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Residential Property Market OverviewINDIA
QUARTERLY UPDATE | FEBRUARY | 2012
www.colliers.com
* SBI Home Loan Rate for Loan upto INR 50 Lakhs.** For amount below INR 1 Crore
ECONOMIC BAROMETER
RETuRN ON AlTERNATIvE INvEsTMENTs
Dec-10 Dec-11
REPO RATE 6.25% 8.50%
REVERSE REPO RATE 5.25% 7.50%
CRR 6.00% 6.00%
INFLATION 9.47% 7.47%
HOmE LOAN RATE* 8.00% 11.00%
Dec-10 Dec-11 YoY %
Change
GOLd 20,496 28,041 36.81%
SILVER 45,346 51,168 12.84%
FIxEd dEPOSIT
(= 1 yEAR)** 8.50% 9.25% 8.82%
EQUITy 20,389 15,836 -22.33%
REALTy INdEx 2,856 1,497 -47.57%
RESEARCH & FORECAST REPORTsYDNEY CENTRAl BusINEss DIsTRICT
INdIA RESIdENTIAL mARkETREsEARCh REpORT
4Q 2011 | THE KNOWLEDGE
Repo Rate Reverse Repo Rate Cash Reserve Ratio Wholesale Price Index
ECONOMIC INDICATORs
In P
erce
ntag
e
MACRO ECONOMIC OvERvIEW
As per the latest Reserve Bank of India (RBI) projections GdP growth rate was recorded at 6.9% •for 4Q 2011. The estimates by various agencies project the growth rate within a range of 7% to 8% for 2011-2012, suggesting a moderation in the growth process.
Provisional Wholesale Price Index as reported by ministry of Finance was 7.47% for december •2011. This quarter there was a slight decline in primary inflation due to the decrease food inflation which stood at -3.36%.
In 4Q 2011, RBI did not increase repo rates. It further stated that there will not likely be any •further increase to the policy rates, provided headline inflation moderates as is expected. The repo rate is currently at 8.5%.
The department of Industrial Policy and Promotion (dIPP) recorded FdI inflow for the period •April to October, 2011 in Housing & Real Estate at INR 2,130 crores; which is a 2/3rd reduction from the highs of the years 2008-09 and 2009-10. The Housing and Construction sector contribution to the total FdI has also reduced to 2.31% from to 7% in the previous year.
In 4Q 2011, Indian Rupee (INR) fell further by approximately 10% against the US dollar to close •at INRs 54.40 to 1.00 USd on 29th december 2011. The Rupee also weakened against the Euro dropping by approximately 5% to close the quarter at INRs 70.99 to 1.00 Euro.
Qualified Foreign Investor can now directly invest in the Indian Equity market. The investment •limit is to 5% and 10% for individual and QFIs respectively of their paid up capital of the company that they establish in India.
4.0
6.0
8.0
10.0
12.0
Jan
‘08
Feb
‘08
Jan
‘09
Feb
‘09
Jan
‘10
Feb
‘10
Jan
‘11
Feb
‘11
Apr
‘08
mar
‘08
mar
‘09
Apr
‘09
mar
‘10
Apr
‘10
mar
‘11
Apr
‘11
may
‘08
may
‘09
may
‘10
may
‘11
Jun
‘11
Jul ‘
08
Jun
‘08
Aug
‘08
Jul ‘
09
Jun
‘09
Aug
‘09
Jun
‘10
Jul ‘
10
Aug
‘10
Jul ‘
11
Aug
‘11
Sep‘
08
Oct
‘08
Sep‘
09O
ct‘0
9
Sep‘
10
Oct
‘10
Sep‘
11
Oct
‘11
Nov
‘11
dec
‘11
Nov
‘08
dec
‘08
Nov
‘09
dec
‘09
Nov
‘10
dec
‘10
2.0
0.0
(-2.0)
Source: Colliers International India Research
CApITAl vAluE TRENDs
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
3Q20
11
2Q20
11
1Q20
11
4Q20
10
3Q20
10
2Q20
08
1Q20
08
INR
per
sq ft
75,000
5,000
25,000
35,000
15,000
45,000
65,000
55,000
3Q20
08
malabar Hill, Altamount Road, Carmichael Road
Santacruz
khar
Prabhadevi
Colaba, Cuffe ParadeBandra
Andheri
Worli
Juhu
Breach Candy, Napeansea Road, Peddar Road
4Q20
11
Rebase to 100
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
08
1Q20
10
2Q20
10
3Q20
10
COllIERs REsIDEX 4Q 2011 - MuMBAI
50
60
70
100
90
80
120
150
140
130
110
COllIERs INTERNATIONAl | p. 3 p. 3 | COllIERs INTERNATIONAl
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
Aria Juhu Vile Parle development Parinee developers 4Q 2014 23,000
Green Acres malad East Nirman Relators 4Q 2016 8,500
Hill Crest Jogeshwari Vikhroli Link Road Hub Town 2Q 2014 9,500
Island City Center dadar East Bombay Realty 4Q 2016 37,500
Tripolis Goregaon West Ekta World 4Q 2016 10,500
MuMBAI
In 4Q 2011, various projects/phases of the •projects were completed in mumbai, including “kalpataru Aura” at Ghatkopar by kalpataru developers and “Lodha Bellissimo” by Lodha Group at mahalaxmi.
This quarter, the mumbai real estate market •witnessed the launch of several residential projects, such as “Hill Crest” by Hubtown Ltd., “Aria” by Parinee developers, “Island City Centre” by Bombay Realty, “Tripolis” by Ekta World and “Green Acres” by Nirman Relators. Lodha Group also launched its mix use development project called “New Cuffe Parade”, on its 23-acre land parcel in Wadala. This land was purchased in 2010 at approximately INR 4,500 crore.
The residential market remained subdued, •and fewer transactions were recorded during the quarter on account of an unstable global economy and rising interest. Capital values remained stable in almost all the micro markets except for a few locations such as Breach Candy, Napeansea Road, Peddar Road, Worli, Prabhadevi, Andheri and Powai where capital value values witnessed an increase in the range of 3 to 6% quarter on quarter.
The premium residential lease market •remained active at locations such as malabar Hill, Altamount Road, Carmichael Road, Breach Candy, Napeansea Road, Peddar Road, khar, Juhu and Powai. These locations observed an appreciation in rental values in the range of
1 % to 3% quarter on quarter.
The state government has decided to provide •an additional 0.33 Floor Space Index (FSI) in suburbs of mumbai. The FSI would be available to the developer on paying a premium. Currently, the state government allows an FSI of 1 in the suburbs and 1.33 in the island city.
CITY REsIDENTIAl BAROMETER
mUmBAI
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | MUMBAI
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
Cola
ba, C
uffe
Para
de
INR
per
sq ft
mal
abar
Hill
, Alta
mou
nt
Road
, Car
mic
hael
Roa
d
Wor
li
Brea
ch C
andy
, Nap
eans
eaRo
ad, P
edda
r Ro
ad
Prab
hade
vi
Band
ra
Sant
acru
z
Andh
eri
Pow
ai
khar
Juhu
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
INR per Sq ft Per month
Prabhadevi
Colaba, Cuffe Parade
Breach Candy, Napeansea Rd.,
Peddar rd.
malabar Hill, Altamount Road, Carmichael Road
200
150
100
50
0
Powai
Andheri
Juhu
khar
Santacruz Worli
Bandra
Note: * As quoted by developer
p. 4 | COllIERs INTERNATIONAl
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
kings Court Greater kailash- II dLF 1Q 2015 36,000
Queens Court Greater kailash- II dLF 1Q 2015 26,000
Capital Greens Shivaji marg dLF 2Q 2015 14,000
Winter Hills dwarka morh Umang Realtech 4Q 2013 7,000
COllIERs INTERNATIONAl | p. 4
DElhI
during 4Q 2011, several redevelopment •residential projects were ready for possession in locations such as Anand Niketan, Vasant Vihar, Westend, defence Colony and malcha marg.
No new project was launched during 4Q •2011.
Capital values for premium residential •properties observed a minor appreciation in the range of 2% to 5% quarter on quarter across all the micro markets. This could be attributed to the limited premium supply and scope of development.
due to continuous demand from expatriates •and officials of mNC and Indian Corporate for prime residential properties, rental values recorded an increase in the range of 7 to 10% quarter on quarter across all the micro markets, except for a few location such as Prithviraj Road, Aurangzeb Road, where rates remained stable.
The delhi state cabinet has hiked the circle •rates for the second time this year in delhi. The circle rate hike was highest in category ‘A’ (Anand Niketan, Bhikaji Cama Place, Friends Colony, maharani Bagh, Nehru Place etc.) at 250% while in B (defence Colony, Greater kailash, Green Park, Hauz khas etc.), C (Civil Lines, East of kailash, kalkaji, Lajpat Nagar etc.) and d (Anand Vihar, dwarka, Janakpuri,karol Bagh etc.) category areas the circle rates increased by 100%. Earlier this year in February, the circle rates increased up to 100% in various categories.
CITY REsIDENTIAl BAROMETER
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | DELhI
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
CApITAl vAluE TRENDs
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
dELHI
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
90,000
100,000
80,000
Anan
d Ni
keta
n,
Vasa
nt V
ihar
Panc
hash
ila, A
nand
lok,
Niti
Bagh
, SdA
Frie
nds
Colo
ny,
mah
aran
i Ba
gh
Shan
ti Ni
keta
n,
Wes
tend
Grea
ter
kaila
sh
I & II
, Sou
th
Exte
nsio
n
Golf
Link
s, J
or B
agh,
Su
nder
Nag
ar
Chan
akya
Pur
i
Prith
vira
j Roa
d,
Aura
ngze
b Ro
ad
INR
per
Sq F
t
10,000
0
20,000
30,000
40,000
50,000
60,000
70,000
80,000
90,000
1Q20
08
2Q20
08
1Q20
09
2Q20
09
3Q20
09
1Q20
10
3Q20
08
4Q20
08
4Q20
09
2Q20
10
3Q20
10
4Q20
10
3Q20
11
1Q20
11
2Q20
11
Golf Links, Jor Bagh, Sunder Nagar
Shanti Niketan, Westend
Friends Colony, maharani BaghPanchashila, Anandlok, Niti Bagh, SdA
Greater kailash I & II, South Extension
Chanakya Puri
Prithviraj Road, Aurangzeb Road
Anand Niketan, Vasant Vihar
INR
per
Sq F
t
Golf Links, Jor Bagh, Sunder Nagar
Chanakya Puri
Prithviraj Road, Aurangzeb Road
Anand Niketan, Vasant Vihar
Greater kailash I
& II, South Extension
Friends Colony, maharani Bagh
Shanti Niketan, Westend
Panchashila, Anandlok, Niti Bagh, SdA
160 140120100806040200
INR per Sq ft Per month
4Q20
11
COllIERs REsIDEX 4Q 2011 - DElhI
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
10
2Q20
10
3Q20
10
Note: * As quoted by developer
CApITAl vAluE TRENDs
Rebase to 100
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
10
2Q20
10
3Q20
10
COllIERs REsIDEX 4Q 2011 - guRgAON
50
60
70
100
90
80
120
150
140
130
110
COllIERs INTERNATIONAl | p. 5
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
Chintels kokoon Sector 109 ATS 4Q 2014 4,350
Cosmos City Sector 103 ERA Landmarks 1Q 2015 3,700
diplomatic Residency Sector 111 Puri Construction 4Q 2014 6,000
International City Sector 109, 106, 108 Sobha developers Ltd. 4Q 2014 13,500
Raheja Revanta Sector 78 Raheja Group 1Q 2015 5,200
Splendo Sector 57 Splendor Group 4Q 2013 5,500
COllIERs INTERNATIONAl | p. 5
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
guRgAON
This quarter, several projects were launched •in Gurgaon, including “diplomatic Residency” by Puri Constructions, “Splendo” by Splendor Group, “International City” by Shobha developers and “kokoon” by ATS and Chintels. The Projects were priced in the range of INR 5,500 to 6,000 per sq ft and were launched in dwarka Express Way and Golf Course Road Extension.
Construction activities remained slow, and •none of the major projects or phases of the project were offered for possession during the quarter.
Capital Values for premium ready-to-move •in residential properties located along Golf Course Road, Sohna Road, Sushant Lok and NH8 registered an increase in the range of
4 to 10% quarter on quarter.
Similarly, rental values for premium residential •properties also registered an increase in the range of 3 to 10% in almost all the micro markets.
kotak Realty Fund invested INR 170 crore in •the “Astaire Gardens” project being developed by BPTP, located at sector-70A. The project is spread over 102.2 acres and is expected to be completed towards the end of 2015.
In order to streamline the procedure of approval •of building plans in licensed residential and industrial plotted colonies for which licensed is granted under the provision of Haryana development and Regulation of Urban Area Act, 1975, the department introduced self certification system to reduce the complex procedure of approval of building plans.
CITY REsIDENTIAl BAROMETER
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | gURgAON
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
GURGAON
Sohna Road & Ext
Golf Course Road
NH-8
Sushant LokdLF Phase I
60
50
40
30
20
10
0
INR per Sq ft Per month
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
10
3Q20
10
18,000
16,000
14,000
2,000
0
4,000
8,000
6,000
10,000
12,000
3Q20
08
NH-8
Sushant Lok
dLF Phase I
Golf Course Road
Sohna Road & Ext
INR
per
sq ft
Golf
Cour
se R
oad
Sohn
a Ro
ad &
Ext
dLF
Phas
e I
Sush
ant L
ok
NH -
8
0
3,000
6,000
9,000
12,000
15,000
INR
per
sq ft
Note: * As quoted by developer
p. 6 | COllIERs INTERNATIONAl
NOIDA
during 4Q 2011, no major under construction •projects/phases of the project witnessed completion.The construction activities had slowed down during the quarterdue to agitation from farmers on land issue in the new sectors allocated by NOIdA authority. The construction activities are expected to start picking up as the NOIdA authority has cleared most of the land issues by paying old dues.
The number of new projects launched has •reduced significantly in comparison to previous 3 quarters. A prime residential project launched in this quarter was “Supernova” by Supertech Ltd in Sector 94, INR 13,500 per sq ft well above the average market price range. The project is proposed supposed to be a high rise mixed use development with around 80 storeys.
Capital values witnessed an increase in the •range of 4 to 9% quarter-on-quarter in almost all the premium residential sectors such as Sector 28-30, 44, 50, 92, 93 and 61-62.
In 4Q 2011, rental values in NOIdA increased •in the range of 3 to 7% quarter-on-quarter, due to demand from mNCs and limited availabilities of premium properties.
In an attempt to avoid any further agitation •by NOIdA farmers on land acquisition issues, the NOIdA Authority released a list of 2,663 farmers in 35 villages who will get five per cent developed plots in the final phase. The list, according to the Authority, is the final one for all the villages where land was acquired after 1997.
CITY OFFICE BAROMETER
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | NOIDA
NOIdA
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
0
2,000
4,000
6,000
8,000
10,000
Sect
or 2
8, 2
9, 3
0
Sect
or 9
2/93
Sect
or 6
1, 62
., 63
Sect
or 5
0
Sect
or 4
4
INR
per
Sq F
t
3Q20
09
2,000
3,000
4,000
5,000
6,000
7,000
9,000
10,000
8,000
1Q20
10
2Q20
10
3Q20
10
4Q20
09
1Q20
11
2Q20
11
3Q20
11
4Q20
10
Sector 61,62,63
Sector 28,29,30
Sector 44
Sector 92 / 93
Sector 50
INR
per
Sq F
t
Sector 50
Sector 44
Sector 28,29,30
Sector 92/93 Sector 61,62,63
25
20
15
10
5
0
INR per Sq ft Per month
CApITAl vAluE TRENDs
4Q20
11
30
COllIERs REsIDEX 4Q 2011 - NOIDA
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
10
2Q20
10
3Q20
10
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
Arista Sector 168 Sun World 4Q 2014 3,500
Cleo County Sector 121 ABA Corp. 2Q 2015 3,300
kaamna Greens Sector 143 Sikka Group 3Q 2015 2,800
Supernova Sector 94 Supertech 1Q 2015 8,500
Wave mega City Centre Sector 32 Wave Infratech 4Q 2015 7,300
Note: * As quoted by developer
CApITAl vAluE TRENDs
Rebase to 100
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
10
2Q20
10
3Q20
10
COllIERs REsIDEX 4Q 2011 - ChENNAI
50
60
70
100
90
80
120
150
140
130
110
COllIERs INTERNATIONAl | p. 7
CITY REsIDENTIAl BAROMETER
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | chENNAI
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
ChENNAI
A number of projects/phases of projects were •completed this quarter, including “Tulip“ by doshi Housing at kilpauk, “Orchid Springs” by Alliance Infrastructure at Padi, “kings Court” by Golden Homes and “Praveens” by Praveen Constructions at Anna Nagar, “Crest dusica” by Crest Homes at Alagaputhur and “Prapancha” by Catalyst Properties and “Boulevard” by Ceebros both located at Thoraipakkam.
The residential market remained active •during the quarter, and several projects were launched during the quarter. most of the projects were located in suburbs and were priced in the range of INR 2,800 to 7,000 per sq ft.
In 4Q 2011, rental values for premium •residential properties remained stable across all the micro markets. However, rental values witnessed slight increase especially in the mid-range housing segment.
Following the previous quarter trends, capital •values for high-end residential properties remained stagnant during the review period due to cautious investor sentiment.
The state government has approved a six-lane •expressway on a 344 km stretch between Chennai and Bengaluru, which would be funded through a public-private partnership (PPP). Real estate activities are expected to increase along the highway. The state government has also planned to set up a 311 acre satellite township at Thirumazhisi along this highway.
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
CHENNAI
Adyar
Anna Nagar
Nungambakkam
Boat Club
Siruseri/ kazipattur
Sholinganallur
Velachery
Alwarpet / R A Puram Beasant Nagar
T Nagar
75
60
45
30
15
0
INR per Sq ft Per month
3,000
0
6,000
9,000
12,000
18,000
21,000
15,000
3Q20
08
4Q20
08
2Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
3Q20
11
4Q20
11
2Q20
11
1Q20
11
4Q20
10
3Q20
10
1Q20
08
Boat ClubBeasant Nagar
NugambakkamSiruseri/ kazipattur
Velachery
Sholinganallur
Alwarpet / R A Puram
Anna Nagar
T NagarAdyar
INR
per
sq ft
Boat
Clu
b
Nung
amba
kkam
Anna
Nag
ar
T Na
gar
Beas
ant N
agar
Adya
r
Shol
inga
nallu
r
Alw
arpe
t / R
A P
uram
Vela
cher
y
Siru
seri/
kaz
ipat
tur0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
INR
per
sq ft
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
Amara Ananta Palavakkam, ECR AR Group 1Q 2014 10,000
Boulevard Vandalur-kelambakkam road Vijayshanthi 4Q 2013 2,800
Four Seasons ECR marg Swarnabhoomi 3Q 2013 2,000
Serene Adinath Vandalur Covai Property Centre 4Q 2013 2,450
Thazham OmR Vasavi Housing 4Q 2013 3,750
Versailles Uthandi, ECR Casa Grande 4Q 2013 7,000
Note: * As quoted by developer
p. 8 | COllIERs INTERNATIONAl
BENgAluRu
This quarter several projects/phases of •the projects were ready for possession in Bengaluru, including “Purva Highlands” located at kanakpura and “Purva Venezia” at yelahanka by Purvankara developers and “Victory Harmony” at RT Nagar by Victory Builders & developers.
In terms of new projects launched, the •Bengaluru market remained active during 4Q 2011. However, the number of residential projects launched by grade A developers has reduced significantly from the previous three quarters. Two of these new projects were launched in peripheral locations, devanahalli, yemalur ORR and kanakapura Road, and were priced in the range of INR 2,650 to 7,450 per sq ft.
The capital values for premium residential •properties increased in the range of 7 to 10% quarter on quarter in location like Central Bengaluru, Indiranagar and Cooke Town due to limited supply in these areas. Capital values in suburban and peripheral locations remained stable during the quarter.
Rental values for prime residential properties •remained stable in almost all the micro markets, barring Whitefield, where rentals witnessed an increase by 5% quarter on quarter due to increasing leasing activities in this area.
In 4Q 2011, development work for signal free •corridor between Sirsi circle to Agara Lake has been commenced. This is expected to improve the connectivity between the ORR (Sarjapur-marathahalli) and koramangala.
CITY REsIDENTIAl BAROMETER
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | BENgALURU
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
0
2,000
4,000
8,000
6,000
10,000
14,000
16,000
18,000
12,000
yela
hank
a
Whi
tefie
ld (A
ppts
)
kora
man
gala
Bann
ergh
atta
Ro
ad
Indi
rana
gar
Airp
ort R
oad
Pala
ce O
rcha
rd
Jaya
naga
r
Cook
e To
wn
INR
per
Sq F
t
Cent
ral
1Q20
08
2Q20
08
3Q20
08
INR
per
Sq F
t
02,000
4,000
6,000
8,000
10,000
14,000
12,000
16,000
18,000
2Q20
10
4Q20
09
1Q20
10
4Q20
08
1Q20
09
2Q20
09
3Q20
09
3Q20
10
4Q20
10
1Q20
11
2Q20
11
4Q20
11
3Q20
11
Central
yelahanka
koramangala
Indiranagar
Cooke Town Jayanagar
Bannerghatta Road
Palace Orchard
Airport Road
Whitefield
CApITAl vAluE TRENDs
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
Palace Orchard
Jayanagar
Cooke Town
Central
yelahanka
Whitefield (Appts)
koramangala
Bannerghatta Road Airport Road
Indiranagar
70
55
40
25
10
-5
INR per Sq ft Per month
BENGALURU
COllIERs REsIDEX 4Q 2011 - BENgAluRu
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
10
2Q20
10
3Q20
10
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
Brigade Orchids devanahalli Brigade Group 4Q 2013 6,000
Century Linea kanakapura Road Century Group 4Q 2014 4,200
Embassy Prispine ORR Embassy Group 4Q 2014 5,600
Rohan Jhorka Phase II yemalur Rohan Builders 4Q 2013 3,850
Skyline Exantus kanakapura Road Skyline Group 4Q 2014 3,250
Tata Promonte Banashankari TATA Housing 4Q 2013 7,450
Note: * As quoted by developer
Rebase to 100
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
10
2Q20
10
3Q20
10
COllIERs REsIDEX 4Q 2011 - KOlKATA
50
60
70
100
90
80
120
150
140
130
110
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
Emami City Nagerbazar Emami Realty 1Q 2015 4,100
Greentech City Rajarhat Vedic Realty Pvt Ltd &
diamond Group1Q 2015 2,200
Omni Lakeview RajpurBengal Omni Tech
Nirman Ltd1Q 2015 2,200
Rameswara Waterview Rajarhat Rameswara Group 3Q 2014 2,300
Rishi meridian Rajarhat Rishi Group 4Q 2014 2,500
Siddha Sphere Rajarhat Siddha Group 4Q 2014 2,700
Note: * As quoted by developer
COllIERs INTERNATIONAl | p. 9
KOlKATA
Projects/phases of the projects that were •ready for possession in kolkata this quarter were “Purti Colours” by Purti Realty, “diamond Residency” by Super diamond Nirman Pvt. Ltd both located at Behala, “Sankalpa Phase I” by WBIdFC, “Greenfield Ambition” by Bengal Greenfield and “Rosedale” by Rosedale developers, all three located at New Town and “Ekta Oleander” by Base developer at Beliaghata, and ‘Purti Flower Phase II’ by Purti Realty at mahestala.
New projects launched this quarter were •primarily located at peripheral locations such as Rajarhat, Rajpur and Nager Bazar and were priced between INR 2,200 to 4,100 per sq ft.
demand remained positive and capital values •across all the micro markets witnessed minor appreciation in the range of 1 to 3% quarter on quarter. Capital values in Rajarhat recorded an average increase of approximately 8% quarter on quarter. This increase can be attributed to the rising demand in this area due to availability of quality apartment in the affordable price range.
Rental values in almost all the micro markets •witnessed an increase in the range of 3% to 9% over the quarter except in areas like Behela, Em Bypass and VIP Road due to large availability.
The government has approved Infosys •proposal to establish its second campus at Rajarhat, and there is also a financial hub being planned in the same region. Both of these are expected to generate demand for residential real estate in the market inthe near future.
CITY REsIDENTIAl BAROMETER
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | KOLKATA
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
CApITAl vAluE TRENDs
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
kOLkATA
Alipore
Tollygunge
PA Shah Road
Bhawanipur
New Town Rajarhat
VIP Road
Em Bypass
Ballygunge
Salt Lake Behela
Loudon Street
35
30
25
15
10
5
0
INR per Sq ft Per month
3Q20
08
4Q20
08
2Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
1Q20
10
2Q20
10
2Q20
10
3Q20
1
3Q20
1
4Q20
09
2Q20
11
3Q20
11
4Q20
11
1Q20
10
4Q20
10
2,000
0
4,000
8,000
6,000
10,000
12,000
1Q20
08
Bhawanipur
Em BypassBallygunge Loudon Road
Behela
Alipore Tollygunge
BhawanipurNew Town - Rajarhat
VIP RoadSalt Lake
INR
per
sq ft
Bhaw
anip
ur
PA S
hah
Road
Tolly
gung
e
Loud
on S
tree
t
Behe
la
Alip
ore
Em B
ypas
s
Bally
gung
e
Salt
Lake
VIP
Road
New
Tow
n Ra
jarh
at
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
INR
per
sq ft
p. 10 | COllIERs INTERNATIONAl
magarpatta/Hadapsar
deccan/Camp/Boat Club
kalyani Nagar/Viman Nagar/kharadi
Pimpri/Chinchwad/Chakan
NIBm/Undri/kondhwa
kothrud/Bavdhan/Wajre Baner/Hinjewadi/Wakad/Pashan
30
25
15
10
5
0
INR per Sq ft Per month
puNE
•The premium residential market of Puneinclude deccan, Camp, Boat Club Road, kalyani Nagar and central Pune. Locations like Hinjewadi, magarpatta, Hadapsar, Baner, Viman Nagar and NIBm have emerged as ideal destination for residence consist of high end and mid range apartments. Upcoming location in peripheral areas includes kharadi, kothrud, khodhwa, Pimpri Chinchwad, Undri, Wanowari and Pashan.
•During 4Q 2011, various premium projects/phase of projects were completed, including “Rohan Ishita” by Rohan Builders At mundhwa, “kapil Tranquil Greens” at Baner and “kapil Aasmat” at Pashan by Shree Bal developers, and mind Space in Wakad by Saffron Realty. These projects were priced in the range of INR 5,000 to INR 8,000 per sq ft.
•In 4Q 2011, several premium projects werelaunched in locations like Baner, Viman Nagar, Wakad, Fatima Nagar, mhatre Bridge, Aundh, NIBm Road, Hinjewadi and Pimpri-Chinchwad, projects were priced in the range of INR 5,000 to 8,000 per sq. ft.
•CapitalValuesremainedstableinalmostallthemicro markets except in kalyani Nagar, Viman Nagar, Baner, Hinjewadi and Wakad locations, where values increased from 1 to 2%. •During 4Q 2011, rental values remainedstable in almost all the micro markets in Pune, except for locations such as Baner, Hinjewadi, Wakad, Pashan and Balewadi, where an average increase of 4% quarter on quarter was observed. This was primarily due to consistent demand for rented accommodation from the working population in nearby commercial hubs.
CITY REsIDENTIAl BAROMETER
3Q 2011 4Q 2011
RENTAl vAluE
CApITAl vAluE
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | PUNE
4Q 2011 pREMIuM REsIDENTIAl AvERAgE CApITAl vAluE
CApITAl vAluE TRENDs
4Q 2011 pREMIuM REsIDENTIAl AvERAgE RENTAl vAluE
PUNE
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
3Q20
10
2Q20
11
1Q20
11
3Q20
11
4Q20
11
4Q20
10
3,000
2,000
4,000
7,000
8,000
9,000
6,000
5,000
10,000
kalyani Nagar/Viman Nagar/kharadi deccan/Camp/Boat Club/Central Pune
magarpatta/Hadpsar Baner/Hinjewadi/Wakad/Pashan/Balewadi
kothrud/Bavdhan/Wajre NIBm/Undri/kondhwaPimpri/Chinchwad/Chakan/Talegaon
INR
per
sq ft
kaly
ani N
agar
/Vi-
man
Nag
ar/k
hara
di
Bhaw
anip
ur
decc
an/C
amp/
Boat
Clu
b
Bane
r/H
inje
wad
i/W
akad
/Pas
han
mag
arpa
tta/H
adap
sar
NIBm
/Und
ri/ko
ndhw
a
koth
rud/
Bavd
han/
Waj
re
Pim
pri/C
hinc
hwad
/Ch
akan
0
2,000
4,000
6,000
8,000
10,000
INR
per
sq ft
COllIERs REsIDEX 4Q 2011 - puNE
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
11
4Q20
09
1Q20
10
2Q20
10
3Q20
10
Note: * As quoted by developer
NEW pROJECTs
PROJECT NAmE LOCATION dEVELOPER NAmE TENTATIVE POSSESSION RATE (PER SQ.FT.)*
43 Privet drive Balewadi Bhandari Associates 4Q 2013 6,000
Camelot Royale Viman Nagar mainland Buildcon 3Q 2014 5,500
Empire Estate Phase-II ChinchwadSukhwani-Agrawal
Group4Q 2013 4,800
Galaxy mhatre Bridge kool Homes 4Q 2013 15,000
monte Cristo Baner manav Group 4Q 2013 7,500
COllIERs INTERNATIONAl | p. 11
THE KNOWLEDGE | 4Q 2011 | REsIDENTIAL | sUBMARKETs
MumbaiThe high-end residential real estate markets in mumbai include malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy, Colaba, Cuffe Parade, Prabhadevi, Worli, Bandra, khar, Santacruz, Juhu and Powai.
DelhiThe prime residential areas in delhi are in the South region and comprise Vasant Vihar, Westend, Shanti Niketan, Anand Niketan and Central delhi locations. These areas enjoy proximity to embassies, the airport and central commercial areas - Connaught Place.
GurgaonThe prime residential locations of Gurgaon include Golf Course Road, dLF Phase I, Sushant Lok and Sohna Road. The delhi- Jaipur Highway (NH-8) is also emerging as a preferred residential location owing to its proximity to the national capital.
NOIDANOIdA premium residential market is comprised of sectors 44, 50, 92, 61, 62, 63 , 28, 29, 30 and Taj Express Highway.
ChennaiThe prime residential areas in Chennai include Thiruvanmiyur, Valmiki Nagar and Besant Nagar, R.A Puram, mylapore and Adyar in South Chennai, Nungambakkam, Chetpet, Poes Garden, Egmore, Alwarpet, T. Nagar in Central Chennai; and Anna Nagar, kilpauk in North West Chennai.
BengaluruThe residential market of Bengaluru comprises both apartments and independent residences. Currently, high-end residential developments are mainly concentrated along the CBd, and Eastern and South precincts of the city. Recently, Northern Bengaluru has also witnessed a spree of realty activity facilitated by the new International Airport at devanhalli.
KolkataThe prime residential areas in kolkata include PA Shah Road, Tollygunge and Bhawanipur in South kolkata, Alipore and Behala in South-west kolkata, Loudon Street and Ballygunge in Central kolkata; and Salt Lake, Em Bypass and VIP Road in North kolkata.
Pune The prime residential areas in Pune include kalyani Nagar, Viman Nagar, Boat Club Road, NIBm Road, magarpatta, Hadapsar, koregaon Park. Recently, increased activities has been witnessed in Pimpri-Chinchwad, Baner-Pashan and kondhwa.
REsIDENTIAl suBMARKETs
CITY BAROMETERs
COllIERs REsIDEX
Increasing as compared to previous quarter
decreasing as compared to previous quarter
Remained stable from previous quarter
Colliers Residex represents the average secondary sale prices of high end properties. Residex has been derived by rebasing the capital values as 100 as on 1Q 2008.
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For national residential services related queries please contact:
Poonam mahtani, National director Residential Services & knowledge Systems [email protected]: 91 22 4050 4551
Mumbai : Prabhu Raghavendra, Office director [email protected] 31/A, 3rd floor, Film Center, 68, Tardeo Road, mumbai, India - 400 034. Tel : 91 22 4050 4500, fax : 91 22 2351 4272
Delhi NCR : Ajay Rakheja, Office director [email protected]
New delhi : Statesman House, 4th Floor, Barakhamba Road, Connaught Place, New delhi, India - 110 001 Tel : 91 11 4360 7500 - 23, fax : 91 11 2335 6624
Gurgaon : Technopolis Building, 1st floor, dLF Golf Course main Road, Sector 54, Gurgaon, India - 122 002 Tel : 91 124 437 5807, fax : 91 124 437 5806
Bengaluru : Goutam Chakraborthy, Office director [email protected] Prestige Garnet, Level 2, Unit No.201/202, 36 Ulsoor Road, Bengaluru, India - 560 042 Tel : 91 80 4079 5500, fax : 91 80 4112 3131
Pune : Suresh Castellino, Office director [email protected] Hotel Le meridian, 101, R.B.m. Road, Pune, India - 411 001 Tel : 91 20 4120 6438, fax : 91 20 4120 6434
Chennai : kaushik Reddy, Office director [email protected] Heavitree Complex, Unit 1C, 1st floor, 23, Spurtank Road, Chetpet, Chennai, India - 600 031 Tel : 91 44 2836 1064, fax : 91 44 2836 1377
Kolkata : Soumya mukherjee , Office director [email protected] Infinity Business Centre, Infinity Benchmark, Room No 13, Level 18, Plot G - 1, Block EP & GP, Salt Lake Sector V, kolkata - 700 091 West Bengal, India Tel : 91 33 2357 6501 , fax : 91 33 2357 6502
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THE KNOWLEDGE | 4Q 2011
Accelerating success.
AUTHORS
Amit Oberoi MRICSNational director, Valuation & Advisory; ResearchEmail: [email protected]
Surabhi Arora MRICSAssociate director, ResearchEmail: [email protected]
Sachin SharmaAssistant manager, ResearchEmail: [email protected]
Heliana ManoAssistant manager, Research Email: [email protected]
For general queries and feedback :[email protected] Tel: 91 124 456 7580
This report and other research materials may be found on our website at www.colliers.com/India. Questions related to information herein should be directed to the Research department at the number indicated above. This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.
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