hf3e-city report delhi market q3 2011

7/29/2019 Hf3e-City Report Delhi Market q3 2011

1/16

CITY REPORT

DELHI OFFICE M ARKETQ3 201 1


2/16

BNP Par ib as Rea l Es t a t e - INDIA

Al l t h e bu i l d i ng b locks

www. rea les ta te .bnppar ibas.co . in

BNP

ParibasRealEstate

-SAS

au

capitalde

329

196

608

-692

012

180

RCS

Paris-

CodeNAF

4110B

-Sige

social:13,

boulevard

du

Fortde

Vaux-

75017

Paris

In Ind ia our spec ia l i s ts b r ing you our exper t i se in

Wi t h our in t e rna t iona l scope and on- t he-g round p resence, you l l f ind th e per fec t par t ner th a t can ensure the success o f your rea l es ta te p ro jec t .

With BNP Par ibas Real Estate, a l l the p ieces come together .

Transaction Advisory, Consult ing and Land and Build ing Valuat ions.

BNP Par ib as Real Esta te and In f r as tr uc tur e Adv isor y Serv ices Pvt . L td

Your con t ac t s i n I nd ia : M um bai (Head Off i ce) : +91 22 3370 4162 - Bangalor e : +91 80 4030 0334

in fo . ind ia@bnppar ibas.com

Delh i : +91 11 4959 8800 -

N EW OFFICE OPEN IN G !

BNP Par ibas Real Estat e - CHENN AIRegus City Cent re, Level 6 , Chen nai Ci ty Cent re,10 /1 1 , Dr. Radhak r i shnan Sa la i , Chenn a i - 600 00 4Te l : +91 44 4221 8 651Fax : +91 44 4 221 82 22


3/16

Sum m ar y p . 4

M acr oecon om ic Con t ex t p . 5

D el h i M a p p . 6

Cent r a l Bus iness Dis t r i c t (CBD) p . 7

Al t e rna t e Cen t r a l Bus iness Dis t r i c t (Al t e rna t e CBD) p . 8

Secondar y Bus iness Dis t r i c t (SBD) p . 9

Per iph ery Bus iness Dis t r i c t (PBD) p. 10

Renta l Va lues p. 11

G lossary

p. 13Key Tran sac t ions

p. 14Key Pro jects

p. 15

CONTENTS

Cap i ta l Va lues p. 12

CITY REPORTDELHI OFFICE M ARKET - Q3 2 01 1


4/164I I

SUMMARY

T h e NCR m a r k e t s c o n t i n u e d t o b e o n o p t i m i s t i c p a t h .

Al t h o u g h , l e a s e r e n t a l s a n d c a p i t a l v a l u e s r e m a i n e d s t a b l e

th rough the per iod (Q3, Ju ly to Sep tember ) , sus ta ined

d e m a n d f r o m b o t h c o r p o r a t e a n d I T co m p a n i e s h a s em e r g ed

a s t h e m a i n d r i v e r f o r t h e c o m m e r c i al o f f i c e s eg m e n t i n NCR.

T h e o v er a l l a b s o r p t i o n f o r t h e r e g io n w a s r e c or d e d a t 1 .4 m n

sq . f t ac ross the co rpora te and techno logy f i rms . An

e n c o u r a gi n g f e a t u r e o f t h i s d e m a n d h a s b e en t h e i n c r e a s ed

share o f space o f f - t ake by Non - IT com pan ies . Com pared t o a

3 0 % s h a r e f r o m t h e p r e v i o u s q u a r t e r , t h e n o n - I T s e c t o r s

accoun ted fo r ap prox . 45% o f the to t a l o f f i ce space dem and

f o r t h e p e r i o d .

As has been the case t rad i t i ona l l y , the IT / ITeS sec to r

con t inues to l ead the demand fo r o f f i ce space in NCR,

accoun t ing fo r approx imate ly 55% o f the space occup ied in

Q1 2011 .

In add i t i on , the average s i ze o f t ransac t ions has a l so

i n c r e a se d m a r g i n a l l y o v e r t h e p r e c ed i n g q u a r t e r s .

Lo o k in g f o r w a r d i n t h e i m m e d i a t e f u t u r e , d e m a n d i s l i k el y t o

w i t n e s s s u s t a i n e d g r o w t h l e v e l s . Ho we v e r , t h e e s t i m a t e d

s u p p l y f r o m u n d e r - c o n s t r u c t i o n p r o j e c t s i s ex p e ct e d t o e x er t

a d o wn w a r d p r e s s u r e o n t h e r e n t a l v a l u e s a n d c a p i t a l p r i c e s.

Com m erc ia l Ma r ke t Con t in ues on Grow th Pa th



5/165I I


M ACROECONOM IC CON TEXT

Cont inu ing h igh i n f l a t i on i n case o f concern

Du r in g th e q u a r te r , t h e re h a ve b e en n o re v is ion s to t h e Rea l GDP g ro wt h(p e rce n t ) & in f la t io n p ro je c t io n s for 2 0 1 1 - 1 2 b y th e M in is t r y o f Fin a n ce a n do th e r g o ve rn me n t d e p a r tme n ts . Ho we ve r , Org a n isa t io n fo r Eco n o mic Co -

o p e ra t io n a n d De ve lo p m e n t (OECD) a n d th e Wo r ld Ba n k h a ve re v ise d th e i re s t ima t e s kee p in g in v ie w th e p r e va le n t e co n o m ic scen a r io . Wh i le OECD h a srev ised i ts p r o jec t ions fo r Real GDP Growt h f rom 8 .2% to 8 .5%, th e Wor l dBank has rev ised i t s es t im ates to 8 .2% f rom th e ear l ie r 9%. As per RBI,fo re ca ste d Rea l GDP g ro w th a t fa c to r co s t w i l l b e 7 .7 % fo r t h e p e r io d Ju ly Sep te m b e r 2 0 1 1 .

T h e p re va i l i n g in f la t io n in th e e co n o m y co n t in u e s to b e a ca u se fo r co n ce rn ,w i th t h e RBI h i k in g th e re p o ra te b y a n o th e r 2 5 b a s is p o in ts in o rd e r t o cu rbth e u p w a rd t r e n d . T h is is th e tw e l f th in c re a se in th e re p o ra te s in ce M a rch2 0 1 0 , b r in g in g i t t o 8 .2 5 %. T h is p e rs i s te n t mo ve to co n t ro l i n f l a t i o n b ylo we r in g d e ma n d i s a c ru c ia l s te p b y RBI to b a la n ce g ro wth a n d ma n a g el iq u id i t y a n d cu r re n cy . In f la t io n a s m e a su re d b y W h o le sa le Pr i ce In d e x (WPI )re m a in e d a b o ve 9 % fo r th e n in t h co n se cu t i ve mo n th (Au g u s t 2 0 1 1 ) . Ho we ve r,

t h e i m p a c t o f t h e r a t e h i k e s on t h e g r ow t h o u t p u t a n d t h e r i s i n g in f l a t i o n w i l lb e v i sib le o n ly in th e n e x t fe w q u a r te rs o f 2 0 1 1 -1 2 a n d 2 0 1 2 - 1 3 .

Co re in f la t io n a c ro ss n o n - fo o d ma n u fa c tu r in g cu r re n t l y s ta n d s a b o ve 7 %re f le c t in g d e m a n d - s id e p re ssu re s . Fo o d in f la t io n i s e xp ec te d to re m a in h ig ho w in g to co n s is te n t d e ma n d -su p p ly g a p in fo o d a r t i c le s . In a d d i t i o n , w i thfu e l p r i ce s to o e xh ib i t i n g a n u p wa rd t re n d in Se p te mb e r , th e in f la t io n a ryt re n d p re va le n t i n th e co u n t r y i s exp e c te d to b e su sta in e d fo r t h e fo re see a b lefu tu re . F u r th e r , t h e d e p re c ia t in g Ru p e e co n t in u e s to e xe r t a n u p wa rdp re ssu re on t h e co s ts of im p o r ts .

T h e re h a s a lso b e e n a ma r ke d s lo wd o w n in g ro w th a c ro ss se cto rs su ch a sin f ra s t ru c tu re , e sp e c ia l l y te le co mmu n ica t io n a n d p e t ro ch e mica ls . T h ed o u b t o n th e o u tp u t g ro wth co n t in u e s d u e to th e r i s in g in f la t io n a n du n ce r ta in t ie s re la t in g to th e m o n so o n , i n ve s tm e n t d e m a n d , h ig h in p u t co s ts ,e sca la t in g co s t o f ca p i ta l a n d u n ce r ta in g lo b a l o u t l o o k w h ich m a y imp a c t t h e

e x te rn a l d e ma n d a n d ca p i ta l f l o ws a d ve rse ly th u s in d ica t in g a n o ve ra l ls lo wd o wn in e co n o mic a c t i v i t y . T h is i s a l so e v id e n t f ro m th e re su l t s o f 5 4 thround o f the Indus tr ia l Out look Survey o f the Reserve Bank fo r Ju ly -Sep te m b e r 2 0 1 1 . T h e su rve y in c lu d e d sa m p le o f 1 ,5 0 4 co m p a n ie s a n d th ere su l t s sh o w e d m o d e ra t io n a c ro ss b u s in e ss e xp ec ta t io n s . In a d d i t i o n , th eg lo b a l co mm o d i t y p r i ce b u b b le a n d Eu ro -Z o n e c r i s i s w i l l a l so b e imp o r t a n tfa c to rs a ffe c t in g th e g ro wth a n d in f la t io n .

G oi n g f o r w a r d , t h e m o n e t a r y a n d l i q u i d it y c o n d i t i on s w i l l r e m a i n t i g h t o w i n gto p e rs i s te n t h ig h in f la t io n . Co n su me r d e ma n d w i l l co n t in u e to re ma ins t ro n g b u t th e in c re a s in g b or ro w in g & in p u t co s ts w i l l e ro d e p ro f i t ma rg in sfo r th e co rp o ra te s . T h e mo n e ta ry s ta n ce imp le me n te d b y RBI to ch e cki n f l a t i on w i t h i n i t s c o m f o r t z o n e m i g h t r e su l t i n a n o t h e r r a t e h i k e in t h eco min g q u a r te rs .

Rep o Rev er se Rep o

Repo & Rever se Repo Rat e9

6

3Percent

1

Gross Dom est i c P ro duc t (GDP)

Q42008

Q12009

Q22009

0.00

2.00

4.00

6.00

8.00

10.00

Q3

2009Q4

2009

Wh olesale Pr ice Ind ex (WPI)

0.00

2.00

4.00

6.00

8.00

10.00

12.00

14.00

16.00

18.00

M

ar-

08

M

ay-

08

Jul-

08

Sept-

08

Source : Confedera t ion o f Ind ian Indus t r i es

Q12010

Apr-

10

M

ay-

10

Jun-

10

Jul-10

Aug-

10

Sep-

10

2

4

5

0

Q22010

Jul-10

Nov-

10

1.00

3.00

5.00

7.00

9.00

Q32010

Q42010

SLR CRR

CRR & SLR30

20

10

5

Per

cent

0

Jun-

09

Aug-

09

Nov-

09

Dec-

09

Feb-

10

Apr-

10

Jun-

10

Aug-

10

15

25

Oct-10

Percent

Percent

Dec-

10

Feb-

11

7

A s p r o j ec t e d b y F i n a n c e M i n i s t r y

Dec-

10

Jan-

11

M

ar-

11

Q12011

Apr-

11

Jun-

11

Feb-

11

Apr-

11

M

ay-

11

Jun-

11

Q22011

Jul-09

Oct-09

Sept-09

Jan-

10

M

ar-

10

M

ay-

10

Jul-10

Sept-10

Nov-

10

Jan-

11

M

ar-

11

M

ay-

11

Jul-11

Aug-

11

Sept-11

8

Jul-11

Aug-

11

Sep-

11

5.60%

5.80%6.30%

8.60%

7%

9.40%

9.30%

8.30%8.90%

7.80%

8.30%

7.70%

Q32011

Jan-

08

Nov-

08

M

ar-

09

M

ay-

09

Jul-

09

Sept-

09

Jan-

09

Nov-

09

M

ar-

10

M

ay-

10

Jul-

10

Sept-

10

Jan-

10

Nov-

10

M

ar-

11

M

ay-

11

Jul-

11

Sept-

11

Jan-

11

DLF Lim i ted 4 %

M ajor Rea l Esta t eCom pan ies in

In d i a

Sal es (In IN R / I n m il l i on ) Pr of it s ( In IN R / I n m il li on )

Q3 2011 Q2 20 11Q on Q

Change %Q3 20 11 Q2 20 11

Q on QChange %

Un i t e c h

I n d i a B u l l s 3 7 % - 6 2 %

Sobha Deve lopers

Peninsu la Land - 5 3 % - 7 3 %

P a rs v n a t h

Deve lopers

Pheon ix 1 % - 1 2 %

Omaxe L imi ted

M a h i n d r a

Li fespace 1 5 % 8 4 %A n a n t ra j

Ack ru t i C i ty

Ansa l Proper t ies

- 1 %

5 % - 8 %

3 8 % 3 6 %

1 1 % - 1 %

2 4 ,4 5 8 3 ,7 3 9

5 ,9 5 9 1 ,0 2 2

2 ,4 1 9 1 ,0 2 2

3,179 3 0 9

1 ,0 5 9 5 0 0

2,166 2 7 5

4 7 1 2 7 2

8 1 5

3 ,2 9 1 2 0 0

1 7 1

8 3 8 3 5 1

2 ,9 7 0 2 1 73 % 2 1 %

1,220 1 7 4_ _ _ _

25,324

6,261

3,320

N A

4 9 6

N A

4 7 4

4,541

9 3 8

9 3 2

N A

3,065

_ _

_ _

3 ,686

9 3 8

3 8 4

N A

1 3 7

N A

2 3 9

2 7 3

3 1 4

3 4 7

N A

2 6 4

_ _

_ _


6/16


7/167I I

CENTRAL BUSINESS DISTRICT (CBD)

T h e CBD re ma in s t o b e a fa vo re d d e st in a t io n fo r th e co rp o ra te a n d

b a n k in g se c to rs , l e a d in g to su s ta in e d a b so rp t io n in Q3 a s we l l .

Ho w e ve r, t h e la ck of f r e sh sup p ly in t ro d u c t io n a n d l im i te d q u a l i t y

o p t io n sp a ce s i s exp e c te d to in f l u e n ce d e c is io n s for f i r m s lo o k in g toe n h a n ce sca la b i l i t y o f th e i r o p e ra t io n s .

W i t h t h e d e v e l o p m e n t o f t h e n e w p h a s e o f t h e D e l h i M e t r o

co mme n c in g in th e CBD, l im i te d re lo ca t io n o f te n a n ts to o th e r

lo ca t io n s i s e xp ec te d . Ho we ve r, g ive n th e p re e min e n t p o s i t i o n o f th e

re g io n a n y va ca n c ie s th a t m a y a r i se a re exp e c te d to b e a b so rb e d

w i t h i n t h e n e x t q u a r t e r.

Rent als s t abi l i ze acr oss CBD

CBD

CapitalValues(INR

/sq.f

t)

Q22 0 1 0

Q22 0 1 1

Q32 0 1 0

29,000

32,000

34,000

Rent

alValues(INR

/sq.f

t/m

onth)

2 2 0

2 3 0

2 4 0

2 5 0

2 6 0

2 7 0

2 8 0

2 9 0

3 0 0

Q22 0 1 0

Q32 0 1 0

27,000

31,000

33,000

T h e a ve ra ge re n ta ls & ca p i ta l v a lu e s for t h e la s t 6 q u a r te rs a re a s

fo l l o ws : -

CBD

28,000

35,000


Q22 0 1 1

Q12 0 1 1

Q42 0 1 0

Q12 0 1 1

Q42 0 1 0

3 1 0

30,000

36,000

Q32 0 1 1

Q32 0 1 1

Source : BNP Par ibas Rea l Es ta te - Research , Ind ia

CBD

AVERAGE REN TAL VALUES ( IN R / SQ.FT / M ONTH )

Q22010

2 7 5

Q32010

2 9 0

Q42010

2 9 0

Q22011

Q12011

3 0 0 3 0 0


CBD

AVERAGE CAPITAL VALUES (INR / SQ.FT)

Q32010

Q22010

30,000

Q42010

35,000

Q32011

Q22011

Q12011

3 5 ,0 0 0 3 5 ,0 0 0 3 5 ,0 0 0

Q32011

3 0 0

35,000


8/168I I

ALTERN ATE CEN TRAL BUSIN ESS DISTRICT(ALTERNATE CBD)

T h e A l te rn a te Bu s in e ss D is t r i c t co n t in u e s to ma in ta in h e a l th y

in te re s t l e ve ls f ro m th e co rp o ra te se g me n t o f th e ma rke t , w i tha p p ro x . 7 5 ,0 0 0 sq . f t b e in g a b so rb e d in Q3 . Imp r o ve d co n n e c t i v i t y o n

a cco un t o f Delh i M e t ro a n d t h e u p co min g u n d e rp a ss a t Ja sola h a ve

e n a b le d th e se re g io n s to a t t r a c t co rp o ra te c l i e n ts .

Recent t r an sact i on s push va lues upw ard


Bika j i Cam a Place

Jasola Vihar

M u n i r k a


Q32010

Q22010

Q32011

Q22011

Ne h ru P la ce

QutabIn s t i t u t io n a l Are a

Saket

Vasant Kun j

CapitalV

alues(INR

/sq.f

t)

20,000

22,000

10,000

18,000

Q22 0 1 0

Q32 0 1 0

Ne h ru P la ce

Vasant Kun j

Saket

M u n i r k a

Jasola Vihar


Qu tu b In s t i t u t io n a lArea

12,000

13,500

15,000

20,000

12,000

20,000

20,000


Q12 0 1 1

Q42 0 1 0

Q42010

Q12011



Jasola Vihar

M u n i r k a


Q32010

Q22010

Q22011

Ne h ru P la ce

Qutub Inst i tu t iona lArea

Saket

Vasant Kun j

T h e a vera g e re n ta ls & ca p i ta l va l u e s fo r th e la s t 6 q u a r t e rs a re a s

fo l l o ws : -

1 3 0

1 1 0

1 5 0

1 8 0

1 0 5

1 5 0

1 5 0

Q42010

Q12011

1 3 0

1 1 0

1 5 0

1 8 0

1 0 5

1 5 0

1 5 0

12,000

13,500

15,000

20,000

12,000

20,000

20,000

1 3 0

1 1 0

1 5 0

1 8 0

1 0 5

1 5 0

1 5 0

12,000

13,500

15,000

20,000

12,000

20,000

20,000

Q32 0 1 1

Q22 0 1 1

1 3 7

1 1 6

1 5 7

1 8 5

1 1 0

1 5 8

1 5 7

12,500

14,500

15,500

20,300

12,500

20,500

20,500

Ne h ru P la ce

Vasant Kun j

Saket

RentalValues(INR

/sq.f

t/m

onth)

M u n i r k a


Jasola Vihar

Qu tu b In s t i t u t io n a lArea

1 0 0

1 2 0

2 0 0

Q22 0 1 0

Q32 0 1 1

Q22 0 1 1

Q32 0 1 0

Q12 0 1 1

Q42 0 1 0

8 0

1 4 0

1 6 0

1 8 0

12,000

14,000

16,000

Q32011

1 3 7

1 1 6

1 5 7

1 8 5

1 1 0

1 5 8

1 5 7

12,500

14,500

15,500

20,300

12,500

20,500

20,500

1 3 7

1 1 6

1 5 7

1 8 5

1 1 0

1 5 8

1 5 7

12,500

14,500

15,500

20,300

12,500

20,500

20,500


9/169I I

SECON DARY BUSIN ESS DISTRICT (SBD)

T h e SBD h a s w i tn e ssed l im i te d sp a ce o ff - t a ke in Q3 o n a cco un t o f

d e m a n d b e in g d r i ve n b y sm a l l t i c ket s i ze s o f t r a n sa c t io n s . In l i n e

w i th t h e a b o ve, re n ta l & ca p i ta l va lu e s h a ve re m a in e d th e sa me a s

th o se in Q2 .

Lim i ted t ran sact i on s i n SBD


Sh a h d a ra

M a t h u r aIn d u s t r ia lArea

Janak Puri

Okh la

P i t a m p u r a


Q22010

Q32010

Cap

italValues(INR

/sq.f

t)

5,000Q2

2 0 1 0Q3

2 0 1 0

Jana k Pur i

M a t h u r a I n d u st r i a lArea

Okh la

P i t a m p u r a

Sh a h d a ra

7 ,500

6,000

6,000

5,500

5,500

6,000

7,000

8,000


Q12 0 1 1

Q42 0 1 0

Q42010

Q12011


Sh a h d a ra

M a t h u r aIn d u s t r ia lArea

Janak Puri

Okh la

P i t a m p u r a


Q32010

Q22010

Q22011

T h e a ve ra ge re n ta ls & ca p i ta l v a lu e s for t h e la s t 6 q u a r te rs a re a s

fo l l o ws : -

5 0

5 0

6 0

5 0

5 0

Q42010

Q12011

5 0

5 0

6 0

5 0

5 0

7,500

6,000

6,000

5,500

5,500

5 0

5 0

6 0

5 0

5 0

7,500

6,000

6,000

5,500

5,500

Q32011

Q22011

Q32 0 1 1

Q22 0 1 1

5 3

5 2

6 4

5 2

5 3

7,500

6,000

6,000

5,500

5,500

RentalValues(INR

/sq.f

t/m

onth)

4 5

Jana k Pur i

M a t h u r a I n d u st r i a lArea

Okh la

P i t a m p u r a

Sh a h d a ra

Q22 0 1 0

Q32 0 1 0

5 0

5 5

6 0

Q12 0 1 1

Q42 0 1 0

7 0

Q32 0 1 1

Q22 0 1 1

6 5

5,500

6,500

7,500

Q32011

5 3

5 2

6 4

5 2

5 3

7,500

6,000

6,000

5,500

5,500

5 3

5 2

6 4

5 2

5 3

7,500

6,000

6,000

5,500

5,500


10/161 0I I

DLF Cyber City


Q22010

Q32011

Q22011

Q32010

Golf Cour se Rd

M G Road

NH8 / Udyog V ihar

Sohna Rd

Manesar

Expressway

Sector 58

Sector 62

Sector 63/64

Gurgaon

M anesar

N o i d a

PERIPHERY BUSINESS DISTRICT (PBD)

Gu rg a o n & No id a co n t in u e to a t t ra c t p re m iu m IT a n d Co rp o ra tete n a n ts , w i tn e ss in g s ig n i f i ca n t sp a ce o f f - ta ke in Q3 2 0 1 1 ,a cco u n t in g fo r a p p ro x . 8 5 % o f th e d e ma n d w i tn e sse d a c ro ss th e

NCR in the per iod . Big t icke t t ransac t ions by IT and Serv ices 'co mp a n ie s h a ve d r i ve n d e ma n d fo r o f f i ce sp a ce for t h e p e r io d .

Gu rg a o n ma in ta in s i t s p o s i t i o n a s th e p re fe r re d lo ca t io n fo rin ve s tm e n t g r a d e o f f i ce sp a ce a n d a lo n e a cco un ts fo r a 6 0 % sh a re ino ve ra l l d e ma n d le ve ls w i tn e sse d in NCR. Ho we ve r , re n ta ls a n dca p i ta l va lu e s h a ve re ma in e d f i rm s in ce th e la s t q u a r te r .

M aj o r sha r es in dem and


0

2 0

4 0

RentalValues(INR

/sq.f

t/m

onth)

Q22 0 1 0

Q32 0 1 0

6 0

8 0


2,000

4,000

6,000

8,000

10,000

12,000

14,000

CapitalValues(INR

/sq.f

t)

Q22 0 1 0

Q32 0 1 0

T h e a vera g e re n ta ls & ca p i ta l va l u e s for t h e la s t 6 q u a r te rs a re a sfo l l o ws : -

M G Ro a d - Gu rg a o n

Golf Course Rd -Gurgaon

DLF Cyber City

Sohna Road -Gurgaon

N H 8 / U d y o gV ih a r - Gu rg a o n

Sector 62 , No ida

M a n e sa r - Gu rg a on

Exp re sswa y - No id a

Sector 58 , No ida

Sec to r 6 3 /6 4 , No id a

8,50012,000

12,000

7,500

7,000

4,500

7,300

4,300

4,700

4,000

M G Ro a d - Gu rg a o n

Golf Course Rd -Gurgaon

DLF Cyber City

Sohna Road -Gurgaon

N H 8 / U d y o gV ih a r - Gu rg a o n

Sector 62 , No ida

M a n e sa r - Gu rg a on

Exp re sswa y - No id a

Sector 58 , No ida

Sec to r 6 3 /6 4 , No id a


Q12 0 1 1

Q42 0 1 0

Q12011

Q42010

8,50012,000

12,000

7,500

7,000

4,500

7,300

4,300

4,700

4,000

Q12 0 1 1

Q42 0 1 0

1 2 0

1 0 0

8,50012,000

12,000

7,500

7,000

4,500

7,300

4,300

4,700

4,000

Q32 0 1 1

Q22 0 1 1

Q32 0 1 1

Q22 0 1 1

9,00013,000

13,000

8,000

7,500

4,500

7,300

4,300

4,700

4,000

9,00013,000

13,000

8,000

7,500

4,500

7,300

4,300

4,700

4,000

DLF Cyber City

AVERAGE RENTAL VALUES (INR / SQ.FT / M ONTH )

Q32010

Q22010

Golf Cour se Rd

M G Road

NH8 / Udyog V ihar

Sohna Rd

Manesar

Expressway

Sector 58

Sector 62

Sector 63/64

Gurgaon

M anesa r

N o i d a

60

8 5

90

40

4 5

3 5

5 5

3 2

3 5

30

Q12011

Q42010

6 0

8 5

9 0

4 0

4 5

3 5

5 5

32

3 5

3 0

6 0

85

9 0

4 0

45

35

55

3 2

35

3 0

Q32011

Q22011

65

95

97

45

5 0

35

55

3 2

35

3 0

70

1 00

1 00

50

5 6

3 5

5 8

3 5

37

3 5

7 0

10 0

10 0

5 0

5 6

35

5 8

35

3 7

35

9,00013,000

13,000

8,000

7,500

4,500

7,300

4,300

4,700

4,000


11/161 1I I

REN TAL VALUES

Cent r a l Business Dist r ic t (CBD)

Al t e rn a te Cen t r a l BusinessDis t r i c t (A l te r na t e CBD)

Second ar y Business Dist r ic t (SBD)

Per iph ery Business D ist r i c t (PBD)

RentINR / sq . f t

CBD

RegionQ on QChange

Q3 2011

3 0 0 0 %

M a t h u r a I n d u s t r i a l A r ea

Janak Puri

Region

Sh a h d a ra

P i t a m p u r a

RentINR / sq . f t

Q on QChange

Q3 2011

5 2

5 3

5 3

52

0 %

0 %

0 %

0 %

Okh la 6 4 0 %

Vasant Kun j 1 5 7 0 %


Jasola Vihar

M u n i r k a

RegionRent

INR / sq . f tQ on QChange

Q3 2011

1 3 7

1 1 6

1 5 7

0 %

0 %

0 %

Ne h ru P la ce

Qutab Inst i tu t iona l Area

Saket

1 8 5

1 1 0

1 5 8

0 %

0 %

0 %


Golf Cour se Rd

DLF Cyber City

RegionRent

INR / sq . f tQ on QChange

Q3 2011

1 0 0

7 0

0 %

0 %

M a n e sa r 3 5 0 %

M G Road 1 0 0 0 %

NH8 / Ud yo g v ih a r 5 0 0 %

Expressway 5 8

Sohna Rd 5 6 0 %

Gurgaon

M anesar

N o i d a

Sect or 5 8 3 5

Sect or 6 2 3 7

Sect or 6 3 / 6 4 3 5

0 %

0 %

0 %

0 %



12/161 2I I

CAPITAL VALUES

Cent r a l Business Dist r ic t (CBD)

Al t e rn a te Cen t r a l BusinessDis t r i c t (A l te r na t e CBD)

Second ar y Busin ess Dist r ic t (SBD)

Per ip her y Bus iness D is t r i c t (PBD)

INR / sq.f t

CBD

RegionQ on QChange

Q3 2011

3 5 ,0 0 0 0 %

20,500

12,500

14,500

15,500

20,300

12,500

20,500

Vasant Kun j 0 %


Jasola Vihar

M u n i r k a

Region INR / sq.f tQ on QChange

Q3 2011

0 %

0 %

0 %

Ne h ru P la ce

Qutab Inst i tu t iona l Area

Saket

0 %

0 %

0%

M a t h u r a I n d u s t r i a l A r ea

Janak Puri

Region

Sh a h d a ra

P i t a m p u r a

INR / sq.f tQ on QChange

Q3 2011

0 %

0 %

0 %

0 %

Okh la 0 %

6,000

7,500

5,500

5,500

6,000

Golf Cour se Rd

DLF Cyber City

Region INR / sq.f tQ on QChange

Q3 2011

13,000

9,000

0 %

0 %

Ma n e sa r 4 ,500 0 %

M G Road 1 3 ,0 0 0 0 %

NH8 / U d yo g v ih a r 8 ,0 0 0 0 %

Expressway 7,300 0 %

Sohna Rd 7,500 0 %

Gurgaon

M anesar

N o i d a

Sect or 5 8 4 ,3 0 0 0 %

Sect or 6 2 4 ,7 0 0 0 %

Sect or 6 3 / 6 4 4 ,0 0 0 0 %




13/161 3I I

KEY TRANSACTIONS



Q3 20 11

Pr op er t y Occup ier sSpace(sq. f t )

M i c r oM a r k e t

Locat ion

St at esm an H ou se, 9 t h f l oor Au gust a W est l an d 5 ,8 5 0 CBD Bar akh am b a Road

Vi jaya Bu i l d in g , 7 t h f l oor N EC In d ia 1 4 ,0 0 0 CBD K G M ar g

Ka i l ash Bu i l d in g Fu t u r e Gen er a l i 9 ,8 0 0 CBD K G M ar g

DLF Cen t r e Em ir a t es Air l in es 1 3 ,0 0 0 CBD Jan p at h

Vi jaya Bu i l d in g H PCL M it t a l En er gy 1 5 ,0 0 0 CBD K G M ar g

DLF Sou t h Cour t , 2 n d f l oor Jack Dan iel 6 ,0 0 0 Al t er n a t e CBD Saket

Sou t h er n Par k Al con In d ia 1 0 ,0 0 0 Al t er n a t e CBD Saket

Th e Gr an d Bel l H el icop t er s 9 ,7 0 0 Al t er n a t e CBD Vasan t Ku n j

Dev ika Tow er s Piv ot Po in t 8 ,0 0 0 Al t er n a t e CBD N eh r u Pl ace2 4 6 ( Gr & 1 st ) H or ib a 9 ,0 0 0 Al t er n a t e CBD Okh l a III

DLF 1 0 C CB&I 3 7 ,3 5 7 PBD DLF Cyb er Cit y

DLF Sq u ar e N est l e 2 2 ,9 2 2 PBD N H - 8

BPTP I Par k CISCO 4 0 ,0 0 0 PBD N H - 8

DLF 1 0 C Beam Gl ob a l Sp i r i t s 1 8 ,0 0 0 PBD DLF Cyb er Cit y

Vip u l Sq uar e P I In d u st r ies 1 8 ,4 5 0 PBD Gol f Cou r se Road

DLF Bl d g N o. 5 AM R Con st r u ct ion 1 0 ,0 0 0 PBD DLF Cyb er Cit y

DLF Bl d g N o. 5 W ood W or ks 1 5 ,0 0 0 PBD DLF Cyb er Cit y

DLF Bl d g N o. 5 Den t su 2 5 ,0 0 0 PBD DLF Cyb er Cit y

Sign at u r e Tow er M i t su b ish i H eav y In d ust r ies 5 ,5 7 0 PBD N H - 8

Ir is Tech Par k Pr om et r ic Test in g 1 2 ,0 0 0 PBD Soh n a Road

DLF 1 0 C Sam h i 1 2 ,0 0 0 PBD DLF Cyb er Cit y

DLF 1 0 C RSA 1 0 ,8 0 0 PBD DLF Cyb er Cit y

DLF 8 A Googl e 3 0 ,0 0 0 PBD DLF Cyb er Cit y

U n i t ech In fosp ace ACIDAES Sol u t ion 1 4 ,0 0 0 PBD Sec t or 6 2

SP In foc i t y N ok ia 1 5 ,0 0 0 PBD U d yag Vih ar

SP In foc i t y M akem yt r ip .com 8 0 ,0 0 0 PBD Gu r gaon

Oxygen SEZ, Tow er C Sap ien t 2 0 0 ,0 0 0 PBD Sec t or 1 4 4 , N o id a

Vat ika Bu sin ess Par k N im b u s 1 3 ,0 0 0 PBD Soh n a Road

U n iv er sal Tr ad e Tow er Ast r a 1 0 ,5 0 0 PBD Soh n a Road

1 8 4 , Ph ase- I (M od el am a) M ir a j 2 5 ,0 0 0 PBD U d yag Vih ar

IGL Cor p or at e Tow er Sch n eid er 5 8 ,0 0 0 PBD N oid a

IGL Cor p or at e Tow er Val d el 3 1 ,0 0 0 PBD N oid a

U n i t ech In fosp ace, T ik r i Cogn izan t 1 1 0 ,0 0 0 PBD Tikr i

Sp aze I-Tech Par k Sh op p er s St op 5 1 ,0 0 0 PBD Sohna Road


14/161 4I I


KEY TRANSACTIONS

Q3 201 1

Pr op er t y Occup ier sSpace(sq. f t )

M i c r oM a r k e t

Locat ion

Logix Par k Tyco El ect r on ics 1 4 ,5 0 0 PBD Sec t o r 1 6

Tim es Tow er Er go Vi t a l 6 ,2 5 0 PBD M G Road

Logix Cyb er Par k In t el 1 1 ,0 0 0 PBD Sec t o r 6 2

Logix Par k Joh n son Con t r o l In d ia 7 ,0 0 0 PBD Sec t o r 1 6

Cen t r u m Pl aza, 1 st Fl oor Bh ar t i W akm ar t 2 3 ,0 0 0 PBD Gol f Cou r se Road

Cen t r u m Pl aza, 2 n d f l oor REI Agr o 3 1 ,0 0 0 PBD Gol f Cou r se Road


KEY PROJECTS

New Supp l y - Year 2011

Bu i l d in g Locat ionM i c r o

M a r k e tSpace in

sq.ftCom p l e t i on da t e

(expec ted)

Rea l t ech Ver i t as Go l f Cou r se Road PBD 1 1 0 ,0 0 0 Q3 2 0 1 1

U n i t ech In fo Sp ace (Bl ock- 2 ) Sect or - 6 2 PBD 3 2 0 ,0 0 0 Q3 2 0 1 1

M at r ix Tow er Exp r essw ay PBD 2 1 5 ,0 0 0 Q3 2 0 1 1U n i t ech SEZ (Tow er - 5 ) Exp r essw ay PBD 2 5 0 ,0 0 0 Q3 2 0 1 1

Oxygen SEZ (Tow er - C) Exp r essw ay PBD 2 5 0 ,0 0 0 Q3 2 0 1 1

Baan i Cor p or a t e Su i t es Go l f Cou r se Road PBD 2 0 0 ,0 0 0 Q3 2 0 1 1

Logix Tech n ova Tow er - B Taj Exp r essw ay PBD 3 2 0 ,0 0 0 Q3 2 0 1 1

U n iv er sa l Bu sin ess Par k Go l f Cou r se Ex t en sion PBD 3 0 0 ,0 0 0 Q4 2 0 1 1

Vat ika Pr o fession al Po in t Go l f Cou r se Ex t en sion PBD 1 6 0 ,0 0 0 Q4 2 0 1 1

ASF In sign ia Gu r gaon - Far id ab ad r oad PBD 7 2 0 ,0 0 0 Q3 2 0 1 1



15/16

GLOSSARY

Q3 :

Super Bu i l t -up Area (SBUA) :

Carpe t Area :

Sq .m t :

M n :

N e w :

Recent:

NCR:

SEZ:

BFSI:

SLR:

FSI:

Quar te r 2 o f the f i nanc ia l year (Ju l y - Augus t - Septem ber)

B u il t - u p a r e a + c o m m o n a r e a i n c l u d i n g l i f t s a r e a , c o m m o npassages , u t i l i t i es , te r r ace e tc . & var ies f rom b u i l d in g to bu i l d in g .

A c t u a l u s a b l e a r e a , a n d d o e s n o t i n c l u d e a n y c o m m o n a r e a s , a r e a

o c c u p i ed b y w a l l s e t c .

S q u a r e M e t e r

M i l l i o n

B u il d i n g b u i l t w i t h i n t h e l a s t 5 y e a r s .

B u il d i n g l e s s t h a n 1 0 y e a r s o l d .

Nat iona l Cap i ta l Reg ion ( Inc ludes urban agg lomera t ion o f De lh i , Gurgaon,

Far idabad, No ida , Gaz iabad e tc )

S p ec i a l E c on o m i c Z o n e h a v i n g s p e c i a l t a x e x e m p t i o n s / i n c e n t i v e s t o c o r p o r a t e

occup iers

Bank ing & F inanc ia l Serv i ces Indus t ry

S ta tu to r y L iqu id i t y Rat io

F loor Space Index

Ab s o r p t i o n :

Bare She l l :

BPO:

BUA:

Comple ted Stock :

DU :

EPIP:

FAR:

Grade A Space:

Ground Coverage :

H a r d O p t i o n :

INR:

Pre- lease :

Specu la t ive Stock :

Stock :

Supp ly :

Transac t ion Vo lum es :

Vacancy :

W a r m Sh e l l :

Q on Q:

y - o - y :

IT :

ITES:

Repo Rate:

Reverse Repo Rate:

SEC A, B, C & D Soci o:

Sq . f t :

S ta m p D u ty :

Occup ied S tock (n ) Occup ied S tock (n -1) ; Where n i s the spec i f i ed

per iod (qu ar te r , year e tc . )

P r e m i s e s c on s i s t i n g o f b a s ic s t r u c t u r e w i t h l i f t s , p o w e r s u p p l y t o j u n c t i o nb o x , w a t e r s u p p l y l i n e , t o i l e t s

Bus iness P rocess Outsourc in g

B u il t u p a r e a

E it h e r t h e b u i l d i n g h a s r e c ei v e d o c c u p a n c y c e r t i f i ca t e o r t h e c l i e n t

h a s m o v e d i n a n d o c c u p ie d s p a c e an d s t a r t e d w o r k i n g i n a p a r t i c u l a r p r e m i s es

D w e l l i n g U n i t

E xp o r t P r o m o t i o n I n d u s t r i a l P ar k

F loor A rea Rat io (BUA/ P lo t A rea)

Of f i ce Space w i th e f f i c iency in excess o f 75%, f l oor p la te i n excess o f

15 ,000 sq . f t . , Car Park ing ra t i o o f a t l eas t 1 per 1000 sq . f t . , F loor - to -ce i l i ng he igh t i nexcess of 3 .75 m , Power p rov i s ion o f 1 .25KVA per 100 sq . f t . w i th 10 0% pow er-backup

w h e r e v e r a p p l i c a b l e a n d p r o f e s s io n a l l y m a n a g e d f a c i l it i e sI t i s t h e t o t a l c o v er e d a r e a o n g r o u n d b y t h e b u i l t c o m p o n e n t a n d i s

e x p r e s se d a s a p e r c e n t a g e o f t h e p l o t a r e a

Rea l es ta te space reserved by the lessee fo r fu tu re occupat ion w i th in ap a r t i c u l a r t i m e f r a m e a n d a t a p r e - d e c i d e d r e n t a l

Ind ian Nat iona l Rupees

S p a ce c o m m i t t e d f o r l e a s e b ef o r e c o m p l e t i o n o f c o n s t r u c t i o n

The s tock wh ich can be leased and exc ludes Bu i l t - t o -Su i t (BTS) andCampus fac i l i t i es .

Cu m u l a t i v e S u p p l y

N e w c o n s t r u c t i o n i n a p a r t i c u l a r s p e c i f ie d p e r i o d

To t a l n u m b e r o f t r a n s a c t i o n i n a p a r t i c u l a r s p e c if i e d p e r i o d

To t a l v a c a n t s p a c e i n t h e c o m p l e t e d s t o c k

Premises cons is t i ng o f pow er backup, h igh s ide A .C ., comm on area f i t ou t s

a n d f i t t e d o u t t o i l e t s

Q u a r t e r o n Q u a r t e r

y e a r - o n - y e a r ( A l l g r o w t h f i g u r e s i n t h i s r e p o r t a r e y - o - y u n l e s s o t h e r w i s em e n t i o n e d

I n f o r m a t i o n Te c h n o l o g y

In fo rm at ion Techno logy Enab led Serv i ces ( i nc lud es var ious serv i ces rang ing f rom

ca l l cen t res , c la ims process ing , med ica l t ransc r ip t i on , e -CRM, SCM to back -o f f i ce

o p e r a t i o n s s u c h a s a c c o u n t i n g , d a t a p r o c e s s in g , a n d d a t a m i n i n g )

Ra t e t h a t a n e l i g i b l e d e p o s it o r y i n s t i t u t i o n ( s u c h a s a b a n k ) i s c h a r g e d t ob o r r o w s h o r t t e r m f u n d s d i r e c t l y f r o m t h e c en t r a l b a n k t h r o u g h t h e d i s co u n t w i n d o w

I n t e r e s t r a t e t h a t a b a n k e a r n s f o r l e n d i n g m o n e y t o t h e R e se r v eB a n k o f I n d i a i n e x c h a n g e f o r g o v e r n m e n t s e cu r i t i e s

Economic C lass i f i ca t i on ; SEC A represents th e h ighes t p r opens i ty

t o s p e n d a n d S EC D r e p r e s en t s t h e l o w e s t p r o p e n s it y t o s p e n d .

Squar e Feet

F o r m o f t a x c h a r g e d o n i n s t r u m e n t s ( w r i t t e n d o c u m e n t s ) r e q u i r i n g a

p h y s i c a l st a m p ( f o r g o v e r n m e n t l e g a l i t y ) t o b e a t t a c h e d t o o r i m p r e s se d .

1 5I ICITY REPORTDELHI OFFICE M ARKET - Q3 2 01 1

CRR:

H e a d l i n e r e n t :

Average head l ine ren t :

D isc la imer :

Cash Reserve Rat io

M o n t h l y r e n t p e r s q u a r e f e e t , ch a r g e d o n s u p e r b u i l t - u p a r e a b a s i s ,fea tured on the lease, and expressed exc lud ing f i tou ts , taxes , depos i ts , advances ,

m a i n t e n a n c e c h a r g e s a n d d o e s n o t t a k e i n t o a c c o u n t b u i l d i n g e f f i c ie n c y ( s u p e r b u i l t u p

a r e a - c a r p e t a r e a r a t i o ) . Fu r t h e r i t d o e s n o t i n c l u d e a t t a c h e d p r e m i s es s u c h a s p a r k i n gareas , a rch ives , sta f f can t eens , etc . I f the ren t a l i s p rogress ive , the va lue app l i ed i s the

a v e r a g e fo r t h e f i r s t 3 y e a r s o r t h e f i x e d t e r m o f t h e l e a s e .

Weighted average o f ren ted area . The average fea tured i s amov ing average over the quar te r , to smooth ou t the changes , exc lus i ve o f a l l taxes ,

depos i ts , advan ces & main t enance charges .

M a j o r Re fu r b i sh m e n t :

Renova ted :

M o d e r n :

O ld :

CCI (Cos t o f cons t ruc t ion index ) :

D e m a n d :

For the occup ie r :

N e w Su p p l y :

Co m p l e te d n e w s u p p l y :

U n d e r c o n s t r u c t i o n :

P l a n n i n g p e r m i s s i o n g r a n te d :

P l a n n i n g p e r m i s s i on s u b m i t t e d :

P r e - l e t t i n g :

U n d e r l y i n g r e n t :

P r i m e r e n t s :

Top ren t :

Second hand p rem ises:

Very good cond i t ion :

Ex ist ing s ta t e o f repa i r :

To be renova t ed :

Supp ly ava i lab le w i th in 1 year :

Take-up:

Vacancy ra te :

B u i l d i n g w h i c h h a s u n d e r g o n e s t r u c t u r a l a l t e r a t i o n l e s s t h a n 5years ago, sub jec t to p lann ing perm iss ion .

.

B u il d i n g w h i c h h a s u n d e r g o n e r e n o v a t i o n w o r k n o t r e q u i r i n g f o r p l a n n i n g

p e r m i s s i o n l e s s t h a n 5 y e a r s a g o .

H i g h - p e r f o r m a n c e b u i l d i n g o v er 1 0 y e a r s o l d .

L o w - p e r f o r m a n c e b u i l d i n g o v e r 1 0 y e ar s o l d .

I n d e x t h a t m a k e s q u a r t e r l y m e a s u r e m e n t s o f

c o n s t r u c t i o n p r i c e s f o r n e w h o u s e b u il d i n g . I t i s t h e p r i c e a f t e r V AT p a i d b y t h e o w n e r t oc o n s t r u c t i o n c o m p a n i e s. I t e x c l u d e s l a n d - r e l a t e d p r i c e s a n d c o s t s ( s it e d e v e l o p m e n t ,

spec ia l foundat ions , e tc .) , fees and f i nan c ia l cos ts .

A search fo r p r em ises expressed to BNP Par ibas Rea l Esta te . The ana l ys i sp e r t a i n s o n l y t o t h e f l o w o f n e w d e m a n d e x p r e s s ed .

O p er a t i o n u n d e r t a k e n b y a n o c c u p i e r f o r i t s o w n p u r p o s e s .

A n y n e w b u i l d i n g a n d / o r h e a v i l y r e f u r b i s h e d b u i l d i n g t h a t a d d s t o t h eex is t i ng s tocks . These are ana lysed accord in g to p rogr ess .

B u il d i n g s o n w h i c h c o n s t r u c t i o n w o r k i s f i n i sh e d .

Bu i ld ings on wh ich cons t ruc t i on has e f fec t i ve l y begun. P r io rd e m o l i t i o n w o r k i s n o t t a k en i n t o a c c o u n t .

A ut h o r i s a t i o n t o b u i l d o b t a i n e d , g e n e r a l l y b o o k e d a f t e r

s e t t l e m e n t o f t h i r d p a r t y c l a i m s .P lann in g permiss ion reques ted , be ing processed.

Tr a n s a c t i o n b y a n o c c u p ie r m o r e t h a n 6 m o n t h s b e f o r e t h e d e l i v e r y o f t h e

b u i l d i n g .

An n u a l r e n t p e r s q u a r e m e t e r e x p r e ss e d f r e e o f t a x a n d c h a r g e s a n de x c l u d i n g a d v a n t a g e s a gr e e d b y t h e o w n e r s ( r e n t i n c e n t i v e b u i l d i n g w o r k s , et c ) .

Re p r e s en t s t h e t o p h e a d l i n e r e n t ( e x cl u d i n g n o n s i g n if i c a n t t r a n s a c t i on s )

fo r an o f f i ce un i t : - o f s tandar d s i ze , o f the h ighes t qua l i t y and spec i f i ca t i on , i n the bes tl o c a t i o n i n e a c h m a r k e t .

Re p r e s en t s t h e t o p h e a d l i n e r e n t f o r a n o f f i c e u n i t . It i s n o t n e c e ss a r i l y a p r i m e

r e n t .

P r e m i s e s t h a t h a v e b e e n p r e v i o u sl y o c c u p i e d b y a n o c c u p i er f o r

v a c a n t f o r m o r e t h a n 5 y e a r s .

H i g h - p e r f o r m a n c e p r e m i s e s o f h i g h q u a l i t y.

L ow - p e r f o r m a n c e p r e m i s es t h a t c a n b e r e n t e d a s t h e y a r e .

L o w p e r f o r m a n c e p r e m i s es t h a t n e e d r e n o v a t i o n .

A l l p r e m i s e s a n d b u i l d i n g s a v a i l a b l e w i t h i n 1 y e a ri n c l u d i n g t h e s u p p l y a v a i l a b l e i m m e d i a t e l y, n e w s u p p l y t h a t h a s n o t b e e n p r e - l e t a n d

s e c on d h a n d s u p p l y t h a t w i l l b e v a c a t e d d e f i n i t i v el y ( n o t a b l e t e r m i n a t e d l e a s e s) .

Renta l o r sa le o f a p roper t y asset , f i na l i sed by th e s ignature o f a l ease or a b i l lo f s a l e i n c l u d i n g t u r n k e y t r a n s a c t i o n s a n d o w n e r - o c c u p i e r. T h e t r a n s a c t i o n i s o n l y

t a k e n i n t o a c c o u n t o n c e a n y e x i s t i n g c o n d i t i o n a l c l a u s es h a v e b e e n l i f t e d .

R a t i o m e a s u r i n g t h e r e l a t i o n s h i p b e t w e e n t h e s u p p l y i m m e d i a t e l ya v a i l a b l e a n d t h e e x i s t i n g s t o c k .

Th is repor t i s re leased by BNP Par ibas Rea l Es ta te & In f ras t r uc tur e Adv isory

Serv i ces and the in fo rmat ion in i t i s ded ica ted to the exc lus i ve use o f i t s c l i en ts . Ther e p o r t a n d t h e i n f o r m a t i o n c o n t a i n e d i n i t s h o u l d n o t b e c o p i e d o r r e p r o d u c e d w i t h o u t

pr io r permiss ion f rom BNP Par ibas Rea l Es ta te and In f ras t ruc ture Adv isory Serv i ces .

T h e f a c t s o f t h e s e r e p o r t s a r e b e l i ev e d t o b e c o r r e c t a t t h e t i m e o f i t ' s r e l e a se b u t c a n n o tb e g u a r a n t e e d . P l e a s e n o t e t h e f i n d i n g s , p r o j e c t i o n s , c o n c l u s i o n s a n d

r e c o m m e n d a t i o n s a r e b a s e d on i n f o r m a t i o n g a t h e r e d in g o o d f a it h f r o m b o t h p r i m a r y

a n d s e c o n d a r y s o u r c e s, w h o s e a c c u r a c y w e a r e n o t a l w a y s i n a p o s i t i on t o g u a r a n t e e .BNP Par ibas Rea l Es ta te & In f ras t r uc tur e Adv isory Serv i ces cannot be he ld r espons ib le

i f , d e s p i t e i t ' s b es t e f f o r t s , t h e i n f o r m a t i o n c o n t a i n e d i n t h e p r e s e n t r e p o r t t u r n s o u t t o

b e i n a c c u r a t e o r i n c o m p l e t e .


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POLAND

A t r i u m T o w e rAl. Jana Paw la I I 25

0 0 -8 5 4 W a rsa w a , P o l skaTel .: +48 22 653 44 0 0

Fax: +48 22 653 44 01

ROM ANIA

U n i o n I n t e rn a t i o n a l Ce n t e r1 1 I o n C a m p i n e a n u S t re e t

Sector 1B u ch a re s t 0 1 0 0 3 1

T el : + 4 0 -2 1 -3 1 2 7 0 0 0F a x : + 4 0 -2 1 - 3 1 2 7 0 0 1

SPAIN

M a r a d e M o l i n a , 5 4

2 8 0 0 6 M a d r i dT el : + 3 4 -9 1 -4 5 4 9 6 0 0

F a x : + 3 4 -9 1 - 4 5 4 9 7 6 5

UNITED KINGDOM5 A l d e rm a n b u ry S q u a re

London EC2V 8HRT el . : + 4 4 -2 0 -7 3 3 8 4 0 0 0

F a x : + 4 4 -2 0 - 7 4 3 0 2 6 2 8

ALBANIA

AUSTRIA

BULGARIA

CYPRUS

GREECE

JAPAN

NETHERLANDS

NORTHERN IRELAND

RUSSIA

SERBIA

SLOVAKIA

SWITZERLAND

UKRAINE

USA

ABU DHABIAl Bateen Area

Plot No. 144, W-11N e w A l B a t e e n M u n i c i p a l i t y

S t re e t 3 2P.O. Box 2742

Abu Dhabi , UAETel . : +971-44 248 271

F a x : + 9 7 1 -4 4 2 5 7 8 1 7

BELGIUM

Boulevard LouisS ch m i d t l a a n 2 B 3

1040 BrusselsTel : +32 2 646 49 49

Fax: +32 2 646 46 50

CZECH REPUBLICPob e n i 3

1 8 6 0 0 P ra h a 8

Czech Republ i cTel .: +420 224 835 0 00

F a x : + 4 2 0 2 2 2 3 2 3 7 2 3

DUBAIE m a a r S q u a re

Bui ld ing No. 1 , 7 th F loorP.O. Box 7233

Dubai, UAET el : + 9 7 1 -4 4 2 4 8 2 7 1

F a x : + 9 7 1 -4 4 2 5 7 8 1 7

FRANCE

167, Quai de la Bata i l l ed e S t a l i n g ra d

9 2 8 6 7 I ssy - l e s -M o u l i n e a u xT el : + 3 3 -1 -5 5 6 5 2 0 0 4

F a x : + 3 3 -1 - 5 5 6 5 2 0 0 0

GERM ANY

G o et h e p l a t z 46 0 3 1 1 F ra n k f u r t

T el . : + 4 9 -6 9 - 2 9 8 9 9 0F a x : + 4 9 -6 9 - 2 9 2 9 1 4

HUNGARY

Alkotas u. 53.

H -1 1 2 3 B u d a p e s t ,Te l .: +36 1 487 5501

Fax: +36 1 487 5542

IRELAND4 0 F i t zw i l l i a m P l a ce

D u b l i n 2T el : + 3 5 3 -1 -6 6 1 1 2 3 3

F a x : + 3 5 3 -1 - 6 7 8 9 9 8 1

ITALY

Corso I ta l i a , 15/A

2 0 1 2 2 M i l a nT el : + 3 9 -0 2 -5 8 3 3 1 4 1F a x : + 3 9 -0 2 - 5 8 3 3 1 4 3 9

LUXEMBOURG

Axento Bui ld ingAvenue J.F. Kenned y 44

1 8 5 5 L u xe m b o u rgTel .: +352-34 94 84

F a x : + 3 5 2 -3 4 9 4 7 3

JERSEY

Dia logue HousePO Box 158

Anley St reet

St Hel ierJersey JE4 8RD

Tel .: +44 (0)1 534 81 5 300Fax: +44 (0)1 534 629 011

INDIA

For Quer i es / Com m ent s em ai l at :

i n fo . ind ia@bnppar ibas .com

BNP PARIBAS REAL ESTATE& INFRASTRUCTURE ADVISORYSERVICES PVT. LTD.

M UM BAI (HEAD OFFICE)21, 2nd F loor, 1 North Avenue,M a ke r M a x i t y , Ba n d ra (E ) ,M u m b a i - 4 0 0 0 5 1Tel : +91 22 3370 4162F a x : + 9 1 2 2 3 3 7 0 4 1 6 6

OUR BRANCHES:

M U M B A I704, Level 7 , MM TC House, C-2 2,Bandra Kur la Complex, Bandra (E),M u m b a i - 4 0 0 0 5 1Tel : +91 22 6138 8088F a x : + 9 1 2 2 6 1 3 8 8 0 8 9

DELHI

U p p e r g ro u n d f l o o r , U n i t N o 7 ,M e rca n t i l e H o u se , 1 5 K G M a rg ,N e w D e l h i 1 1 0 0 0 1Tel : +91 11 4959 8800F a x : + 9 1 1 1 4 9 5 9 8 8 1 8

BANGALORE704, Level 7 , Raheja Param ount ,#1 38, Residency Road,B a n g a l o re 5 6 0 0 2 5Tel : +91 80 3324 0300F a x : + 9 1 8 0 3 3 2 4 0 3 3 3

CHENNAIRegus Cit i CentreLevel 6 , Chennai C i t i Cent re ,10/11, Dr. Radhakr i shnan Sala i ,C h en n a i - 6 0 0 0 0 4Tel : +91 44 4221 8651F a x : + 9 1 4 4 4 2 2 1 8 2 2 2

M AIN LOCATION S OTH ER LOCATION S

hf3e-city report delhi market q3 2011

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