India Residential Property Market Overview May 2014

Residential Property Market Overview
May 2014

research & forecast Report
SYDNEY CENTRAL BUSINESS DISTRICT
2 Research & Forecast Report | May 2014 | Residential | Colliers International
www.colliers.com
ECONOMIC BAROMETER
Apr-13 Apr-14
Repo rate 7.50% 8.00%
Reverse Repo rate 6.50% 7.00%
CRR 4.00% 4.00%
Inflation 4.77% 5.20%
Home loan rate 9.95% 10.15%
Return on Alternative Investments
Apr-13 Apr-14 YoY %
Change
Gold 27,135 29,773 9.72%
Silver 45,483 41,892 -7.90%
Fixed Deposit 8.75% 9.00% 2.86%
Equity 19,504 22,418 14.94%
Realty Index 1,901 1,397 -26.54%
Repo Rate Cash Reserve Ratio Wholesale Price Index
ECONOMIC INDICATORS
InPercentage
Macro Economic Overview
India’s economic growth decelerated to 4.7% in 4Q 2013, from 4.8% in the previous•
quarter. On a positive note, the BCI rose to 54.9 during 4Q 2013, from 45.7 in the previous
quarter showing an increase in business confidence levels. The International Monetary
Fund (IMF) has projected 5.4% GDP for 2014, presenting a positive outlook for the
Indian economy.
RBI has raised the repo rate from 7.75 to 8.00% this quarter, which may result in a further•
increase in consumer loan interest rates.
Restricted sales transactions were seen in major cities during the quarter. New project•
launches saw a sharp decline except in cities like Chennai, Bengaluru and Pune, which
have seen ample new project launches. Developers have continued offering buyback
schemes and possession-linked payment plans to provide much needed comfort to
buyers. Capital values remain stable in most cities; however select micro markets with
inherent demand witnessed increases in the range of 2 -5% QoQ.
COLLIERS VIEW: An increase in the number of enquiries for residential properties has•
been seen across the major cities. However, transaction volumes have not improved
much. With the new Government in place and business confidence is gaining
momentum, we anticipate an increase in residential sales in the coming quarter. Capital
values are expected to remain stable in the near term; however, there will be upward
pressure in the medium to long term due to increased demand.
4.0
3.0
6.0
5.0
8.0
9.0
7.0
11.0
10.0
12.0
Mar‘09
Jan‘09
Nov‘09
Mar‘11
Mar‘12
May‘13
Jul‘13
Sep‘13
Mar‘14
Jan‘14
May‘14
Nov‘13
Mar‘13
Jan‘11
May‘09
May‘10
Mar‘10
Jan‘10
May‘11
May‘12
May’08
Mar’08
Jan‘08
Jul‘09
Jul‘10
Jul‘11
Jul’12
Dec’08
Nov’08
Sep’08
Jul‘08
Sep‘09
Nov‘10
Sep‘10
Sep‘11
Sep‘12
Jan‘12
Jan‘13
Nov‘11
Nov‘12
2.0
1.0
0.0
-1.0
-2.0
Source: Goverment of India, Colliers International India Research
Research & Forecast Report
India I Residential | May 2014
1
SBI Home loan rate for loan upto INR 30 Lakhs
2
SBI Fixed deposit rate for a period of more than one year
and amount below INR 1 Crore
3
Realty Index is a free float weighted index, comprised of
real estate development companies in the BSE-500 Index.
2
3
1

3
1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
MumBAI
SELECT NEW PROJECTS
Project Name Location Developer Name Tentative
Possession*
Rate (Per Sq.ft.)**
Godrej Central Chembur (E) Godrej Properties Ltd. 4Q 2018 14,000
Runwal Forest Kanjurmarg Runwal Group 4Q 2018 9,900
Wadhwa Anantya Chembur (W) Wadhwa Group 4Q 2018 15,500
The Only Majiwada, Thane Lodha Group 4Q 2018 8,470
White City Kandivali (E) Rajesh Lifespaces 4Q 2018 11,300
Auris Serenity Malad Sheth Creators 4Q 2017 13,500
• During the quarter, the Mumbai
residential market remained subdued
with lower transaction volumes in the
secondary market. However, the primary
market witnessed increased traction in
select mid-range projects.
The primary residential market•
witnessed increased project launches
QoQ. Developers, such as Godrej Ltd,
Runwal Group, Lodha Group, Wadhwa
Group and Rajesh Lifespaces, have
launched their residential projects in
the central and western suburb micro-
markets.
Limited new supply was added to the•
market this quarter. A project that
witnessed completion this quarter was
Aurum by Lodha Group at Kanjurmarg,
which is currently priced at INR12,500
per sq ft.
During 1Q 2014, capital values in the•
central and western Suburbs rose in the
range of 1 - 9% QoQ. However micro-
markets, like Colaba, Cuffe Parade and
Powai, witnessed a decline in the range
of 3 - 5% QoQ.
The decreasing demand and cost•
optimisation from corporations have
prompted landlords to lower their rent
expectations in order to secure tenants.
The rents declined in the range of 1 -
7% QoQ in most of the micro-markets,
except a few, such as Bandra, Khar, Juhu
and Powai, where rents rose marginally
in the range of 1 – 2%.
COLLIERS VIEW:• Going forward,
absorption in the luxury segment will
remainunderpressure.Thepre-launches
in the mid-segment and low-end
segments will continue to have traction
at the introductory prices. Overall capital
values in the primary and secondary
sales markets are expected to remain
stable in the short to medium term.
0
10,000
20,000
30,000
40,000
60,000
70,000
50,000
80,000
INRpersq.ft.INRpersq.ft.permonth
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2015F
1Q2014F
1Q2011
3Q2011
80,000
40,000
50,000
70,000
60,000
10,000
20,000
30,000
0
Mumbai
Prabhadevi
Colaba,
Cuffe Parade
SouthMumbai
Malabar Hill, Altamount
Road, Carmichael Road
Worli
Worli
Breach Candy,
Napeansea
Road, Peddar Road
Prabhadevi
Bandra
Bandra
Santacruz
Santacruz
Andheri
Andheri
Powai
Powai
Khar
Khar
Juhu
Juhu
200
150
100
50
0
Malabar Hill,
Altamount Road,
Carmichael Road
Colaba,
Cuffe Parade
Bandra
Juhu
Khar
Prabhadevi
Breach Candy,
Napeansea Road,
Peddar Road
Andheri
Worli
Santacruz
INRPersq.ft.
Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE rental value
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
Thane - Kalyan 4,000 - 8,000
Navi Mumbai 3,500 - 7,500
Virar - Boisar 3,000 - 5,500
INVESTMENT OPPORTUNITIES

1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
Delhi
SELECT ONGOING PROJECTS
Project Name Location Developer
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Capital Greens Phase V Shivaji Marg DLF Ltd. 2Q 2015 18,000
Castlewood Okhla Indiabulls Ltd. 2Q 2014 12,800
Kings Court Greater Kailash- II DLF Ltd. 2Q 2015 40,000
Queens Court Greater Kailash- II DLF Ltd. 1Q 2015 36,000
Signature Villas Connaught Place Tata Housing Ltd. 4Q 2017 120,000 - 150,000
Winter Hills Dwaraka Morh Umang Realtech 2Q 2014 10,250
In 1Q 2014, amid economic and political•
volatility, the Delhi prime residential
market remained distressed for the
fourth consecutive quarter. Sales volume
declined further as investors and end-
users adopted a “wait-and-watch”
strategy.
Similarly, the leasing market slowed•
considerably due to limited hiring
by multinational companies and
embassies. With tenants getting more
cost conscious, landlords were more
open to rent negotiations. This quarter,
rents for prime residential properties
witnessed a decline in the range of 6% to
10% in almost all the micro markets.
Capital value remained stable as•
landlords are also in a “wait-and-see”
mode and seem to be in no hurry to
make a deal.
The local authorities have proposed•
to increase the circle rate in the city
by another 20% to 30% to rationalise
registration in view of ongoing market
rates. The last circle rate revision
happened in 2012 when the minimum
rate for valuation of land and immovable
properties was increased substantially.
This increase in rate is likely to be
applicable after May, 2014.
COLLIERS VIEW:• With no formal
government in place, as well as ongoing
elections and political uncertainties,
the city’s overall sentiment will remain
cautious. We anticipate an increase in
sales volumes in the coming month post-
elections, as investors as well as end-
users that are away from the market will
come back once the political uncertainty
is cleared. Capital and rental values are
expected to remain stable in the near
term for premium properties.
0
15,000
30,000
45,000
60,000
90,000
105,000
75,000
120,000
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2015F
1Q2014F
1Q2011
3Q2011
1,00,000
90,000
80,000
40,000
50,000
70,000
60,000
10,000
20,000
30,000
0
Delhi
200
160
120
80
40
0
INRPersq.ft.
premium properties
AnandNiketan,
VasantVihar
Panchashila,Anand-
lok,NitiBagh,SDA
FriendsColony,
MaharaniBagh
ShantiNiketan,
Westend
GreaterKailashI&
II,SouthExtension
GolfLinks,JorBagh,
SunderNagar
ChanakyaPuri
PrithvirajRoad,
AurangzebRoad
Anand Niketan,
Vasant Vihar
Panchashila, Anandlok,
Niti Bagh, SDA
Friends Colony,
Maharani Bagh
Shanti Niketan,
Westend
Greater
Kailash I
& II, South
Extension
Golf Links,
Jor Bagh,
Sunder Nagar
Chanakya Puri
Prithviraj Road,
Aurangzeb Road
Prithviraj Road,
Aurangzeb Road
Golf Links, Jor Bagh,
Sundar Nagar
Shanti Niketan, Westend
Chanakya Puri Friends Colony,
Maharani Bagh
Greater Kailash I & II,
South Extension
Panchashila, Anandlok,
Niti Bagh, SDA
Anand Niketan,
Vasant Vihar

5
1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
Gurgaon
SELECT NEW PROJECTS
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Godrej Oasis Sector 88A Godrej Properties 4Q 2017 6,500
Platina Sector 103 Satya Group 4Q 2017 5,000
Tata Arabella Sohna Road Tata Housing 4Q 2017 12,500 - 14,000
Ultima Phase-II Sector 81 DLF Ltd. 4Q 2017 8,700
Vatika Boulevard Sector 83 Vatika Group 4Q 2017 6,800
Vatika One Express City Sector 88A, 88B & 89A Vatika Group 4Q 2018 7,250
0
5,000
10,000
15,000
20,000
30,000
35,000
40,000
25,000
45,000
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2014F
1Q2011
3Q2011
18,000
8,000
10,000
16,000
14,000
12,000
2,000
4,000
6,000
0
Gurgaon
NH-8
Sohna Road
& Ext
GolfCourseRoad
DLF Phase I
SohnaRoad&Ext
DLFPhaseI
NH - 8
Golf Course Road
SushantLok
Sushant Lok
80
60
40
20
0
INRPersq.ft.
premium properties
market.
Micro Market
Ongoing Price
(P.S.F)
Golf Course Road
Extension 7,500 - 9,000
Sohna Extension 4,000 - 5,000
Pataudi Road 4,500 - 5,500
New Gurgaon 4,000 - 5,000
Gurgaon residential market witnessed•
overall reduced demand in both primary
and secondary markets during the
surveyed quarter.
In the primary market, only a few•
premium projects / parts of projects
were launched, including: “Godrej
Oasis” by Godrej Properties at Sector
88A; “Platina” by Satya Group at Sector
103; “Tata Arabella” by Tata Housing at
Sohna Road; “Ultima Phase-II” by DLF
Ltd at Sector 81; and “Vatika Boulevard”
and “Vatika One Express City” by Vatika
Group at Sector 83 and Sectors 88A, 88B
and 89A, respectively. These projects
were priced in the range between
INR5,000 to INR14,000 per sq ft.
The developers have not reduced sales•
prices in their newly launched projects;
however, they were offering innovative
payment plans such as partial payment
on possession and buyback options to
generate sales amid waning demand.
In the secondary market there was a•
downward pressure on capital values,
however asking prices were remained
stable.
This quarter, Gurgaon district•
administration has revised the circle
rate with effect from April 1st 2014. The
average hike in the circle rate is 15%
across the city. This increase in the circle
rate will lead to high registration cost
of properties in the city. Circle rate is
the minimum rate defined by the state
government for property registration.
COLLIERS VIEW:• Looking forward,
capital and rental values are expected
to remain stable. Investor activity
is expected to pick up post new
Government formation; however, end-
users will remain at bay due to high
price points and relatively fewer options
available for mid-segment housing.
DLF Phase I
NH-8
Golf Course Road
Sushant Lok
Sohna Road
& Ext
1Q2015F

1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
Noida
SELECT NEW PROJECTS
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Exotica Sports city Sector 79 Exotica Housing 4Q 2017 4,300
Wave Irenia Sector 32 & 25A Wave Group 4Q 2017 8,200
Lotus Greens Yamuna Expressway Lotus Greens 4Q 2018 2,700
Lotus Square Residences Sector 98 Lotus Greens 4Q 2018 7,500
Romano Sector 118 Supertech Ltd. 4Q 2017 4,350
The Urban Walk Sector 121 Techzona Group 4Q 2017 5,000
0
1,500
3,000
4,500
6,000
9,000
10,500
7,500
12,000
3Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2015F
1Q2014F
1Q2011
3Q2011
12,000
6,000
7,500
10,500
9,000
1,500
3,000
4,500
0
NOIDA
Sector 50
Sector 44
Sector 61,62,63
Sector
28,29,30
Sector 92/93
40
30
20
10
0
INRPersq.ft.
premium properties
market.
Micro Market
Ongoing Price
(P.S.F)
NOIDA Expressway 4,000 - 7,000
Sectors 71 to 83 4,500 - 5,500
Sector28,29,30
Sector92/93
Sector61,62.,63
Sector50
Sector44
Sector 61,62,63
Sector 92 / 93
Sector 28,29,30
Sector 50Sector 44
The NOIDA residential market witnessed•
revived interest from end-users as well as
investors. There has been an increase in
inquiriesforprojectsnearingcompletion
in the secondary sales market. However,
this has not resulted in an increase in
transaction volumes.
In 1Q 2014, NOIDA witnessed launch of•
few premium and mid-range projects.
No new major projects / phases of•
projects were completed this quarter;
however, there are several projects
awaiting an occupation certificate that
are expected to be delivered in the next
two quarters in sectors along the NOIDA
Expressway.
In 1Q 2014, capital values remained•
stable across all micro-markets. Rents
in institutional sectors, such as Sectors
61 – 63, witnessed downward pressure
as tenants prefer new projects with
amenities in nearby localities.
In order to boost real estate activity,•
the local government body this quarter
gave the nod to a mixed land-use policy
that allows commercial activities in
residential sectors. The authority allows
commercial activities in residential areas
having roads of 24 m wide or more. This
will further stimulate other real estate
activities like construction of hospitals,
banks,schools,ATMkiosks,guesthouses
and other business premises.
COLLIERS VIEW:• After the new
Government formation, the city
residential demand scenario is likely to
improve. Moreover, a number of new
projects are expected to be completed
in the coming quarters. This upcoming
supply will keep capital values in check
in the secondary market. In the primary
market, developers will keep offering
freebies and other promotional offers in
order to clear their unsold inventories.

7
1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
Chennai
2,000
6,000
18,000
14,000
10,000
22,000
30,000
26,000
38,000
34,000
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2015F
1Q2014F
1Q2011
3Q2011
25,000
9,000
13,000
21,000
17,000
1,000
5,000
Chennai
Anna Nagar
Boat Club
Adyar
Nungambakkam
Beasant Nagar
T Nagar
Sholinganallur
Siruseri/ Kazipattur
Alwarpet /
R A Puram
Velachery
90
75
60
45
30
15
0
INRPersq.ft.
premium properties
market.
Micro Market
Ongoing Price
(P.S.F)
Velachery 5,000 - 7,000
Sholinganallur 3,500 - 4,200
Siruseri/ Kazipattur 3,000 - 4,000
Kelambakkam 3,000 - 4,000
SELECT NEW PROJECTS
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Atlantic Egmore Ceebros Property
Development 4Q 2016 17,000
Avana Nungambakkam AR Homes 2Q 2015 26,000
Corniche Egmore Ramky Wavoo
developers 4Q 2016 16,000
La Verde Mare Thoraipakkam Jains Housing 4Q 2016 7,200
Pallagio Thoraipakkam Casa Grande 4Q 2016 7,800
White Rose Thoraipakkam Bhoomi & Buildings 4Q 2016 5,999
Adyar
AnnaNagar
Nungambakkam
Alwarpet/
RAPuram
Velachery
Sholinganallur
Siruseri/Kazipattur
TNagar
BeasantNagar
BoatClub
Boat Club
Siruseri/
Kazipattur
Velachery
Sholinganallur
Anna Nagar
T Nagar
AdyarBeasant Nagar
Nugambakkam
Alwarpet /
R A Puram
During 1Q 2014, increased demand•
for premium residential projects was
noticed precisely in micro-markets, like
R.A. Puram, Thoraipakkam, Alwarpet,
Anna Nagar and Kilpauk. Mid-income
projects have also witnessed marginally
increased absorption in peripheral
locations.
Chennai witnessed an increase in launch•
of premium and mid-range projects in
1Q 2014.
During the quarter, Chennai based XS•
Real Group and Hayat Invest Co. of
Kuwait have partnered for a 14-acre
residential project located near Siruseri
IT Park. The project will target the
middle-income group and is expected to
be launched in 2Q 2014.
This quarter witnessed completion•
of various premium projects such as
“Centralis” by Coromandel Engg at Boat
Club; “Sreshta Vasanth” by Sumanth
& Co at Alwarpet; “Sukhin” by Barath
Building Construction; and “Ananta”
by AR Homes at Palavakkam, all priced
in the range of INR12,000 to INR30,000
per sq ft; and mid-range projects like
“Bollineni Hillside” by BSCPL Infra
at Perumbakkam; “Amber” by Indus
Builders at Saidapet; and “Belvedere”
by Ceebros Constructions. These are
currently priced in the range of INR5,300
- 8,500 per sq ft.
Capital values increased in the range•
of 2 - 5% QoQ in the prime micro-
markets, like T Nagar, Beasant Nagar and
Sholinganallur. The remaining micro-
markets were stable.
COLLIERS VIEW:• Demand from both
occupiers and investors will continue
to grow in the coming quarters. Further
backed up by strong construction
activities and new project launches, we
expect an increase in capital values in
almost all micro-markets.

Steady demand for premium residential•
properties was seen during the quarter.
Micro-marketslikeWhitefield,Electronic
City, Hennur Road, Marathahalli
and Binnypet witnessed new project
launches in the price range of INR 3,500
- 6,100 per sq ft.
The market witnessed completion•
of various premium and mid-range
projects / parts of projects like “Brigade
Petunia” by Brigade Group at Jayanagar;
“Salarpuria Greenage” by Salarpuria
Group at Bommanahalli; “Arya Ananya”
by Arya Gruha at Whitefield; “Sobha
Aspire” by Sobha Developers at Tumkur
Road; “Legacy Ariston” by Legacy
Group at Yelahanka; and “Neotown
Smondoville” by Patel Realty at
Electronic City.
During the surveyed quarter, capital•
values rose in the range of 3 - 4% QoQ
in micro-markets like Airport Road,
Bannerghatta Road and Whitefield.
However, the rest of the micro-markets
remained stable. Continued demand
from the IT/ITeS sector employees kept
upward pressure on rentals and rents
increased in the range of 2 - 9% QoQ in
almost all micro-markets.
The state government has proposed an•
elevated road from Basaveshwara Circle
to Hebbal in order to provide a hassle-
free drive to Kempegowda International
Airport (KIA). The total cost of the project
is expected to be around INR1,200 crore.
COLLIERS VIEW:• The overall sentiments
look positive for the city. With increasing
business confidence and a strong office
market, demand in the residential sector
is expected to improve from its current
levels, specifically for premium and mid-
range housing. A narrowing demand and
supply gap should allow capital values
to rise in the range of 4 - 6% in the near
term across all micro-markets.
1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
Bengaluru
SELECT NEW PROJECTS
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Enchante Whitefield Olympia Group 3Q 2015 9,500
Godrej United Whitefield Godrej Properties 4Q 2017 5,400
Miccassa Kogilu Supertech Builders 4Q 2015 3,890
MJR Clique Electronic City MJR Builder 4Q 2016 3,490
Park West Binnypet Shapoorji Pallonji
Developers 4Q 2017 6,450
Sterling Asecentia Marathahalli Sterling Developers 4Q 2016 6,100
0
4,000
8,000
12,000
16,000
24,000
28,000
20,000
32,000
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2015F
1Q2014F
1Q2011
3Q2011
25,000
20,000
15,000
5,000
10,000
0
Bengaluru
Jayanagar
Central
Palace
Orchard
Cooke Town
Airport Road
Indiranagar
Koramangala
Whitefield
Yelahanka
Bannerghatta Road
80
60
40
20
0
INRPersq.ft.
premium properties
market.
Micro Market
Ongoing Price
(P.S.F)
Airport Road 5,000 - 7,000
Bannerghatta Road 4,200 - 6,000
Whitefield 4,400 - 6,000
Yelahanka 3,500 - 5,000
Yelahanka
BannerghattaRoad
AirportRoad
AirportRoad
Whitefield
Jayanagar
CookeTown
Koramangala
Indiranagar
PalaceOrchard
Central
Central
Yelahanka
Koramangala
Indiranagar
Jayanagar
Bannerghatta Road
Palace Orchard
Cooke Town
Airport Road
Whitefield

9
1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
kolkata
1,000
3,000
5,000
9,000
7,000
13,000
15,000
19,000
17,000
11,000
21,000
23,000
1Q2008
3Q2008
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2015F
1Q2014F
1Q2011
3Q2011
8,000
10,000
18,000
20,000
16,000
12,000
14,000
2,000
4,000
6,000
0
Kolkata
50
40
30
20
10
0
INRPersq.ft.
premium properties
market.
Micro Market
Ongoing Price
(P.S.F)
Tollygunge 3,600 - 4,800
Behela 2,900 - 3,700
Salt Lake 4,000 - 6,000
EM Bypass 4,000 - 7,000
New Town
-Rajarhat 3,200 - 4,600
SELECT NEW PROJECTS
Name
Tentative
Possession*
Rate (Per
Sq.ft.)**
Blossom County New Alipore Vinayak Group 4Q 2018 6,100
Citrus Cove Rajpur
Vinayak Group &
PS Srijan
4Q 2017 4,050
Pratham BT Road Dhoot 4Q 2017 3,600
Sankalpa IV New Town WBIDFC 4Q 2016 4,800
Sonar Kella Baruipur Arrjavv 4Q 2017 2,390
Sukhmani Imperia Diamond Harbour Road Sukhmani Develop-
ers Pvt Ltd 4Q 2017 8,000
In 1Q 2014, end-users remained the•
primary demand generator in the
primary residential market. Micro
markets like Rajarhat, EM Bypass, New
Town and Baguihati remained the
preferred locations due to proximity
to employment hubs, affordability and
upcoming infrastructure.
A few mid-range projects witnessed•
completion this quarter, including
“Sankalpa II & III” by WBIDFC at
New Town and “Sunrise Symphony”
by Surekha Group at Rajarhat. These
projects were priced in the range of
INR4,500 to INR4,800 per sq ft.
Capitalvaluesinthepremiumresidential•
market increased in the range of 1% to
9% QoQ in almost all the micro markets
barring premium micro markets in
central Kolkata where capital values
remained stable. Correspondingly, rents
also increased in the range of 2% to
9% QoQ in most of the micro markets;
however, Bhawanipur, Tollygunge,
Behela and New Town-Rajarhat
registered a stable rent scenario this
quarter due to large supply in these
micro markets.
For the first time in Kolkata, the local•
government has reduced the circle rate
in the range of 8% to 33% across the
city to streamline property valuation
by reducing discrepancies between
registration price and actual market
value of the property.
COLLIERS VIEW:• The new government
willplayavitalroleintermsofinfluencing
and ruling the city’s real estate. However
in observance of demand for mid-
range and affordable housing projects,
developers have started launching new
projects. Going ahead, capital values
are expected to strengthen further and
increase in the range of 2% to 5% in the
mid-term.
Alipore
Ballygunge
Bhawanipur
EMBypass
PAShahRoad
LoudonStreet
NewTown-Rajarhat
SaltLake
Tollygunge
VIPRoad
Behela
Bhawanipur
PA Shah Road
Tollygunge
Loudon Street
Behela
AliporeEM Bypass
Ballygunge
Salt Lake
VIP Road
New Town Rajarhat
Bhawanipur
EM Bypass
Ballygunge
Behela
Tollygunge
P A Shah Road
New Town -
Rajarhat
Loudon street
Alipore
VIP Road
Salt Lake

During this quarter, restricted demand•
from speculators and investors has been
seen in the premium and mid-range
residential segments; however end-user
demand remained positive.
The market witnessed launches of a few•
mid-range residential projects during
the surveyed quarter.
Various projects were completed this•
quarter like “Suyog Nisrag” by Suyog
Development Corporation at Wagholi;
“Vishal Arc Glory” by Vishal Group
at Hadapsar; “Shree Venkatesh Lake
Vista” by Shree Venkatesh Buildcon at
Ambegaon; “Megapolis Smart Homes”
by Kumar Properties and “Village
Residency” by The Pristine Horizon
Promoters, both located at Hinjewadi;
“Kirti Avenue” by Kirti Developers, “Gera
Regent Manor” by Gera Development,
and “Vascon Willows” by Vascon
Infrastructure Ltd, all located at Baner.
Capital values in all micro-markets•
increased in the range of 2 - 4% QoQ.
However, the remaining micro-markets
like Deccan, Camp and Boat Club were
stable.
In a major land transaction, Kolte-Patil•
Developers Ltd has bought 34 acres
of land at Wakad for a consideration
of approximately INR350 crore. The
developer is planning a mixed-use
project with residential and commercial
development.
COLLIERS VIEW:• The city witnessed
an increased number of inquiries for
residentialprojectsinbothmid-andhigh
end segments this quarter. In the coming
quarter, we expect that the residential
market will start gaining significant
traction. Capital values are expected to
rise in mid-price and affordable housing
locations such as Pimpri Chinchwad,
Chakan and Kondhwa in the marginal
range of 2 to 3% on a quarterly basis.
1Q 2014 2Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
Pune
SELECT NEW PROJECTS
Project Name Location Developer Name Tentative
Possession*
Rate (Per
Sq.ft.)**
Balewadi F-Residences Balewadi Eiffel Group 4Q 2016 6,000
Calyx’ Navyangan Pirangut Calyx Group 3Q 2017 3,150
Ganga Platino Kharadi Goel Ganga Developments 4Q 2016 5,700
Majestique City Wagholi Majestique Group 4Q 2017 4,000
Pharande Puneville Wakad Pharande Spaces 1Q 2017 4,800
Sobha Orion Kondhwa Sobha Developers 4Q 2017 7,000
1,000
3,000
5,000
7,000
11,000
15,000
13,000
9,000
3Q2009
1Q2009
1Q2010
3Q2010
1Q2012
3Q2012
1Q2013
3Q2013
3Q2014F
1Q2015F
1Q2014F
1Q2011
3Q2011
11,000
6,000
8,000
7,000
10,000
9,000
3,000
4,000
5,000
2,000
Pune
30
25
20
15
10
5
0
INRPersq.ft.
premium properties
market.
Micro Market
Ongoing Price
(P.S.F)
Kalyani Nagar/
Viman Nagar/
Kharadi
5,000 - 12,000
Baner/Hinjewadi/
Wakad/Pashan
3,800 - 6,000
Kothrud/Bavdhan/
Wajre 3,800 - 6,000
NIBM/Undri/
Kondhwa 3,800 - 5,000
Pimpri/Chinchwad/
Chakan 3,000 - 4,500
KalyaniNagar/
VimanNagar/
Kharadi
Bhawanipur
Deccan/Camp/
BoatClub
Baner/Hinjewadi/
Wakad/Pashan
Magarpatta/
Hadapsar
NIBM/Undri
/Kondhwa
Kothrud/
Bavdhan/
Wajre
Pimpri/Chinchwad/
Chakan
Kalyani Nagar/Vi-
man Nagar/Kharadi
Bhawanipur
Deccan/Camp
/Boat Club
Baner/Hinjewadi
/Wakad/Pashan
Magarpatta/
Hadapsar
NIBM/
Undri/
Kondhwa
Kothrud/ Bavdhan/ Wajre
Pimpri/
Chinchwad
/Chakan
Kalyani Nagar/Viman Nagar/
Kharadi
Kothrud/Bavdhan/Wajre
NIBM/Undri/Kondhwa
Pimpri/Chinchwad/Chakan
Deccan/Camp/Boat Club/
Central Pune
Magarpatta/Hadapsar
Baner/Hinjewadi/Wakad/
Pashan

11
Mumbai
The 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.
Delhi
The 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.
Gurgaon
The prime residential locations of Gurgaon include Golf Course
Road, DLF Phase I, Sushant Lok, NH-8 and Sohna Road. Dwarka
Expressway,SohnaRegion,PataudiRoadandSouthernPeripheral
Road (SPR) are also emerging as a preferred residential location
owing to its proximity to the national capital.
NOIDA
NOIDA premium residential market is comprised of sectors
44, 50, 92, 61, 62, 63 , 28, 29, 30 and NOIDA - Greater NOIDA
Expressway. Most of the new projects launches are concentrated
in new sectors such as Sector 70 - 78 and sectors along NOIDA -
Greater NOIDA Expressway.
Chennai
The prime residential areas in Chennai include Boat Club,
R.A.Puram, MRC Nagar, 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.
Bengaluru (Bangalore)
The 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.
Kolkata
The 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
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter

Copyright © 2014 Colliers International.
ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult
their professional advisors prior to acting on any of the material contained in this report.
About Colliers International
colliers.com
485 offices in
63 countries on
6 continents
United States: 146
Canada: 44
Latin America: 25
186
EMEA: 84
$2.1
billion in
annual revenue
1.46
billion square feet
under management
15,800
professionals
Primary Authors:
Surabhi Arora I Associate Director
Research
surabhi.arora@colliers.com
+91 124 456 7500
Mumbai:
raghavendra.prabhu@colliers.com
Delhi / NCR:
ajay.rakheja@colliers.com
Amit Oberoi I National Director
Valuation & Advisory Services & Research
amit.oberoicolliers.com
Sachin Sharma I Assistant Manager
Research
sachin.sharma@colliers.com
Technopolis Building, 1st Floor,
DLF Golf Course Road,
Sector 54, Gurgaon - 122 002
TEL +91 124 456 7500
Bengaluru:
goutam.chakraborty@colliers.com
Pune:
suresh.castellino@colliers.com
Chennai:
kaushik.reddy@colliers.com
Kolkata:
soumya.mukherjee@colliers.com
For Residential Services:

India Residential Property Market Overview May 2014

Recommandé

Recommandé

Contenu connexe

Similaire à India Residential Property Market Overview May 2014

Similaire à India Residential Property Market Overview May 2014 (20)

Plus de Surabhi Arora, MRICS

Plus de Surabhi Arora, MRICS (20)

Dernier

Dernier (20)

India Residential Property Market Overview May 2014