1. CityProfile City Profile Ahmedabad Withbestcomplimentsfrom With best compliments from Varishta ConsultantsPvt.Ltd. 5eConsulting. Hyderabad|Mumbai|Delhi|Ahmedabad|Kolkata

2. HO&RegisteredOffice Hyderabad Contact Mr.Raghuram AVG,102A,SriDattasai CommercialComplex,Opp.Saptagiri Theatre,RTCXRoads,Hyd 500020 Landline +910427627607:Mobile +919701010000 Email:varishtaconsultants@gmail.com,raghu@varishta.in Mumbai Delhi Kolkata Ahmedabad 12/3MonoharPukurRoad3 rd Floor 6Mangal ,3AVishrut Bunglows , B29/113SundarNagar 10B,Jangpura NearUttamMancha OppositeASchool NearGanesh Temple MathuraRoad Kolkatta 700026 Subhash chowk ,Memnagar Sundernagar ,Santacruz East NewDelhi 110014 Mumbai400098 Ahmedabad380052 Ah d b d 380052 Contact Mr.SourabhAgarwal Contact Mr.RajivJha Contact Mr.Haresh Desai Contact Mr.AshutoshNigam Landline +917940055790 Landline Landline Mobile +919831022820 Mobile +919662124866 Mobile +919930868608 Mobile +919971544299 Email ashutosh_nigam@rediffmail.com Email ashutosh nigam@rediffmail com Email info@5econsulting.in info@5econsulting in Email sourabh@5econsulting.in Email rajiv17@gmail.com AssociatedCompanies p 5eConsulting WiseFinancial OneIMPEX, SolutionPvt.Ltd. Solution Pvt Ltd Hyderabad Hyderabad

3. Introduction Parameter Description Population(2001census) 4.69million Population(2010projected) P l i (2010 j d) 5.80million 5 80 illi Area 1300sq.km AhmedabadMunicipalCorporation(AMC)forthecorecityandsomeoftheregions AdministrativeStatus surroundingthecityareadministeredbytheAhmedabadUrbanDevelopment Authority(AUDA). Threemainseasons:summer,monsoonandwinter.Asidefromthemonsoonseason, Climate theclimateisdry.Averagesummermaximumandminimumis33 C(80 F) 23 C (73 F) CityFunctions Textileindustries,pharmaceuticalIndustries,Trading,Education,Logistics DistanceofAirportfromCBD 13kmfromAshramroad(corecity) Commercial RealEstateOutlook Residential Retail SEZ,PoliticalStability,ProposedInfrastructureProjects,lowconstructioncost, FactorsGoverningRealEstate Factors Governing Real Estate proposedindustries Sanand,Bopal,Shela,Ghuma,Shilaj,SPringroad,SGhighway,Ahmedabad UpcomingSuburbs Gandhinagarhighway,Prahladnagar 1.8forResidentialR1 1.2forResidentialR2 PermissibleFSI 0.3forResidentialR3 1.8forCommercial 2.25forStarHotelson18mwideandaboveroad

4. GeographicalFeatures Six laning of Sarkhej- Viramgam highway TATA Nano Plant Royal group township t hi 1200 acres (proposed)

5. Demographics Population projection for Greater Ahmedabad including AMC and AUDA area 2011 2021 2035 2001 Population* 5,417,374 6,905,477 8,231,375 10,900,000 Households (HH size 5 0) 5.0) 1,083,475 1 083 475 1,381,095 1 381 095 1,646,275 1 646 275 2,180,000 2 180 000 CAGR (%) 2.20% 2.46% 2.32% 1.92% Source :Population for 2001 is taken from relevant Census of India 2001, population for 2011 & 2035 are taken from CDP - Ahmedabad SEC classification for Ahmedabad population p p % distribution 2001 2011 2021 2035 * SEC A 11% 119,182 151,920 183,744 239,800 SEC B 21.60% 234,031 298,317 360,807 470,880 SEC C 22.10% 239,448 305,222 369,159 481,780 SEC D 25.10% 271,952 346,655 419,271 547,180 SEC E 20.20% 218,862 278,981 337,421 440,360 Source: BW Marketing White book, 2006

6. Economy&Development Sectorial distributionofemploymentinAhmedabad WorkparticipationratioofdifferentcitiesinwesternIndia Agriculture 1.70% Services Mining and Quarrying WPR (in %) 16.62% 0.40% 39 38 Manufacturing 37 32.13% 36 Transport 35 9.61% 3 34 33 32 31 30 29 Trade, Hotels and Mumbai Pune Vadodara Surat Rajkot Ahmedabad Restaurants Construction 33.33% 6.21% 6 21% WPR (in %) Source:CityMonitor2002 Categories % S. No. UrbanCWEoccupation&HWoccupationforAhmedabad 1 Agriculture 1.7 17 Mining and 2 0.4 Quarrying 3 Manufacturing 32.1 4 Construction 6.2 Trade, Hotels 5 33.3 and Restaurants 6 Transport T t 9.6 96 7 Services 16.6 Source:TheMarketingWhiteBook,200304 Total 100.0

7. Economy&Development SardarPatelRingRoadandproposedGIFTcity BusRapidTransportSystem(BRTS) AhmedabadGandhinagarMetro GIFT Sardar city Patelring Patel ring road DelhiMumbaiIndustrialCorridor SabarmatiRiverfrontproject

8. CBD&CommercialAreas Lease Capital Co rentals (INR values de Area psft pm) (INR psft) Old City SABARMATI Core 10- 20 800- 2000 Ashram Road 1 (CBD) 20- 45 1800- 4500 THALTEJ,SHILAJ CG Road 2 (CBD) 30- 60 3000- 6500 BAPUNAGAR 3 Gurukul 20- 30 1800- 2800 3 BOPAL,SHELLA Vastrapur 25- 40 2000- 4000 OLDCITY 1 2 CORE Prahladnag g 5 4 ar 30- 55 3000- 5500 4 SG MANINAGAR Highway 5 (SBD) 35- 55 3000- 6000 SANAND Sabarmati 15- 30 1000- 2500 Maninagar 15- 25 1200- 2500 Bapunagar p g 10- 25 1000- 2500

9. ResidentialRealestate Cod Area Type Capital e Values (INR psft) Old City Traditional Houses 800- 1500 Core SABARMATI 1 Navrangp Apartments 2500- 4000 ura 2 Naranpura N Apartments A t t 1500- 1500 2800 Gurukul Apartments 1800- 2800 THALTEJ,SHILAJ Vastrapur Apartments 2500- 3500 2 BAPUNAGAR 3 Satellite Apartments p 3000- 4500 1 4 Paldi, Apartments 2500-3000 BOPAL,SHELLA OLDCITY Vasna CORE Sabarmati Apartments 2000-2500 3 Thaltej, Thaltej Apartments 2000-3000 4 Shilaj MANINAGAR Bopal, Bungalows, Row 2400-3200 Shella houses SANAND Sanand Bungalows, Row g , 1800- 3000 houses Maninagar Apartments 1500-3000 Bapunaga Apartments 1100- 1800 r Shahibau Apartments 2200-4500 g

10. RetailRealestate Lease rentals Capital Co (INR psft values de Area pm) (INR psft) Old City SABARMATI Core 20-50 1800-4500 Ashram 7000- 1 Road 70-95 10000 THALTEJ, SHILAJ 7500- 2 CG Road 80-110 12000 BAPUNAGAR 3 3 Gurukul 50-65 4500-7000 BOPAL, SHELLA OLD CITY Vastrapu 1 r 45-70 4500-7500 2 CORE 5 4 4 Satellite 65-90 6300- 9500 MANINAGAR SG 6500- 5 Highway 70-100 10000 SANAND Sabarma ti 30-50 2800-5000 Maninag ar 25-45 2500-4500 Bapunag ar 15-30 1500-3200

11. Tourists&BusinessVisitors Actual travellers forecasting in Ahmedabad Purposeof traveling 20092010 20102011 20112012 20122013 20132014 20142015 20152016 Business 14.40 53% 15.26 53% 16.18 53% 17.15 53% 18.18 53% 19.27 53% 20.43 53% Leisure 2.17 8% 2.30 8% 2.44 8% 2.59 8% 2.74 8% 2.91 8% 3.08 8% Religion 9.51 35% 10.08 35% 10.69 35% 11.33 35% 12.01 35% 12.73 35% 13.49 35% Other 1.09 4% 1.15 4% 1.22 4% 1.29 4% 1.37 4% 1.45 4% 1.54 4% 27.17 28.80 30.53 32.36 34.30 36.36 38.54 Source: Gujarat Tourism Corporation Limited

12. Overviewofhospitalitysector There are many existing hotels in Ahmedabad, while Gandhinagar has a couple of good quality hotels. There are about 1322 star category hotel rooms, inclusive of 3 star, 4 star and 5 star category hotels, in Ahmedabad. g y g y The average occupancy in these hotels is around 75%. Many national and international hotel chains are scouting for and in the city and some have finalised locations and plots for hotels in the city. Locations of Hotels in Ahmedabad

13. Inventoryofexistinghotels Fivestarhotels Sr.No. Name& No.ofRooms Occupancyin Tariff(INRperroomnight) %(Oct'08) %(O t'08) 1 Taj ResidencyUmmed 91 55% 780016000 2 LeMaridien 63 60% 800013500 3 ThePrideHotel The Pride Hotel 120 50% 700012000 7000 12000 4 Mariott parkland 160 NA 750010000 5 Inder Residency 79 60% 50007800 Total 513 56% Fourstarhotels Sr.No. Name& No.ofRooms Occupancy(oct'09) Tariff Address 1 Cama Park Plaza ParkPlaza 50 65% 53009000 5300 9000 2 ComfortInnSunset 33 58% 40006000 3 St.Laurn 75 NA NA 4 HotelGinger Hotel Ginger 75 NA 2599 5 HotelCountryinn 75 NA NA Total 308 62%

14. Inventoryofexistinghotels Three star hotels Sr.No. Name& No.ofRooms Occupancyin% Tariff(INRperroomnight) Address 1 FortuneHotelLandmark 96 65% 720010700 2 QualityInnRivera 69 60% 30004000 3 TheWestend 37 65% 21002600 4 HotelRoyalHighness 47 70% 25004200 5 HotelKanak 28 60% 23005000 6 HotelNalanda 44 65% 30004000 7 SilverOakClub&Resort 45 75% 30004500 8 CambaySapphire(3starhotel), 55 50% 18003200 9 NestHotel 44 70% 20003000 10 HotelPresident 58 65% 28003700 11 HotelChicago 35 70% 52006500 12 RockRegency 50 70% 12001800 13 HotelRitzInn 48 60% 16003000 14 TheGrandBhagwati The Grand Bhagwati 36 75% 3800 7000 38007000 15 HotelGoldenPlaza 20 65% 20004000 16 HotelPride 32 55% 16003400 17 HotelLemontree 60 60% 25005000 18 HotelMetropole 45 75% 20004500 19 AmbassadorHotel 25 55% 17503150 20 TheChambers 28 70% 23953595

15. DemandSupplyGap Demand assessment assuming CAGR of 12% in tourist arrival Year 20092010 20102011 20112012 20122013 TouristarrivalinAhmedabadcity(inlakhs) 28.78 32.23 36.10 40.43 Starcategorytourists@75% 2,158,223 2,417,210 2,707,275 3,032,148 Averagedurationofstay@1.5days 3,237,335 3,625,815 4,060,912 4,548,222 Roomnightdemand@50% 4435 4967 5563 6230 ExistingStock(no.ofrooms) Considering10%unaccounted Supply 385 492 450 650 Cumulativestock 1857 2349 2799 3449 Cumulativestock(roomnights) Cumulative stock (room nights) 2785 3523 4198 5173 Gap(noofrooms) 1650 1444 1365 1057 Demand assessment assuming CAGR of 9% in tourist arrival Gap(noofrooms) 1526 1176 924 410 Demand assessment assuming CAGR of 6% in tourist arrival Gap(no.ofrooms) 1402 915 507 189

16. Proposedhotelsaspermarket intelligence Sr.No Name Location Promoter Hotelbrand No.of Category rooms proposed 1 ITCnarmada Keshvbaug, Welcomegroup ITChotels 100 5star vastrapur,Ring road 2 Shantikunj servicedapartment Paldi Orienthospitalities NA 26 4star/budget 3 Raddison Asrhramroad Raddison NA 80 4star 4 Orchid SGHighway Orchid NA 100 5star 5 Dawny day Satellite Dawnyday NA 50 4star 6 GalaHotel Drivein Navneetgroup NA 300 4star 7 Proposedhotel Vastrapur AlphaG NA 100 5star 8 Crownplaza Shapath5,SG Savvy Crownhotels 100 5star Highway infrastructure 9 Proposedhotel Prahladnagar Parshvanathgroup NA 100 5star 10 Proposedhotel SGHighway Rajtravelsgroup NA 300 5star 11 Proposedhotel Proposed hotel SGHighway S G Highway Phoenixgroup Phoenix group Zurihotels Zuri hotels 100 4star 4 star 12 Proposedhotel Paldi Panoramic NA 36 4star universalsLtd 13 Proposedhotel CGRoad Intercontinental NA 75 4star hotels 1467

17. FutureOutlook ARR in Ahmedabad is average INR 5000 Occupancy levels are 65% to 80% in range .Which ARRinAhmedabadisaverageINR5000.Occupancylevelsare65%to80%inrange Which isincreasingeveryyear. Hospitalitymarketislikelytowitnessahugeupswingduetocommercialandindustrial proposalsaroundthecity.Allhotelsinthecityaredoingwellandexpectingmoreoccupancy proposals around the city All hotels in the city are doing well and expecting more occupancy incomingyears. Demandwillincreaseascommercialspacesareaddinginthecitystock. ActiveGovernmentpolicies,UrbanInfrastructure,lowpricesoflandandrealestate, availabilityofland,Positivesupportfromtourismdepartmentandgrowthofthecityarekey factorstodevelopahotelconsideringoptimumproductmix.

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