real estate capital markets: predictions for 2013 real estate monitor – march 2013 real estate...

Monthly Real Estate Monitor – March 2013

Real Estate Capital Markets: Predictions for 2013 In 2013, the availability of debt capital is likely to increase in real estate projects whilst the flow of equity capital will remain more or less stable. As there are additional cuts expected in cash reserve ratio (CRR) and repo rates that will infuse more liquidity into the system, the bid-ask spreads will also decrease, increasing overall transaction volume in 2013. Cross-border flow of capital will begin to make a gradual comeback in the year ahead. Cap rates for office and retail properties are likely to descend to 10.5% and 11.5% from 11% and 12%, respectively.

Investors will focus more on transparency, governance and liquidity before investing. Given the on-going challenges that the Indian real estate sector faces on these fronts, very few development companies will be successful on the public equity markets. Nevertheless, private equity (PE) deals volumes will increase, and there will be more M&A activity within the PE industry. A number of vintage funds who have invested during 2007–2008 will have to look at exiting in 2013, some of them at low internal rate of return (IRR). Given the overall uncertainties, these funds may look at postponing their exits to 2014.

Insurance firms will start investing directly in low-risk, income producing office real estate. Investment bidders per property will increase, this time around with lower return expectations. Investment periods of funds will reduce from five years to four years.

In 2013, after a lull of two years, banks are likely to start offering construction finance to residential projects with approvals. They will also be slightly more flexible on interest rates, collaterals, loan-to-value (LTV) and upfront fees. Established funds are expected to get back into the fund raising mode after a three-year hiatus.

Developers with longer operating history such as Oberoi Realty, Sobha Developers and Prestige Estates will continue to find it easier to raise funds. This is because these developers have managed to grow effectively over the years and have increased predictability of income. With the accent for 2013 remaining firmly on local expansion, it is unlikely that any major developer will venture out to

expand nationally. Also, we will see developers focusing more on joint ventures with landlords rather than on buying land.

In 2013, we will see most PE deals being structured to give the investor the first preference to cash flows. Most real estate PE investment will be focused on Tier I cities. Funds with a good track record that have a strategy to target a narrow asset class within specific locations such as the last mile funding for residential houses under construction projects in Tier 1 cities and having strong delivery teams will be able to raise funds more easily. Regulatory authorities will increase their scrutiny of private fund raising offerings and closely monitor if the funds raised by the companies are being used for stated objectives.

PE funds will raise distressed real estate funds and get traction from bank non-performing assets (NPAs) and asset reconstruction companies (ARCs). A number of new domestic real estate PE funds backed by corporate entities are likely to be launched in 2013. Also, large family offices will now begin creating dedicated real estate teams.

Deal of the Month Prestige Estates and KL Hitec Secure Print has

bought 5.8 acres of land in Hitec City, Hyderabad in a

joint venture. They will develop a luxury residential project of 1.2 million sq ft on

the site.

What’s New!! The new development plan by

Ahmedabad Urban Development Authority (AUDA) has proposed to create a new “affordable housing zone” for the city and has raised

the Floor Space Index (FSI) across different pockets of the city

in February 2013.

Green Wall TERI (The Energy Research Institute) and OTDC (Odisha

Tourism Development Corporation Ltd) signed a MoU to

develop a sustainable tourist circuits & destinations in Odisha.

Pulse •Research Dynamics•2012

PE fund terms such as waterfall structure, carried interest, general partner commitment and management fees will change to address investor concerns such as governance, transparency, reporting and operating controls post the global financial crisis. Limited partners will scrutinise fund platforms a lot more carefully before investing on the heels of previous negative experiences with issues such as integrity of the general partner and quality and sustainability of earnings. Many more funds will adopt a conservative cash flow-driven investment approach and focus on investing in income producing office assets, with an accent on asset repositioning, refinancing and refurbishment.

We expect new guidelines for Non-Banking Financial Institutions (NBFCs) and Housing Finance Companies (HFCs) to assist in pushing funding for the housing sector in 2013. There will be more liquidity available in the housing finance market as rules for raising external commercial borrowings will be relaxed for HFCs and with SEBI allowing debt funds to invest an additional 10% in HFCs. HFCs will also look at tapping the qualified institutional placement (QIP) market to raise funds in 2013.

Ramesh Nair Managing Director-West India

Grade A Capital ValueOffice Retail Residential

Delhi NCR

Mumbai

Bangalore

Chennai

Pune

Hyderabad

Kolkata

Rental ValueFigure 1: Financial Indicators


Bangalore In February, Bangalore continued to observe modest leasing activity in the office sector. Stable demand from potential occupiers and absence of new completions marginally decreased the vacancy in

the city. Major transactions in the month included TATA Aerospace and Josiah Technologies both leasing space in Shailendra Tech Park at Whitefield, and Flipkart renting space in Esteem Asrani at Koramangala. Although the rents remained stable on the back of continued demand and controlled supply, the capital values increased marginally across all sub-markets.

Consumer demand for retail sector remained steady in the last couple of months, causing it to increase the retail demand in February. The occupancy level of the city rose marginally due to this. Rents, as well

as capital values remained stable across all the submarkets of Bangalore.

Bangalore's residential market exhibited continued steady demand in February. The city witnessed a moderate number of launches. The landmark projects launched during the month included

Prestige West Woods by Prestige Group on Magadi Road at Rajajinagar, Brook Woods by Pashmina Developers on Old Madras Road (OMR) and Indraprastha by Sobha Developers at Rajajinagar. The city continued to witness the shortage of ready to move in apartments. With a forecast to stabilise in 2013, capital values increased marginally across all submarkets in the city.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Outer Ring Road (North) 48–55 5,500–6,500 Old Airport Road 60–65 6,000–7,000 Outer Ring Road (Eastern Stretch) 46–52 4,700–6,000 Old Madras Road 30–34 3,000–3,500 Electronic City 26–28 2,500–3,000

Retail Rents Capital Value


month INR per sq ft Koramangala 80–150 9,000–16,000 Indiranagar 90–180 12,000–18,000 New BEL Road 50–80 6,000–10,000 Commercial Street 175–250 16,000–20,000 Jayanagar 80–120 7,000–15,000

Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft

two-BHK apartment INR per sq ft

Old Madras Road 12,000–16,000 5,000–6,000 Indiranagar 18,000–20,000 10,000–20,000 Bellary Road 10,000–14,000 3,000–7,000 Hosur Road 10,000–14,000 3,000–5,500 Whitefield 13,000–16,000 3,000–7,000 Tumkur Road 7,000–11,000 3,000–5,000 Kanakapura Road 8,000–12,000 3,000–5,500 Mysore Road 8,000–10,000 2,800–3,500

INFRASTRUCTURE ONGOING >> According to Deputy Chief Minister (CM) R Ashok, the Karnataka State Government (KSG) is going to set up two more satellite bus stands in Bangalore to decongest it’s surrounding areas. At a cost of INR 270 million, a hi-tech satellite bus stand will come up in Peenya, from where 1,172 buses will leave towards Mangalore, Tumkur, Uttara Kannada and other districts. Another satellite bus stand will come up in Kolar Road, from where buses towards Kolar will leave.


Chennai

Chennai recorded moderate leasing activity in February with majority of the deals happening in its Special Economic Zones (SEZs). The major transactions over the month included Maveric

Systems leasing space in DLF IT SEZ at Mount Poonamallee Road; ADP taking space in an IT park in Guindy; and Mindtree, LatentView Analytics and Datacert renting space in Ramanujan IT SEZ at Taramani OMR. Occupancy levels continued to improve in the city on the absence of new completions. Rents and capital values remained stable during the month.

With the right mix of international, national and local brands, Phoenix Market City continued to sustain robust foot falls during February. With the existence of home-grown brands such as RMKV, Poppat

Jamals, Malabar Gold and Nathella attracting its loyal customers, the mall is experiencing synergetic effects, with international and domestic brands complementing each other. Neighbouring one of the dense residential locations with high Socio Economic Classes (SEC) A and B population, the retailers will expect to see good conversion rates in this mall. Going forward, Phoenix Market City is expected to see more such local brands expanding their operations in the upcoming malls.

Innovative offers from developers in Chennai continued to attract home buyers during February. FAIRPRO 2013 organised by the Confederation of Real Estate Developers' Association of India

(CREDAI) received encouraging response with buyers booking around 250 units during the three-day property fair. Some of the prominent launches during the month were NRD Towers by Asvini Foundation near Poonamalle, Esta by Arihant at Mogappair and Panchsheel, as well as the maiden residential project by Kochar Homes at Ambattur. Rents and capital values remained stable during the month.



month INR per sq ft Mount Road 60–90 9,000–15,000 RK Salai 70–100 10,000–15,000 Pre-toll OMR 35–62 5,000–6,500 Post-toll OMR 25–35 3,500–5,000 Guindy 40–55 6,000–9,000 Ambattur 25–35 3,250–4,500

Retail Rents

(High Streets) Capital Value


month INR per sq ft T. Nagar 120–180 12,000–15,000 Nungambakkam 130–150 13,000–16,000 Velachery 80–120 10,000–12,000 Pre-toll OMR 50–70 8,000–11,000 Anna Nagar 110–140 11,000–13,000 LB Road (Adyar) 110–130 10,500–13,500


Key Precincts

INR per month for a 1,000 sq ft

two-BHK apartment INR per sq ft

Adyar 20,000–30,000 10,000–17,000 Medavakkam 7,000–14,000 3,600–5,000 Tambaram 6,000–12,000 3,500–4,500 Anna Nagar 15,000–25,000 9,000–14,000 Porur 5,000–10,000 3,600–5,800 Sholinganallur 9,000–12,000 4,250–5,250

INFRASTRUCTURE ONGOING >> Announced during the last budget, the introduction of 100 mini buses that will run as feeder services and also complement the regular services is expected to get implemented soon. With no progress on the Chennai monorail plans, mini buses will provide a temporary transport solution to the city.


Delhi Delhi continued to observe stable demand in February, with increase in new enquires. Tenants were cautious about their real estate expenses and preferred suburban locations on account of good

quality space and competitive rentals. The continued healthy occupier demand and absence of new completions further decreased the vacancy in the city. Some of the major transactions in the month included Tetra Pak India leasing space in Gurgaon, and Telenor and Marsh both renting space in the CBD. Rents and capital values remained stable across all submarkets, except the CBD where it increased marginally.

Over the month, the demand remained stable in Delhi. High streets and select quality malls continued to be the preferred choice of retailers. In addition, upcoming malls observed good pre-

commitments because of less vacancy in existing quality malls. Rents and capital values both remained stable in all submarkets. Some of the notable transactions in February included Reliance Mart leasing space in Ghaziabad, Geox taking space in West Delhi and Manyavar renting space in Faridabad. Rents remained stable in all the submarkets. However, capital values witnessed marginal increase in select precincts of the city.

The demand for residential units continued to remain stable over the month. Major launches during February included Florence Estate by Krrish Group in Gurgaon, Sunworld Vandita by Sunworld

Infrastructure in Noida and Willow 162 by Agarwal Associates in Ghaziabad. Rents and capital values remained stable across all submarkets in the city.



month INR per sq ft Barakhamba Road 170–400 28,000–35,000 Jasola 110–170 16,000–21,000 DLF Cybercity 67–72 NA MG Road 114–130 16,000–18,500 Golf Course Road 85–95 12,000–15,000 Sohna Road 45–55 6,500–8,000

Retail Rents Capital Value


month INR per sq ft South Delhi 180–280 21,000–30,000 West and North Delhi 140–220 14,000–23,000 Gurgaon-MG Road 140–270 17,000–22,000 Rest of Gurgaon 60–100 8,000–14,000 Noida 130–220 14,000–25,000 Ghaziabad 90–150 10,500–16,000


Key Precincts

INR per month for a 1000 sq ft 2BHK

apartment INR per sq ft Golf Course Road 22,000–32,000 12,000–16,000 Sohna Road 15,000–20,000 5,800–7,500 Golf Course Extension Road 16,000–22,000 7,500–9,500 NH 8 14,000–19,000 3,900–5,000 Dwarka Expressway NA 5,000–6,000 Noida- Greater Noida Expressway 12,000–14,000 4,000–5,500 Noida City 12,000–14,500 4,500–6,000 Indirapuram 10,000–12,000 4,000–4,800 NH 24 7,000–9,000 2,400–3,200

INFRASTRUCTURE ONGOING >> According to a recent directive by the Department of Town and Country Planning (DTCP), private developers will now have to inform flat owners or investors about any change in the layout plan of the projects in Gurgaon. The fresh directive is sure to bring transparency as the changes, especially those linked to green belt and open spaces, will not be possible unless the developers have secured concurrence of the flat owners and investors.

>> As the city copes with growing housing shortage, Delhi's planning body may allow houses that are built for the poor and middle class to go vertical by tripling the floor area ratio (FAR) from 200 to 600. The Union Urban Development Ministry (UUDM) has asked the Delhi Development Authority (DDA) to increase the FAR and include the revised figure in the soon to be updated Delhi Master Plan 2021.


Hyderabad In February, leasing volumes remained slightly low and vacancy decreased across all submarkets. The key transactions in January were: SmartPlay leasing space in KRC Mindspace Building 9, Process Maps

renting space in Soft Sol and Indosoft taking space in Cyber Towers, all located in Hitec City submarket. Meanwhile, Honda and Coromandel Infotech leased space at Banjara Hills and TriCore Solutions secured space at Q City, Nanakramguda. There were no new completions over the month. Rents and capital values remained stable.

Retailers continued to prefer high streets as there was restricted supply of malls in February. The key transactions over the month included Di Bella Coffee India (an Australian coffee company) leasing space

on Road 2 Banjara Hills and Road 36 Jubilee Hills and Yes Mart renting space on Road 36 Jubilee Hills and Attapur. Meanwhile, People, Van Heusen and Arvind Store took space at Dr AS Rao Nagar. Vacancy in malls remained stable whilst high streets continued to see fast absorption. Rents and capital values remained stable over the month.

In February, residential sales continued to remain upbeat in Hyderabad. There were no major launches after the launches of Brigade At 7 at Banjara Hills and Safeway Symphony Park Homes on Radial

Road near Bharat Heavy Electricals Ltd (BHEL) by Safeway Infra. Rents and capital values increased across all submarkets as newly launched residential projects got sold at a price higher than the market average price over the month.



month INR per sq ft Begumpet 45–55 4,500–6,500

Banjara Hills 50–60 4,500–7,500 Hitec City 34–42 4,000–5,200

Gachibowli 34–38 4,000–5,000 Uppal 25–35 3,000–4,000

Shamshabad 20–25 3,000–4,000 Retail Rents Capital Value


month INR per sq ft Banjara Hills 100–130 10,000–13,000 Jubilee Hills 110–140 11,000–14,000

Secunderabad 80–100 8,000–10,000 Hitec City 100–130 10,000–13,000 Kukatpally 100–120 10,000–12,000

Dilshuknagar 100–120 10,000–12,000 Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK

apartment INR per sq ft Banjara Hills 17,000–22,000 7,500–12,000 Begumpet 12,000–16,000 4,000–5,500 Kondapur 12,000–16,000 3,200–5,000 Tellapur 8,000–12,000 2,800–3,500

Kukatpally 7,000–10,000 3,500–3,800 Miyapur 5,000–6,000 2,400–3,500

INFRASTRUCTURE ONGOING >> New Lakdi ka Pul Bridge which connects Lakdi Ka Pul Junction and Masab tank and passes over the railway line leading to Lakdi Ka Pul MMTS Station was opened for traffic in February.

>> Hyderabad Metro Rail project is moving at a fast pace as a new pier was raised amidst the peak traffic stretch of Rasoolpura and Begumpet in this month.


Kolkata In February, leasing activity improved in the Kolkata office market. The vacancy declined marginally with increased transaction activity including leasing, investment and absence of new completions. Some

of the major transactions over the month included Reliance leasing space in Tower 3B of Ecospace at Rajarhat, Aventis renting space in Apeejay House on Park Street and ICRA taking space outright in Infinity Benchmark at Salt Lake. Marginal increase in rents and capital values were seen in selected precincts in central and secondary submarkets. However, Kolkata generally witnessed stable rents and capital values in February.

Leasing activity remained stable during February. Malls and high streets both continued to see healthy activity in select precincts of the city. Some of the prominent transactions in this month included

Ethnicity renting space in Mani Square Mall, Wills Lifestyle leasing space in Avani Riverside Mall and Turtle taking space in high streets of Gariahat. The vacancy levels in the city declined marginally on the back of the stable retail demand. Wood Square Mall at Narendrapur became operational with high occupancy level. Rents continued to increase in Prime City submarket based on the steady demand of retail spaces. Capital values also increased in select submarkets.

The trend of steady sales in residential projects in Kolkata continued in February. The city also witnessed a number of projects being launched. Some of the major launches included Clubtown

Gardens near Dunlop and Clubtown Gateway at Rajarhat, both by Space Group and Avani Aspire at the junction of Kona Expressway and NH 6 by Avani Group. In addition, Team Taurus launched The County at Joka after joining hands with Disney Homes promoting apartments with Disney-themed living environment for the children. Rents and capital values continued to increase marginally across all submarkets.



month INR per sq ft Park Street 110–150 13,000–19,000 Topsia 75–90 9,000–11,000 Kasba 70–90 9,000–11,500 Salt Lake, Sector V 42–50 4,400–5,500 Rajarhat & New Town 32–40 3,500–4,800 Retail Rents Capital Value


month INR per sq ft Elgin Road 250–300 24,000–29,000 Park Street (high street) 225–300 20,000–28,000 Salt Lake 175–225 15,000–20,000 Prince Anwar Shah Road 120–150 12,000–15,000 Rajarhat & New Town 60–80 6,000–8,000 Gariahat (high street) 200–250 18,000–22,000 Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK apartment INR per sq ft

Alipore 42,000–50,000 14,000 – 20,000 Prince Anwar Shah Road 18,000–30,000 8,000–14,000 E M Bypass 15,000–24,000 5,000–9,000 Lake Town 13,000–19,000 3,800–7,500 Behala 8,000–14,000 3,200–5,200 Howrah 6,000–9,000 2,400–4,500 New Town (AA I, II&III) 11,000–17,000 3,300–5,500 Rajarhat 8,000–15,000 2,300–5,200

INFRASTRUCTURE ONGOING >> The Airports Authority of India (AAI) has initiated the process to rope in foreign companies for operation and maintenance of Kolkata airport. According to the chairman of AAI, foreign operators such as Changi Airport Group (Singapore) and Flughafen Zurich AG, which run Zurich Airport, have already shown interest for a tie-up for providing the services in a public-private partnership (PPP) model.


Mumbai In February, leasing activity was moderate for the office sector. Select pool of occupiers relocated from their existing offices or renewed the lease agreement on the back of uncertain macroeconomic

conditions. The CBD and Eastern Suburbs submarkets witnessed healthy leasing activity and stable vacancy rates. The projects that became operational in SBD North submarket witnessed moderate pre-commitments. The major transactions included Colgate-Palmolive (India) leasing space in Larsen & Toubro Business Park (L&T) at Powai and Sarasin-Alpen renting space in Indiabulls Finance Centre at Lower Parel. With moderate pre-commitments, Towers A and B of the Hiranandani Business Park, along with Lighthall and Hubtown Viva in SBD North submarket became operational in the month. Rents remained unchanged as the renegotiating terms kept the pressure on the existing rentals, with the exception of few precincts in SBD Central submarket. Capital values remained stable, except for a marginal growth in Navi Mumbai submarket.

The month of February witnessed improved demand for high-street retail compared with the retail malls in Mumbai. The overall vacancy rate declined because of increased occupancy in select quality malls. Major

transactions in February included Thomas Pink leasing space in Palladium at High Street Phoenix in Lower Parel and Hamleys renting space at Market City Kurla. There were no new completions during this month. Rents in high streets and retail malls remained stable. Capital values also remained stable over the city.

Residential units continued to witness moderate sales activity in February. New launches included Emerald Isle by L&T Realty at Powai, Fuego by Rubberwala Group at Mumbai Central and Aurum by

Kabra and Associates at Goregaon. Select locations such as Andheri and Ghatkopar witnessed incremental increase in rentals whilst overall, Mumbai saw stable rents.



month INR per sq ft Lower Parel 155–185 19,000–23,000 BKC 250–360 25,000–35,000 Andheri 100–150 9,000–15,000 Goregaon-Malad 80–100 8,000–10,000 Wagle Estate 50–65 5,000–6,000 Thane-Belapur Road 45–60 5,100–6,000

Retail Rents

(mall space) Capital Value


month INR per sq ft Lower Parel 250–375 22,000–32,000 Malad 160–250 12,000–20,000 Ghatkopar 140–220 10,000–18,000

Mulund 120–200 10,000–16,000

Thane 100–160 8,000–14,000 Navi Mumbai 70–150 7,000–12,000 Residential Rents Capital Value

Key Precincts INR per month for a

1,000 sq ft 2BHK apartment

INR per sq ft

Lower Parel 87,000–95,000 23,500–35,000

Wadala 40,000–55,000 14,500–19,000

Andheri 35,000–55,000 11,000–21,000 Ghatkopar 35,000–52,000 9,500–14,000 Ghodbunder Road 12,000–20,000 5,500–9,000

Kharghar 12,000–20,000 4,800–8,000

INFRASTRUCTURE ONGOING >> Maharashtra and the central government have finally cleared all hurdles in the way of the Churchgate-Virar elevated rail corridor project for Mumbai City, according to the Chief Minister (CM) of Maharashtra. Whilst the project will be implemented by the Railways, the Maharashtra government will acquire land, undertake relief and rehabilitation and work out the modalities for commercial exploitation of land to recover the cost of construction.


Pune

Pune continued to witness healthy leasing activity during February. IT/ITeS firms accounted for most of the gross leasing volume in the city and dominated the transactions. The eastern part of the city became

active, with most of the major transactions taking place in the area. The prominent transactions during the month included AXA leasing space in Marvel Edge at Viman Nagar, TCS renting space in Commerzone at Yerwada and Allianz taking space in Eon Free Zone at Kharadi. No fresh supply of office space came on stream. Rents and capital values remained stable over the month.

Leasing activity in malls of Pune remained sluggish in February. Pune’s organised retail stock remained unchanged with no new completions recorded. However, Season's mall, located in Hadapsar, is

likely to hit the market in the next 3–5 months. Rents and capital values remained stable across all submarkets.

In February, demand for residential units continued to remain stable. Major launches in this month included Emirus, a high-end category project by Kundan Mehta Associates at Baner and Royal One,

an upper-mid category project by NSG Group at Pimple Nilakh. Capital values remained stable across all submarkets.



month INR per sq ft Hinjewadi 32–40 4,000–5,000 Hadapsar 40–50 5,000–6,000 Bund Garden Road 60–70 6,500–7,500 Viman Nagar 50–60 6,000–7,000 S.B. Road 55–75 6,500–7,500 Koregaon Park 60–70 6,500–7,500

Retail Rents

(High Streets) Capital Value


month INR per sq ft MG Road 100–150 10,000–15,000 Bund Garden Road 90–130 9,000–13,000 F.C. Road 100–150 10,000–15,000 J.M. Road 100–150 10,000–15,000 D.P. Road 90–130 9,000–11,000 S.B. Road 80–130 8,000–11,000


Key Precincts

INR per month for a 1,000 sq ft two-BHK apartment INR per sq ft

Wakad 10,000–12,000 3,800–4,800 Kharadi 11,000–15,000 4,500–5,300 Hadapsar 12,000–16,000 4,500–5,500 Hinjewadi 9,000–11,000 4,000–5,000 Undri 9,000–12,000 3,500–4,500 Pimpri-Chinchwad 8,000–12,000 3,500–4,500

INFRASTRUCTURE ONGOING >> Lavasa Corporation Ltd with Apollo Group and the hospital chain, have planned for a ‘medicity’ project at Lavasa, the planned city that is being developed near Pune. The project cost has been estimated at approximately INR 3–4 billion. This joint venture development between Lavasa and Apollo is to be taken up at Mugaon, the second town that is being developed near Dasve (within Lavasa).

About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,100 employees operating in 78 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. For further information, please visit our website, www.ap.joneslanglasalle.com

About Jones Lang LaSalle India Jones Lang LaSalle is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 5400, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory. The firm was named the Best Property Consultancy in India (5 Star Winner) at the International Property Awards - Asia Pacific for 2012-13. For further information, please visit www.joneslanglasalle.co.in

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Research Dynamics 2013 Pulse reports from Jones Lang LaSalle are frequent updates on real estate market dynamics.

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