india real estate update

1. Monthly Real Estate Monitor – May 2012
In the meantime investors will have to re-assess their investment
Impact of GAAR on Indian strategies. At the same time, to address the investors’ concerns,
Real Estate how GAAR will be implemented will have to be made clear.
Although GAAR is being introduced to reduce misuse of codes, it
may complicate the tax structure instead of simplifying it. However,
The recent introduction of General Anti-Avoidance Rules (GAAR)
the real consequences of GAAR will be known only when
within the Direct Tax Code 2010 of the union budget 2012-2013 has
transactions are scrutinised in the months ahead. With mixed views
caused anxiety among foreign investors in India, especially the FIIs.
on the short term investment scenario, we hope that an efficient
The sensex dipped to a two-month low. It is clear that the real estate
implementation of GAAR will lead to a clarified and improving
sector, being one of the prime sectors that attract foreign
investment scenario. We also think that, the investment opportunity
investment, will definitely not be spared the impact of these new
and growth story of India is so strong that investors will definitely
rules.
find ways to tackle GAAR and this will not dampen investment
sentiments in India.
In simple terms the introduction of GAAR will allow the tax
authorities to deny tax benefits in any transaction which is aimed
Figure 1: Financial Indicators
solely at “tax avoidance”. There is also a provision for a retroactive
Grade A Rental Value Capital Value
tax on overseas deals. Because of this, taxpayers will now have to Office Retail Residential
prove that the intention of the transaction was not to obtain tax Delhi NCR   
Mumbai   
benefits. In India GAAR will be applicable from 1 April 2012 Bangalore   
onwards. Although the motive of GAAR is to counter aggressive tax Chennai   
avoidance schemes it is expected to bring in more transparency and Pune   
Hyderabad   
reduce sham transactions. However, investors are concerned about Kolkata   
how this will be implemented and also if GAAR will override Source: Jones Lang LaSalle Research
international tax agreements (especially the tax haven routes). For
the time being these concerns remain.
Think about It!!
The union budget 2012-13,
As GAAR will also affect the real estate sector, uncertainty over its proposed 1% tax deduction
implementation is causing anxiety among investors. This may result at source for property
transactions above INR 5
in investments slowing down in the short term. On the one side,
million in metros and above
some market experts feel that India may not be selected for Deal of the month INR 2 million in non-metros.
investment due to anxiety over GAAR, while on other, it is Morgan Stanley invests $90
million (around INR 4.5
forecasted that in the long term, the implementation of GAAR will billion)as debt in a 18 acre
not result in any slowdown in investment as the future of Indian real Residential development in
Mumbai by Sheth
estate is promising. As our recent report “Reaping the Returns” Developers Pvt. Ltd Green Wall
showed, India is perceived by global investors to be a most Indian Green Building
Council (IGBC) has
attractive investment destination. The value of investment grade real registered a building area of
estate that is under construction in India is estimated to be about 1 billion sq ft in March
comprising of 1,505
USD 180 billion as of 4Q11, and this is an indication of the country’s projects.
potential which investors will definitely not want to ignore. Therefore
even we feel that with the promising growth story of India the
investor interest will continue to remain strong on Indian real estate
in the long term.

2. Monthly Real Estate Monitor – May 2012
Office Rents Capital Value
Bangalore INR per sq ft
Key Precincts per month INR per sq ft
Outer Ring Road (North) 48-52 5,000-6,000
Old Airport Road 60-65 6,000-7,000
Office space leasing continued to remain strong in Outer Ring Road (Eastern) 46-48 4,500-5,000
March in Bangalore. Majority of the leasing was Old Madras Road 30-34 3,000-3,500
contributed by the IT/ ITES companies who leased Electronic City 26-28 2,400-2,800
Retail Rents Capital Value
large format spaces. The fast declining leasable
INR per sq ft
space has led to the decrease in vacancy in most of the sub- Key Precincts per month INR per sq ft
markets of Bangalore. This has also increased the rents and capital Koramangala 80-150 9,000-16,000
values. The major tenants who leased space in were Time Warner, Indiranagar 90-180 12,000-18,000
New BEL Road 50-80 6,000-10,000
InMobi, Indegene, SmileInteractive, Flipkart and Quintiles. Icon India
Commercial Street 175-250 16,000-20,000
located at Whitefield was the only building that commenced Jayanagar 80-120 7,000-15,000
operations in March. This building did not witness any pre-leasing. Residential Rents Capital Value
Rents and capital values of office space increased marginally in the INR per month
SBD and Whitefield sub-markets, due to limited supply and for a 1,000 sq ft
2BHK
increased demand from IT occupiers. Key Precincts apartment INR per sq ft
Old Madras Road 10,000-15,000 5,000-6,000
Indiranagar 18,000-20,000 10,000-20,000
Bellary Road 8,000-10,000 3,000-4,000
Hosur Road 10,000-12,000 3,000-4,500
Retail demand continued to be strong as the
Whitefield 10,000-15,000 3,000-5,000
retailers expanded their foot print in both high streets Tumkur Road 7,000-10,000 3,000-5,000
and malls. Orion mall located at Rajaji Nagar Kanakapura Road 7,000-10,000 3,000-4,500
became operational in March. The mall commenced Mysore Road 6,000-10,000 2,500-3,500
operations with more than 80% occupancy rate. Star Bazaar, PVR
Cinemas and Time zone are amongst the anchor tenants, while
Wills Lifestyle, Espirit, Jack& Jones etc are amongst the small INFRASTRUCTURE ONGOING
format stores. The 22.12 km long elevated six-lane expressway project is
part of the Hyderabad-Bangalore section under Phase VII of
the National Highway Development Project. Estimated to be
Residential demand also remained upbeat in built at a cost of INR 6.8 billion on a BOT basis, the
Bangalore in March. The demand was due to buyer construction is expected to get completed by 2013.
sentiment shifting towards purchasing a property
rather than paying high rents, as well as the entry of
buyers from other Tier I and II cities particularly for investment
purpose. The projects that saw good absorption in March included
Karle Zenith, Prestige Tranquility, Mantri Alpyne, Prestige Park
View, DLF Maiden Heights, Provident Harmony and Prestige Silver
Crest. Capital values appreciated marginally across various sub-
markets due to an increase in sales volume and new launches that
were priced above market average.

3. Monthly Real Estate Monitor – May 2012
Office Rents Capital Value
Chennai INR per sq ft per
Key Precincts month INR per sq ft
Mount Road 60-90 9,000-15,000
RK Salai 70-100 10,000-15,000
With relatively bigger deals in the pipeline, the city Pre-toll OMR 35-55 5,000-6,500
witnessed modest leasing during March. Companies Post-toll OMR 25-35 3,500-5,000
Guindy 40-55 6,000-8,500
continue to lease spaces cautiously as IT/ITES
Ambattur 25-35 3,250-4,500
players are holding their expansion plans and Retail Rents Capital Value
postponing them towards the second half of the year. Manufacturing INR per sq ft per
sector continued to lease more space during the quarter. Renault Key Precincts month INR per sq ft
T.Nagar 120 - 180 12,000-15,000
Nissan leased space on GST Road in March. Project delays
Nungambakkam 130 - 150 13,000-16,000
continued to cap new supplies helping vacancy levels to remain
Velachery 80 - 100 10,000-12,000
stable. Pre-toll OMR 50 - 70 8,000-11,000
Anna Nagar 110 - 140 11,000-13,000
LB Road (Adyar) 130 - 150 12,500-14,000
Residential Rents Capital Value
INR per month
Small format stores in the CBD were in demand for a 1,000 sq ft
during March. Canon Image studio, Gem palace, Key Precincts 2BHK apartment INR per sq ft
Adyar 16,000 - 25,000 9,500 – 16,500
Lasya, Kryolan, Timex and Eye t world were some
Medavakkam 7,000 - 14,000 3,600 – 4,800
of the brands which occupied vacant spaces in
Tambaram 6,000 - 15,000 3,500 – 4,500
Ramee Mall at Mount road. High streets continued to witness a Anna Nagar 15,000 - 25,000 9,000 – 14,000
healthy demand amidst lack of new mall space in the city. Low retail Porur 5,000 - 10,000 3,600 – 4,300
activity kept the rental and capital values stable across the Sholinganallur 9,000 - 12,000 4,000 – 5,000
submarkets.
INFRASTRUCTURE ONGOING
>> State Government announced an INR 5 billion metropolitan
development scheme for Chennai and its suburbs, INR 7.50
Residential market in Chennai is witnessing new billion for other corporations and municipalities and
trends. Chennai which was predominantly a 2BHK INR 2 billion for improving roads.
and 3BHK apartment market is slowly seeing more >> Ascendas and a Japanese consortium will set up a 1,500
villas being launched. With the entry of more pan- acre integrated industrial township at a cost of around
India players, demand for luxury and studio apartments is also INR 35 billion near Chennai.
catching up. With historic launches and improved absorption, rental
and capital values have increased across different sub-markets,
especially in the suburbs.

4. Monthly Real Estate Monitor – May 2012
launched in Noida. Residential project prices kept showing an
Delhi upward trend while demand also remained healthy. Capital values in
the residential sector grew at a faster pace. Rents showed an
increase in Gurgaon, Delhi and Faridabad sub-markets while
Commercial absorption was moderate in March as remaining stagnant in Noida and Ghaziabad.
leasing decisions were postponed due to closure of
financial year in India. Tenants were focused on Office Rents Capital Value
INR per sq ft per
consolidation or cautionary expansion in to Key Precincts month INR per sq ft
affordable sub-markets. Some firms vacated spaces, which led to an Barakhamba Road 140-350 23,000-32,000
increase in vacancy across select precincts. Notable leases - UHG Jasola 110-170 16,000-21,000
DLF Cybercity 65-70 NA
leased space in Oxygen SEZ tower D on the Noida-Greater Noida MG Road 110-125 14,000-17,000
Expressway while Hewitt pre-committed space in 3C’s Commercial Golf Course Road 80-90 10,000-12,000
project in Sector 127 in the same precinct. Sohna Road 45-55 6,500-8,000
Retail Rents Capital Value
INR per sq ft per
A Fresh supply of office space was mostly seen in Gurgaon and Key Precincts month INR per sq ft
Noida sub-markets. A few completions in March were Sun Ramfield South Delhi 180-240 21,000-27,000
West and North Delhi 140-220 14,000-21,000
Solution at Noida City and Boston Tower on Noida-Greater Noida Gurgaon-MG Road 140-230 15,000-20,000
Expressway in Noida, ASF Insignia Phase 1 Block C on Golf Course Rest of Gurgaon 60-100 8,000-12,000
Road and DLF Building 5 Tower C on NH-8 in Gurgaon. The Noida 130-220 14,000-24,000
Ghaziabad 90-150 10,500-16,000
occupancy levels in these newly completed buildings were good as Residential Rents Capital Value
ASF Insignia is entirely leased out to TCS, DLF Building 5 Tower C
INR per month for a
is 35% leased out. Rents remained stagnant, except specific 1,000 sq ft 2BHK
precinct level increases in the Gurgaon sub-market. Capital values Key Precincts apartment INR per sq ft
also remained stable, with increments seen only for leased property Golf Course Road 13,000-15,000 9,500-15,000
Sohna Road 9,000-10,000 4,800-6,800
sale options. Golf Course Extension Road 10,000-12,000 6,200-7,700
Noida-Greater Noida
Expressway 11,000-12,000 4,000-5,500
Noida City 10,000-12,000 4,200-6,000
Retail absorption was moderate as supply in Indirapuram 10,000-11,000 3,300-4,000
prominent malls was down to single digits with
retailers looking only at select projects for INFRASTRUCTURE ONGOING
expansion. Savoy Outlet mall in Gurgaon & Eros >> The upcoming Dwarka-Gurgaon Expressway seems to
Metro mall at Dwarka in Delhi commenced operations in March. finally be taking off from ground as all pending litigations are
Savoy Outlet Mall saw prominent retailers like McDonalds, Sisley resolved and construction contract has been awarded to
among others. Rents and capital values remained stable in March. Indiabulls
>> Planned Monorail project to connect parts of East Delhi to
ease congestion. Another monorail project under construction
Residential saw many project launches in March, in Gurgaon connecting DLF Cyber City with the Metro network.
marking the hectic activity being witnessed in this
sector. The major project launches were DLF The
Primus & DLF Regal Gardens both part of the DLF
Gardencity project, Green Parc-II Petioles by SARE in Gurgaon.
Wave Amore & WCC studio apartments by Wave Infratech were

5. Monthly Real Estate Monitor – May 2012
Hyderabad Office Rents Capital Value
INR per sq ft per
Key Precincts month INR per sq ft
Begumpet 45-55 4,500-6,500
Demand for office space was moderate in March. Banjara Hills 50-60 4,500-7,500
Hitec City and Gachibowli, the prime IT hubs of the Hitec City 34-42 4,000-5,200
city, are facing a supply crunch. Therefore tenants Gachibowli 34-38 4,000-5,000
have started leasing spaces in the emerging Uppal 25-35 3,000-4,000
suburban locations such as Uppal and Pocharam. Genpact leased Shamshabad 20-25 3,000-4,000
Retail Rents Capital Value
space in K R C Mindspace East, located at Pocharam in the eastern
INR per sq ft per
part of Hyderabad. However, pre-leasing in buildings that are under Key Precincts month INR per sq ft
construction remained strong; DuPont pre-leased space in TSI Banjara Hills 100-120 10,000-12,000
Waverock’s Phase 2. The supply crunch in Hitec City and Jubilee Hills 110-140 11,000-14,000
Gachibowli has pushed up the rents and capital values marginally Secunderabad 80-100 8,000-10,000
Hitec City 100-120 10,000-12,000
over the month.
Kukatpally 80-100 8,000-10,000
Dilshuknagar 60-80 6,000-8,000
Residential Rents Capital Value
Retailers continued to focus on leasing in high INR per month for a
streets. There was no new supply of malls in the 1,000 sq ft 2BHK
Key Precincts apartment INR per sq ft
month of March. Malls that were expected to begin
Banjara Hills 13,000-20,000 5,500-10,000
operations in March postponed their plans for a few Begumpet 10,000-15,000 3,500-4,000
more months. The rents and capital values continued to remain Kondapur 10,000-15,000 2,800-4,500
stable in March. Tellapur 8,000-12,000 2,200-2,800
Kukatpally 7,000-10,000 3,300-3,500
Miyapur 5,000-6,000 1,800-3,300
Residential demand remained moderate in March.
INFRASTRUCTURE ONGOING
Aparna Cyberzon, located at Tellapur close to
>> Hyderabad Metropolitan Development Authority (HMDA)
Aparna Developer’s two other projects Aparna
approved an inter-city bus terminal at Miyapur.
Sarovar and Aparna Cyber Commune, was soft
>> 71.6-km-long Hyderabad metro rail project is almost ready
launched. As this is situated in the western part of the city it is
for implementation. The phase I of the project will cover two
expected to witness good sales. However, the plans of the project
tracks- 8 kms between Nagole and Mettuguda and 12 kms
are awaiting approvals. Overall, rents and capital values remained
between Miyapur and Ameerpet, which are expected to be
stable over the month of March. Few projects that are in the final
complete by end of 2014.
stages of completion continued to increase prices.
.

6. Monthly Real Estate Monitor – May 2012
Kolkata
Office Rents Capital Value
INR per sq ft per
Kolkata’s office market remained buoyant in March. Key Precincts month INR per sq ft
Most of the leasing activity was focused in the Park Street 90-120 9,000-11,000
Topsia 55-65 5,000-7,000
suburban sub-markets of Salt Lake and Rajarhat.
Salt Lake 40-50 4,000-5,000
Rents and capital values witnessed a nominal Rajarhat 25-35 3,000-3,500
upsurge during March on the back of reviving sentiments amongst Retail Rents Capital Value
INR per sq ft per
occupiers, coupled with increased cost of inputs. Over the course of Key Precincts month INR per sq ft
the month, Digicable leased space at Assyst Park in Salt Lake Elgin Road 120 - 180 12,000-15,000
Sector V and Learning Mate leased space at Ecospace in Rajarhat. Park street (high street) 130 - 150 13,000-16,000
Prince Anwar Shah
Road 80 - 100 10,000-12,000
Salt Lake 50 - 70 8,000-11,000
Demand from retailers was mostly focused on malls Residential Rents Capital Value
INR per month
in the suburban locations due to lack of leasable for a 1,000 sq ft
space in prime city areas. There were no new Key Precincts 2BHK apartment INR per sq ft
Alipore 35,000 - 40,000 10,000 - 15,000
completions in the month of March. Rents and
PA Shah Road 18,000 - 20,000 3,500 - 4,500
capital values (for retail space) witnessed a rise across sub-markets, EM Bypass 14,000 - 16,000 3,000 - 3,500
boosted by robust demand from retailers. Kolkata has gradually Lake Town 10,000 - 12,000 2,000 - 3,000
made its way onto the radar of international premium brands and Behala 9,000 - 12,000 2,500 - 4,000
Howrah 5,000 - 7,000 1,700 - 1,900
international retailers continued to expand their footprint in the city.
INFRASTRUCTURE ONGOING
The number of residential project launches remained A new metro line is proposed on the East-West Metro Corridor.
stable in Kolkata. Residential sales remained This new metro line is expected to enhance the connectivity of
moderate in March. Capital values continued to the city manifold. This stretch covers 13.77 kms of
show marginal upward trend across most of the sub- underground and elevated tracks from Salt Lake to Howrah,
markets despite nominal absorption rates in the submarket. In with an investment of INR 46.8 billion.
addition, rents continued to rise on the back of a high demand for
rental housing.

7. Monthly Real Estate Monitor – May 2012
Office Rents Capital Value
Mumbai Key Precincts
INR per sq ft per
month INR per sq ft
Lower Parel 150-180 19,000 -23,000
BKC 250 - 350 25,000 -35,000
Andheri 100 - 150 9,000 – 15,000
Overall Mumbai office market witnessed subdued
Goregaon-Malad 80 - 100 8,000 -10,000
transaction activity in March. Secondary and Wagle Estate 45 - 60 5,000 – 6,000
suburban sub-markets contributed equally well to Thane-Belapur Road 40 - 55 5,000 – 6,000
the leasing activity. Rents and capital values Retail Rents Capital Value
INR per sq ft per
remained stable during the month. Pfizer leased space at Key Precincts month INR per sq ft
Jogeshwari which is in the SBD North sub market. Few buildings Lower Parel 500 - 700 22,000 – 32,000
which became operational in March included – Phoenix Market City Malad 400 - 500 18,000 – 28,000
at Kurla, I think Thane Phase 2 at Thane, Mindspace Building 5&6 Ghatkopar 250 - 350 15,000 - 20,000
at Airoli and Godrej IT Park Wing C at Vikhroli. Occupancy levels Mulund 500 - 600 15,000 – 25,000
were good in Godrej IT Park Wing C and Mindspace Building 5&6. Thane 300 - 400 12,000 – 18,000
Navi Mumbai 200 - 300 10,000 – 15,000
Residential Rents Capital Value
INR per month for a
Demand from retailers was mostly concentrated in 1,000 sq ft 2BHK
malls of the suburban locations because of its good Key Precincts apartment INR per sq ft
infrastructure and residential catchment. No new Lower Parel 70,000 - 85,000 20,000 – 26,000
malls got operational in March. However, the Wadala 35,000 - 50,000 13,500 – 15,000
Magnet mall at Bhandup commenced operations in February and Andheri 30,000 – 45,000 22,000 – 16,000
the mall has seen a moderate occupancy. Retailers such as Easy Ghatkopar 30,000 – 40,000 9,500 – 11,000
day, Archies, Fila, Only, Biba and Bata have opened stores in Ghodbunder Road 10,000-20,000 5,000 – 6,500
Magnet mall. Retail space rents and capital values remained stable Kharghar 10,000-15,000 4500 – 6,000
in most of the locations in Mumbai except Prime South. International
retailers primarily in the luxury segment continued to expand their INFRASTRUCTURE ONGOING
footprint in prime locations of Mumbai. >> Santacruz – Chembur Link Road (SCLR): This arterial
road (6.45 km) will connect the Western Express Highway and
Eastern Express Highway. This project is expected to be
The number of residential project launches remained completed by end of 2012.
stable in Thane, Navi Mumbai and extended >> Mumbai Metro Rail: The 12 km stretch of Phase 1 from
suburbs of Mumbai. Residential sales remained Versova to Ghatkopar is expected to become operational by
moderate in March. The capital values continued to early 2013, improving east-west connectivity and providing
show marginal upward trend across most sub markets (barring impetus to Andheri.
South Mumbai) despite nominal absorption rates. Rents continued
to rise as the demand for rental housing remained high. The fact
that potential buyers continued to defer their decision to buy drives
growth of the rental market in MMR. Major launches in March were
Omkar Wing A and B at Worli, Godrej Platinum Tower 2 at Vikhroli,
Lodha Dawn at Ghodbunder Road, KUL Tulip at Ghatkopar.

8. Monthly Real Estate Monitor – May 2012
Office Rents Capital Value
Pune INR per sq ft per
Key Precincts month INR per sq ft
Hinjewadi 32-35 3,000-3,500
Hadapsar 45-50 4,000-5,000
Leasing activity in the commercial asset class Bund Garden Road 55-60 5,500-6,000
remained strong in the month of March, similar to Viman Nagar 50-55 5,000-5,500
previous two months. Transactions were dominated S.B Road 55-60 5,000-5,500
Koregaon Park 60-65 6,000-7,000
by IT/ITES firms. Majority of the transactions in
Retail Rents Capital Value
March were concluded in STPI projects located in SBD. Matrix INR per sq ft per
edge, a non IT project located in the eastern part of Pune Key Precincts month INR per sq ft
commenced operations in March. Rents and capital values showed MG Road 100-150 10,000-15,000
Bund Garden Road 90-130 9,000-13,000
nominal improvement during the month. Imagination Technologies
FC Road 100-150 10,000-15,000
leased space in Rainbow IT Park located at Shivaji Nagar. JM Road 100-150 10,000-15,000
DP Road 90-110 9,000-11,000
SB Road 80-120 8,000-11,000
Demand from retailers was mostly focused on the Residential Rents Capital Value
central part of the city. Majority of the transactions INR per month for a
1,000 sq ft 2BHK
were concluded in Plaza Centre and Centre port Key Precincts apartment INR per sq ft
mall. The Plaza Centre mall commenced operations Wakad 10,000-12,000 3,200-3,500
in March. Many national and international brands, such as Star India Kharadi 11,000-15,000 4,200-4,500
Bazaar and Hamleys, have set up stores for the first time in Pune in Hadapsar 12,000-16,000 4,000-4,500
Hinjewadi 9,000-11,000 3,200-3,500
the aforementioned malls. The rent and capital values remained
Kondhwa 9,000-12,000 3,700-4,000
stable across all the sub-markets.
Pimpri-Chinchwad 8,000-12,000 3,200-3,700
Pune's residential market continued to witness a INFRASTRUCTURE ONGOING
decent number of launches in the month of March as >> To mitigate traffic congestion in the city, local municipal
well. The major launches were Casa 7, GAIA and authorities in city have planned an outer ring road for Pune.
Down Town. Sales velocity remained stable. Capital The work is in progress.
values continued to show marginal upward trend across most of the >> The outer ring road is a considerable length of 169 kms,
sub-markets. with the project being divided into 4 parts. Part I of 39.89 kms
to cover Theurphata NH-9, Kesnand, Wagholi, Bhavdi,
Tulapur, Alandi, Kelgaon, Chimbli and NH-50.
.

9. About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services
delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global
revenue of more than USD 3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including
200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately
1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s
largest and most diverse in real estate with USD 47.9 billion of assets under management.
Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 20,800 employees operating in 77 offices in 13 countries
across the region. The firm was named the Best Property Consultancy in Asia Pacific at ‘The Asia Pacific Property Awards 2011 in
association with Bloomberg Television’. 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 eleven cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and
Coimbatore) and a staff strength of over 4800, the firm provides investors, developers, local corporate and multinational companies with a
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For more information about our research
Ashutosh Limaye
Head, Research and REIS
ashutosh.limaye@ap.jll.com
+91 98211 07054
Trivita Roy
Manager, Research
trivita.roy@ap.jll.com
+91 40 4040 9100
Research Dynamics April 2012
Pulse reports from Jones Lang LaSalle are frequent updates on real estate market dynamics.
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