new growth centre in south chennai - colliers.com insights/2017...according to oxford economics,...

Colliers Radar

ChennaiOffice28 11 2017

Pallavaram Thoraipakkam Road All Set forReal Estate Race in Chennai

New Growth Centre in South Chennai

Surabhi Arora Senior Associate Director |

Research | India

[email protected]

Karthiga Ravindran Analyst | Research | Chennai

[email protected]

Pallavaram - Thoraipakkam Road (PTR), the 11

km stretch located in the Old Mahabalipuram

Road (OMR) Post-Toll market is gearing up to

entice numerous multinational companies and

small and medium enterprises to Chennai. Being

strategically placed and well connected to the key

office markets of the OMR and Grand Southern

Trunk (GST) Road, this link road is likely to

disrupt the linear growth pattern of the OMR. The

PTR is now emerging as a strong new growth

centre in the OMR district. Over the next three

years, we expect 11.5 million sq ft (1.06 million

sq m) of office space supply to see completion in

Chennai. Of this total, 58% is concentrated along

the PTR. We expect that by 2020 the improved

infrastructure and new offices with modern

amenities should greatly enhance the area’s

appeal to prospective tenants. In our opinion,

occupiers looking for expansion within Special

Economic Zones (SEZs) should take advantage

of huge upcoming supply in this corridor. For

relocation and consolidation, occupiers can either

pre-commit or opt for built-to-suit options in PTR

to hedge against future rent rises.

Executive Summary

For some years, suburban micromarkets in the south have been the fastest growing markets in Chennai. The southern precinct of the city is continually attracting technology firms, which need a well-connected location but have problems in finding sites with large floor plates and preferred fit-out options in the CBD and Off CBD.

The OMR Pre-Toll district has always been a more active market in terms of office leasing in south Chennai due to its proximity to the city centre and availability of Grade A stock. There has always been resistance among occupiers to moving further down to the post-toll market considering the under developed infrastructure and absence of last mile connectivity. However,

according to Colliers Research, the effective rentals in the Pre-Toll market have more than doubled over the last ten years; and we expect the rents here to rise from INR 55-78 per sq ft per month in 2017 to INR 65-85 per sq ft per month over the next three years. At last, therefore, strong demand and rising rents in the OMR Pre-Toll district have started compelling companies to evaluate micromarkets beyond the Perungudi toll.

Rental Forecast for Southern Business District

Source: Colliers International India Research

Strategically located just after the toll, the Pallavaram-Thoraipakkam Road (PTR), the link road between the parallel corridors of the GST Road and the OMR, is now emerging as a strong new growth centre in south Chennai. We expect the PTR to cause a major shift in development focus within the OMR market from the Pre-Toll side to the Post-Toll side, thereby disrupting the OMR's linear growth pattern.

Our detailed research on OMR micromarkets suggests that the PTR, the link road between the parallel growth corridors of the GST Road and the OMR, will be Chennai's key new growth centre. Based on our analysis of sector concentration in various micromarkets, we advise large, established IT companies to choose the OMR Pre-Toll Road for future expansion, since proximity to the city centre is advantageous for talent acquisition and retention. Occupiers such as automotive and manufacturing companies requiring proximity to the airport and other transport links should choose the GST Road, although space here is limited. The PTR should appeal to occupiers looking for large-scale relocation to attractive new SEZ developments in a district offering ample supply of space and good infrastructure at modest rents.”

According to the recent city report by Oxford Economics 'Asian Cities & Regions Outlook, June 2017' Chennai (Tamil Nadu State) stood third in growth ranking and should achieve 7.5% average annual GDP growth over the period 2017 to 2021. This increase is likely to be led by the banking sector, followed by the trade, hospitality and manufacturing sectors. The anticipated economic drive in the city by these sectors should also help drive demand for space along the PTR in coming years.

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3 New Growth Centre in South Chennai | 28 November 2017 | Office | Colliers International

Contents Southern Chennai: the growth area ........... 4

PTR - the bright spot in southern Chennai . 5

Demand drivers for PTR ............................ 6

Planned infrastructure likely to support vast real estate development ............................. 7

Residential catchment around PTR ............ 8

Office rent forecast: slightly higher rent than Post-Toll likely in the PTR .......................... 9

Occupier strategy: select office location based on business needs .......................... 9

Developer strategy - technology, flexibility and sustainability to entice occupiers ....... 11

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Southern Chennai: the growth area

For the last two decades, the southern micromarkets of

Chennai have differed from the rest of the city, creating

an unprecedented growth story. The Old Mahabalipuram

Road (OMR) and the Grand Southern Trunk (GST) Road

in south Chennai are the two main corridors that have

become key locations for Information Technology (IT)

parks, Special Economic Zones (SEZ) and integrated

townships in the city. While the commercial development

in the GST Road has been restricted around three SEZs

(Mahindra World City, The Gateway and Madras Export

Processing Zone), the strategic location and abundant

office supply on the OMR have fuelled demand for office

spaces along this corridor.

While the OMR is a State Highway (SH-49A) that

connects Chennai to Mahabalipuram, for this study we

have considered only the 20 km stretch from Taramani

to Siruseri as OMR. We have further divided the OMR

based on occupier activity into two sections: the Pre-Toll

and Post-Toll areas. The Pre-Toll area starts from

Madhya Kailash Junction and extends up to Perungudi

Toll, while the post-toll area extends as far as the

Siruseri (See Figure 1).

Over the years, the first stretch of the OMR (Pre-Toll

district) gained occupiers' interest due to the availability

of Grade A supply and its proximity to the core city.

However, the Post-Toll stretch of the OMR remained a

distant location for occupiers as the developments were

concentrated about 17 km from the Pre-Toll area at

Siruseri.

According to surveys by Colliers Research, the Pre-Toll

stretch of the OMR accounted for about 50% of total

absorption of available IT space over the period 2012 to

2017, whereas the Post-Toll stretch represented only 8%

of total absorption. With the OMR Pre-Toll micromarket

becoming saturated, many forecasters expected that the

future growth of the IT corridor would be aligned along

the OMR in a linear pattern towards Siruseri. However,

going against these forecasts, the commercial market's

attention has started to shift towards the newly

developing micromarket of Pallavaram-Thoraipakkam

Road (PTR).

Strategically placed between OMR and GST Road, PTR has an immense potential for commercial and residential development in future

The 11 km stretch of the PTR well known as the Radial

Road is strategically located just after the Perungudi Toll,

connecting the OMR and GST Roads. Although

commercial development along this road proceeded

slowly after the launch of Chennai One SEZ by Green

Grid Group (IG3) Infra Ltd in 2006, over the last two

years, several prominent developers have acquired large

land parcels for commercial development and launched

projects in this area. Examples include, Embassy,

Featherlite and expansions of IG3 Infra Ltd.


Figure 1: Growth Story of Chennai








PTR - the bright spot in southern Chennai

According to Colliers Research data, Chennai is likely to

see about 11.5 million sq ft (1.06 million sq m) of new

office supply by the end of 2020. Most of this supply is in

the form of SEZs and IT parks. Major SEZ projects under

construction include the Embassy Splendid Tech Zone

and the Chennai One SEZ - South Block in the OMR

Post-Toll district, Brigade World Trade Centre in the

OMR Pre-Toll district, Xander's Gateway in the GST

Road and additional phases of the DLF SEZ in Mount

Poonamalle High (MPH) Road. In addition, Featherlite IT

Park in the OMR Post-Toll district, phases of Olympia

Tech Park and several other IT buildings in the Off-CBD

are also under construction.

About 80% of the total upcoming supply is concentrated

in the southern part of the city followed by MPH Road

(16%) and Off-CBD (4%) (See Figure 2). The high

concentration of new supply in the southern quadrant of

the city indicates that growth of the office market should

continue in this region over the next three years.

Out of all locations in the south, the PTR section of the

OMR Post-Toll micromarket has been gaining maximum

momentum with about 6.65 million sq ft (0.61 million sq

m) of office space scheduled for completion over the

next three years. In contrast, scheduled completion in

the OMR Pre-Toll district amounts to only 2.18 million sq

ft (0.2 million sq m) and in the GST district to 0.35 million

sq ft (0.03 million sq m).

In our opinion, as the vacancy rates are already in single

digits in the preferred micromarkets such as the CBD,

Off-CBD and OMR pre-toll road, the demand should

follow supply in the PTR in coming years.

The anticipated commercial development along the PTR should create a vast employment opportunity along the corridor, in turn, activating the demand for all real estate asset classes.

Figure 2: Key Upcoming Office Supply

PROJECT LOCATION AREA (In sq ft)

EXPECTED YEAR OF COMPLETION

Chennai One SEZ - South Block

PTR 1,200,000 Q1 2018

Embassy Splendid Tech Zone - Phase 1

PTR 2,000,000 Q4 2018

Embassy Splendid Tech Zone - Phase 2

PTR 2,500,000 Q3 2019

Featherlite IT Park

PTR 750,000 Q4 2019

Brigade World Trade Centre

Perungudi 2,000,000 Q4 2020

Raheja IT Park MPH Road 1,000,000 Q4 2020


Figure 3: Upcoming Office Supply Breakup









Demand drivers for PTR

According to Oxford Economics, Chennai (Tamil Nadu

State) stood third in growth ranking and should achieve

7.5% average annual GDP growth over the period 2017

to 2021 led by the banking, trade, hospitality and

manufacturing sectors1. Upcoming commercial real

estate developments in Chennai are notably

concentrated in the PTR, so we expect the economic

drive in Chennai by these sectors should have a

significant impact on the PTR in coming years. Several

other factors are also driving demand along the corridor.

Based on Colliers Research survey of the corridor, the

strategic location, connectivity, rental arbitrage due to

upcoming supply, social infrastructure and surrounding

residential catchment are the key demand drivers for this

road.

The PTR is strategically located in the fast-developing

southern part of Chennai. Being recognised as the

Radial Road, it benefits from easier access to transport

hubs and faster connectivity to key arterial roads than

any other link roads in Chennai. The thoroughfare is

easily reached from the most active corridors in the city

such as the OMR and the GST Road which has a

number of renowned IT parks and SEZs. Moreover, the

PTR is just a short drive away from the entertainment

and leisure corridor of Chennai, the East Coast Road

1 Asian cities and regions outlook, June 2017 by Oxford Economic Source: Colliers International India Research

(ECR).

On tracking the social amenities such as educational

institutions, healthcare centres, banks, shopping malls

and theatres, we noticed that all such facilities are

available at distances of about 5 to 10 km from the

midpoint of PTR. The Medavakkam Main Road and

Velachery Tambaram Main Road cross through the

corridor facilitating connections to the residential and

retail neighbourhoods in Medavakkam, Perumbakkam,

Madipakkam, Keelkattalai and Velachery.

In addition to the road connectivity, the localities along this road also enjoy proximity to transportation facilities like Velachery Mass Rapid Transit System (MRTS) station, Pallavaram and Tambaram Railway Station and Chennai International Airport.

Figure 4: Connectivity and Key Developments (All the distances are measured from Kovilambakkam the mid-point of the PTR)








Frequent Metropolitan Transport Corporation (MTC)

buses and existing railway stations ensure direct access

to the PTR from various nearby micromarkets and

reduce stress for working professionals trying to reach

their workplaces.

In our opinion ease of travel to prime localities in the

south, proximity to the Airport and a well-developed

residential catchment area will be key demand drivers for

the PTR. Occupiers can exploit the location-related

advantages to attract talent pool living in both the city

centre and peripheral areas.

Planned infrastructure likely to support vast real estate development

The state government has proposed several new

infrastructure initiatives in and around the PTR to ensure

continuous development. Due to expected heavy

increases in vehicular movement on this road over the

next three years, the State Highways Department plans

to widen the road and make it a four-lane road together

with a service lane. In the wake of recent floods in

Chennai, the authorities have also adopted designs to

improve the storm water drains on either side of the road

to prevent flooding.

As a part of the state government's long-term strategy for

the improvement of traffic management at major

intersections to avoid traffic snarls, construction works

are in progress for grade separators at Pallavaram and

at the junction connecting Medavakkam Road and the

PTR near Keelkattalai. In another initiative, an extension

of the PTR is being planned. Currently, the road

stretches only up to the OMR; an additional stretch of 1.4

km is proposed from the OMR to the ECR. This will

extend the road as far as Neelankarai in the ECR district.

Reportedly land acquisition is in progress for this project

in accordance with the update in the Tamil Nadu State

Highways and Minor Port Department Policy Note 2017-

18. On implementation, the extension will provide

seamless access from ECR to GST Road and will also

reduce traffic overcrowding at Thoraipakkam.

We anticipate that these major infrastructure initiatives

will largely eliminate the traffic congestion in the OMR

district, divert smooth vehicular movement towards the

PTR and have a positive impact on the developments

coming up along the stretch.

Although we are confident about the medium to long term potential of the corridor, any delay in infrastructure developments will slow down overall progress.

Source: Colliers International India Research; Tamil Nadu State Highways and Minor Port Department Policy Note 2017-18

Figure 5: Planned infrastructure initiatives along the PTR








Residential catchment around PTR

The residential catchment of PTR within a 0-3 km radius

of the midpoint of the corridor at Kovilambakkam will

cater to the upcoming commercial developments in this

region and we expect these markets to firm up further

over the next 3 years. The neighbourhoods within 3 km

radius from the midpoint of the corridor at

Kovilambakkam include Keelkatalai, Old Pallavaram,

Pallikaranai and Madipakkam. The key ongoing projects

in these vicinities are mostly mid-segment apartment

projects in the price range of INR4,500 to 6,750 per sq ft.

This range of capital value translates to prices of INR45

lakh to INR1.2 crore (USD70,000-190,000), which are

suitable for the working population in the technology

companies that are likely to be the predominant

occupiers in the coming years. Thus, the residential

projects in these localities with range of typologies from

1 BHK (Bedroom Hall Kitchen) to 4 BHK are likely to

attract home buyers' interest.

Colliers Research surveys have noted that about 70% of

the buyers in this region are employees working in the

IT-ITeS sector. Businesspeople, senior management

employees in the BFSI and health care sectors, pilots

and Non Residential Indians (NRIs) account for the

remaining 30%.

The rental values for 2BHK range from INR 10,000 to

15,000 per month and 3BHK units from INR 14,000 to

25,000 per month. The vicinities also include 1BHK units

of 550 to 650 sq ft (51- 60 sq m) with affordable rents in

the range of INR 7,000 to 10,000 per month.

The commercial developments along the PTR should

also be supported by residential catchments within a 3-5

km radius and a 5-10 km radius from the midpoint of the

corridor. The locations within 3-5 km radius include

Pallavaram, Medavakkam and Thoraipakkam. These

mid-segment localities witness capital values between

INR5,200-7,200 per sq ft. The residential catchment

within 5-10 km radius serve high-end buyers such as top

executives working in MNCs looking for both villas and

apartments in the range of INR7000-11,500 per sq ft in

Sholinganallur, Navallur, Pallavakkam, Injambakkam,

Chrompet, Tambaram and Velachery localities.

In our opinion, by ensuring easy connectivity to work place, surrounding residential neighbourhoods, principal arterial roads, retail outlets, academic and health care institutions, PTR should keep driving the mid segment buyer focus in coming years.

The residential and commercial developments would

complement each other. The current construction

progress in residential projects along the corridor would

increase the confidence of office tenants in relocating

their offices to the PTR. Likewise, the upcoming SEZ

and Grade A office spaces would create substantial

employment opportunities driving residential demand.

Figure 6: Residential catchment around PTR









Office rent forecast: slightly higher rent than Post-Toll likely in the PTR

Although the OMR is a single corridor, the rents in the

Pre-Toll belt are significantly higher than in the Post-Toll

belt. The Pre-Toll belt commands rents in the range of

INR 55-78 per sq ft per month. However Post-Toll area

rents vary between INR 30-40 per sq ft per month

indicating almost half the rents in OMR Pre-Toll district.

In recent years, consistent demand from existing

occupiers combined with limited available supply has put

upward pressure on rents in the Pre-Toll belt. Based on

Colliers Research analysis, the Pre-Toll belt recorded a

28% increase in rents over the past three years whereas

the Post-Toll belt witnessed a modest 4% increase.

We expect that rents in the OMR Post-Toll district will

remain at least 35-45% cheaper than rents in the Pre-

Toll district over the next three years. However, based

on our experience with technology occupiers, attracting

good talent takes priority over lower office rent. Thus, we

expect technology occupiers' preferred location to

remain the OMR Pre-Toll belt, followed by the PTR.

Due to proximity to the Pre-Toll belt, the PTR is likely to

command a slightly higher rent than the Post-Toll

micromarket. However, we expect that a rental

difference of at least 20-30% will persist between the

OMR Pre-Toll belt and the PTR.

Occupier strategy: select office location based on business needs

We have identified that technology companies, BFSI,

healthcare and consulting are the key business sectors

which have rapidly expanded in the OMR area in the last

few years. Based on our market intelligence, several

companies located in the Pre-Toll district are planning to

grow in their nearby vicinity over the next three years.

Occupiers are also constantly evaluating relocation and

consolidation opportunities. We understand that Grade A

office developments with large floor plates and

opportunities for contiguous expansion are likely to drive

their office space planning in future.

Based on our research on the market trend, we

recommend following strategies to the occupiers of

various sectors to find the best fit space in the right

micromarkets for their business needs.

GST Road

Occupiers looking for space in SEZs along National

Highway (NH45) with proximity to the Chennai

International Airport should take up space on the GST

Road. There is better connectivity in this region to main

roads, the suburban railway network from north to south

Chennai and the airport. Considering this, we advise

companies such as auto ancillary, manufacturing, third

party logistics firms, Business Process Outsourcing

(BPO), Knowledge Process Outsourcing (KPO) and

other small-scale occupiers to plan their future office

space in this location. Though the micromarket currently

has minimal vacancy levels, the future supply in the

Gateway SEZ of about 0.35 million sq ft (0.33 million sq

m) should meet occupiers' demand in coming quarters.

Figure 7: Office Rental Forecast

Source: Colliers International India Research Note: Graph represents rental trends for both Non IT/ITeS and IT/ITeS Grade A properties excluding Special Economic Zones (SEZs)

38

5355

60

6871

7375

34 3533 34

3638

4042

Q3 2013 Q3 2014 Q3 2015 Q3 2016 Q3 2017F Q3 2018F Q3 2019F Q3 2020F

OMR Pre-Toll

City Average

OMR Post-Toll

Forecast

4 PTR

45 47

53 57

Rent differential between

Pre-Toll and Post-Toll









OMR pre-toll

The well-established office market in the OMR Pre-Toll

area is suitable for existing occupiers looking for

expansion within the micromarket regardless of the cost

constraints. We suggest that well established IT

companies looking for proximity to city centre, targeting

talent acquisition, employee retention and reduction in

their attrition rates should choose this established IT

corridor as a preferred choice for future expansion.

OMR post-toll

As the OMR Post-Toll micromarket is located further

from the city centre, it caters to the spill-over demand

from the Pre-Toll area. The Pallavaram–Thoraipakkam

Road located in this region is developing as the next

emerging commercial corridor with ample new supply of

office space. Based on the available office stock, we

recommend the PTR, Sholinganallur and Navallur

locations within this micromarket in order of preference.

Although Sholinganallur and Navalur offer lower rents,

we suggest occupiers with large space requirements

should take up Grade A office space in the PTR due to

its location advantage and greater availability of social

and physical infrastructure. Likewise, companies looking

for SEZ benefits and those ready for pre-commitments

should opt for this region within a short term to hedge

against future rent raises. Grade A office buildings under

construction along the corridor are witnessing increasing

pre-commitments, and we expect such pre-commitments

to solidify timelines of construction activities making

developers adhere to the planned completion dates.

Moreover, considering the evinced sunset clause2 that is

proposed to abolish income tax benefits for SEZs after

March 31, 2020, we strongly recommend occupiers

looking for space in SEZs to obtain their unit approvals

before end of Q4 2019.

2 Sunset Clauses have been imposed on SEZ Units under Section

10AA of Income Tax Act where the Occupiers needs to be operational

in SEZs up-to 31.3.2020 to get the direct tax benefits.

MICROMARKET LOCATION PROFILE OCCUPIER STRATEGY

GST Road

(Pallavaram, Chrompet, Tambaram, Perungalathur)

National Highway (NH45), primarily a manufacturing corridor

Encompasses 3 major SEZs (Mahindra World City, Xander’s Gateway SEZ and Madras Export Processing Zone (MEPZ)

Proximity to Airport

Suitable for occupiers looking for office space in SEZs along National Highway in proximity to airport

Automobile and auto ancillary, manufacturing companies, Third Party Logistic firms, BPOs and KPOs and other occupiers with low-profit margins

OMR Pre-Toll

(Taramani, VSI Estate, MGR Salai, Kandanchavadi, Kotivakkam, Perungudi, Velachery)

Well connected with core city areas

Predominantly Grade A development with a few IT Buildings and SEZ campuses

Preferred location for technology companies

The micromarket is most suitable for

Large Scale IT companies seeking proximity to city center

Existing occupiers looking for expansions within the micromarket irrespective of the cost pressures

Companies targeting in talent acquisition, employee retention and reduction in attrition rates

OMR Post-Toll

(Thoraipakkam, Pallavaram-Thoraipakkam Road, Karapakkam, Sholinganallur, Semmenchery, Navalur, Siruseri)

Away from the city center

Caters to spillover demand from OMR pre-toll area

Pallavaram – Thoraipakkam Road developing as the next emerging commercial corridor due to proximity to OMR pre-toll

Large SEZ developments

This micromarket is suitable for occupiers looking for relocation and consolidation to hedge against a rent increase

Large scale business expansions with additional expansion plans

Companies looking for SEZ benefits

Occupiers ready for pre-commitments

Figure 8: Occupier Strategy

Figure 10: Occupier Strategy








Developer strategy - technology, flexibility and sustainability to entice occupiers

From core city areas to suburban corridors, innovative and futuristic office spaces are transforming the skyline of commercial development. In the current scenario, space efficiency, workplace technologies and services are the key factors driving demand for Grade A office space. We expect that over the next three to five years, automated processes in building management will become a necessary feature to entice occupiers. In our opinion, the developers should focus on adopting smart building concepts to cater this demand. We recommend landlords to adopt the following strategies in order to attract and retain large tenants.

Ensure pace with technology adaptation

Technology is not just disrupting the office occupiers but

also transforming the office built environment on a wider

scale. Energy-efficient smart buildings are more

attractive to tenants and enjoy stronger tenant retention

and shorter vacancy periods. The smart office’s systems

and sensors generate large and continuous volumes of

real-time data on the performance of the building and the

behaviour of the people inside it. Given that it can be

difficult to change the design of a new building once

development is in an advanced stage, it is important to

be prepared for a rapidly changing market in advance.

Intensify the 'greening' of Office Spaces

Due to overloading of built spaces coupled with

increasing populace, being environment-friendly has

become another major criterion for futuristic office

buildings. Today's occupiers are demanding energy-

saving buildings. Chennai has seen a notable increase in

green certified buildings over the past decade with

Olympia Technology Park, Menon Eternity Building, RMZ

Millennia Business Park, Ascendas International Tech

Park Chennai, etc being a few of the renowned

commercial buildings certified by United States Green

Building Council (USGBC). These buildings are not only

environment-friendly but also offer lower operating

expenses. These building are already witnessing

occupier preferences and have lower vacancy rates. We

advise developers to incorporate renewable energy

technologies, waste reduction features, good air quality

and greater use of natural light to improve the economic,

social and environmental performance of the upcoming

built spaces. All upcoming buildings should have better

‘sustainability’ ratings to differentiate themselves from

office spaces available in the OMR Pre-Toll belt to attract

occupiers.

New-style amenities will entice Gen Y/ millennial occupiers

According to a PwC report3 millennials form 25% of the

workforce in the US and account for over half of the

population in India. By 2020, millennials will form 50% of

the global workforce. With millennials making up the

majority of employees in the years to come, flexibility will

be the key to retaining the talent pool. Community and

recreational areas, play pods, gardens, open spaces,

libraries are the latest preferences amongst the new age

workforce. Thus, we suggest developers to take such

amenities into account when designing the building.

Figure 9: Office Spaces for Future

Source Colliers International India Research

We forecast that by 2020 the improved infrastructure and

new offices with latest amenities will significantly

enhance the PTR district's appeal to prospective tenants.

Developers should make progress in partnering and

coordinating with the government to seek support and

ensure local infrastructure and public transport facilities

keep up with the PTR project's bright economic outlook

over the next three years. Thereby, with continuous

improvements, better amenities, new quality office

spaces and SEZ benefits, PTR should emerge as a new

office market destination in Chennai where MNCs and

SMEs can congregate in the next few years.

3 Millennials at work Reshaping the workplace by PWC







Copyright © 2017 Colliers International.

The information contained herein has been obtained from sources deemed reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior to acting on any of the material contained in this report.

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Primary Authors:

Surabhi Arora Senior Associate Director | Research | India +91 98 7175 0808 [email protected] Karthiga Ravindran Analyst | Research | Chennai [email protected]

Contributors:

Andrew Haskins Executive Director | Research | Asia +852 2822 0511 [email protected] Shaju Thomas Director | Office Services [email protected] Shyam Arumugam Associate Director | Office Services | Chennai [email protected]

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