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PleaserefertoDisclosuresandDisclaimersattheendoftheResearchReport.
StateofRealEstateForthemonthofSeptember2013
9October2013PhillipCapital (India) Pvt. Ltd.
The month that was Haryanas affordable housing plan has received anoverwhelming responsewith100 applications so far.Early indications are thattheaffordablehousingsupplyinthenearfutureinGurgaon(54applications)willincrease.SobhaDevelopersandPrestigeestateshavereportedstrongnewsalesforQ2FY14 inBangalore(MonthsofJulyandAugustwouldhavecontributedtothechunkasmarketsourcesindicatethatSeptemberwassober)ThekeydevelopmentswhichtookplaceinSeptember Maharashtra chief minister Prithviraj Chavan has assured developers of
speedyapprovalsand sortoutallmatters thatarecrucial forour industry,includingspeedierenvironmentclearances.
Haryana's Town and Country Planning Department has received licenseapplications from real estate developers for setting up affordable houses.MaximumnumberofapplicationsforlicenseshascomeforsettinguphousesinGurgaoncityat54,followedbySohnaat15,Faridabadat10whilerestareforJhajjar,Palwal,Rewari,KarnalandNilokheri.ReferPage7
Thetotalrelocationsacrosstopeightcitiesinthefirsthalf(H1)of2013wasat5.46mn sq ftwhichwas2.5 timeshighercompared to the sameperiodlast year and is onethird of the total leasing activity Among the 8 cities,Bangalorerecorded thehighestproportionofrelocationswithasubstantialincreaseofmore than three timeswhencompared to thesameperiod lastyear. Companies relocated from CBD/OffCBD locations such asMG Road,MillersRoad,VittalMallyaRoad andResidencyRoad toperipheral regionssuchastheOuterRingRoad.
Developersacrossthecountryareattractingbuyersthroughseveraldiscountschemes/giftswithmost common being gold coins, cashback onmonthlyrentals,customization,freeparkingandclubfacility,zerobrokerage,upfrontcashdiscountsamongothers.
Bangalore commercialmarket seems tobepoised forbig ticketdeals (twodealstranslatingtoRs14bn).Volvoclosing inon1mnsq ftspaceatOuterRingRoad inMarathahalliandanundisclosedbuyer/lessee is indiscussionswithRMZcorpforcommercialspace.Referpage18
Bangalore East supply pipeline strong The first half of 2013witnessed aconsiderable uptrend in the number of unit launches with organizeddevelopers launching large affordable projects in peripheral areas such asBudigereCross intheeast,AnekalRoadAttibele inthesouth,TumkurRoadinthenorthandMysoreRoadinthewesternpartofthecity.Referpage14
Commercial space continue todragbehindwithoffice space leasingdrops20% qoq in JulySeptember 2013 Bangalore saw the highest take up ofspace2.9mnsqftcontinuedtoaccountingfor42%ofthetotaldemandforspaceacrossthetopsevencities.
Mumbai Broker Speak Situation remains grim as transactions haveevaporated.Seemstosuggestthatdistresssupplyinthemarketisincreasingand supply from corporatebulk investments ishitting themarketat lowerprices (even lowerthanthecostofacquisition inextendedsuburbssuchasTaloja).
Takeaways from Nitesh Estates Management meet (including impact ofsubvention schemes on prices over last 18 months) Refer Page 21
AbhishekRanganathan(+912266679952)[email protected](+912266679996)[email protected]
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9October2013/INDIAEQUITYRESEARCH/REALESTATE AUGUST2013
Mumbai PrithvirajChavanbuildsbridgeswithbuilders'lobby,announcessops:Maharashtra
chiefminister Prithviraj Chavan has offered a number of sops and assured themspeedy approvals and faster clearances from the government for real estateprojects. The chiefminister has assured us of speedy approvals and sort out allmattersthatarecrucialforourindustry,includingspeedierenvironmentclearances.Themeetingwasattendedbymunicipalcommissionersfromnumberofcivicbodiesin theMumbaiMetropolitan Region and senior urban development departmentofficials.
Sellinga17acreprojectinSouthMumbai,LodhastyleAfterbuyinga17acreplotfromDLF, thecountrys largestdeveloper, forRs27bn inAugust2012,LodhahasdoneeverythingtowoocustomerstotheprojectinaratherslowpropertymarketinMumbai.Inall,thedeveloperisbuildingsixtowersof75storeyseachand12villasaroundasixacreparkon the70 feethighelevatedplot.The towerhad twobedroomapartmentsstartingat1,305sqftwithapriceofRs24,471orRs33mnandthreeBHKsstartingat1,539sqftwithapriceofRs34mn.The latestattraction intheprojectwasLodhas tieupwithUSbased realty tycoonDonaldTrump,knownforhighrisebuildings inManhattan, for an 800foot tall Trump Tower inside thePark.
Mumbaihigh court allows redevelopmentofbuildings in ShivajiPark area In amajor interimreliefforresidentsofbuildings intheShivajiParkareathatobtainedcommencementcertificatesfromtheBMCfortheredevelopmentoftheirpropertiesbefore July 31, 2012, the Bombay high court has allowed the redevelopment ofthese properties despite the structures coming within the proposed heritageprecinct. Judges said that those buildings which have received commencementcertificatespriortoJuly31,2012,couldgoaheadwithredevelopmentwork.Thosebuildingswhere redevelopment plans have been sanctioned and they have beenlegallydemolishedbetween July31,2013,andAugust13,2013, shouldapproachtheBMCforfurtherpermissions.
SeafacingMumbaiduplexgoesatRs135,000/sqftInthecostliestapartmentdealinthecountry,aseafacingduplexinaMalabarHillbuildingwasrecentlysoldforRs570mnorroughlyRs135,000asqft.TheduplexinthetonyDarshanApartmentsonMount Pleasant Road was sold last month to the Bulchandanis, a prominentbusiness familywith interests in software, aluminium and real estate. They ownthreeotherduplexesinthesamecomplex.
Mumbai sees18,000 residentialunits launched in firsthalf2013,up30%Weakresidential property market scenario in Mumbai has not deterred real estatedevelopersfrom launchingnewprojects inthefinancialcapitalofthecountry.Thecityhaswitnessedlaunchesofaround18,000unitsinthefirsthalfoftheyearuntilJune, representing an increase of 30% over last year, said a quarterly report byCushmanandWakefield.Ofthetotalnewlaunches,amajorityof30%werefocusedin thewestern suburbs of Andheri, Bandra,Malad and Goregaon. NaviMumbaicontributed24%oftheoveralllauncheswiththesecondphaseofalargetownshipprojectlaunchedinPanvel.ThecentralsuburbanstretchfromKurlatoMulundalsocontributed20%of thenew launcheswith two largeprojects launched inMulundalongwithprojectsinChembur,KanjurmargandGhatkopar.
SoBos highend luxury homes find few takers Highend properties in SouthMumbaihave fewer takers in a gloomy economy.Whileproperty appreciation inSobo, as the area is fondly called,hasdropped to10% from30% two years ago,rentalyieldshavefallenbymorethanhalf.Saleofnewpropertyhasdropped30%inthe past eight to 12months,with fewer investors and enduserswilling to buyexpensivehomes.Forevery100homesavailable forsale inaquarter,onlysixaregettingsold.
SRA issues showcause to 300 builders To pull up builderswhose projects havebeenpendingforyears,theSlumRehabilitationAuthority(SRA)hassentshowcausenoticestoover300builderswhohavefailedtobeginhousingprojectsforthepast
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fiveyears.TheSRAhas identifiedover400 suchprojects.Asmanyas164noticeshavebeensenttobuildersundertakingSRAprojects intheeasternsuburbs. Inthewestern suburbs, 160 builders had received notices so far. The SRA has alsosuggested crucial changes in the scheme to ensure successful completion of thehousing schemes. Officials said the agency had suggested relaxation of CoastalRegulationZone II(CRZ)normstoenableredevelopment inover290slumpocketsaffectedbythenorms.
Realtorshopetoclear inventoryon freebies, festivalsales:Realtydevelopersarehopeful of clearing a large portion of their inventory pileup during this festiveseason by luring in buyerswith freebies and discounts, even as they sit tight ondeclared prices. Developers are likely to attract buyers through several discountschemes/giftswithmost commonbeinggold coins, cashbackonmonthly rentals,customization,freeparkingandclubfacility,zerobrokerage,upfrontcashdiscountsamongothers. inMumbairegion,whichhasbeenwitnessingamajordrop insalesforquitesome time,developers likeLodha,MantriRealtyandRomellGrouphavealreadyannouncedvariousdiscounts.WhileLodhahasofferedRs2lakhdiscountonspotbookingforits'LodhaElite'projectinDombivli,MantriRealtywasoffering100gmgoldonbookingstillSeptember18foritsupcomingSereneprojectatGoregaon.
Relocations in Mumbai have increased substantially in the firsthalf of 2013compared to the same period during 2012with companies relocating from CBDlocationssuchasNarimanPoint,BallardEstate,andChurchgateetc.tolargerofficespacesinlocationssuchasBKCandAndherieastatrentalslowerbyapproximately5565per cent.With IT/ITeS companiesexpanding toperipheral locations,FMCG,Pharma andMedia companies opted for relocations to larger space at attractiverentals inthesuburban locationsofMumbaisuchasAndheriEast, JogeshwariandPowai
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ResidentialProjectsRecentandNewLaunchesinMumbai/PuneDeveloper Nameofthe
ProjectCity Location Subvention
schemeResidential/Commercial
Size(InSqft) Price/unit Possession
Rustomjee Meridian KandivaliWest
CharkopVillage,OffM.G.Road
Residential 12BHK Rs9mnonwards
Kalpataru Radiance GoregaonWest
NexttoPrabodhanKridaBhavan
Residential 234BHK Rs1845mn
HiranandaniEstate Cardinal ThaneWest OffGhodbunderRoad
Residential 2.53BHK Rs13750/sqft
VijayGroup VijayGalaxy ThaneWest WaghbilNaka,G.B.Road
Residential 12BHK Rs7.9mnonwards
IndiaBulls FirstResidences Panvel Opp.HondaWarehouse
20/80 Residential PenthousesandDuplexes
Rs12mnonwards
DamjiShamjiShahGroup
MahavirMillennium ThaneWest OffPokhranRoad
25/75 Residential 23BHK Rs6.512mn
DamjiShamjiShahGroup
MahavirKalpavruksha
ThaneWest OvalaVillage 20/80 Residential 12BHK Rs4.639mn
IndiaBulls GolfCity Savroli KhalapurTollPlaza
Residential Apartments Rs6000/sqft
Rustomjee Urbania ThaneWest NearMajiwadaJunction
Y Residential 2BHK Rs9870Sqft
Rustomjee Azziano ThaneWest ThaneWest Residential 23BHK Rs9750Sqft
Kalpatru Aura Ghatkopar(w) LBSMarg Residential 2and2.5BHK Rs1215mn
EktaWorld EktaTripolis GoregaonWest
NearMegaMall Residential 4BHK Rs16.623.1mn
Lodha LodhaSplendora ThaneWest Bhayandarpada,GhodbunderRoad
Residential 2BHK Rs8.9mn
DamjiShamjishahgroup
MahavirUniversePhoenix
Bhandup(West)
LBSMarg Residential 22.534BHK Rs13.325.7mn
MarathonGroup MarathoneNexzone
Panvel NationalHighway4B
Y Residential 2BHK Rs4.8mnonwards
Acme AcmeAvenue KandivaliWest
Charkop Residential 1.523BHK Rs7.3mnonwards
MantriRealty Serene GoregaonEast OffFilmCityRoad
Residential 123BHK Rs8.5mnonwards
Nearingpossession
RuparelRealty Ariana Parel Parel Residential 23BHK Rs16000/sqft
RuparelRealty Iris MatungaWest
MatungaWest Residential 123BHK Rs20000/sqft
RuparelRealty Orion SwastikPark Chembur Residential 123BHK Rs11500/sqft
RuparelRealty SeaPalace PalmBeachRoad
NerulWest Residential 34BHK Rs35.237.1mn
Mayfair Hillcrest VikhroliWest NearLbsMarg Y Residential 2BHK655sqft Rs15.6mn. 2015
AjmeraGroup ILand WadalaEast NexttoIMax,BhaktiPark
Residential 4BHK Rs17100/sqft
Rustomjee Oriana BandraEast BehindMIGClub,NDharmadhikarRoad
Residential 34BHK Rs90mnonwards
NaharGroup NaharAmritShakti Chandivali OffSakiViharRoad
Y20/80 Residential 23BHK 3BHKRs20.7mn/Luxury2BHKRs20.6/3BHKRs30.6mn
HiranandaniEstate TheWalk Thanewest OffGhodbunderRoad
Residential Smallsizeapartments
Rs8.89.1mn
Lodha NewCuffParade Mumbai NearIMAXDome
Residential 23BHK Rs28.5mnonwards
SuntechRealty SigniaOceans NaviMumbai Airoli Residential 34BHK Rs9000/sqft
SuntechRealty SigniaOrion NaviMumbai Airoli Residential 23BHK Rs10000/sqft LaunchingSoon
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Developer NameoftheProject
City Location Subventionscheme
Residential/Commercial
Size(InSqft) Price/unit Possession
HiranandaniEstate HiranandaniHeritage
KandivaliWest
S.V.Road Residential 135BHK Rs17000/sqft
Mayfair MayfairGreens KandivaliWest
S.V.Road Residential 234BHK Rs20000/sqft Jun15
Gundecha Altura KanjurmargWest
LBSRoad Residential 23BHK Rs17500/sqft Readypossession
Tridhaatu Antariksh Mumbai Chembur Residential 3BHK Rs36mnonwards
ConstructioninFullSwing
Source:PhillipCapitalIndiaResearch
NCR EastDelhi colony to get freehold rightsAsmany as 144 families displaced after
partition,whohadbeen campaigning for full rights toplots given to them in the1950s, havewon their long and arduous battle.DelhiDevelopmentAuthority onMonday announced that familieswhowere givenplots after1950 in eastDelhi'sJheelKhuranjaareawillnowhavefreeholdrights.
Nationalizedbanks return to fundNoidaExtensionprojects TheGreaterNoidaAuthorityisupbeatthattheGreaterNoida(West)region,formerlyNoidaExtension,isslowlybeingremovedfromtheblacklistofbanksandtheyhavestartedshowinginterestinbackingbuyerswhowanttoinvestinprojectsintheregion.Afterthelandrow in 2011, banks had stopped financing such projects due to fears of landacquisitionbeingquashedbythecourts.
NCR seesmaximum delay in realty In terms of the average delay in deliveringresidentialprojectsacross India;more than25%of thecommitted supplyhasnotbeenabletohitthemarketasperschedule.InGurgaon,onlyonethirdofthetotalcommittedsupplyfor2013hasbeendeliveredsofar.ThesituationhasbeenevenmorealarminginotherNCRregionssuchasNoida,whereonlyaboutonefifthoftheresidentialsupplycommitted fordelivery in2013hasbeendeliveredso far. IntheWest,PuneandMumbaihaveshownamuchbetterperformanceintermsofprojectcompletionsthesecitiescoulddelivermorethan40%ofthecommittedsupplyof2013asperscheduleddelivery.
Rising defaults by shortterm realty investors add to developerswoesA largenumberofsuchinvestorswhogenerallybuymultiplepropertiesandselltheminsixtoeightmonthsforquickgainsareapproachingdevelopersforrefunds,andinsomecaseseven taking them tocourt,according to some realestateconsultants.Shortterm realestate investors,a sourceofquick funds forhousingprojects,areincreasinglydefaultingonpaymenttodevelopers,aseconomicslowdownandrisingcostof living keeps regularhomebuyerson the fringes,narrowing exit routes forspeculators.
New home launches drop by 8% in DelhiNCR DelhiNCR property marketwitnessed8percentfallinthenumberofresidentialunitslaunchedduringthefirsthalf of 2013 amid slowdown in demand and economy, according to consultantCushman&Wakefield.Thedeclineinnewlauncheswassteeperinthehighendandluxury segment. The NCR residential market registered degrowth in the totalnumberofunitslaunchedinthefirsthalfoftheyearascomparedthesametimelastyear.Thetotalnumberofunitslaunchedin1H2013isestimatedtobe20,700whichislowerby8percentover1H2012.Thetotalnumberofunitslaunchedinthehighendsegmentdecreasedbyabout70percentduringH12013comparedtothesameperiodlastyear.Therewerenonewlaunchesintheluxurysegmentduringthefirsthalf of 2013 due to increased availability of units in themarket that are nearingcompletioninthissegment.
LandpoolingpolicyanintegrateddevelopmentaleffortAccordingtothepolicy,theprivatedeveloperswillnowbedealingdirectlywiththefarmerstoacquireland.DDAwill take the land from the developers and develop the necessary support
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infrastructure. In return, thedeveloperswouldbegivenachunkof thedevelopedland, to develop further. The policy ensures more planned and organizeddevelopment in largeareasof land,whilstalsoprovidingDDAwith thenecessarylandwhichtheycanutilizetodevelopaffordablehousing.
SouthDelhispropertypricesdownby2035%,DefenceColonyandVasantViharworsthitbyslowdownpricesofhomesinupscaleSouthDelhihavedroppedby20per cent35 per cent over the last one year,with developers and cashstrappedinvestorsofferingbigdiscountstodisposeofftheirassetsinaslowingeconomy.Tillaboutsixmonthsago,discountsonnewhomesintheareawerebeingofferingonlybydevelopers facingoversupply.Butwith the economic situationworsening, thiscategory of sellers has expanded to include cashstrapped investors andbusinessmenwhoarekeentosellthehighendapartmentstheyhadpickedupsomeyears ago.Whilepriceshave fallen across residential colonies in SouthDelhi, thedrop is themost inDefenceColony andVasantVihar. For instance, a2,000sq ftapartment inDefenceColony,available forRs95100mnayearago,cannowbenegotiated for anything between Rs 65mn and Rs 80mn, according to dealers.Similarly,thepriceofa2,300sqftapartmentinVasantViharhasdroppedtoRs100120mnfromRs120140mnlastyear.
In the National Capital Region, office occupiers opted to relocate from primelocationsinDelhitoGurgaonaswellaswithinGurgaonwiththerentaldifferentialsintherangeof2030percenttranslatingtocostadvantagetotheoccupiers.
Withdrawal of Zoning Plans of Countrywide Promoters (subsidiary of BPTP) inGurgaon The town planning authority ofHaryana haswithdrawn of approval ofreviseddemarcationcumzoningplansof licenseofCountrywidePromoterPvt.LtdforSector102/102A,Gurgaon (108acresprojectknownasAmstoria)projectas ithasdefaultedonduesofRs1.74bntowardstwolicenses.Theauthorityhasfurtherbarredalldevelopmentworks,sale,acceptanceofbookingsforthesaidproject.
86 realtors inclusing Emaar MGF, DLF show interest for Haryana affordablehousing project:Haryana's Town and Country PlanningDepartment has receivedlicence applications from real estatedevelopers for setting up affordablehouses.Maximum number of applications for licenses has come for setting up houses inGurgaon city at 54, followed by Sohna at 15, Faridabad at 10while rest are forJhajjar, Palwal, Rewari, Karnal and Nilokheri. Among companies which havesubmittedlicenseapplications,prominentrealestategroupsareDLFLtd(3projectsinGurgaontotalingto33acres)andEmaarMGF(1project58acres),EsselHousingat Gurgaon, SRS Hightech projects at Faridabad, CHD Developers at Karnal andSohna at Raheja Developers. Interestingly Countrywide Promoters Pvt Ltd(subsidiaryofBPTP)hasbid forprojects inFaridabad (29acres)andGurgaon (7acres) despite defaulting on dues and having its licensewithdrawn inGurgaonsector 102.Under this policy, the state government envisaged tomake available125,000affordabledwellingunitshavingcarpetareaofabout500sqfteachintheurbancentresofHaryana,whichareconstructedthroughthecapitalinvestmentofprivate sectorwithinaperiodofnext fiveyears.Themaximumallotment rate fortheapartmentunitsapprovedundersuchprojectshasbeenkeptatRs4,000persqftof carpetarea in thedevelopmentplansofGurgaon,Fairdabad,PanchkulaandPinjoreKalka,Rs3,600persqftinthedevelopmentplansofotherhighandmediumpotentialtownsandRs3,000persqftintheremaininglowpotentialtowns.
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ApplicationsforHaryanaAffordableHousingreceivedtill30Sept2013DeveloperName Area(acre) Dev.Plan SectorNo
FARIDABAD ConscientInfrastructurePvt.Ltd. 7.39 Faridabad 78CountrywidePromotersPvt.Ltd. 10 Faridabad 82S3BuildwellPvt.Ltd. 5.25 Faridabad 82CountrywidePromotersPvt.Ltd. 9.53 Faridabad 84SRSHitechProjectsLtd. 5.65 Faridabad 84CountrywidePromotersPvt.Ltd. 9.53 Faridabad 86AuricHomesPvt.Ltd. 8.91 Faridabad 86SudarshanBuildtechPvt.Ltd. 6.44 Faridabad 88TarangEntertainmentPvt.Ltd. 5.01 Faridabad 88SRSHitechProjectsLtd. 6.33 Faridabad 89Total 74.04 Faridabad
GURGAON AVLInfrastructurePvt.Ltd. 9.07 Gurgaon 36AExcelBuildmartPvt.Ltd. 10.28 Gurgaon 36ARenukaTradersPvt.Ltd. 7.53 Gurgaon 37CRMGDevelopersPvt.Ltd. 5.43 Gurgaon 37CSunraysHeightsPvt.Ltd. 5.9 Gurgaon 63MunglamMultiplexPvt.Ltd. 10.17 Gurgaon 65KrrishLandscaperPvt.Ltd. 11.81 Gurgaon 67PremiumInfratechPvt.Ltd. 5.08 Gurgaon 69,70InfinitiveAnalyticsPvt.Ltd. 5.39 Gurgaon 70DLFLtd. 10.26 Gurgaon 70ADLFLtd. 11.24 Gurgaon 70APremiumInfratechPvt.Ltd. 5.08 Gurgaon 69,70SarvpriyaSecuritiesPvt.Ltd. 6 Gurgaon 71NexusInfraconPvt.Ltd. 12.29 Gurgaon 76RevitalRealityPvt.Ltd. 9.82 Gurgaon 78RevitalRealityPvt.Ltd. 8.47 Gurgaon 79BMindaIndustriesLtd. 16.86 Gurgaon 81ManiraDevelopersPvt.Ltd. 5.47 Gurgaon 81PivotalInfrastructurePvt.Ltd. 5.18 Gurgaon 84EmaarMGFLandLtd. 9.47 Gurgaon 85PyramidInfratechPvt.Ltd. 5.29 Gurgaon 86EmaarMGFLandLtd. 9.99 Gurgaon 86EmaarMGFLandLtd. 5.53 Gurgaon 89MaxworthInfrastructurePvt.Ltd. 5.52 Gurgaon 89AsterInfrahomePvt.Ltd. 5.01 Gurgaon 90AsterInfrahomePvt.Ltd. 5.01 Gurgaon 90LalSingh&Others 5.35 Gurgaon 90,93MahendraPromotersPvt.Ltd. 10 Gurgaon 91,92MahendraPromotersPvt.Ltd. 10 Gurgaon 91,92LalSingh&Others 5.35 Gurgaon 90,93DLFLtd. 11.73 Gurgaon 93SignatureBuildersPvt.Ltd. 6.2 Gurgaon 93HorizonRealtechPvt.Ltd. 7.27 Gurgaon 95RamsonsOrganicsLtd. 7.27 Gurgaon 95ChiragBuildtechPvt.Ltd. 5.04 Gurgaon 95RosemaryBuildconPvt.Ltd. 6.61 Gurgaon 95BPivotalInfrastructurePvt.Ltd. 7.02 Gurgaon 99PareenaInfrastructurePvt.Ltd. 5.84 Gurgaon 99APrimeInfradevelopersPvt.Ltd. 9.17 Gurgaon 99ASuncityProjectsPvt.Ltd. 5.81 Gurgaon 102NaniResortsFloriculturePvt.Ltd. 9.37 Gurgaon 102CountrywidePromotersPvt.Ltd. 6.82 Gurgaon 102EsselHousingProjectsPvt.Ltd. 5.25 Gurgaon 102EmaarMGFLandLtd. 7.38 Gurgaon 102EmaarMGFLandLtd. 6.79 Gurgaon 103HCBSDevelopmentsLtd. 7.68 Gurgaon 103JMKHoldingsPvt.Ltd. 9 Gurgaon 103
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DeveloperName Area(acre) Dev.Plan SectionNo.
HCBSDevelopmentsLtd. 5 Gurgaon 104PerfectBuildwellPvt.Ltd. 6.03 Gurgaon 104SignatureBuildersPvt.Ltd. 6.13 Gurgaon 107EmaarMGFLandLtd. 7.55 Gurgaon 107AgranteRealtyLtd. 7.78 Gurgaon 108ShyamKripaInfrastructurePvt.Ltd. 6.78 Gurgaon 108EmaarMGFLandLtd. 5.86 Gurgaon 111LotusRealtechPvt.Ltd. 5.1 Gurgaon 111EmaarMGFLandLtd. 5.64 Gurgaon 112SurviIndiaInfrastructurePvt.Ltd. 5.17 Gurgaon 113Total 423.14 Gurgaon
JHAJJAR BhishamInfrastructurePvt.Ltd. 7.39 Jhajjar 3BSumanVillas 5.21 Jhajjar 21GNEXRealtechPvt.Ltd. 5.73 Jhajjar 36Total 18.33 Jhajjar
KARNAL TapasyaFarmsPvt.Ltd. 10.01 Karnal 29AegisValueHomesLtd. 6.22 Karnal 32ACHDDevelopersLtd. 10 Karnal 45VatikaColonizerPvt.Ltd. 8.91 Karnal 36Total 35.14 Karnal
NILOKHERI RasDevelopmentsPvt.Ltd. 7.01 Nilokheri 16
PALWAL SRSRealEstateLtd. 6.46 Palwal 6SRSRealEstateLtd. 10.65 Palwal 7ValmaxConstructionsPvt.Ltd. 8.05 Palwal 10Total 25.16 Palwal
PANCHKULA NanoColonisersPvt.Ltd. 14.31 Panchkula 14JG&RGDevelopersPvt.Ltd. 9.24 Panchkula Total 48.71 Panchkula
REWARI ShivaMegaProjectsPvt.Ltd. 5.44 Rewari 7BMGuptaDevelopersPvt.Ltd. 5.77 Rewari 26VictoryBuildEstatesPvt.Ltd. 5.03 Rewari 27ChiragBuildtechPvt.Ltd. 8.74 Rewari 30Total 24.98 Rewari
SOHNA RandhawaConstructionPvt.Ltd. 6.86 Sohna 2,35GLSInfratechPvt.Ltd. 10.38 Sohna 4MVNInfrastructurePvt.Ltd. 6.5 Sohna 5AreteIndiaProjectsPvt.Ltd. 6.01 Sohna 6MVBuildconPvt.Ltd. 7.69 Sohna 7VKMotorsPvt.Ltd. 5.41 Sohna 11RahejaDevelopersPvt.Ltd. 5.1 Sohna 14EnkayBuildwellPvt.Ltd. 5.09 Sohna 14MahendraPromotersPvt.Ltd. 5.83 Sohna 29,32AARHousingPvt.Ltd. 9.42 Sohna 31MahendraPromotersPvt.Ltd. 5.83 Sohna 29,32FaithBuildtechPvt.Ltd. 5.54 Sohna 32BreezeBuildersandDevelopersPvt.Ltd. 9.46 Sohna 33TulsianiConstructionsandDevelopersLtd. 7.86 Sohna 35RandhawaConstructionPvt.Ltd. 6.86 Sohna 2,35SternalBuildconPvt.Ltd. 11.93 Sohna 36PioneerUrbanLand&InfrastructurePvt.Ltd. 9.97 Sohna 36Total 36.62 Sohna
SONIPAT MaxheightsPromotersPvt.Ltd. 5 Sonipat 61
Source:DepartmentofHouse&CountryPlanningHaryana
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ResidentialProjectsRecentandNewLaunchesinDelhiDeveloper Nameofthe
ProjectCity Location Subvention
schemeResidential/Commercial
Size(InSqft) Price/unit Possession
MMRShahGroup 52ndAvenue CentralNoida Sector52 Commerial BusinessSuites,RetailHigh
Street,BrandedService
Apartments
EldecoInfrastructure&PropertiesLtd.
Mysticgreens GreaterNoida Omicron Residential 23BHK 44.10lacsonwards
EldecoInfrastructure&PropertiesLtd.
Aamantran Noida Sector119 Residential 34BHK
EldecoInfrastructure&PropertiesLtd.
Olympia Noida Sector93A Residential 3BHK
EldecoInfrastructure&PropertiesLtd.
TheStudio Noida Sector93A Residential 1BHK
EldecoInfrastructure&PropertiesLtd.
Inspire Noida Sector119 Residential 23BHK
EldecoInfrastructure&PropertiesLtd.
Hillside Neemrana JapaneseZone Residential 2BHK+studioapartments
Bestech GrandSpa Gurgaon Sector81 Residential
Bestech Sanskruti Gurgaon Sector92 Residential 34BHK
IITLNIMBUSGroup TheGoldenPalms YamunaExpressway
Sector22A Residential 234BHK
SatyaGroup Elementone Gurgaon sector47&49 Commercial 350Sqftonwardshighstreetretail,serviceaprtment650sqftonwrads
launched
ParasBuildtech ParasSquare Gurgaon Sector63A Commercial/Residential
HighStreetRetail/Service
Apartments
AirwilBusinessParkPvt.Ltd,
Intellicity Gr.NoidaWestTechZoneIV Commercial
OasisRealtechPvt.Ltd.
OasisGrandStand Noida Sector2 Residential 123BHK(695845)
Rs1.528mn(Rs2199/sqft)
Paramount Floraville Noida GH6sector137 20/80 Residential 23BHK
Paramount Emotions GH05A,sector1
GreaterNoidaWest
15/22/63 Residential 23BHK Rs2.950mn
ElixirBuildconPvt.Ltd.
ElixirWindz Noida Sector150 Residential 234BHK
ArihantBuildConPvt.Ltd.
ArihantAmbience NH24 GH6,CrossingsRepublik
Residential 34BHK
SikkaHouse TheDowntown ExpresswayNoida
Sector98 5*hotelandservice
apartments
serviceapartments599sqftto5000sqft.Highendretailspace350sqftto150000sqft,officespace700sqftto70000sqft.
ServiceapartmentRs8.5mnonwardsHighendretailspaceRs6mnonwards;OfficespaceRs5.5mn
WaveInfratech Edenia Noida Sector32&25A Commercial Multiusestudios Rs3.5mnonwards
TulipInfratechPvt.Ltd.
TulipOrange Gurgaon Sec6970,SohnaRoad
Residential 23BHK(11371437sqft)
Rs7.5mnonwards
Readytomove
Adityabuilders CelebrityHomes Noida Sector76 Residential 234BHK Rs5.5mnonwards
NearingPossession
Adityabuilders UrbanCasa Noida Sector78 Residential 234BHK Rs4.5mnonwards
NearingPossession
LaureateBuidwellPvt.Ltd.
ParxLaureate Noida Sector108 Residential 34BHK ConstructioninFullSwing
ImperiaStructuresLtd.
OnlyMax GreaterNoida NH24 Commercial BSPRs5250/sqft
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Developer NameoftheProject
City Location Subventionscheme
Residential/Commercial
Size(InSqft) Price/unit Possession
AnsalHousing&ConstructionLtd.
AnsalHeights86 Gurgaon NH8andDwarkaExpressway
Residential 2345BHK
JMHousing JMFlorence GreaterNoida(West)
DVGH09C,SectorTechZone4
Residential 23BHK
JNCconstructionspvt.Ltd.
Greenvasundharawoods
sector3vasundhra
Ghaziabad Residential 23BHK Rs5.925mnonwards
Unitech Exquisite SohnaRoad Gurgaon Residential 3BHK Rs16.50mnonwards
Constructioninfullswing
SuperTechLimited Capetown Noida sector74 100acres50%inpossession
Residentialcomplex
24BHK 4560
SuperTechLimited Albaria GreaterNoida(West)
Noidaextension NOEMIfor24months
Residentialcomplex
34BHK(1590159617251906
2364)
Rs5.6mnonwards
SuperTechLimited GolfVillage GreaterNoida Yamunaexpressway
Residentialcomplex
123BHK 2425
SuperTechLimited Golfvillage GreaterNoida YamunaExpressway
123BHK 19.14lacs
SuperTechLimited Grandcircuit GreaterNoida YamunaExpressway
123BHK 17.5lacs
SuperTechLimited Fablecastle GreaterNoida YamunaExpressway
234BHK 33.5lacs
SuperTechLimited Superliving Gurgaon Araville,sector79
pay35%onlyrestpossession
23BHK constructioninfullswing
SuperTechLimited Supernova Noida Sector94 40/60 Residential 234BHK Rs15.0mnonwards
SuperTechLimited ORB Noida Sector74 40/60 Residential 34BHK Rs12.5mnonwards
SuperTechLimited NorthEye Noida Sector74 40/60 Residential 1234BHK Rs4.3mnonwards
SuperTechLimited Ecociti Noida Sector137 40/60 Residential 234BHK Rs4.9mnonwards
SuperTechLimited Ecosuites Noida Sector137 40/60 Residential StudioApartments
Rs2.4mnonwards
SuperTechLimited EcoVillage GreaterNoida(West)
GreaterNoida(West)
40/60 Residential 1234BHK Rs2.4mnonwards
SuperTechLimited GolfSuites GreaterNoida YamunaExpressway
40/60 Residential StudioApartments
Rs1.6mnonwards
SuperTechLimited UpCountry GreaterNoida YamunaExpressway
40/60 Residential StudioApartments
Rs1.6mnonwards
SuperTechLimited HolidayVillage GreaterNoida YamunaExpressway
40/60 Residential LuxuryVillas Rs6.5mnonwards
MahagunGroup Mirabella Noida Sector79 Residential 34BHK NowLaunched
WaveInfratech Edenia Noida Sector32&25A Commercial Multiusestudios Rs3.5mnonwards
Ansalhousing&constructionLtd.
AnsalTownWalk Gurgaon Sector104 Commercial Highstreetretailcumcorporate
spaces
startingRs2.5mnonly
Rudra RudraPalaceHeights GreaterNoida(West)
GH02B,Sec.1 Residential
AasthaInfracityLimited
AasthaGreens GreaterNoida(West)
Sector4 Residential 23BHK Rs2684/Sqft
PareenaInfrastructure
CobanResidences Gurgaon Sector99A Residential 234BHK
RadiconInfrastructure&HousingPvt.Ltd.
VedantamEmporio GreaterNoida NoidaExtension 50/50 Rs3.8mnonwards
SatyaGroup Elementone Gurgaon sector47&49 Commercial 350Sqftonwardshighstreetretail,serviceaprtment650sqftonwrads
launched
AceGroupIndia AceGolfshire Noida Sector150 Residential Launchingsoon
AceGroupIndia AceCity GreaterNoidaWest
Sector18 Residential 23BHK
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Developer NameoftheProject
City Location Subventionscheme
Residential/Commercial
Size(InSqft) Price/unit Possession
AceGroupIndia AceAspire GreaterNoidaWest
GreaterNoidaWest
Residential 23BHK
AceGroupIndia AcePlatinum GreaterNoidaWest
SectorZeta1 Residential 234BHK
SuperTechLimited 48Canvas Gurgaon Sector79 Residential 4BHK
IITLNIMBUSGroup Thehydepark Noida Sector78 50and50 Residential Constructioninfullswing
EcnonGroup Ecnon Yamunaexpressway
Residential Rs1.590mnonwards
AmrapaliGroup o2valley GreaterNoidaWest
SectorIV Residential
AmrapaliGroup LeisurePark GreaterNoidaWest
GreaterNoidawest
Residential 23BHK
AmrapaliGroup AmrapaliTropicalGardens
GreaterNoidawest
GreaterNoidawest
Residential 23BHK
AmrapaliGroup AmrapaliVeronaheights
GreaterNoidawest
GreaterNoidawest
Residential 234BHK Constructionstarted
AmrapaliGroup AmrapaliKingswood GreaterNoidawest
GreaterNoidawest
Residential 23BHK Constructionstarted
AmrapaliGroup CenturianPark GreaterNoidawest
GreaterNoidawest
Residential IndependentFloors
Constructioninfullswing
AmrapaliGroup DreamValley GreaterNoidawest
GreaterNoidawest
Residential 123BHK Constructioninfullswing
KrishInfrastructurePvt.Ltd.
KrishHarmony Bhiwadi Bhiwadi Residential VillasandExecutiveFloors
Sunworld Arista Noida NoidaExpressway
40/30/30 Residential 345BHK Rs5250/Sqft
Ansalhousing&constructionLtd.
FlorenceResidency Gurgaon Sector56&57 NoPreEMI Residential 4BHK Rs15.8mnonwards
ShubhaarambhEstatesPvt.Ltd.
AstraArcade Shahdara Commercial Rs2.1mn NearCompletion
UnnatiFortune ElitesArena Noida Sector119 Residential 23BHK(10501350sqft)
Rs3999/sqft
JNCconstructionspvt.Ltd.
Greenvasundharawoods
sector3vasundhra
Ghaziabad Residential 23BHK Rs5.925mnonwards
Prateekgroup Prateekedifice Noida Sector107,Noida Residential 345BHK Rs14.5mnonwards
Constructionatfullswing
Prateekgroup PrateekWisteria Noida Sector77 Residential 234BHK NearingPossession
Source:PhillipCapitalIndiaResearch
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Bangalore NoimpactofeconomicslowdowninBangaloreThere isnotmuch impactonthe
salesof residentialproperties in the city.Theonlyvisible impactof theeconomicslowdown is that thebuyerhasbecomehighly sensitive to theoverall ticket size.Withinterestratesgoingupandloaneligibilitycomingdown,thefocushasshiftedfrom per sq ft value to affordability. The ticket size of Rs 58mn is sellingwell.However,therehasbeensomeresistanceintheticketsizeofRs10mnandabove.SalesofpropertiesvaluingRsRs10mnandabovehavedroppeddrastically in thelastoneyear.
ChennaiBangalore Corridor poised for development The growth corridor willencompass the ChennaiRanipetBangalore area. A number of industries havealreadybeenestablisheduptoRanipet.ThelargestautoandelectroniccorridorsarealsodottingthelineoftheSriperumbudurarea.Intermsofindustrialdevelopmentand foreign direct investment, this corridor has over 400 foreign companies andalmostmore than30Fortune500companieshave setupoperationshere.This isconsidered as the largest industrial cluster in Asia. According to official sources,thosewhoaredevelopingtheDelhiMumbaicorridorwillalsodevelopthiscorridorand it is likely tohave features likehigh speed rail connectivity,bullet train, etc.Besides,anew8lane road corridor isbeingplannedby theGovernmentof Indiawhichwillgiveaboosttotheinfrastructuredevelopmentintheregion.
The citywitnessed anet absorptionof33,988units in2012,ofwhich the lionsshareof4550percentwasseeninBangaloreEast:Bangalorelargelydrivenbyenduserdemandwitnessedthehighestnumberofunitlaunchesamongstthetopsevencities in India,adding toover22,000unitswithmajorityof them (close to90percent) in theaffordableandmidendsegmentcategory.The residentialmarkethasbeen less speculativewith property being affordable compared to othermetros,leading to continued enduser interest.Withdevelopmentofperipheral locationsand developers offering residential units in various ticket sizes, the buyers havevarietyofoptions tochoose from.The firsthalfof2013witnessedaconsiderableuptrend inthenumberofunit launcheswithorganizeddevelopers launching largeaffordableprojects inperipheral areas such asBudigereCross in theeast,AnekalRoadAttibele in the south, Tumkur Road in the north andMysore Road in thewesternpartofthecity.LocationssuchasEastBangaloreregisteredariseof6percent inhighendand5percent inmidendprimarilydue to IThubproximityanddemandfromITemployees.
Swanky BMTC bus stations to come up at Kalasipalya, BTM Layout: BangaloreMetropolitanTransportCorporation (BMTC)hasplanned tobuildabus stationatKalasipalyaandatravelandatransitmanagementcentre(TTMC)atBTMLayoutinthenext twoyears.Approvalwasgiven to theproposal for constructionofabusstationatKalasipalyaatacostofRs.2bnusingitsownfunds.TheMinistersaidthattheBMTChadhandedover218acresof its landontheoutskirtsofthecitytotheBruhatBangaloreMahanagaraPalike(BBMP)inexchangeof14acresand35guntasofBBMPlandwithinthecity,including4acresand13guntasoflandatKalasipalya.
Bangaloreseeshighestproportionofcompany relocations:The total relocationsacrosstopeightcities inthefirsthalf(H1)of2013wasat5.46mnsqftwhichwas2.5timeshighercomparedtothesameperiodlastyearandisonethirdofthetotalleasing activity. During H1 2013, Bangalore recorded the highest proportion ofrelocationswithasubstantialincreaseofmorethanthreetimeswhencomparedtothesameperiodlastyear.CompaniesrelocatedfromCBD/OffCBDlocationssuchasMGRoad,MillersRoad,VittalMallyaRoadandResidencyRoadtoperipheralregionssuchastheOuterRingRoad.
Niche areas likely to spur real estate growth: FICCIErnst & Young reportAffordablehousing,amusementparks,educationand logistichubsandhealthcareareamongthenicheareasthataredevelopingintherealestatesector,accordingtoaFICCIErnst&Youngreport.Till2000,therealestatesectorwasmostlyrestrictedto housing, commercial and industrial segments. But now there are new asset
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classes such as entertainment, healthcare, education, transitoriented real estateand housing conducive for senior citizens. These concepts have added a newdimension to the sector and they are expected to spur growth, and attract theattention of developers and investors, says the report. Several developers haverecognizedtheopportunity inseniorcitizenhousingsegment.Thereportmentions40 such projects thatwere proposed till April 2013 in South India, and of them,sevenareinBangalore.Theseniorcitizenhousingsegment,accordingtothereport,catersnotonly to ambient residential space but also tohealthcare, security, andemotionalneedsoftheresidents.
Realtyslowdown:PostITboom,60,000unitsunsoldinBangaloreThiscityhasover700 residential projects comprising apartments, villas, row houses and plotsamounting to 182,000 units under development. An inventory of roughly 60,000units remains unsold. Of these 80% are apartments and 10% plots, propertyconsultantLJHookersays.
SobhaDevelopersOperationalupdateforQ2FY140.67mnsqftofnewspacesoldinBangalore(12%QoQgrowth)
Prestige Estates Operational update forQ2FY14 The Company has sold 1,193Residentialunitsand0.11mnsqftofcommercialspace,aggregatingto1.95mnsqftamountingtoRs.11.5bnofsales.Oftheabove,Prestigeshareis:1,105units1.83mnsq ftamounting toRs.10.68bnofsales,upby31% from thatofQ2FY1213.CollectionsforthequarteraggregatedtoRs.6.2bn,upby23%ascomparedtothecorrespondingQ2FY1213.Thisquarter, theCompanyhas launched4 residentialprojects across Bangalore and Chennai, aggregating to 5.21 mn sq ft of totaldevelopablearea.
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ResidentialProjectsRecentandNewLaunchesinBangaloreDeveloper Nameofthe
ProjectLocation Subvention
schemeResidential/Commercial
Size(InSqft) Price/unit Possession
MMRShahGroup 52ndAvenue Sector52 Commerial BusinessSuites,RetailHighStreet,BrandedServiceApartments
NiteshEstates NiteshColumbussquare
OffBellaryRoad Residential 22.533.54BHK(12002500sqft)
NiteshEstates LandOfKings(LongIsland)
Devanahalli Residential 23BHK Rs4.6mnonwards
ConstructionUnderway
HariyanaGroup OrchidNirvana IVCRoad,Devanahalli Residential Rs1899/sqft
Trifecta Verdure Sarjapur Residential
VakilHousingDevelopmentCorporation
VakilWhisperingwoods
RamanaMaharishiAshram Residential Rs2.46mnonwards
ConstructioninFullSwing
SumadhurainfraconPvt.Ltd.
Srinivasan Hoodi,Whitefield Residential Aug14
SumadhurainfraconPvt.Ltd.
Madhuram ECCRoad,Whitefield Residential
Mahaveergroup Amaze Kadugodi,Whitefield Residential Rs4.065mn
Keerthi Royalpalms HosurRoad Residential Rs5.57mnonwards
Keerthi Regalia SarjapurRoad Residential
SLSdevelopers Sunnygardens Doddanakundi Residential Rs4.1mnonwards
SLSdevelopers Sapphire MarathahalliSarjapurOuterring
Residential 3BHKandduplex Rs3.7mnonwards
SaiRaghavendra Bloomfields Ramgundanahalliborewellroad
Residential LaunchingSoon
MantriRealty MantriRoyale MallasandraVillage,KanakapuraRoad
Residential NearingPossession
NirmanSonestaaDevelopers
SonestaaSilverOak NearMarathahalliWhitefieldMainRoad
Residential
Prestiage PrestigeJadePavilion
SarjapurMarthahalliRingRoad
Residential 23BHK
DSRInfrastructurePvt.Ltd.
SunriseTowers HopeFarm,Whitefield Residential 23BHK
DSRInfrastructurePvt.Ltd.
Woodwinds SarjapurRoad Residential 23BHK Mar14
DSRInfrastructurePvt.Ltd.
EdenGreens OffSarjapurRoad Residential 22.53BHK
DSRInfrastructurePvt.Ltd.
Ultima Haralur,OffSarjapurRoad Residential 34BHK(18552850) Oct13
DSRInfrastructurePvt.Ltd.
Greenfields Whitefield Residential 345BHK(29804920sqft)
Oct13
DSMaxPropertiesPvt.Ltd.
Attible E.City Residential 23BHK Rs1.4443.680mn
DSMaxPropertiesPvt.Ltd.
Peenya Opp.RockLineStudio Residential Plots(30X45),(30X50),(30X55)
Rs2.6274.271mn
DSMaxPropertiesPvt.Ltd.
Opp.Manyata TechPark Residential 23BHK Rs4.35.772mn
AzvenRealtyPvt.Ltd. Breathe NexttoIndusInternationalSchool,Sarjapur
Residential Villa
MaxworthRealtyIndiaLimited
MaxSplendor Nagarabhavi Residential 2BHK
MaxworthRealtyIndiaLimited
MaxWorthCity Vidyaranyapura Residential 23BHK11901900sqft
Mahaveergroup Amaze Kadugodi,Whitefield Residential 234BHK(13152215sqft)
Rs4.251mn
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Developer NameoftheProject
Location Subventionscheme
Residential/Commercial
Size(InSqft) Price/unit Possession
Mahaveergroup Tranquil Whitefield Residential plotsandvillas(30X40,30X50,40X50,40X60)
Rs7.738mn
Mahaveergroup Laurel BTM4thStage Residential plotsandvillas Rs5.915mn
Mahaveergroup Cedar HesaraghattaRoad Residential 23BHK Rs3.5mn
Mahaveergroup Desire OffTumkurRoad Residential PremiumVillas Rs3.2mn
Mahaveergroup Fortune OffMagadiRoad Residential Luxuryflats Rs2.5mn
Mahaveergroup Galaxy OffMysoreRoad Residential 23BHK Rs2.4mn
Mahaveergroup Jonquil J.P.Nagar,6thPhase Residential Plots(20X30,30X40,30X50,40X60)
Rs6.1mn
Mahaveergroup Oberon JPNagar5thPhase Residential 23BHK Rs5.7mn
Mahaveergroup Willet KumbenaAgrahara Residential 23BHk Rs4.439mn
MIMSBuilders Crescenta Whitefield Residential Villas Rs18mn
VeraciousBuilders&DevelopersPvt.Ltd.
VaniVilas DoddaballapurRoad,Yelahanka
Residential 2BHK1250;3BHK14651745
Rs5.7mn
Ajmera VillowsPhaseII PhaseI,ElectronicsCity, Residential 2BHK12201320;3BHK14501775
Ajmera AjmeraAvenue Residential 3BHK21502250sqft
Ajmera AjmeraStonePark Electroniccity 15/85after2years
Residential 45BHK Launchingsoon
Ajmera AjmeraAnnex o%preEMI Residential Launchingsoon
Unishire UnishireTerraza BehindManyataTechPark o%preEMI Residential
Unishire UnishirePremia BehindManyataTechPark Residential 22.53BHK
HebronPropertiesPvt.Ltd.
HebronEnclave KRPuram Residential 23BHK Rs32.1mnonwards(Rs6299/sqft)
Jul14
NDDevelopersLtd. Aroundthemanagoes
Offsarjapurroad,Gunjur Residential 23BHK Rs22.839.2mn
RenaissanceHoldings NatureWalk Whitefield Residential Villas Rs22.3mn
MittalBuilders MittalPalms JakkurYelahanka Residential 34BHK(17953097sqft)
Rs4.4mnonwards
KSRProperties Cordelia Dasarahalli Residential 22.53BHK(10351452sqft)
Rs5.7mnonwards
KrishnaEnterprises KrishnaMystiq PragathiNagar,Basapura Residential 23BHK Rs3.7mnonwards
LaunchingSoon
JainHousing&ConstructionLimited
JainsVillaVivianaa OffHosurRoad Residential 22.53BHK
Goyal&Co. Orchidwoods HennurMainRoad Residential 122.53BHK Rs3990/sqft
Trifecta Esplanade Whitefield Residential 23BHK(12351295,14841832sqft)
VasathiHousing VasathiAvante Hebbal Rs4.536mn
KarleInfra KarleZenithresidences
NearNagavaraLake Rs18mnonwards
PionierDevelopers PionierResidency HSRlayout o%preEMI Residential
ShriramProperties ShriramSameeksha Jalahalli Plots Plots Rs3.0mn
NDDevelopersLtd. N.D.PassionElite Sarjapurroad Plots Plots(20003000sqft) Rs11.1mn
NDDevelopersLtd. N.D.Passion HarlurMainRoad Residential Villas/Apartment Rs7.7mn
GopalanEnterprises UrbanWoods RichHomes,RichmoundRoad
Residential 23BHK(10701362sqft)
Keerthi Royalpalms HosurRoad Residential 23BHK11901900sqft
Rs5.57mnonwards
Keerthi Chalet Horamavu Residential 234BHK(13152215sqft)
RadiantGroup RadiantHeritage Rayasandra Residential 23BHK Rs3.850mn
DLF Woodlandheights Rajapura,nearelectroniccity
Residential 2BHK1250;3BHK14651745
Rs3.3mn ConstructioninFullSwing
Prestige SummerFields OffSarjapurRoad Residential 2BHK12201320;3BHK14501775
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Developer NameoftheProject
Location Subventionscheme
Residential/Commercial
Size(InSqft) Price/unit Possession
ReliaableDevelopers ReliaableGardeniaa OffSarjapurroad,closetohsrlayout
Residential 23BHK
Fireluxurdeveloperspvt.Ltd.
TheEmpyrean NH207 Residential 22.53BHK Rs6.6mnonwards
KoltePatilDevelopersLimited
Raaga KannurRoad,offHennurmainRoad
Residential 23BHK Rs3.117mnonwards
SamprasiddhiInfratech GreenEdge OffThanisandramainRoad
Residential 23BHK Rs3456/Sqft
RadiantGroup RoyalWoods NearITPL,Whitefield Residential 23BHK(9901726Sqft)
Rs4.170mn+Reg.
RadiantGroup Spencer Kammasandra,Nr.ElectronicCity
Residential 226Apartments Rs4.880mn+Reg.
RadiantGroup LakeView Medihalli,KRPuram Residential 3BHK Rs3.090mn+Reg.
RadiantGroup Reshan OffBannerghattaRoad Residential 234BHK Rs3.50mn+Reg.
Jan14
RadiantGroup JasmineTerrace Yelahanka Residential 23BHK Rs4.80mn+Reg.
Mar14
RadiantGroup WhiteOrchid BannerghattaMainRoad Residential 23BHK Rs5.264mn+Reg.
Mar14
GGRHousingIndiaPvt.Ltd.
AdityaGrand Off.Whitefield Residential 23BHK
SLSdevelopers SLSSunrise OffMarathahalliSarjapur Residential Rs3.65mnonwards
PresidentProperties Leon Yelahanka Residential 4.67.6mn+reg
CelebrityStructures CelebritySquare AttibeleSarjapuraroad Residential Rs1.770mn2.330mnonwards
ShriramProperties ShriramSmrithi SarjapurAttibeleRoad Residential 200HamletVillas Rs3.4mn4.5mnonwards
Source:PhillipCapitalIndiaResearch
Chennai Flat buyers to pay 2% more for registration in Chennai People buying new
apartmentsintheTamilNadustatewillnowhavetopay2%additionalregistrationcharges as the state has made registration of construction agreements signedbetween builders and buyersmandatory. The undivided share of land (UDS)wasregisteredatsubregistraroffices,forwhichthegovernmentcharges5%stampduty,2% surcharge (for development of local bodies like corporations and panchayats)and 1% registration fees. Overall, for registration of a new apartment underconstruction, the buyer pays 8% of the value of UDS for registration. Theconstructionagreementwasneverregisteredearlier.Hereafter,thebuyerwillhaveto pay an additional 1% stamp duty and 1% registration fees on the cost ofconstruction.Also,theconstructionagreementhastoberegisteredatsubregistrarofficeswithin120daysofsigningtheagreement.Withoutaregisteredconstructionagreement,UDSwillnotberegistered.NecessaryamendmentshavebeenmadetotheRegistrationActandthenewrulescameintoeffectonOctober1.
ChennairecordedsteadyincreaseinrelocationsinH12013comparedtothesameperiodlastyearwithrelocationactivityconcentratedinlocationssuchassuburbanGuindy and suburban Perungudi Taramani providing quality spaces with moreavenuesforscalabilityatrentalslowerbyapproximately2030percentthanprimelocationswithinthecity.
Newresidentialprojectslaunchdropsby56%inChennaiCushman&Wakefield(C&W)reportstatedthatChennaiwitnessedinfluxofaround5,500residentialunits
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in the housingmarket during the first half of 2013, a significant drop of 56% ascompared to the same period last year.During the first half of 2013,more than4,500oraround96%ofthesenewunitswere launched intheaffordableandmidend segments mainly in locations like Rajiv Gandhi Salai, GST, Velachery andMogappair.
ResidentialProjectsRecentandNewLaunchesinChennaiDeveloper NameoftheProject Location 20/80
schemeSize(InSqft) Price/unit Possession
ColourHomes ColourGates Perumbakkam 23BHK(7651315sqft)
Rs3290/Sqft
Mayances Myans Mayajaal,ECR LuxuryVillas(345BHK)
Rs25/35/45mn
MCBAassetz Harini'sAishwaryan Selaiyur,Tambaram PremiumResidentialDeluxeApartment
Rs3.69mnonwards
AsviniFoundations AkilaHeights Sembakkam 123BHK(5701340sqft)
Rs4700/Sqft
RoyalCivilTech GowrisonVillas PorurKattupakkam Villas Rs4200/Sqft
Arinhant/Unitech Greenwoodcity PlotsonOMR 18003500sqftplots
Plots(18005814sqft)
JAAGHomes AchyuthaSquare VilliVakkam 22.53BHK(12231421Sqft)
Rs8500/Sqft
GreenHomeFarms&ResortsPvt.Ltd.
VillaGreen 35A,NorthUsmanRoad 500Villas(10003000Sqft)
ConstructioninFullSwing
KGFoundationsPvt.Ltd. KGSingnatureCity Modappair 123BHK6101410 Rs3.8mnonwards
AsviniFoundations Amanyaa Nellikuppam 123BHK(6061058sqft)
Rs1.3.2.4mn
AsviniFoundations Atvarika Kelambakkam Rs6.68mn
AsviniFoundations AkilaHeights Sembakkam Rs37.1mn
AsviniFoundations NRDTowers Avadi Rs1.85.4mn
Arihant Firangipani behindsiruseriitpark 2BHK760sqft
Landmarkconstruction Landmark'sGrange Palavakkam,ECR 4BHK47764917Sqft
Unitech Uniworldcity Nallambakkam, 23BHKUnihomes,Palmvillasandaspen
greens
Rs22502300villasRs3550,
ApartmentRs2800
VGNdevelopersPvt.Ltd. VGNStafford Ambattur 123BHK Rs2.0785.733mn
VGNdevelopersPvt.Ltd. VGNKarona nearporur 2BHK Rs4.6525.511mn
VGNdevelopersPvt.Ltd. VGNTempleTown Thiruverkadu 123BHK Rs2.4986.174mn
VGNdevelopersPvt.Ltd. VGNBrixton Irungattukottai 2BHK Rs2.488mn
Arihant Villaviviana Maraimalainagar 3BHK1413sqft;4BHK3686sqft;residentialplots
1810sqft.
Shantiniketan ShantiniketanAltair Altair 12BHK Rs1.4131.691mn
Northtownestatespvtltd. NorthTown perambur 123BHK6501396sqft
Constructioninfullswing
BaashyaamConstructionPvt.Ltd.
HappyWindows Kattupakkam 123BHK5511676Sqft
Dec13
Atikramya Iha MountRoad 3BHK1271Sqft
Atikramya Aurum Tambaram 10051056Sqft ComingSoon
Atikramya Foyer Kilkatalai 9001400Sqft ComingSoon
Landmarkconstruction Ayna Virugambakkam 23BHK(11841704sqft)
Source:Mediasources,PhillipCapitalIndiaResearch
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Commercial Unitech inksRs8bn leasingdealwithAonHewitt Over0.8msf feetofspaceat
UnitechsGurgaon InfospaceTikriSEZhasbeen leased.The total leasableareaoncompletionofthisSEZprojectis3.32mnsqft.ThecurrentrentalvalueintheareaisRs60persqfootpermonth.Aboutsevenlakhsqfeethasalreadybeenoccupied,bytenantssuchasGenpact,ColtandCognizant.
VolvoIndiainnegotiationsttakeuponemnsqftoffullyfittedoutofficespaceinBangalore forarecordRs7bnVolvo India,whichoffersarangeofbuses, trucksandconstructionequipment,currentlyhassixdifferentofficespaces inBangalore.Thismovewould see them consolidate inone locationat theOuterRingRoad inMarathahalli, in the eastern part of Bangalore, which houses many technologycompanies.ThecompanyisinthefinalstagesofnegotiationswithBangalorebasedrealestatedeveloper,theBagmaneGroup.
RMZDevelopers(Bangalore)closinginonRs7bnmilestonedealRMZDevelopersisclosinginonamilestonetransactionwhichwillseethedevelopersellingclosetoaonemnsqftoffullyfittedoutofficespacetoasingleclientforasmuchasclosetoRs 7 bn. RMZ Developers recently signed a significant leasing transaction withHoneywellTechnologiesto leaseonemnsqftatRs47persquarefeetonayearlybasistakingthetotalrentalclosetoRs530mnasHoneywellseekstoconsolidateitsdifferentoffice locations inBangalore.Bankers indicate that this lease transactionmaybeconvertedtotheselldealinstead.
PVP,RMZtopbiddersforBangaloreFourSeasonsfromGoldmanSachsGoldmanisinclinedtogowithadeveloper,whichcouldtiltthescalesinfavourofRMZ,theyadded. Hyderabadbased PVP, named after its founder and serial entrepreneurPrasadVaraPotluri,hasbidoverRs4bn.RMZCorphasofferedaboutRs3.5bn inbids fired lessthantendaysago.The twooffersvalue thehotelprojectatRs5.56bn,includingaboutRs1.8bndebt,andhascomebelowaskingprice.
Officespaceleasingdrops20%qoqinJulySeptember2013Despitea32%dropinofficespacetakeup inthequarter,Bangaloresawthehighesttakeupofspace2.9mnsqftcontinuedtoaccountingfor42%ofthetotaldemandforspaceacrossthe top seven cities. Leasing activity in Delhi NCR was down 27% quarteronquarter.KolkataandChennaiweretheonlycitiesthatrecordedagrowthintakeupofofficespace28%and17%qoqrespectively.
Retail Cafe Coffee Day books prime Bangalore space Bangaloreborn CCD has been
relentless in clustering the high consumption locations at a premium, in a cityalreadyboastingofthehighestcafedensityhometoroughly440ofthem.CCDhastakenatoughstandand isputtinga lotofeffort inacquiringspacesthathavehigh visibility. In terms of rentals, they are absorbing prices 10% to 15% abovemarketratesandarealsoputtingdownhighersecuritydepositsthantheaverage610month rentalvalue.CCD isnow the fastest toclosea leasingdeal in the retailsector. They close deals within 30 days as against an industry average of threemonthsormore.
TataRealty,L&TputmallprojectsontheblockTataRealtyand Infrastructure, islookingtosellfourofitsmalls.Themallsettoopen,andnowontheblock,isspreadover0.7mnsqftinAmritsar,Punjab.SaleoftheAmritsarmallispartofitsplanstogiveexittoTataRealtyandInfrastructureFund1(TRIF1),whichowns90percentinitandropeinnewinvestors.Accordingtopropertyconsultants,theAmritsarmallisexpected to fetch thecompanyaroundRs4bn.TataRealtywouldalso look foranexitfortheirexistinginvestorsinits450,000sqftmallinNagpurwhichisexpectedtobecompletedinthenextthreeyears.TataRealtyisalsokeentobringininvestors
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inits300,000sqftmallprojectinBangaloreandanotheroneinGurgaon.Thesetwoprojectsarenotpartof currentTRIF fund. Larsen&Toubro is looking tobring ininvestors in itsmallproject inSeawoods,NaviMumbai.Themall ispartofthefirstphaseofcommercialdevelopmentontopofSeawoodssuburbanrailwaystation inNaviMumbai.L&Thasalsoputits1.2mnsqftmallinChandigarhontheblock.Thefourmontholdmall isgeneratingaverage rentalsofRs90per sq ft.According tosources,thecompanyisexpectingoverRs10bnfromthesale.
FundFlows/LandDeals/Infrastructureannouncements Realty fund investsRs550mn inRohanBuildersprojectsRohanBuilders,Pune
based property developer, has partneredwith Avenue Venture Real Estate Fund(AVREF) for developing a residential project inBangalore.VREF, aMumbaibaseddomestic real estate fund which has invested in residential projects in Pune,BangaloreandChennai,has investedRs550mn inRohansproject.ThesizeoftheprojectisaboutsevenlakhsquarefeetofsaleableareaandislocatedinBoganahalli,Bangalore. Along with our expansion plans in Pune, this acquisition gives us anopportunity to expand our existing footprint in Bangalore. These two citiesrepresentthehighestpotentialfordeveloperscateringtoresidentialdemandfromthrivingITsector.
MMRDA signs MoU with Korea government Mumbai Metropolitan RegionDevelopmentAuthority(MMRDA)hassignedamemorandumofunderstandingwithKorea'sMinistryofLand, InfrastructureandTransport forpreparingamasterplanfor developing eastern parts of themetropolitan region. The planwould look atdeveloping the126km longVirarAlibaugMultiModalCorridor,whichwashighlyrecommended by the Comprehensive Transportation Study conducted by theMMRDAandfundedbytheWorldBank.TheKoreanteamwillsharebestpracticeswithMMRDA'splannersandworkoutadetailedmasterplanandlanddevelopmentmodels along with funding patterns beginning January 1, 2014. The plan,developmentmodels and the fundingpatterswill thenbe submitted to the stategovernment,forapproval,withinaperiodofoneyear.
MMRDA invitesbids forundergroundMetrocorridor TheMumbaiMetropolitanRegionDevelopmentAuthority (MMRDA)has invitedbids forprequalification forthe construction of the ColabaBandraSeepzMetro,whichwill beMumbai's firstundergroundMetrocorridor
Private equities book healthy profits in Bangalore realty market Bangaloreaccounted for fiveoutof a totalofnine investor exits in theApril to Septemberperiod,givingthemanaverageinternalrateofreturn(IRR)of23.5%.ICICIPrudentialPMS clocked the highest IRR of 27%, in the July to September quarter, from itsinvestments in two projects developed by southern real estate major ShriramProperties. In the same period, the fund had exited from its investment in aresidentialtownshipbeingdevelopedbyKumarUrbanDevelopers,inPune,withanIRR of 20%. HDFC AMC exited from its investments in premier BangalorebaseddeveloperNiteshEstates,withanIRRof24%.
Singapore's Jumabhoy family enters Indian real estate market Singapore'sJumabhoyfamily,onceregardedasthewealthiestnonChinesefamily inSoutheastAsia,isenteringtheIndianrealestatemarkettodevelopmilliondollarhomes.WithanestimatedsalesvalueofRs3.5bn,theresidentialproject,RafflesPark,locatedinBangalore's IThubofWhitefield,consistsof61villasspreadacrossa15acre landparcel.
Alchemist Township Buys Residential Land From Highland Group Delhibasedrealty firmAlchemistTownshiphasboughtabout20acres inKolkata froma localbuilderHilandGroupandwillinvestRs6bntodeveloparesidentialproject.
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JP Morgan may be eyeing an entry in one of the largest real estate deals BlackstonealongwithBangalorebasedEmbassyDevelopersareworkingonsewingup a Rs 19bn deal to buy out 106 acre SEZ development under Vrindavan TechVillage.JPMorganisunderstoodtobelookingatpickingupastakeinthisprojectifan investor in the consortium isoptingoutorparing stake.HDFCProperty is theother fund which is working with Blackstone and Embassy in this transaction.VrindavanTechVillageispromotedbyMithileshKumarTripathi,ChairmanofVikasTelecom Ltd,and isdevelopedbyAssetzHomes. It isunderstood that around22acreshasbeendevelopedwith2mnsqftofspacebuiltfortechnologycompanies.Embassy is expected to develop the rest for IT firms and also for residentialpurposes.
RaviPillaitobuy$100mnstakeinTrump,WorldTradeCentreprojectsRaviPillai,theNRIbillionairebased inBahrain, ispickingupstakeworthclose to$100mn inspecialpurposevehiclefloatedbyPunebasedrealtorPanchshilRealtytobuildtwoiconicpropertiesinthatcityTrumpTowersandWorldTradeCentre.
WadiastosellBritanniaproperties,raiseRs700crThisispartofWadia'splantoraise fundsonBritanniasbooksanduse theproceeds in launchingnewproductsand expand globally. Britannia plans tomove its headquarters to a 90,000 sq ftcommercialpropertyinWhitefieldfromitssixacresheadquartersinthegardencity.
Rs.5bnconventioncentreplannednearthe internationalairportatDevanahallieproposedprojectwouldbetakenuponapublicprivatepartnershipmodel.Whilethe government would give land, the private company would make all theinvestment and build the conventional centre besides providing the necessaryinfrastructure
BMRCL(Bangalore)tominimiselandacquisitionforphase2Thecorporationhadestimatedthatabout2,000propertiesspreadoverabout200hectaresoflandwouldbe required for the72kmPhase2 for constructionof fourextension linesof theEastWest and NorthSouth corridors of Phase 1 and two new lines. Acquisitionwouldberestrictedforlandrequiredforviaductandstationsalone.
WideningofBannerghattaRoad(Bangalore)soonBannerghattaRoadisoneoftheroadsnotifiedforwideningintheRevisedMasterPlan2015(RMP2015).The7.5kmstretchwillbewidened to150 ft from theexisting90 ft.Already,405propertieshavebeenidentifiedforacquisition.
Regulatory/NationalTrends OtisseesscopeforgrowthinIndia'srealestatemarketLeadingmanufacturerof
elevators,USbasedOtis,isbettingbigonIndiasrealestatemarket,mostlyvertical,togrowitsbusinessinthecountry.Globally,Chinatopsthelistwithitsconsumptionofelevatorsat500,000ayear,makingfor60percentofnewequipmentaroundtheworld,andIndiaisatnumbertwowith47,000units.NorthAmericaisfarbehindindemandfornewelevatorsat just18,000unitsperannum.Thecompanywouldbecautiousoverthenextsixto12months,thoughithasnotbeenadverselyimpactedinitsorderssofar.Evenitsdecisiontoopenasecondplantislikelytobetakenafterthat, around the endof 2014, following an assessmentof the real estatemarketacrossthecountryincludingtiertwoandthreecities.
Buildersatprivatelendersmercyasdemandfalls;forcedtopayinterestratesashighas42%Thestressamongrealestatedevelopersisnowshowingclearly.Privatemoneylendersarebackindemandwithsmallandmidsizedrealestatedeveloperspickingup shorttermmoneyat interest ratesashighas42%ayear toavoid theprospectofreducingpropertyprices.
Governmentplansspecialcourttoclear landcase Aimingtoraiserevenuesandresolve over 3,000 landrelated cases in Bangalore Urban district, the stategovernmentisaimingtosetupaspecialcourttodealwiththem.
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KeyTakeawaysfromManagementmeet:NiteshEstates Mostoftheprojectsareexecutedthroughthedevelopmentmodelwhichensures:
o Lowupfrontlandacquisitioncosto Projectdevelopmentinpremiumlocationso Deploymentofcapitaltowardsprojectdevelopmento Earlymonetizationduetofastersalability.
Company is selectively pursuing new opportunities for expanding into newgeographieslikeGoa,ChennaiandCochin.
Company ismainlyconcentratetowardsmidincomegroupwithticketsizerangingforRs48mn.Currentlycompanys89%oftheprojectsaretargetingtheMidincomegroupandbalance ishighincomegroup.Marginsonthe luxuryprojectsarebetterthatofprojectstargetedformidincome.
CompanyaimstotargetIRRintherangeof3335%beforetakingupanyproject.Theprivateequity investorsget IRR in the rangeof2426%.ThecompanywouldhaveanotherRs360mntowardsoneofitsdebtstructuredprivateequityinvestmentsandRs750mn towards another PE investment.Over and above these therewould aliabilitytowardsbuyingbacktheequityinvestmentofHDFCRealEstatefund.
CommentaryonBangaloremarket:ManagementstatesthattheBangaloremarketis driven by end users. Absorption rate over here will not materially go up.Managementfeelsthatthepriceatthecurrentlevelswillnotsignificantlychangeinthe nearterm. ~66% of the Bangalore residential market is basically hasrequirementof3BHKandrest34%istowards2BHK.ThemanagementalsostatedthatBangaloremarket absorbs 40,000 units annually,which has remained so forsincelast4years.
Prices inBangalorewentupby1518%over last18months (management statedthatsubventionschemescouldhavecontributedpartiallytothisphenomenon).Thecompany was able to raise prices till CY12, However, YTD price hike has beenmarginal.40%ofitscustomerswouldbefromIT/ITES.
TheSarjapurMarthalliOuterRingRoadhashithertowitnessedhighabsorptionrateshenceisgettingsaturatedandnowdemandisgraduallyshiftingtowardsHennur.
TheCompanyisdevelopingIndiasfirstRitzCarlton,oneoftheworld'sfinestluxuryhotelbrands,spreadover0.50mn sq. ft. Ithas277 richlyappointedguest roomsandsuites,multiplediningoptionsandotherextravagantfacilities.TotalprojectcostisRs7.7bn.Companyisexpectedtostartthehotelincoupleofmonths.LeaseholdlandpaymentisRs1.19bn.
NiteshMall isbeingdevelopedat Indiranagar,oneofthebiggestshoppinghubs inBangalore. Spread over 1.11mn sq. ft., themall has around 0.70mn sq. ft. ofleasablearea.ThecompanywouldneedtoraiseRs3bndebtforconstructionofthemall,whichwould take 28months. The company is looking at rentals of Rs140psf/pm.
Keyongoing/forthcomingProjectso PaloAltoRevenuePotentialofRs5.3bno BritishColumbiaRevenuePotentialofRs2.76bno NapaValleyRevenuePotentialofRs4bno ParkAvenueRevenuePotentialofRs2bn
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ManagementVineetBhatnagar(ManagingDirector) (9122)23002999JigneshShah(HeadEquityDerivatives) (9122)66679735
ResearchAutomobiles DeepakJain (9122)66679758 Banking,NBFCsManishAgarwalla (9122)66679962SachitMotwani,CFA,FRM (9122)66679953 Consumer,Media,TelecomNaveenKulkarni,CFA,FRM (9122)66679947EnnetteFernandes (9122)66679764VivekanandSubbaraman (9122)66679766 CementVaibhavAgarwal (9122)66679967EconomicsAnjaliVerma (9122)66679969
Engineering,CapitalGoodsAnkurSharma (9122)66679759Infrastructure&ITServicesVibhorSinghal (9122)66679949VarunVijayan (9122)66679992MetalsDhawalDoshi (9122)66679769DharmeshShah (9122)66679974MidcapsKapilBagaria (9122)66679965Oil&Gas,AgriInputsGauriAnand (9122)66679943SaurabhRathi (9122)66679951
PharmaSuryaPatra (9122)66679768Retail,RealEstateAbhishekRanganathan,CFA (9122)66679952NehaGarg (9122)66679996QuantShikhaKhurana (9122)66679948Sr.ManagerEquitiesSupportRosieFerns (9122)66679971
Sales&DistributionKinshukTiwari (9122)66679946AshvinPatil (9122)66679991ShubhangiAgrawal (9122)66679964KishorBinwal (9122)66679989SidharthAgrawal (9122)66679934DipeshSohani (9122)66679756
DileshDoshi(SalesTrader) (9122)66679747SuniilPandit(SalesTrader) (9122)66679745RajeshAshar(SalesTrader) (9122)66679748
MayurShah(Execution) (9122)66679945
ContactInformation(RegionalMemberCompanies)
SINGAPORE
PhillipSecuritiesPteLtd250NorthBridgeRoad,#0600RafflesCityTower,
Singapore179101Tel:(65)65336001Fax:(65)65353834
www.phillip.com.sg
MALAYSIAPhillipCapitalManagementSdnBhdB36BlockBLevel3,MeganAvenueII,
No.12,JalanYapKwanSeng,50450KualaLumpurTel(60)321628841Fax(60)321665099
www.poems.com.my
HONGKONGPhillipSecurities(HK)Ltd
11/FUnitedCentre95QueenswayHongKongTel(852)22776600Fax:(852)28685307
www.phillip.com.hk
JAPANPhillipSecuritiesJapan,Ltd
42NihonbashiKabutocho,ChuokuTokyo1030026
Tel:(81)336662101Fax:(81)336640141www.phillip.co.jp
INDONESIAPTPhillipSecuritiesIndonesia
ANZTowerLevel23B,JlJendSudirmanKav33A,Jakarta10220,Indonesia
Tel(62)2157900800Fax:(62)2157900809www.phillip.co.id
CHINAPhillipFinancialAdvisory(Shanghai)Co.Ltd.
No550YanAnEastRoad,OceanTowerUnit2318Shanghai200001
Tel(86)2151699200Fax:(86)2163512940www.phillip.com.cn
THAILANDPhillipSecurities(Thailand)PublicCo.Ltd.
15thFloor,VorawatBuilding,849SilomRoad,Silom,Bangrak,Bangkok10500Thailand
Tel(66)222680999Fax:(66)222680921www.phillip.co.th
FRANCEKing&ShaxsonCapitalLtd.
3rdFloor,35RuedelaBienfaisance75008ParisFrance
Tel(33)145633100Fax:(33)145636017www.kingandshaxson.com
UNITEDKINGDOMKing&ShaxsonLtd.
6thFloor,CandlewickHouse,120CannonStreetLondon,EC4N6AS
Tel(44)2079295300Fax:(44)2072836835www.kingandshaxson.com
UNITEDSTATESPhillipFuturesInc.
141WJacksonBlvdSte3050TheChicagoBoardofTradeBuilding
Chicago,IL60604USATel(1)3123569000Fax:(1)3123569005
AUSTRALIAPhillipCapitalAustralia
Level37,530CollinsStreetMelbourne,Victoria3000,Australia
Tel:(61)396298380Fax:(61)396148309www.phillipcapital.com.au
SRILANKAAshaPhillipSecuritiesLimited
Level4,MillenniumHouse,46/58NavamMawatha,Colombo2,SriLanka
Tel:(94)112429100Fax:(94)112429199www.ashaphillip.net/home.htm
INDIAPhillipCapital(India)PrivateLimited
No.1,CBlock,2ndFloor,ModernCenter,JacobCircle,K.K.Marg,MahalaxmiMumbai400011Tel:(9122)23002999Fax:(9122)66679955www.phillipcapital.in
http://www.phillip.com.sg/http://www.poems.com.my/http://www.phillip.com.hk/http://www.phillip.co.jp/http://www.phillip.co.id/http://www.phillip.com.cn/http://www.phillip.co.th/http://www.kingandshaxson.com/http://www.kingandshaxson.com/http://www.phillipcapital.com.au/http://www.ashaphillip.net/home.htmhttp://www.phillipcapital.in/
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9October2013/INDIAEQUITYRESEARCH/REALESTATEMONTHLYBUZZ
DisclosuresandDisclaimersPhillipCapital(India)Pvt.Ltd.hasthreeindependentequityresearchgroups:InstitutionalEquities,InstitutionalEquityDerivativesandPrivateClientGroup.ThisreporthasbeenpreparedbyInstitutionalEquitiesGroup.Theviewsandopinionsexpressed inthisdocumentmayormaynotmatchormaybecontraryattimeswiththeviews,estimates,rating,targetpriceoftheotherequityresearchgroupsofPhillipCapital(India)Pvt.Ltd.ThisreportisissuedbyPhillipCapital(India)Pvt.Ltd.whichisregulatedbySEBI.PhillipCapital(India)Pvt.Ltd.isasubsidiaryofPhillip(Mauritius)Pvt.Ltd.Referencesto"PCIPL"inthisreportshallmeanPhillipCapital(India)Pvt.Ltdunlessotherwisestated.ThisreportispreparedanddistributedbyPCIPLforinformationpurposesonlyandneithertheinformationcontainedhereinnoranyopinionexpressedshouldbeconstruedordeemed tobeconstruedassolicitationorasofferingadvice for thepurposesof thepurchaseorsaleofanysecurity, investmentorderivatives.The informationandopinionscontained intheReportwereconsideredbyPCIPLtobevalidwhenpublished.Thereportalsocontains informationprovidedtoPCIPLbythirdparties.Thesourceofsuchinformationwillusuallybedisclosedinthereport.WhilstPCIPLhastakenallreasonablestepstoensurethatthisinformationiscorrect,PCIPLdoesnotofferanywarrantyastotheaccuracyorcompletenessofsuchinformation.AnypersonplacingrelianceonthereporttoundertaketradingdoessoentirelyathisorherownriskandPCIPLdoesnotacceptanyliabilityasaresult.SecuritiesandDerivativesmarketsmaybesubjecttorapidandunexpectedpricemovementsandpastperformanceisnotnecessarilyanindicationtofutureperformance.This reportdoesnothave regard to the specific investmentobjectives, financial situationand theparticularneedsofany specificpersonwhomay receive this report. Investorsmustundertake independentanalysiswiththeirown legal,taxandfinancialadvisorsandreachtheirownregardingtheappropriatenessof investing inanysecuritiesor 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inthisresearchreport.TheResearchAnalystcertifiesthathe/sheorhis/herfamilymembersdoesnotownthestock(s)coveredinthisresearchreport.Independence:PhillipCapital(India)Pvt.Ltd.hasnothadaninvestmentbankingrelationshipwith,andhasnotreceivedanycompensationforinvestmentbankingservicesfrom,thesubjectissuers inthepasttwelve (12)months,andPhillipCapital (India)Pvt.Ltddoesnotanticipatereceivingor intendtoseekcompensation for investmentbankingservices fromthesubjectissuersinthenextthree(3)months.PhillipCapital(India)Pvt.Ltdisnotamarketmakerinthesecuritiesmentionedinthisresearchreport,althoughitoritsaffiliatesmayholdeitherlongorshortpositionsinsuchsecurities.PhillipCapital(India)Pvt.Ltddoesnotholdmorethan1%ofthesharesofthecompany(ies)coveredinthisreport.SuitabilityandRisks:Thisresearchreport isfor informationalpurposesonlyand isnottailoredtothespecific investmentobjectives,financialsituationorparticularrequirementsofanyindividual recipienthereof.Certainsecuritiesmaygive rise tosubstantial 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tosupervisionbyaU.S.brokerdealer,and is/arenot required tosatisfy the regulatory licensing requirementsofFINRAor required tootherwisecomplywithU.S. rulesorregulationsregarding,amongotherthings,communicationswithasubjectcompany,publicappearancesandtradingsecuritiesheldbyaresearchanalystaccount.ThisreportisintendedfordistributionbyPhillipCapital(India)PvtLtd.onlyto"MajorInstitutionalInvestors"asdefinedbyRule15a6(b)(4)oftheU.S.SecuritiesandExchangeAct,1934(theExchangeAct)andinterpretationsthereofbyU.S.SecuritiesandExchangeCommission(SEC)inrelianceonRule15a6(a)(2).IftherecipientofthisreportisnotaMajorInstitutionalInvestorasspecifiedabove,then itshouldnotactuponthisreportandreturnthesametothesender.Further,thisreportmaynotbecopied,duplicatedand/ortransmittedonwardtoanyU.S.person,whichisnottheMajorInstitutionalInvestor.In reliance on the exemption from registration provided by Rule 15a6 of the ExchangeAct and interpretations thereof by the SEC in order to conduct certain 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