india residential market view - january - june 2012

7/29/2019 India Residential Market View - January - June 2012

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www.cbre.co.in January- June 2012

India Residential

2012, CBRE, Inc.

Structure

Fragmentedandunorganized

Regional playersexpandingto achievepan-India presence

Drivers

Rapidurbanisation andexpandingcitylimits

Decreasinghouseholdsize: Growth in nuclearfamilies

Mid-segment: Availabilityof residential unitsacrossa widepricespectrum

Risingdisposableincomes: growingeconomicopportunitiesattractingendusers

Focus Issues

Overview

The Indian economy has been

witnessing a period of slow growth and

high inflation for the past several

quarters, which has impacted sales in

the residential sector as expensive

credit has become a concern for home

buyers across the country. After

escalating interest rates 13 times till

March 2012, the Reserve Bank of India(RBI) reduced repo rate by 50 basis

points in April 2012. However,

asserting that easing monetary policy

could worsen inflationary pressures,

the Central Bank refused to decrease

rates further during its quarterly review

in Q2 2012. While doing so, the central

bank ignored widespread expectations

for a rate cut to revive residential salesand construction activity.

The Government proposed incentives

for the residential sector in the Union

Budget 2012-13, which included an

extension of 1% interest subvention

scheme for low cost housing upto INR

25 lacs; permitted funding through

External Commercial Borrowings

(ECBs); thereby promoting developerand end user interest. These measures

have helped reduce debt pressures on

the mid income and low income

segments, besides providing some

impetus towards construction of

affordable housing in the country. A

downside was the increase in service

tax and excise duty, which contributed

towards appreciation in input costs.

Demand and Supply

Pricing Trends

After the strong momentum that the

residential market attained in 2011,

residential sales declined during the

first half of 2012 in all leading cities,

particularly in NCR (National Capital

Region), Mumbai and Bangalore.

Developers continued to face

challenges of high borrowing costs,

rising input prices and shrinking profitmargins, while investors/buyers had to

bear the brunt of high interest rates

coupled with delayed product delivery.

Interest in premium and luxury housing

was restricted to certain affluent prime

locations only, while mid segment and

affordable housing continued to

remain the predominant demand

driver especially in peripheral markets.Slowdown in demand was visible in

decline in supply addition in the three

leading cities. The first half of 2012

witnessed the addition of more than

19,000 units across 66 projects in NCR,

Mumbai and Bangalore, a drop of

about 40% when compared to more

than 26,000 units launched in 83

projects during the second half of

2011; bulk of the supply was in the mid

income segment.

After a steep appreciation during the

first half of 2011, growth in residential

prices moderated by the end of 2011.

Growth remained subdued in the first

half of 2012; an increase in unsoldinventory and supply pressures led to

India'seconomicgrowth slowedto 5.3% in thequarter endingMarch 2012, itsslowest paceinalmost a decade

In July2012, RBI didnot announceanyratecutin interest rates in viewof high inflation;ignoringwidespreadexpectationsfor a ratecut to reviveresidential salesandconstructionactivity

To boost lowcost housing, theschemeof 1%interest subvention on housingloansof upto

Rs15lakh (cost of thehousenot to exceedRs25lakh) wasextendedbyoneyear

The Noida extension and Greater Noidamicro-marketsarelikelyto benefit fromtheclearanceof landacquisition issuesin Noidaextension andtheapproval of Noida-GreaterNoida Metrorail link

Therecent order bythePunjab&HaryanaHigh Court to stall anyfresh issuanceof licensefor construction in Gurgaon until thedeveloper givesan undertakingthat groundwater wouldnot bedrawn bythemislikelytoimpact thehousingsupplyin theregion

Maharashtra Government hasamendedtheDevelopment Control Rules to includebalconies, flower bedsand terrace in FSI(Floor SpaceIndex) byofferingfungibleFSI totheextent of 35% at a premium; themoveisexpected to further increase the cost ofconstruction which islikelyto bepassedon tobuyers


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capital appreciation being range bound across

leading cities such Mumbai and Bangalore.

Easing of mortgage rates is likely to improve buyer

sentiment and rejuvenate market demand in the

coming few months. This should help investors and

end users to re-focus on the residential sector,

thereby easing the supply overhang in most cities.

Bulk of the demand is likely to remain in the mid

segment and low end category of housing. Prices are

likely to witness subdued growth in most markets in a

short to medium term, till the pressures of unsold

inventory are eased out. Infrastructure initiatives

such as the Greater Noida metro rail network and

proposed metro link in North-West Bangalore are

likely to have a positive impact on the residential

market of these cities.

Outlook

NCR (National Capital Region)

Market Overview

Demand and Supply

Markets such as Central and South Delhi continued to

lead the demand curve for high-end properties andindependent plots. Noida and Gurgaon witnessed an

accumulation of vacant stock due to restrained

demand levels. However despite a demand slowdown,

developers were not willing to reduce values; investor

interest continued to drive marginal price

appreciation.

Prime markets such as those of South Delhi (New

Friends Colony, Defence Colony, Greater Kailash-I & II,

Maharani Bagh) and South West Delhi (Vasant Vihar,

Anand Niketan, Westend, Shanti Niketan and

Panchsheel) were resilient to fluctuations in demand

and continued to be the priority destinations for

premium residential investment. There was an

increase in demand for independent plots and high

end property in the Delhi market. However, demand

for builder floors slowed down during the review

period, largely due to ample supply of such options inthe micro-markets of interest.

The first half of 2012 witnessed launch of 15 residential

projects with approximately 6,400 units across various

micro-markets of Gurgaon, significantly lower when

compared to almost 23 project launches during the

same period last year. Some of the key projects that

were launched during the review period were Gurgaon

Hills by Ireo, Ellise by Lotus Realtech, Spire Woods by

Spire World, Regal Gardens by DLF Universal and

Manor One by Kashish Developer; most of the projects

being in the price range of INR 4,500-6,000 per sq ft.

With a comparatively lower ticket entry price and

consequent sustained investor and end user demand,

Dwarka Expressway and the Southern Periphery Road

have emerged as the new focus markets for developers

launching new projects.

The Noida market continued to witness interest from

buyers on account of its comparative affordability

when compared to Gurgaon; however, a marginal

slowdown in demand led to reduced supply addition.

Close to 13 residential projects with approximately

3,200 units were launched in the first half of 2012,

compared to 20 launched during the same period last

y e a r . P o l i t i c a l u n c e r t a i n t y

(change in State Government) and the ongoing

confusion about residential projects in Noida Extension

contributed to the slowdown in demand. Some of thekey projects launched during the review period

included Ikkebana by Gulshan Homes, Logix Gracia

by Logix, Shubhkarma Legend by Shubhkamna Advert

Builders and Mahagun Mezzaria by Mahagun. Most of

the new projects were launched along the Expressway

and in sectors 74, 77 and 78, with the launch prices in

the range of INR 4,000-5,500 per sq ft.

The Delhi market witnessed appreciation of

approximately 4-8% in rental values when compared

to the second half of 2011. Rental value appreciation

in the city, especially in the premium segment, largely

remained muted as the global slowdown negatively

impacted expatriate relocations to the city. Rental

values were stable in Noida, while those in Gurgaon

witnessed appreciation by around 4-5%, especially in

key markets such as Sohna Road.

Appreciation in capital values was subdued during the

Pricing Trends


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Premium & Luxury Segment

Location Rental Values(H12012) Growth over H2 Capital Values( ) Growth over H2(INR/month) 2011 (INR/sq ft) 2011

H12012

Chankyapuri 300,000-340,000 6-7% 72,000-90,000 3-4%

Shanti Niketan/Westend 290,000-415,000 4-5% 48,000-60,000 Stable

Vasant Vihar/Anand Niketan 200,000-330,000 5-6% 42,000-53,000 Stable

Golf CourseRoad 160,000-350,000 2-3% 14,500-18,000 4-5%

Greater Noida Expressway 50,000-60,000 Stable 7,500-10,400 3-4%

*Rental values in areas of Chanakyapuri are subject to apartment size of 2,500-3,200 sf, in Shanti Niketan/Westend and Vasant Vihar/ Anand Niketan for2,000-2,500 sf, Golf Course Road for 4,000 6,000 sf and in Noida for 2,500-4,000 sf.

Rental and Capital Values

HighEnd/ Mid-End Segment

Location Rental Values(H12012) Growth over H2 Capital Values(H12012) Growth over H2(INR/month) 2011 (INR/sq ft) 2011

NewFriends Colony 155,000-255,000 -1% 31,000-42,000 1-2%

DefenceColony 185,000-265,000 7-8% 33,000-46,000 3-4%

Sohna Road, Gurgaon 35,000-59,000 4-5% 6,500-8,500 11-12%

DLF PhaseI, II, III, IV 110,000-135,000 6-7% 10,000-11500 2-3%

Greater Noida Expressway 12,000-15,000 Stable 3,900-5,000 10-11%

*The rental values in areas of New Friends Colony is for 2,500 sf and Defence Colony is for1,800 sf apartments, while on Sohna Road for 2,000-2,200 sf andin Noida for 1,000-1,700 sf.

review period in Delhi as well as the suburban markets

of Noida and Gurgaon. Leading micro-markets of

Delhi such as Chanakyapuri, Panchsheel Park and

Defence Colony witnessed appreciation of around 2-

4%, when compared to the second half of 2011.

Premium locations in Gurgaon witnessed marginal

appreciation in capital values; however, emerging

micro-markets such as the proposed DwarkaExpressway and the Southern Periphery Road

witnessed capital appreciation in a range of 10-13%

when compared to the second half of 2011.

The premium apartment segment in Noida also

observed subdued appreciation in capital values.

However, the mid segment projects, primarily on the

Noida Expressway, witnessed an increase in capital

values of close to 15-20%; largely on account of theland acquisition row in Noida Extension.


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INR/m

onth

Capital Value Fluctuations

Rental Value Fluctuations

Key Projects Launched in H1 2012

Project Name Developer Location Micro-market Units Status

Shubhkamna Loginn Shubhkamna Advert Sec137 Noida 200 5,400 To becompleted byQ12015Builders

Ikebana Gulshan Homes Sec143 Noida 912 4,000 To becompleted byQ12015

Gurgaon Hills Ireo Gurgaon Faridabad Road Gurgaon 196 9,500 To becompleted byQ12015

Paras Irene Paras Sector 70A Gurgaon 726 4,560 To becompleted byQ12015

Park ViewGrand Spa Bestech Sector 81 Gurgaon 591 5,750 To becompleted byQ12015

Capital Values(INR/sq ft)

(at thetimeof project launch)

INR/m

onth

INR/sqft

INR/sqft


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Key Transactions

Project Name Location Area Transaction Type Value Buyer Type(in sq ft) (Sale/ Lease) (in INR Million)

World Spa Gurgaon 5,200 Lease 0.17per month NA

DLF Queens Court Delhi 5,487 Sale 187 NA

Rawlas Delhi 2,700 Sale 150 NA

Garden City Gurgaon 2,820 Sale 12 NA

Outlook

Most micro-markets in Delhi are expected to

maintain stability in capital value appreciation over

the next six months. Home buyers and investors are

in a cautionary mode and are deferring purchases in

anticipation of interest rates reduction. The Noida

Extension and Greater Noida micro markets are

expected to pick up pace as the land acquisition

issues in the area have been cleared. Another

positive for the Noida market has been the approval

of the Noida Greater Noida Metrorail project (the

link will provide direct connectivity from Noida to

Greater Noida, Noida Extension, South Delhi and

Ghaziabad), which is expected to provide a fillip to

the real estate profile of the region.

On the flip side, the Punjab Haryana High Court has

recently passed an order to stall any fresh issuance

of licenses for construction in Gurgaon until the

developer gives an undertaking that underground

water would not be drawn by them. The ruling is

likely to have a negative impact on the construction

timelines as well as investments in the region. Project

specific appreciation in capital values can be

expected, especially in projects that are nearing

completion/ ready for possession.

stock of unsold inventory increased during the review

period. Locations such as Parel, Worli and Khar were

the focus markets for luxury supply. Prominent

locations such as Bandra, South Mumbai and Worli

continued to witness latent demand.

South and Central Mumbai which offer premium

residential options have witnessed limited supply

during the first half of 2012. Developers adopted a

cautious approach due to large inventory of unsold

stock in these micro-markets.

Residential demand continued to remain upbeat for

premium properties along the Western Express

Highway and Link Road in the Western Suburbs

(Bandra, Khar, Santacruz, Vile Parle, Andheri) and the

Eastern Express Highway and JVLR in the Eastern

Suburbs (Vikhroli, Kurla, Ghatkopar, Chembur, Powai).

In the Western Suburbs, luxury projects such as Eudora

and Iris by Ekta Developers in Khar (W) and a luxury

project by Kanakia Developers in Mahim were

launched in a price range of INR 40,000 to INR 60,000

per sq ft. Veena Symphony (spread over five phases) by

Veena Developers at Ghatkopar (West) and Platinumby Godrej Properties at Vikhroli (West) were the other

key residential projects, launched in a range of INR

10,000 to 17,000 per sq ft in the Eastern Suburbs.

Demand also remained high along the Extended

Suburbs of Western and Eastern Mumbai. S V Road in

Western Suburbs and LBS Road in Eastern Suburbs

continued to remain priority destinations for both

premium and mid segment housing due to good

connectivity and availability of social infrastructure.Summit by Rustomjee and Kul Sidhivinayak Towers by

Demand and Supply

Mumbai

Market Overview

The Mumbai residential market witnessed subdued

growth in the first half of 2012 in the back drop of high

interest rates. While there was a decline in supplyaddition compared to the second half of 2011, the


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Location *Rental Values (H12012) Growth over H2 Capital Values ( ) Growth over H2(INR/month) 2011 (INR/sq ft) 2011

H12012

South Mumbai 250,000-450,000 2-3% 47,000-77,000 3-4%

Central Mumbai 175,000- 200,000 4-5% 25,000-35,000 2-3%

Western Suburbs 175,000-375,000 Stable 30,000-40,000 6-7%

Extended Western Suburbs 45,000-75,000 4-5% 13,000-16,000 5-6%

Eastern Suburbs 60,000-120,000 1-2% 14,000-22,000 2-3%

Extended Eastern Suburbs 30,000-70,000 2-3% 10,000-15,000 4-5%

Navi Mumbai 45,000-75,000 4-5% 12,000-17,000 7-8%

ThaneCity 35,000-60,000 Stable 7,000-11,000 4-5%

*The rental values in areas of South, Central and Western Mumbai is for 2,600 sf, Thane is for 1,200 sf and remaining micro-markets arefor 1,500 sf



KUL in Borivali (East) were two of the notable projects

that were launched during the review period.

There was an increase in demand for premium projects

in locations around the Bandra Kurla Complex and the

moderate supply in these locations has ensured a

steady appreciation in capital values. Kalpataru

Sparkle with around 190 units at Bandra (East) byKalpaturu Group was the only premium residential

project launched during the first half of 2012.

Locations such as Navi Mumbai and Thane continued

to witness investor interest, largely guided by

infrastructure improvements in the region and

proposed development of the airport. The lesser

known nodes of Karanjade, Ulwe and Dronagiri in

Navi Mumbai that are currently being developed by

CIDCO are already witnessing increasing interest frominvestors due to their proximity to the proposed airport.

Similarly Ghodbunder Road in Thane also witnessed

growth in the residential segment owing to

comparatively low real estate costs, central location,

good infrastructure and connectivity. Around 2,200

units in a price range of INR 6,000 to INR 6,500 per sq

ft were launched in Thane, across projects such as

Cosmos Jewel, Casa Universe and Tropical Lagoon.

Pricing Trends

Premium locations such as South and Central Mumbai

witnessed a subdued increment in capital values of

around 3-4% when compared to the second half of

2011. Residential projects in the Western and Eastern

Suburbs also witnessed a marginal increment of 5-6%

when compared to the second half of 2011. However,

values in Navi Mumbai appreciated in a range of 7-8%

during the same review period, owing to stable supply

and appreciating demand. To improve their cash

flows, a few developers are offering additional benefits

such as free car park and are open to negotiation

against sizeable upfront payment.

Rental values have also remained largely stable with

premium markets such as Bandra and Worli being

popular amongst expatriates, high net worth

individuals (HNIs) and executives from multinationals

and Indian companies. However owing to increasing

corporate interest in Bandra Kurla Complex vis--vis

the Central Business District (CBD) of Nariman Point,

rental values in South Mumbai witnessed a marginal

correction of 3-4% against the second half of 2011.


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High End / Mid-End Segment

Location *Rental Values(H12012) Growth over H2 Capital Values( ) Growth over H2(INR/month) 2011 (INR/sq ft) 2011

H12012

South Mumbai 90,000-200,000 3-4% 25,000-45,000 1-2%

Central Mumbai 50,000-150,000 2-3% 18,000-25,000 2-3%

Western Suburbs 65,000-170,000 Stable 15,000-30,000 1-1.5%

Extended Western Suburbs 37,500-60,000 Stable 9,000-12,500 2-3%

Eastern Suburbs 45,000-81,000 Stable 8,000-12,000 2-3%

Extended Eastern Suburbs 20,000-45,000 Stable 7,000-10,000 3.0%

Navi Mumbai 12,000-24,000 5-6% 5,000-10,000 7-7.5%

ThaneCity 6,000-12,000 2-3% 6,000-8,000 7-8%

*The rental values in areas of South, Central and Western Mumbai is for 2,600 sf, Thane is for 1,200 sf and remaining micro-markets arefor 1,500 sf

INR/month

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

South

Mumbai

Central

Mumbai

Western

Suburbs

Extended

Western

Suburbs

Eastern

Suburbs

Extended

Eastern

Suburbs

Navi Mumbai ThaneCity

INR/sqft

Premium/Luxury Segment

H2 2011 H1 2012

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

SouthMumbai Cental

Mumbai

Western

Suburbs

Extended

Western

Suburbs

Eastern

Suburbs

Extended

Eastern

Suburbs

Navi Mumbai ThaneCity

INR/sqft

High/Mid-end Segment

H2 2011 H1 2012

INR/month


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Key Transactions

Project Name Location Area(in sq ft) Transaction Type Value Buyer Type

(Sale/ Lease) (in INRMillion)

Urvashi Apartment Nepeansea Road NA Sale 250.5 End User

TahneeHeight Nepeansea Road 2,650 Sale 200 End User



Iris Ekta Developers Khar (W) Western Suburbs 28 60,000 Launched

Bleu India bulls Worli South &Central Mumbai NA 45,000 Under Construction

Veda Omkar Parel South &Central Mumbai 200 14,000 Under Construction

Veena Symphony Veena Developers Ghatkopar (W) Eastern Suburbs 200 9,500 Under Construction

Summit Rustomjee Borivali (E) Extended Western Suburbs NA 9,500 Launched

Pratik Gardens Pratik Enterprises Kamothe Navi Mumbai 220 5,500 Under Construction



Outlook

While Mumbai continues to be a prime residential

investment market in the country, affordability andcredit costs have become critical issues guiding

residential demand in the city. Most prime locations

are witnessing a gradual slowdown in demand as

transaction volumes decline across most projects.

This might lead to depreciation in capital values in

new developments in the short term, which would be

instrumental in rejuvenating residential demand in

the city. A downward revision of interest rates by the

Central Bank might also encourage buyers and

investors to revive purchase decisions in Mumbai.However, the recent amendments in the DCR

(Development Control Rules) to include balconies,

flower beds and terrace in FSI (Floor Space Index) by

offering fungible FSI to the extent of 35% at a

premium, is expected to further increase the cost of

construction, which is likely to be transferred to

buyers.

Bangalore

General Overview

Demand and Supply

The Bangalore residential market continued to witness

project launches in the luxury and high end segment in

the first half of 2012. Demand for rental properties

increased as end users deferred purchase decisions,

anticipating a change in the prevailing economic

environment and reduced interest rates in the coming

months.

The urban sprawl of the city continued to expandtowards the Northern and South-Eastern regions, with

leading developers acquiring large land parcels in

these locations. Some of the key luxury projects

launched in North Bangalore (Nagawara Outer Ring

Road, Bellary Road) included Waters Edge by Equinox

Realty, Prestige Garden Bay by Prestige Group and

Embassy Boulevard by Embassy Group. Other projects

launched were Sobha Marvella and Sobha Habitecho

by Sobha Developers, 77 East by DivyasreeDevelopers, Prestige Mayberry by Prestige Group and

Purva Seasons by Purvankara.


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Location Rental Values (HI 2012) Capital Values(INR/month) H22011 (INR/sq ft) H22011

Growth Over (HI 2012) Growth Over

Off - Central 60,000-130,000 5-7% 9,000-14,000 Stable

East 60,000-280,000 2-4% 6,000-9,000 Stable

South East 30,000-47,000 2-4% 5,000-7,500 Stable

North 60,000-157,000 2-4% 6,000-7,500 Stable

South 45,000-72,000 1-2% 4,500-6,800 Stable

Central 120,000-260,000 2-4% 18,000-21,000 Stable

High-End / Mid-End Segment

Location Rental Values Growth Over Capital Values(INR/month) H22011 (INR/sq ft) H22011

(HI 2012) (HI 2012) Growth Over

Central 50,000-57,000 1-2% 10,000-12,000 1-2%

Off - Central 35,000-42,000 2-4% 10,000-11,500 4-6%

East 20,000-26,000 1-2% 4,000-5,000 5-7%

South East 20,000-30,000 3-5% 4,300-5,700 7-9%

North 20,000-27,000 3-5% 4,500-6,500 1-2%

South 20,000-30,000 3-5% 3,600-4,350 2-4%

Due to a slowdown in demand and rising cost of funds,

many projects showed little progress in construction.

Consequently projects nearing completion in South

East and North Bangalore witnessed an increase in

capital values by nearly 10-15% during the first half of

2012.

Growth in capital values remained subdued during the

review period. Capital values in the mid-segment in the

South East, East and Off-Central locations increased

by around 4-8%, while those in the Central, North and

Indicator Trends

South Bangalore were marginally higher by 1-4%, as

compared to H2 2011. Residential values in the luxury

segment remained stable during the review period.

Rental value growth was also range bound across most

prominent residential locations in the city. Values

appreciated by 5-7% in the Off-Central location while

the other micro-markets like South East, Central andEast Bangalore witnessed a nominal increase of 2-4%

in H1 2012. In the mid-segment category, locations in

proximity of the prime business hubs such as South

East, North and South Bangalore witnessed rental

growth of around 3-5%, while rental values increased

by around 2-3% in the Central, Off-Central and East


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Purva Seasons Puravankara Old Madras Road Off-Central 660 5,950 Excavation under progress,completion by2015

Sobha Habitech Sobha Developers Whitefield East 318 4,823 Yet to commence,completion by2015

Sobha Marvella Sobha Developers Sarjapura road South East 86 5,534 Yet to commence,completion by2015

BrigadeOmega BrigadeGroup Kanakpura Road South 520 3,700 Under construction,completion by2015

Waters Edge EquinoxRealty Near Hebbal Outer Ring Road North 400 4,900 Under construction,completion by2015

PrestigeGarden Bay PrestigeGroup Near Yelahanka North 184 3,850 Under construction, completion

of first phaseby2015



INR/month

INR

/month

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

Central Off -Central East SouthEast North South

INR/sqft

Premium/ Luxury Segment

H2 2011 H1 2012

0

2,000

4,000

6,000

8,000

10,000

12,000

Central Off -Central East SouthEast North South

INR/sqft

High -End / Mid-End Segment

H2 2011 H1 2012




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Key Transactions

Project Name Location Area Transaction Type Value Buyer Type(in sq ft) (Sale/ Lease) (in INRMillion)

SkylineEternity Off Langford Road 4,785 Sale 44 End User

Mantri Espana Sarjapur ORR 4,500 Sale 37 End User

Sobha Carnation Sarjapur ORR 1,645 Sale 7.05 End User

Sobha Dahlia Sarjapur ORR 1,675 Sale 7.45 End User

Outlook

Developers continued to launch residential projects

across various categories during the first half of

2012, a trend which is expected to continue.

Whitefield will be a focus destination for residentialdevelopment, as it has witnessed renewed interest

from office and retail occupiers in the last two

quarters, which is expected to have a positive impact

on housing demand in this micro-market. Capital

values are expected to stabilize across most of the

locations with a marginal increase likely in only a

few micro-markets in the short to medium term. The

second phase of the Bangalore metro rail has been

approved, which would enhance connectivity to the

peripheral locations of the city such as Whitefield in

East, Tumkur Road in North West, Kengeri in West

and Off-Kanakapura Road in South, as a result of

which these locations are expected to witness an

increase in demand in the medium to long term.


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HyderabadCBRESouth Asia Pvt. Ltd.,211, Maximus2B,MindspaceCyberabad,SurveyNo. : 64(Part),APIICSoftwareLayout,Madhapur,Hyderabad- 500081

T (9140) 40335000F (9140) 40335050

INDIAOFFICES

NewDelhiCBRESouth Asia Pvt. Ltd.,GroundFloor, PTI Building4, Parliament Street,NewDelhi 110001

T (9111) 42490200/ 42390200F (9111) 23317670

ChennaiCBRESouth Asia Pvt. Ltd.,2C&D, GeeGeeEmerald151, VillageRoad,NungambakkamChennai 600034

T (9144) 28214599/ 4571/ 4619F (9144) 28214607

BengaluruCBRESouth Asia Pvt. Ltd.,Hulkul BrigadeCentreGroundFloor, No. 82LavelleRoad,

Bengaluru 560001T (9180) 40740000F (9180) 41121239

PuneCBRESouth Asia Pvt. Ltd.,704/705/706, 7th FloorNucleusChurch RoadPune- 411001

T (91120) 40190100F (91120) 26055405

India Residential

The information contained herein has been obtained from independent sources believed to be

reliable and has not been verified for the possibility of errors, omissions, price change, rental or other

conditions, prior sale, lease or financing or withdrawal without notice. Any projections, opinions,

assumptions or estimates included herein are solely for the purpose of illustration and do not

represent current or future performance or forecast of the property. CBRE does not make any

representation, warranty including as to accuracy or completeness of the information and shall not besubject to any liability resulting from the use there from by any party. No one should proceed to act on

such information without appropriate professional advice and after conducting an independent and

thorough investigation/ diligence of the property and transaction.

KolkataCBRESouth Asia Pvt. Ltd.,

Jindal Towers2nd, Floor, Block B

Kolkata - 700017T (9133) 40190200F (9133) 40190230

21/1A/3Darga Road

MumbaiCBRESouth Asia Pvt. Ltd.,#202/203, 2ndFloor,Naman Centre, G-block,Bandra-Kurla Complex,Bandra (E),Mumbai 400051

T (9122) 40690100

F (9122) 26527655

About CBRE Group, Inc.

CBREGroup, Inc. (NYSE:CBG), a Fortune500andS&P 500companyheadquarteredin LosAngeles, istheworld'slargest

commercial real estateservicesfirm(in termsof 2011revenue). TheCompanyhasapproximately34,000employees

(excludingaffiliates), andservesreal estateowners, investorsandoccupiersthrough morethan 300offices(excluding

affiliates) worldwide. CBREoffersstrategicadviceandexecution for propertysalesandleasing; corporateservices;

property, facilitiesandproject management; mortgagebanking; appraisal andvaluation; development services;

investment management; andresearch andconsulting. Pleasevisit our Websiteat www.cbre.com.

CBRESouth Asia Pvt. Ltd. wasthefirst independent international Real Estateconsultingfirmto set upofficein theIndian

subcontinent. Sincethen theIndian operationshavegrown to a network of officesin all themajor metropolitan cities.

Todaywith over 2500professionals, CBRESouth Asia Pvt. Ltd. isoneof theleadingReal Estateconsultantsin theIndian

subcontinent. Pleasevisit our websiteat www.cbre.co.in.

Gurgaon

19th Floor, DLF Square, MBlock,Jacaranda Marg,DLF CityPhaseII, Gurgaon 122002

T (91124) 4659700F (91124) 4659800

CBRESouth Asia Pvt. Ltd.,

IndiaResiden

tial

January-June2012

Page 12

2012, CBRE, Inc.

india residential market view - january - june 2012

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