State of Real Estate -...

Please refer to Disclosures and Disclaimers at the end of the Research Report.

State of Real Estate For the month of July 2014

27 August 2014PhillipCapital (India) Pvt. Ltd.

The month that was‐ Bangalore residential sales seem to be slowing down while on the other hand industry friendly measures such as extending industrial land leases and land conversion are positive. Land/property deals continue to pick up and Hyderabad and Vishakapatanam witnessed robust property registrations. The key developments which took place in July 2014 – • Bangalore residential Sales slowdown : A snapshot survey of the Bangalore real

estate scene reveals that the city sits on over 76,000 units of stock with an oversupply of 10,726 units, or 35 per cent, for the period. Apartments are the most oversupplied segment at 37 per cent while villas had a slight undersupply, that is, 3.7 per cent. The survey mapped 1,091 projects with 236,000 units of stock at the completion of the first half of the year. It says builders carry an unsold inventory of Rs. 654.11bn, a rise of 18 per cent in the last six months and 30 per cent in the 12‐month period. Of this, apartment stock represents 77 per cent. (Refer Pg‐6)

• KIADB land leases extension: The State government’s decision extending the lease period of land/plots allotted by the Karnataka Industrial Areas Development Board (KIADB), from 30 to 99 years, has evoked mixed response from trade and industry bodies. (Refer Pg‐7)

• Land conversion for industries simplified: The Legislative Assembly adopted the Karnataka Land Reforms and Certain Other Law (Amendment) Bill 2014, which simplifies the norms for changing land‐use pattern of agricultural land for industrial and other non‐agricultural purposes. (Refer Pg‐7)

• Siemens sells plot to Prestige for Rs 3.45bn: Siemens has sold an 8‐acre prime plot in south Bangalore to builder for Rs 3.45bn. The transaction was handled by Juggy Marwah, managing director south India for JLL India, a real estate consultancy firm. (Refer Pg‐6)

• RBI relaxes norms to buy immovable property abroad : Individuals can also use funds under Liberalised Remittances Scheme (LRS) to buy immovable property abroad. Raised annual overseas investment ceiling for individuals to $125,000 from $75,000.

• 27 SEZ developers seek more time to execute projects: As many as 27 special economic zone developers, including Gulf Oil Corporation, Navi Mumbai SEZ and DLF Info Park have sought more time from the government to execute their projects.

• Tata private equity fund spends $80 million for a stake in Shriram Properties : Tata Opportunities Fund, the private equity fund owned by Tata Capital, has bought a minority stake in Shriram Group's real estate company, Shriram Properties, for $80 million (about Rs 4.8bn).

• H1 office space absorption up 16pc in top eight cities: Office space absorption rose by 16 per cent during the first six months of this year at 13.4 million sq ft in eight major cities as corporates are looking to expand on improved market sentiments, according to property consultant Cushman & Wakefield. (Refer Pg‐11)

• National Investment and Manufacturing Zone (NIMZ) in Tamil Nadu to attract Rs 65.25bn: The state government also plans to set up a pharmaceutical park to encourage medical eqipment manufacturing in partnership with HLL Lifecare Ltd.

• Property Registrations increase in Hyderabad and Vishakapatanam!‐ Between this April and June in Hyderabad, the department received 8,547 documents for registration against 9,608 documents received during the same period last year while in Vishakapatanam its increased by 25% . (Refer Pg14)

Abhishek Ranganathan (+ 9122 6667 9952) [email protected] Neha Garg (+ 9122 6667 9996) [email protected]

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27 August 2014 / INDIA EQUITY RESEARCH / REAL ESTATE MONTHLY

Mumbai

• City's office space leasing to pick up in 2015: CBRE: Office space leasing activity in the city is not expected to move significantly before next year although the sentiment in the real estate sector is witnessing some improvement. Market sentiment in Mumbai's office space has seen a slight spurt in the April‐June period compared to the last couple of quarters and is expected to fare better in Q3 of 2014. Enquires remained limited to small and medium sized office spaces in some of the prominent commercial developments. Vacancy levels increased marginally owing to shift in occupier interest towards other cost effective micro‐ markets, while rental values declined owing to subdued demand levels.

• Housing Development and Infrastructure to sell commercial complex in Mumbai Suburb to cut debt : Housing Development and Infrastructure (HDIL) has put its nearly 1 million square feet commercial complex at Kurla in Mumbai on the block as it seeks to reduce debt . HDIL is looking to raise over Rs 5bn through the sale of this under‐construction property called Premier Commercial.

• Express Towers changes hands: The landmark Express Towers building in Nariman Point, once the tallest building in South Asia, has been sold for close to Rs. 8.7bn. Anant Goenka, director of Indian Express, the newspaper group that owned the South Mumbai building along with ICICI Ventures, confirmed the sale. The change in ownership is said to have happened in May. Blackstone, a premier investment and advisory firm, also a tenant at Express Towers, had bought the iconic building along with Panchshil Realty, a Pune‐based real estate developer.

Residential Projects ‐ Recent and New Launches in Mumbai Developer Name of the

Project City Location Subvention

scheme Residential/ Commercial

Size (In Sqft) Price/ unit Possession

7/5/2014 L&T Realty Emerald Isle Powai Residential 2‐2.5‐3‐4 BHK Rs18.2 mn onwards

7/5/2014 Runwal Runwal greens Mulund Residential 2‐2.5‐3‐3.5& 4 BHK

7/5/2014 Acme Group Acme Avenue Kandivali West No stamp duty registration

Residential 1.5‐2‐3 BHK Rs 8.96mn‐16.5mn onwards

Construction in full swing

7/5/2014 Mehta Group Amrut Heaven Kalyan West Residential Rs4.2‐5.8mn onwards

7/5/2014 Mehta Group Amrut Pearl Kalyan West Residential Rs3.3mn onwards

7/5/2014 Mehta Group Amrut Siddhi Titwala East Residential Rs 4431/ sqft

7/5/2014 Hiranandani Rodas Enclave Thane West Residential 2‐3‐4‐5 BHK Rs 14.5mn onwards

7/5/2014 Hiranandani Estate

Brookhill Thane west Residential 4‐ BHK Rs 29.5mn onwards

Nearing Completion

7/5/2014 Hiranandani Cardinal Thane West Residential 2.5‐3 BHK Rs 20.2mn ‐31.7mn onwards

7/5/2014 Hiranandani The Walk Thane West Residential Small size apartments (1 BHK‐419 Sqft)

Rs 8.8‐9.1mn onwards

7/5/2014 Lodha New Cuff Parade Mumbai Residential 2‐3 BHK Rs 31.0mn onwards

7/5/2014 Bhoomi Group Bhoomi Legend Kandivali East Residential 1‐2 BHK Rs 11058/sqft Ready possession

7/12/2014 Kalpataru Radiance Goregaon West Residential 2‐3‐4 BHK (1342‐3308 sqft)

Rs 23‐32mn‐55mn onwards

7/12/2014 L&T Realty Crescent Bay Parel Residential 2‐3‐4 BHK Rs 31.0mn onwards

7/12/2014 Sheth Vasant oasis Andheri east 25/75 Residential 1‐2‐2.5‐3‐4 BHk 20.5mn onwards Construction in full swing

7/19/2014 Madhav Shreeji Palacia Thane Residential 1‐2.5BHK Rs 5.990mn onwards


Developer Name of the Project

City Location Subvention scheme

Residential/ Commercial


7/19/2014 Paranjape schemes

Royal Court Andheri East Residential 2‐3 BHK Rs 28.0‐36.2mn onwrads

Dec‐14


Prayog C.H.S Ltd. Santacruz (E) Residential 2‐2.5‐3 BHK Rs 28.8mn onwards


Snehdeep Goregaon East Residential 2 BHK Rs 17.6mn onwards


Vighnarajendra Andheri East Residential 2.5 BHK Rs 18.0‐19.3mn onwards

7/19/2014 Rajesh Lifespaces Grandeur Powai Residential 3‐4 BHK Rs51.75mn onwards

7/19/2014 Rajesh Lifespaces Altezza Mulund West Residential 2‐3 BHK Rs13.10mn onwards

7/19/2014 Rajesh Lifespaces Infinia Malad West Residential 2‐3‐4 BHK Rs14.72mn onwards

7/19/2014 Rajesh Lifespaces Whitecity Kandivali East Residential 1‐2‐3‐4 BHK Rs7.94mn onwards

7/19/2014 Rajesh Lifespaces Tattva Thane West Residential 3‐4 BHK Rs17.18mn onwards

7/19/2014 Marathon Group Marathone nexzone

Panvel Y Residential 2 BHK Rs 5.7mn onwards

7/19/2014 Lodha Casa Rio gold Palava Residential 1BHK‐41L; 2 BHK‐52L; 2BHK Ultima‐ 57 L; 3 BHK‐73L;

exotica residences‐78L

7/19/2014 Mayfair Akshay Andheri West Residential 2‐2.5‐3 BHK Rs 24.9mn onwards

Dec‐15

7/19/2014 Mayfair Kumkum Andheri West Residential 990 Rs 39000/sqft Ready

7/19/2014 Mayfair Boulevard Santacruz West Residential 3 BHK Rs 70mn onwards Jun‐14

7/19/2014 Mayfair Serene Bandra West Residential 3‐4 BHK Rs110mn onwards Dec‐14

7/19/2014 Rustomjee Urbania Thane West Y Residential 2 ‐3bhk Rs 10.2mn onwards

7/26/2014 Wadhwa Group The promenade Address

Ghatkopar (w) Residential 2 BHK Rs 17.5mn onwards

7/26/2014 Dynamix Group Parkwoods Thane West Residential 1‐2‐3 BHK Rs 9500/sqft


Blue Ridge Pune Residential 2‐3 BHK Rs 3.3mn onwards

7/26/2014 Acme Group Acme Ozone Thane West Residential 2‐3 BHK Rs 9.1mn ‐13.0mn onwards

Source: PhillipCapital India Research

NCR

• Unitech to sell 17.5‐acre Noida plot to Gulshan Homz for Rs 4bn: UnitechBSE 0.22 % is selling 17.5 acres of land in Noida's Sector 144 to local builder Gulshan Homz for Rs 4bn. The developer is likely to use the money to reduce its debt that stood at Rs 63bn at the end of March. The company has been in the process of selling of a number of its assets to reduce debt.

• Supreme Court asks Supertech to refund buyers in Noida twin towers : The Supreme Court has directed builder Supertech to refund money to people who had decided to opt out of two 40‐storey towers in Noida it was building after the Allahabad High Court had ordered their demolition for flouting building norms. It has also asked it to offer alternative apartments to those people who did not want a refund. The High Court had also asked Supertech to refund of the consideration received from flat buyers with 14% interest compounded annually.

• Office space absorption up 11 per cent in Delhi‐NCR : Office space absorption rose 11 per cent to 1.38 million sq ft in Delhi‐NCR during the April‐ June quarter, over the

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year‐ago period, on higher demand from IT/ITeS sector. However, the absorption fell by 18 per cent when compared with the previous quarter. Delhi‐NCR witnessed an increase in demand for space by ITES companies in specialised domains like telecom, aviation and BFSI. the demand is likely to grow in the second half with corporates expected to increase hiring activities given the expectation of an economic revival.

• Delhi housing prices dipped 1.5% in Jan‐March : Delhi's apparently ever‐increasing property prices finally seem to have hit a plateau. The National Housing Bank's property price index shows a marginal decline of 1.5% in residential property prices in the city in January‐March 2014 compared to last year. NHB's RESIDEX, devised to track prices of properties in major Indian cities, reflected the same trend in 13 of 26 major cities. Second‐tier cities took the worst hit — the steepest fall being in Meerut, where prices dipped by 13.6%.

• Essar group promoters Ruias sell Delhi bungalow to Supreme Court lawyer for Rs 1bn: The Ruias, promoters of the Essar group, have sold their bungalow in Delhi's Jor Bagh area for about Rs1bn to Supreme Court lawyer Rohit Tandon, reflecting the revival in real estate activity in the much‐coveted part of the capital following the advent of a new government.

• DLF to sell 30‐acre land for Rs 5.5bn to further reduce debt :The transaction will be completed in the next one month and DLF will use the money to reduce its debt further . DLF has pared its debt toRs 185bn from over Rs 230bn a few years ago, but it hopes to bring this down further to Rs 175bn by the end of the current fiscal.

• 23 sites disposed by Delhi Development Authority (DDA) in its first‐ever e‐auctioning : A total of 35 parking sites, 18 kiosks and four restaurants were put to auction, which began on July 16 and went on for four days. A total number of 55 bids were received for kiosks and parking sites.In case of kiosks, out of eight bids received, six bidders have been successful and in case of parking sites, 47 bids were received and 17 were successful.

• Logix group looking to raise Rs 2.5bn FDI for Noida project: Logix group plans to raise Rs 2.5bn from foreign investors for the development of its ongoing mixed‐use commercial project in Noida. The company is developing this commercial project at an investment of Rs 10bn and is looking to raise FDI to complete this project. The 6‐acre project 'Noida City Center' includes a 7 lakh sq ft shopping mall, 2.5 lakh sq ft office towers, two hotels with combined 400 rooms and 100 service apartments.

• ATS raises Rs 1.27bn for its project in Noida: Ask Group has invested Rs 1.27bn in real estate firm ATS group's housing project in Noida. This is ASK group's third investment in ATS's. Earlier, ATS had raised Rs 500mn for another project in Noida and Rs 1.4bn for a housing project in Gurgaon.

• Red Fort Capital mulls Reit for its assets: Red Fort Capital, focused on the Indian real estate, is exploring options to bring all its investments in office properties under a real estate investment trust (Reit) and list it. Red Fort Capital holds significant stakes in two office complexes ‐ Red Fort Towers in New Delhi and Exora Business Park in Bangalore ‐ and the right of first refusal in two of the other properties. The firm, which manages funds worth $1 billion, is also exploring other options such as floating a Reit in the US or Singapore.

• Proposals that never saw the light of day: Real estate developers as well as authorities here led flat buyers in Noida Extension – referred to as Greater Noida West following a major land row – to believe that Metro connectivity would soon be a reality.

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Residential Projects ‐ Recent and New Launches in Delhi Developer Name of the

Project City Location Subvention



7/5/2014 Super Tech Limited Eco Village Greater Noida (West)

40/30/30 Residential 2‐3‐4 BHK Rs2.4mn onwards

7/5/2014 Ansal housing & construction Ltd.

Ansal highland park

Gurgaon 20% on booking next 2 year no EMI

Residential 2‐3 BHK Construction in full swing

7/5/2014 CHD Developers 106 Golf Avenue

Gurgaon 12.5/88.5 Residential 2‐3‐4 BHK

7/5/2014 CHD Developers CHD Van Gurgaon Residential 2‐3‐4 BHK 7/5/2014 Ajnara Ambrosia Noida 30:30:30:10 Residential 2‐3‐4 BHK Rs4.336mn

onwards

7/12/2014 Amrapali Group Spring Meadows

Greater Noida (West)

Residential 1‐2‐3 BHK Construction in Full Swing

7/12/2014 Amrapali Group Amrapali Zodiac

Sector‐120 40/30/30; book penthouse or

Ground floor get dream car free

Residential 2‐3‐4 BHK Ready to move in

7/12/2014 Amrapali Group Amrapali Platinum

Noida 40/30/30; book penthouse or

Ground floor get dream car free

Residential 2‐3‐4 BHK Ready to move in

7/12/2014 Amrapali Group Amrapali Sapphire

sector‐45 40/30/30 Residential 2‐3‐4 BHK Ready Possession

7/12/2014 Amrapali Group Amrapali Eden Park

Noida 40/30/30 Residential 2‐3‐4 BHK Ready to move in

7/12/2014 Amrapali Group Amrapali River Group

Greater Noida West

Residential 2‐3 BHK Construction in full swing

7/12/2014 Amrapali Group Princely estate

Noida 40/30/30 Residential 2‐3‐4 BHK Nearing possession

7/12/2014 Amrapali Group Amrapali Verona heights

Greater Noida West

40/30/30 Residential 2‐3‐4 BHK Attractive rates for mimited period

Construction started

7/12/2014 Amrapali Group Kingswood Greater Noida West

Residential 2‐3 BHK Construction started

7/12/2014 Amrapali Group Amrapali Crystal Homes

sector‐76 40/60 Residential 3 BHK Rs 6.3mn onwards

Construction started

7/12/2014 Amrapali Group Leisure Park Greater Noida West

40/60 (get waiver all charges)

Residential 2‐3 BHK Rs 3.1mn onwards

7/12/2014 Amrapali Group Dream Valley Greater Noida west

Residential 2‐3 BHK Rs2.7‐3.5 mn onwards


7/12/2014 Ace Group India Ace Golfshire Noida Residential Rs 4000/sqft 7/12/2014 Aditya builders Aditya world

city Ghaziabad Residential 3 BHK Rs 3.1090mn

onwards possession in 12 months

7/12/2014 Mahagun Group Mywoods Greater Noida West

20/80 and 10gm free coin

Residential 2‐3‐4BHK Rs 3.169 onwards

7/12/2014 Mahagun Group Mirabella Noida 20/80 and 10gm free coin

Residential 3‐4 BHK Rs 6.417 onwards

7/12/2014 Sethi Group Max Royal sector‐ 76 Residential 2‐3 BHK (895‐1650 sqft)

7/12/2014 Sethi Group Sethi Arcade sector‐ 76 Commercial Launching soon

7/12/2014 Sethi Group Sethi Business Avenue

Angel mega mall Commercial Rs1.812mn onwards

Ready Possession

7/12/2014 Satya Group Platina Gurgaon 30/70 Residential 3‐4 BHK 7/12/2014 Unnati Fortune VestaVillas Noida

Expressway Residential Villas Rs 25.0mn

onwards

7/19/2014 Super Tech Limited Hues Gurgaon Residential 2‐3 BHK Rs 2.8mn onwards

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City Location Subvention scheme



7/19/2014 Ansal Housing & Construction Ltd.

Florence Residency

Gurgaon No Pre‐ EMI/ Rs 7 lac special discount

Residential 4 BHK (1834‐2114 sqft)

Rs 15.8 mn onwards

7/19/2014 Fair wealth Breeze homes Bhiwadi Residential 1‐2‐3 BHK Rs 2600/sqft 7/19/2014 Aditya Builders Celebrity

Homes Noida Avail up to 7 lacs

discount Residential 2‐3‐4 BHK Rs5.5mn

onwards Nearing

Possession 7/19/2014 Unnati Fortune The Aranya Noida 20/80 available Residential 2‐3 BHK Construction

in full swing 7/26/2014 SG Estates Limited SG

Impressions plus

Rajnagar Extension


Ready Possession

7/26/2014 SG Estates Limited SG Alpha tower

Sector‐ 9 Vansundhara

Commercial 400 Sqft Rs 3mn onwards

Ready Possession

7/26/2014 SG Estates Limited SG Homes Sector‐ 3 Vansundhara

Residential 2‐3‐4BHK Rs 6mn onwards

Nearing possession

7/26/2014 SG Estates Limited Indigo SG Impressions 58‐ phase 2

Rajnagar Extension

Residential 3 BHK Rs 4.1mn Nearing possession

7/26/2014 SG Estates Limited SG Grand Rajnagar Extension

Rajnagar Extension


Under Construction

7/26/2014 SG Estates Limited SG Benefit Govindpuram Residential 1‐2‐3 BHK Rs 2.3mn onwards

Launching soon

7/26/2014 Horizon Concept Orizzonte Greater Noida Residential 2‐3‐4 BHK 7/26/2014 Super Tech Limited Romano GH‐01,Noida Residential 2‐3 BHK Rs 3700/sqft

onwards

7/26/2014 Super Tech Limited Aapka Ghar Greater Noida West

Pay only 3‐4 Lakh (2‐3 BHK); get 5%

cash back

Residential 2‐3 BHK

7/26/2014 Super Tech Limited Capetown Noida 100 acres 50% in possession

Residential complex

2‐4 BHK 4560

7/26/2014 Shukamna Buildtech Pvt. Ltd.

Shubhkamna Lords live t o play

Noida Residential

7/26/2014 Paras Buildtech Paras Seasons Noida Residential 7/26/2014 Super Tech Limited North Eye Noida 40/60 Residential 1‐2‐3‐4 BHK Rs4.3mn

onwards

7/26/2014 Super Tech Limited Ritz Chateaue Noida Residential Source: PhillipCapital India Research

Bangalore • Bangalore residential Sales slowdown : A snapshot survey of the Bangalore real

estate scene reveals that the city sits on over 76,000 units of stock with an oversupply of 10,726 units, or 35 per cent, for the period. Apartments are the most oversupplied segment at 37 per cent while villas had a slight undersupply, that is, 3.7 per cent. The survey mapped 1,091 projects with 236,000 units of stock at the completion of the first half of the year. It says builders carry an unsold inventory of Rs. 654.11bn, a rise of 18 per cent in the last six months and 30 per cent in the 12‐month period. Of this, apartment stock represents 77 per cent.

• Siemens sells plot to Prestige for Rs 3.45bn: Siemens has sold an 8‐acre prime plot in south Bangalore to builder for Rs 3.45bn. The transaction was handled by Juggy Marwah, managing director south India for JLL India, a real estate consultancy firm.

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The entire sale procedure for the property, which has been in the market since 2011, lasted six months.

• Wipro seeks more land on Bangalore outskirts: Wipro, has sought a large parcel of land at Kodathi SEZ as part of its expansion project. Wipro plans to hire 25,000 employees and needs additional land for this purpose.

• KIADB land leases extension: The State government’s decision extending the lease period of land/plots allotted by the Karnataka Industrial Areas Development Board (KIADB), from 30 to 99 years, has evoked mixed response from trade and industry bodies. While those representing primarily large and medium enterprises hailed it as one that would go a long way in promoting rapid industrialisation, the Karnataka Small Scale Industries Association (KASSIA) said it was “a retrograde measure and anti‐small scale industry.

• Land conversion for industries simplified: The Legislative Assembly adopted the Karnataka Land Reforms and Certain Other Law (Amendment) Bill 2014, which simplifies the norms for changing land‐use pattern of agricultural land for industrial and other non‐agricultural purposes. At present, those who get permission from the government to buy agricultural land for non‐agricultural purposes to set up industries, educational institutes, hospitals, among others, under Section 109 of the Karnataka Land Reforms Act‐1961, are required to again apply for conversion of land‐use pattern, making it a tedious process.

Residential Projects ‐ Recent and New Launches in Bangalore Developer Name of the

Project Location Subvention



BBCL ashraya Thoraipakkam Residential 2‐3 BHk Rs 4875/‐ SqftSLS developers Sunny gardens Doddanakundi Residential 2‐3 BHK Rs 4.1mn

onwards SLS developers Sapphire marathahalli‐sarjapur outer

ring Residential 2‐2.5‐3 BHK Rs 3.7mn

onwards SLS developers Spencer Horamavu Residential 4 BHK Rs 15.3mn

onwards Mahaveergroup Riviera JP nagar 5th phase Residential Rs 7.8mn

onwards Mahaveergroup Tranquil Whitefield Residential Rs 7.8mn

onwards Mahaveergroup Laurel BTM 4th stage Residential Rs 5.7mn

onwards Mahaveergroup Oleander Off Hosur road Residential Rs 4.8mn

onwards Mahaveergroup greens Mysore Road Residential Rs 4.4mn

onwards Mahaveergroup cedar Hesaraghatta road Residential Rs 3.5 mn

onwards Mahaveergroup Desire off tumkur road Residential Rs 3.3mn

onwards Mahaveergroup fortune off magadi road Residential Rs 2.8mn

onwards Mahaveergroup galaxy off mysore road Residential Rs 2.9mn

onwards Mahaveergroup Maple Kundalahalli jn., varthur

main road Residential 3 BHK and duplex Rs 8.3mn

onwards Mahaveergroup Jonquil J.P.Nagar, 6th Phase Residential Rs 6.2mn

onwards Mahaveergroup Oberon JP nagar 5th phase Residential Rs 5.7mn

onwards Mahaveergroup Willet Kumbena Agrahara Residential Rs 3.2mn

onwards Mahaveergroup Amaze Kadugodi, Whitefield Residential 2‐3 BHK Rs 4.5mn

onwards Mahaveergroup Ranches Off Sarjapur Road Residential 1‐2‐2.5‐3 BHK



Location Subvention scheme



Shriram Properties Shriram Sahaana Yelahanka Residential 3BHK Rs 7.8mn onwards

Shriram Properties Shriram Suhaana Yelahanka Residential 1‐2 BHK Rs 4.8 mn onwards

Shriram Properties Shriram Sameeksha Jalahalli Residential 1‐2 BHK Rs 3.0mn onwards

DHIO Buildtech Properties Ltd.

DHIO SKY Terrace Varthur Residential 1‐2 BHK Rs 1.223‐1.588mn onwards

Trifecta Verdure Sarjapur Residential Villas/ Apartment Rs 4.5mn onwards

Trifecta Esplanade Whitefield Residential 2‐3 BHK Rs 4.0mn onwards

Ajmera Ajmera Stone Park Electronic city 20/80 Residential 2‐3 BHK Rs 5.1mn‐6.0mn onwards

Ajmera Villows Phase II Phase I, Electronics City, Residential 4 BHK Villas Saivendevelopers Saiven Caesars

Palace Off Sarjapur Road Residential 4 BHK Rs 9.5mn

onwards Rashi developers Rashi splendour Doddaballapura Residential plots and villas (30X40,

30X50, 40X50, 40X60) DS‐ Max Properties Pvt. Ltd.

Attible E. City Residential Rs1.444‐3.680mn

DS‐ Max Properties Pvt. Ltd.

Peenya Opp. Rock Line Studio Residential Rs 2.627‐4.271mn

DS‐ Max Properties Pvt. Ltd.

Opp. Manyata Tech Park Residential Rs 4.3‐5.772mn

G R Constructions GR Sagar Nivas Sarjapur road Residential 2‐3 BHK G R Constructions GRC Brundavan Mysore road Residential 2‐3 BHK Prestige Prestige Ferns

Residency Harlur road, off sarjapur road

Residential 2‐2.5‐3‐3.5‐4BHK (1200‐2500sqft)

Pariwar Housing Corporation

Pariwar Passion Begur Hobli Residential 2‐3 BHK Sep‐14

KBG Builders & Developers

Sunanda Residency Domlur Residential 3 BHK

Ramky Serene woods Off Hennur Road Residential 2‐3 BHK (1078‐1104‐1287‐1371)

Rs 9.9mn onwards

Golden Gate Panorama Jayanagar Residential 2‐3 BHK Rs 5.1 mn onwards

Bluejay Bluejay Behind Rajarajeshwari Residential plot sizes‐ 1200 sqft. Salapuria Sattva Celesta Next to Krishnarajpuram

lake Residential 3 BHK Rs 8.7mn

onwards Salapuria Sattva Magnificia Old Madras Road Residential 3‐4 BHK Rs 15.7mn

onwards Sowparnika projects Purple Rose Hoskote Main Road Residential 2‐3 BHK Rs 1.99mn

onwards Mantri Developers Mantri‐ Global

Heights Off Whitefield Main Road Residential 2‐3 BHK (1315‐1990

sqft) Rs 6.2mn onwards

Keerthi Royal palms Hosur road Residential 2BHK‐1250; 3BHK‐1465‐1745

Rs 4.5‐6mn onwards

Serene Retirement Communities

Serene Urbana‐II Devanahalli Residential 1‐2 BHK Rs 3.06mn onwards

Manardevelopers Manar Pure earth Sarjapur Residential Villas Unishire Unishire Belvedere

Signature Near Hebbal Residential 3‐4 BHK (2235‐3602

Sqft) Unishire Unishire Premia Behind Manyata Tech Park 20/80 Residential 3‐4BHK (1747‐2286

Sqft) Cauvery Estate & Properties

Cauvery Serenity Yeshwanthpur Main Road Residential 2‐3‐4 BHK (1223‐2495sqft)

Rs 7000 psf

Fire luxur developers pvt. Ltd.

The Empyrean NH 207 Residential Villa Rs 7mn onwards


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Inventory & Absorption by region Particulars (Units) Central North East North West South East South WestOpening Stock ‐ A 509 20,347 9,592 28,659 6,225Net Addition ‐ B 1,885 13,288 1,574 15,508 9,069Inventory C = A+B 2,394 33,635 11,166 44,167 15,294Incremental Sales ‐ D 1,124 10,008 2,411 12,635 4,420Closing Stock E = C‐D 1,270 23,627 8,755 31,532 10,874


Chennai

• National Investment and Manufacturing Zone (NIMZ) in Tamil Nadu to attract Rs 65.25bn: The state government also plans to set up a pharmaceutical park to encourage medical eqipment manufacturing in partnership with HLL Lifecare Ltd. the manufacturing zone would come up in the backward district of Ramanathapuram, and the government would submit a detailed project plan to the Centre and would take full efforts to implement it.

Residential Projects ‐ Recent and New Launches in Chennai Developer Name of the

Project Location 20/80

scheme Size (In Sqft) Price/ unit Possession

Mettupakkam Foundations pvt. Ltd.

Vruksha Nanmangalam 1‐2‐3 BHK 440‐1240sqft


Orchid Keezhkattalai 2‐2.5‐3 BHK 833‐1637sqft


Jayaram enclave Madipakkam 2‐3 BHK 786‐1291 sqft

Intouch Construction & Infrastructure Pvt. Ltd.

Glenwood Maraimalai nagar 3‐4 BHK (1767‐2198sqft) Rs 5.5‐9.5mn onwards Construction in full swing


Valencia Off GST Road, Maraimalai nagar

1‐2‐3 BHK (650‐1012sqft)


Homedale Off GST Road, Maraimalai nagar

Villas

Jain Housing and Construction Ltd.

Inseli Park OMR‐Padur Pay 10% and balance on possession

Rs4.5mn onwards Nearing completion


Alpine Meadows Pallavaram Pay 10% and balance on possession

Rs 4.2mn onwards Phase I handover


Pebble Brook Thoraipakkam Pay 10% and balance on possession

2‐3‐4 BHK‐996‐2523sqft no pre emi 200/sqft discount


La Verde Mare Perungudi Pay 10% and balance on possession

launching shortly


ARJ Gardens Mogappair West Apartments 506‐1572 sqft


Avalon Springs Potheri ‐Off GST Road

2‐3 BHK (815‐1258 sqft)


Jains Westminster Saligramam

Navin's Triumph Starwood Towers Vengaivasal 2‐3 BHK (1234‐1484 sqft)

Navin's Triumph eden Park Gerugambakkam 2‐3 BHK (1052‐1479 sqft)

Navin's Triumph Hillview avenue Thirumudivakkam 2‐3 BHK (607‐1519 sqft)

Navin's Triumph whiteberry Moolakadai‐Perambur

2‐3 BHK (1056‐1480sqft)

Navin's Triumph Springfield Phase II

Medavakkam 2‐3‐4 BHK (555‐1717sqft)

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Location 20/80 scheme


Navin's Triumph Palm Fronds Karapakkam 3 BHK (2067‐2228 sqft)

Rajkham Builders Akash Ganga Pallikaranai No registration and free modular

kitchen

2‐3 BHK‐943‐1668sqft Nearing Completion

Rajkham Builders Rajkham Orchid Porur Near Ayyapanthangal

2‐3 BHK (735‐939)/1436 sqft

Landmark construction Orlando Korattur 3 BHK (1600‐1805sqft)

Landmark construction Aspects Korattur 3 BHK (1660‐1674sqft)

Godrej properties Godrej Palm grove Poonamallee Taluk

20/80 2‐3 BHK Construction in full swing

Ruby Building Future Ruby Elite Santhoshapuram Rs 6.17mn onwards

Ruby Building Future Ruby Landmark Vandalur Rs4.124mn onwards

Ruby Building Future Ruby Residency Irumbuliyur Rs2.26mn onwards

Ruby Building Future Ruby Pride Pallikaranai Rs4.874 onwards

Ruby Building Future Ruby Homes Rajkilpakkam Rs3.95mn onwards

Ruby Building Future Ruby Deluxe Mannivakkam Rs2.77mn onwards

VVB Estates Artha Meadows Off GST Road 2 BHK Rs 1.995mn onwards

VVB Estates Artha Pristine avenue

Thirumangalam 2‐3 BHK Rs 3.595‐4.995mn onwards


Glenwood Maraimalai nagar 3‐4 BHK (1767‐2198sqft) Rs 5.5‐9.5mn onwards Construction in full swing


Valencia Off GST Road, Maraimalai nagar

1‐2‐3 BHK (650‐1012sqft)


Homedale Off GST Road, Maraimalai nagar

Villas

Colour Homes Kanchi Pattinam Chennai‐ Bangalore Highway

Villas/ Villas plot Rs 3.4‐5.5mn onwards and Rs 1.2mn onwards

plots

Sumantha & co. Sreshta Kolapakkam 2‐2 1/2‐3 BHK (1150‐1571 sqft)

construction in full swing (May 2014)

Unitech Uniworld city Nallambakkam 2‐3 BHKUnihomes, Palm villas and aspen greens

Unihomes: Rs 2.3mn; Aspen gardens:Rs 5.1mn

onwards; Palm premiere:Rs 7.66mn

onwards Ashok Group Nanda Vanam Near Porur Villa Plots Rs 4.0mn onwards

Landmark construction Landmark's Grange

Palavakkam, ECR 4 BHK‐4776‐4917 Sqft

Dugar Housing Limited Sky Dugar Mogappair West Extension

1‐2‐3 BHK Rs 4500/sqft; Rs 2.576‐7.090mn onwards


Pristineacres Phase‐II Perumbakkam Near Sholinganallur, OMR

1‐2‐3 BHK (562‐1499sqft) Rs 2.1‐3.8‐4.8mn onwards

Plaza Group Plaza Perumbakkam 2‐3 BHK (562‐1499sqft) Rs 3600/sqft

Shree Vishnu Builders Magnolia apartments

Porur 2‐3 BHK Rs 6300/sqft

Arihant Foundations Panache Arumbakkam 2‐3‐4 BHK (1200‐1800‐2368sqft)

Source: Media sources, PhillipCapital India Research


Commercial • H1 office space absorption up 16pc in top eight cities: Office space absorption rose

by 16 per cent during the first six months of this year at 13.4 million sq ft in eight major cities as corporates are looking to expand on improved market sentiments, according to property consultant Cushman & Wakefield. However, office space supply declined by 7 per cent during January‐June 2014 in Delhi‐NCR, Mumbai, Kolkata, Chennai, Bangalore, Pune, Hyderabad and Ahmedabad as compared with the year‐ago period. Total net office space absorption recorded a 16 per cent increase across the top eight cities in the first half of 2014 (January‐June) compared to the same period last year. The total net absorption for H1 2014 was recorded at 13.4 million sq ft," C&W said in a statement. The top three performing cities during H1 2014 were Bangalore, Delhi‐NCR and Hyderabad, representing 57 per cent of the total net absorption. All cities except Kolkata, Mumbai and Pune recorded a year‐on‐year (Y‐o‐Y) increase in net absorption.

FundFlows/Land Deals/Infrastructure announcements • RMZ eyes Rs 90bn real estate investment trust listing : The developer has started

work with bankers to take its rent yielding office buildings, valued at $3 billion, public within 15 months. RMZ and Qatar Investment Authority, the sovereign wealth manager of Qatar, will sell 50% stake in RMZ Offices. By this time next year, we will have a portfolio of 20 million leased office space generating $225 million net operating income. And there will be another 19 million to be developed over the next five years. RMZ is seeking 12 times valuation on the net income, while Singapore‐based Ascendas, which owns IT parks in India, currently trades at 14 times on SGX.

• Tata private equity fund spends $80 million for a stake in Shriram Properties : Tata Opportunities Fund, the private equity fund owned by Tata Capital, has bought a minority stake in Shriram Group's real estate company, Shriram Properties, for $80 million (about Rs 4.8bn). The deal values Shriram Properties at Rs 30bn. This is the second investment by the fund outside of the Tata group. In April, the fund invested $60 million in Aurangabadbased auto parts maker Varroc Industries. The company already has on board global private equity investor TPG Capital, which invested Rs 4.5bn for a 15 per cent stake in 2011. At that time, the company was valued at around Rs 27bn.

• Blackstone, local partner Embassy Group developing maiden real estate investment trust : The Blackstone Group and its local partner Embassy Group are likely to set up India's first real estate investment trust (REIT) and list it in on domestic exchanges next year.

• Reliance Infrastructurehopes Telangana government to give to its Rs 70bn project : Telangana government entity has approved a restructuring plan by consultancy firm EY for a project that includes a 100‐storey trade tower in Hyderabad. Reliance Infrastructure, the company which was to implement the Rs70bn project, is hoping that the government will give the plan its go‐ahead to the stalled venture. Reliance Infrastructure had proposed to build the project on 76.2 acre at Manchirevula on Hyderabad outskirts, involving 20 million square feet of built‐up area. Industrial Infrastructure Corporation (IIC), a government arm, will have 11 per cent equity holding in the special purpose vehicle executing the project.

• City and Industrial Development Corporation to build nearly 3,300 affordable houses for the poor: The City and Industrial Development Corporation (CIDCO)

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plans to develop 3,292 affordable houses for lower income groups and economically weaker sections. To fulfill the objective of shelter for all, CIDCO has decided to develop 3,292 houses for economically weaker sections and lower income groups .

• Kolkata consortium buys realty firm Keppel Magus for Rs 1.5bn: The consortium, comprising Sureka Group, Merlin Group and JB Group, has bought the entire stake in the company, a special purpose vehicle set up to develop a 25acre township in Kolkata, `Elita Garden Vista' . After completing the first phase of the project, Keppel Group decided to divest 100 per cent of its stake to the consortium for Rs 1.5bn. The group of developers now plans to execute the remaining two phases covering 13 lakh sq ft, which will comprise multiple towers of 15‐32 storey and 1.6 lakh sq ft of developed commercial space, besides speeding up the remaining few deliveries from phase I. Around 850 apartments of 2/3BHK configurations are slated to be constructed in phase II.

• Warehousing to entail investments of Rs 160bn per annum for 5 years: Demand for warehousing is estimated to grow at 9 per cent per annum over the next five years and would require investments of up to Rs 160bn each year till 2019. As the demand for warehousing grows with the economic expansion and due to anticipated policy changes like the Goods and Services Tax, we estimate demand for warehousing will grow at a CAGR of 9 per cent or 104 million square feet per year.

• Govt to extend benefits of SEZ, NIMZ to industrial parks: Investment and Manufacturing Zones (NIMZ) to the proposed industrial parks which would be developed in collaboration with China. During the recent visit of Vice President Hamid Ansari to Beijing, India and China signed the memorandum of understanding (MoU) on the creation of industrial parks.

• Piramal launches Rs 3.5bn realty fund: Piramal Fund Managementhas launched the Indiareit Apartment Fund which seeks to buy residential apartments in Tier I markets. The fund will buy apartments at a discount compared to the market place by offering bulk purchases to developers. It will raise funds from those investors who are looking towards investing in residential properties. “The fund expects an internal rate of return of 26 per cent and will offer a return of around 16 per cent to investors.

• New realty funds in offing, courtesy sentiment revival: To cash in on the bullish sentiment in the wake of the new government at the Centre and a potential revival in the real estate market, a host of fund managers are gearing to launch property funds to raise about $750 million. These funds include Lalbhai Group‐promoted Amplus Capital, Capri Global Capital, and HDFC Asset Management Co, among others.

• 27 SEZ developers seek more time to execute projects: As many as 27 special economic zone developers, including Gulf Oil Corporation, Navi Mumbai SEZ and DLF Info Park have sought more time from the government to execute their projects. These proposals will be taken up for consideration by the Board of Approval (BoA), headed by Commerce Secretary Rajeev Kher in its meeting on July 24. The BoA is a 19‐member inter‐ministerial body that deals with Special Economic Zones (SEZs) and the issues related to them.

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Regulatory/National Trends

• Tata Housing, Keventer Group to dot Kolkata cityscape with ultra‐luxury complex: Tata Housing and city‐based Keventer Group, which inked a memorandum of understanding early this year to jointly explore and pursue opportunities in the fast growing real estate market of West Bengal, is developing an ultra‐luxury residential complex in one of the city's premium location, Alipore Road. This is the second joint venture between Tata Housing and Keventer Projects, the first being the one which had jointly bid for a piece of government owned prime four‐acre Calcutta Tramways plot opposite Tollygunge Club early this year. Since state government is yet to open the financial bid for the excess land at the CTC depot in Tollygunge which it had put on the block, this will be Tata Housing & Keventer Projects first joint venture in the city. Spread over three acres of land, the project will offer 5 million square feet of developed residential space.

• Series of dubious land disputes in Hyderabad make investors skittish : A series of land disputes in Hyderabad has resulted in investors becoming skittish about how much trust they can put in land titles, even those where the government is the seller. The disputes mostly pertain to thousands of acres auctioned and allotted by the state government at key locations in and around Hyderabad.

• Government, private sector need to work for affordable housing for all : To meet its target of providing housing to all by 2022, the government alongwith the private sector needs to work to increase the supply of low‐income houses, which would translate into business opportunity of Rs 9000bn for the developers . To realise the dreams of millions, the government, private sector and other stakeholders have to play their part to improve affordability of homes for the low‐income customer.

• Residential segment to revive in Q4 of 2014 : Due to low consumer confidence during last year and even in the first half of 2014, residential property absorption levels reduced significantly resulting in an increase in inventory levels and correction in prices, according to ratings agency Care Ratings. Stable government at the Centre has already brought optimism in the country. As the new government wants to focus on reviving growth, the interest rates are expected to decline in the near future.

• Reserve Bank of India eases financing norms for infrastructure, affordable housing projects : In order to encourage infrastructure development and affordable housing, RBI today exempted long term bonds from mandatory regulatory norms like CRR and SLR if the money raised is used for funding of such projects. Banks can issue long‐term bonds with a minimum maturity of seven years to raise resources for lending to (i) long term projects in infrastructure sub‐sectors, and (ii) affordable housing.

• Lulu Group to invest Rs 3.5bn at Kochi's Infopark. The Lulu Group, headed by NRI businessman MA Yusuf Ali, plans to invest Rs 3.5bn to further develop L&T Tech Park, which it recently acquired for Rs 1.5bn at Kochi's Infopark. L&T has a four‐lakh sq ft building, called Tejomaya, at its 7.44‐acre campus in Infopark, a business park targeted at the IT industry. The Lulu Group has proposed to change the name of L&T Tech Park to Lulu Tech Park Ltd. The project, on completion, is expected to create an additional employment of 13,000‐15,000.

• RBI relaxes norms to buy immovable property abroad : individuals can also use funds under Liberalised Remittances Scheme (LRS) to buy immovable property abroad. Raised annual overseas investment ceiling for individuals to $125,000 from $75,000.

• Tech Mah inks MoU with DEC to support 'Smart City' Initiative: Tech Mahindra has signed an MoU with the Dubai Economic Council (DEC) for providing innovative IT

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solutions to help achieve the status of 'Smart City'. The DEC seeks to benefit from the private sectors' spectacular experience in smart technologies to help connect not only Dubai's community but also the UAE and the world. The MOU was signed by C P Gurnani, CEO, Tech Mahindra and Hani Rashid Al Hamli Secretary General of Dec.

• GIFT City begins first phase of its 'smart city' project: While a smart city project by Microsoft in Surat is on its way, the Gujarat International Finance Tec‐City (GIFT City) has already seen the first phase of its own smart city project up and running. The project is being built with the help of a consortium led by TCS and a joint entity of CISCO and Korean telecom player KT Corp, along with Newgen ITeS Pvt. Ltd and Newgen Holdings Pvt. Ltd. the project will see remote management of all the utilities like water, electricity, and traffic data, among others from a single city command and control centre.

• Realty bubble waiting to burst in AP? Property registrations in Srikakulam, Vizianagaram districts dip. With prices almost remaining constant, builders are now focussing on disposing the layouts they have. The much‐expected realty boom in Visakhapatnam and its neighbouring coastal districts post‐bifurcation appears to have turned out to be a bubble as the business and pricing have not seen any abnormal growth. In fact, property registrations in Srikakulam and Vizianagaram districts have dipped significantly. Chairman of Confederation of Real Estate Developers’ Associations Andhra Pradesh, K. Subba Raju, says in the last two to three months, registrations in Visakhaptnam have gone up by 25 per cent.

• Realty on a high in Hyderabad: Registrations have started to pick up in Hyderabad and the number of documents, which were coming in trickle during elections, have started to increase. “Because of thriving IT sector, new projects like metro rail, climate and culture, interest and brand image of Hyderabad will not diminish easily. It’s just a matter of creating the right environment for investments. The department officials acknowledge that between April and May, when the country was in the midst of general elections, there was a dip in documents received for registrations in Hyderabad. However, later, the demand picked up. Between this April and June in Hyderabad, the department received 8,547 documents for registration against 9,608 documents received during the same period last year.

• Global realtor Tishman Speyer shifts focus on India: Tishman Speyer is shifting back focus on India as it is confident that the Narendra Modi Government would bring back positive market sentiments. Having been slower than originally planned in development of real estate projects in India, the company now is looking at expanding its footprint in the domestic market and planning new projects across cities in India. It set foot in the Indian market with the launching of its Waverock IT Park in Hyderabad in 2010, which houses global IT companies such as Accenture and TCS.

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Management

(91 22) 2300 2999(91 22) 6667 9735

Research Engineering, Capital Goods Pharma

Dhawal Doshi (9122) 6667 9769 Ankur Sharma (9122) 6667 9759 Surya Patra (9122) 6667 9768Priya Ranjan (9122) 6667 9965 Hrishikesh Bhagat (9122) 6667 9986

Retail, Real EstateInfrastructure & IT Services Abhishek Ranganathan, CFA (9122) 6667 9952

Manish Agarwalla (9122) 6667 9962 Vibhor Singhal (9122) 6667 9949 Neha Garg (9122) 6667 9996Paresh Jain (9122) 6667 9948 Varun Vijayan (9122) 6667 9992

TechnicalsConsumer, Media, Telecom Midcap Subodh Gupta, CMT (9122) 6667 9762Naveen Kulkarni, CFA, FRM (9122) 6667 9947 Vikram Suryavanshi (9122) 6667 9951Vivekanand Subbaraman (9122) 6667 9766 Production ManagerManish Pushkar, CFA (9122) 6667 9764 Metals Ganesh Deorukhkar (9122) 6667 9966

Dhawal Doshi (9122) 6667 9769Cement Database ManagerVaibhav Agarwal (9122) 6667 9967 Oil&Gas, Agri Inputs Vishal Randive (9122) 6667 9944

Gauri Anand (9122) 6667 9943Economics Deepak Pareek (9122) 6667 9950 Sr. Manager – Equities SupportAnjali Verma (9122) 6667 9969 Rosie Ferns (9122) 6667 9971

Sales & Distribution Kinshuk Bharti Tiwari (9122) 6667 9946 Dipesh Sohani (9122) 6667 9756 Zarine Damania (9122) 6667 9976Ashvin Patil (9122) 6667 9991 Sales TraderShubhangi Agrawal (9122) 6667 9964 Dilesh Doshi (9122) 6667 9747 Kishor Binwal (9122) 6667 9989 Suniil Pandit (9122) 6667 9745Sidharth Agrawal (9122) 6667 9934 ExecutionBhavin Shah (9122) 6667 9974 Mayur Shah (9122) 6667 9945

Corporate Communications

Vineet Bhatnagar (Managing Director)Jignesh Shah (Head – Equity Derivatives)

Automobiles

Banking, NBFCs

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