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 20072008 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
PrestigeEstates 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.
Whats 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 Dynamics2012

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 Value
Office Retail Residential
Delhi NCR
Mumbai
Bangalore
Chennai
Pune
Hyderabad
Kolkata
Rental Value
Figure 1: Financial Indicators












Monthly Real Estate Monitor March 2013
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) 4855 5,5006,500
Old Airport Road 6065 6,0007,000
Outer Ring Road (Eastern
Stretch) 4652 4,7006,000
Old Madras Road 3034 3,0003,500
Electronic City 2628 2,5003,000
Retail Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Koramangala 80150 9,00016,000
Indiranagar 90180 12,00018,000
New BEL Road 5080 6,00010,000
Commercial Street 175250 16,00020,000
Jayanagar 80120 7,00015,000
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 12,00016,000 5,0006,000
Indiranagar 18,00020,000 10,00020,000
Bellary Road 10,00014,000 3,0007,000
Hosur Road 10,00014,000 3,0005,500
Whitefield 13,00016,000 3,0007,000
Tumkur Road 7,00011,000 3,0005,000
Kanakapura Road 8,00012,000 3,0005,500
Mysore Road 8,00010,000 2,8003,500
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 its 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.






Monthly Real Estate Monitor March 2013
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.



Office Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Mount Road 6090 9,00015,000
RK Salai 70100 10,00015,000
Pre-toll OMR 3562 5,0006,500
Post-toll OMR 2535 3,5005,000
Guindy 4055 6,0009,000
Ambattur 2535 3,2504,500
Retail
Rents
(High Streets) Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
T. Nagar 120180 12,00015,000
Nungambakkam 130150 13,00016,000
Velachery 80120 10,00012,000
Pre-toll OMR 5070 8,00011,000
Anna Nagar 110140 11,00013,000
LB Road (Adyar) 110130 10,50013,500
Residential Rents Capital Value
Key Precincts
INR per month
for a 1,000 sq ft
two-BHK
apartment INR per sq ft
Adyar 20,00030,000 10,00017,000
Medavakkam 7,00014,000 3,6005,000
Tambaram 6,00012,000 3,5004,500
Anna Nagar 15,00025,000 9,00014,000
Porur 5,00010,000 3,6005,800
Sholinganallur 9,00012,000 4,2505,250



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.





Monthly Real Estate Monitor March 2013
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.











Office Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Barakhamba Road 170400 28,00035,000
Jasola 110170 16,00021,000
DLF Cybercity 6772 NA
MG Road 114130 16,00018,500
Golf Course Road 8595 12,00015,000
Sohna Road 4555 6,5008,000
Retail Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
South Delhi 180280 21,00030,000
West and North Delhi 140220 14,00023,000
Gurgaon-MG Road 140270 17,00022,000
Rest of Gurgaon 60100 8,00014,000
Noida 130220 14,00025,000
Ghaziabad 90150 10,50016,000
Residential Rents Capital Value
Key Precincts
INR per month for
a 1000 sq ft 2BHK
apartment INR per sq ft
Golf Course Road 22,00032,000 12,00016,000
Sohna Road 15,00020,000 5,8007,500
Golf Course Extension Road 16,00022,000 7,5009,500
NH 8 14,00019,000 3,9005,000
Dwarka Expressway NA 5,0006,000
Noida- Greater Noida
Expressway 12,00014,000 4,0005,500
Noida City 12,00014,500 4,5006,000
Indirapuram 10,00012,000 4,0004,800
NH 24 7,0009,000 2,4003,200
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.






Monthly Real Estate Monitor March 2013

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.













Office Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Begumpet 4555 4,5006,500
Banjara Hills 5060 4,5007,500
Hitec City 3442 4,0005,200
Gachibowli 3438 4,0005,000
Uppal 2535 3,0004,000
Shamshabad 2025 3,0004,000
Retail Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Banjara Hills 100130 10,00013,000
Jubilee Hills 110140 11,00014,000
Secunderabad 80100 8,00010,000
Hitec City 100130 10,00013,000
Kukatpally 100120 10,00012,000
Dilshuknagar 100120 10,00012,000
Residential Rents Capital Value
Key Precincts
INR per month for a
1,000 sq ft 2BHK
apartment INR per sq ft
Banjara Hills 17,00022,000 7,50012,000
Begumpet 12,00016,000 4,0005,500
Kondapur 12,00016,000 3,2005,000
Tellapur 8,00012,000 2,8003,500
Kukatpally 7,00010,000 3,5003,800
Miyapur 5,0006,000 2,4003,500
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.






Monthly Real Estate Monitor March 2013
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.


Office Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Park Street 110150 13,00019,000
Topsia 7590 9,00011,000
Kasba 7090 9,00011,500
Salt Lake, Sector V 4250 4,4005,500
Rajarhat & New Town 3240 3,5004,800
Retail Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Elgin Road 250300 24,00029,000
Park Street (high street) 225300 20,00028,000
Salt Lake 175225 15,00020,000
Prince Anwar Shah
Road 120150 12,00015,000
Rajarhat & New Town 6080 6,0008,000
Gariahat (high street) 200250 18,00022,000
Residential Rents Capital Value
Key Precincts
INR per month
for a 1,000 sq ft
2BHK apartment INR per sq ft
Alipore 42,00050,000 14,000 20,000
Prince Anwar Shah
Road 18,00030,000 8,00014,000
E MBypass 15,00024,000 5,0009,000
Lake Town 13,00019,000 3,8007,500
Behala 8,00014,000 3,2005,200
Howrah 6,0009,000 2,4004,500
New Town (AA I, II&III) 11,00017,000 3,3005,500
Rajarhat 8,00015,000 2,3005,200


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.






Monthly Real Estate Monitor March 2013

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.

Office Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Lower Parel 155185 19,00023,000
BKC
250360 25,00035,000
Andheri 100150 9,00015,000
Goregaon-Malad 80100 8,00010,000
Wagle Estate 5065 5,0006,000
Thane-Belapur Road 4560 5,1006,000
Retail
Rents
(mall space) Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Lower Parel
250375 22,00032,000
Malad
160250 12,00020,000
Ghatkopar
140220 10,00018,000
Mulund
120200 10,00016,000
Thane
100160 8,00014,000
Navi Mumbai 70150 7,00012,000
Residential Rents Capital Value
Key Precincts
INR per month for a
1,000 sq ft 2BHK
apartment
INR per sq ft
Lower Parel 87,00095,000 23,50035,000
Wadala 40,00055,000 14,50019,000
Andheri 35,00055,000 11,00021,000
Ghatkopar 35,00052,000 9,50014,000
Ghodbunder Road 12,00020,000 5,5009,000
Kharghar 12,00020,000 4,8008,000








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.





Monthly Real Estate Monitor March 2013

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. Punes 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 35 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.







Office Rents Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
Hinjewadi 3240 4,0005,000
Hadapsar 4050 5,0006,000
Bund Garden Road 6070 6,5007,500
Viman Nagar 5060 6,0007,000
S.B. Road 5575 6,5007,500
Koregaon Park 6070 6,5007,500
Retail
Rents
(High Streets) Capital Value
Key Precincts
INR per sq ft per
month INR per sq ft
MG Road 100150 10,00015,000
Bund Garden Road 90130 9,00013,000
F.C. Road 100150 10,00015,000
J.M. Road 100150 10,00015,000
D.P. Road 90130 9,00011,000
S.B. Road 80130 8,00011,000
Residential Rents Capital Value
Key Precincts
INR per month for
a 1,000 sq ft two-
BHK apartment INR per sq ft
Wakad 10,00012,000 3,8004,800
Kharadi 11,00015,000 4,5005,300
Hadapsar 12,00016,000 4,5005,500
Hinjewadi 9,00011,000 4,0005,000
Undri 9,00012,000 3,5004,500
Pimpri-Chinchwad 8,00012,000 3,5004,500





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 34 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 Indias 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

For more information about our research

Ashutosh Limaye
Head, Research and REIS
[email protected]
+91 98211 07054

Trivita Roy
Assistant Vice President, Research
[email protected]
+91 40 4040 9100

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














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