There is a wealth of information within these pages. For better readability, we have presented somedata as tables and others as graphs. Between them, you will find how property markets haveperformed in the Jul-Sep 2011 quarter from many different perspectives – from a capitalappreciation perspective, from a rental/yield realization perspective & from a supply of propertiesperspective. We recommend that you evaluate the city report in its entirety – that will provide arounded perspective of the performance of the property market within each city. Here are details ofwhat you will find in each of the city reports enclosed within-

1. City Property Index – This is a composite index which is a function of supply of properties aswell as the average capital appreciation/drop in various localities of the city in the quarter. Thecity index is the weighted average of the average rate per square feet in that locality & thesupply of properties from that locality. Premium localities (with higher average rate per squarefeet) as well as localities with higher supply of properties will have a bigger impact on theIndex.E.g. if the supply of properties from a premium locality drops, that locality will end up havinga lower weightage in the index which in turn will push the Index downwards (and vice-versa).On the other hand, supply of properties remaining unchanged, the index will be influenced bycapital appreciation within the locality.

2. Price Monitor - This reflects the capital appreciation/drop within a locality. It is calculatedbasis a movement in the “average rate per square feet” within that locality. By and large, the movement in the “average rate per square feet” reflects capitalappreciation/drops. However, in a few selected cases, we have observed that the average rate persquare feet moves due to a change in mix of apartments within that locality (e.g. if the ratio ofpremium apartments, which command a higher per square feet rate, changes over the quarter).In these few circumstances, the Price Monitor will in turn depict reflect this input. Suchchanges have been explained in the text of the City reports.

3. Rent Monitor - This reflects the rental appreciation/drop within a locality. It is calculatedbasis a movement in the “average rent per square feet” within that locality. By and large, the movement in the “average rent per square feet” reflects rentalappreciation/drops. However, in a few selected cases, we have observed that the average rentper square feet moves due to a change in mix of apartments within that locality (e.g. if the ratioof premium apartments, which command a higher per square feet rent, changes over thequarter). In these few circumstances, the Rent Monitor will in turn depict reflect this input.Such changes have been explained in the text of the City reports.

4. Yield Meter – Yield is the annual rate of return earned on property. Yield meter depicts thegross yield percentages across the various localities. Gross yield is a ratio of average annualrental value to the average capital value of the property.

5. Capital Value Tables (given in Annexures) - This shows the actual range of Prices withinwhich properties were available in each locality. Prices are shown in rupees per square feetbasis; these are the prevailing rates for properties in each locality.

GLOSSARY & DEFINITIONS

MagicBricksPropIndex

MagicBricks PropIndex is atool which empowersproperty seekers andinvestors with detailedinformation on themovement of residentialapartment prices andsupply of properties inIndia. No credible propertyindex can be a function ofdirect values as the changesare governed by multiplefactors.

MagicBricks PropIndex hastaken this reality intoaccount and produced anindex based on listing ofapartments and theircapital and rental values onthe website.

Magicbricks.com has over 4 lakh active propertiesposted by more than 1,00,000active users in 300 cities and3,500 localities. Our usersinclude owners, brokers andbuilders.

Methodology

Apartment values andlistings form the basis ofthe MagicBricks PropIndex.These include multistoreyapartments and single unitson plotted developments,referred to as Builder Floorson MagicBricks.com.

The Index is structured insuch a way that Individualproperties are aggregatedinto respective localitieswhich in turn are weighted

to their respective citywhich in turn is weighted tothe National Index.Weightages for PropIndexare based on the supply ofproperties within thelocality/city. Based on thisstructure, PropIndex gives arealistic picture of trends inprice/supply acrossdifferent property marketsin each city. We have useddifferent weightages forPrice Monitor/RentMonitor. Therefore, read asa whole, PropIndex alongwith tables provided forPrice Monitor, Rent Monitor,Yield Monitor and Capitalvalues. PropIndex gives anexcellent perspective of theproperty marketperformance in the quarter.

While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.

The National PropertyIndex (NPI) is indicative ofthe extent of activity as well

as price movements acrosscities and localities in themajor cities active onMagicBricks.com. The indexincludes the top 11 cities(these have been chosenbased on their activitylevels) and has anindividual city report foreach of these cities. Whilethe NPI and its movementsare of interest to the expertcommunity of bankers,builders and investors, thePropIndex has also takencare to explain the nuancesof index movements at thelocality level that wouldhelp the huge base ofMagicBricks.com.consumers

The PropIndex has been puttogether throughmeticulous research at thelocality level and throughdetailed discussions withexperts who have regularlybeen offering market adviceand comments on variousforums in theMagicBricks.com’s offlineand online initiatives.

The real estate markets inIndia are dynamic and thePropIndex reflects thosechanges. Since it is derivedfrom a dynamic database,there will be some additionsand deletions of localitiesthat happen as a function of market dynamics. Thesewill be reflected in futureeditions of the Index. TheMagicBricks PropIndex is released on a quarterlybasis.

METHODOLOGY

JUL-SEP 2011

The National Property Index(NPI) went up by 4% in thequarter Jul-Sep 2011, compared toApr-Jun 2011.

The NPI is a weighted average ofsupply and prices across cities. Ofthe 11 cities covered in the IndiaApartment Index, 9 have risen atthe city level. These includeDelhi, Chennai and Ghaziabad(9%), followed by Noida (8%),Bangalore and Hyderabad (5-6%)and Mumbai, Gurgaon and Pune (1-2%).

Ahmedabad index value dropped5% on the back of falling valuesin some key locations whileKolkata remained stable duringthe Jul-Sep 2011 period.

The NPI is a weighted average ofcity indices. Mumbai, Gurgaon,Delhi and Bangalore were themajor contributors to the NPI.

The MagicBricks Propindex isbased on dynamic data minedfrom the portal to show the levels

of supply and the type ofproperty listed in each locality.These are cleaned with complexalgorithms to remove outliers andarrive at the index values forlocality, city and national levels.

The index is impacted by thenumber and the average price ofproperties in each locality and thelocality’s weightage in the city.This is based on its contributionto the city’s property databank.

Since the listings on the websiteare by end users and marketplayers, the index is based on amix of newly developing andestablished localities as well asnew and old construction.

The composite index value of acity draws from the changingindex values of differentlocalities. Localities that weremore active than others cancontribute significantly to theindex values of that city.

This index is reflective of trendsacross multistorey and singlefloor apartments.

n National Property Index(NPI) rose 4%

n Quoted prices remain highacross cities

n Maximum hike in values inlocalities adjoiningecnonomic corridors

n Rental values rise on backof improved transportcorridors and Metroconnectivity

n Demand and supply moveto the suburbs

JUL-SEP 2011

IN THIS REPORT:

National Property Index...............1Delhi.........................................4Gurgaon....................................7Noida & Ghaziabad................... 10Mumbai....................................13Pune........................................16Ahmedabad..............................19Kolkata...........,........................ 21Chennai....................................23Hyderabad................................26Bangalore.................................28Annexures.................................31

NATIONAL PROPERTY INDEX (NPI)

VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

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NATIONAL PROPERTY INDEX

There have been certain commonthreads across different cities:

l Markets witnessed limitedsupply of new projects due totight monetary conditions

l Consumers displayed weaksentiments due to persistentlyrising home loan interest rates

l High quoted prices led users togo slow on investmentdecisions

l Suburban properties registeredbig hike in capital values onthe back of increasing supplyof affordable options, backedby robust demand

l Demand for low cost housingshifted to peripheral areas

l All major developments tookplace along transport spines

l Demand for residentialproperty focused on localitiesnear IT corridors andcommercial hubs

l Shifting commercial hubsdrove residential demand inthat direction

l Very high pricing in premiumlocalities drove supply anddemand of properties inneighbouring low-priced areas

l Increase in capital values inone locality due to economic or

local factors led to spillovereffect in capital values ofsurrounding areas

l Infrastructure development ledto rising number of propertylistings and values

The Ahmedabad index valuedropped 5%. Sharp fall in capitalvalues in Prahlad Nagar impactedthe city index value significantly.There has been a significant dropin the number of properties

coming up for transaction inpremium areas such as PrahladNagar, Satellite and Gurukul,which have pushed index valuesdownwards.

The Bangalore Index rose by 5%.Hike in capital values and thenumber of listings in heavyweightage localities such asWhitefield, Banerghatta Road andSarjapur Road tilted the indexupwards. In North Bangalore newinvestment destinations such as

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Hebbal and Yelahanka toocontinued to quote values 3-8%higher, which further pushed theindex upwards.

The Chennai Index posted 9%increase. Rise in values of 8-13%as also the number of listings inThiruvanmiyur and Ambatturwere major contributors to therising index values. Premiumlocalities such as Anna Nagar tooposted significant increase innumber of listings, pushing upindex values. However, there hasalso been a noticeable fall innumber of listings in localitiessuch as Medavakkam, Perungudi,Velacheri and Sriperumbudur,which arrested the increase inindex values.

Delhi city index rose by 9%primarily because of rise inaverage prices in majority oflocalities across the city. Averagecapital values rose significantly inDwarka, Chittranjan Park,Kalkaji, East of Kailash, MayurVihar Phase-1 and Paschim Vihar,followed by Rohini Sector -13 andAlaknanda. Also there was afluctuation in the number oflistings in most of the areas.However, fall in number of listingsand average capital values inPanchsheel Enclave impacted theindex adversely during the periodJul-Sep 2011.

Ghaziabad index rose 9% becauseof increase in average capitalvalues of properties across thecity from the previous quarter.However, significant increase innumber of listings in areas suchas Indirapuram and CrossingsRepublik helped to push the indexup further.

With no major supply posted inmajority of localities in the Jul-Sep 2011 quarter, the Gurgaonindex posted nominal increase of2%. Sohna Road was the onlylocality that registered significantincrease in listings, owing to anumber of projects which are atthe possession stage. Steadyincrease in values in mostlocalities held the city index up.

The Hyderabad city index rose by5% in the Jul-Sep quarter,indicating end-user activity.Values rose in about 60% of thelocalities. The localities nearcommercial districts or easilyaccessible from them have seen arise in capital as well as rentalvalues. As a result, city andsuburban areas witnessedsignificant price rise.

Rising values and increasingnumber of listings in developingareas such as Rajarhat, New Townand Gharia held the Kolkataindex unchanged. Due to pre-festive season slowdown across thecity, listings remained stable inmost areas.

Noida once again posted healthyincrease in index values of 8%.Increase in average capital valuesof the properties across the regionwas primarily attributed to thelegal battles in Noida Extensionbetween farmers and the Noidadevelopment authority. This hasbenefitted properties in thepossession as well as under-construction stage. Rise in listingsof ready-to-move-in and completedprojects has also helped pushindex values up. However, fall innumber of listings in under-construction sectors such as 74, 75,76 and 78 indicates that sellers areholding back for future gains.

Backed by a small rise in valuesacross the city, the Pune cityindex went up by a mere 1% in theJul-Sep 2011 quarter. The numberof listings remained largelyunchanged. Localities near or withgood transport links to IT parksremained the big drivers of theresidential space in the suburbanlocalities.

Mumbai index values rose 2%inthe Jul-Sep 2011 quarter. Nominalincrease in property values andnumber of listings in heavyweightage areas such as AndheriWest, Kharghar, Kandivali Eastand Mira Road held the city indexup. Only 37% of localitiesimpacted the city index positively.The rest remained weak.

TOP YIELD GROSSERS

Rental yield is a factor of the changes inrental values locality-wise vis-a-vis thechanges in capital values. Given beloware the top yield-grossing localities ineach city

Locality Gross yield

Bangalore, Marthahalli 5.29%

Kolkata, Narendrapur 4.99%

Chennai, Porur 4.77%

Hyderabad, Kondapur 4.76%

Mumbai, Powai 3.97%

Pune, Hadapasar 28 3.78%

Ahmedabad, Vejalpur 3.66%

Ghaziabad, Indirapuram 3.52%

Noida, Sector-62 3.34%

Gurgaon, Dlf City Phase II 2.89%

Delhi, Vasundhara Enclave 2.76%

CAPITAL GAINS

The table given below indicates maximum increase in capital values ineach city

Locality % Change

Delhi, Rohini Sector 13 24%

Mumbai, Bandra East 22%

Gurgaon, Palam Vihar 15%

Bangalore, Airport Road 17%

Hyderabad, Begumpet 16%

Pune, Pashan 14%

Chennai, Thiruvanmiyur 13%

Ghaziabad, Raj Nagar Extn 12%

Noida, Sector-93 11%

Kolkata, Narendrapur 10%

Ahmedabad, Bopal 6%

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CITY PROPERTY INDEX

The Kolkata Property indexremained stabel in the Jul-Sep2011 quarter.

The Price Monitor rose 14%primarily because of increase invalues in premium localities.Redevelopment in premiumlocalities has translated into 20-25% rise in values of newproperty.

The MagicBricks Yield Meterranged between 2.6-6.5%. EMBypass posted the maximum yielddue to greater number ofaffordable apartments for sale andlimited availability of propertyon lease. Southern Avenue postedthe lowest return because of fallin rental return.

PRICE MONITORPrices rose in high weightageareas such as Alipore, mainly dueto increase in the number of

redeveloped properties for sale,said Bobby Dalmia of BobbyEstates. Upcoming areas such asNarendarapur, Kalikapur,Santoshpur and Behalapurregistered 5-10% increase invalues.

Narendarapur has mainlymultistorey apartmentdevelopments from privatedevelopers. Currently majority ofthe projects are underconstruction. Rajib Singh of RKProperties said, improvedconnectivity from Bypass andcommencement of the metro railservices within a kilometer haspushed up values.

Behala is the affordable locality ofSouth Kolkata. It is wellconnected and close to the citycentre. Lalit Baid, Director of SYMarketing said values rose 5-7%mainly because of the start of themetro rail from Behala to Joka.

Prices rose marginally insuburban localities such asKalikapur and Santoshpur, due tolimited number of projects, andno further release of land fordevelopment by the government,said Singh.

In South Kolkata primeresidential areas such as JodhpurPark and Southern Avenuesshowed a marginal rise in values.There are few units on sale andvalues depend largely on thelocational advantages of theproperty under sale.

PROPINDEX - KOLKATA QUICKSTATS

n Yield Meter: Yield ranges between 2.38 to 4.49%

n Capital values rose in 65% localities

n Rental values rose in 50% localities

n Property Index rose from 111 to 112

n Price Monitor rose from 112 to 127

+14%

Price Monitor indicates 14% increase in the average sale price

P R I C E M O N I T O R

VOL 1, ISSUE 2; JUL-SEP, FY 2011-1221 KOLKATA

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Y I E L D M E T E RGross Yield - Locality Wise

Capital values fell in Baguiati,EMBypass, Dum Dum and NewAlipore. Baguiati is mainly aresidential and retail hub withhigh-rise developments. Basicinfrastructure such as malls,shopping complexes etc is inplace. Sanjay Banerjee of SpaceProperty Consultants said fall insales during rainy season hasresulted in dip in values.However, sales have startedpicking up from September

onwards and is expected toimprove significantly in thecoming months.

Addition of new supply keptvalues in check in New Alipore,EM Bypass and Dum-dum, added Baid.

RENT MONITORRental values rose in localitieswith good connectivity, adequateinfrastructure facilities and

limited supply of ready-to-move-in apartments.

Rental values rose in localitiessuch as Prince Anwar Shah Road,Tollygunge, New Alipore andNarendrapur. Raju Dutta of RajProperties attributed this to newcall centre offices opening inTollygunge.

Rental values in New Aliporeremained stable. However,improved demand and supply ofpremium apartments on leasehave pushed up average rentalvalues up, said Baid.

Majority of properties inNarendrapur are underconstruction. With limitednumber of property available forlease, quoted rental values haverisen, said Singh.

Rental values dropped 4-8% in inlocalities such as New Town Area1 & 2, Ballygunge and SouthernAvenue. Water and powershortage in New Town Area 1&2,dragged the rental valuesdownwards, said Dutta.

In Ballygunge and SouthernAvenues the marginal dip inaverage rental values in spite ofgood demand is because of lack offacilities such as power back-up,open space etc. This demand hasshifted to newer buildings whichare offering all basic facilitiesand amenities.

RENT MONITOR

Rent Price Percentage Change

n With a rise of 6% in rental values and aslight fall in capital values, EM Bypasstopped the yield list in Kolkata.

n Persistant increase in capital values overrental values lowered the return oninvestment in Southern Avenue.

VOL 1, ISSUE 2; JUL-SEP, FY 2011-1222KOLKATA

Source: Magicbricks.com

Source: Magicbricks.com

aNNexuRes

CAPITAL VALUES – LOCALITY WISE

Average Residential Apartment Prices

Alipore 12300 to 14350

Baguiati 2050 to 2400

Ballygunge Circular Area 12600 to 14850

Ballygunge 7150 to 8450

Bangur 2950 to 3550

Bansdroni 2600 to 3100

Baranagar 1900 to 2050

Barasat 1700 to 1800

Bata Nagar 2050 to 2350

Behala 2350 to 2750

Beleghata 3650 to 4250

Bhawanipur 6000 to 7100

Birati 2250 to 2450

Dum Dum 2050 to 2350

EM Bypass 2800 to 3300

Garia 2350 to 2700

Gariahat 7700 to 9100

Hazra 7650 to 8450

Howrah 1950 to 2500

Jadavpur 3750 to 4450

Jessore Road 1850 to 2250

Jodhpur Park 4900 to 5750

Kaikhali 2200 to 2450

Kalikapur 3100 to 3550

Kasba (East) 3800 to 4350

Kestopur 2300 to 2550

Lake Gardens 3700 to 4450

Lake Town 3950 to 4300

Madhyamgram 1750 to 2100

Maheshtala 1900 to 2200

Moore Avenue 3950 to 4800

Nagerbazar 2150 to 2400

Naktala 2600 to 3050

Narendrapur 2350 to 2700

Nayabad 2500 to 2850

New Alipore 4150 to 5050

New Town 3500 to 4050

New Town Action Area 1 3750 to 4400

New Town Action Area 2 3100 to 3450

New Town Action Area 3 3550 to 4050

Patuli 3700 to 4350

Picnic Garden 4000 to 4200

Prince Anwar Shah Road 3200 to 3850

Rajarhat 2650 to 3200

Salt lake 4150 to 4750

Santoshpur 2650 to 3150

Sealdah 4900 to 5900

SodePur 2650 to 3000

Sonarpur 2000 to 2350

Southern Avenue 6900 to 8450

Tegharia 2100 to 2600

Tollygunj 2600 to 3300

Ultadanga 4150 to 4450

VIP Road 3050 to 3600

Locality Capital Values (Rs/Sq feet)

Locality Capital Values (Rs/Sq feet)

KOLKATA

KOLKATA38

VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

D I S C L A I M E REvery effort has been made to make this Index as complete and as accurate as possible. MagicBricksaccepts no responsibility for inaccuracies in the information/data contained in this book. It shall haveneither liability nor responsibility to any person or entity with respect to any loss or damage caused, oralleged to have been caused, directly or indirectly, by the information contained in this book. Theinformation/data in this book is subject to change from time to time due to market condition.

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