Monthly Real Estate Monitor – October 2013

Proposed New Banks in India – Opportunity for Multisector Real Estate Growth When the Reserve Bank of India (RBI) recently announced that it would issue new banking licenses, 26 companies applied. The list included not only the famous names of corporates in India such as Tata and Birla, but also the public sector entities such as the India Post, nonbanking financial companies and specialised infrastructure finance and microfinance organisations. Based on the cues given at the beginning of September 2013 by the newly appointed RBI Governor, Dr Raghuram Rajan, the RBI will target to complete this process of issuing licenses around January 2014. The real estate sector will be an immediate beneficiary because of the new banks’ requirement for office space and retailing branches, with many of the facilities needed in a short time span.

Most retail branches of banks in India operate with a space of around 3,000 sq ft. We expect that the new banks might open around 25 branches each by end-2014, with a foray targeted toward Tier I cities and supported by subsequent expansion in Tier II and Tier III cities. Therefore, even if only five of the applicants get licenses by January 2014, there will be a requirement for half a million sq ft of retail banking spaces. These spaces will be mostly on the high streets of the cities, boosting the demand for retail real estate. In addition, registered offices, corporate offices and regional headquarters could mean another 0.5–1 million sq ft of office space per bank, and the back office locations would require another half a million sq ft. As a result, 4.5–5 million sq ft is likely to be taken up in the short term. Moreover, the banks are likely to open up more retail and office transaction opportunities in the long term, as observed in the case of the not-so-old private banks such as Yes Bank, which has increased its operation to more than 430 branches by 1H13 from a meagre 30 branches in 2006.

Meanwhile, Tier II and Tier III cities, especially those in states offering better taxation benefits, will come into focus for corporate office locations. Grade B office space could be in demand, at least during the beginning, on the back of its wider availability and lower cost. Hence, the overall transaction scene, while experiencing an

increase in the gross leasing volume, may not bring down the vacancy rate in the Grade A office space by much. There will certainly be more built-to-suit office RFPs over the next 12 months, and in the long run, these banks are expected to shift to Grade A office space, benefitting the investor grade speculative office market of India.

Interestingly, in the event that some of the organisations seeking banking licences have long-owned captive space, this should not keep them from searching for office space with better location advantage and business potential. Apart from that, the licences would result in competitive business planning, expansion and strategic relocation by the older banking players, as well as the creation of not only more jobs in the subdued economy, but also a boost to the office markets of India over the next two years and beyond.

Grade A Capital ValueOffice Retail Residential

Delhi NCR

Mumbai

Bangalore

Chennai

Pune

Hyderabad

Kolkata

Rental Value

Deal of the Month

US-based Aon Hewitt signed an INR 8 billion

leasing deal with Unitech for an 800,000 sq ft plot at

Gurgaon Infocity Tikri SEZ

What’s New!! The Land Acquisition Bill, passed by the Parliament

during the Monsoon Session to replace a 119-year-old

legislation, became a law in this month Green Wall

The NHB (National Housing Bank) has recently entered into an MoU

with ADaRSH (Association for Development and Research of

Sustainable Habitats), with respect to promoting energy-efficient

homes, sharing information and networking in events and meetings

Monthly Real Estate Monitor – October 2013

Bangalore Transaction activity in the Bangalore office market declined during September. Continued demand and limited supply kept the city’s overall vacancy rate lower than 10% during the month. Meanwhile, the

IT/ITES sector accounted for the majority of leasing, with major companies—such as MathWorks, HARMAN International, Atlas Copco, Gziel Global Solutions and Microland—taking up spaces. Rents continued to remain stable across the city. Interestingly, capital values continued to witness marginal appreciation on the back of steady demand and investor sentiments.

The Bangalore retail market witnessed sluggish demand during September. However, moderate absorption decreased the vacancy in organised malls. Some of the major transactions during the

month included leasing by Smoke House Delhi, Latak Italy and Pantaloons. Rents continued to remain unaltered over the month. Meanwhile, poor investor sentiments toward buying retail assets stagnated the capital values.

The Bangalore residential market witnessed modest absorption during September. The city witnessed a moderate number of launches in the month. The landmark projects launched during the month

included Salarpuria Sattva Clarinet by a JV of Salarpuria and Sattva groups, Nitesh British Columbia by Nitesh Estates and Century Koruna by Century Developers. In addition, the Prestige Group launched Prestige Jade Pavilion. Capital values appreciated marginally across various submarkets in September because of an increase in sales volumes and prices at most projects that are nearing completion. In addition, rents also increased marginally over the month.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft CBD 80–130 10,000–20,000 Old Airport Road 60–75 7,000–10,000 Outer Ring Road (Eastern) 48–55 5,500–6,500 Old Madras Road 45–60 5,000–6,500 Electronic City 26–28 2,800–3,200

Retail Rents Capital Value

Key Precincts INR per sq ft per

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

Residential Rents Capital Value

Key Precincts

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

Old Madras Road 15,000–25,000 5,000– 6,000 Indiranagar 20,000–30,000 10,000–25,000 Bellary Road 12,000–18,000 4,500–9,000 Hosur Road 10,000–14,000 3,000–6,500 Whitefield 18,000–25,000 4,500–8,000 Tumkur Road 8,000–12,000 3,000–5,000 Kanakapura Road 8,000–12,000 3,000–5,500 Mysore Road 8,000–10,000 3,000–4,000

INFRASTRUCTURE ONGOING >> The Bangalore Metro Rail Corporation Limited (BMRCL) is looking to raise INR 1 billion through private placement of bonds. It is planning to tap financial institutions, but would not like to do it now as the interest rates are high, said new Managing Director Pradeep Singh Kharola.

The corporation, in which the governments of India and Karnataka hold equal partnership, has been implementing the metro rail project with the equity and debt raised from many financial institutions, including the Japan International Cooperation Agency (JICA).

Monthly Real Estate Monitor – October 2013

Chennai

Office absorption in Chennai marginally improved during September. SBD locations such as Guindy, MPR and pre-toll OMR continued to see increased absorption, while the CBD and peripheries saw

limited absorption. Accordingly, SBD locations saw steady rent growth while other locations saw rents remained stable. Major transactions during the month included L&T Infotech leasing space in MPR, Royal Sundaram renting office space in post-toll OMR and IQ BackOffice taking space in the Ambattur Industrial Estate.

Both high streets and malls saw healthy retail activity during September. Some prominent retail absorption included Reliance Digital opening its new store in Thiruvanmiyur; Girias, a consumer durable retailer,

expanding its presence in LB Road; and Khadims and Woodland opening their new stores on ECR, Thiruvanmiyur. In addition, Khazana Jewellery expanded its presence in Velachery and Nilgiris Supermarket opened a new store in Keelkatalai. Rents and capital values continued to witness marginal growth.

The demand for residential units improved in select locations such as the GST Road and the link roads of GST and OMR. However, residential prices continued to be under pressure during the month of September.

Chennai’s residential market witnessed a slew of new launches during the month with Blue Bells by Shri Janani Homes in Padur near OMR, Color Gates by Color Homes in Perumbakkam and Optima Upgrade by Optima Homes in Avadi. In addition, Prestige launched Silver Springs on the ECR Link Road, and Mahidhara launched Supreme at Oragadam. Rents and capital values both remained stagnant during the month.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Mount Road 60–85 9,000–15,000 RK Salai 65–85 10,000–15,000 Pre-toll OMR 40–65 5,000–6,500 Post-toll OMR 25–35 3,500–5,000 Guindy 40–60 6,000–9,000 Ambattur 20–32 3,250–4,300

Retail Rents

(High Streets) Capital Value

Key Precincts INR per sq ft per

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

Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft

two-BHK apartment INR per sq ft

Adyar 20,000–30,000 12,000–17,000 Medavakkam 7,000–14,000 3,600–5,250 Tambaram 6,000–12,000 3,500–4,500 Anna Nagar 15,000–25,000 9,000–14,000 Porur 5,000–10,000 3,800–6,200 Sholinganallur 9,000–12,000 4,250–5,800

INFRASTRUCTURE ONGOING >> The state government introduced an additional registration formality. Apartment buyers, who previously registered only their undivided share of the land (UDS), now have to register their construction agreement and pay 1% of the remaining value after UDS for stamp duty and 1% as registration fee.

Monthly Real Estate Monitor – October 2013

Delhi After the slow activity observed in the last few months, the demand for office spaces started to increase in September, primarily driven by relocation and consolidation as the corporates’ means for cost

control measures. The vacancy in the city increased during the month on the back of a large number of new completions, including JMD Corporate Suites, Realtech IT Tower, Logix Technova Tower A, Advant Navis Business Park Tower 2, Carnoustie 19A and Unitech Infospace Phase II Tower 9. Other than Unitech Infospace, all these new projects commenced with low occupancy. The major transactions during the month included CB&I leasing space in NH 8 Cybercity–Gurgaon, Aon Hewitt and Michelin both renting space in Sohna Road–Gurgaon and BHEL taking space in Noida Expressway. Rents and capital values both continued to remain stable across all the submarkets of Delhi.

The demand continued to remain slow in September because of constraints in the availability of good space. Meanwhile, brands are now more cautious to relocate to good location, resulting in nonperforming

malls operation with high vacancy. In addition, retailers are active in pre-committing to space in the upcoming malls that offer the promise of good location and design, along with branding and business potential. Some of the major transactions in September included Fitness First and Forever New both leasing space in the Gurgaon suburbs; Reliance Footprint, Reliance Sports and Go Mart all renting space in Prime Others; and Superdry and Chili’s taking space in the Prime South. Rents witnessed marginal increase in select projects in the Prime South during September. Meanwhile, capital values observed marginal increase in a range-bound manner.

Residential sales continued to be slow during the month; hence, developers were seen resorting to innovative schemes and freebies to offload the high inventory. Notable launches during September

included The Corridors by Ireo in Golf Course Extension Road, Novena Green by DSD Homes in Greater Noida (west) and Bluenoon by LR Infrahomes in Raj Nagar Extension. In addition, SVP Group launched Gulmohar Vatika and SAVFAB Group

launched Jasmine Grove, both on NH 24. During the month, rents decreased slightly in the high condominiums within the given range.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Barakhamba Road 170-400 28,000-35,000 Jasola 110-170 17,000-21,000 DLF Cybercity 75-78 NA MG Road 115-140 17,000-19,000 Golf Course Road 85-98 12,500-15,000 Sohna Road 47-55 6,500-8,000

Retail Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft South Delhi 180-300 24,000-32,000 West and North Delhi 140-230 15,000-23,000 Gurgaon-MG Road 140-270 17,500-23,000 Rest of Gurgaon 60-100 8,000-14,000 Noida 130-220 14,000-25,000 Ghaziabad 90-150 10,500-16,000

Residential Rents Capital Value

Key Precincts

INR per month for a 1000 sq ft 2BHK

apartment INR per sq ft Golf Course Road 22,000-32,000 12,000-16,000 Sohna Road 15,000-20,000 5,800-7,500 Golf Course Extension Road 16,000-22,000 8,000-9,500 NH 8 14,000-19,000 4,500-6,500 Dwarka Expressway NA 5,500-7,500 Noida- Greater Noida Expressway 12,000-14,000 4,000-6,100 Noida City 12,000-14,500 4,700-6,000 Indirapuram 10,000-12,000 4,200-5,000 NH 24 7,000-9,000 2,400-3,200

INFRASTRUCTURE ONGOING >> The civil construction on the Dwarka–Najafgarh Metro corridor finally began. This section will be of 4.4 km with three stations—Dwarka, Najafgarh Depot and Municipal Corporation, the first two being elevated and the last one underground. >> The Noida Authority approved the design of the city’s first 4.8 km six-lane elevated road that will start from Vishwa Bharti Public School in Sector 28 and will end at Flex Crossing near the Sector 61/58 roundabout. >> An ISBT has been proposed at Rajiv Chowk, near NH 8 and Mini Secretariat, while a modern AC bus stand will be constructed in Sector 29. >> The UP Government cabinet has approved the construction of the Noida–Greater Noida Metro Link.

Monthly Real Estate Monitor – October 2013

Hyderabad Leasing volumes remained subdued in September. Leasing activity was evenly distributed among the CBD, SBD and Hitec City. Few of the key transactions in September included Kony Labs, Kore and John

Deere leasing space in Hitec City and FTD (group company of UOL Juno Online), Softronics Inc and GoodHope securing space in the SBD. Average market rents and capital values remained stable over the month.

Leasing activity on the high streets of Hyderabad remained stable. Airtel leased space on the high streets of Malakpet and Kukatpally, and Reliance Trends and Reliance Digital leased space at Uppal

over the month. On the suburban high streets, Kalamandir opened stores in Dr AS Rao Nagar. Rents and capital values remained stable over the month.

Residential sales continued to remain sluggish in September. New launches also remained subdued. The projects launched were a villa in Shamshabad by Suchirindia and an apartment near APPA

Junction by SMR Holdings, called SMR Vinay Harmony. Rents and capital values remained stable across all the submarkets.

Office Rents Capital Value

Key Precincts INR per sq ft per

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

Banjara Hills 50–60 4,500–7,500 Hitec City 36–42 4,000–5,200

Gachibowli 36–40 4,000–5,000 Uppal 25–35 3,000–4,000

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

Key Precincts INR per sq ft per

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

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

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

Key Precincts

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

apartment INR per sq ft Banjara Hills 20,000–25,000 7,500–14,000 Begumpet 12,000–16,000 4,000–5,500 Kondapur 8,000–16,000 3,200–5,000 Tellapur 6,000–12,000 2,800–3,500

Kukatpally 7,000–10,000 3,500–3,800 Miyapur 5,000–8,000 2,400–3,500

INFRASTRUCTURE ONGOING >> Hyderabad Metro Rail (HMR) released INR 2 billion to Greater Hyderabad Municipal Corporation (GHMC) for road widening.

Monthly Real Estate Monitor – October 2013

Kolkata The Kolkata office market continued to remain subdued during the month of September. The overall vacancy in the city decreased marginally with the absence of new completions. The major

transaction in the month was BT Group leasing space in Rajarhat. The large vacancy in the city’s office stocks continued to create pressure on the rents in the peripheral submarkets, resulting in the correction of rents in Salt Lake. However, capital values remained flat over the month.

Retail activity in the malls of the city improved with an increasing number of transactions. It is noteworthy to mention that Quest Mall on Syed Amir Ali Avenue near Park Circus was soft-launched on

30 September, and would likely commence operation in the coming months with a foray of luxury retailers. The major transactions during the month included Adrija Jewellers leasing space in Avani Riverside Mall; Brand Factory taking up space in Hometown Mall; and Meena Bazaar, Jashn Sarees, AND and Vero Moda pre-committing space in the upcoming Quest Mall. Rents increased in select precincts on the back of increased retailer activity. Meanwhile, capital values remained unaltered across all the submarkets in the city, but had a marginal increase in select precincts.

The residential demand in the city lowered during September in the high-end and upper mid-end units. Developers were seen offering discounts and cashback schemes over the quoted price to do away

with unsold inventories of all classes. The notable launches during the month included Siddha Waterfront Phase I by Siddha Group in Khardah and Eternia by a JV of Unimark Realty and Concast Group in EM Bypass. Meanwhile, rents and capital values remained flat across the city.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Park Street 110 – 140 13,500 – 22,000 Topsia 75 – 90 9,000 – 11,000 Kasba 70 – 90 9,000 – 11,500 Salt Lake Sector V 40 – 47 4,400 – 5,400 Rajarhat & New Town 32 – 38 3,500 – 4,800 Retail Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Elgin Road 300 – 350 24,000 – 30,000 Park Street (high street) 325 – 375 26,000 – 34,000 Salt Lake 175 – 225 15,000 – 20,000 Prince Anwar Shah Road 120 – 150 12,000 – 15,000 Rajarhat & New Town 50 – 80 6,000 – 8,000 Gariahat (high street) 200 – 250 18,000 – 22,000 Residential Rents Capital Value

Key Precincts

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

Alipore 43,000 – 50,000 14,000 – 22,000 Prince Anwar Shah Road 18,000 – 30,000 7,000 – 14,000 EM Bypass 15,000 – 25,000 5,000 – 11,000 Lake Town 11,000 – 17,000 3,500 – 7,500 Behala 8,000 – 14,000 3,000 – 5,500 Howrah 7,000 – 9,500 2,500 – 5,000 New Town (AA I, II & III) 10,000 – 16,000 3,300 – 6,000 Rajarhat 8,000 – 14,000 2,500 – 4,700

INFRASTRUCTURE ONGOING

>> The state government has allotted more than INR 1.5 billion for repairing roads in Calcutta and 126 other urban pockets. Of this fund, INR 0.7 billion came from the Municipal Area Development Fund Office, INR 0.6 billion was shelled out by the State Finance Corporation and the rest was contributed by the Municipal Affairs Department from the vehicle and trade taxes.

>> New Town is set to get its first permanent fairground. Work is on full swing on a 4.15-acre plot in Action Area 1B on the Major Arterial Road. New Town Kolkata Development Authority (NKDA) has planned and is executing the project. At present, a pathway is being constructed around the fairground; it would house about 70 temporary stalls. There would be a 500-seater open-air auditorium along with a restaurant. It would have three gates. The parking lot inside the grounds would accommodate 60 cars.

Monthly Real Estate Monitor – October 2013

Mumbai The office demand continued to be moderate in the month of September. Nevertheless, it remained polarised to the western suburbs where healthy transactions were recorded. Meanwhile, the major

deal closures were from the BFSI tenants who wanted to set up their back office functions. Vacancy rates were stable across the submarkets, except for a minimal decrease in the western suburbs and a minor appreciation in the eastern suburbs. It is important to mention that the projects that became operational in the month witnessed lukewarm pre-commitments. The major transactions in September included Bharatiya Mahila Bank leasing space in the CBD and CMA CGM taking up space in the western suburbs. Damji Shamji Business Galleria in the eastern suburbs was the lone completion during the month. Meanwhile, rents and capital values both remained stable across the city.

Retail demand on the high streets of Mumbai continued to grow. However, occupiers were seen considering the quality options in malls and standalone mixed-use projects. Select categories

such as fashion and accessories were seen expanding in select pockets of the city. Vacancy in malls remained stable during the month of September. Major transactions in the month included Bombay Dyeing renting space in R City Mall at in the eastern suburbs and Jashn taking up space on the high streets at Colaba. Rents and capital values both remained unaltered across all the submarkets during the month.

In the month of September, the residential market in Mumbai continued to see sluggish demand on the back of gloomy market conditions along with budgetary constaints from home buyers. Also,

uncertainty in the job market and the rising inflation were the reasons for the slowdown in the residential sales. In response to the poor demand from home buyers, the developers started cashing on to the festive season by offering freebies or limited period discounts on each booking of an apartment. The month witnessed new launches such as Omkar Ananta at Goregaon, Legranz at Chembur

and Wadhwa Solitaire in Thane. Rents continued to remain stable, except in select precincts such as Andheri, Wadala and Chembur, where rents inched up marginally. Meanwhile, capital values remained unmoved in September on the back of slowing demand because of the gloomy market conditions.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Lower Parel 155–185 19,000–23,000 BKC 260–360 25,000–35,000 Andheri 105–150 9,000–15,000 Goregaon-Malad 85–105 8,100–10,000 Wagle Estate 50–65 5,000–6,000 Thane-Belapur Road 45–60 5,100–6,000

Retail Rents

(mall space) Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Lower Parel 260–380 22,000–32,000 Malad 160–250 12,500–20,000 Ghatkopar 140–225 10,100–18,000

Mulund 125–200 10,000–16,000

Thane 100–170 8,000–14,000 Navi Mumbai 75–150 7,000–12,000 Residential Rents Capital Value

Key Precincts INR per month for a

1,000 sq ft 2BHK apartment

INR per sq ft

Lower Parel 87,000–95,000 24,000–35,000 Wadala 40,000–55,000 15,000–19,500 Andheri 35,000–54,000 12,000–21,000 Ghatkopar 35,000–48,000 9,800–15,000 Ghodbunder Road 12,000–25,000 5,500–9,000 Kharghar 12,000–20,000 4,800–8,000

INFRASTRUCTURE ONGOING >> According to the state government, the Navi Mumbai International Airport (NMIA) project is set to take off in three months. The state administration recently informed the Centre that the contentious issue pertaining to the compensation package of those whose land need to be acquired for the project will be resolved within three months.

Monthly Real Estate Monitor – October 2013

Pune

The transaction activity in the Pune office market continued to remain moderate during September. However, the continued demand and restricted ready supply collaboratively decreased the vacancy

levels. The major transactions during September included Capstone leasing space in Yerwada, Flextronics renting space on Nagar Road and AXA taking up space in SP Infocity, Fursungi. Meanwhile, Kapila Matrix became operational during the month. Rents and capital values continued to remain unaltered across all the submarkets during the month.

The malls in Pune witnessed continued slow activity during September. Seasons Mall, which opened last month in Hadapsar, now houses prominent brands such as Shoppers Stop, Westside, Croma, Max and

Star Bazaar. Pune's retail stock remained stable with no completion in the current month. However, Prime Mall, which is located in Pimpri, is ready for fit-outs and would likely become operational in the coming two to three months.

Pune continued to witness stable demand for residential sales. Major launches during the month included Panchshil’s Panchshil Towers in Kharadi Annexe, VTP Group’s Urban Sole in Wagholi and

Gera Developers’ Gera Isle in Kharadi. Rents and capital values both remained stable in the city during September.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft Hinjewadi 34–40 4,000–5,500 Hadapsar 40–50 5,000–6,000 Bund Garden Road 60–70 6,500–7,500 Viman Nagar 50–60 6,000–7,000 S.B. Road 55–75 6,500–7,500 Koregaon Park 60–70 6,500–7,500

Retail Rents

(High Streets) Capital Value

Key Precincts INR per sq ft per

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

Residential Rents Capital Value

Key Precincts

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

Wakad 10,000–12,000 4,500–5,500 Kharadi 11,000–15,000 5,000–6,000 Hadapsar 12,000–16,000 5,000–6,300 Hinjewadi 9,000–11,000 4.000–5,500 Undri 9,000–12,000 3,800–4,800 Pimpri-Chinchwad 8,000–12,000 4,000–5,000

INFRASTRUCTURE ONGOING >> The Maharashtra government has approved a metro rail project in Pune on 30 September. The project is estimated to cost about INR 100 billion and is expected to be completed by 2021. 10% of the funds for the project will come from the Pune Municipal Corporation (PMC) and the Pimpri-Chinchwad Municipal Corporation (PCMC), 40% will come from the state and the central governments (20% each) and the remaining 50% will be raised from private companies.

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 and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,400 employees operating in 76 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. For further information, please visit our website, www.ap.joneslanglasalle.com About Jones Lang LaSalle India Jones Lang LaSalle is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 6100, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory. The firm was named the Best Property Consultancy in India (5 Star Winner) at the International Property Awards - Asia Pacific for 2012-13. For further information, please visit www.joneslanglasalle.co.in

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