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AN INDUSTRY ANALYSIS
OF THE REAL ESTATE
SECTOR
By:
Arunav Nayak (11DM059)
Sanjeev Kumar (11DM017)
Sudeshna Sahu (11DM039)
Sulekha Routray (11DM104)
APPROACH
Analysis of the Real Estate Cycle and the
parameters affecting it
 Current Scenario of Real Estate in India
 Analysis of the segments of the Real Estate
Industry (i.e Residential, Commercial, Retail and
Hospitality)
 Key Players in the Indian Real Estate
 Sector Market Performance in NSE
 Global Trends
 Application of Porter’s 5 Forces Model

REAL ESTATE CYCLE


Real estate cycles are described as cyclic
movements of price in the real estate market which,
over a period of time, causes fluctuations in the
residential and commercial property market.



The real estate cycles involves periodic shifts of
rapid growth of output (recovery and
prosperity),alternating with relative stagnation or
decline (contraction or recession) over time.
PHASES OF REAL ESTATE CYCLE


Recession



Recovery



Expansion



Contraction
Industryanalysisoftherealestatesector 130204034617-phpapp02
INDICATORS OF REAL ESTATE CYCLE
Population growth
 Employment rate
 Gross Domestic Product
 Household Disposable Income
 Stock Market Values
 Demand Supply Scenario
 Average house price movement
 Price to income ratio
 Net Rental Yield
 Interest Rate
 Demand Supply Scenario

CURRENT SCENARIO OF REAL
ESTATE IN INDIA
Biggest Prospect for Real Estate – IT/ITeS
 Economic Downturns in US & European markets
has hampered the profit margins of such
companies and consequently IT companies have
begun cutting costs on real estate expenditure
 GDP Share of the real estate sector along with
business services was 10.6% in 2010-11
 Demand for real estate is expected to grow at a
compounded annual growth rate of 19%
 Institutional credit for housing investment is growing
at a CAGR of 18-20% per annum

According to World Bank’s Doing Business 2012
report, India is one of the top countries in housing &
workspace needs, but ranks 181 in terms of
construction permission processes
 Current size of the Indian Real Estate market is
$65-70 billion out of which the residential segment
occupies 90-95% of the market, commercial
segment occupies 4-5% and organized retail with
1% of the market

GROWTH DRIVERS OF INDIAN REAL
ESTATE


Rapid urbanization



Significant rise in consumerism



Policy and Regulatory reforms (100% FDI
relaxation)



Surge in Industrial and Business Activities



Increasing demand for newer avenues for
entertainment, leisure and shopping
MARKET SIZE OF INDIAN REAL
ESTATE
US $ Billion
70
60
50
40
US $ Billion

30

20
10
0
2008

2009

2010

Source: CCI Report on Real Estate in India Aug 2012

2011
SEGMENTS OF REAL ESTATE
SECTOR IN INDIA


Residential



Commercial



Retail



Hospitality
RESIDENTIAL REAL ESTATE
Phases of growth:
 Phase I (2001-2005): Initial growth phase with off
take and prices picking up
 Phase II (2006-2008): High growth phase with high
demand and prices more than double
 Phase III (2009-2010): Substantial slowdown in
demand due to dented affordability and economic
environment
 Phase IV (2011-2014): Consolidation phase, with
demand, supply and prices gradually moving up in
line with improvement in economic environment


This segment is highly influenced by economic
cycles. Owing to global meltdown, the residential
real estate market in India too witnessed an
astounding fall in demand and capital
values, between first half of 2008 and first half of
2009. Average residential capital values declined by
18-20 per cent in March 2009 from the peaks
witnessed during the first half of 2008.



Recently there has been a pickup in demand due
improvements in economy
COMMERCIAL REAL ESTATE
The commercial real estate has been driven largely
by the growth in service sectors, especially IT/ITeS
and with this began movement from CBD’s (Central
Business Districts) towards city suburbs.
 Tax sops on the profits of IT-ITeS companies also
led to massive development of IT Parks and SEZs
(Special Economic Zones)
 Demand for office space is directly linked to
addition in number of employees, which in turn is
dependent on economic growth. When economy
slows down, companies hold their expansion plans
leading to lower demand for office space.



Due to the Subprime crisis and the ongoing
Eurozone crisis, the demand for commercial space
has come down drastically. Subdued demand and
rentals has impacted the execution adversely in
addition to cancellation of many projects.



Sustained decline in this segment past 2008 has
been the result of postponement of expansion plans
by corporate.
ORGANIZED RETAIL REAL ESTATE
The retail industry in India is in slowdown despite
attaining peaks of CAGR at 28% in the 2005-08
period. The industry is expected to increase at a
CAGR of 14% in the short term and 19% over the
next 5 years.
 Organised retail penetration has grown to about
5.6% in 2009-10, which is further expected to
increase to about 7.3% by 2012-13.
 Key driving factors for growth of this sector includes
lavish lifestyles, high disposable incomes and a
propensity to spend.

2007-08

2009-2010

2012-2013

Rs.15.5 trillion

Rs.19.7 trillion

Rs.27.9 trillion

Organized Retail Rs.0.9 trillion

Rs.1.1 trillion

Rs.2.0 trillion

Organized Retail 5.5%
Penetration

5.6%

7.3%

Total Retail

Source: CRISIL, India Real Estate Overview
HOSPITALITY SECTOR REAL
ESTATE
Rising incomes, higher weekend trips and
increased access to travel-related information over
the Internet have propelled growth in hospitality.
 From 2003-04 to 2010-11,the market size of the
hotel sector has more than doubled from Rs 77.13
billion in 2003-04 to more than Rs 200 billion in
2008-09, registering an impressive CAGR of more
than 15%
 In 2008-09, the market size decreased by around 4
per cent due to decline in revenues. The hotel
industry faced a fall in room demand due to the
global financial crisis and the 26/11 terror attacks in
Mumbai.



Demand is expected to increase at a CAGR of 15
per cent while room availability is expected to
record a CAGR of 9 per cent across premium
segments. Business destinations are poised to see
higher growth in room inventory compared to
leisure destinations.
KEY PLAYERS IN THE INDIAN REAL
ESTATE

1.

DLF Ltd
Presence across 30 cities in India

2.

Residential, townships, commercial complexes, IT
parks, hotels etc pan its project coverage

3.

It is the only real estate company to be listed in
BSE Sensex, NSE Nifty, MSCI India Index and
MSCI Emerging Markets Asia Index

1.

UNITECH
First developer to be certified ISO 9001

2.

Offers diversified projects across
residential, commercial and IT parks, retail, hotels
etc.

3.

First real estate company to be listed in NSE Nifty

4.

Has ventured into infrastructure business as
UNITECH Infra

1.

Ansal API
Market leader in the NCR region

2.

Project spectrum includes integrated townships,
group housing, shopping complexes and malls,
hotels, IT parks and SEZ segments, and
Infrastructure and Utility services

3.

Land reserves of about 9335 acres
SECTOR MARKET PERFORMANCE
(NSE)


The market trend in NSE for last 7, 15, 30 and 90
days can be obtained



In this presentation, there will be focus on top
gainers and losers over a period from 14th
September 2012 to 28th September 2012
TOP GAINERS
Company

Start Price

End Price

Difference

% Change

HOUSING
DEV

72.7

97.4

24.7

33.98

VASCON
ENG

38.75

49.6

10.85

28

PENLAND
LTD

37.2

47.15

9.95

26.75

BRIGADE

48.5

59.05

10.55

21.75

INDBUL
REAL

49

57.65

8.65

17.65

Source: myiris.com, Sector Overview, Market Performance
TOP LOSERS
Company

Start Price

End Price

Difference

% Change

DB
REALTY

72.45

71.3

-1.15

-1.59

SUNTECK
REAL

319.8

317.95

-1.85

-0.58

DS
KULKARNI

67.85

67.65

-0.2

-0.29

TCI
DEVELP

132.85

132.5

-0.35

-0.26

Source: myiris.com, Sector Overview, Market Performance
GLOBAL TRENDS
As per a report published by Scotiabank dated
September 14, 2012:


Among the international property markets
tracked, the number of countries reporting declining
average real prices on a year-over-year basis
outnumbered those reporting price increases by
more than two to one.



Weak consumer confidence, high unemployment
and tight credit conditions continue to weigh heavily
on housing demand and pricing.


Housing markets remain weakest in Europe, where
sharp fiscal austerity, rising unemployment and
financial sector strains are deepening recessionary
conditions.



In European countries that are financially sound,
there were some tentative signs of improvement.



The U.S. housing market is showing increasing
signs of recovery.


U.S. homeowner affordability, rising rental costs
and strengthening household formation are
contributing to the pickup in sales. Lower inventory
levels and a falling share of distressed property
sales also have contributed to the stabilization in
prices, though significant differences in local market
conditions persist.



An increasing number of cities in China are seeing
renewed home price appreciation. This is being
supported by an easing in monetary conditions .
Industryanalysisoftherealestatesector 130204034617-phpapp02
APPLICATION OF PORTER’S 5
FORCES MODEL TO INDIAN REAL
ESTATE


The analysis of 5 Forces model has been done to
determine whether the Indian Real Estate sector will
remain profitable in the years to come



It is important to consider the impact of the
Eurozone Crisis as well as the Subprime Crisis
THREAT OF NEW ENTRANTS


There will be decrease in profitability due to
increase in the number of entrants.



As a result of the economic downturn around the
globe, it has been difficult for the new entrants to
get a hold because of cost reduction in expansion
plans by corporates in real estate, little scope in
commercial construction, and strong rivalry
between existing firms.



Result: Relatively weak threat of new entrants
BARGAINING POWER OF BUYERS
Powerful customers are able to exert pressure to
drive down prices, or increase the required quality
for the same price, and therefore reduce profits in
an industry.
 Customers significantly influence the business
operations in real estate.
 Customers do possess a threat of integrating
backwards.
 Consequently, the bargaining power of the buyers
is strong.

BARGAINING POWER OF SUPPLIERS
An important category of suppliers is the bank.
They have the power to decide whether to fund a
venture or not and at what rate.
 Banks have now become highly conservative
especially after the economic downturn.
 Are significantly affected by the monetary
regulations like the Repo rate & CRR formulated by
the Central Bank of the country. This is in turn
affects the real estate sector.
 Consequently the bargaining power of suppliers is
very strong

THREAT OF SUBSTITUTE
PRODUCTS AND SERVICES


In real estate business, substitute might be some
type of totally new retail space, some new location
for office space or rehabilitation instead of new
construction.



The threat of substitute in real estate business and
its impact on profitability of the industry is quite
ambiguous and difficult to establish given the
economic downturns and the recovery mode of the
real estate business cycle.
RIVALRY AMONG EXISTING
COMPETITORS


Rivalry is strong due to the large no. of real estate
firms operating in India (65 in total) and the difficulty
to differentiate



The services offered by real estate companies
cannot be differentiated because these firms don’t
offer a product, other than the facilities they lease
and this itself is very difficult to quantify.



In the current economic crisis, there is minimal
profitability and only companies with large cash
reserves are likely to survive.
ANALYSIS


Considering all the 5 forces, it can be said that the
real estate industry is not very profitable at this
stage as it was before the subprime crisis of US in
2008



But considering the fact that the real estate cycle is
in the recovery stage right now and given that the
demand for real estate is growing at a CAGR of
19%, it can be said that there are still bright
prospects ahead in a country like India.
REFERENCES
(August 2012). Real Estate Sector in India. New
Delhi: Competition Corporation of India (CCI)
http://www.cci.in/pdf/surveys_reports/real-estatesector-india.pdf
 Warren, A. (September 14,2012). Global Real
Estate Trends. Toronto: Scotia Bank
http://www.gbm.scotiabank.com/English/bns_econ/r
etrends.pdf
 Porter, M. E. (June 2002). Competitive Strategy and
Real Estate Development. Harvard Business
School , 9.
http://www.isc.hbs.edu/Porter_Strategy_Real_Estat
e1.pdf



Dr.V.Chandrasekhar, G. S. (2011). Indicators of
Real Estate Cycle - Implication for India. ICREI, ISB
, 20.
THANK YOU

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Industryanalysisoftherealestatesector 130204034617-phpapp02

  • 1. AN INDUSTRY ANALYSIS OF THE REAL ESTATE SECTOR By: Arunav Nayak (11DM059) Sanjeev Kumar (11DM017) Sudeshna Sahu (11DM039) Sulekha Routray (11DM104)
  • 2. APPROACH Analysis of the Real Estate Cycle and the parameters affecting it  Current Scenario of Real Estate in India  Analysis of the segments of the Real Estate Industry (i.e Residential, Commercial, Retail and Hospitality)  Key Players in the Indian Real Estate  Sector Market Performance in NSE  Global Trends  Application of Porter’s 5 Forces Model 
  • 3. REAL ESTATE CYCLE  Real estate cycles are described as cyclic movements of price in the real estate market which, over a period of time, causes fluctuations in the residential and commercial property market.  The real estate cycles involves periodic shifts of rapid growth of output (recovery and prosperity),alternating with relative stagnation or decline (contraction or recession) over time.
  • 4. PHASES OF REAL ESTATE CYCLE  Recession  Recovery  Expansion  Contraction
  • 6. INDICATORS OF REAL ESTATE CYCLE Population growth  Employment rate  Gross Domestic Product  Household Disposable Income  Stock Market Values  Demand Supply Scenario  Average house price movement  Price to income ratio  Net Rental Yield  Interest Rate  Demand Supply Scenario 
  • 7. CURRENT SCENARIO OF REAL ESTATE IN INDIA Biggest Prospect for Real Estate – IT/ITeS  Economic Downturns in US & European markets has hampered the profit margins of such companies and consequently IT companies have begun cutting costs on real estate expenditure  GDP Share of the real estate sector along with business services was 10.6% in 2010-11  Demand for real estate is expected to grow at a compounded annual growth rate of 19%  Institutional credit for housing investment is growing at a CAGR of 18-20% per annum 
  • 8. According to World Bank’s Doing Business 2012 report, India is one of the top countries in housing & workspace needs, but ranks 181 in terms of construction permission processes  Current size of the Indian Real Estate market is $65-70 billion out of which the residential segment occupies 90-95% of the market, commercial segment occupies 4-5% and organized retail with 1% of the market 
  • 9. GROWTH DRIVERS OF INDIAN REAL ESTATE  Rapid urbanization  Significant rise in consumerism  Policy and Regulatory reforms (100% FDI relaxation)  Surge in Industrial and Business Activities  Increasing demand for newer avenues for entertainment, leisure and shopping
  • 10. MARKET SIZE OF INDIAN REAL ESTATE US $ Billion 70 60 50 40 US $ Billion 30 20 10 0 2008 2009 2010 Source: CCI Report on Real Estate in India Aug 2012 2011
  • 11. SEGMENTS OF REAL ESTATE SECTOR IN INDIA  Residential  Commercial  Retail  Hospitality
  • 12. RESIDENTIAL REAL ESTATE Phases of growth:  Phase I (2001-2005): Initial growth phase with off take and prices picking up  Phase II (2006-2008): High growth phase with high demand and prices more than double  Phase III (2009-2010): Substantial slowdown in demand due to dented affordability and economic environment  Phase IV (2011-2014): Consolidation phase, with demand, supply and prices gradually moving up in line with improvement in economic environment
  • 13.  This segment is highly influenced by economic cycles. Owing to global meltdown, the residential real estate market in India too witnessed an astounding fall in demand and capital values, between first half of 2008 and first half of 2009. Average residential capital values declined by 18-20 per cent in March 2009 from the peaks witnessed during the first half of 2008.  Recently there has been a pickup in demand due improvements in economy
  • 14. COMMERCIAL REAL ESTATE The commercial real estate has been driven largely by the growth in service sectors, especially IT/ITeS and with this began movement from CBD’s (Central Business Districts) towards city suburbs.  Tax sops on the profits of IT-ITeS companies also led to massive development of IT Parks and SEZs (Special Economic Zones)  Demand for office space is directly linked to addition in number of employees, which in turn is dependent on economic growth. When economy slows down, companies hold their expansion plans leading to lower demand for office space. 
  • 15.  Due to the Subprime crisis and the ongoing Eurozone crisis, the demand for commercial space has come down drastically. Subdued demand and rentals has impacted the execution adversely in addition to cancellation of many projects.  Sustained decline in this segment past 2008 has been the result of postponement of expansion plans by corporate.
  • 16. ORGANIZED RETAIL REAL ESTATE The retail industry in India is in slowdown despite attaining peaks of CAGR at 28% in the 2005-08 period. The industry is expected to increase at a CAGR of 14% in the short term and 19% over the next 5 years.  Organised retail penetration has grown to about 5.6% in 2009-10, which is further expected to increase to about 7.3% by 2012-13.  Key driving factors for growth of this sector includes lavish lifestyles, high disposable incomes and a propensity to spend. 
  • 17. 2007-08 2009-2010 2012-2013 Rs.15.5 trillion Rs.19.7 trillion Rs.27.9 trillion Organized Retail Rs.0.9 trillion Rs.1.1 trillion Rs.2.0 trillion Organized Retail 5.5% Penetration 5.6% 7.3% Total Retail Source: CRISIL, India Real Estate Overview
  • 18. HOSPITALITY SECTOR REAL ESTATE Rising incomes, higher weekend trips and increased access to travel-related information over the Internet have propelled growth in hospitality.  From 2003-04 to 2010-11,the market size of the hotel sector has more than doubled from Rs 77.13 billion in 2003-04 to more than Rs 200 billion in 2008-09, registering an impressive CAGR of more than 15%  In 2008-09, the market size decreased by around 4 per cent due to decline in revenues. The hotel industry faced a fall in room demand due to the global financial crisis and the 26/11 terror attacks in Mumbai. 
  • 19.  Demand is expected to increase at a CAGR of 15 per cent while room availability is expected to record a CAGR of 9 per cent across premium segments. Business destinations are poised to see higher growth in room inventory compared to leisure destinations.
  • 20. KEY PLAYERS IN THE INDIAN REAL ESTATE  1. DLF Ltd Presence across 30 cities in India 2. Residential, townships, commercial complexes, IT parks, hotels etc pan its project coverage 3. It is the only real estate company to be listed in BSE Sensex, NSE Nifty, MSCI India Index and MSCI Emerging Markets Asia Index
  • 21.  1. UNITECH First developer to be certified ISO 9001 2. Offers diversified projects across residential, commercial and IT parks, retail, hotels etc. 3. First real estate company to be listed in NSE Nifty 4. Has ventured into infrastructure business as UNITECH Infra
  • 22.  1. Ansal API Market leader in the NCR region 2. Project spectrum includes integrated townships, group housing, shopping complexes and malls, hotels, IT parks and SEZ segments, and Infrastructure and Utility services 3. Land reserves of about 9335 acres
  • 23. SECTOR MARKET PERFORMANCE (NSE)  The market trend in NSE for last 7, 15, 30 and 90 days can be obtained  In this presentation, there will be focus on top gainers and losers over a period from 14th September 2012 to 28th September 2012
  • 24. TOP GAINERS Company Start Price End Price Difference % Change HOUSING DEV 72.7 97.4 24.7 33.98 VASCON ENG 38.75 49.6 10.85 28 PENLAND LTD 37.2 47.15 9.95 26.75 BRIGADE 48.5 59.05 10.55 21.75 INDBUL REAL 49 57.65 8.65 17.65 Source: myiris.com, Sector Overview, Market Performance
  • 25. TOP LOSERS Company Start Price End Price Difference % Change DB REALTY 72.45 71.3 -1.15 -1.59 SUNTECK REAL 319.8 317.95 -1.85 -0.58 DS KULKARNI 67.85 67.65 -0.2 -0.29 TCI DEVELP 132.85 132.5 -0.35 -0.26 Source: myiris.com, Sector Overview, Market Performance
  • 26. GLOBAL TRENDS As per a report published by Scotiabank dated September 14, 2012:  Among the international property markets tracked, the number of countries reporting declining average real prices on a year-over-year basis outnumbered those reporting price increases by more than two to one.  Weak consumer confidence, high unemployment and tight credit conditions continue to weigh heavily on housing demand and pricing.
  • 27.  Housing markets remain weakest in Europe, where sharp fiscal austerity, rising unemployment and financial sector strains are deepening recessionary conditions.  In European countries that are financially sound, there were some tentative signs of improvement.  The U.S. housing market is showing increasing signs of recovery.
  • 28.  U.S. homeowner affordability, rising rental costs and strengthening household formation are contributing to the pickup in sales. Lower inventory levels and a falling share of distressed property sales also have contributed to the stabilization in prices, though significant differences in local market conditions persist.  An increasing number of cities in China are seeing renewed home price appreciation. This is being supported by an easing in monetary conditions .
  • 30. APPLICATION OF PORTER’S 5 FORCES MODEL TO INDIAN REAL ESTATE  The analysis of 5 Forces model has been done to determine whether the Indian Real Estate sector will remain profitable in the years to come  It is important to consider the impact of the Eurozone Crisis as well as the Subprime Crisis
  • 31. THREAT OF NEW ENTRANTS  There will be decrease in profitability due to increase in the number of entrants.  As a result of the economic downturn around the globe, it has been difficult for the new entrants to get a hold because of cost reduction in expansion plans by corporates in real estate, little scope in commercial construction, and strong rivalry between existing firms.  Result: Relatively weak threat of new entrants
  • 32. BARGAINING POWER OF BUYERS Powerful customers are able to exert pressure to drive down prices, or increase the required quality for the same price, and therefore reduce profits in an industry.  Customers significantly influence the business operations in real estate.  Customers do possess a threat of integrating backwards.  Consequently, the bargaining power of the buyers is strong. 
  • 33. BARGAINING POWER OF SUPPLIERS An important category of suppliers is the bank. They have the power to decide whether to fund a venture or not and at what rate.  Banks have now become highly conservative especially after the economic downturn.  Are significantly affected by the monetary regulations like the Repo rate & CRR formulated by the Central Bank of the country. This is in turn affects the real estate sector.  Consequently the bargaining power of suppliers is very strong 
  • 34. THREAT OF SUBSTITUTE PRODUCTS AND SERVICES  In real estate business, substitute might be some type of totally new retail space, some new location for office space or rehabilitation instead of new construction.  The threat of substitute in real estate business and its impact on profitability of the industry is quite ambiguous and difficult to establish given the economic downturns and the recovery mode of the real estate business cycle.
  • 35. RIVALRY AMONG EXISTING COMPETITORS  Rivalry is strong due to the large no. of real estate firms operating in India (65 in total) and the difficulty to differentiate  The services offered by real estate companies cannot be differentiated because these firms don’t offer a product, other than the facilities they lease and this itself is very difficult to quantify.  In the current economic crisis, there is minimal profitability and only companies with large cash reserves are likely to survive.
  • 36. ANALYSIS  Considering all the 5 forces, it can be said that the real estate industry is not very profitable at this stage as it was before the subprime crisis of US in 2008  But considering the fact that the real estate cycle is in the recovery stage right now and given that the demand for real estate is growing at a CAGR of 19%, it can be said that there are still bright prospects ahead in a country like India.
  • 37. REFERENCES (August 2012). Real Estate Sector in India. New Delhi: Competition Corporation of India (CCI) http://www.cci.in/pdf/surveys_reports/real-estatesector-india.pdf  Warren, A. (September 14,2012). Global Real Estate Trends. Toronto: Scotia Bank http://www.gbm.scotiabank.com/English/bns_econ/r etrends.pdf  Porter, M. E. (June 2002). Competitive Strategy and Real Estate Development. Harvard Business School , 9. http://www.isc.hbs.edu/Porter_Strategy_Real_Estat e1.pdf 
  • 38.  Dr.V.Chandrasekhar, G. S. (2011). Indicators of Real Estate Cycle - Implication for India. ICREI, ISB , 20.

Notes de l'éditeur

  1. All businesses operate around certain business cycles. A business cycle refers to various trends that occur within a business or industry, such as growth or contraction. Often times, management decisions are impacted by where the company stands in reference to a particular cycle. Macro business cycles such as the general state of the economy also play an important role in management decisions. When the economy is in a cycle of retraction, management will act conservatively, whereas in a cycle of expansion, management may tend to act more aggressively to gain as much market share as possible.
  2. A Special Economic Zone (SEZ) is a geographical region that has economic and other laws that are more free-market-oriented than a country's typical or national laws. "Nationwide" laws may be suspended inside a special economic zone. The category SEZ covers, including free trade zones (FTZ), export processing Zones (EPZ), free Zones (FZ), industrial parks or industrial estates (IE), free ports, free economic zones, urban enterprise zones and others.Usually the goal of a structure is to increase foreign direct investment by foreign investors, typically an international business or a multinational corporation (MNC), development of infrastructure and to increase the employment.
  3. Keeping in step with growth in the organised retail market, the retail real estate market recorded an increase in demand. The supply of organised retail real estate, which was mainly concentrated in Tier I cities until a few years back, spread to Tier II and Tier III cities as well.India's retailing industry is essentially owner manned small shops. In 2010, larger format convenience stores and supermarkets accounted for about 4 percent of the industry, and these were present only in large urban centers.
  4. HOUSING DEV – Housing Development and Infrastructure Ltd.VASCON ENG - Vascon Engineers LtdPENLAND LTD – Peninsula Land LtdBRIGADE – Brigade Enterprises LtdINDBUL REAL – IndiaBulls Real Estate Ltd.
  5. D B REALTY – D B Realty Ltd.SUNTECK REAL – Sunteck Realty LtdD S KULKARNI – D S Kulkarni Developers Ltd.TCI DEVELP – TCI Developers Ltd.