Residential Property Market Overview

February 2014


RESEARCH & FORECAST REPORT
SYDNEY CENTRAL BUSINESS DISTRICT
2 Research & Forecast Report | Feb 2014 | Residential | Colliers International
www.colliers.com
ECONOMIC BAROMETER
Dec-12 Dec-13
Repo rate 8.00% 7.75%
Reverse Repo rate 7.00% 6.75%
CRR 4.25% 4.00%
Infation 7.31% 6.16%
Home loan rate 10.00% 10.30%
RETURN ON ALTERNATIVE INVESTMENTS
Dec-12 Dec-13 YoY %
Change
Gold 31,096 30,434 -2.13%
Silver 59,963 46,121 -23.08%
Fixed Deposit 8.50% 9.00% 5.88%
Equity 18,916 20,703 9.44%
Realty Index 1,940 1,347 -30.57%
Repo Rate Cash Reserve Ratio Wholesale Price Index
ECONOMIC INDICATORS
In

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Macro Economic Overview
Te GDP grew by 4.6% in the frst half of FY2013-14, which is the slowest economic
growth rate in the last nine years. Te Reserve Bank of India (RBI), Te World Bank, IMF
and ADB have lowered the growth forecast from 3.75% to 5.3% for 2013-14.
RBI raised its policy repo rate to 7.75% amid market worries over slowing growth and
the prospect of further tapering of US stimulus. Following the hike, banks are likely to
increase their home loan rates.
Due to the pessimistic economic outlook, sales volumes have come down by 15% to
40%. In the primary market, many developers were willing to negotiate on prices and
ofered various incentives. In the secondary market, a substantial discount was available
and prices were well below that of the primary market. Tis is primarily because
investors shied away from the market, as they found it difcult to fip units and do not
foresee signifcant capital appreciation in the realty sector in the short term.
COLLIERS VIEW: Te Indian real estate markets are primarily sentiment driven, and
the perception due to the adverse economic climate is that the residential sector will
witness lower demand until at least the national elections. We believe that for those
looking at a longer term investment, this is a good time to buy a property. Property today
is available at good discounts, and with prospects of a stable government the demand is
likely to rebound.
4.0
3.0
6.0
5.0
8.0
9.0
7.0
11.0
10.0
12.0
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Source: Goverment of India, Colliers International India Research
Research & Forecast Report
India I Residential | Feb 2014
1
SBI Home loan rate for loan upto INR 30 Lakhs
2
SBI Fixed deposit rate for a period of more than one year
and amount below INR 1 Crore
3
Realty Index is a free foat weighted index, comprised of
real estate development companies in the BSE-500 Index.
2
3
1
3
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
MUMBAI
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Aveza (Gateway Towers) Mulund East Tata Housing 4Q 2017 13,500
Elanza Santacruz East Shamik Group 1Q 2015 17,000
Monte South Byculla Marathon Realty 4Q 2018 18,999
Palava Dombivali Lodha Group 4Q 2018 4,545
Raheja Ridgewood Goregaon Raheja Group 4Q 2017 13,250
Sunteck City - Avenue II Goregaon Sunteck Realty 4Q 2018 12,750
Demand for premium residential
properties in the secondary sales market
remained moderate this quarter due to
high price points. In the primary market,
developers remained open to negotiation
on prices in projects having signifcant
unsold inventory.
Te market witnessed limited projects
launched in micro-markets like
Goregaon, Byculla and Dombivali. Tese
projects were priced in the range of INR
12,750 to 19,000 per sq ft. A large-scale
mid-range project, Palava by Lodha
Group, was launched at Dombivali at
INR4,545 per sq ft.
Te average capital and rental values of
prime residential properties remained
stable. Due to very limited transactions
by both investors and end-users across
the city.
Te state government has increased the
ready reckoner rates for residential and
commercial properties by up to 20% in
26 posh zones of Mumbai. Te increase
in rates will impacts micro-markets like
Worli, Napeansea Road, Altamount Road
and Carter Road. Te government is
expected to collect over INR20,000 crore
in 2013 - 14 via stamps and registration.
Te increase in the ready reckoner rates
may result in increase in property prices
in these areas.
COLLIERS VIEW: Low liquidity, an
increase in interest rates and ready
reckoner rates will keep residential
markets under pressure in coming
quarters. Absorption in the luxury
segment will remain restricted; however,
the new launches in the middle and
low-end segments will continue to
have traction at the introductory prices.
Overall capital values in the primary and
secondary sales markets are expected
to be under pressure in the short to
medium term.
0
10,000
20,000
30,000
40,000
60,000
70,000
50,000
80,000
IN
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80,000
40,000
50,000
70,000
60,000
10,000
20,000
30,000
0
Mumbai
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Colaba,
Cufe Parade
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Malabar Hill, Altamount
Road, Carmichael Road
Worli
W
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Breach Candy,
Napeansea
Road, Peddar Road
Prabhadevi
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Santacruz
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150
100
50
0
Powai
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Prabhadevi
Breach Candy,
Napeansea Road,
Peddar Road
Malabar Hill,
Altamount Road,
Carmichael Road
Colaba,
Cufe Parade
Bandra
Juhu
Andheri
Worli
Santacruz
IN
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Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
Thane - Kalyan 4,000 - 8,000
Navi Mumbai 3,500 - 7,500
Virar - Boisar 3,000 - 5,500
INVESTMENT OPPORTUNITIES
4 Research & Forecast Report | Feb 2014 | Residential | Colliers International
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
DELHI
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Capital Greens Shivaji Marg DLF Ltd. 2Q 2015 14,000
Castlewood Okhla Indiabulls Ltd. 2Q 2014 12,800
Kings Court Greater Kailash- II DLF Ltd. 1Q 2015 40,000
Queens Court Greater Kailash- II DLF Ltd. 1Q 2015 36,000
Signature Villas Connaught Place Tata Housing Ltd. 4Q 2017 120,000 - 150,000
Winter Hills Dwaraka Morh Umang Realtech 2Q 2014 10,250
Te Delhi residential market remained
depressed for a third consecutive quarter.
Sales volumes were reduced signifcantly
primarily because of limited investor
interest in view of the current political
turbulence.
Limited new supply entered into Delhi
prime residential this quarter, in the
form of redevelopment in Vasant Vihar
and Panchsheel Park micro markets.
Pressures on rents continued with the
ofcials of multinational corporations
and expatriates that are currently trying
to optimise their costs negotiating on
rental values. However, asking rentals
have not changed much from previous
quarter.
Capital values have come under pressure
and properties were available in the
market at heavy discounts. Te sales
volumes were low and only a few deals
were concluded.
In order to create more land for residential
development on the outskirts of Delhi,
the Delhi Development Authority (DDA)
proposes to target areas like Kanjhawala,
Najafgarh, Burari, Ghitroni and Bawana
for real estate development as amended
in Master Plan of Delhi (MPD-2021).
COLLIERS VIEW: Te residential sector
will witness restricted demand until at
least the national elections. However, the
new state government started focusing
on various stalled infrastructure projects
in the city which are expected to be
operational in coming quarters. Rental
and capital values will remain under
pressure in near term for premium
properties.
0
15,000
30,000
45,000
60,000
90,000
105,000
75,000
120,000
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80,000
40,000
50,000
70,000
60,000
10,000
20,000
30,000
0
Delhi
200
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120
80
40
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Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
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Anand Niketan,
Vasant Vihar
Panchashila, Anandlok,
Niti Bagh, SDA
Friends Colony,
Maharani Bagh
Shanti Niketan,
Westend
Greater
Kailash I
& II, South
Extension
Golf Links,
Jor Bagh,
Sunder Nagar
Chanakya Puri
Prithviraj Road,
Aurangzeb Road
Prithviraj Road,
Aurangzeb Road
Golf Links, Jor Bagh,
Sundar Nagar
Shanti Niketan, Westend
Chanakya Puri Friends Colony,
Maharani Bagh
Greater Kailash I & II,
South Extension
Panchashila, Anandlok,
Niti Bagh, SDA
Anand Niketan,
Vasant Vihar
5
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
GURGAON
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Ashiana Landcraft Sector 88A Ashiana Group 4Q 2017 6,250
BPTP Pedestal Sector 70A BPTP Ltd. 4Q 2018 7,000
Eldeco Sohna Sohna Road Eldeco Group 4Q 2018 4,250
Imperial Tower (Godrej Summit) Sector 104 Godrej Group 4Q 2017 7,400
Ivy Terraces Sector 70 Unitech Ltd. 4Q 2018 4,500 - 6,500
Tranquil Heights Sector 82A Vatika Group 4Q 2017 7,200
0
5,000
10,000
15,000
20,000
30,000
35,000
40,000
25,000
45,000
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18,000
8,000
10,000
16,000
14,000
12,000
2,000
4,000
6,000
0
Gurgaon
N
H

-

8
Sohna Road
& Ext
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NH - 8
Golf Course Road
S
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L
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Sushant Lok
80
60
40
20
0
IN
R

P
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r

s
q
.
f
t
.
Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
Golf Course Road
Extension
7,500 - 9,000
Sohna Extension 4,000 - 5,000
Pataudi Road 4,500 - 5,500
New Gurgaon 4,000 - 5,000
INVESTMENT OPPORTUNITIES
During 4Q 2013, restricted investor
activity pulled down the overall demand
in Gurgaons residential market. In the
primary market, developers did not
reduce the base selling price, but many
were willing to negotiate and ofered
various incentives.
Projects which were close to completion
witnessed robust demand from end-
users. However, in the secondary market,
a substantial discount was available
and prices were well below that of the
primary market. Slow construction
activities resulted in completion of few
residential projects / parts of projects
like Tulip Orange by Tulip Infratech
Pvt, Ltd, at Sector 70.
Due to decreased demand, developers
remained cautious in launching new
projects. Restricted sales volumes in
both primary and secondary markets
resulted in downward pressure on both
capital and rental values across all micro
markets.
In order to boost residential real estate
activities, the Haryana government
has decided to allow mixed land use
in commercial zones notifed in the
master plan. According to the new
policy, projects with at least 10 acres
land and located along at least 30 meter
wide road, will be allowed mixed use
development comprising a maximum of
50% residential usage.
COLLIERS VIEW: Looking forward, the
capital values are expected to remain
under pressure in coming quarters.
End-user activity is expected to remain
restricted primarily due to high price
points and relatively fewer options
available for mid-segment housing.
Te pre-launches in the mid- and low-
end segment will continue evince good
response at the introductory prices.
DLF Phase I
NH-8
Golf Course Road
Sushant Lok
Sohna Road
& Ext
6 Research & Forecast Report | Feb 2014 | Residential | Colliers International
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
NOIDA
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Brys Buzz Sector 150 Brys Group 4Q 2017 17,000
Mahagun Meadows Sector 150 Mahagun Group 4Q 2016 4,550
Pratishtha Sector 75
Panchsheel
Buildtech Pvt. Ltd
4Q 2017 4,960
Romano Sector-118 Supertech Ltd. 4Q 2017 4,150
Vasilia Sector-32 & 25A Wave Group 4Q 2016 8,370
Victory We Sector 25A Victory Projects 4Q 2015 8,650
Te NOIDA residential property market
witnessed low sales volumes in both
primary and secondary residential
markets in 4Q 2013.
New launches have dried up in the
fourth quarter in NOIDA and only a few
residential projects were launched, in
the price band of 4000 to 9000 per sq ft.
However a premium residential project
Brys Buzz by Brys Group at Sector 150
was priced at INR17,000 per sq ft.
Capital values and rental values in both
primary and secondary markets remained
stable; this is due to limited interest from
both investors and end-users. However,
developers ofered various incentives,
that included cash discount to clear their
unsold inventories.
In order to optimise the utilisation of land
and improve the habitability of NOIDA,
the NOIDA authority has approved a
mixed land use policy in NOIDA Master
Plan 2021, which will permit residential
facilities in commercial and institutional
areas.
COLLIERS VIEW: Currently, investors are
delaying their decisions due to economic
and political uncertainties. However,
considering the fact that the NOIDA
residential market is primarily driven by
end-users, the market may see marginal
increase in end-user and investor activity
with many new projects in the pipeline
ofering various attractive ofers and
other promotional schemes to lure buyer
interest. Te market is expecting the
completion of various projects that were
launched during 2009 to 2010 and which
have already been delayed one or two
years. Tis additional supply will keep
capital and rental values stable across all
micro markets.
0
1,500
3,000
4,500
6,000
9,000
10,500
7,500
12,000
IN
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12,000
6,000
7,500
10,500
9,000
1,500
3,000
4,500
0
NOIDA
Sector 50
Sector 44
Sector 61,62,63
Sector
28,29,30
Sector 92/93
40
30
20
10
0
IN
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P
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Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
NOIDA Expressway 4,000 - 7,000
Sectors 71 to 83 4,500 - 5,500
INVESTMENT OPPORTUNITIES
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Sector 61,62,63
Sector 92 / 93
Sector 28,29,30
Sector 50 Sector 44
7
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
CHENNAI
2,000
6,000
18,000
14,000
10,000
22,000
30,000
26,000
38,000
34,000
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0
1
0
3
Q
2
0
1
0
1
Q
2
0
1
2
3
Q
2
0
1
2
1
Q
2
0
1
3
3
Q
2
0
1
3
3
Q
2
0
1
4
F
1
Q
2
0
1
4
F
1
Q
2
0
1
1
3
Q
2
0
1
1
25,000
9,000
13,000
21,000
17,000
1,000
5,000
Chennai
Anna Nagar
Boat Club
Adyar
Nungambakkam
Beasant Nagar
T Nagar
Sholinganallur
Siruseri/ Kazipattur
Alwarpet /
R A Puram
Velachery
85
70
55
40
25
10
-5
IN
R

P
e
r

s
q
.
f
t
.
Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
Velachery 5,000 - 7,000
Sholinganallur 3,500 - 4,200
Siruseri/ Kazipattur 3,000 - 4,000
Kelambakkam 3,000 - 4,000
INVESTMENT OPPORTUNITIES
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Aldea Thoraipakkam Casa Grande 4Q 2015 5,100
Czar R.A.Puram Real Value 4Q 2015 25,000
Lilac Heights R.A.Puram ETA Star 4Q 2015 18,000
Manadarin Thoraipakkam Radiance 2Q 2015 7,100
Park Residence Kotturpuram Olympia Group 4Q 2015 23,000
Sukriti T.Nagar BBCL 2Q 2015 15,000
In 4Q 2013, many new premium and
mid-range projects were launched
in Chennai. Micro-markets like R.A.
Puram, T. Nagar and Kotturpuram saw
premium projects launched in the price
range of INR15,000 - 25,000 per sq ft,
while micro-markets like Toraipakkam,
Kelambakkam, Siruseri and Pallikaranai
witnessed mid-range projects launched
in the price bracket of INR3,000 - 7,000
per sq ft.

4Q 2013, saw completion of various
premium projects, including Jashn by
Arihant Group at Egmore, 36 Carat by
Akshaya Homes at Kilpauk, both priced
in the range of INR18,000 - 22,000 per
sq ft and mid-range projects like Oriana
by Doshi Housing at Perungudi; Svasti
by True Value Homes at Toraipakkam;
Lotus Pond by Vijayshanthi Group at
Padur; Upscale by Hiranandani Group
and Opaline Ph II by Olympia Group,
both at Egattur.

During the same quarter, capital
values increased in the range of 2 - 9%
QoQ across all micro-markets, except
Nungambakkam and Anna Nagar, where
capital values remained stable due to
the high price bracket and low demand
base.

Rents increased in the range of 4 - 10%
QoQ in most micro-markets, except Boat
Club, Anna Nagar, Adyar, Beasant Nagar,
T Nagar and Velachery where rents
remained stable.

COLLIERS VIEW: Going forward, we
expect a moderate increase in capital
values in the short term in the mid-range
segment. Te demand is expected to
pick up further in this segment in the
near term. Rental and capital values for
premium properties will continue to
remain stable cautious sentiments of
investors as well as occupiers.
A
d
y
a
r
A
n
n
a

N
a
g
a
r
N
u
n
g
a
m
b
a
k
k
a
m
A
l
w
a
r
p
e
t

/

R

A

P
u
r
a
m
V
e
l
a
c
h
e
r
y
S
h
o
l
i
n
g
a
n
a
l
l
u
r
S
i
r
u
s
e
r
i
/

K
a
z
i
p
a
t
t
u
r
T

N
a
g
a
r
B
e
a
s
a
n
t

N
a
g
a
r
B
o
a
t

C
l
u
b
Boat Club
Siruseri/
Kazipattur
Velachery
Sholinganallur
Anna Nagar
T Nagar
Adyar Beasant Nagar
Nugambakkam
Alwarpet /
R A Puram
8 Research & Forecast Report | Feb 2014 | Residential | Colliers International
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
BENGALURU
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Concorde Amber Of Sarjapur Road Concorde Group 4Q 2016 4,000
Mantri Lithos Of Hebbal Mantri Developers 4Q 2017 5,590
Prestige Lakeside Habitat Varthur Road Prestige Group 4Q 2017 4,770
Purva Westend Hosur Main Road
Puravankara
Developers
4Q 2017 4,890
Skylark Ithaca Whitefeld Skylark Mansion 4Q 2017 3,930
Sobha Palladium Yemlur, Old Airport Road Sobha Developers 4Q 2016 8,560
In 4Q 2013, the Bengaluru residential
market witnessed reasonable demand
for residential space, mainly in micro-
markets like Yelahanka, Sarjapur,
Whitefeld and Tanisandra Road.
However there were less projects
launched this quarter as compared to
previous three quarters.
In this quarter, the city witnessed
completion of various premium and
mid-range projects, like Nitesh Central
Park by Nitesh Estates at Bagalur Cross,
Concorde South Scape by Concorde
Group at E-City Phase 2, Patel Smondo
Ville by Patel Realty at E-City Phase 1, and
Chartered Jardin by Chartered Housing
at RMV 2nd Stage.
Overall capital values in most of the
micro-markets remained stable during
the quarter; however, a increase of 9 -
12% QoQ was witnessed in locations like
Jayanagar, Bannerghatta Road, Whitefeld
and Yelahanka. Tis is because few
projects have been launched at a premium
price, making a signifcant change in the
average capital price range.
Continuous demand from IT/ITeS sector
employees caused an upsurge of 1 - 7% in
rents QoQ, across all micro-markets.
In a major land deal, Tata Housing has
purchased 20 acres of land in north
Bengaluru from Alstom T&D India for
a total consideration of INR120 crore to
develop a luxury housing project.
COLLIERS VIEW: Te citys premium
residential market is expected to remain
active, due to healthy residential demand
for mid-range and premium housing,
accompanied by full-on construction
activities. Looking at the positive outlook,
we anticipate that capital values will
increase further from 2 to 4% QoQ across
all micro-markets.
0
4,000
8,000
12,000
16,000
24,000
28,000
20,000
32,000
IN
R

p
e
r

s
q
.
f
t
.
IN
R

p
e
r

s
q
.
f
t
.

p
e
r

m
o
n
t
h
1
Q
2
0
0
8
3
Q
2
0
0
8
3
Q
2
0
0
9
1
Q
2
0
0
9
1
Q
2
0
1
0
3
Q
2
0
1
0
1
Q
2
0
1
2
3
Q
2
0
1
2
1
Q
2
0
1
3
3
Q
2
0
1
3
3
Q
2
0
1
4
F
1
Q
2
0
1
4
F
1
Q
2
0
1
1
3
Q
2
0
1
1
25,000
20,000
15,000
5,000
10,000
0
Bengaluru
Jayanagar
Central
Palace
Orchard
Cooke Town
Airport Road
Indiranagar
Koramangala
Whitefeld
Yelahanka
Bannerghatta Road
80
60
40
20
0
IN
R

P
e
r

s
q
.
f
t
.
Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
Airport Road 5,000 - 7,000
Bannerghatta Road 4,200 - 6,000
Whitefeld 4,400 - 6,000
Yelahanka 3,500 - 5,000
INVESTMENT OPPORTUNITIES
Y
e
la
h
a
n
k
a
B
a
n
n
e
r
g
h
a
t
t
a

R
o
a
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A
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r
p
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R
o
a
d
A
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r
p
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t

R
o
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d
W
h
i
t
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f
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d

J
a
y
a
n
a
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C
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T
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w
n
K
o
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a
m
a
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a
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a
I
n
d
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a
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a
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P
a
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a
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O
r
c
h
a
r
d
C
e
n
t
r
a
l
Central
Yelahanka
Koramangala
Indiranagar
Jayanagar
Bannerghatta Road
Palace Orchard
Cooke Town
Airport Road
Whitefeld
9
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
KOLKATA
0
10,000
20,000
30,000
40,000
60,000
70,000
50,000
80,000
IN
R

p
e
r

s
q
.
f
t
.
IN
R

p
e
r

s
q
.
f
t
.

p
e
r

m
o
n
t
h
1
Q
2
0
0
8
3
Q
2
0
0
8
3
Q
2
0
0
9
1
Q
2
0
0
9
1
Q
2
0
1
0
3
Q
2
0
1
0
1
Q
2
0
1
2
3
Q
2
0
1
2
1
Q
2
0
1
3
3
Q
2
0
1
3
3
Q
2
0
1
4
F
1
Q
2
0
1
4
F
1
Q
2
0
1
1
3
Q
2
0
1
1
20,000
8,000
10,000
18,000
16,000
12,000
2,000
4,000
6,000
0
Kolkata
50
40
30
20
10
0
IN
R

P
e
r

s
q
.
f
t
.
Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
Tollygunge 3,600 - 4,800
Behela 2,900 - 3,700
Salt Lake 4,000 - 6,000
EM Bypass 4,000 - 7,000
New Town
-Rajarhat
3,200 - 4,600
INVESTMENT OPPORTUNITIES
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Curiocity Action Area-III Realtech Nirman 4Q 2016 4,150
Ideal Aquaview Mahishbatan Ideal Group 4Q 2016 3,700
Ivory Tower Tollygunj Ivory Group 4Q 2015 4,000
Magnolia Skyview Rajarhat Magnolia Group 4Q 2016 3,200
North Grande Belghariya Expressway Mounthill Realty 4Q 2016 3,600
Sucasa Twins Norendrapur
Rupayan Construc-
tion Pvt Ltd
4Q 2015 2,900
Reasonable demand was witnessed
during the quarter, primarily in mid-
range micro-markets located in South
and North Kolkata. Most of this demand
has come from end users.
During 4Q 2013, the Kolkata residential
market saw many new launches
especially in micro-markets like
Rajarhat Action Area-III, Mahishbathan,
Tollygunj, Narendrapur and Belghariya
Expressway. Most of these projects were
launched in the afordable and mid-
ranges and were priced in the range of
INR2,900 - 4,150 per sq ft.
Construction activities remained
moderate resulting in completion of few
projects / parts of the projects during
the last quarter of 2013, including Meera
Garden by Rajat Group at Madhyamgram
and Tirumani by Mani Group at
Ballygunje.
Capital values in the premium residential
market remained stable in almost all
micro-markets, except Alipore and
Ballygunge where around a 3% QoQ
increase was witnessed during the
quarter. On the other hand, rents rose
in the range of 1 - 4% QoQ in almost all
micro-markets, except PA Shah Road,
Loudon Street, Ballygunge and VIP Road
where rents remained stable, due to low
base demand and limited availability.
COLLIERS VIEW: Many mid-range and
afordable residential projects were
launched in the peripheral locations
and the city witnessed increasing
activity in the mid-range segment. Tis
could be due to smaller ticket size and
afordability. Looking forward, capital
values are expected to rise marginally,
especially in the outskirt micro-markets
due to demand from end-users.
A
l
i
p
o
r
e
B
a
l
l
y
g
u
n
g
e
B
h
a
w
a
n
i
p
u
r
E
M

B
y
p
a
s
s
P
A

S
h
a
h

R
o
a
d
L
o
u
d
o
n

S
t
r
e
e
t
N
e
w

T
o
w
n

-
R
a
j
a
r
h
a
t
S
a
l
t

L
a
k
e
T
o
l
l
y
g
u
n
g
e
V
I
P

R
o
a
d
B
e
h
e
l
a
Bhawanipur
PA Shah Road
Tollygunge
Loudon Street
Behela
Alipore EM Bypass
Ballygunge
Salt Lake
VIP Road
New Town Rajarhat
Bhawanipur
EM Bypass
Ballygunge
Behela
Tollygunge
P A Shah Road
New Town -
Rajarhat
Loudon street
Alipore
VIP Road
Salt Lake
10 Research & Forecast Report | Feb 2014 | Residential | Colliers International
Demand for residential units in Pune
continued to remain stable and the city
witnessed launch of a number of mid-
range projects in the price range of INR
4,500 to 5,500 per sq ft. However, few
premium projects like Te Palladium
by Guardian Developers at Kothrud,
Sanctum by Kumar Properties at Baner,
and Panchshil One North by Panchshil
Realty at Hadapsar, were priced in the
range of INR9,900 to INR14,900 per sq ft.
During the surveyed quarter, construction
activities remained slow and thus no
known projects / parts of projects saw
completion. Going ahead, construction
activities are likely to improve.
Capital values in micro markets like
Kalyani Nagar, Viman Nagar, Kharadi,
Deccan, Camp, Boat Club, Pimpri-
Chinchwad and Chakan saw a marginal
increase in the range of 1% to 3% quarter-
on-quarter (QoQ). Te rest of all micro
markets remained stable.
In 4Q 2013, the local government hiked
the Ready Reckoner (RR) rates in an
average range of 10% to 20% in almost
all the micro markets. Capital values
are set to increase mainly in locations
like Koregaon Park, Pimple Gurav and
Pimpri-Chinchwad, where a sharp
increase in rates was witnessed.
COLLIERS VIEW: Te Pune residential
market saw many new launches in both
premium and mid segments. Continuous
demand from end-users and investors was
witnessed and is expected to continue in
the coming few quarters. In anticipation
of reasonable demand, capital values are
expected to rise in the mid-range and
afordable housing locations like Pimpri-
Chinchwad, Chakan and Kondhwa in the
range of 2% to 3% on a quarterly basis.
4Q 2013 1Q 2014F
Capital Value
Rental Value
New Project
Construction Pace
PUNE
SELECT NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER
NAME
TENTATIVE
POSSESSION*
RATE (PER
SQ.FT.)**
Bramha Skycity Dhanori
Bramha Realty &
Infrastructure
3Q 2015 4,550 - 4,600
Eastern Ranges phase II Keshav Nagar Phadnis Properties 4Q 2015 5,200
Guardian The Palladium Kothrud
Guardian
Developers
1Q 2017 14,900
Nyati Evita Lohegaon Nyati Group 4Q 2016 4,500
Panchshil One North Hadapsar Panchshil Realty 4Q 2016 9,900
Sanctum Baner Kumar Properties 1Q 2017 12,000
0
10,000
20,000
30,000
40,000
60,000
70,000
50,000
80,000
IN
R

p
e
r

s
q
.
f
t
.
IN
R

p
e
r

s
q
.
f
t
.

p
e
r

m
o
n
t
h
3
Q
2
0
0
9
1
Q
2
0
0
9
1
Q
2
0
1
0
3
Q
2
0
1
0
1
Q
2
0
1
2
3
Q
2
0
1
2
1
Q
2
0
1
3
3
Q
2
0
1
3
3
Q
2
0
1
4
F
1
Q
2
0
1
4
F
1
Q
2
0
1
1
3
Q
2
0
1
1
11,000
6,000
8,000
7,000
10,000
9,000
3,000
4,000
5,000
2,000
Pune
30
25
20
15
10
5
0
IN
R

P
e
r

s
q
.
f
t
.
Note: Above values represents indicative asking price for
premium properties
Note: * As mentioned by developer ** Base selling price as quoted by developer
AVERAGE CAPITAL VALUE RANGE
AVERAGE RENTAL VALUE
AVERAGE CAPITAL VALUE TRENDS
CITY RESIDENTIAL BAROMETER
Note: Ongoing Price: Indicative asking price in the primary
market.
Micro Market
Ongoing Price
(P.S.F)
Kalyani Nagar/
Viman Nagar/
Kharadi
5,000 - 12,000
Baner/Hinjewadi/
Wakad/Pashan
5,000 - 12,000
Kothrud/Bavdhan/
Wajre
3,800 - 6,000
NIBM/Undri/
Kondhwa
3,800 - 5,000
Pimpri/Chinchwad/
Chakan
3,000 - 4,500
INVESTMENT OPPORTUNITIES
K
a
l
y
a
n
i

N
a
g
a
r
/
V
i
m
a
n

N
a
g
a
r
/
K
h
a
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a
d
i

B
h
a
w
a
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i
p
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c
c
a
n
/
C
a
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p
/
B
o
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t

C
l
u
b
B
a
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/
H
i
n
j
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w
a
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i
/
W
a
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a
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/
P
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a
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M
a
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a
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p
a
t
t
a
/
H
a
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a
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s
a
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N
I
B
M
/
U
n
d
r
i
/
K
o
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d
h
w
a
K
o
t
h
r
u
d
/
B
a
v
d
h
a
n
/
W
a
j
r
e
P
i
m
p
r
i
/
C
h
i
n
c
h
w
a
d
/
C
h
a
k
a
n
Kalyani Nagar/Vi-
man Nagar/Kharadi
Bhawanipur
Deccan/Camp
/Boat Club
Baner/Hinjewadi
/Wakad/Pashan
Magarpatta/
Hadapsar
NIBM/
Undri/
Kondhwa
Kothrud/ Bavdhan/ Wajre
Pimpri/
Chinchwad
/Chakan
Kalyani Nagar/Viman Nagar/
Kharadi
Kothrud/Bavdhan/Wajre
NIBM/Undri/Kondhwa
Pimpri/Chinchwad/Chakan
Deccan/Camp/Boat Club/
Central Pune
Magarpatta/Hadapsar
Baner/Hinjewadi/Wakad/
Pashan
11
Mumbai
Te high-end residential real estate markets in Mumbai include Malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road,
Breach Candy, Colaba, Cufe Parade, Prabhadevi, Worli, Bandra, Khar, Santacruz, Juhu and Powai.
Delhi
Te prime residential areas in Delhi are in the South region and comprise Vasant Vihar, Westend, Shanti Niketan, Anand Niketan and
Central Delhi locations. Tese areas enjoy proximity to embassies, the airport and central commercial areas - Connaught Place.
Gurgaon
Te prime residential locations of Gurgaon include Golf Course Road, DLF Phase I, Sushant Lok and Sohna Road. Te Delhi- Jaipur
Highway (NH-8) is also emerging as a preferred residential location owing to its proximity to the national capital.
NOIDA
NOIDA premium residential market is comprised of sectors 44, 50, 92, 61, 62, 63 , 28, 29, 30 and Taj Express Highway.
Chennai
Te prime residential areas in Chennai include Boat Club, R.A.Puram, MRC Nagar, Tiruvanmiyur, Valmiki Nagar and Besant Nagar,
R.A Puram, Mylapore and Adyar in South Chennai, Nungambakkam, Chetpet, Poes Garden, Egmore, Alwarpet, T. Nagar in Central
Chennai; and Anna Nagar, Kilpauk in North West Chennai.
Bengaluru (Bangalore)
Te residential market of Bengaluru comprises both apartments and independent residences. Currently, high-end residential
developments are mainly concentrated along the CBD, and Eastern and South precincts of the city. Recently, Northern Bengaluru has
also witnessed a spree of realty activity facilitated by the new International Airport at Devanhalli.
Kolkata
Te prime residential areas in Kolkata include PA Shah Road, Tollygunge and Bhawanipur in South Kolkata, Alipore and Behala in
South-west Kolkata, Loudon Street and Ballygunge in Central Kolkata; and Salt Lake, EM Bypass and VIP Road in North Kolkata.
Pune
Te prime residential areas in Pune include Kalyani Nagar, Viman Nagar, Boat Club Road, NIBM Road, Magarpatta, Hadapsar, Koregaon
Park. Recently, increased activities has been witnessed in Pimpri-Chinchwad, Baner-Pashan and Kondhwa.
Residential Submarkets
CITY BAROMETERS
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter
12 Research & Forecast Report | Feb 2014 | Residential | Colliers International
Copyright 2014 Colliers International.
ensure its accuracy, we cannot guarantee it. No responsibility is assumed for any inaccuracies. Readers are encouraged to consult
their professional advisors prior to acting on any of the material contained in this report.
About Colliers International
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195
EMEA: 85
$2
billion in
annual revenue
1.12
billion square feet
under management
13,500
professionals
Primary Authors:
Surabhi Arora I Associate Director
Research
surabhi.arora@colliers.com
+91 124 456 7500
Mumbai: |ug|uvendru |rub|u l 0ce 0|recior
raghavendra.prabhu@colliers.com
Delhi / NCR: Ajuy |u||eju l 0ce 0|recior
ajay.rakheja@colliers.com
Amit Oberoi I National Director
Valuation & Advisory Services & Research
amit.oberoi@colliers.com
Sachin Sharma I Assistant Manager
Research
sachin.sharma@colliers.com
Technopolis Building, 1st Floor,
DLF Golf Course Road,
Sector 54, Gurgaon - 122 002
TEL +91 124 456 7500
Bengaluru: 0ouium C|u|ruboriy l 0ce 0|recior
goutam.chakraborty@colliers.com
Pune: Sures| Cusie|||no l 0ce 0|recior
suresh.castellino@colliers.com
Chennai: |uus||| |eddy l 0ce 0|recior
kaushik.reddy@colliers.com
Kolkata: Soumyu |u||erjee l 0ce 0|recior
soumya.mukherjee@colliers.com
For Residential Services: