax (VAT) will be levied

upon the sale of any property that is still under construction. According to the realty

experts, this ruling will have long term consequences on property buyers.

The reputed Bangalore based developer Embassy Property Developments is trying to

raise Rs 800 crore in debt, in a bid to acquire an IT Park in Bangalore city, The developer

is currently in talks with the likes of HDFC and India Bulls, in order to raise this debt.

One of the largest foreign investors in Indian Real Estate assets, Xander is on the verge

of buying an IT SEZ in Chennai from Shriram Group. According to sources, close to about

Rs 690 crore ($112 million) changed hands for the deal to be finalized.

Mumbai based real estate developers Kalpataru Group, Oberoi Realty, Runwal Group

and Lodha Group are in the final race for buying Speciality chemicals maker Clariant

Chemicals' 87-acre land parcel in Thane.


Government of Maharashtra has approved the ambitious Bhendi Bazar Cluster

redevelopment project. The Saifee Burhani Upliftment Trust (SBUT) plans to start work on

the Rs.30 billion project by January - March 2014.

To promote healthcare,housing and industry in the city,Delhi Development Authority on

Thursday relaxed the floor-area ratio (FAR) for these purposes.In its board meeting,DDA

agreed to increase the FAR of hospitals from 200 to 375.

Over 800 projects across Maharashtra wait to be appraised for green clearances as two

vital regulatory bodies remain non-functional for over three months since July.

The market regulator Securities and Exchange Board of India (Sebi) on Thursday issued

draft regulations for setting up real estate investment trusts (REIT)

Maharashtra government has cleared the decks for redevelopment of 5,000-odd old and

dilapidated buildings in colonies developed by the Maharashtra Housing and Area

Development Authority (MHADA) by raising the floor space index (FSI) for such projects

from 2.5 to 3.

The ministry of rural development plans to notify the Right to Fair Compensation and

Transparency in Land Acquisition, Rehabilitation and Resettlement Bill, 2013, commonly

referred to as the Land Acquisition Act, with effect from January 1, 2014

The state government has decided to hike stamp duty on property transactions in the

Mumbai Metropolitan Region (MMR) as well as the Pune region by another 1 per cent to

fund major urban transportation projects like the proposed Metro and monorail corridors.

Builders developing a housing project on a 4,000 sq m (acre) plot must reserve 20% of

the area for affordable housing, according to a state government notification issued last

week

According to the Supreme Court, VAT will apply to a property that is under construction. It

will be applicable on a building contract.

Noida Authority provided in principle approval of mixed land use policy for specific areas

within industrial and residential sectors


RBI, in its Macroeconomic and Monetary Developments Second Quarter Review 2013-

14, has found that the average housing prices underwent nominal rise of 0.89% during

first quarter of current fiscal

As per the report of global real estate consultant Cushman & Wakefield, new home

launches in eight major cities in India went up by 5% during January-September 2013.

According the report 'Investment Hotspots in Delhi NCR' prepared by Property consultant

DTZ, the housing prices on Dwarka Expressway in Gurgaon have tripled over the past

five years reaching up to Rs 7,000 per sq ft.

As per the latest reports, Aditya Birla Realty Fund has invested approx. Rs 125 crore in a

residential housing project being developed along the Dwarka Expressway. The

residential project is a joint venture between the realty bigwigs Tata Housing and

Sidhartha Group.

The new land-pooling policy to be introduced in Delhi is expected to curb the fast rising

prices of properties in Gurgaon and Noida. Under this policy, around 1.5 millions

apartments are to be launched in NCR in the next couple of years.

Conceding to the request made by Minister of Urban Development Kamal Nath, the

cabinet deferred the proposal on relaxing FDI norms for the housing sector. The proposal

was a part of the agenda in the meet.

According to an EY-FICCI real estate report, the realty sector in India will require an

enormous investment worth $ 257 billion by the year 2015, in which residential real estate

alone will have a share of $ 29 billion.

The economic upheaval & high property prices have had a direct hit on the sales of top

realty firms in the country. Some of the firms that reported a sales drop included big

names like DLF, Oberoi Realty, Orbit Corp and Godrej Properties.

The past five years have witnessed an increase in sales from non-IT sectors in Bangalore

Realty sector. The revenue generated from the non-IT sectors amounts to 55% of the

total sales, which is 10% more than the IT sector (45%).


As per a recent report, property prices in Mumbai Real Estate have witnessed a drop of

nearly 10% in the residential segment, in the previous three quarters. The report was

compiled by the reputed Property Consultant Knight Frank India.

Approximately 45% of ready and under-construction projects in Mumbai Metropolitan

Region are lying unsold, which sums up the torrid time that Mumbais residential real

estate market is going through.

As the institutional investors demands for leased office assets shot up in the city, the

realty market in Bangalore received the maximum private equity investment in the country

during January-September 2013.

As per the latest report by PricewaterhouseCoopers (PwC), the real estate markets of

Mumbai and Bangalore have dropped in 2014 ranking. Mumbai ranks to 23rd position as

compared to 20th position in 2013, and Bangalore ranks to 20th position as compared to

19th position in 2013.

In what could be termed yet another example of growing overseas interest in Indian real

estate sector, the Abu Dhabi Investment Authority is set to invest $250 million in Hines

India Real Estate, the Indian arm of American property development and management

firm Hines.

A recent study by real estate consultancy Knight Frank has revealed a downfall in

housing prices in India. During April-June period, the housing prices fell down by 1.7% on

account of poor demand amid subdued economic conditions. Added to this, there are no

signs of recovery in the segment.

There is a fresh addition of shopping mall retail space in the Indian realty market, except

NCR region. It rose by 39% in 2013 to 4.59 million sq ft in eight top cities despite delay in

completion of 18 malls.

In an interview with ET, the chairman of HDFC, Mr Deepak has stated that the real estate

prices could be brought down by as much as 20% if proper measures are taken to check

the corruption in the system.

Private equity investments

Source : Industry

Location Developer Fund Particulars Value

(Rs crore)

Quarter

Delhi Advance India Projects ICICI venture-Real estate

fund

Investment in Group housing

project at Gurgaon

30 First

Mumbai Ahuja Developers ICICI venture-Real estate

fund

Residential project Ahuja Towers at

Prabhadevi

50 First

Delhi Assotech Ltd. IIFL Real Esate Fund Plotted development project at

Faridabad

75 First

Hyderabad RMZ Ltd. AIG Global Real Estate

fund

Entire stake bought by fund after

the Mall project in Hyderabad was

stalled

N.A First

Bangalore Assetz Group Blackstone, HDFC venture

fund and Embassy group

Stake in Vrindavan Tech Village-

SEZ of 106 acres

1950 First

Mumbai Runwal Group Kotak Realty fund Part funding to buy 150 acres of

Premier Ltd land at Dombivali

70 First

Bangalore Habitat Ventures project

Ltd.

Pragnya Advisors Pvt. Ltd Residential project at Banerghatta 28 First

Bangalore Janapriya Engineers

Syndicate

IIFL Real Estate Fund Residential project at Abhigere 75 First

NCR TDI Infrastructure Ltd. Kotak Realty Fund Integrated township - TDI city of

1,250 acres at Kundli

110 First

Pune Paranjape Schemes

(Construction) Ltd.

IDFC Alternatives PE Stake in SEZ project at Hinjewadi 250 First

Pune Peninsula Land Ltd Aditya Birla Real estate

fund Ltd.

30 acre township project at

Hinjewadi

115 First

Pune Panchshil Realty Ltd. Blackstone PE 50 % stake in EON IT park at

Kharadi

450 First

Mumbai Omkar Realtors Indiareit Fund Advisors

Ltd.

2.5 mn residential redevelopment

project at Central Mumbai

100 Second

Pune,

Bangalore,

Mumbai and

Goa

Marvel Group Indiareit Fund Advisors

Ltd.

Investment in various projects 100 Second

NCR Supertech Ltd. Xander PE 125 acre township at Gurgaon at

sector 79

280 Second

Pune SumaShilp Ltd. IL&FS Milestone Fund II 3.6 lakh IT-office project located at

Erandwane

90 Second

N.A. Nitesh Estates Ltd. Forum Capital Partners 49% stake in SPV-Nitesh Housing

Developers

300 Second

NCR Shipra Group IIFL Real Estate Fund Premium residential project at

Indirapuram in Ghaziabad

110 Second

Mumbai Ruparel Realty IIFL Domestic Real Estate

Series 1

Redevlopment project at Matunga 30 Second

Mumbai Wadhwa Developers IIFL Real Estate Fund Slum redevelopment project at

Chembur

350 Second

Chennai Casa Grande Pvt Ltd Avenue Ventures Real

Estate Fund

2.4 lakh sq ft luxury residential

project coming up at Thoraipakkam

25 Second

Private equity investments

Source : Industry


(Rs crore)

Quarter

NCR ATS Infrastructure Ltd. ASK Real Estate Special

Opportunities Fund

Residential project at Sector 99A,

on Dwarka Expressway

147 Third

Mumbai V.Raheja Developers

Ltd.

Aditya Birla Real Estate

Fund

Residential project at Andheri 75 Third

Pan-India Mahindra Lifespace SCM Real Estate

Singapore- Investment

arm of Standard

Chartered Bank

Joint venture with equal stake with

total commitment of USD$ 170mn

N.A. Third

NCR Lotus Green Red Fort Capital Ltd. Investment in various projects over

a period of one year

365 Third

Bangalore Rohan Builders Avenue Venture Partners Investment in Residential project at

Boganhalli, East Bangalore

55 Third

NCR Unitech Ltd. Blackstone PE 3.6 mn sqft IT SEZ in Gurgaon 2,600 Third

NCR Supertech Ltd. Reliance PMS Funds raised for existing projects in

NCR

100 Third

Bangalore Mantri Developers Xander Group JV to develop residential township

near Hebbal

~600 Fourth

Pune Vastushodh Developers Avenue Venture Partners 22 acre affordable housing project

located on Pune-Solapur Highway

20 Fourth

NCR Tata Housing and

Sidhartha Group

Aditya Birla Real Estate

fund

Residential project on Dwarka

expressway at sector-113

125 Fourth

N.A. Shapoorji Pallonji Group Canada Pension Plan

Investment Board

JV to acquire FDI compliant office

space

1,200 Fourth

Private equity exits

Source : Industry


(Rs crore)

Quarter

Chennai Mahindra Lifespace

Developers

Arch Capital PE Ltd. Gated community project in Mahindra

World city

70 estimated First

NCR Vatika group Goldman Sachs Entity level equity stake exit at par and

stake in Vatika project

600 Second

Bangalore Shriram Properties Ltd. ICICI Prudential Real

estate fund

Exit from Residential project at

Yelahanka with 27% IRR

12

(Estimates)

Second

Bangalore Bhartiya International IL&FS Real estate fund 125 acre township project in Bangalore 300 Second

Chennai Godrej Properties ltd. HDFC PMS Ltd. Residential project at

Sembarambakkam near Kanchipuram

N.A. Third

Chandigarh Godrej Properties ltd. HDFC PMS Ltd. Godrej Eternia office space project at

Chandigarh

N.A. Third

Bangalore Nitesh Estates Ltd. HDFC PMS Ltd. Buyback of stake by developer giving

an IRR of 24%

144

(estimates)

Third

Bangalore Golden Gate Properties Deutsche Bank Buy-back of stake by owners ($70 mn) 417 Third

N.A. Indiabulls Real estate Ltd. FIM-priavte equity-

part of Farallon Capital

Management

Buyback of subsidiary 1172 Third

NCR Uppal Group Trinity Capital Stake sale to developer at loss of Rs

200 cr (initial investment of Rs 303 cr in

2007)

103 Fourth

NCR Wave Infratech Ltd. Landmark Property

Dev. Co.

Exit from township project at

Ghaziabad at IRR of 20%

350 Fourth

NCR Shipra Group Landmark Property

Dev. Co.

Residential project in Indirapuram at

IRR of 17.5%

100

(estimates)

Fourth

NCR ATS Infrastructure Landmark Property

Dev. Co.

Residential project in Gurgaon at IRR of

27%

90

(estimates)

Fourth

Kolkata Godrej Properties ltd Red Fort Capital Residential project in Kolkatta N.A. Fourth

Major Deals- Land

Source : Industry

Location Buyer Seller Particulars Value

(Rs crore)

Quarter

Mumbai Runwal developers Premier Ltd. Joint development agreement for land at

Dombivali

220 First

Chennai VGN Developers HTL Ltd.- Part of Himachal

Futuristic Communications

Ltd.

11 acre prime commercial land at Guindy 220 First

Chennai Akshaya Ltd. IFCI Infrastructure

Developers Ltd.

45,065- sq. ft plot in central Chennai with

1.75 FSI

94 Second

Chennai VGN Developers

Ltd.

Hindustan Teleprinters Ltd.

(HTL)

10.16 acre land parcel at Guindy of HTL

sold by State Bank to recover dues

272 Second

Bengaluru Sahara Group Asset Reconstruction

Company of India

25 acre plot at Whitefield 149 Second

Hyderabad Suvarnabhoomi

Developers Ltd.

DLF Ltd. 32 acre land at Hyderabad 650 Second

NCR Gaursons Ltd. Jaypee Group 300 acre land at Yamuna expressway in

Greater Noida

1500 Second

Mumbai Aga Khan

Foundation

Phillips Electronics 1 acre land with 80,000 sq ft development

potential at Mazgaon

110 Second

Bangalore Sobha Developers Capt. C.Y.Gopinath

(Deccan Cargo Ltd.)

Sale of 16,200 sq ft land at Off Vittal

Mallya road

40

(estimated

market

value)

Third

Mumbai Mahindra

Lifespaces Ltd.and

Kanoria

Peninsula Land Ltd. Spring Mills Ltd. land with 6 lakh sq ft

development potential

650 Third

Disclaimer

The information carried by the articles in this newsletter has been gathered from various reports published in

newspapers and magazines. ASK Property Investment Advisors has reproduced the articles and reports

verbatim. ASK Property Investment Advisors does not vouch for the accuracy of the information and is not

responsible for decisions that may be taken on the basis of the information.

This document is being communicated to you solely for the purposes of providing our views on current market

trends. This document is being communicated to you on a confidential basis and does not carry any right of

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recipient agrees has the benefit of this undertaking. The recipient and its professional advisers will keep

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This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended

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investment advice, or opinion regarding the appropriateness of any investment, or a solicitation for any product

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ASK Property Investment Advisors does not accept any responsibility for any errors whether caused by

negligence or otherwise or for any loss or damage incurred by anyone in reliance on anything set out in this

document. The information in this document reflects prevailing conditions and our views as of this date, all of

which are subject to change. In preparing this document we have relied upon and assumed, without

independent verification, the accuracy and completeness of all information available from public sources or

which was provided to us or which was otherwise reviewed by us. Past performance cannot be a guide to

future performance.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on its

completeness. The information set out herein may be subject to updating, completion, revision, verification and

amendment and such information may change materially.

annual newsletter 2013

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