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for *The details mentioned in the document are for the month of August

Transcript of for › wp-content › uploads › 2018 › 10 › Pulse-Monthl… · make any changes to lending...

Page 1: for › wp-content › uploads › 2018 › 10 › Pulse-Monthl… · make any changes to lending rates in the second half of the financial year, as India moves towards its festive

for

*The details mentioned in the document are for the month of August

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The RBI has decided to hike prime lending rates by 25 basis points signalling an

intention to keep CPI rates under control. This is the second hike in 2 months, mostly

on account of June CPI touching 5%, which is higher than government expectation.

This rate change was expected in light of increasing global oil prices, elevated inflation

and the strengthening of the US Dollar since the previous revision in June. The rate

hike is aimed to add more stability to the current situation. Further, RBI will not want to

make any changes to lending rates in the second half of the financial year, as India

moves towards its festive season when majority of the buying activities take place.

RBI is mandated to maintain inflation index at 4% or lower. There is also the pressure of

maintaining the Minimum Support Price for agricultural products that has been pushing

the government to create funds for payments.

This may be a mental setback for the end users as despite a healthy GDP, lending

rates for homes and other desirable goods will move northwards. It may also affect the

entry level housing market as very low ticket size purchase decision may be pushed

further. However, overall sales velocity is expected to remain stable for the rest of the

year.

Two major aspects that have been favourable for buyers are, the transparency brought

in by RERA & other legislative reforms introduced in the last few years and stable

capital values with a strengthening trend indicating that most major markets have

bottomed out.

Ramesh Nair

CEO and Country Head, JLL India

Click here to know more.

Parliament passes bill to amend Insolvency and

Bankruptcy Code.

Ikea opens its first Indian store in Hitec city,

Hyderabad.

Projects worth over INR 2.04 lakh crore have

been sanctioned by the Central government for

the Smart Cities Mission since its inception.

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*All the office rentals and retail rentals mentioned are for warm shell spaces

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In the month of August,

the office space take up

saw marginal fall

compared to the previous

month.

Key Transaction:

None

Few international brands

were looking for retail

space in the high streets.

Also, some of the Indian

hypermarkets were looking

to expand their presence.

Key Transaction: No new

transaction

Overall demand for the

residential sector remained

stable during August.

Key Launch: No new

launches recorded in the

month of August

*The above graphs show the values in ranges

The Chief Minister of Gujarat announced that the first trial run for

Ahmedabad Metro will be conducted in the month of January,

next year.

4

The Ahmedabad Metro route

will have18 stations in the

East-West Corridor between

Vastral and Thaltej and the

North-South Corridor will

have18 stations that will

connect APMC and Motera

Stadium.

*All the office rentals and retail rentals mentioned are for warm shell spaces

No new major transactions recorded during the month.

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IT/ITeS sector contributed

to good leasing activity over

the month.

Key Transaction:

JPMC at ORR

Upcoming malls witnessed

good pre-commitment levels

Key Transaction:

Nykaa at Lavelle Road

Launches improved on

Whitefield and Bellary

Road.

Key Launch :

Brigade Bricklane was

Launched at Bellary

Road.

*The above graphs show the values in ranges

Bangalore Metro Rail Corporation Limited (BMRCL) will set

up charging points for e-vehicles in a week. Namma Metro

passengers will be able to recharge their electric bikes and cars

at 4 metro stations such as Bypanahalli, MG Road, Mysuru Road

and Jayanagar stations.5

Ajmera to invest Rs 250 crore in

affordable housing project in North

Bengaluru.

Sobha Lake Gardens was launched on

Whitefield (KR Puram) at INR 6,130

per sq ft.

*All the office rentals and retail rentals mentioned are for warm shell spaces

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Demand for smaller office

spaces increased in the

Central and Secondary

business districts.

Key Transaction:

HQ10 leased space in

SBD Submarket.

Large format retailers

dominated the leasing

activity in both established

and emerging High street

locations.

Key Transaction: FAB India

leased space in TTK Road.

RETAIL

Housing demand remained

steady, new launches

continued to remain

subdued.

Key Launches: Lakewoods

by Mahindra Lifespaces in

MWC.

RESIDENTIAL

*The above graphs show the values in ranges

6

Chennai Metro update: The last 9.5 km of the 45 km phase 1

between AG-DMS on Anna Salai to Washermenpet via Chennai

central will be ready before the end of 2018 as the trial run begins

last month. While the preliminary work to lay the tracks in the 9 km

phase 1 extension from Washermenpet to Wimco nagar has started

and the phase 1 extension is expected to be ready by March 2020.

*All the office rentals and retail rentals mentioned are for warm shell spaces

Olympia Group acquired 5.5 acre

property belonging to Exide

Industries in Guindy Industrial

Estate for INR 125 Crores and

plans to build an IT Park worth

approx. 1 million sq ft.

Japanese conglomerate Mitsubishi Corp will invest INR 180 Crores in the an

ongoing residential project of Shriram Properties Ltd. in Chennai. Mitsubishi

will own 70% stake in the housing project located on GST Road which will

comprise of 1,450 apartments with a saleable area of 2 million sq ft.

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Demand from Co-working

segment remains strong.

Pre-commitments witnessed

in upcoming supply in Delhi

NCR.

Key Transactions:

Crompton Greaves Power in

Noida, Greenlam in Delhi.

Strong leasing activity shown

by F&B, Fashion and

Lifestyle stores in upcoming

mall developments.

Key Transactions: Disney &

Me in Delhi, Reliance Trends

in Suburbs (Greater Noida)

RETAIL

Sales picking up in Delhi

NCR residential segment.

Few new launches expected

in near future.

Key Launch: T-Homes,

Siddharth Vihar in

Ghaziabad by T&T Group.

RESIDENTIAL

*The above graphs show the values in ranges

• The new section of Durgabai Deshmukh-Lajpat Nagar in Delhi

Metro’s Pink Line become operational. It would reduce travel time

for commuters drastically.

• Underpass connecting Kalindi Kunj in Delhi to Noida Expressway

(Sectors 94,124,125 & 126) got operational. 7*All the office rentals and retail rentals mentioned are for warm shell spaces

M3M has launched a commercial

project’ International Financial

Center’ at Golf Course Extension

Road in Gurgaon.

Realty firm Prateek Group has raised INR 275 crore from Piramal Capital

and Housing Finance for its ongoing 40-acre housing project at Ghaziabad.

T&T Group launched 'Intelligent Homes'

project in Siddhartha Vihar (Ghaziabad),

namely 'T Homes‘. These smart homes can

be controlled and maintained by a remote or

smartphone via a T-Homes app.

Ghaziabad

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IT/ITeS sector supported

the major leases in the

month in the western part

of city.

Key Transaction: JPMC

at Salarpuria Knowledge

City

While L&T Malls at

Punjagutta and Hitec City

started operations with

good occupancy, L&T Next

Mall at Erra Manzil records

healthy pre-commitments

Key Transaction: Decathlon

at L&T mall, Erra Manzil

RETAIL

City witnessed overall

improvement in sales and

project launches.

Key Launch:

Vasavi Signature at

kukatpally

RESIDENTIAL

*The above graphs show the values in ranges

Much awaited metro from LB Nagar to Ameerpet is now operational.

8

HMDA to auction land parcels

of about 200 acres at Kokapet

and 96 plots at Uppal worth

Rs. 5000 crores.

*All the office rentals and retail rentals mentioned are for warm shell spaces

No new major transaction during the month

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Steady growth with small

to medium sized spaces

taken up by occupiers

across different sectors.

Key Transaction: Haier

Electronic in Srijan

Corporate Park, Salt Lake

Indicates stable growth

with moderate leasing

across sub-markets.

Key Transaction: Health &

Glow at City Centre Mall,

New Town

RETAIL

Signs of revival with

several small scale

developers launching new

projects.

Key Launch: Chitrakut

Heights, Magnolia Avanti,

Magnolia Destiny at New

Town

RESIDENTIAL

No new major transaction during the month

*The above graphs show the values in ranges

The West Bengal government is experimenting with a new model

of development named ‘Infrastructure as a Service’ through which

the state’s IT department is looking to create ready ecosystem for

high-end technology companies to start working with minimum

capital expenditure with an aim to create higher number of jobs.9

West Bengal Housing Infrastructure

Development Corporation has issued

notification for e-auction for the

purpose of allotment of 9 residential

plots in Action Area IIB of New Town,

on 99 years ‘Lease Hold’ basis, for

‘Residential’ purpose.

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Moderate space take-up

witnessed in the month.

Key Transaction:

WeWork leased space in

Thane sub-market

Malls of quality witnessed

traction in the month.

Key Transaction:

Me N Moms in Suburbs

sub-market

RETAIL

Stable demand in the month.

There was a slight decline in

the number of launches.

Key Launch:

Omkar Sereno in

Jogeshwari

RESIDENTIAL

*The above graphs show the values in ranges

10

The Chief Minister of Maharashtra approved the construction of

the Bandra-Versova sea link. This will be thrice the length of the

present Bandra-Worli sea link.

*All the office rentals and retail rentals mentioned are for warm shell spaces

A new residential project, Omkar

Sereno was launched with 159 units.

The capital value is INR 25,691 per sq

ft on carpet.

GIC acquired over 40% stake in Provenance land with the size of the

transaction estimated at INR 1,000 crore.

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Demand for office space

remained healthy during the

month. Robust demand for

the quality offices & the low

vacancy rates contribute to

the rental appreciation.

Key Transaction: Western

Union leased 15,000 sq. ft in

Business Bay.

Leasing activity in malls

remained stable. No mall

is scheduled to tap the

markets in 2018.

Key Transaction: Urban

Ladder leased space in

Amanora Town Centre

RETAIL

Demand remained stable

during the month. Supply

increased with the launch of

few large-sized projects

predominantly in the fringe

areas. Key Launch:

Amanora Gold (A phase

with in Amanora Township)

launched in Hadapsar

RESIDENTIAL

No new major transactions recorded during the month

*The above graphs show the values in ranges

Investments of INR 65,000 crore lined up over the next five to

six years on the construction of a new airport, a new Metro link,

and a Ring Road, among other projects. Taken together with

the INR 10,000 crore that has been committed for water,

sewerage and Smart City projects, they have the potential to

upgrade Pune’s infrastructure to the next level.11

The most active sub-market

in Pune for the past few

years in terms of existing

stock, new supply and

absorption.

Rental value: INR 65-80/ sq

ft/ month in office sector

Apart from SEZ’s and IT

parks, the area houses

proprietary campuses of

prominent companies such as

Infosys, Tech Mahindra, KPIT

etc A sizeable proportion of

future supply in the Suburbs

sub-market will be in various

SEZs developed by major

players, such as Ascendas,

Paranjape Schemes, DLF

and the Embassy.

Rental value: INR 40-50/ sq

ft/ month in office sector

*All the office rentals and retail rentals mentioned are for warm shell spaces

Construction of the Global

High Street Mall has

already started and is likely

to hit the market in another

2-3 years. The mall is

located in Hinjewadi.

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Office space demand

continued to improve across most cities

Retail spaces in quality

malls and prominent

high streets recorded

healthy demand in most cities

Residential launches

improved slightly in

most cities

*The details mentioned in the document are for the month of September

Industrial demand

remained positive across all the cities

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JLL, India’s largest real estate services firm, negotiated a marquee land deal and

development arrangement between Godrej Properties Limited (GPL) and North India

based real estate developer - Shipra Group. GPL has acquired 11 acres of land in

close proximity to the Noida Golf Course.

Godrej Properties and Shipra Group will be jointly developing a premium housing

project of around 2.2 million sq. ft. in sector 43 of Noida City Centre. Noida was

ranked as the Best City in Uttar Pradesh and the Best City in Housing in all of India in

“Best City Awards” conducted by ABP News in 2015.

The upcoming premium housing project is well surrounded by good social and

physical infrastructure with excellent connectivity to offices in Sector 125, 126 & 127.

This is the third such assignment facilitated by JLL for Godrej Properties in the

Northern part of the country.

Ramesh Nair, CEO & Country Head, JLL India said, “One of the prime areas of

Noida, located strategically near the Noida Golf Course, the location enjoys good

connectivity through road and MRTS with the Golf Course Metro station in proximity.

It has a well-developed infrastructure and is in the vicinity of well-established high-

end residential developments, retail hubs, educational institutes as well as office

complexes. The location has an excellent market potential and the deal would further

enhance its value, thereby establishing it as the most sought after residential zone in

the region. Godrej Properties is known for creating bespoke experiences for its

customers and I am sure, this premium development will further enhance the area

profile.”

Click here to know more.

India's new drone regulations are set to change the

landscape of the real estate sector from December, 2018.

India’s first, Asia’s biggest REIT plans Rs 5,250 crore IPO

Centre approves construction of nearly 6.28 lakh houses

for urban poor in eleven states under the Pradhan Mantri

Awas Yojna, with Uttar Pradesh getting the largest share

of over 2.34 lakh housing units.

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*All the office rentals and retail rentals mentioned are for warm shell spaces

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2018

Outright purchase

transactions picked up

pace in September.

Key Transaction:

Essar Oil took space at

Ashram Road

OFFICE

The overall demand for

retail segment remained

stable in the month of

September.

Key Transaction: No new

major transactions

recorded

RETAIL

Residential market

witnessed a sluggish

phase due to weakened

demand and slow pace of

online building plan

approvals.

Key Launch: No new

launch

RESIDENTIAL

Rental value (INR/sq ft/month)* Capital Value (INR/sq ft)*

*The above graphs show the values in ranges

Gujarat government amended the Gujarat Ownership Flats Act,

1973 to allow redevelopment of buildings that are older than 25

years having the consent of only 75% of its occupants.

Infrastructure

/ Policy

update

A leading real estate

developer bought 13,000 sq.

yard plot in Thaltej for INR160

crore.

*All the office rentals and retail rentals mentioned are for warm shell spaces

No new major transactions recorded during the month

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FMCG and co-working

service providers

contributed to good leasing

activity over the month.

Key Transaction:

Walmart and WeWork

leased space in SBD

submarket

Newly operational malls

witnessed healthy leasing

activity in lieu of lack of space

in earlier operational malls in

the city

Key Transaction:

Blackberry and UCB leased

space at RMZ Galleria Mall

Overall improvement in

performance has been

recorded, in terms of new

launches and demand

Key Launch :

Brigade Woods at

Whitefield Road

*The above graphs show the values in ranges

BIAL (Bengaluru International Airport Limited) has started the

construction of its Airport Terminal 2 which will be taken up in

two phases with the first phase expected to get completed by

2022.

16

Whitefield witnessed higher

number of residential unit

launches with most of them

being launched by mid-scale

developers viz. Sumadhura

Nandanam, Sowparnika

Indraprastha and Shriram

Codename among others.

Keppel Puravankara Development Private Limited (KPDL), an associate

of Bengaluru headquartered and Singapore based Keppel Land, has

acquired 7.6 acres of land in Yeshwanthpur from Metro Cash & Carry

India for INR 405 crore.

*All the office rentals and retail rentals mentioned are for warm shell spaces

The second phase of

allotment for sites in

Nadaprabhu Kempegowda

Layout, in Kengeri and

Yeshwanthpur area,

developed by the Bangalore

Development Authority has

started of with handing over of

5000 sites to the applicants.

Bengaluru-headquartered, real

estate developer Ferns Estates

and Developers is foraying

into hospitality business with

the launch of resorts across

major holiday destinations in

South India.

In the first phase it will develop

five resorts cum holiday-homes

totalling 600 keys across

holiday destinations in

Bengaluru.

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SBD submarkets continued

to see strong absorption

trends while Post toll OMR

and PTR locations gained

some traction in September.

Key Transaction: Amazon

expands in SBD OMR

Submarket.

Apparel and electronic

brands expanded their

foot prints in the emerging

High-street locations.

Key Transaction:

Reliance Smart leased

space in Porur.

RETAIL

Affordable and Mid segment

housing saw steady

recovery in terms of both

demand and new launches.

Key Launches: Earth Homes

Ph 2 by KG Builders in OMR

Thalambur.

RESIDENTIAL

*The above graphs show the values in ranges

17

Tamil Nadu RERA has mandated all developers to furnish details

on the progress of the housing projects on a quarterly basis.

construction status of each blocks and floors, construction status

of the agreed amenities along with supporting photographs,

number and types of apartments booked are some of the

information that is required to be submitted on a quarterly basis.*All the office rentals and retail rentals mentioned are for warm shell spaces

Greater Chennai Corporation

approved the Skywalk between T

Nagar bus terminus and

Mambalam railway station. The

skywalk will be constructed along

the Railway border road and the

Madley road at a cost of around

INR 30 Crores.

No new major transaction during the month

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Sustained demand

momentum driven by

coworking operators,

consulting, ecommerce

and IT/ITES companies.

Key Transactions:

Quintiles Health in CBD,

Baxter India in Gurgaon

Strong leasing activity

shown in upcoming mall

developments in Suburbs

and Prime others.

Key Transactions: Miniso in

Suburbs and Skechers in

Prime Others

RETAIL

Some prominent launches

witnessed in Delhi NCR

including addition of new

towers in existing projects.

Key Launch: Park Avenue

and Windsor in Greater

Noida by Godrej Properties.

RESIDENTIAL

*The above graphs show the values in ranges

18

*All the office rentals and retail rentals mentioned are for warm shell spaces

Raheja developers has launched a

residential tower named ‘Chandan’

in Raheja Vanya project in

Gurgaon.

Gaurs group to enter affordable housing; to invest INR 1,000 cr on 2 projects

in Delhi-NCR.Godrej Properties launched ‘Park Avenue’ and

Windsor' project in Greater Noida.

Delhi Development Authority (DDA) approved the Delhi Land

Pooling (DLP) policy. Under the scheme, small land pieces will be

aggregated into a large land parcel, upon which the necessary

infrastructure will be developed

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IT/ITeS sector supported

the major leases in the

month in the western part

of city

Key Transaction:

R1RCM at NSL SEZ

L&T Malls at Punjagutta

and Hitec City started

operations with good

occupancy, L&T Next Mall

at Erra Manzil records

healthy pre-commitments

Key Transaction:

Decathlon at L&T mall,

Erra Manzil

RETAIL

City witnessed overall

improvement in sales and

project launches

Key Launch:

Reputed VB City at

Bolarum

RESIDENTIAL

*The above graphs show the values in ranges

Metro rail started operations from LB Nagar to Ameerpet from

24 September 2018. This has made complete corridor-1 into

operational.

19

GMR Infra plans to monetise the lands around Airport at

Shamshabad . It is proposed to develop business park of 0.8

million s.ft, warehouse spreading over 3.5 million s.ft and

retail over 0.55 million s.ft.

*All the office rentals and retail rentals mentioned are for warm shell spaces

No new major transaction during the month

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Sector V Salt lake sub-

market continues to attract

most of the occupiers

across its Grade A & B

office buildings

Key Transaction: Blue

Star in Eco Centre, Salt

Lake

Suburbs sub-market

witnesses traction with

moderate leasing in malls

and high streets

Key Transaction: Titan

Eye Plus & Jockey at

Downtown Retail Mall,

New Town

RETAIL

Mostly small scale

developers have launched

new projects in suburban

markets

Key Launch: Belani Ayana

at Madhyamgram and

Happy Homes V at

Narendrapur

RESIDENTIAL

*The above graphs show the values in ranges

The West Bengal government is experimenting with a new

model of development named ‘Infrastructure as a Service’

through which the state’s IT department is looking to create

ready ecosystem for high-end technology companies to start

working with minimum capital expenditure with an aim is to

create higher number of jobs20

The New Town Kolkata Development

Authority (NKDA) ahs decided to

allow house owners in New Town to

use the ground floor of their property

for commercial purpose. The civic

authority will charge a nominal fee for

the usage change.

NKDA has decided to start off with

eateries with the preferred options

being soft drink shop, snacks and tea

& coffee bar, ice cream parlours and

dry food shop.

The New Town Kolkata Development

Authority (NKDA) is planning to set up

road side cafés at multiple locations in

the township like the one it the one

that operates at the bus terminus in

Action Area I

KKR has invested INR 180 Crores in a mixed use real estate development of

Mani Group/Magus Bengal Estate LLP at New Town, Rajarhat. KKR has

invested in the property through its real estate- focused non-banking finance

company (NBFC).

*All the office rentals and retail rentals mentioned are for warm shell spaces

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Moderate space take-up

witnessed in the month

Key Transaction:

Gravitas Technologies

leased space in East

Suburbs sub-market

Deals happened in good

quality malls and high

streets

Key Transaction:

Bluestone leased space

in Suburbs sub-market

RETAIL

Moderate improvement in

launches as well as sales in

the month.

Key Launch:

Codename Future D by

Kanakia Spaces at Powai

RESIDENTIAL

*The above graphs show the values in ranges

21

The new Development Plan(DP) 2034 for the city came into

force in the month including the pending excluded part. The major

changes include reducing the consent clause for redevelopment

of structures under regulations 33(5), 33(7), 33(10) to 51% from

70%. The changes would facilitate redevelopment of cessed

buildings, slums and MHADA structures.*All the office rentals and retail rentals mentioned are for warm shell spaces

Maharashtra cabinet cleared two new

rail projects: Dahisar-Mira-Bhayander

line and Andheri East-International

Airport Line will be integrated with the

other Metro corridors of the city No new major transaction during the month

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Demand for office spaces

remained healthy during

Sepetmber. Large quality

spaces witnessed traction

during the month.

Key Transaction: Singtel

leased space at Hinjewadi.

Leasing activity in retail

malls continued to

remain stable.

Key Transaction: Levis

leased space at Pune-

Satara Road

RETAIL

The overall demand for

residential units increased

for the affordable category.

Key Launch:

Forest County Phase 3 in

Kharadi

RESIDENTIAL

No new major transaction during the month

*The above graphs show the values in ranges

Mahametro will start constructing pillars and the station in

Range Hills and Khadki localities in the next few days with the

ministry of defence giving a nod to the work in areas under its

jurisdiction. Mahametro Rail Corporation is constructing 16.5

km Pimpri-Swarget stretch.22

Poddar Housing and

Development has agreed to

buy 102.5 acres land in

Pune to develop an

affordable housing project.

In a filing to the BSE, the

company said that its

subsidiary Poddar Habitat

Pvt Ltd, has “executed an

agreement to acquire a

land admeasuring approx

102.5 acres” at Chakan,

Pune from Autoline

Industrial Parks Ltd.

*All the office rentals and retail rentals mentioned are for warm shell spaces

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Key Transaction : IndoSpace bought land in

Becharaji

Select Supply Additions: No major supply

addition

Key Transaction: Major e-commerce

company across Dharuhera and Kulana |

Major 3PL in Sonipat and Tauru Road

Select Supply Additions: Stand alone

development in Gurgaon | Satvik Logistic in

Ghaziabad

Key Transaction: Automotive and electronics

companies across Ranjangaon and Chakan |

Select Supply Additions: No major supply

addition

Key Transaction: Major FMCG company

in Medchal

Select Supply Additions: No new supply

addition

Key Transaction: Major e-commerce

company in Uluberia

Select Supply Additions: Sankrail

Industrial Park in Dhulagar

Key Transaction: Major automobile

company in Hoskote

Select Supply Additions: Stand alone

development in Tumkur Road

Key Transaction: Major e-commerce

across Vanagram and Madhavarm

Select Supply Additions: ASV Mind

space in Kattavakkam

Key Transaction: Major data management

company in Bhiwandi

Select Supply Additions: Time Square and

Infiniti Logipark in Bhiwandi

The information has been obtained from market sources

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*The above graphs show the values in ranges

*The data is given as of Q3 2018

• Demand for warehousing space remained positive across all of the cities

• International developers and funds continued evaluating the warehousing & logistics

space in search of investment opportunities with some major breakthroughs achieved

in this quarter

Karnataka has walked one more step in having a new Logistics Policy. The

policy is still at a draft level as government is seeking opinions from

stakeholders on various parameters before finalising. According to policy state

will attract investment of INR 5,500 Crore including the land cost in logistics

sector.

*In NCR Delhi, warehouse rental can go high up to INR 30/sq ft/month being in commercial areas. In Bangalore the Peenya region is not included.

Rental ranges are indicative with variation / aberrations across different markets in different corridors.

Actual rentals would vary as per specifications provided in a specific property. Rentals are on BUA.

A joint venture called Hindustan Infralog Private Limited (HIPL), between DP

World Limited and National Investment and Infrastructure Fund Limited

(NIIF) of India has outbid four other groups to develop a free trade

warehousing zone (FTWZ) spread across 44 acres near JNPT.

HIPL quoted INR 563.2 crore against a Reserve Price of INR 100 Crore and

emerged as the top bidder for the FTWZ. JLL was appointed by HIPL for the

bid advisory study for this project.

GLP, a leading global provider of modern logistics facilities, will partner with

IndoSpace and also co-invest in IndoSpace's managed investment vehicles. The

partnership enables IndoSpace to leverage GLP's fund management, development

and operational expertise and resources, as well as GLP's extensive global customer

network, to further strengthen IndoSpace's leadership position in India.

18

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