Market Overview

Gurgaon

•DLF Cyber City

•MG Road

•Golf Course Road

•Udyog Vihar

Gurgaon – Micro Markets

•National Highway-8

•Golf Course Extension

•Sohna Road

•Sector-32 & 44

Extended Golf Course Road

National Highway 8

M.G Road

Golf Course Road

Sohn

a Ro

ad

Sector 32

Sector 44

Udyog Vihar DLF Cyber City

M.G Road

National Highway 8

Golf Course Road

Golf Course Extension Road

Sohna Road

Gurgaon Micro Markets

Gurgaon Quick Facts

Rentals(INR /Sq.ft./month)

DLF Cyber City: INR 60 to 75MG Road : INR 90 – 150Golf Course Road : INR 85 - 100NH 8: INR 40 to 105 GCE road : INR 40 - 80Sohna Road: INR 47 to 75

Capital Values: (INR /Sq.ft.)

DLF Cyber City: NILMG Road : INR 18,000 – 25,000Golf Course Road : INR 14,000 – 18,000NH 8: INR 6,000 – 19,000GCE Road : INR 7000 – 9500Sohna Road: INR 5,000 – 11,000

Stock: 43.44 million Sq.ft.

Cyber City, MG Road, Golf Course Road, Golf Course Extension Road, Sohna Road, National Highway- 8

• Currently demand is being driven by relocation and consolidation to reduce Real Estate costs. • Rentals in DLF Cyber City are consistently increasing.

• Majority of consolidation is taking place on Sohna Road and SEZs

•.Limited good Grade A IT / ITeS supply.

Gurgaon | Snapshot

Future Outlook

Micro Market I | DLF Cyber CityStatistics (2013)

Brief Overview

Major OccupantsIndicative Capital Prices**: Not Available for Sale

Indicative Rental* : 60 – 75/- INR

• Total Cyber City Area: 125 Acres• Total Leasable Area :10.8 million Sq.ft.• Grade A IT / ITeS supply• Excellent connectivity through NH8• Rapid Metro operational• Good infrastructure facilities such as house gas

power generators, food courts, rapid metro• Traffic congestion at peak hours. However

measures to reduce congestion have started to show results

• New Stock addition in Q1 2014:- Building Name : 14 DArea : 731, 800 Sq ft *(INR / sqft / month)

**(INR / sqft)

All values are stated values for Grade A facilities

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Stock Distribution & Rents

Stock Vacancy Rents

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Lessee Project Name Quarter Usage Area leased (sq.ft.) Agent / IPC Deal Price

AMEX Building 5 Q1 IT/ITeS 150,615 CBRE 73.5

Petrofac Building 14 Q1 IT/ITeS/SEZ 43,000 Direct 65

GroupM Media India Pvt. Ltd. 1st Floor, Tower- A, Building 9 Q2 IT/ITeS 9,465 C&W 71

Turner & Townsend Private Limited 7th floor Building 5 A Q2 IT/ITeS 3,572 C&W 70

DuPont DLF Buklding No. 5 Q2 IT/ITeS 123,000 DTZ 71

Kondra DLF Cyber Greens Q2 IT/ITeS 11,000 Realistic Realtors 70

Reliance 4G RK Four Square Q2 IT/ITeS 80,000 Local Broker 70Home Credits DLF Infinity Towers Q2 IT/ITeS 55,000 Colliers 70

IMS Health DLF Building 10C Q2 IT/ITeS 22,653 Local Broker 75DLF Pramerica DLF Building 9 Q2 IT/ITeS 7,000 Direct 70

Expedia DLF Building 5 Q2 IT/ITeS 41,942 DTZ 65-68

Manpower Group Services DLF Building 10 Q2 IT/ITeS 11,143 Realistic Realtors 70

Tatwa Legal DLF Building 5A Q2 IT/ITeS 5,646 Local Broker 73JLL DLF Building 5 Tower C Q2 IT/ITeS 21,000 JLL 73

Giodis DLF Building 5 Q2 IT/ITeS 14,000 Local Broker 70

Beumonoir DLF Building 5 Q2 IT/ITeS 7,000 Local Broker 70

Cairn India DLF Atria Q2 Commercial 204,000 Local Broker 110

Cvent DLF Bldg No. 14, Tower-C&D Q2 IT/ITeS 65,000 JLL 60

Shaklee DLF Bldg No. 5 Q3 IT/ITeS 6,612 JLL 75Ramboll India DLF Bldg No. 5 Q3 IT/ITeS 12,306 Colliers 75Global Health DLF Bldg. 10 Q3 IT/ITeS 6,216 Direct 75

Hill & Associates DLF Bldg. 10 Q3 IT/ITeS 5,675 Local Broker 75Deloitte DLF Bldg. 10 Q3 IT/ITeS 16,721 Direct 72

Some Major Lease Transactions in Cyber City- 2013

Micro Market II | MG RoadStatistics (2013) Major OccupantsIndicative Capital Prices**: 18,000 – 25,000Time Tower** : 24,000 – 30,000Indicative Rental* : 90 - 150

• Grade A & B Commercial supply• Excellent connectivity through metro, MG Road and NH8• Commercial & retail hub surrounded by upscale

residential areas• Highest rentals in Gurgaon• No standalone options• Buildings are multi-tenanted and do not offer large

spaces in continuity• No IT stock• Grade A New commercial by 2017 Emaar MGF- Capital Towers: 6,00,000 Sq.ft. (Approx) Unitech: 3,50,000 Sq.ft. (Approx)

*(INR / sqft / month)**(INR / sqft)

All values are stated values for Grade A facilities

Brief Overview

Vacant Options on MG Road

Buildings Floor Sizes SqftSale Rent

RentedBare Shell Semi Furnish Furnished Bare Shell Furnished

Global Business Park 3000, 6000 18000-18500 19000 - 20000 90-100 110-120 20000

Time Tower Ground, 4th 3000, 6000 24000 25000 30000 120-130 140 - 160 26000-35000

JMD Regent Square 3rd 1000 - 3000 15000 - 17000 18000 80-85 90 - 100

Vatika City Point 6th, 10th, 2nd 500, 800, 700 18000 19000 - 20000 20000 - 22000 110 - 120 120 - 130 18800 - 20500

Vipul Agora Ground & 2nd floor 1700 - 2100 14000 - 18000 19000 90 110-120 18000-19000

DLF Corporate Park 3rd 1800 18000 - 20000 85-95 100-120

Pre Leased Options

Building Floor Company Area Rent Return Rate Status

DLF Corporate Park 4th Bare Shell Unit 1800 Sq ft N/A N/A 17800 Sold in Q4 2013

Global Business Park Not disclosed Not Disclosed 2500 sq ft 120 7.25% 19862 Sold in Q4 2013

Vatika City Point 6th Avanta Power 805 Sq ft 94.3 6.00% 18860 Available

Vatika City Point 10th GFK Nielson 688 Sq ft 109 7.00% 18686 Available

Vatika City Point 11th Bare Shell Unit 3000 Sq ft N/A N/A 18500 Sold in Q4 2013

Time Tower Ground Sony Tele 13000 sq ft 148 5.50% 32291 Available

Time Tower 4th 360 Group 1250 sq ft 115 5.00% 27600 Available

Time Tower 1st Olympus 3300 Sq ft 145 6.70% 25970 Sold in Q4 2013

Vipul Agora 3rd Not Disclosed 1100 Sq ft 115 7.50% 18400 Available

ABW 4th Panasonic 1800 Sq ft 120 7% 20571 Available

ABW 4th Panasonic 1810 Sq ft 140 7.50% 22400 Available

Lessee Project Name Quarter Usage Area leased (sq.ft.) Agent / IPC Deal Price

Indigo Global Business Park, Tower-D Q1 Commercial 13,000 Direct 95

ICICI Bank Regent Plaza Q2 Commercial 2,500 Local Broker 110 - 120

AT Kearney Global Business Park, Tower-D Q2 Commercial 25,000 Colliers 125

Qualcom Global Business Park, Tower-D Q2 Commercial 12,894 CBRE 125

Keyence Vatika City Point Q2 Commercial 3,198 Local Broker 140-143

Drake & Scull Vatika City Point Q2 Commercial 2,103 Local Broker 135

Saif Partner Time Tower Q2 Commercial 4,800 CBRE 169 (Furnished)

Telmark Vatika City Point Q2 Commercial 3,800 Local Broker 140

Lotus Green Vatika Triangle Q2 Commercial 8,000 JLL

Teradata DLF Corporate Park Q3 Commercial 1,772 C&W 130 (Furnished)

Mercedes Benz Time Tower Q1 Commercial 2800 Realistic Realtors 203

Some Major Lease in MG Road 2013

Micro Market III | Golf Course RoadStatistics (2013)

Brief Overview

Major OccupantsIndicative Capital Prices**: 14,000 – 18,000Indicative Rental* : 85 - 100

• Grade A & B Commercial supply• Enclosed by commercial buildings and prime high

end residential areas• No IT parks or SEZs• Public transportation and connectivity to the metro is

a challenge• Buildings are multi-tenanted and do not offer large

spaces in continuity• Grade A new commercial supply by Q1-Q3 2014

Palm Springs Plaza : 2,93,000 Sq ftOne Horizon Centre : 822,650 Sq ft

*(INR / sqft / month)**(INR / sqft)

All values are stated values for Grade A facilities

Vacant Options on Golf Course Road

Buildings Sizes sq ftSale Rent

RentedBare Shell Semi

Furnish Furnished Bare Shell Furnished

Hines One Horizon Centre

(Fresh Unit)10000 - 36000 20000-22500 N/A 175

Quote N/A N/A

DLF Two Horizon Centre

(Fresh Unit)18000- 36000 17000 – 18000 N/A 175

Quote N/A N/A

EMGF Palm Springs Plaza 1000 - 3000 14000 - 17000 N/A 110 – 140

Quote N/A N/A

Vatika Towers 650 -5000 15000 – 16500 85-95 100-110

Masterpiece AIPL 1300, 2800 15000 – 17000 90-100 110-120

Suncity Business Tower 1378, 2200 14000 - 15500 80-90 100-110

Pre Leased Options

Building Floor Company Area Sq ft Rent Return Rate Status

Global Foyer 2nd Samsung 5000 95 7% 16300 Available

Vatika Atrium 1st Copal Partners 1250 85 6.25% 16320 Available

Suncity Business Tower 2nd MNC 1060 105 7% 18000 Available

Paras Twin Tower Cairn Energy 1046 95 6.75% 16888 Available

Lessee Project Name Quarter Usage Area leased (sq.ft.) Agent / IPC Deal Price

Carlsberg Paras Twin Tower Q1 Commercial 15,000 Local Broker 110

PPD Vatika Tower Q2 Commercial 11,628 DTZ 130

SBSC AIPL Masterpiece 2nd floor Q2 Commercial 13,000 Gen Real 110

GSK One Horizon Centre Q3 Commercial 68,387 C&W Purchase

Some Major Lease on Golf Course Road - 2013

Micro Market IV | National Highway 8Statistics (2013)

Brief Overview

Major OccupantsIndicative Capital Prices**: 6,000 – 19,000

Indicative Rental* : IT : 40 – 55 Commercial : 70 - 105

*(INR / sqft / month)**(INR / sqft)

• Ample Grade A & B Commercial and IT / ITeS supply

• Excellent connectivity through NH8• Sectors surrounding NH8 are designated SEZs,

commercial, institutional, industrial or IT/ITES zones• Standalone and BTS options are available• Located away from Delhi• Lack of public transport and metro connectivity• Grade A Commercial supply (Approx) Signature Towers (1 & 2) : 700,000 Sq ft Athena by Brahma : Office: 4,00,000 Sq ft Retail: 8,00,000 Sq ft One on One by Vatika : 14,30,000 Sq ft

All values are stated values for Grade A facilities

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Vacant & Assured Options on NH-8

Buildings Sizes Sq ftSale Rent

Assured ReturnBare Shell Semi

Furnish Furnished Bare Shell Furnished

One on One Vatika (Fresh Booking)

500, 700, 1000 17331/- N/A 130-151 (Assured rental)

•10.5 % - Rs 151 psf Till possession

• 9% - Rs 130 psf After possession

Athena Brahma & Bestech

(Fresh Booking)2280 Above 14000/- N/A N/A N/A

DLF Star Tower 850, 1280, 2000 12000 - 14000 66-70 80-90 N/A

BPTP Park Centra 2500, 2800, 5200 12500 – 15000 65-75 80-90 N/A

JMD Pacific Square 1500 13000 - 14000 N/A 65-75 80-95 N/A

Signature Tower 1500, 3000, 5000, 7500 17000 – 19000 80-95 100-120 N/A

Pre Leased Options

Building Floor Company Area Sq ft Rent Return Rate Psf Status

JMD 2nd MNC 4000 90 7% 15500 Available

Park Centra 5th Posco 2500 79 6.75% 14000 Available

Park Centra 5th Posco 2610 79 7.00% 13500 Available

Signature Tower II Multiple Google 800 – 2500 80-150 6.5% - 8% 18000- 22000 Available

Lessee Project Name Quarter Usage Area leased (sq.ft.) Agent / IPC Deal Price

DHR Holdings JMD Pacific Square Q1 Commercial 1,445 C&W 75

DHR Holdings JMD Pacific Square Q1 Commercial 5,727 C&W 75

Doosan Engineering DLF Square Q3 Commercial 8,993 Local Broker 103

Some Major Lease Transactions on NH-8 2013

Micro Market V | Golf Course Extension RoadStatistics (2013)

Brief Overview

Major OccupantsIndicative Capital Prices**: 7,000 – 9,500

Indicative Rental* : IT : 40 – 55 Commercial : 50 - 80

*(INR / sqft / month)**(INR / sqft)

• Next phase of Planned development in Gurgaon – Multiple projects launched and large no. of plots available for BTS

• Next growth corridor where most of the developers own land parcels

• Both IT/ Commercial• No major transactions have been recently concluded• Currently, public transportation is a challenge• No support amenities• Infrastructure will take at least 3 years to be up and

running • Grade A commercial supply (Approx) Palm Square : 307,200 Sq ft Commerce Park : 278,871 Sq ft Digital Greens : 855, 941 Sq ft Emerald Plaza : 371, 065 Sq ft

All values are stated values for Grade A facilities

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Vacant & Assured Options on GCE Road

Buildings Sizes sq ftSale Rent

AssuredBare Shell Semi Furnish Furnished Bare Shell Furnished

M3M Urbana

650 /1000/1500/2500/

60008350/- N/A N/A N/A

M3M Cosmopolitan

650 /1000/1500/2500/

6000 8350/- N/A N/A N/A

M3M URBANA (IT) 500 & multiples 7200 /-

(Assured Return) N/A 60-66/- (Assured)

11% - Rs 66 psf Till possession

10% - Rs 60 psf After possession

BPTP Centra One 1000 – 5000 9333/-

(Assured Return) N/A 709% - Rs 70 psf

Till possession

Digital Greens 1142, 1250 8500 – 9750/- N/A N/A N/A

Urban Square 1250, 1650, 2150, 3000 8500/- N/A N/A N/A

Commerce Park 1000- 2500 8500/- N/A N/A N/A

Lessee Project Name Quarter Usage Area leased (sq.ft.) Agent / IPC Deal Price

Telmart Vatika Professional Point Q1 Commercial 3,400 Local Broker 40

Everest Consulting

Vatika Professional Point Q2 Commercial 11,790 CBRE 82

Some Major Lease Transactions on Golf Course Ext Road - 2013

Micro Market VI | Sohna RoadStatistics (2013)

Brief Overview

Major OccupantsIndicative Capital Prices**: IT : 5000 – 7500 Commercial : 7,000 – 11,000

Indicative Rental* : IT : 47 – 55 Commercial : 60 - 75

• Ample Grade A & B Commercial and IT / ITeS supply• Availability of spaces at cheaper rentals • Massive concentration of residential projects due to

lower rent and proximity to other locations in Gurgaon

• Most real estate options have campus environment with availability of common amenities

• Infrastructure amenities in terms of public transport is under planning

• The rentals are expected to remain stable due to excess supply in the market and limited demand in the coming months

*(INR / sqft / month)**(INR / sqft)

All values are stated values for Grade A facilities

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Some Major Lease Transactions on Sohna Road- 2013

Lessee Project Name Quarter UsageArea

leased (sq.ft.)

Agent / IPC Deal Price

Salient Bestech Business Towers Q1 Commercial 25,771 JLL 43.5

Redesign Interior Architects

Spaze IT Park Q1 IT/ITeS 3,500 Local Broker 50

Advantus Global Spaze I Tech Q1 IT/ITeS 1,031 CBRE 48

Huawei Spaze iTech Park Q1 IT/ITeS 40,000 Realistic Realtors 65 (Furnished)

Convergys Bestech Business Towers Q2 IT/ITeS 2,27,317 C&W 43

Pentax Welldone Tech Park Q2 IT/ITeS 3,000 Local Broker 50

Kline Iris Tech Park Q2 IT/ITeS 3,000 Local Broker 63 (Furnished)

Assle Iris Tech Park Q2 IT/ITeS 2,200 Local Broker 63 (Furnished)

Getit Iris Tech Park Q2 IT/ITeS 6,700 Realistic Realtors 63 (Furnished)

Tomita Vipul Trade center Q2 Commercial 946 Local Broker 70-72

Cree Spaze Edge Q2 Commercial 1,940 CBRE 77

Cellcite Spaze I tech Q2 IT/ITeS 8,000 Direct 65

Nippon Engineering Spaze I tech Q2 IT/ITeS 7,000 Direct 65

JK Cement Spaze I tech Q2 IT/ITeS 8,000 Local Broker 65

Aditya Birla Group (More)

Orchid Business Park Q2 Commercial 30,000 CBRE 55 - 60

Convergys Bestech Business Towers Q2 IT/ITeS 14,763 C&W 43

Michelin Orchid Business Park, 3rd floor Q3 Commercial 73,414 Knight Frank  

Onsoki Spaze Edge Q3 Commercial 2,500 Local Broker  

SC Machinery Spaze Edge Q3 Commercial 5,000 Local Broker 82 (Furnished)

Vidopia Spaze iTech Park Q3 IT/ITeS 18,000 Realistic Realtors 64 (Furnished)

Nigamon Spaze iTech Park Q3 IT/ITeS 4,000 Local Broker 64 (Furnished)

AvalonVatika Business Park, Block-A 2nd

floorQ3 IT/ITeS 27,000 Local Broker 50

Soti Vatika Business Park Q3 IT/ITeS 8,000   52

Pre Leased Options

Building Floor Company Area Sq ft Rent Return Rate Psf Status

Spaze Tech park 11th Fujitec 2032 63 7.50 % 10080 Available

IRIS Tech Park 10th American Swan 2647 65 7.50 % 10400 Available

Welldone Tech Park 7th Software One 3000 66 8.25 % 9600 Available

IRIS Tech Park 10th Sprinkler Solution 1727 65 7.50 % 10400 Available