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Monthly Real Estate Monitor July 2012

Mumbai
Office leasing continued to be moderate on the back of stable office space demand in Mumbai during June. Despite there being few new completions during the month, the vacancy rate inched up marginally as compared to previous months levels. Moderate precommitments in new completions during the month were one of the reasons for this trend. The key leases recorded in June were Business Systems & Solutions and Cabott both of which leased space in Kesar Solitaire at Nerul. Enam Securities leased space in Express Towers at Nariman Point. The buildings, which got operational in June were Pinnacle Tower at BKC (SBD BKC) and Mindspace 1 Building 1 at Airoli (Thane &Navi Mumbai Suburbs). Rents and capital values continued to remain stable in most office buildings in Mumbai. This was largely due to developers encouraging cautious occupiers to execute their real estate plans, amidst uncertain global macro-economic conditions. Due to lack of quality malls in the city, retailers demands seemed to be polarised towards standalone formats, high streets and mixed-use developments. Preleasing activity also rose marginally during the month for the aforementioned reason. Vacancy decreased slightly with no new mall completions in June. There was a borderline increase in rents in the prime retail submarkets of Mumbai. Capital values also witnessed a revival in some select precincts such as Lower Parel and Malad given a healthy leasing activity in the upcoming malls at these locations. Residential sales declined in June primarily in the luxury segment. The key projects launched during the month were Lodha Group, launching a project in Kalachowky, Hiranandani Upscale launching a project in Chembur, Ariisto Realtors launching Ariisto Cloud in Vile Parle (W) and Sheth Creators launching a project in Sion. Select locations in in the Navi Mumbai sub-market recorded an increase in rents while the rest of the residential real estate market in Mumbai remained stable. Capital values also remained stable during the

month, except in areas such as Kharghar, where they rose marginally.


Office Key Precincts Lower Parel BKC Andheri Goregaon-Malad Wagle Estate Thane-Belapur Road Retail Key Precincts Lower Parel Malad Ghatkopar Mulund Thane Navi Mumbai Residential Key Precincts Lower Parel Wadala Andheri Ghatkopar Ghodbunder Road Kharghar Rents INR per sq ft per month 150-180 250 - 350 100 - 150 80 - 100 45 - 60 40 - 55 Rents INR per sq ft per month 250 - 350 160 - 250 140 - 220 120 - 200 100 - 160 70 - 150 Rents INR per month for a 1,000 sq ft 2BHK apartment 70,000 90,000 40,000 - 55,000 35,000 50,000 35,000 45,000 12,000-20,000 12,000-20,000 Capital Value INR per sq ft 19,000 -23,000 25,000 -35,000 9,000 15,000 8,000 -10,000 5,000 6,000 5,000 6,000 Capital Value INR per sq ft 22,000 32,000 12,000 20,000 10,000 - 18,000 10,000 16,000 8,000 14,000 7,000 12,000 Capital Value INR per sq ft 23,000 30,000 14,500 16,500 10,000 16,000 9,500 11,000 5,500 7,000 4,800 6,500

INFRASTRUCTURE ONGOING >> Phase I of Mumbai Mono Rail connecting Wadla to Chembur is expected to complete by 2013 end. >> Phase I of Mumbai Metro Rail connecting Versova to
Ghatkopar is expected to complete in 2013.

About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the companys investment management business, is one of the worlds largest and most diverse in real estate with $47.7 billion of assets under management. Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,000 employees operating in 81 offices in 15 countries across the region. The firm was named the Best Property Consultancy in Asia Pacific at The Asia Pacific Property Awards 2011 in association with Bloomberg Television. For further information, please visit our website, www.ap.joneslanglasalle.com About Jones Lang LaSalle India Jones Lang LaSalle is Indias premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across eleven cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 4800, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, Industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory. For further information, please visit www.joneslanglasalle.co.in For more information about our research Ashutosh Limaye Head, Research and REIS ashutosh.limaye@ap.jll.com +91 98211 07054 Trivita Roy Assistant Vice President, Research trivita.roy@ap.jll.com +91 40 4040 9100 Research Dynamics 2012 Pulse reports from Jones Lang LaSalle are frequent updates on real estate market dynamics.

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