1. CITY REPORT
MUMBAI OFFICE MARKET
Q4 2009

2. SUMMARY
Summary p. 3
Macroeconomic Context p. 4
Mumbai Office Market p. 5
Central Business District (CBD) p. 6
Extended Central Business District (ECBD) p. 7
Alternate Central Business District (Alternate CBD) p. 8
Secondary Business District (SBD) p. 9
Periphery Business District (PBD) p. 10
Prime Rents p. 11
Capital Values p. 12
Key Transactions p. 13
Key Projects p. 14
Glossary p. 15
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009

3. SUMMARY
More enquiries from corporate occupiers, though low conversion rate
The Q4 of 2009 saw an increase in enquiries from corporate On a positive note, this is leading to better development practices
occupiers in the Mumbai region. In fact, many corporates are also across the region. The “green concept” in new buildings is gaining
evaluating buy verses lease scenarios which is good news for real grounds and is becoming a key “influencer” in the occupiers' decision
estate developers and owners who are keen to sell to corporate end making process. As supply will overrun demand by an increasing
users. It must be specifically noted that the conversion rates of these margin, the prices are expected to fall to 5% from the current levels,
enquiries into sales remain low. The peripheral areas are showing by end of March 2010.
signs of revival with strong leasing activity especially in the Powai
area. However, many large ticket transactions, especially in excess of
100,000 sq. ft, which were anticipated to conclude in this quarter has
been postponed to the next quarter. Overall, the lease rents and
capital values are under pressure due to the increasing new supply
for the commercial office space. As a result, competition to win
occupiers is becoming more and more intense among property
owners & developers.
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I3I

4. MACROECONOMIC CONTEXT
Gross Domestic Product (GDP)
12.00%
Rising inflation. Interest rates hike imminent
10.00% 9.70%
9.30%
9.30% With the rising inflation, there is a growing concern among the government
9.20% 8.80%
8.80% 8.00% authorities to arrest the escalating food prices across all segments. It is
8.00% 7.90%
7.90%
7.60%
expected that by January 2010, the Reserve Bank of India will raise the Cash
6.10%
6.00% Reserve Ratio by 50 – 100 basis point. The industry leaders and experts are
5.80%
5.30%
lobbying with the government to continue with the fiscal & monetary
4.00% reforms. At the same time, the Government is expecting GDP rate to touch 8%
which probably will be the highest growth rate in the world. The FDI inflows
2.00%
are at 50% higher than corresponding quarter of 2009 thus further boosting
0.00%
industry confidence. The real estate industry is expecting a lot of fiscal
Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 benefits and clarity especially on indirect taxes in the ensuing budget which
2006 2007 2007 2007 2007 2008 2008 2008 2008 2009 2009 2009 2009
will be tabled in the last week of February 2010.
Source: Confederation of Indian Industries
Wholesale Price Index (WPI)
16.00% Real Estate
14.00%
The developer community expects a revival for commercial real estate in
12.00%
10.00%
2010 However, a lot is dependent on the global occupier confidence
8.00% especially in the IT / ITES sector. Most of the development companies
6.00% showed healthy growth in sales. This is due to better consumer sentiment
4.00% especially on residential real estate market. It is expected that some of the
2.00% development companies will try to sell land in Q1 of 2010 (Jan - March) so
0.00% as to show better performance to its shareholders for the Indian financial
May-09
Sept-09
Nov-09
Dec-09
Mar-09
Aug-09
Apr-09
Jun-09
Oct-09
Feb-09
Jan-09
Jul-09
year (April 2009 - March 2010).
Source: Confederation of Indian Industries
Major Real Estate Sales (In INR / In Million) Profits (In INR / In Million)
Companies in Q4 2009 Q3 2009 Q on Q Q4 2009 Q3 2009 Q on Q
India Change % Change %
DLF Limited 202,577 175,09.4 16% 46,789 43,974 6%
Sensex & Nifty Unitech 77,446 50,94.9 52% 13,953 17,601 -21%
25,000 India Bulls 33,013 29,65.9 11% 6,400 7,113 -10%
Sobha Developers 30,700 22,360 37% 4,080 2,750 48%
20,000
Peninsula Land 25,176 16,87.2 49% 8,888 7,287 22%
15,000 Parsvnath
30,364 16,847 80% 2,491 6,143 -59%
Developers
10,000 Pheonix 3,018 2,639 14% 1,019 1,754 -42%
Omaxe Limited 28,020 22,392 25% 2,846 2,251 26%
5,000 Mahindra
10,891 6,352 71% 2,793 1,734 61%
Lifespaces
0 Ananthraj 8,262 8,713 -5% 6,704 7,12.7 -6%
11-12-07
12-12-07
01-12-08
02-12-08
03-12-08
04-12-08
05-12-08
06-12-08
07-12-08
08-12-08
09-12-08
10-12-08
11-12-08
12-12-08
01-12-09
02-12-09
03-12-09
04-12-09
05-12-09
06-12-09
07-12-09
08-12-09
09-12-09
10-12-09
11-12-09
12-12-09
Ackruti City 21,928 7,829 180% 7,777 2,979 161%
Ansal Properties 27,104 17,684 53% 2,644 3,160 -16%
Sensex Nifty
Source: Confederation of Indian Industries
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I4I

5. MUMBAI OFFICE MARKET
23
N
22
21
20
Western E
Sanjay Gandhi National Park
xpre
19 ss H
ighw
ay
8
7
Tulsi
17 Lake 2 6
1 4
18
3 5
24
16
Vihar
Lake
9
15
25 10
Powai 26
14 Lake
13 27
11
S e a
12 Sahar Airport 28
(International Airport) 12
11 Domestic
Airport
29
A r a b i a n
4 13
30 14
15
2 3 16
1 31
10
33
k
9 32
lin
ndra Worli Sea
8 17
20
7 6 19 21
18
Ba
5
8 4
d) Secondary Business
3
District (SBD)
7
2
6 1. Byculla
2. Sewri
5 3. Parel
3 1 4. Dadar
4
9
9 5. Wadala
2 6. Kings Circle
1
7. Matunga East
8. Matunga Road
8
9. Mahim
7 6 10. Bandra West e) Periphery Business
4
5 11. Santacruz District (PBD)
12. Juhu
3 13. Vile Parle 1. Thane
14. Andheri 2. Kalwa
15. Jogeshwari 3. Dighe
2
16. Goregaon 4. Mumbra
1 17. Malad 5. Diva
18. Malad West 6. Dombivali
19. Kandivali 7. Thakurli
20. Borivali 8. Kalyan
a) Central Business 21. Dahisar 9. Airoli
District b) Extended Central 22. Mira Road 10. Rabale
Business District 23. Bhayander 11. Ghansoli
1. Colaba 24. Mulund 12. Koper Khairne
2. Cuffe Parade
c) Alternate Central 25. Bhandup 13. Turbhe
1. Girgaon
3. Nariman Point 2. Grant Road Business District 26. Kanjurmarg 14. Sanpada
4. Churchgate 3. Mumbai Central 27. Powai 15. Vashi
5. Fort 1. Bandra 28. Vikhroli 16. Jui Nagar
4. Tardeo
6. Chatrapati Shivaji 5. Mahalakshmi 2. Bandra East 29. Ghatkopar 17. Nerul
Terminus (CST) 6. Lower Parel 3. Bandra Kurla 30. Kurla 18. Belapur
7. Marine Line 7. Worli Complex 31. Chembur 19. Kharghar
8. Malabar Hill 8. Prabhadevi 4. Santacruz East 32. Sion 20. Khandeshwar
9. Breach Candy 9. Pedder Road (Kalina) 33. Mankhurd 21. Panvel
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I5I

6. CENTRAL BUSINESS DISTRICT (CBD)
The shift to lower cost occupancy continues
The corporate occupiers continue to shift to lower occupancy cost
building which also offer modern infrastructure and services. The
600
Rental Values (in Rs / sq.ft / month)
landlords and building associations / condominiums are responding
by bringing cosmetic changes to the old stock by revamping the lifts
500
and lobbies. However, a lot more needs to be done in terms of
providing higher level of services to the corporate occupiers so as to
400 retain them in these old buildings.
300
200
100
RENTALS OVER THE PAST 6 QUARTERS
Q3 Q4 Q1 Q2 Q3 Q4
0
Q3 Q4 Q1 Q2 Q3 Q4 2008 2008 2009 2009 2009 2009
2008 2008 2009 2009 2009 2009
Ballard Estate 400 300 275 250 250 250
Cuffe Parade 280 250 225 200 200 200
Nariman Point Ballard Estate
Fort 250 170 150 150 150 150
Cuffe Parade Fort Nariman Point 450 375 350 325 325 325
Source: BNP Paribas Real Estate, India
70,000
Capital Values (in Rs / sq.ft)
60,000
50,000
40,000
30,000
20,000
10,000
CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3 Q4 Q1 Q2 Q3 Q4
— 2008 2008 2009 2009 2009 2009
Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2009 2009 2009 2009 Ballard Estate 42,000 38,000 35,000 35,000 35,000 35,000
Cuffe Parade 32,000 32,000 30,000 30,000 30,000 30,000
Nariman Point Ballard Estate
Fort 27,500 25,000 22,500 22,500 22,500 22,500
Cuffe Parade Fort Nariman Point 50,000 45,000 40,000 40,000 40,000 40,000
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I6I

7. EXTENDED CENTRAL BUSINESS DISTRICT
(ECBD)
The favourite micro market for large space
occupier.
Most of the large space occupiers are preferring to settle in Extended
CBD as there is lot of new integrated commercial space available.
There are new enquires in the region of 50,000 sq. mts and above and
our estimate is that most of them will be absorbed in the coming
quarter in this micro market. There is a lot of up coming supply in
600
Rental Values (in Rs / sq.ft / month)
this region as well which will keep the leasing and capital values
under pressure.
500
400
300
200
100 RENTALS OVER THE PAST 6 QUARTERS
Q3 Q4 Q1 Q2 Q3 Q4
0 2008 2008 2009 2009 2009 2009
Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2009 2009 2009 2009 Lower Parel 280 250 180 180 180 180
Worli Prabhadevi Mahalaxmi 225 200 150 150 150 150
Lower Parel Mahalaxmi Prabhadevi 325 280 250 250 250 250
Worli 400 375 300 300 300 300
Source: BNP Paribas Real Estate, India
60,000
Capital Values (in Rs / sq.ft)
50,000
40,000
30,000
20,000
CAPITAL VALUES OVER THE PAST 6 QUARTERS
10,000
Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2009 2009 2009 2009
—
Q3 Q4 Q1 Q2 Q3 Q4 Lower Parel 28,000 25,000 18,000 18,000 18,000 18,000
2008 2008 2009 2009 2009 2009 Mahalaxmi 22,500 20,000 15,000 15,000 15,000 15,000
Worli Prabhadevi Prabhadevi 32,500 28,000 25,000 25,000 25,000 25,000
Lower Parel Mahalaxmi Worli 40,000 37,500 30,000 30,000 30,000 30,000
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I7I

8. ALTERNATE CENTRAL BUSINESS DISTRICT
500 (ALTERNATE CBD)
450
Activity pick up in sales only
Rental Values (in Rs / sq.ft / month)
400
The Q4 of 2009 saw lesser activity in this region in terms of leasing
350 but some sales have been reported between 2,000 - 5,000 sq.ft of
300 space. A number of new developments are expected to be completed
and will add to new modern stock in the area. Overall, there will be a
250
lot of supply in this region and will put downward pressure on rents
200
and capital values..
150
100
RENTALS OVER THE PAST 6 QUARTERS
50
Q3 Q4 Q1 Q2 Q3 Q4
0 2008 2008 2009 2009 2009 2009
Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2009 2009 2009 2009 Bandra - Kurla 350 350 250 250 250 250
Complex
Bandra - Kurla Complex
Bandra East 230 225 175 175 175 175
Kalina
Kalina 275 250 200 200 200 200
Bandra East
Source: BNP Paribas Real Estate, India
50,000
45,000
Capital Values (in Rs / sq.ft)
40,000
35,000
30,000
25,000
20,000
15,000 CAPITAL VALUES OVER THE PAST 6 QUARTERS
10,000 Q3 Q4 Q1 Q2 Q3 Q4
5,000 2008 2008 2009 2009 2009 2009
— Bandra - Kurla 35,000 35,000 25,000 25,000 25,000 25,000
Q3 Q4 Q1 Q2 Q3 Q4 Complex
2008 2008 2009 2009 2009 2009
Bandra East 23,000 22,500 17,500 17,500 17,500 17,500
Bandra - Kurla Complex
Kalina Kalina 27,500 25,000 20,000 20,000 20,000 20,000
Source: BNP Paribas Real Estate, India
Bandra East
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I8I

9. SECONDARY BUSINESS DISTRICT (SBD)
Pressure on rents and capital values
This region is witnessing increase in activity from corporate
250 occupiers. The leasing and capital values however are under
Rental Values (in Rs / sq.ft / month)
extreme pressure as more and more supply is being added. It is
estimated that 60% of total new supply of the Mumbai Metropolitan
200
area will fall in this region.
150
100
RENTALS OVER THE PAST 6 QUARTERS
50
Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2009 2009 2009 2009
0
Q3 Q4 Q1 Q2 Q3 Q4 Andheri E 150 130 120 120 120 120
2008 2008 2009 2009 2009 2009 Andheri W 130 120 110 110 110 110
Vile Parle Malad Borivali 60 50 50 50 50 50
Andheri East Vikhroli Malad 110 100 90 90 90 90
Andheri West Borivali Powai 130 100 90 90 90 90
Powai Vikhroli 95 80 65 65 65 65
Vile Parle 160 160 120 120 120 120
Source: BNP Paribas Real Estate, India
25,000
Capital Values (in Rs / sq.ft)
20,000
15,000
10,000 CAPITAL VALUES OVER THE PAST 6 QUARTERS
Q3 Q4 Q1 Q2 Q3 Q4
5,000 2008 2008 2009 2009 2009 2009
Andheri E 15,000 13,000 12,000 12,000 12,000 12,000
— Andheri W 13,000 12,000 11,000 11,000 11,000 11,000
Q3 Q4 Q1 Q2 Q3 Q4 Borivali 6,000 5,000 5,000 5,000 5,000 5,000
2008 2008 2009 2009 2009 2009
Malad 11,000 10,000 9,000 9,000 9,000 9,000
Vile Parle Malad
Powai 13,000 10,000 9,000 9,000 9,000 9,000
Andheri East Vikhroli
Vikhroli 9,500 8,000 6,500 6,500 6,500 6,500
Andheri West Borivali
Vile Parle 16,000 16,000 12,000 12,000 12,000 12,000
Powai
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I9I

10. PERIPHERY BUSINESS DISTRICT (PBD)
Demand is increasing for large space occupier
There as an increase in activity from corporate occupiers in this area
Rental Values (in Rs / sq.ft / month)
as the cost has become attractive. The activity is more pronounced
80
in Navi Mumbai than Thane as it is viewed as more organised and
70 planned area. However, there is still high level of vacancy in this
60 area. The new commercial developments will kick start only once a
large built-to-suit tenant is signed. It is expected that a few built-to-
50
suit transactions (100,000 sq.ft.) will get signed in the next 6
40 months.
30
20
RENTALS OVER THE PAST 6 QUARTERS
Q3 Q4 Q1 Q2 Q3 Q4
10 2008 2008 2009 2009 2009 2009
0
Q3 Q4 Q1 Q2 Q3 Q4 Airoli 40 35 35 35 35 35
2008 2008 2009 2009 2009 2009 Thane 45 40 40 40 40 40
Vashi Thane Airoli Vashi 75 70 65 60 60 60
Source: BNP Paribas Real Estate, India
8,000
Capital Values (in Rs / sq.ft)
7,000
6,000
5,000
4,000
3,000
CAPITAL VALUES OVER THE PAST 6 QUARTERS
2,000
Q3 Q4 Q1 Q2 Q3 Q4
1,000 2008 2008 2009 2009 2009 2009
— Airoli 4,000 3,500 3,500 3,500 3,500 3,500
Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2009 2009 2009 2009 Thane 4,500 4,000 4,000 4,000 4,000 4,000
Vashi 7,500 7,000 6,500 6,000 6,000 6,000
Vashi Thane Airoli
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I10I

11. PRIME RENTS
Q4 2009
Region Rent Q on Q
INR/ sq.ft/ month Change
Ballard Estate 250 0% Central Business District (CBD)
Cuffe Parade 200 0%
Fort 150 0%
Nariman Point 325 0%
Q4 2009
Region Rent Q on Q
INR/ sq.ft/ month Change
Lower Parel 180 0%
Extended Central Business
Mahalaxmi 150 0% District (Extended CBD)
Prabhadevi 250 0%
Worli 300 0%
Q4 2009
Region Rent Q on Q
INR/ sq.ft/ month Change
Bandra - Kurla
Alternate Central Business
250 0% District (Alternate CBD)
Complex
Bandra East 175 0%
Kalina 200 0%
Q4 2009
Region Rent Q on Q
INR/ sq.ft/ month Change
Andheri E 120 0%
Andheri W 110 0%
Borivali 50 0%
Secondary Business District (SBD)
Malad 90 0%
Powai 90 0%
Vikhroli 65 0%
Vile Parle 120 0%
Q4 2009
Region Rent Q on Q
INR/ sq.ft/ month Change
Airoli 35 0% Periphery Business District (PBD)
Thane 40 0%
Vashi 60 0%
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I11I

12. CAPITAL VALUES
Q4 2009
Region INR / sq.ft Q on Q
Change
Ballard Estate 35,000 0% Central Business District (CBD)
Cuffe Parade 30,000 0%
Fort 22,500 0%
Nariman Point 40,000 0%
Q4 2009
Region INR / sq.ft Q on Q
Change
Lower Parel 18,000 0%
Extended Central Business
Mahalaxmi 15,000 0% District (Extended CBD)
Prabhadevi 25,000 0%
Worli 30,000 0%
Q4 2009
Region INR / sq.ft Q on Q
Change
Bandra - Kurla
Alternate Central Business
25,000 0% District (Alternate CBD)
Complex
Bandra East 17,500 0%
Kalina 20,000 0%
Q4 2009
Region INR / sq.ft Q on Q
Change
Andheri E 12,000 0%
Andheri W 11,000 0%
Borivali 5,000 0%
Secondary Business District (SBD)
Malad 9,000 0%
Powai 9,000 0%
Vikhroli 6,500 0%
Vile Parle 12,000 0%
Q4 2009
Region INR / sq.ft Q on Q
Change
Airoli 3,500 0% Periphery Business District (PBD)
Thane 4,000 0%
Vashi 6,000 0%
Source: BNP Paribas Real Estate, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I12I

13. KEY TRANSACTIONS
Q4 2009
Building Tenant Space Type Location
(in sq.ft)
One Indiabulls Centre Marsh 25,000 Extended CBD Lower Parel
One Indiabulls Centre Morgan Stanley 70,000 Extended CBD Lower Parel
Hallmark Plaza Unitech Wireless 27,000 Alternate CBD Bandra East (Kalanagar)
Hallmark Plaza Abbott Healthcare 17,000 Alternate CBD Bandra East (Kalanagar)
Oberoi Towers Verizon 15,000 SBD Goregaon
Ventura JP Morgan 2,17,000 SBD Powai
Nirlon Knowledge ICICI Prudential AMC 20,000 SBD Goregaon
Park
Nirlon Knowledge Xerox 3,000 SBD Goregaon
Park
Crisil House Crisil 212,000 SBD Hiranandani Powai
Knowledge Park Nokia Siemens 70,000 SBD Hiranandani, Powai
Essar Tech Park ATL 108,880 SBD Kurla
Kalpataru Square Indofill 35,000 SBD Andheri (East)
G Corp Tech Park Birla Sun Life 150,000 PBD Thane
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I13I

14. KEY PROJECTS
New Supply – Year 2010
Building Type of Location Location Space (in sq.ft.) Completion date
( expected )
Lodha Excelus Extended CBD Lower Parel 4,00,000 Ready
One India Bulls Centre Extended CBD Lower Parel 7,00,000 Q1 2010
India Bulls Financial
Extended CBD Lower Parel 5,00,000 Q1 2010
Centre
Bandra Kurla Phase I - 5,77,000 Ready
Cresenzo Alternate CBD Complex Phase II - 2,28,000 Q1 2011
Ackruti Iris Alternate CBD Andheri East 7,00,000 Q1 2011
Bandra Kurla
Ackruti Gold Alternate CBD 66,000 Ready
Complex
Urbania Alternate CBD Ghatkopar 90,000 Q2 2010
Western Edge SBD Borivali 4,50,000 Ready
Rustomjee Natraj SBD Andheri East 2,86,000 Q1 2010
Silver Uthopia SBD Andheri East 4,00,000 Q2 2010
Rustomjee Aspire SBD Sion 1,24,000 Q1 2010
IT Park, Ajmera SBD Andheri East 11,00,000 Q1 2010
R Tech Park SBD Goregaon 4,00,000 Ready
City Park SBD Marol 1,40,000 Q1 2010
The Chambers SBD Vile Parle 1,00,000 Q1 2010
Universal Majestic SBD Chembur 5,00,000 Ready
Hiranadani Knowledge SBD Powai 3,00,000 Ready
Park
Supreme Chambers SBD Andheri West 2,40,000 Q1 2010
Andheri East
Ackruti Star SBD 4,00,000 Q2 2010
(MIDC)
HCC 247 IT Park SBD Vikhroli 18,00,000 Ready
Corporate Tech Park PBD Thane 10,60,000 Ready
Asher IT Park PBD Thane 7,00,000 Ready
Reliable Tech Park PBD Airoli 10,00,000 Q2 2010
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I14I

15. GLOSSARY
Q4: Quarter 4 of the financial year New: Building built within the last 5 years.
Absorption: Occupied Stock (n) – Occupied Stock (n-1); Where “n” is the specified Major Refurbishment: Building which has undergone structural alteration less
period (quarter, year etc.) than 5 years ago, subject to planning permission.
Bare Shell: Premises consisting of basic structure with lifts, power supply to Recent: Building less than 10 years old.
junction box, water supply line, toilets Renovated: Building which has undergone renovation work not requiring for
BPO: Business Process Outsourcing planning permission less than 5 years ago.
BUA: Built up area Modern: High-performance building over 10 years old.
CBD: Central Business District Old: Low-performance building over 10 years old.
ECBD: Extended Central Business District CCI (Cost of construction index): Index that makes quarterly measurements of
ACBD: Alternate Central Business District construction prices for new house building. It is the price after VAT paid by the
owner to construction companies. It excludes land-related prices and costs (site
SBD: Secondary Business District development, special foundations, etc.), fees and financial costs.
PBD: Periphery Business District Demand: A search for premises expressed to BNP Paribas Real Estate. The
Completed Stock: Either the building has received occupancy certificate or the analysis pertains only to the flow of new demand expressed.
client has moved in and occupied space and started working in a particular For the occupier: Operation undertaken by an occupier for its own purposes.
premises
New Supply: Any new building and/or heavily refurbished building that adds to
DU: Dwelling Unit the existing stocks. These are analysed according to progress.
EPIP: Export Promotion Industrial Park Completed new supply: Buildings on which construction work is finished.
FAR: Floor Area Ratio (BUA/ Plot Area) Under construction: Buildings on which construction has effectively begun. Prior
Grade A: Space Office Space with efficiency in excess of 75%, floor plate in excess demolition work is not taken into account.
of 15,000 sq. ft., Car Parking ratio of atleast 1 per 1000 sq. ft., Floor-to-ceiling Planning permission granted: Authorisation to build obtained, generally booked
height in excess of 3.75 m, Power provision of 1.25KVA per 100 sq. ft. with 100% after settlement of third party claims.
power-backup wherever applicable and professionally managed facilities
Planning permission submitted: Planning permission requested, being
Ground Coverage: It is the total covered area on ground by the built component processed.
and is expressed as a percentage of the plot area
Pre-letting: Transaction by an occupier more than 6 months before the delivery of
Hard Option: Real estate space reserved by the lessee for future occupation the building.
within a particular time frame and at a pre-decided rental
Headline rent: Annual rent per square meter, featured on the lease, and
INR: Indian National Rupees expressed excluding taxes and charges. Does not include attached premises such
Rs: Rupees as parking areas, archives, staff canteens, etc. If the rental is progressive, the
value applied is the average for the first 3 years or the fixed term of the lease.
Pre-lease: Space committed for lease before completion of construction
Average headline rent: Weighted average of rented area. The average featured is
Speculative Stock: The stock which can be leased and excludes Built-to-Suit a moving average over 3 quarters, to smooth out the changes.
(BTS) and Campus facilities.
Underlying rent: Annual rent per square meter expressed free of tax and charges
Stock: Cumulative Supply and excluding advantages agreed by the owners (rent incentive building works,
Supply: New construction in a particular specified period etc).
Tier I Cities: NCR, Mumbai and Bangalore Prime rents: Represents the top headline rent (excluding non significant
Tier II Cities: Chennai, Hyderabad, Pune, Kolkata transactions) for an office unit:- of standard size, of the highest quality and
specification, in the best location in each market.
Transaction Volumes: Total number of transaction in a particular specified period
Top rent: Represents the top headline rent for an office unit. It is not necessarily a
Vacancy: Total vacant space in the completed stock prime rent.
Warm Shell: Premises consisting of power backup, high side A.C., common area fit Second hand premises: Premises that have been previously occupied by an
outs and fitted out toilets occupier for vacant for more than 5 years.
Q on Q: Quarter on Quarter Renovated: Premises that have been renovated for the new occupier.
y-o-y: year-on-year (All growth figures in this report are y-o-y unless otherwise Very good condition: High-performance premises of high quality.
mentioned
Existing state of repair: Low-performance premises that can be rented as they
IT: Information Technology are.
ITES: Information Technology Enabled Services (includes various services To be renovated: Low performance premises that need renovation.
ranging from call centres, claims processing, medical transcription, e-CRM, SCM
to back-office operations such as accounting, data processing, and data mining) Supply available within 1 year: All premises and buildings available within 1 year
including the supply available immediately, new supply that has not been pre-let
NCR: National Capital Region (includes urban agglomeration of Delhi, Gurgaon, and second hand supply that will be vacated definitively (notable terminated
Faridabad, Noida, Gaziabad etc.) leases).
ORR: Outer Ring Road Take-up: Rental or sale of a property asset, finalised by the signature of a lease or
Repo Rate: Rate that an eligible depository institution (such as a bank) is charged a bill of sale including turnkey transactions and owner-occupier. The transaction
to borrow short term funds directly from the central bank through the discount is only taken into account once any existing conditional clauses have been lifted.
window Vacancy rate: Ration measuring the relationship between the supply
Reverse Repo Rate: Interest rate that a bank earns for lending money to the immediately available and the existing stock.
Reserve Bank of India in exchange for government securities
SEC A, B, C & D Socio: Economic Classification; SEC A represents the highest BNP Paribas Real Estate cannot be held responsible if, despites its best efforts,
propensity to spend and SEC D represents the lowest propensity to spend. the information contained in the present report turns out to be inaccurate or
Sq.ft: Square Feet incomplete. This report is released by BNP Paribas Real Estate and the
information in it is dedicated to the exclusive use of its clients. The report and the
Sq.mt: Square Meter information contained in it may not be copied or reproduced without prior
Stamp Duty: Form of tax charged on instruments (written documents) requiring a permission from BNP Paribas Real Estate.
physical stamp (for government legality) to be attached to or impressed.
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2009 I15I

16. LOCATIONS ALLIANCES
BAHRAIN ABUDHABI ALBANIA JAPAN RUSSIA
Bahrain Financial Harbour Al Bateen Area Danos & Associates RISA Partners Astera
West Tower Plot No. 144, W-11 Boulevard Deshmoret e Kombit 5F Akasaka Intercity 1-11-44 10, b.2 Nikolskaya Str.
INDIA 16th Floor New Al Bateen Municipality Twin Towers - Tower 2 Akasaka, Minato-ku Moscow, 109012
P.O. Box 5253 Street 32 11th Floor 107-0052 Tokyo Tel/Fax: +7-495-925 00 05
Bangalore Manama P.O. Box 2742 Tirana Tel: +81-3-5573 8011
403, The Estate, Tel: +971-505 573 055 Abu Dhabi, UAE Tel: +355-4-2280488 Fax: +81-3-5573 8012 SERBIA
121, Dickenson Road, Fax: +971-44 257 817 Tel: +971-505 573 055 Fax: +355-4-2280192 Danos & Associates
Fax: +971-44 257 817
Bangalore - 560 042 BELGIUM
NETHERLANDS 6, Vladimira Popovica Street
AUSTRIA Holland Realty Partners Belgrade 11000
Tel: +91 80 4050 8888 Blue Tower JERSEY
Dr. Max Huber & Partner J.J. Viottastraat 33, 1071 JP Tel: +381-11-2600 603
Fax: +91 80 4050 8899 Avenue Louise 326 4th Floor, Conway House
Dr. Karl-Lueger-Platz 5 Amsterdam, Fax: +381-11-2601 571
B14 Louizalaan Conway Street
1050 Brussels St Helier 1010 Vienna Tel: +31-20-305 97 20
Contact: Anuj Nautiyal Tel: +32-2-646 49 49 Jersey Je2 3NT Tel: +43-1-513 29 39 0 Fax: +31-20-305 97 21 UKRAINE
Fax: +32-2-646 46 50 Tel: +44-15 34-62 90 01 Fax: +43-1-513 29 39 14 Astera
anuj.nautiyal@asia.bnpparibas.com NORTHERN IRELAND 2a Konstantinovskaya Street
Fax: +44-15 34-62 90 11
DUBAI BULGARIA Whelan Property Consultants 04071, Kiev
Emmar Square LUXEMBOURG Danos & Associates 44 Upper Arthur Street Tel: +38-044-501 50 10
Mumbai
Building No. 1, 7th Floor EBBC, Route de Trèves 6 28, Hristo Botev Boulevard Belfast Bt1 4GJ Fax: +38-044-501 50 11
704, Level 7, MMTC House, C-22, P.O. Box 7233 Bloc D Sofia Tel: +44-28-9044 1000
Bandra Kurla Complex, Bandra (E), Dubai, EAU 2633 Senningerberg Tel: +359-2-9532314 Fax: +44-28-9033 2266 USA
Mumbai - 400 051 Tel: +971-505 573 055 Tel: +352-34 94 84 Fax: +359-2-9532399 Cresa Partners
Fax: +971-44 257 817 Fax: +352-34 94 73 SLOVAKIA 200 State Street
Tel: +91 22 6138 8088 CANADA Modesta (Dr. Max Huber & 13th Floor
Fax: +91 22 6138 8089 FRANCE ROMANIA Cresa Partners Partner Group) Boston, Massachusetts 02109
13 boulevard du Fort de Vaux Union International Center Tel: +1-612-767 12 78 Heydukova 12-14 Tel: +1-612-767 12 78
75017 Paris 11 Ion Campineanu Street Fax: +1-612-337 8459 811 08 Bratislava Fax: +1-612-337 8459
Contact: Raja Kaushal Tel: +33-1-55 65 20 04 Sector 1 Tel: +421-2-3240 8888
raja.kaushal@asia.bnpparibas.com Fax: +33-1-55 65 20 00 Bucharest 010031 CYPRUS Fax: +421-2-3214 4777
Tel: +40-21-312 7000
Danos & Associates
GERMANY Fax: +40-21-312 7001
35, I. Hatziosif Ave PORTUGAL
Delhi Goetheplatz 4
2027, Nicosia Fenalu
Level 4, Wing B, Statesman House, 60311 Frankfurt SPAIN
Tel: +49-69-2 98 99 0 María de Molina, 54 Tel: +357-22 31 70 31 Av. Duarte Pacheco
Barakhamba Road, Fax: +49-69-29 29 14 28006 Madrid Fax: +357-22 31 70 11 Empreendimentos das
New Delhi - 110 001 Tel: +34-91-454 96 00 Amoreiras
IRELAND Fax: +34-91-454 96 04 GREECE Torre 2, 14° - Sala H
Tel: +91 11 3044 6406 Danos & Associates 1070-102 Lisbon
40 Fitzwilliam Place
Fax: +91 11 3044 6507 Dublin 2 UNITED KINGDOM 1, Eratosthenous Str. Tel: +351-21-3833106
Tel: +353-1-66 11 233 90 Chancery Lane 11635 Athens Fax: +351-21-3833107
Contact: Ankit Tyagi Fax: +353-1-67 89 981 London WC2A 1EU Tel: +30-210 7 567 567
Tel: +44-20-7338 4000 Fax: +30-210 7 567 267
ankit.tyagi@asia.bnpparibas.com ITALY Fax: +44-20-7430 2628
Corso Italia, 15/A
20122 Milan USA
Tel: +39-02-58 33 141 787 Seventh Avenue
Fax: +39-02-58 33 14 39 31st Floor
New York, NY 10019
Tel: +1-917-472 4970
Fax: +1-212-471 8100
www.realestate.bnpparibas.com