India Real Estate Jan to Jun 2015 3086
-
Upload
deepmukherjee -
Category
Documents
-
view
216 -
download
0
Transcript of India Real Estate Jan to Jun 2015 3086
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
1/61
RESEARCH
INDIA REAL ESTATERESIDENTIAL AND OFFICE
JANUARY - JUNE 2015
AHMEDABAD | BENGALURU | CHENNAI | HYDERABAD | KOLKATA | MUMBAI | NCR | PUNE1
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
2/612
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
3/61
NCR88Residential & Ofce
Mumbai70Residential & Ofce
RESEARCHINDIA REAL ESTATE
3
CONTENTS
All Ind!R"#d"n$!l % O&'"
H(d")!*!dR"#d"n$!l % O&'"
B"n+!l,),R"#d"n$!l % O&'"
C"nn!R"#d"n$!l % O&'"
P,n"R"#d"n$!l % O&'"
105 A."d!*!d
R"#d"n$!l
K/l!$!R"#d"n$!l
122
11
0
55
13 4
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
4/61
Source: DealCurry
BCD
! "
# Data till $une %0'
INTRODUCTIONT" Ind!n "'/n/.( +)" !$ 678 d,)n+ FY 2019-15: +")
$!n $" &/)"'!#$"d GDP )!$" /& 748: !nd # #l!$"d $/ 'l/'
! GDP +)/$ )!$" n $" )!n+" /& 6-6758 n 2015-17 I& $#
./."n$,. '/n$n,"#: !l/n+ $ ! '/nd,';" *,#n"##
"n;)/n."n$ !nd /l"#!l" P)'"Ind"= ?>PI@ !# #$!("d n $" n"+!$;" $"))$/)( &/) $" l!#$
"+$ ./n$# ?-2798 n J,n" 2015 !# '/.
d/n $/ 5798 n J,n" 2015 &)/. 7668 n J,n" 20197 R"$!l
nl!$/n # !l#/ "=
#"'$/) +)/$ /& 9798 n M!( 20157 T# +)/$ # l"l( $/*" #,#$!n!*l" /n $" *!' /& $" +/;")n."n$# &/',# /n
nd,#$)!l !'$;$"#: n&)!#$),'$,)" d";"l/
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
5/61
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
6/61
!()*OR
!n+ita Nimbe+ar,ead Consultant - Researc.
ALL INDIAR"#d"n$!l % O&&'" M!)"$
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
7/61
r t.e frst time in t.ree years/ .ome demand .as eceeded t.e su11ly/ t.eoretically si2nallin2 at.e comin2 uarters4 *o5e6er/ t.is seems to be more o a correcti6e 1.ase/ .eadin2 to5ards a
RESIDENTIAL MARKET
LAUNCHES: ABSORPTION AND PRICE TRENDS
FIGURE 1
HALF-YEARLY LAUNCHES AND ABSORPTION TREND ?TOP EIGHT CITIES@
LAUNCHES ABSORPTION
290:000
130:000
190:000
30:000
90:000
10:000H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E
S/,)'" Kn+$ F)!n R"#"!)'
N/$" The top eight cities are Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and
Ahmedabad
T" l" $" #!l"# ;/l,." d)/
$/ H1 2019: n" l!,n'"# &"ll *(
! /l!,n'"# !)" "=ISE SPLIT OF RESIDENTIAL LAUNCHES
N" )"#d"n$!l l!,n'"# !;" &!ll"n
n $" $/< "+$ '$"# /& Ind! d,)n+
H1 20157
T" N!$/n!l C!
n"
/,)
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
8/61
"9(R %
*!,"-!R, N; ,!(NC*S N )* )O< 9*) C)S
* %0= *% %0= * %0' * %0'
=0/000
3'/000
30/000
%'/000
%0/000
'/000
0/000
'/000
-
M(MB! NCR BN9!,(R( O,>!)!!*MD!B!D
Source: >ni2.t "ran+ Researc.
ce: >ni2.t "ran+ Researc.
e NCR mar+et .as sli11ed to ourt. 1lace/ e6en belo5 ISE SPLIT OF RESIDENTIAL SALES
FIGURE
HALF-YEARLY ABSORPTION IN THE TOP EIGHT CITIES
H1 2019 H2 2019 H1 2015 H1 2015 E
90:000
5:000
0:000
25:000
20:000
15:000
10:000
5:000
-
MUMBAI NCR BENGALURU PUNE CHENNAI HYDERABAD KOLKATA AHMEDABAD
A
d,)n+ H1 20157
NCR $n"##"d $" #!)# )",)"d $/ )"d,'" $" ,n#/ld
n;"n$/)( l";"l#7 T" NCR .!)"$:
/n $" /$") !nd: !# !d ! l!)+"
n,.*") /& #
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
9/61
e to1 ei2.t residential mar+ets are e1ected to 5itness sli2.t im1ro6ement in demand durin2 *
Y"!)l( !*#/)
.!)"$#: *!))n+ P,n"7
NCR '/."# !')/## !# $" ./#$
!&&/)d!*l" .!)"$ !./n+ $" $/
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
10/61
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
11/6111
n $"
d".!nd n $"
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
12/61
RELATIE HEALTH OF THE RESIDENTIAL
MARKETS IN EIGHT CITIES
Note) The si#e o$ the bubble indicates the *uantum o$ unsold in"entory+ T- is the uarter to -ell
.nsold /n"entory
T" ,!)$")# $/ #"ll ,n#/ld n;"n$/)(
?QTS@ # $" n,.*") /& ,!)$")#
)",)"d $/ "=!,#$ $" "=#$n+
,n#/ld n;"n$/)( n $" .!)"$7 T"
"=#$n+ ,n#/ld n;"n$/)( # d;d"d
*( $" !;")!+" #!l"# ;"l/'$( /& $"
A#
K P,n" # ',))"n$l( $" "!l$"#$
.!)"$: $ $" l/"#$ QTS !nd
! )"l!$;"l( l/") !+" /& ,n#/ld
n;"n$/)(7
K T" K/l!$! .!)"$ !# ! QTS
'/.
T# '!n *" !$$)*,$"d .!nl( $/ $"
)"d,'n+
$"
#!l"# ;/l,." l"d $/ ! #l+$
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
13/61
S/,)'" Kn+$ F)!n R"#"!)'
OUTLOOK FOR THE NET SI MONTHSH2 2019 H2 2015E G)/$
L!,n'"# ?,n$#@ 12:2 33:515 -218
A*#/)" "=
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
14/61
sor1tion 6olumes .a6e been sur1assin2 ne5 com1letions consistently since * %0=/ as a resulcancies .a6e dro11ed to 7 in * %0' rom a year a2o4
ALL INDIA OFFICE MARKET
FIGURE 1
NE> COMPLETIONS: ABSORPTION AND ACANCY LEEL ?TOP SI CITIES@
NE> COMPLETIONS ABSORPTION ACANCY ?RHS@
2570
2070
1570
1070
570
228
218
208
138
148
168
18
158
0 198H1 201 H2 201 H1 2019 H2 2019 H1 2015 H1 2015E
S/,)'" Kn+$ F)!n R"#"!)'
FIGURE 2
OFFICE STOCK: OCCUPIED STOCK AS ON JUNE 2015
190
STOCK OCCUPIED STOCK
120
100
40
0
90
20
0MUMBAI NCR BENGALURU PUNE CHENNAI HYDERABAD
S/,)'" Kn+$ F)!n R"#"!)'
I.
T" ;!'!n'( l";"l# !;" d)/!*#/)
!*#/)*"d d,)n+ H1 20157 A#
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
15/61
.n # &$: $" B"n+!l,), .!)"$ l"!d# n $").# /& /'',
!*#/)
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
16/61
8/ t.e 6acancy le6el in Ben2aluru is t.e lo5est amon2 t.ese cities4 Readily-a6ailable ualityless t.e estimated ne5 com1letions become o1erational/ t.e s.orta2e 5ill im1act t.e 1otential
e1lore alternati6e oce destinations4
N; COM
*( $" ITIT"S !nd /$") #");'"#
#"'$/)#7
M,.*! ',))"n$l( !# $" +"#$
;!'!n'( l";"l: !$ 228: &/ll/"d
'l/#"l( *( NCR7 H/";"): $"
;!'!n'( l";"l# !;" *""n )"d,'n+
'/n##$"n$l( n */$ $"#" .!)"$#
#n'" H2 20197 Al$/,+ $" .!)"$
;!'!n'( !# )".!n"d + d,)n+ $" l!#$ &" ("!)#: $")" # ! d"!)$
/& l!)+"-#" ,!l$( /&'" #
/'',
$/ ': $" #,*#$!n$!l
./n$#: $" #/)$!+" ll .
$/ '/n$".
n H(d")!*!d7
T" T"l!n+!n! '!
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
17/61
C"nn! !nd P,n" ")" $"
,#"d
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
18/61
ennai and '$"# n H1 2015: $/,+ $ &"ll *( !l./#$ 258 '/.
")" $" !;")!+" #" /& $)!n#!'$/n
!# !
P,n" $n"##"d ! 308 +)/$ n
$" !;")!+" d"!l #" d,)n+ H1
2015 '/.
l!#$ ("!)7 T" BFSI #"'$/)
?
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
19/61
*+-$'"$ d"!l#: $" .!/)$( /& $". *"n+ n $" )!n+" /& 100:000 # &$
!nd !*/;"7
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
20/61
M(MB! NCR BN9!,(R(
EIGHTED AERAGE RENTAL MOEMENT
FIGURE
>EIGHTED AERAGE PRICE MOEMENT
190
120
190
120
190
120
100100 100
40 40 40
0 0 0
90 90 90
20 20 20
- - -
190
120
190
120
190
120
100100 100
40 40 40
0 0 0
90 90 90
20 20 20
- - -
S/,)'" Kn+$ F)!n R"#"!)'
T" d".!nd &/) /&'" #
d,)n+ H1 20157
A$ 18: )"n$# n P,n" n')"!#"d !$
$" &!#$"#$
/$") '$"# d,)n+ H1 20157
C"nn! $n"##"d $" #l/"#$
+)/$ )!$" n )"n$: !$ 8 d,)n+ H1
20157
`
D
# F & $
D
. / n $ -
`
D
# F & $
D
. / n $ -
`
D
# F & $
D
. / n $ -
H 1 2 0 1
2 0 1 H
1 2 0 1 9
H 2 2 0 1 9
H 1 2 0 1 5
H 1 2 0 1
H 2 2 0 1
H 1 2 0 1 9
H 2 2 0 1 9
H 1 2 0 1 5
H 1 2 0 1
H 2 2 0 1
H 1 2 0 1 9
H 2 2 0 1 9
H 1 2 0 1 5
`
D
# F & $
D
. / n $ -
`
D
# F & $
D
. / n $ -
`
D
# F & $
D
. / n $ -
H 1 2 0 1
H 2 2 0 1
H 1 2 0 1 9
H 2 2 0 1 9
H 1 2 0 1 5
H 1 2 0 1
H 2 2 0 1
H 1 2 0 1 9
H 2 2 0 1 9
H 1 2 0 1 5
H 1 2 0 1
H 2 2 0 1
H 1 2 0 1 9
H 2 2 0 1 9
H 1 2 0 1 5
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
21/61
1er our 1ro@ections/ t.e 6acancy le6els 5ill continue to all in *% %0' across most o t.e cities/
%0%
A'
3
8
OUTLOOK FOR THE NET SI MONTHS
P)/"'$/n# H2 2019 H2 2015E G)/$
N" '/.
.!)+n!ll(: *( 287
H/";"): $" ;!'!n'( l";"l# !$ $"
!ll-Ind! l";"l !)" "=
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
22/61
!()*OR
San2eeta S.arma Dutta,ead Consultant - Researc.
BENGALURUR"#d"n$!l % O&&'" M!)"$
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
23/61
tbac+ in * %0'/t.e number o ne5 launc.es tumbled by =0 com1ared to * %0=/ 5.ile t.e sales 6olume strt.e ecessi6e e1ectations t.at t.e real estate industry and .omebuyers .ad in t.e ne5 2o6ern
T" )"l!$;"l( #$!*l"
B"n+!l,), )"#d"n$!l.!)"$ #,&&")"d !
RESIDENTIAL MARKET
LAUNCHES: ABSORPTION AND PRICE TRENDS
FIGURE 1
BENGALURU MARKET TRENDS
LAUNCHES ABSORPTION >T7 AG7 PRICE ?RHS@
95:000
90:000
5:000
0:000
25:000
5:000
9:400
9:00
9:900
20:000 9:200
15:000
10:000
5:000
9:000
:400
0 :00
H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E
S/,)'" Kn+$ F)!n R"#"!)'
B"n+!l,),: $/,$"d $/ *" /n" /& $"
./#$ #$!*l" )"#d"n$!l .!)"$# /&
$" '/,n$)( $ll )"'"n$l(: #,&&")"d !
#"$*!' n H1 2015: !# $" n,.*")
/& n" l!,n'"# $,.*l"d *( 908
'/.
'/n$n,"d $/ *" !$ ! d#'/n'")$n+
+,)" /& 98 ;#--;# $" n,.*") /&
n" l!,n'"# $n"##"d #= ./n$#
!+/ ?H2 2019@7
N , . * " ) / & , n $ #
`
D
# F & $
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
24/61
"+$"d !;")!+"
2015 !# !+!n#$ $" ;!l,"# n H1
20197 T" n')"!#" n '/n#$),'$/n
'/#$# !nd $" .
nd,#$)( !nd /."*,(")# !d n $"
n" +/;")n."n$: $" d"l!( n '
!# l"d */$ $"
"n$,#!#.7
On !
"#$.!$" n" l!,n'"# $/ n')"!#"
*( 38 n H2 2015 !# '/.
$/,+ l!++n+ .!)+n!ll( *"nd:
*( 28 /n ! YOY *!##7
On $"
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
25/6121
rt. Ben2aluru .as been 5itnessin2 1ersistent interest rom t.e de6elo1ermmunity4 ).e re2ion eudes o1timism re2ardin2 .ousin2 demand or t.e ort.comin2 years/ 5.e act t.at it mi2.t ta+e some time/ 2i6en t.e nascent statet.e oce sector t.ere4 ).e 1resence o t.e metro rail in ;est Ben2aluru .asreased its locationHs attracti6eness and
e number o ne5 launc.es is e1ected to 1ic+ u1 in t.e comin2 mont.s
* %0=
3'/'='units
*% %0=
3%/'8units
* %0'
%/=00units
MICRO-MARKET SPLIT OF RESIDENTIAL
LAUNCHES
FIGURE 2
MICRO-MARKET SPLIT OF LAUNCHED UNITS
508
H1 2019 H2 2019 H1 2015
958
908
58
08
258
208
158
108
58
0
CENTRAL EAST NORTH SOUTH >EST
S/,)'" Kn+$ F)!n R"#"!)'
N/)$ B"n+!l,), !# *""n $n"##n+
! #+n'!n$ n,.*") /& n"
l!,n'"# n H1 2015: l"!dn+ $/ !n
.
$/ !;" l"d $/ $" )"#,)+"n'" /&
)"#d"n$!l d";"l/
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
26/61
e sout.ern and t.e eastern Iones o t.e city 5ere res1onsible or t.e ma@ority o t.e aJordable0 mn
T# '/,ld *" !$$)*,$"d $/ $" d"!)$
/& '/n$+,/,# l!nd
n,.*") /& n" l!,n'"# $/ EST NORTH SOUTH
S/,)'" Kn+$ F)!n R"#"!)'
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
27/61%
MICRO-MARKET->ISE RESIDENTIAL SALES
BENGALURU METROPOLITAN REGION MAP
Ma@or Roads
Rail5ay ,ine
istin2 Metro
(nder
Construction
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
28/61
s1ite accountin2 or t.e .i2.est uantum o sales 6olume/ Sout. Ben2aluruHs s.are o t.e totalt.e unsold in6entory is e1ected to increase in t.e comin2 mont.s4 !lt.ou2. uite ar be.ind it
* %0=
%7/%'Aunits
*% %0=
%8/=='units
* %0'
%%/%3=units
M')/-.!)"$#
L/'!$/n
C"n$)!l MG R/!d: L!;"ll" R/!d: L!n+&/)d T/n: $$!l M!ll(! R/!d:
R'./nd R/!d
E!#$ >$""ld: Old A)"#$ M!ll"#!)!.: R!!n!+!): Y"#!n$
n !*#/)
$" )"+/n# #!)" /& !*#/)
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
29/61
K CN)R!,
7 ;S)
%= NOR)*%A !S)
=3 SO()*
ut. Ben2aluru accounts or t.e ma@or s.are o t.e total number o units under construction/ 2i6e 1ast years4 ).e re2ion is 1reerred due to its 2ood social inrastructure and t.e 1resence o edin2 de6elo1ers to launc. t.eir 1ro@ects t.ere4 !dditionally/ 1ro1erty 1rices are relati6ely c.ea1t.e 1eri1.eral locations o t.e sout./ com1ared to t.e ot.er micro-mar+ets
MICRO-MARKET SPLIT OF UNDER-
CONSTRUCTION UNITS AS OF JUNE 2015
FIGURE 5
MICRO-MARKET SPLIT OF UNDER-CONSTRUCTION UNITS AS OF JUNE 2015
S/,)'" Kn+$ F)!n R"#"!)'
S/,$ B"n+!l,), !''/,n$# &/) $"
.!/) #!)" /& $" $/$!l n,.*")
/& ,n$# ,nd") '/n#$),'$/n: $/ $"
$,n" /& 98: +;"n $" &!'$ $!$
$" )"+/n !# *""n $n"##n+
l!)+"-#'!l" )"#d"n$!l d";"l/
$"
PREMIUM RESIDENTIAL MARKET LAUNCHES:
ABSORPTION AND PRICE TRENDS
M')/-.!)"$#
L/'!$/n
C"n$)!l MG R/!d: L!;"ll" R/!d: L!n+&/)d T/n: $$!l M!ll(! R/!d:
R'./nd R/!d
E!#$ >$""ld: Ind)!n!+!)
>"#$ M!ll"#!)!.: R!!n!+!): Y"#!n$
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
30/61
S/,$ K/)!.!n+!l!: J!(!n!+!): JP N!+!)
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
31/61
e demand or 1remium units in Ben2aluru .as been lo5er t.an t.e ot.er se2ments/ as t.e cit5e6er/ t.e 5ei2.ted a6era2e 1rice
o5t. O in t.e 1remium se2ment .as 1erormed relati6ely better in * %0' t.an t.e cityHs 5e
FIGURE
PREMIUM MARKET TRENDS
LAUNCHES ABSORPTION >T7 AG7 PRICE ?RHS@
2:200
2:000
1:400
1:00
1:900
1:200
3:000
4:500
4:000
1:000
4006:500
00
9006:000
200
0 :500
H1 201 H2 201 H1 2019 H2 2019 H1 2015
S/,)'" Kn+$ F)!n R"#"!)'
N/$" Premium markets include locations !here the a"erage ticket si#e o$ a residential unit is abo"e ? 12
mn, are in close pro'imity to the central business district o$ the city and ha"e !itnessed ne! pro(ect launch3
es in the preceding three years
T"
$" #!."
' +"n")!ll(
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
32/61
)S
BN9!,(R( C)
e )S or Ben2aluru .as been increasin2 2radually4 Des1ite .a6in2 a relati6ely lo5er )S/ Sout.e city and a .i2. a2e o unsold in6entory t.e conseuence o siIeable number o yearly ne5 launc.es in t.e re2ion4 ).e eastern mar+et .as t.e .i2.est )Se o in6entory/ indicatin2 t.at t.e 1ace o absor1tion is considerably slo5 in t.e re2ion
BENGALURU MARKET HEALTH
FIGURE 6
QUARTERS TO SELL ?QTS@ UNSOLD INENTORY ANALYSIS
12
11
10
3
4
6
5
9
S/,)'" Kn+$ F)!n R"#"!)'
N/$" T" #" /& $" *,**l" nd'!$"# $" ,!n$,. /& ,n#/ld n;"n$/)(
T" ,!)$")# $/ #"ll ,n#/ld n;"n$/)(
?QTS@ # $" n,.*") /& ,!)$")#
)",)"d $/ "=!,#$ $" "=#$n+
,n#/ld n;"n$/)( n $" .!)"$7 T"
"=#$n+ ,n#/ld n;"n$/)( # d;d"d
*( $" !;")!+" #!l"# ;"l/'$( /& $"
T" QTS &/) B"n+!l,), !# *""n
n')"!#n+ +)!d,!ll( #n'" S"
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
33/61
ce a11reciation across most locations in Ben2aluru .as been rat.er te1id durin2 t.e last % mo1rice slo5ed do5n urt.er in t.e last si mont.s/ 1rimarily due to t.e subdued sales 6olume and
D"#
' .!( ,l$.!$"l( l"!d $/ ! l!)+"
n;"n$/)( *,ld-,"#$ B"n+!l,), # ',))"n$l( /n" /& $" *"#$
'$(7
N/)$ B"n+!l,), #!)"# !l./#$
$" #!." &!$" !# $# #/,$")n
'/,n$")
l!$") $!n $" #/,$: $ "n/(#
$" !d;!n$!+" /& ! #.!ll")
,n#/ld n;"n$/)( #" !nd !
l/") QTS7
T,#: " "=$" '$(# /;")!ll "+$"d !;")!+"
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
34/61
L/'!$/n M')/-.!)"$ P)'" )!n+" n H1 2015 ??# &$@ 12 ./n$ '!n+" ./n$
L!n+&/)d T/n C"n$)!l 15:00021:000 38 8
L!;"ll" R/!d C"n$)!l 22:0000:000 98 08
KR P,)!. E!#$ 9:000:650 48 28
>$""ld E!#$ 9:5004:500 48 98
M!)!$!!ll E!#$ 9:5006:000 28 28
Ind)!n!+!) E!#$ 3:00012:500 28 28
Y"#!n$"#$ :50010:500 8 8
M!ll"#!)!. >"#$ 3:0001:000 58 58
R!!n!+!) >"#$ 4:50019:000 8 28
T,.,) R/!d >"#$ 9:0009:400 98 18
Y"l!!n! N/)$ 9:5006:000 08 08
H"**!l N/)$ 5:0003:500 98 08
H"nn,) N/)$ 9:500:200 108 58
T!n#!nd)! N/)$ 9:0006:200 28 28
S!)!
R/!d ll $n"## n')"!#"d $)!'$/n
>l" H1 2015 !# *""n l"## $!n
"n'/,)!+n+: " "=
! l/$ d"
P)/"'$/n# H2 2019 H2 2015E G)/$
L!,n'"# ?,n$#@ 2:543 23:601 -38
A*#/)"+$"d !;")!+"
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
35/61
e Ben2aluru oce mar+et continuedlead t.e 5ay 5it. t.e .i2.est oce s1ace absor1tiont.e country4 ;it.07 mn s t already transacted in * %0'/ t.e city is e1ectedtouc. a total absor1tion o 40 mn s t by t.e end o t.e year4 !dditionally/t. an occu1ied stoc+ o 0843 mn s t/ Ben2aluru .as become t.e oce mar+et 5it. t.e .i2.es
S)OC+ OCC( E!C!NC
OFFICE MARKET
STOCK: NE> COMPLETIONS: ABSORPTION ANDACANCY TRENDS
FIGURE 1
BENGALURU OFFICE SP ACE STOCK AND ACANCY LEELS
190
120
100
40
0
90
20
18
198
128
108
48
8
98
28
0 08
H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015E
S/,)'" Kn+$ F)!n R"#"!)'
T" B"n+!l,), /&'" .!)"$ '/n$n,"d $/ l"!d $" !( $ $"
+"#$ /&'" #$ 706 .n # &$ !l)"!d(
$)!n#!'$"d n H1 2015: $" '$( #
"=
$" +"#$ /'',
#,#$!n $# ./."n$,.: &,"ll"d *( $"
n')"!#n+ '/)
,< $") /
?2019@: +l+$n+ $"
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
36/613
e s.are o t.e )L )eS sector/ t.e +ey demand dri6er o t.e cityHs oce mar+et/ .as obser6ed a
A40mn s t
=4=0mn s t
A407mn s t
* %0= *% %0= * %0'
Source: >ni2.t "ran+ Researc.
FIGURE 2
NE> COMPLETIONS AND ABSORPTION
670
NE> COMPLETIONS ABSORPTION
70
570
970
70
270
170
0
H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015E
S/,)'" Kn+$ F)!n R"#"!)'
SECTOR ANALYSIS
FIGURE
SECTOR->ISE SPLIT OF ABSORPTION
H1 2019 H2 2019 H1 2015
608
08
508
908
08
208
108
08
598
58508
18
88
158
98
118
298
238
8
ITIT"S
S/,)'" Kn+$ F)!n R"#"!)'
BFSI MANUFACTURING OTHER SERICESSECTOR
N/$"
4+ B0-/ includes B0-/ -upport -er"ices
1+ The pre3committed deals inked by Ama#on and 0lipkart ha"e not been included in the absorption
. n # F & $
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
37/61
e a6era2e deal siIes .a6e reduced in t.e last year/ a6era2in2 close to '=/300 s t in * %0'/
T" #!)" /& $" ITIT"S #"'$/): $"
"( d".!nd d);") /& $" '$(# /&'"
.!)"$: !# /*#");"d ! d"')"!#n+
$)"nd n $" l!#$ ("!): !l*"$ ! +)!d,!l
/n"7 Al$/,+ $ '/n$n,"# $/ d);"
$" d".!nd &/) /&'" #
&)/. 598 n H1 2019 !nd 58 n H2
2019 $/ 508 n H1 20157 H/";"):
n $").# /& !*#/l,$" n,.*")#: $" IT
IT"S #"'$/) n H1 2015 $n"##"d !n
n')"!#" /& 08 $ !*#/)
$" n')"!#n+ '/n#/ld!$/n /&
#
#+n'!n$ d";"l/
S,$ ?BTS@ &!'l$( /n S!)!
T" #!)" /& /$") #");'"# #"'$/)
!# )#"n &)/. 298 n H1 2019
$/ 8 n H1 2015: #+n&(n+ !n
n')"!#" n /&'" #
$// ,< #
*!##7 T" .!n,&!'$,)n+ #"'$/): /n
$" /$") !nd: .!d" ! )".!)!*l"
'/."*!': !;n+ #"',)"d 118 /&
$" $/$!l !*#/)
Gl/*!l En+n"")n+ !nd T!$! M/$/)#
!,+."n$"d $" #"'$/)# #!)"7
DEAL SIE ANALYSIS
FIGURE 9
AERAGE DEAL SIE AND NUMBER OF DEALS
AERAGE DEAL SIE ? # &$@ NUMBER OF DEALS ? RHS@
40:000
60:000
0:000
50:000
90:000
0:000
20:000
10:000
0
H1 201 H2 201 H1 2019 H2 2019 H12015
S/,)'" Kn+$ F)!n R"#"!)'
120
40
90
0
. n # F & $
N , . * " ) / & d " ! l #
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
38/613
T" !;")!+" d"!l #"# !;"
)"d,'"d n $" l!#$ ("!): !;")!+n+
'l/#" $/ 59:00 # &$ n H1 2015:
l" $ #$//d !$ 61:500 ,n$# n H1
20197 T# nd'!$"# $" !d;"n$ /&
./)" ).# $ #.!ll") /&'" #
!nd ".
?)+/ Bl/'@S!$""ld
P")
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
39/61
Ma@or Roads Rail5ay ,ine istin2 Metro (nderConstruction $"&"ld
R"#d"n'( R/!d
R'./nd R/!d
SBD
K/)!.!n+!l!
B)//"&"ldKR P,)!. ORR
ORR A)
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
40/61
* %0= * %0'
7A
A
=
3 8
% 3 '
A40mn s t
A407mn s t
* %0= * %0'
Source: >ni2.t "ran+ Researc.
e ORR oce mar+et continued to maintain its lead in t.e total absor1tion durin2 * %0'/ 5it.t.e SBD re2ainin2 occu1ier interest/ accredited to actors suc. as t.e deart. o oce s1ace in t
ce s1aces in t.e ) 1ar+s o t.e re2ion4
FIGURE 5
BUSINESS DISTRICT->ISE ABSORPTION SPLIT
408
608
08
508
908
08
208
108
08
CBD % /&&-CBD SBD ORR PBD EAST PBD SOUTH
S/,)'" Kn+$ F)!n R"#"!)'
T" O,$") Rn+ R/!d ?ORR@ /&'"
.!)"$ '/n$n,"d $/ .!n$!n $#
l"!d n $" $/$!l !*#/)!nd $"
n H1 2015: &)/. ! #!)" /& 38 /&
$" $/$!l !*#/)
!nd /&&-CBD !)"!#: !# "ll !# $"
!;!l!*l$( /& ,!l$( /&'" #
"!#$ )".!n"d )"l!$;"l( #,*d,"d:
$ $" .!/)$( /& $" $)!'$/n
$!n+
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
41/61
e SBD and ORR oce mar+ets 5itnessed t.e maimum rise in rentals durin2 * %0'/ o5in2 1r0Ls tLmont. in * %0'4
RENTAL TREND
FIGURE
>EIGHTED AERAGE RENTAL MOEMENT
RENT
0
55
50
95
90
0
H1 2012H22012
H1201
H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E
S/,)'" Kn+$ F)!n R"#"!)'
T" SBD !nd ORR /&'" .!)"$# $n"##"d $" .!=.,. )#" n )"n$!l#
d,)n+ H1 2015: /n+
)"+/n7
T" "+$"d !;")!+" )"n$!l ;!l,"# $n"##"d !n n')"!#" /& 8: &)/.?96# &$./n$ n H1 2019 $/ ?50#
&$./n$ n H1 20157
G/n+ &/)!)d: $" "+$"d !;")!+" )"n$!l# !)" "=
'/n#$)'$"d #,B,#n"## d#$)'$R"n$!l !l,"
R!n+" n H1 2015?
12-
./n$
-
./n$
CBD % /&&-CBD 6546 28 18
SBD 9463 8 8
PBD E!#$ 196 28 28
PBD S/,$ 09 28 18
ORR 950 8 58
S/,)'" Kn+$ F)!n R"#"!)'
`
D # F & $ D . / n $ -
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
42/61
e Ben2aluru oce mar+et 5ill continue to see t.e u1trend t.at 5as e6ident in * %0' in *%5ell/ 5.ic. could be attributed to t.e 1ositi6e occu1ier sentiment t.at 5ill lead to 1ursuin2 2ro
e ndian business scenario/ is 1oised to become one o +ey demand dri6ers o t.e cityHs oce m
OUTLOOK FOR THE NET SI MONTHS
P)/"'$/n# H2 2019 H2 2015E G)/$
N" #,!nd '/n#/ld!$/n
$//
#
$" ORR !)" l"l( $/ n')"!#" n $"
#/)$ $").7 T" "+$"d !;")!+"
)"n$!l# /& $" '$( !)" "#$.!$"d $/
n')"!#" *( 8 n H2 2015 /n ! YOY
*!##7
T" "-'/..")'" #"'$/): ' !#
*""n &!#$ +!nn+ +)/,nd n $"
Ind!n *,#n"## #'"n!)/: #
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
43/61
!()*OR
as.5in Ban2era!ssistant Eice
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
44/61
RESEARCHINDIA REAL ESTATE -
RESIDENTIAL MARKET
LAUNCHES: ABSORPTION AND PRICE TRENDS
FIGURE 1
CHENNAI MARKET TRENDS
LAUNCHES ABSORPTION >T7 AG7 PRICE ?RHS@
14:0009:600
1:000
19:000
12:000
9:500
10:000
4:000
9:00
:000
9:000
2:000
9:100
0 :300
H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E
S/,)'" Kn+$ F)!n R"#"!)'
A*#/)
T" d";"l/
'/n$n,"d $/ $)"nd l/")7
H1 2015 #! ! #!)< 208 d"'ln"
n $" n,.*") /& ,n$# l!,n'"d:
'/.
!# d";"l/
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
45/61
e C.ennai residential mar+et is under2oin21rolon2ed but .ealt.y 1eriod o time correction as launc.es and absor1tion urt.er correct by %0
$." $/ l!,n'
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
46/61
ut. C.ennai 5as t.e only micro-mar+et t.at sa5 an increase in its mar+et s.arelaunc.es durin2 * %0'4 ,ocations in t.e sout./ suc. as elamba++am sa5 most o t.e6elo1ment interest durin2 t.is 1eriod
* %0=
/377units
*% %0=
7/38units
* %0'
/0%units
MICRO-MARKET SPLIT OF RESIDENTIAL
LAUNCHES
FIGURE 2
MICRO-MARKET SPLIT OF LAUNCHED UNITS
H1 2019 H2 2019 H1 2015
408
608
08
508
908
08
208
108
0
CENTRAL NORTH SOUTH >EST
S/,)'" Kn+$ F)!n R"#"!)'
T" #!)< d"'ln" n $" n,.*") /& ,n$# l!,n'"d #! !ll .')/-
.!)"$# l/#" .!)"$ #!)" '/.
#!)" #
K,nd)!$,) !nd l/'!$/n# !# &!) !#
C".*!)!.*!!. #! ./#$ /&
$" d";"l/
N/)$ !nd C"n$)!l C"nn! #!
n"+l+*l" l!,n'"# d,)n+ H1 20157
N/)$ C"nn! !# #,&&")"d d," $/
$" l!' /& #/'!l n&)!#$),'$,)" !nd
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
47/61
sor1tion le6els .a6e dro11ed in * %0' com1ared to t.e same 1eriod in t.e 1re6ious yea
=
TICKET SIE SPLIT OF LAUNCHES DURING H1 2015
1008
308
408
608
08
508
908
08
208
108
-
`275 MN `275 - 5 MN `5 - 675 MN `675 - 10 MN `10 - 20 MN `20-90 MN `40-150 MN
CENTRAL NORTH SOUTH >EST
S/,)'" Kn+$ F)!n R"#"!)'
MICRO-MARKET->ISE RESIDENTIAL SALES
M')/-.!)"$ L/'!$/n#
C"n$)!l C"nn! T7 N!+!): N,n+!.*!!.: K/d!.*!!.: Ad(!): Kl
>"#$ C"nn! P/),): A.*!$$,): M/+!S/,$ C"nn!P"),.*!!.: C)/.
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
48/61
CHENNAI METROPOLITAN REGION MAP
M!d!;!)!.
A.*!$$,)
P")!.*,) T/nd!)
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
49/61
* %0=
0/%%units
*% %0=
0/3=3units
* %0'
/0units
= CN)R!,%7 ;S)= NOR)*A' SO()*
arly % o t.e under-construction units in C.ennai are concentrated in t.e Sout. and ;est mi
RESEARCHINDIA REAL ESTATE -
=
FIGURE 9
MICRO-MARKET SPLIT OF SALES
H1 2019 H2 2019 H1 2015
408
608
08
508
908
08
208
108
0
CENTRAL NORTH SOUTH >EST
S/,)'" Kn+$ F)!n R"#"!)'
T" .')/-.!)"$ #
2 8
8
8
8
8
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
50/61
N"!)l( 328 /& $" ,nd")-'/n#$),'$/n ,n$# n C"nn! !)"
'/n'"n$)!$"d n $" S/,$ !nd >"#$ .')/-.!)"$# /& $"
'$(7
C/.
n'"n$;" &/) $" C"nn! /."*,(") $/ l// n/)$ &/)
/."#7 T# !# '!,#"d d";"l/
)".!n# $" ./#$ #/,+$-!&$") )"#d"n$!l .')/-.!)"$ /&
$" '$(7
PREMIUM RESIDENTIAL MARKET LAUNCHES:
ABSORPTION AND PRICE TRENDS
M')/-.!)"$ P)".,. l/'!$/n#
C"n$)!l C"nn!N,n+!.*!!.: R A P,)!.: Al!)
S/,)'" Kn+$ F)!n R"#"!)'
FIGURE
PREMIUM MARKET TRENDS
LAUNCHES ABSORPTION >T7 AG7 PRICE?RHS@
1:000
+ !#
#+n'!n$l( +") !
In')"!#n+ )"d";"l/
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
51/61
00
H1 201 H2 201 H1 2019H2 2019 H1 2015
S/,)'" Kn+$ F)!n R"#"!)'
N/$" Premium markets include locations
!here the a"erage ticket si#e o$ a residential
unit is abo"e ?45 mn, are in close pro'imity
o the central business district o$ the city and
ha"e !itnessed ne! pro(ect launches in the
preceding three years
'
/
.
!l& !# "ll d,)n+ $" #!."
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
52/61
C*NN! C)
)S
CHENNAI MARKET HEALTH
FIGURE 6
QUARTERS TO SELL ?QTS@ UNSOLD INENTORY ANALYSIS
3
4
6
5
9
2
1
S/,)'" Kn+$ F)!n R"#"!)'
N/$" T" #" /& $" *,**l" nd'!$"# $" ,!n$,. /& ,n#/ld n;"n$/)(
T" C"nn!
.!)"$ !d !
#+n&'!n$l( +")!
$/ $" #,
T" C"nn! )"#d"n$!l .!)"$
',))"n$l( !# ! QTS /& 673: $
!n !;")!+" !+" /& n;"n$/)(
/& 374,!)$")#7 T" QTS !# *""n n'n+ d/n #n'"
$" *"+nnn+ /& 2019: ' #+n"# !n
."#$ C"nn! !)" $" *"#$-
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
53/61
N/)$ C"nn! # $" /)#$-
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
54/61
e e1ect t.e 5ei2.ted a6era2e 1rices in C.ennai to 2ro5 urt.er in *% %0'/ albeit at a
nifcantly slo5er % o as t.e residential mar+et consolidates and .omebuyers start comin2 be mar+et to5ards t.e end o %0'
PRICE MOEMENT DURING H1 2015
>"+$"d !;")!+"
L/'!$/n# #,' !# P!ll!;!)!. !nd
P"),.*!!.: #$,!$"d n $"
'/))d/) *"$""n $" OMR !nd GST
R/!d: #! $" *,l /& $" l!,n'"#
d,)n+ H1 2015 !nd !l#/ $" +"#$
T7 N!+!) C"n$)!l 14:000 18 18
Al!nd,) C"n$)!l 6:000 8 28
P/),) >"#$ 5:200 98 28
A.*!$$,) >"#$ 9:100 28 18
M/+!
S)
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
55/61
/& 18 $/ 87
T" Ind!n +/;")n."n$# ;#/n
$/ d";"l/< P/nn"): n N/)$
C"nn!: !# ! #.!)$ '$( !#
"l
K/(!.*"d,: A#/ N!+!)
!nd Al!nd,) 118 +)/$ #""n d,)n+ H1 20157
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
56/61
e eJects o a steadily- im1ro6in2 oce mar+et/ t.an+s to im1ro6in2 undamentals in t.e )L )eSrub oJ on t.e residential mar+et as 5ell4 *ence/ locations suc. as &!ll Y/Y n H1 20157 A*#/)
+)/$ ll '/n$n," $/ *" l.$"d
,n$l !*#/)
!nd ITIT"S #"'$/)# $!$ .!" ,<
$" *"d)/' /& C"nn!# "'/n/.(:
'/," *"l";" $!$ S/,$ C"nn! ll
'/n$n," $/ +)/: !# '/nn"'$;$( $/
".
/."*,(")# &)/. l//n+ "l#"")"7
T"
.!n,&!'$,)n+ #"'$/)#: !)" */,nd
$/ ),* /&& /n $" )"#d"n$!l .!)"$
!# "ll7 H"n'": l/'!$/n# #,'
!# P!ll!)!n!: M"d!;!!.:
P"),.*!!. !nd l/'!$/n# /n $"
P!ll!;!)!.T/)!
!)" "ll '/nn"'$"d $/ ITIT"S /&'"
,*# /n $" OMR $ .
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
57/61
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
58/61
D;(!#)"
" P/n$
!$
S/ln+!
n!ll,)
'!."
/nln"7
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
59/61
48mn s t %4%mn s t %40mn s t
* %0= *% %0= * %0'
Source: >ni2.t "ran+ Researc.
e B"S sector 5as t.e lar2est consumer o oce s1ace in t.ree o t.ee business districts o C.ennai
#!)" Y/Y !# nd,#$)( .!/)# #,'
!# BNP P!)*!# !nd C$*!n $//
,
)"!l "#$!$" &//$
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
60/61
DEAL SIE ANALYSIS
FIGURE 9
AERAGE DEAL SIE AND NUMBER OF DEALS
AERAGE DEAL SIE ? # &$@ NUMBER OF DEALS ? RHS@
0:000 30
4050:000
60
90:000 0
500:000
90
20:000 0
10:000
0
20
10
0
H1 201 H2 201 H1 2019 H2 2019 H1 2015
S/,)'" Kn+$ F)!n R"#"!)'
T" !;")!+" d"!l #"# #$!*l#"d n 2019: "n $"( !;")!+"d 'l/#" $/ 25:000
,n$#: !nd !;" +)/n n"!)l( 908 $/ !l./#$ 5:000 ,n$# n H1 20157 T#
*/d"# "ll &/) $" .!)"$ !nd '/,ld ")!ld ! ./)" #,#$!n"d )"'/;")( n $."#
$/ '/."7
T" n')"!#" n !;")!+" d"!l #"#:
'/,
-
8/18/2019 India Real Estate Jan to Jun 2015 3086
61/61
e a6era2e deal siIes stabilised in %0=/ 5.en t.ey a6era2ed close to %'/000 s t/ and .a6e 2ros bodes 5ell or t.e mar+et and
uld .erald a more sustained reco6ery in times to come4
S"l"'$ $)!n#!'$/n#
L/'!$/n B,ldn+ C/.
K!nd!n'!;!d RM F/)d 3:500
S/ln+!n!ll,) T"'' P!) E9E 0:000
T!)!.!n TRIL L!$"n$" 55:000
A.*!$$,) Ind! L!nd B!nB!! 50:000
N!nd!.*!! F)#$ IT P!) #/l,$/n# 92:000
S/,)'" Kn+$ F)!n R"#"!)'