India Residential Market View - January - June 2012
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www.cbre.co.in January- June 2012
India Residential
2012, CBRE, Inc.
Structure
Fragmentedandunorganized
Regional playersexpandingto achievepan-India presence
Drivers
Rapidurbanisation andexpandingcitylimits
Decreasinghouseholdsize: Growth in nuclearfamilies
Mid-segment: Availabilityof residential unitsacrossa widepricespectrum
Risingdisposableincomes: growingeconomicopportunitiesattractingendusers
Focus Issues
Overview
The Indian economy has been
witnessing a period of slow growth and
high inflation for the past several
quarters, which has impacted sales in
the residential sector as expensive
credit has become a concern for home
buyers across the country. After
escalating interest rates 13 times till
March 2012, the Reserve Bank of India(RBI) reduced repo rate by 50 basis
points in April 2012. However,
asserting that easing monetary policy
could worsen inflationary pressures,
the Central Bank refused to decrease
rates further during its quarterly review
in Q2 2012. While doing so, the central
bank ignored widespread expectations
for a rate cut to revive residential salesand construction activity.
The Government proposed incentives
for the residential sector in the Union
Budget 2012-13, which included an
extension of 1% interest subvention
scheme for low cost housing upto INR
25 lacs; permitted funding through
External Commercial Borrowings
(ECBs); thereby promoting developerand end user interest. These measures
have helped reduce debt pressures on
the mid income and low income
segments, besides providing some
impetus towards construction of
affordable housing in the country. A
downside was the increase in service
tax and excise duty, which contributed
towards appreciation in input costs.
Demand and Supply
Pricing Trends
After the strong momentum that the
residential market attained in 2011,
residential sales declined during the
first half of 2012 in all leading cities,
particularly in NCR (National Capital
Region), Mumbai and Bangalore.
Developers continued to face
challenges of high borrowing costs,
rising input prices and shrinking profitmargins, while investors/buyers had to
bear the brunt of high interest rates
coupled with delayed product delivery.
Interest in premium and luxury housing
was restricted to certain affluent prime
locations only, while mid segment and
affordable housing continued to
remain the predominant demand
driver especially in peripheral markets.Slowdown in demand was visible in
decline in supply addition in the three
leading cities. The first half of 2012
witnessed the addition of more than
19,000 units across 66 projects in NCR,
Mumbai and Bangalore, a drop of
about 40% when compared to more
than 26,000 units launched in 83
projects during the second half of
2011; bulk of the supply was in the mid
income segment.
After a steep appreciation during the
first half of 2011, growth in residential
prices moderated by the end of 2011.
Growth remained subdued in the first
half of 2012; an increase in unsoldinventory and supply pressures led to
India'seconomicgrowth slowedto 5.3% in thequarter endingMarch 2012, itsslowest paceinalmost a decade
In July2012, RBI didnot announceanyratecutin interest rates in viewof high inflation;ignoringwidespreadexpectationsfor a ratecut to reviveresidential salesandconstructionactivity
To boost lowcost housing, theschemeof 1%interest subvention on housingloansof upto
Rs15lakh (cost of thehousenot to exceedRs25lakh) wasextendedbyoneyear
The Noida extension and Greater Noidamicro-marketsarelikelyto benefit fromtheclearanceof landacquisition issuesin Noidaextension andtheapproval of Noida-GreaterNoida Metrorail link
Therecent order bythePunjab&HaryanaHigh Court to stall anyfresh issuanceof licensefor construction in Gurgaon until thedeveloper givesan undertakingthat groundwater wouldnot bedrawn bythemislikelytoimpact thehousingsupplyin theregion
Maharashtra Government hasamendedtheDevelopment Control Rules to includebalconies, flower bedsand terrace in FSI(Floor SpaceIndex) byofferingfungibleFSI totheextent of 35% at a premium; themoveisexpected to further increase the cost ofconstruction which islikelyto bepassedon tobuyers
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capital appreciation being range bound across
leading cities such Mumbai and Bangalore.
Easing of mortgage rates is likely to improve buyer
sentiment and rejuvenate market demand in the
coming few months. This should help investors and
end users to re-focus on the residential sector,
thereby easing the supply overhang in most cities.
Bulk of the demand is likely to remain in the mid
segment and low end category of housing. Prices are
likely to witness subdued growth in most markets in a
short to medium term, till the pressures of unsold
inventory are eased out. Infrastructure initiatives
such as the Greater Noida metro rail network and
proposed metro link in North-West Bangalore are
likely to have a positive impact on the residential
market of these cities.
Outlook
NCR (National Capital Region)
Market Overview
Demand and Supply
Markets such as Central and South Delhi continued to
lead the demand curve for high-end properties andindependent plots. Noida and Gurgaon witnessed an
accumulation of vacant stock due to restrained
demand levels. However despite a demand slowdown,
developers were not willing to reduce values; investor
interest continued to drive marginal price
appreciation.
Prime markets such as those of South Delhi (New
Friends Colony, Defence Colony, Greater Kailash-I & II,
Maharani Bagh) and South West Delhi (Vasant Vihar,
Anand Niketan, Westend, Shanti Niketan and
Panchsheel) were resilient to fluctuations in demand
and continued to be the priority destinations for
premium residential investment. There was an
increase in demand for independent plots and high
end property in the Delhi market. However, demand
for builder floors slowed down during the review
period, largely due to ample supply of such options inthe micro-markets of interest.
The first half of 2012 witnessed launch of 15 residential
projects with approximately 6,400 units across various
micro-markets of Gurgaon, significantly lower when
compared to almost 23 project launches during the
same period last year. Some of the key projects that
were launched during the review period were Gurgaon
Hills by Ireo, Ellise by Lotus Realtech, Spire Woods by
Spire World, Regal Gardens by DLF Universal and
Manor One by Kashish Developer; most of the projects
being in the price range of INR 4,500-6,000 per sq ft.
With a comparatively lower ticket entry price and
consequent sustained investor and end user demand,
Dwarka Expressway and the Southern Periphery Road
have emerged as the new focus markets for developers
launching new projects.
The Noida market continued to witness interest from
buyers on account of its comparative affordability
when compared to Gurgaon; however, a marginal
slowdown in demand led to reduced supply addition.
Close to 13 residential projects with approximately
3,200 units were launched in the first half of 2012,
compared to 20 launched during the same period last
y e a r . P o l i t i c a l u n c e r t a i n t y
(change in State Government) and the ongoing
confusion about residential projects in Noida Extension
contributed to the slowdown in demand. Some of thekey projects launched during the review period
included Ikkebana by Gulshan Homes, Logix Gracia
by Logix, Shubhkarma Legend by Shubhkamna Advert
Builders and Mahagun Mezzaria by Mahagun. Most of
the new projects were launched along the Expressway
and in sectors 74, 77 and 78, with the launch prices in
the range of INR 4,000-5,500 per sq ft.
The Delhi market witnessed appreciation of
approximately 4-8% in rental values when compared
to the second half of 2011. Rental value appreciation
in the city, especially in the premium segment, largely
remained muted as the global slowdown negatively
impacted expatriate relocations to the city. Rental
values were stable in Noida, while those in Gurgaon
witnessed appreciation by around 4-5%, especially in
key markets such as Sohna Road.
Appreciation in capital values was subdued during the
Pricing Trends
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Premium & Luxury Segment
Location Rental Values(H12012) Growth over H2 Capital Values( ) Growth over H2(INR/month) 2011 (INR/sq ft) 2011
H12012
Chankyapuri 300,000-340,000 6-7% 72,000-90,000 3-4%
Shanti Niketan/Westend 290,000-415,000 4-5% 48,000-60,000 Stable
Vasant Vihar/Anand Niketan 200,000-330,000 5-6% 42,000-53,000 Stable
Golf CourseRoad 160,000-350,000 2-3% 14,500-18,000 4-5%
Greater Noida Expressway 50,000-60,000 Stable 7,500-10,400 3-4%
*Rental values in areas of Chanakyapuri are subject to apartment size of 2,500-3,200 sf, in Shanti Niketan/Westend and Vasant Vihar/ Anand Niketan for2,000-2,500 sf, Golf Course Road for 4,000 6,000 sf and in Noida for 2,500-4,000 sf.
Rental and Capital Values
HighEnd/ Mid-End Segment
Location Rental Values(H12012) Growth over H2 Capital Values(H12012) Growth over H2(INR/month) 2011 (INR/sq ft) 2011
NewFriends Colony 155,000-255,000 -1% 31,000-42,000 1-2%
DefenceColony 185,000-265,000 7-8% 33,000-46,000 3-4%
Sohna Road, Gurgaon 35,000-59,000 4-5% 6,500-8,500 11-12%
DLF PhaseI, II, III, IV 110,000-135,000 6-7% 10,000-11500 2-3%
Greater Noida Expressway 12,000-15,000 Stable 3,900-5,000 10-11%
*The rental values in areas of New Friends Colony is for 2,500 sf and Defence Colony is for1,800 sf apartments, while on Sohna Road for 2,000-2,200 sf andin Noida for 1,000-1,700 sf.
review period in Delhi as well as the suburban markets
of Noida and Gurgaon. Leading micro-markets of
Delhi such as Chanakyapuri, Panchsheel Park and
Defence Colony witnessed appreciation of around 2-
4%, when compared to the second half of 2011.
Premium locations in Gurgaon witnessed marginal
appreciation in capital values; however, emerging
micro-markets such as the proposed DwarkaExpressway and the Southern Periphery Road
witnessed capital appreciation in a range of 10-13%
when compared to the second half of 2011.
The premium apartment segment in Noida also
observed subdued appreciation in capital values.
However, the mid segment projects, primarily on the
Noida Expressway, witnessed an increase in capital
values of close to 15-20%; largely on account of theland acquisition row in Noida Extension.
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INR/m
onth
Capital Value Fluctuations
Rental Value Fluctuations
Key Projects Launched in H1 2012
Project Name Developer Location Micro-market Units Status
Shubhkamna Loginn Shubhkamna Advert Sec137 Noida 200 5,400 To becompleted byQ12015Builders
Ikebana Gulshan Homes Sec143 Noida 912 4,000 To becompleted byQ12015
Gurgaon Hills Ireo Gurgaon Faridabad Road Gurgaon 196 9,500 To becompleted byQ12015
Paras Irene Paras Sector 70A Gurgaon 726 4,560 To becompleted byQ12015
Park ViewGrand Spa Bestech Sector 81 Gurgaon 591 5,750 To becompleted byQ12015
Capital Values(INR/sq ft)
(at thetimeof project launch)
INR/m
onth
INR/sqft
INR/sqft
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Key Transactions
Project Name Location Area Transaction Type Value Buyer Type(in sq ft) (Sale/ Lease) (in INR Million)
World Spa Gurgaon 5,200 Lease 0.17per month NA
DLF Queens Court Delhi 5,487 Sale 187 NA
Rawlas Delhi 2,700 Sale 150 NA
Garden City Gurgaon 2,820 Sale 12 NA
Outlook
Most micro-markets in Delhi are expected to
maintain stability in capital value appreciation over
the next six months. Home buyers and investors are
in a cautionary mode and are deferring purchases in
anticipation of interest rates reduction. The Noida
Extension and Greater Noida micro markets are
expected to pick up pace as the land acquisition
issues in the area have been cleared. Another
positive for the Noida market has been the approval
of the Noida Greater Noida Metrorail project (the
link will provide direct connectivity from Noida to
Greater Noida, Noida Extension, South Delhi and
Ghaziabad), which is expected to provide a fillip to
the real estate profile of the region.
On the flip side, the Punjab Haryana High Court has
recently passed an order to stall any fresh issuance
of licenses for construction in Gurgaon until the
developer gives an undertaking that underground
water would not be drawn by them. The ruling is
likely to have a negative impact on the construction
timelines as well as investments in the region. Project
specific appreciation in capital values can be
expected, especially in projects that are nearing
completion/ ready for possession.
stock of unsold inventory increased during the review
period. Locations such as Parel, Worli and Khar were
the focus markets for luxury supply. Prominent
locations such as Bandra, South Mumbai and Worli
continued to witness latent demand.
South and Central Mumbai which offer premium
residential options have witnessed limited supply
during the first half of 2012. Developers adopted a
cautious approach due to large inventory of unsold
stock in these micro-markets.
Residential demand continued to remain upbeat for
premium properties along the Western Express
Highway and Link Road in the Western Suburbs
(Bandra, Khar, Santacruz, Vile Parle, Andheri) and the
Eastern Express Highway and JVLR in the Eastern
Suburbs (Vikhroli, Kurla, Ghatkopar, Chembur, Powai).
In the Western Suburbs, luxury projects such as Eudora
and Iris by Ekta Developers in Khar (W) and a luxury
project by Kanakia Developers in Mahim were
launched in a price range of INR 40,000 to INR 60,000
per sq ft. Veena Symphony (spread over five phases) by
Veena Developers at Ghatkopar (West) and Platinumby Godrej Properties at Vikhroli (West) were the other
key residential projects, launched in a range of INR
10,000 to 17,000 per sq ft in the Eastern Suburbs.
Demand also remained high along the Extended
Suburbs of Western and Eastern Mumbai. S V Road in
Western Suburbs and LBS Road in Eastern Suburbs
continued to remain priority destinations for both
premium and mid segment housing due to good
connectivity and availability of social infrastructure.Summit by Rustomjee and Kul Sidhivinayak Towers by
Demand and Supply
Mumbai
Market Overview
The Mumbai residential market witnessed subdued
growth in the first half of 2012 in the back drop of high
interest rates. While there was a decline in supplyaddition compared to the second half of 2011, the
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Location *Rental Values (H12012) Growth over H2 Capital Values ( ) Growth over H2(INR/month) 2011 (INR/sq ft) 2011
H12012
South Mumbai 250,000-450,000 2-3% 47,000-77,000 3-4%
Central Mumbai 175,000- 200,000 4-5% 25,000-35,000 2-3%
Western Suburbs 175,000-375,000 Stable 30,000-40,000 6-7%
Extended Western Suburbs 45,000-75,000 4-5% 13,000-16,000 5-6%
Eastern Suburbs 60,000-120,000 1-2% 14,000-22,000 2-3%
Extended Eastern Suburbs 30,000-70,000 2-3% 10,000-15,000 4-5%
Navi Mumbai 45,000-75,000 4-5% 12,000-17,000 7-8%
ThaneCity 35,000-60,000 Stable 7,000-11,000 4-5%
*The rental values in areas of South, Central and Western Mumbai is for 2,600 sf, Thane is for 1,200 sf and remaining micro-markets arefor 1,500 sf
Rental and Capital Values
Premium & Luxury Segment
KUL in Borivali (East) were two of the notable projects
that were launched during the review period.
There was an increase in demand for premium projects
in locations around the Bandra Kurla Complex and the
moderate supply in these locations has ensured a
steady appreciation in capital values. Kalpataru
Sparkle with around 190 units at Bandra (East) byKalpaturu Group was the only premium residential
project launched during the first half of 2012.
Locations such as Navi Mumbai and Thane continued
to witness investor interest, largely guided by
infrastructure improvements in the region and
proposed development of the airport. The lesser
known nodes of Karanjade, Ulwe and Dronagiri in
Navi Mumbai that are currently being developed by
CIDCO are already witnessing increasing interest frominvestors due to their proximity to the proposed airport.
Similarly Ghodbunder Road in Thane also witnessed
growth in the residential segment owing to
comparatively low real estate costs, central location,
good infrastructure and connectivity. Around 2,200
units in a price range of INR 6,000 to INR 6,500 per sq
ft were launched in Thane, across projects such as
Cosmos Jewel, Casa Universe and Tropical Lagoon.
Pricing Trends
Premium locations such as South and Central Mumbai
witnessed a subdued increment in capital values of
around 3-4% when compared to the second half of
2011. Residential projects in the Western and Eastern
Suburbs also witnessed a marginal increment of 5-6%
when compared to the second half of 2011. However,
values in Navi Mumbai appreciated in a range of 7-8%
during the same review period, owing to stable supply
and appreciating demand. To improve their cash
flows, a few developers are offering additional benefits
such as free car park and are open to negotiation
against sizeable upfront payment.
Rental values have also remained largely stable with
premium markets such as Bandra and Worli being
popular amongst expatriates, high net worth
individuals (HNIs) and executives from multinationals
and Indian companies. However owing to increasing
corporate interest in Bandra Kurla Complex vis--vis
the Central Business District (CBD) of Nariman Point,
rental values in South Mumbai witnessed a marginal
correction of 3-4% against the second half of 2011.
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Rental Value Fluctuations
Capital Value Fluctuations
High End / Mid-End Segment
Location *Rental Values(H12012) Growth over H2 Capital Values( ) Growth over H2(INR/month) 2011 (INR/sq ft) 2011
H12012
South Mumbai 90,000-200,000 3-4% 25,000-45,000 1-2%
Central Mumbai 50,000-150,000 2-3% 18,000-25,000 2-3%
Western Suburbs 65,000-170,000 Stable 15,000-30,000 1-1.5%
Extended Western Suburbs 37,500-60,000 Stable 9,000-12,500 2-3%
Eastern Suburbs 45,000-81,000 Stable 8,000-12,000 2-3%
Extended Eastern Suburbs 20,000-45,000 Stable 7,000-10,000 3.0%
Navi Mumbai 12,000-24,000 5-6% 5,000-10,000 7-7.5%
ThaneCity 6,000-12,000 2-3% 6,000-8,000 7-8%
*The rental values in areas of South, Central and Western Mumbai is for 2,600 sf, Thane is for 1,200 sf and remaining micro-markets arefor 1,500 sf
INR/month
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
South
Mumbai
Central
Mumbai
Western
Suburbs
Extended
Western
Suburbs
Eastern
Suburbs
Extended
Eastern
Suburbs
Navi Mumbai ThaneCity
INR/sqft
Premium/Luxury Segment
H2 2011 H1 2012
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
SouthMumbai Cental
Mumbai
Western
Suburbs
Extended
Western
Suburbs
Eastern
Suburbs
Extended
Eastern
Suburbs
Navi Mumbai ThaneCity
INR/sqft
High/Mid-end Segment
H2 2011 H1 2012
INR/month
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Key Transactions
Project Name Location Area(in sq ft) Transaction Type Value Buyer Type
(Sale/ Lease) (in INRMillion)
Urvashi Apartment Nepeansea Road NA Sale 250.5 End User
TahneeHeight Nepeansea Road 2,650 Sale 200 End User
Key Projects Launched in H1 2012
Project Name Developer Location Micro-market Units Status
Iris Ekta Developers Khar (W) Western Suburbs 28 60,000 Launched
Bleu India bulls Worli South &Central Mumbai NA 45,000 Under Construction
Veda Omkar Parel South &Central Mumbai 200 14,000 Under Construction
Veena Symphony Veena Developers Ghatkopar (W) Eastern Suburbs 200 9,500 Under Construction
Summit Rustomjee Borivali (E) Extended Western Suburbs NA 9,500 Launched
Pratik Gardens Pratik Enterprises Kamothe Navi Mumbai 220 5,500 Under Construction
Capital Values(INR/sq ft)
(at thetimeof project launch)
Outlook
While Mumbai continues to be a prime residential
investment market in the country, affordability andcredit costs have become critical issues guiding
residential demand in the city. Most prime locations
are witnessing a gradual slowdown in demand as
transaction volumes decline across most projects.
This might lead to depreciation in capital values in
new developments in the short term, which would be
instrumental in rejuvenating residential demand in
the city. A downward revision of interest rates by the
Central Bank might also encourage buyers and
investors to revive purchase decisions in Mumbai.However, the recent amendments in the DCR
(Development Control Rules) to include balconies,
flower beds and terrace in FSI (Floor Space Index) by
offering fungible FSI to the extent of 35% at a
premium, is expected to further increase the cost of
construction, which is likely to be transferred to
buyers.
Bangalore
General Overview
Demand and Supply
The Bangalore residential market continued to witness
project launches in the luxury and high end segment in
the first half of 2012. Demand for rental properties
increased as end users deferred purchase decisions,
anticipating a change in the prevailing economic
environment and reduced interest rates in the coming
months.
The urban sprawl of the city continued to expandtowards the Northern and South-Eastern regions, with
leading developers acquiring large land parcels in
these locations. Some of the key luxury projects
launched in North Bangalore (Nagawara Outer Ring
Road, Bellary Road) included Waters Edge by Equinox
Realty, Prestige Garden Bay by Prestige Group and
Embassy Boulevard by Embassy Group. Other projects
launched were Sobha Marvella and Sobha Habitecho
by Sobha Developers, 77 East by DivyasreeDevelopers, Prestige Mayberry by Prestige Group and
Purva Seasons by Purvankara.
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Rental and Capital Values
Premium & Luxury Segment
Location Rental Values (HI 2012) Capital Values(INR/month) H22011 (INR/sq ft) H22011
Growth Over (HI 2012) Growth Over
Off - Central 60,000-130,000 5-7% 9,000-14,000 Stable
East 60,000-280,000 2-4% 6,000-9,000 Stable
South East 30,000-47,000 2-4% 5,000-7,500 Stable
North 60,000-157,000 2-4% 6,000-7,500 Stable
South 45,000-72,000 1-2% 4,500-6,800 Stable
Central 120,000-260,000 2-4% 18,000-21,000 Stable
High-End / Mid-End Segment
Location Rental Values Growth Over Capital Values(INR/month) H22011 (INR/sq ft) H22011
(HI 2012) (HI 2012) Growth Over
Central 50,000-57,000 1-2% 10,000-12,000 1-2%
Off - Central 35,000-42,000 2-4% 10,000-11,500 4-6%
East 20,000-26,000 1-2% 4,000-5,000 5-7%
South East 20,000-30,000 3-5% 4,300-5,700 7-9%
North 20,000-27,000 3-5% 4,500-6,500 1-2%
South 20,000-30,000 3-5% 3,600-4,350 2-4%
Due to a slowdown in demand and rising cost of funds,
many projects showed little progress in construction.
Consequently projects nearing completion in South
East and North Bangalore witnessed an increase in
capital values by nearly 10-15% during the first half of
2012.
Growth in capital values remained subdued during the
review period. Capital values in the mid-segment in the
South East, East and Off-Central locations increased
by around 4-8%, while those in the Central, North and
Indicator Trends
South Bangalore were marginally higher by 1-4%, as
compared to H2 2011. Residential values in the luxury
segment remained stable during the review period.
Rental value growth was also range bound across most
prominent residential locations in the city. Values
appreciated by 5-7% in the Off-Central location while
the other micro-markets like South East, Central andEast Bangalore witnessed a nominal increase of 2-4%
in H1 2012. In the mid-segment category, locations in
proximity of the prime business hubs such as South
East, North and South Bangalore witnessed rental
growth of around 3-5%, while rental values increased
by around 2-3% in the Central, Off-Central and East
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Key Projects Launched in H1 2012
Project Name Developer Location Micro-market Units Status
Purva Seasons Puravankara Old Madras Road Off-Central 660 5,950 Excavation under progress,completion by2015
Sobha Habitech Sobha Developers Whitefield East 318 4,823 Yet to commence,completion by2015
Sobha Marvella Sobha Developers Sarjapura road South East 86 5,534 Yet to commence,completion by2015
BrigadeOmega BrigadeGroup Kanakpura Road South 520 3,700 Under construction,completion by2015
Waters Edge EquinoxRealty Near Hebbal Outer Ring Road North 400 4,900 Under construction,completion by2015
PrestigeGarden Bay PrestigeGroup Near Yelahanka North 184 3,850 Under construction, completion
of first phaseby2015
Rental Value Fluctuations
Capital Value Fluctuations
INR/month
INR
/month
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
Central Off -Central East SouthEast North South
INR/sqft
Premium/ Luxury Segment
H2 2011 H1 2012
0
2,000
4,000
6,000
8,000
10,000
12,000
Central Off -Central East SouthEast North South
INR/sqft
High -End / Mid-End Segment
H2 2011 H1 2012
Capital Values(INR/sq ft)
(at thetimeof project launch)
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Key Transactions
Project Name Location Area Transaction Type Value Buyer Type(in sq ft) (Sale/ Lease) (in INRMillion)
SkylineEternity Off Langford Road 4,785 Sale 44 End User
Mantri Espana Sarjapur ORR 4,500 Sale 37 End User
Sobha Carnation Sarjapur ORR 1,645 Sale 7.05 End User
Sobha Dahlia Sarjapur ORR 1,675 Sale 7.45 End User
Outlook
Developers continued to launch residential projects
across various categories during the first half of
2012, a trend which is expected to continue.
Whitefield will be a focus destination for residentialdevelopment, as it has witnessed renewed interest
from office and retail occupiers in the last two
quarters, which is expected to have a positive impact
on housing demand in this micro-market. Capital
values are expected to stabilize across most of the
locations with a marginal increase likely in only a
few micro-markets in the short to medium term. The
second phase of the Bangalore metro rail has been
approved, which would enhance connectivity to the
peripheral locations of the city such as Whitefield in
East, Tumkur Road in North West, Kengeri in West
and Off-Kanakapura Road in South, as a result of
which these locations are expected to witness an
increase in demand in the medium to long term.
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HyderabadCBRESouth Asia Pvt. Ltd.,211, Maximus2B,MindspaceCyberabad,SurveyNo. : 64(Part),APIICSoftwareLayout,Madhapur,Hyderabad- 500081
T (9140) 40335000F (9140) 40335050
INDIAOFFICES
NewDelhiCBRESouth Asia Pvt. Ltd.,GroundFloor, PTI Building4, Parliament Street,NewDelhi 110001
T (9111) 42490200/ 42390200F (9111) 23317670
ChennaiCBRESouth Asia Pvt. Ltd.,2C&D, GeeGeeEmerald151, VillageRoad,NungambakkamChennai 600034
T (9144) 28214599/ 4571/ 4619F (9144) 28214607
BengaluruCBRESouth Asia Pvt. Ltd.,Hulkul BrigadeCentreGroundFloor, No. 82LavelleRoad,
Bengaluru 560001T (9180) 40740000F (9180) 41121239
PuneCBRESouth Asia Pvt. Ltd.,704/705/706, 7th FloorNucleusChurch RoadPune- 411001
T (91120) 40190100F (91120) 26055405
India Residential
The information contained herein has been obtained from independent sources believed to be
reliable and has not been verified for the possibility of errors, omissions, price change, rental or other
conditions, prior sale, lease or financing or withdrawal without notice. Any projections, opinions,
assumptions or estimates included herein are solely for the purpose of illustration and do not
represent current or future performance or forecast of the property. CBRE does not make any
representation, warranty including as to accuracy or completeness of the information and shall not besubject to any liability resulting from the use there from by any party. No one should proceed to act on
such information without appropriate professional advice and after conducting an independent and
thorough investigation/ diligence of the property and transaction.
KolkataCBRESouth Asia Pvt. Ltd.,
Jindal Towers2nd, Floor, Block B
Kolkata - 700017T (9133) 40190200F (9133) 40190230
21/1A/3Darga Road
MumbaiCBRESouth Asia Pvt. Ltd.,#202/203, 2ndFloor,Naman Centre, G-block,Bandra-Kurla Complex,Bandra (E),Mumbai 400051
T (9122) 40690100
F (9122) 26527655
About CBRE Group, Inc.
CBREGroup, Inc. (NYSE:CBG), a Fortune500andS&P 500companyheadquarteredin LosAngeles, istheworld'slargest
commercial real estateservicesfirm(in termsof 2011revenue). TheCompanyhasapproximately34,000employees
(excludingaffiliates), andservesreal estateowners, investorsandoccupiersthrough morethan 300offices(excluding
affiliates) worldwide. CBREoffersstrategicadviceandexecution for propertysalesandleasing; corporateservices;
property, facilitiesandproject management; mortgagebanking; appraisal andvaluation; development services;
investment management; andresearch andconsulting. Pleasevisit our Websiteat www.cbre.com.
CBRESouth Asia Pvt. Ltd. wasthefirst independent international Real Estateconsultingfirmto set upofficein theIndian
subcontinent. Sincethen theIndian operationshavegrown to a network of officesin all themajor metropolitan cities.
Todaywith over 2500professionals, CBRESouth Asia Pvt. Ltd. isoneof theleadingReal Estateconsultantsin theIndian
subcontinent. Pleasevisit our websiteat www.cbre.co.in.
Gurgaon
19th Floor, DLF Square, MBlock,Jacaranda Marg,DLF CityPhaseII, Gurgaon 122002
T (91124) 4659700F (91124) 4659800
CBRESouth Asia Pvt. Ltd.,
IndiaResiden
tial
January-June2012
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2012, CBRE, Inc.