SUMMER TRAINING REPORT

CONDUCTED AT
STANLEY WORKS (INDIA) PVT. LTD.
ON

“UNDERSTANDING OF REAL ESTATE INDUSTRY

AND RESIDENTIAL BUYER”

SUBMITTED TO
Institute of Management Studies & Research, M.D. University,
Rohtak
In partial fulfillment for the requirement for the award of
degree of
Master of Business Administration.

SUBMITTED BY:-

Deepa
k Gulia
MBA – 5.9
Regn. No. 05-RUR-1027

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 DECLARATION

I, DEEPAK GULIA, M.B.A(5 year), hereby declare that project entitled

“UNDERSTANDING OF REAL ESTATE INDUSTRY AND RESIDENTIAL BUYER”
submitted in the partial fulfillment of the degree for Master of Business Administration to
“IMSAR ROHTAK” is of my own accurate work.
I further declare that all the facts & figures furnished in this report are the outcome of my
own intensive research & findings.

DEEPAK GULIA

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 ACKNOWLEDGEMENT

I am thankful to my industry mentor Mr. P.N. MISHRA for his constant guidance and
help in completion of this project.

I am grateful to my academic mentor Mr. JAGDEEP SINGLA for being a project guide
and for giving me all the freedom to work and helping and advising me throughout the
project.

(DEEPAK GULIA)

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 CONTENTS

INTRODUCTION

COMPANY PROFILE

 ABOUT MERITON GROUP

 VISION

 MISSION

 PROJECT PORTFOLIO

 STARTEGY

STRENGHTS

INDUSTRY OVERVIEW

 REAL ESTATE INDUSTRY

 REAL ESTATE IN INDIA

 RESIDENTIAL REAL ESTATE DEVELOPMENT

 INDUSTRY CHARACTERISTICS

 CURRENT SCENARIO & FUTURE OUTLOOK

 CHANGING DEVELOPERS PROFILE

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  OPPORTUNITIES

 KEY PLAYERS IN RESIDENTIAL REAL ESTATE

BASIC HOME TYPES

DECISION BEHAVIOUR SHOWN BY BUYER

HOUSING SELLING TIPS

SEVEN THINGS TO LOOK FOR IN A REALTOR

RECOMMENDATIONS

BIBLIOGRAPHY

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COMPANY PROFILE

India's leading Real Estate Developer

Established in 1972, Unitech today is India's leading real estate company with projects across the country. Unitech is known
for the quality of its products and is the first real estate developer to have been certified ISO 9001:2000 certificate in North
India. The Unitech brand is well recognised in India and was once again conferred with the title of “Superbrand” by
Superbrand India in 2010.

Unitech has the most diversified product mix comprising Residential, Commercial/Information Technology (IT) Parks, Retail,
Hotel, Amusement Parks and Special Economic Zones (SEZ).

The Company is also the recipient of the CW Architect and Builders Award, 2008 for being one of India's Top Ten Builders.

Unitech has long partnered with Internationally acclaimed architects and design consultants including SOM(USA), BDP(UK),
Maunsell AECOM(HK), MEA Systra(France), Callison Inc.(USA), FORREC(Canada), SWA and HOK(USA) for various
projects.

Unitech's clientele for commercial projects includes global leaders such as Fidelity, McKinsey, Bank of America, Ford
Motors, Nike, EDS, Hewitt, Amdocs, Ernst & Young, Reebok, Keane, Seagrams, Perfetti, Exxon Mobile and AT Kearney.

Unitech Ltd. and Norway Based Telenor Group (6th Largest Mobile Communication Provider in the world) came together to
build UNINOR - a telecommunication service company and is providing GSM services in 22 circles across India.

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Vision

To be India’s leading Real Estate company with a Pan-India Footprint, and be the
company of first choice amongst our customers to address their needs across all realty
verticals.

Mission

To satisfy every customer’s need for a better experience through quality construction and
employee contentment. Unitech has a well-managed architectural and engineering team
that has closely partnered and worked with internationally acclaimed architects and many
others, to achieve both aesthetic and efficient designs. We are a customer oriented
company and we believe in putting in our best foot forward in our journey to the
pinnacle.

Philosophy

A toddler learns his A,B,C’s from a school. He grows up to be a top notch executive
working in a cyber park. He buys a house to flaunt his independence. He unwinds in a
hotel and catches up with his friends in a clubhouse. He shops in a mall and takes his
family to the nearby theme park. And finally, satisfied, he hangs up his shoes in his
private villa. A common success story.

Except that, Unitech had been a part of his journey all along.

They say it’s a small world… We at Unitech believe we are the reason behind it.

We have laid the building blocks for millions of lives and humbly we continue to do so.
We are proud to have made the world a better place to be in.

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UNITECH is innovation

Unitech entered civil engineering in 1974 with its sights firmly set on the future. And
that's where our vision is fixed today. Building upon experience and expertise Unitech is
constantly looking for ways to improve all our lives. From power transmission lines and
highways to theme parks, from steel plants to residential developments, from indoor
stadiums to hotels our work is often pioneering and always challenging. Our enviable
track record proves our ability to deliver. To view our achievements and see how we have
grown click on the arrows.

Click to enlarge

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MANAGEMENT TEAM

Mr. Ramesh Chandra is the Executive Chairman of Unitech. A graduate in civil

engineering from IIT Kharagpur, he has also obtained a masters degree in structural
engineering from the University of South Hampton (UK). Associated with the company
since its inception, he is the leading light of the real estate industry in India.

Ajay Chandra, son of Mr. Ramesh Chandra, is Managing Director of Unitech. He

studied civil engineering from Cornell University, USA and completed his masters in
business administration from University of North Carolina, USA. With the company
since 2003, he oversees the real estate operations and expansion into various geographies.

Sanjay Chandra, the other son of Mr. Ramesh Chandra, is also Managing Director of
Unitech. He has completed business management at Boston University, USA. With
Unitech since 2001, he has been responsible for the launch of various projects of the

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company. He is also responsible for diversifying the company into the telecom business
and is the Chairman of Unitech Wireless, which has its services under the brand of
Uninor.

Achievements

 Unitech is known for the quality of its products and is the first real estate
developer to have been certified ISO 9001:2000 certificate in North India.

 The Unitech brand is well recognised in India and was once again conferred with
the title of “Superbrand” by Superbrand India in 2010.

 The Company is the recipient of the CW Architect and Builders Award, 2008 for
being one of India's Top Ten Builders.

 Unitech scrip is one of the most liquid stocks in the Indian stock markets and was
the first real estate company to be part of the National Stock Exchange's NIFTY 50
Index.

Awards

 Unitech’s The Great India Place in Noida has received the ISCF (Indian Shopping
Center Forum) award for the best design in the year 2008.

 Unitech’s retail properties – The Great India Place, Noida and Metrowalk, Rohini
received the Cityscape awards ‘Seal of Distinction’ in the year 2009 for Real Estate in
Asia.

Unihomes - Ad Rating

Unihomes first campaign called ‘MERA HAI’ was launched in June 2009. This TVC
topped the charts on the attributes of ad diagnostics with 89 points while it scored a
whopping 100% on the likeability index. It scored a 94% on enjoyment, 81% on
believability and 80% percent on claim giving it a tally of 89. View Rating Superbrands

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INDUSTRY OVERVIEW

THE INDIAN ECONOMY

In recent years, India has experienced rapid economic growth. India’s GDP grew at 8.5%,
7.5% and 8.1% in fiscal 2003, 2004 and 2005 respectively. In fiscal 2005, the industrial,
agricultural and service sectors in India grew by 9.0%, 2.3% and 9.8% respectively. An
important factor in the growth of the services sector has been the strong growth of the IT
and ITES sectors. These sectors benefited from the growing international trend toward
off shoring and the resultant demand for skilled, low cost, English speaking workers.
Indian competitiveness in this area has been aided by substantial investment in
telecommunications infrastructure and the phased liberalization of the communications
sector. Economic growth is forecast at 7.6% in fiscal 2006 and 7.8% in fiscal 2007.

THE REAL ESTATE SECTOR

The term 'real estate' connotes land, including the air above it and the ground below it,
and any building or structures on it. It covers residential housing, commercial offices,
trading spaces such as theatres, hotels and restaurants, retail outlets, industrial buildings
such as factories and government buildings. Real estate involves the purchase, sale and
development of land, residential and non-residential buildings. The activities of the real
estate sector encompass the housing and construction sector also. Real estate is a major
employment driver, being the second largest employer, next only to agriculture. This is
because of the chain of backward and forward linkages that the sector has with other
sectors of the economy. About 250 ancillary industries such as cement, steel, brick,
timber, building material etc. are dependent on the real estate industry. A unit increase in
expenditure in this sector has a multiplier effect and the capacity to generate income as
high as five times. Contribution of housing and real estate to India's GDP is mearge 1%
against 3-6% of developing countries. If the economy grows at the rate of 10%, the

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housing sector has the capacity to grow at 14% and generate 3.2 million new jobs over
the next 10 years.

THE REAL ESTATE SECTOR IN INDIA

Historically, the real estate sector in India was unorganized and characterized by various
factors that impeded organized dealing, such as the absence of a centralized title registry
providing title guarantee, lack of uniformity in local laws and their application, non-
availability of bank financing, high interest rates and transfer taxes, and the lack of
transparency in transaction values. In recent years however, the real estate sector in India
has exhibited a trend towards greater organization and transparency, accompanied by
various regulatory reforms.

These reforms include:

 GoI support for the repeal of the Urban Land Ceiling Act, with
nine state governments having already repealed the Act;
 modifications in the Rent Control Act to provide greater protection
to homeowners wishing to rent out their properties;
 rationalization of property taxes in a number of states; and
 the proposed computerization of land records.

The trend towards greater organization and transparency has contributed to the
development of reliable indicators of value and the organized investment in the real estate
sector by domestic and international financial institutions, and has also resulted in the
greater availability of financing for real estate developers. Regulatory changes permitting
foreign investment are expected to further increase, investment in the Indian real estate
sector. The nature of demand is also changing, with heightened consumer expectations
that are influenced by higher disposable incomes, increased globalization and the
introduction of new real estate products and services. These trends have benefited from
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the substantial recent growth in the Indian economy, which has stimulated demand for
land and developed real estate across our business lines. Demand for residential,
commercial and retail real estate is rising throughout India, accompanied by increased
demand for hotel accommodation and improved infrastructure. Additionally, the tax and
other benefits applicable to SEZ’s are expected to result in a new source of real estate
demand.

The Indian real estate sector can be divided into the organized and unorganized segments,
with the unorganized segment accounting for over 70% of the housing units constructed.
The organized segment comprises private real estate developers and government or
government affiliated entities. The major players in the organized sector are Hudco, state
housing bodies and private real estate developers like DLF Universal Limited, Unitech
Limited, Ansal Properties and Infrastructure Limited, the Hiranandani group, the Raheja
group and Gesco. The industry is highly fragmented with most of the real estate
developers having a city-specific or region specific presence. The unorganized sector
comprises small builders and contractors, who primarily construct houses on a contract
basis with individuals. Real estate developers in the organized sector are actively
considering townships, multiplexes and shopping malls to drive their business prospects.
Regional real estate players characterize the industry, as there are no strong national
players in the sector. Some of the key developers are Parsvanath Developers Limited,
DLF, Unitech, Ansals and the Rahejas. Apart from developing residential/commercial
complexes, some established developers have diversified into hotels. For instance, in
Mumbai; the Hiranandani group has forayed into hotel through its hotels 'Rodas'; while
the Rahejas have established hotels in association with Marriott. Most established players
in the industry fund their projects through the promoters' contribution and intra-group
loans. The developer's ability to sell a large portion of its project in advance enables the
projects to be largely self-financed, even at an early stage. The developer's
reputation/land title also plays an important in influencing the selling price of the
projects. Secondary information on the financials of developers is not available.
However, according to industry sources, the margins on a residential property vary,

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depending upon the location of the project, the amenities provided and the developer's
reputation/ title. While amenities have an impact on the construction costs, the location of
the project affects land costs and selling prices.

Real Estate Scenario In India

The development of real estate in India is estimated to be around US$ 15 billion and it is
growing at a rate of 30 per cent every year. Almost 90 per cent of real estate developed is
residential space and the rest include office, hotels shopping malls and hospitals. This
kind of double-digit growth is primarily attributed to the off-shoring and outsourcing
businesses, such as high-end technology consultation, call centers and programming
houses which in 2004 are estimated to have accounted for 12 million square feet of real
estate.

The demand from the information technology sector certainly has changed the urban
landscape in India. According to estimation in India, there is a demand for nearly 70
million square feet of IT & ITES space over the next four and five years. Several
multinational companies continue to move their organizational operations to India to take
advantage of lower manpower and other costs. Providing human resources and home at
their work place assume great significance and therefore the requirement to create space
for people to live and work that in turn cause the development of other related
infrastructure. It has been a predominant trend to set up the world’s best business centers,
often campus-style establishments, bearing a distinguishing corporate stamp. Some of
these locations are so distinctive that they are termed as the "temples of new or modern
India". It is just an indication of the extent that the development of real estate taking
place.

Another case in point is Gurgaon, one of the national capital regions of India, which has
seen a fundamental change in not just its skyline but also in its fundamental urban
demographics. Gurgaon, a few years ago, was described as just a small town built on a

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cow pasture. But in the past seven and eight years, it has witnessed 20 malls with many
more under construction and has a skyline of shining new office buildings and call
centers. Gurgaon is considered a shopper's paradise and the malls are similar versions of
their US counterparts: five story big bazaars which house almost every international
brand like McDonalds, Levis, Nokia, Nike and Tommy Hilfiger along with multiplex
cinemas, escalators and large parking lots. The arrival of call center industry, information
technology houses and other such BPOs in India has led to an inflow of more than
900,000 new jobs. Outsourcing business has changed the real face of commercial real
estate in India, but its greater impact has been the demographic shift characterized by
rising disposable incomes and increased consumerism.
The real estate market in India remains unorganized, fairly fragmented, mostly
characterized by small players with a local presence. Traditionally, real estate developers
were viewed with an element of skeptical attitude. Developers were often identified with
dealing with large amounts of unaccounted money, lacking transparency and would use
unscrupulous means to acquire a variety of regulatory approvals.
Scenario of real estate in India is changing positively at a rapid pace. Developers
were understood as being risky as builders were very much known to borrow for one
project and utilize it for another. In addition, they overstretch their limits and not have
sufficient funding to complete the building construction. But things have changed clearly
these days. Initially, developers have perceived clearly the merits of corporatising
themselves and raising the value of transparency in terms of their financials.

RESIDENTIAL REAL ESTATE DEVELOPMENT

The growth in the residential real estate market in India has been largely driven by rising
disposable incomes, a rapidly growing middle class, low interest rates, fiscal incentives
on both interest and principal payments for housing loans, heightened customer
expectations, as well as increased urbanization and nuclearisation. Highlights of real
estate industry:

 There is a shortage of 12 million housing units in urban areas;

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  There is scope for 400 township projects over the next five years spread across 30
to 35 cities, each having a population of 0.5 million;
 Total project value dedicated to low and middle income housing in the next seven
years is estimated at $40 billion;
 The retail market for mortgages is currently valued at slightly over $5 billion; and
 Considering that the outstanding loan to GDP ratio in India is less than 2%, the
mortgage
 Market is expected to grow in excess of 25% over the next five years.

INDUSTRY CHARACTERISTICS

The real estate industry has the following characteristics:

■ Capital Structure: Construction activities are often funded by the client who may
make cash advances at different stages of construction.
■ Higher margin in commercial properties: Generally, a commercial project yields
higher operating profit margins than a residential project.
■ Leasing is an option for commercial properties: Unlike the residential properties
(which are sold outright), commercial space is either leased or sold outright. Under the
leasing option, the lease rentals received from tenants form a source of recurring cash
flow for the developer. This apart, the property rights remains with the developer,
enabling the property to be disposed of subsequently, if required.
■ Contingent Liabilities: Due to project based work, real estate companies often carry
substantial contingent liabilities in the form of guarantees in order to comply with
specific client requirements.
■ Development Risks: Profitability of each project is subject to risks of mispricing,
adverse conditions, geological conditions, management of specification changes and the
outcome of claims on competitions. As per AS-7 of the Indian accounting standards,
construction companies are required to recognize all losses incurred and foreseeable in
the respective accounting period.
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■ Credit Risk: The strength of clients on whom the receivables are being generated is
important. Real estate developers usually secure project advances from clients to keep
them committed to the projects.

CURRENT SCENARIO & FUTURE OUTLOOK

The real estate sector in India has assumed growing importance with the liberalization of
the economy. Developments in the real estate sector as a whole are being driven by:

 Demand for more housing units in cities and towns because of growing
urbanization of Indian population, burgeoning middle class, increased
disposable income, easy availability of housing finance at cheaper rate
and tax incentives;
 Demand for office premises by growing IT industry especially BPO;
 51 Demand for shopping malls by growing retail segment;
 Demand for multiplexes by evolving entertainment sector; and
 Demand for hotels/resorts by growing tourism industry.

Housing units
India continues to face an acute shortage of housing units. Based on the 2001 census, the
housing shortage is estimated at 12.7 million units. The prime movers that are leading to
volume growth in the housing segment are population growth and urbanization. Further,
there is a boom localized to the organized urban housing segment, extending to relatively
Prosperous rural belts. The census of 2001 indicates an urbanization rate of 27.78%
which is expected to go up to 41 % in the next 20 years (based on a population of 1350
million) by 2021. This growing trend of urbanization coupled with the factors like faster
growth in incomes in the middle and higher income categories, decline in EMIs due to
the fall in housing finance rates and availability of tax incentives on housing loans are
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pushing up the requirement for housing units in cities and towns. Earlier the cost of the
houses used to be in multiple of nearly twenty times the annual income of the buyers,
whereas today the multiple is less than 4.5 times. The multiple has come down mainly
because income levels have gone up, while tax rates have fallen. With less tax and more
income there is more money left with people to spend. The interest rate, which earlier
used to be between 16-18%, has halved and fuelled demand for housing units. Another
major contributing factor to boost the growth of residential housing property is income
tax incentives on housing loans. Currently, income tax deduction is available on the
interest component (up to Rs. 150,000) on housing loans and a rebate of Rs. 20,000 per
annum on principal repayment. All these aforesaid factors acted as the growth booster for
the real estate sector.

Shopping Malls

Over the previous 10 years, urbanization has increased at a CAGR of 2%. The boom
witnesses in the service sector in India in the recent years, has not only pushed up the
disposable income of the urban populace, but has also made them more brands conscious.
This increase in disposable income coupled with more brand consciousness results in
higher sale of branded goods. With organized retailing accounting for nearly 17% of
branded sales, it is poised for sharp growth in the near future. In 2003, organized retail
sales accounted for roughly 2% of the total sales of the retail sector. As per industry
estimates, the retail industry is expected to grow at a CAGR of a little over 6% over the
next 5 years. Moreover, the proportion of organized retail sales to total sales is also
expected to increase to over 5%. Thus, the rising income level and changing outlook
towards branded goods will translate into higher demand for shopping mall space,
fuelling strong growth in mall development activities. As per industry estimates, mall
development activity across India in the tune of Rs. 55 billion is expected to take place
over the next 5 years. It is further expected that while mall development activity was
initially restricted to a few major cities like Mumbai and Gurgaon it will now onwards

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extend to other cities like Surat, Pune and Ahmedabad thus causing a boom of real estate
activities in those cities.

Multiplex Cinemas

Another growth booster for real estate activities are growing demand for multiplexes. The
growth in multiplexes is being driven by the following factors:

■ Multiplexes typically have 250-400 seats per screen as against 800-1000 seats in a
single screen theatre which gives multiplex owners additional flexibility, enabling them
to optimize capacity utilization.
■ Non-ticket revenues like food and beverages and the leasing of excess space to retailers
provides additional revenues to theatre developers. Further, growth of multiplexes is
being driven by favorable government policies. The Union Budget 2004-05 has provided
for a tax deduction of 50% on the profits earned by the multiplexes constructed between
April 2001 and March 2005 in non-metro towns. This initiative has resulted in most
major players announcing multiplex projects in smaller towns. The growth of multiplexes
is expected to push the growth of the real estate related activities

Hotels/Resorts
With the increase of disposable of income in the hands of upwardly mobile Indian middle
class, the propensity of spending a larger portion of their income on tours and travels are
going up. This factor, coupled with the changing lifestyle of Indian population, has
created demand for quality hotels/resorts across this country. In addition, India is also
emerging as a major destination for global tourism which in turn pushing up the demand
for hotels/resorts across India. This increasing demand for hotels/resorts across India, is
offering another opportunity for real estate development. This growth scenario, however,
may be adversely impacted by the following factors:

■ Price risk

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 ■ Demand risk
■ Increased cost of development
■ Rising interest rate
■ Phasing out of tax incentives

Price: The first big risk which the developers face is price risk. Real estate price cycles
have a very significant impact on the margins of the developers, because land costs
account for a large portion of the constructed property. Real estate prices in the past
(1995 to 2001), have fluctuated during the span of procuring land, commencing
construction of a project and its eventual completion, thereby exposing project developers
to the volatility of land prices.
Demand: The other significant risk to which developers are exposed is demand risk.
Demand risk for real estate developers covers a number of factors connected to the ability
to sell properties based on location, brand, track record, quality and timeliness of
completion. Most real estate developers try to address this risk by undertaking 53 market
surveys in order to assess the demand for their properties. In addition, demand is also
strongly influenced by policy decisions relating to housing incentives.
Cost of development: The costs in a housing project consist of land costs, construction
costs and employee costs. Industry sources suggest the prices of steel and cement, which
comprise a major portion of the construction cost, are expected to rise in coming 1-2
years. Steel and cement prices are expected to climb up by nearly 7% and 5%
respectively over the next year. As a result, overall cost of the housing projects will go
up. This increase in cost, however, is expected to be outpaced by the growth rate of
individual disposable income and therefore is not likely to dent the demand growth for
housing units.
Interest rate: Sustained availability of housing loan at a cheaper rate is one of the
reasons for growth in demand for housing units. Interest rate, however, has shown the
signs of hardening up during last few months and most of the leading financial
institutions have raised interest rates on housing loan. This trend of rising interest rate
may dampen the growth of demand for housing units.

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Tax incentives: The existing tax incentives available for housing loan arealso one of the
major demand boosters. However, these tax incentives, based on recommendations of
various committees/panels are likely to be withdrawn. The Kelkar Panel had
recommended the phasing out the income tax deduction available on the interest on
housing loans for owner-occupied houses. The panel has recommended reducing the
deduction to Rs.100,000 for the assessment year 2004-05, Rs. 50,000 in assessment year
2005-06 and nil in assessment year 2006-07. This could act as a dampener for the
industry.

INDIAN REAL ESTATE MARKET

The Indian real estate market offers cross-border investors with an attractive investment
opportunity underpinned by a booming and increasingly diversified economy, significant
potential for rapid expansion in FDI and a maturing real estate market. It will be those
investors who have a long term strategic vision and commitment to India that are likely to
be the most successful. India is reaping the benefits of 15 years of reforms, and its
economy is now set for a period of strong and sustainable growth. By 2010 India will be
the world’s third largest economy (measured in purchasing power) and is expected to
have a middle class of around 300 million people, larger than the USA. India has a large
skilled labour pool, with 2.5 million new graduates added to this pool each year, most of
whom are proficient English speakers with strong technical and quantitative skills.

Whilst the Indian real estate market still lacks transparency and liquidity compared
to more mature real estate markets, its market structure is changing fast in response to the
demands of multi-national occupiers. Jones Lang LaSalle’s latest Global Real Estate
Transparency Index (2006) shows that India has achieved one of the region’s most
significant improvements in real estate transparency over the past three years. Moreover,
the increasing participation of cross-border investors and the emergence of new
investment vehicles (including the likely s introduction of REITs as early as 2008) will
continue to force the pace of structural change over the remainder of the decade. A
significant weight of domestic and global capital is now chasing Indian real estate, but
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activity is currently being constrained by limited availability of high quality product.
Singapore developers and US opportunity funds, which have dominated the cross-border
market so far, are focusing on IT parks and residential schemes. They are now being
joined by other Asian and European investors, who are currently exploring opportunities.
The market will see more investment by domestic and cross border real estate funds.

The residential sector is likely to offer the greatest opportunities over the short term,

Residential Sector
Favourable demographics, urbanization, rising incomes and easier access to
finance are fuelling strong demand for residential accommodation. India has an acute
shortage of housing, with analysts assessing a shortfall in urban areas of over 20 million
unitsIndia continues to be saddled with a number of investment risks relating to low
liquidity levels, ownership and title issues, short leases and some concerns over long term
asset price inflation, added to which are the broader risks of an economy vulnerable to
economic shocks, infrastructure strain and environmental stress. Nonetheless, India is a
vast and diverse country, and risks can be reduced by careful location selection:

Tier I cities
Mumbai, Delhi and Bangalore will remain the preferred option for many new market
entrants, but there are fewer partnering opportunities. Mumbai and Delhi will both offer
diverse opportunities; Bangalore is firmly established as a global technology hub and its
economy is moving rapidly up the value-chain.

Tier II cities
These are currently favored – notably Hyderabad, Chennai and Pune – where there are
greater partnering opportunities. These cities are proving to be highly attractive business

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locations, and are the increasing focus of corporate, retail and residential demand. This
has not gone unnoticed by investors, and the yield gap with Tier I cities has narrowed
significantly. Prime office yields in Tier II cities are in the range of 10.5-11.5%,
compared to 9.5-10% in Tier I cities.

Tier III cities

"First mover" advantage can still be achieved in some Tier III cities, with office yields in
the region of 12%. Kolkata and Ahmedabad, the largest Tier III cities, are displaying
impressive economic dynamism. Of the smaller cities, we favor Chandigarh, Kochi,
Mangalore, Mysore, Jaipur, Thiruvananthapuram and Bhubaneshwar. Goa offers good
potential in the hotel and leisure sectors. However, whilst these cities are attracting
increasing occupier interest, the investment markets in these smaller cities are likely to
lack liquidity.

Special Economic Zones

SEZ’s are likely to be particularly attractive to cross-border players due to tax

concessions and one-stop development approval mechanisms.
A Booming Economy
Since the start of economic reforms in the early 1990s, India’s economy has
been growing at an impressive 6% per year, a rate that has accelerated to 8% during the
last three years. The progressive liberalization of government policies, a rapidly
expanding service sector, FDI growth, a surge in exports, rising global competitiveness
and increasing domestic demand have all contributed to a strong economy. India’s
economic boom is set to continue, and the pace of economic growth shows no signs of
slowing. With forecasts of economic growth rates of at least 6-7% per year, India is
expected top become the world’s third largest economy (measured in purchasing power
parity) by 2010.

Favourable Demographics

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 India has a large, young and urbanizing Population. The country’s population of 1.1
billion is set to continue to increase until at least 2030, before stabilizing at around 1.5
billion, by which time India will have overtaken China as the world’s most populous
country.
 India has a young profile. Half of its population is under 25 years, and
the country’s median age is 24 years (2005), compared to 33 in China
and 43 in Japan.
 The country is urbanizing at a rapid rate of 2.5% per year. The
number of cities over one million is expected to double from 35 in
2001 to 70 cities by 2025. India’s "Mega-Cities" of Mumbai and
Delhi will be the world’s 2nd and 3rd largest cities by 2015.

A Large Skilled Labor Pool Rising Disposable Incomes and a Large Middle Class
Significant Growth Potential in FDI A Deepening Corporate Base IT Successes
Extending to the Broader Economy Improving Infrastructure . All Leading to Rapidly
Expanding Real Estate Markets

IMPACT OF OTHER SECTORS ON REAL ESTATE

Real estate is emerging as one of India’s fastest growing sectors, and all sectors are
expected to expand rapidly:
 Commercial Offices: Strong growth in the demand for commercial office space
will continue to be fuelled by the rapid expansion of the IT and ITES sectors,
which are growing at more than 30% a year. Employment in IT and ITES
currently stand at nearly 1.3 million, and is expanding by well over 200,000 jobs
per year (equivalent to an additional office requirement of more than 20 million
sq ft per year). Over the medium term the opening up of the economy is expected
to lead to a broader occupier base, as Indian business services expand in response
to domestic demand.
 Retail: India has huge potential for retail expansion, with rapid growth
underpinned by favorable demographics, increasing urbanization, rising
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 disposable incomes, low interest rates, brand competition and youth culture. The
sector is also undergoing structural change, with leading domestic retailers going
through rapid growth, format migration and consolidation. The pace of change is
likely to accelerate as foreign investment in retailing is liberalized – the
government has taken the first steps in 2006 by allowing 51% FDI in "single
brands" retail outlets. Increasingly, organized retailing will focus on smaller cities
(of over 1 million population), which are still largely unexploited.
 Residential: A residential boom is being fuelled by rapid salary growth of young
urban professionals and easier access to finance. The average age of homeowners
has fallen from 45 years to 32 years in only a decade. India has a serious shortage
of housing, with analysts assessing a shortfall in urban areas of over 20 million
housing units. The government is targeting 700,000 units to be built in urban
areas each year.

 Hotels: Increased business travel (due to the economic boom), higher

international and domestic tourism and the emergence of low cost airlines have
fuelled strong demand for hotel accommodation. But, whilst tourist arrivals have
risen steadily (international tourist arrivals rose by 12% in 2005 to 3.3 million),
India has so far failed to exploit its massive tourism potential, attracting only
0.4% of world tourists. The country has an acute shortage of hotel rooms. With an
estimated 26,000 rooms in the branded sector, the WTTC has forecast a
requirement for additional 100-125,000 rooms over the next decade.
 Logistics: A relatively dormant sector currently, logistics has good long term
potential as manufacturing expands, exports grow and leading retailers enhance
their logistics processes. Investment has begun to flow into logistic parks,
however world class infrastructure is still lacking. Infrastructure development will
need to keep pace with the transformation of the logistics markets for
development interest to be fostered

Changing Developer Profiles

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Traditionally dominated by family-run and local players, the Indian construction and
development industry is rapidly consolidating, and we are seeing the emergence of a
growing number of pan-Indian construction and development companies. Increasing
exposure to global capital markets is encouraging increasing transparency and
professionalism in the developer community. Transparency will improve further as more
developers seek public listing.
⇒ Rising Quality of Real Estate
Developers are now more attuned to the demand by both domestic and foreign
companies; and tenants are driving an improvement in the quality of commercial real
estate development, with the emergence of state-of-the-art campus developments. There
has been a notable shift in the co-ordination of construction projects from the architect to
project management providers, resulting in significantly improved delivery standards.
⇒ Investor Activity
An active domestic commercial real estate investment market has gradually emerged
since the beginning of the early 2000s, in response to growing demand for modern
commercial space. Since 2005, the investment market has grown rapidly, due to
perceptions of strong market fundamentals with good long-term growth prospects, the
emergence of specialist real estate vehicles and the participation of foreign investors.
India is now on the radar screen of many cross-border real estate investors, and a
substantial weight of both domestic and global capital in now seeking real estate
investment opportunities in India. The current investment market includes active
participation from domestic real estate funds, institutions, high net-worth individuals and
local developers. Domestic debt also remains strong as a financing option, primarily in
the form of construction finance as well as lease rental discounting. Cross-border
investment activity is currently dominated by Singaporean and other Asian players, and
US opportunity funds. A number of European players are also now looking at options to
enter the market.

⇒ Domestic Participants

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The domestic equity route comprises four main groups – dedicated real estate funds,
institutional funds, high net worth individuals and developers:

⇒ Dedicated Real Estate Funds

The last two years have seen the mobilization of investible funds by several dedicated
real estate funds, such as Anand Rathi Real Estate Opportunities Fund, Dewan Housing
Realty Fund, Kshitij Fund, TCGRE, Reliance Private Equity, etc. Historically, their focus
has been on India’s "primary" cities - Bangalore, Delhi and Mumbai, but such funds are
increasingly seeking out opportunities in "secondary" cities, such as Hyderabad, Pune,
Chennai and Kolkata.

⇒ Institutional Funds

Major financial institutions such as ICICI, HDFC, IL&FS and Kotak Mahindra have all
launched real estate funds, either as joint ventures or sole investors. Most institutional
funds operate on a pan-Indian basis, and are increasingly looking at opportunities in Tier
III cities, in order to gain "first mover advantage".

⇒ High Net-Worth Individuals

India has a large community of high net-worth individuals (HNIs) and family-run
businesses, which have substantial funds to invest in real estate. Significant investor
interest has also been expressed by cash surplus non-resident Indians (NRIs), primarily
from the USA. HNIs are increasing their presence in residential, commercial and retail
space. They mainly invest directly into real estate assets.

⇒ Domestic Developers

Domestic real estate development companies have increasingly participated in land

auctions and have invested in buying land for development purposes. Most development
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companies participate with an equity partner / institutional fund when bidding for land
parcels. Some development companies are now looking at a listing in the stock exchange
as a means of securing additional equity capital to fund their growth.

⇒ Cross-Border Participants

There are a number of cross-border investors active in the market. Their entry has largely
been through the development route or venture capital funds, and their focus so far has
been on IT Parks and Residential Townships.

⇒ Foreign Developers

Developers from Singapore, such as Ascendas, GIC, Keppel Land, Capita Land and Lee
Kim Tah Holdings are the most active group. Ascendas, one of Asia’s leading business
space providers has been active in India since 1999, and owns IT parks in Bangalore and
Hyderabad, and is building IT parks in both Chennai and Kolkata. Ascendas launched a
$350 million India IT Parks Fund in 2005 with GE Capital subscribing $US 63 million.
Most Asian development companies have focused on Tier I cities, primarily in residential
and commercial assets. Other Asian developers include Emaar (based in Dubai), which is
developing integrated townships in India’s Tier I and II Cities. In January 2006, it
announced a $US 4 billion joint venture with MGF Land, representing India’s largest real
estate FDI.

⇒ Real Estate Funds

Real estate funds, including private equity funds as well as dedicated real estate funds,
are increasingly becoming the preferred entry route for cross-border investors,
particularly amongst US opportunistic investors. Tishman Speyer, Vornado Realty, GE
Capital,Warburg Pincus, Citibank, Apollo Real Estate and Morgan Stanley are all active,
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mostly through JV real estate funds. Tishman Speyer, for example, formed a joint venture
in April 2005 with ICICI Ventures, the private equity arm of ICICI bank. TSI Venture
Funds plans to invest close to $1 billion New office building in Bangalore over the next 5
years.

OPPORTUNITIES

Residential Growth Drivers: Rising disposable incomes, particularly among young

urban professionals and easier access to finance is fuelling a residential boom in India.
The key drivers are:
• A growing middle class and increasing urbanization, resulting in acute
shortages of housing units in urban areas.

• An increase in the rate of household formation, due to a structural shift

from a joint family system to nuclear families.

• An increase in disposable income levels, due to a decrease in marginal

tax rates and increase in total incomes.

• Changing attitudes to home ownership – the current average age of a

new homeowner is now 32 years, compared with 45 years a decade ago.

• Increasing affordability of residential property, due to declining interest

rates. Increasing availability of finance - the last few years have seen the
home loans market grow at an annual rate of 30%.

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 According to the government's 10th Five-Year Plan, which ends in 2007, the
country is facing a housing shortage of over 20 million units. The plan estimates the
country's housing requirement at 4.5 million units per year. The government aims to
provide housing for all its citizens by 2012, requiring an investment estimated at close to
$800 billion.

 Investment Opportunities

Cross-border developers, including Keppel Land and Emaar, are active in the residential
sector, but are focusing on the larger cities because of FDI requirements to develop large
plots (i.e. over 10 hectares). Prime yields are in the region of 4- 6%. Domestic developers
are increasingly focusing on Tier III cities such as Jaipur, Lucknow, Ludhiana and
Nagpur. Cross border investors are evaluating residential investments keenly as they
provide a shorter investment cycle, with a predefined exit to end owners of the
apartments within 2-3 years. A strong underlying demand from end owners has created
stable and higher returns for investors and developers. A key trend in the residential
sector is the emergence of the integrated township formats. With large land parcels being
available outside the city limits of the major cities, developers are moving towards large
integrated developments, which have commercial, retail, residential, leisure and medical
facilities (with Special Economic Zones status). Examples include Hiranandani Gardens
(Mumbai), Boulder Hills (Emaar development in Hyderabad), JP Nagar (Keppel Land
development in Bangalore) and Magarpatta City (Pune).

The Geography of Opportunity

India is characterized by major differences in the economic, business and socio-cultural

environments between its main cities and regions. Significant variation in regional
economic growth rates have emerged, leading to a widening gap between the economies
and real estate markets of the more advanced regions, compared with the rest of the
country.

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The more advanced cities of western and southern India have benefited most from the
opening up of the economy over the past decade, and they are expected to continue to be
the most dynamic of the coming decade. These states contain India’s wealthgenerating
commercial hubs, its best quality labour pools and infrastructure, and are the most
successful in attracting FDI, due to their more open business-friendly environments. In
contrast, large areas of northern and eastern India remain economically backward,
including the two highly populous Ganges Basin states of Uttar Pradesh and Bihar (which
alone contain one-quarter of India’s population).

Tier I Cities

The first choice for new market entrants Mumbai the commercial hub Delhi the political
capital Bangalore the technology hub Have been the pioneers of Indian real estate
growth since the late 1990s. These three cities command by far the highest international
profiles and have attracted a significant proportion of FDI; they provide the largest and
most qualified labour pools, the best infrastructure and have developed the most
advanced real estate formats. Bangalore remains at the forefront of the global IT
outsourcing trends. Delhi and Mumbai, as India’s two largest city economies, have
developed a diverse range of real estate activities, and as well as rapidly expanding
suburban office markets, have led India’s retail and residential development booms. Tier
I cities are likely to remain the preferred option for multi-national companies entering
India for the first time, and they will still be the first "port of call" for most foreign real
estate investors.

Tier II Cities

Rising rapidly on the radar screen Hyderabad, Chennai and Pune Tier I are facing
strong competition from Tier II cities. Business costs have increased and labour shortages
have emerged in Tier I cities, and as familiarity with India as a business location have
grown, more domestic and foreign firms are now considering Tier II cities for their

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expansion plans, or even as their first step into India. Hyderabad, Chennai and Pune are
proving highly attractive business locations, due to their competitive business
environments, human resources availability, telecommunications connectivity, quality of
urban infrastructure, transparency of governance and availability of real estate. As well as
attracting high value IT, ITES and biotech activities, these cities are also the focus of
major domestic retail players, attracted by the rising aspirations and incomes in Tier II
cities.
These trends are being echoed in real estate investment; Hyderabad, Chennai and
Pune are the focus of increasing investor activity, and the yield gap between Tier I and II
cities has narrowed to as low as 100 basis points. Some of the largest and most high
profile developments by cross-border developers are in Tier II cities.

Tier III Cities

During the last two years, more firms have begun to evaluate the viability of locating in
Tier III cities, and India is now seeing a gradual widening of its real estate base into a
larger group of cities. This trend is being led by domestic IT and ITES companies such as
Wipro, Infosys, and Satyam, and the more established foreign companies, such as IBM,
Microsoft and Dell. Jones Lang LaSalle has identified 18 Tier III cities that have the
potential to emerge as important real estate markets over the next five years. The most
successful cities are likely to fall into two groups:

• Large cities, such as Kolkata (pop’n 13 million) and Ahmedabad (pop’n 5 million),
which have historically lagged Tier I and Tier II cities, but by virtue of their size, labour
market quality and economic dynamism, are expected to attract substantial real estate
activity. Kolkata (West Bengal) has transformed from an insular communist economy
into a business-friendly IT hub.

• Smaller Indian cities (many with populations around the one million range), which will
compete successfully for business due to superior education levels, a higher quality of life

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and urban infrastructure, good proximity to primary cities and their cultural and tourist
offer. Chandigarh, north of Delhi designed by Le Corbusier and Kochi on the Kerala
coast stand out, but cities such as Jaipur, Mangalore, Mysore, Thiruvananthapuram and
Bhubaneshwar are also attracting increasing corporate interest. Domestic funds and
developers are active in Tier III cities in order to achieve "first mover advantage" and
benefit from yield compression. However, many of these Tier III markets will continue to
lack liquidity over the medium term.

RESIDENTIAL SECTOR BOOMING IN INDIA

-ANALYSIS OF MAJOR METRO CITIES

MUMBAI

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Mumbai, the capital of Maharashtra, is the financial and economic nerev centre of the
country. The Reserve Bank of India, the two most active stock exchanges in the country,
National Stock Exchange and Bombay Stock Exchange, Securities and Exchange Board
of India and numerous financial service providers have their headquarters in Mumbai.

Here go a few salient features of the city's residential market at present:

 Hightened activity in terms of demand, supply and values.

 Almost 80 per cent of the real estate development underway currently in Mumbai is
in the residential sector.

 Many international players, in joint venture with the local developers, have now
ventured into the real estate market of Mumbai.

 2006 saw an increase in the high value residential transactions in Mumbai. High
demand and lack of supply has put a constant pressure on the SOuth Mumbai residential
prices.

 The golden triangle of Malabar Hill, Breach Candy and Carmichael Road in south
Mumbai continue to rule as the most expensive residential locations in the country with
certain residential property transactions going as high as Rs 45,000/square foot.

 An estimated supply of 82.31 million square foot of Grade-A residential space is

expected to come up in Greater Mumbai, Thane, Kalyan and navi Mumbai by 2009-2010.

 Be it in the heart of the city or the peripheral locations, people across all income
groups have shown a preference to take apartments with varied amenities. The growing
trend in all newly constructed buildings is to cater to the luxury needs of the new age
buyers.

PUNE

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Pune, with a population of 4.5 million, is the second largest city in Maharashtra. The city
is reputed for its educational institutions and is the eighth largest urban agglomeration in
India.
Pune today is home to many IT/ITES companies and also has a strong presence in the
automobile sector. Its proximity to Mumbai has accelerated real estate activity in the
region. The Mumbai-Pune expressway, which connects both the destinations, has made
Pune a much sought after destination for out-of-town investors.
Residential development in the city has geared up to keep pace with the rise in demand in
the sector. Pune's residential market has evolved through diverse consumer profiles and
preferences leading to a significant change in project profiles, housing patterns and
Facilities offered.
Here are a few salient features:

 Traditionally, residential developments were concentrated around the city core in

locations like Model Colony, Koregaon Park and Senapati Bapat Road.

 Presently, residential expansion has extended to upcoming locations near educational

institutes and IT parks like Rahatni, Pimple Saudagar, etc.

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Noticeable development is also seen in the eastern part of the city in regions like
Hadapsar, Kharadi etc which are emerging as key suburban business destinations.

 Approximately, 70.83 million square foot of residential supply is expected to enter the
market by end of 2009-2010.

 Development of knowledge corridor along the Mumbai-Bangalore highway and the

upcoming phase III of the Rajiv Gandhi Infotech City at Hinjewadi have provided
impetus to residential development in western Pune that includes places like Baner,
Wakar etc.

With investments in all the sectors in Pune, a number of high-end premium apartments
can be seen in various pockets where rates are directly proportional to amenities
provided.

Shaniwarwada Fort of Pune is the city's proud landmark. The fort is a hallmark of
Moghul design and Maratha craftsmanship, a timeless masterpiece. Pune has come of
age, thanks to the booming IT industry. It is now strewn with a number of upmarket
bungalows like the one seen above..
Hyderabad

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Hyderabad, capital of Andhra Pradesh, is known for its heritage, hospitality and a
thriving software industry. It is one of the largest metropolises of India witha population
of about 6.1 million people, spread over approximately 625 sq km.
The city that once predominantly depended on engineering-based industries and trade as
sources of income has seen a dramtic change over the last few decades.
With the IT boom, companies like IBM, Microsoft, Perot, Accenture, CA, HP, GE,
Convergys and Franklin Templeton have set up officesin the city.
This led to the development of infrastructure facilities and the general growth of the
contiguous locations surrounding the Hitech City area, also referred to as Cyberabad.
Given below are some salient features of the real estate industry of the city:

 In recent times, owing to the interest generated in the Hitech City, real estate
development has picked up considerably in the adjoining Gachibowli area where a
number of campus developments by IT majors like Microsoft, Infosys, Wipro etc are
located.

 Hyderabad also houses a number of prestigious institutions like Osmania University,

ICFAI and the Indian School of Business. the floating population of students from these
universities has impacted the lifestyle and real estate trends of the city. While a few years
ago, students stayed in hostels, nowadays they prefer to share apartment accommodations
with batch mates.

 Till a decade ago, the mid-end residential development in Hyderabad was largely
concentrated in lcoations like the Uppal Zone, Dilsukhnagar, Koti, Secunderabad etc
while the localities of Banjara Hills, Jubilee Hills and nearby areas continued to be
premium locations. The market in these locations soon became saturated and due to non-
availability of land parcels, builders were forced to move to other locations.
Consequently, large scale developments ate now seen in locations like Kukatpalli,
Madhapur, Miyapur, Gachibowli, Nizampet, Kompally and Gopanpalli.

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 While the real estate market in Hyderabad has witnessed an immense amount of
activity in the last decade, there has been unprecedented boom in the last two years and
residential capital values have witnessed a rise of about 75-130%. An estimated
residential supply of about 56.31 million square foot is likely to enter the Hyderabad
market by the end of 2009-2010.

Age-old Charminar (top) has lost neither its historic imprtance nor charm. Stand alone
row houses like the one seen here (bottom) represent the real estate transformation that
Hyderabad has seen in recent times.

Banglore

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Bangalore has long been the favourite destination of people from all over India. Over the
years, it has evolved from being a 'Garden City' to the 'Silicon Valley' of India.

Favourable socio-economic changes and a salubrious climate are driving the demand for
the housing sector here. Besides this, a number of progressive government policies have
come into force to address the infrastructure issues like power and roads. The city has
been expanding rapidly to meet the demands of IT/ITES and other related sectors.

Some of the salient features of the city's real estate sector are given below:

 The city's real estate sector is on a constant growth curve in the suburban and
peripheral locations.

 It is estimated that the city will have a residential supply of approximately 64 million
square foot by 2009-2010.

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 The Bangalore residential market can be divided based on its geographical pattern
into the following zones: Bangalore North, South, East and West.

• CHENNAI

Chennai is the fourth largest metropolis in India with an estimated population of over 7
million. It is a city steeped in culture and tradition and was once regarded as the focal
point of economic activity in south India where people from different cities used to
migrate for want of better opportunities.

 Chennai residential market is on an unprecedented high and this is expected to further

increase in the coming years.

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 The IT corridor set up along the Old Mahabalipuram Road starting from Madhya
Kailash to Serusri, is seen as the prime driver of this growth.

 Approximately, 20.8 million square foot of residential space is expected to enter the
market by 2009-10 of which about 4.2 million square foot of Grade A housing is
expected to come up in the current year.

 The advent of 100 percent foreign direct investment in real estate has resulted in entry
of multi-national companies in the market, prominent among them is ETA Star, a
subsidiary of ETA-Ascon Dubai, coming up with a township project near Sriperumbadur
close to the electronic corridor.

 National developers and prominent city builders like Hiranandani Pvt Ltd, Ceebros,
XS-Realty, Arihant, Sobha Developers, Citilights, Puruvankara are all coming up with
new projects predominantly in the high-end apartment sector.

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 KOLKATA

Kolkata is the main business, commercial and financial hub of eastern India. The city is
famed for its rich cultural heritage and distinc socio-political set up.

The city in the past had become a stagnant state with bureaucratic upheavals impeding its
pace of growth. However, in recent years, Kolkata has witnessed a sea change in its
economic structure, leading to a rise in the city's growth.

This revival can be largely attributed to IT services with a number if prominent IT

companies locating to the city. The movement of corporate into the city has led
developers to come up with large number of high-end residential projects.

Given below are a few salient features of the changing city:

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 Proactive government measures to curb disorganized real estate development by way
of entering into joint ventures with developers have resulted in planned expansion of the
city.

 Besides its economic resurgence, Kolkata has witnessed a change in consumer

preference for housing requirement. Conventional joint family set up has given way to
nuclear families with requirement for modern apartment-style living.

 The aspiration levels of the city's residents have risen due to the increase in job
opportunities. Investing in a second house has become a preferred option.

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KEY PLAYERS IN REAL ESTATE

Omaxe Ltd has established itself as a premier real estate development company in India.
In the last18 years since it laid its first brick, Omaxe has grown multi-fold and has a
strong presence in every sphere of real estate activity in India. All its projects carry the
stamp of excellence that match the best in the world.

Founded by CEO and MD Rohtas Goel in 1989, Omaxe is a frontrunner in real estate

development in India and at par with established developers with longer experience in
terms of quality and delivery. By 2006, it had executed over 100 projects, and been
retained by a number of blue-chip companies and institutions such as Amity University,
Apollo Hospital in Ludhiana, Apeejay Group, IIT, Delhi High Court, Coke, Pepsi,
Samsung and LG . Green Valley in Faridabad, Habitat Floors in Ghaziabad, South Avenue,
Mayfield Garden, Olive in Gurgaon are striking residential properties of the OmaxeGroup

In the last five years, it has executed 10 major projects, 8 of these in the residential
segment, and 2 commercial, covering 5.13 million sq. ft. Omaxe takes pride in delivering
projects on time and is building on its strengths with 46 projects at various stages of
development. Of these, 19 are group housing projects, 13 integrated townships, 13
shopping malls and one hospitality venture. Concentrated largely in Central and North
India, it is developing at present 140 million sq. ft of area across 30 towns in 9 states.

Omaxe is one of the first companies to receive the ISO 9001:2000 certification, and a
rating of 5A2 from Dun and Bradstreet, which connotes a healthy financial base and
competitive trading practices. The company has also been conferred a number of awards -
"the Svedala", "Udyog Ratna", Pride of the Country from the Society of Industry and
Business Achievements, Arya Vaidya Sala and the Industrial Award to name a few.

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Strengths

The Company strives to match international standards and maintain integrity,

transparency and high ethical standards in its services. Omaxe introduced the ‘sample
flat’ in the group housing market which has now been adopted by all builders operating
in the Indian realty market.

Keeping commitments have been the cornerstone of the success that Omaxe has achieved
in its short history. In fact, the company was one of the first to impose the Penalty Clause
on itself to protect the customer from delayed hand-over of flats. Omaxe gains its
strength from executing all its projects in-house, and does not engage in sub-contracting.
This ensures maintenance of quality and timely completion and projects. It has been able
to keep pace with the latest in construction technology, and upgrade its expertise to meet
growing expectations.

Residential
Omaxe has ventured into quality construction projects in Haryana, Himachal Pradesh,
Madhya Pradesh, Punjab, Rajasthan, Uttaranchal and Uttar Pradesh. 27 projects are
currently in various stages of planning and construction. The Forest in Faridabad stands
out among the verdant environs of the Forest Zone and Aravallis in Faridabad, with the
Badhal Lake in the neighborhood.The Forest, Noida is Omaxe’s most exclusive project yet,
set on 325 acres of land with only 25% of it covered by 105 apartments.

Some of the upcoming projects are:

Omaxe city, Mayakhedi, Indore

Omaxe city II, Manglia, Indore
Omaxe city, Jaipur
Omaxe habitat floors, Bhiwadi

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 Omaxe heights, Lucknow
Palm greens , greater noida
Omaxe twin towers, noida
Omaxe park woods, baddi
The forest spa , noida
Grand woods, noida
Omaxe north avenue, bahadurgarh
Omaxe hills, faridabad
Omaxe spa village, faridabad
Omaxe Riviera, rudrapur
Omaxe royal residency, ludhiana
Omaxe greens, derabassi

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The Ansal Group is a conglomerate of 35 companies, with Ansal Properties and
Industries Ltd, (Ansal API); Ansal Housing and Construction Limited, (AHCL) and
Ansal Buildwell Ltd. (ABL) at the core of the Group. All three are public limited
companies, and engaged in the entire gamut of civil construction and real estate
development activity in India and abroad. All three companies have acquired the ISO
9001-2000 certificate.

Ansal Housing and Construction Limited (AHCL) started operations in 1986, and has
undertaken 67.6 million sq. ft of real estate development in Delhi-NCR, Mumbai and Tier
II cities in Uttar Pradesh, Madhya Pradesh and Haryana. The company has performed
well in the current fiscal year with higher production and sales volumes.

STRENGTHS

The Ansals brand enjoys the patronage of domestic and overseas customers and has built
up a reputation for its focus on quality and adherence to timelines. Its strength comes
from its dedicated team of professionals and specialists. Ansal API has been awarded the
"Most Trusted Real Estate Brand" by Reader’s Digest in 2006. Its responsible efforts
towards the environment during the execution of all its projects have earned Ansals API
the prestigious Certification of Environmental Management System, ISO 14001:2004
from the Kvalitet Veritas Quality Assurance (KVQA), accredited to NORSK of Norway.
The company has its own advisory panel of highly qualified environmentalists who check
out on the eco-viability of every project.

The stability of the Ansals group is reflected in its top-of-the line clientele - HDFC
Group, ICICI Prudential, Reebok, Citibank, Adlabs, and Iffco-Tokio, to name a few.The
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group has a talented in-house team of architects, engineers and planners in its consultancy
division to execute its projects, though external services are also taken in specialized
areas.

RESIDENTIAL

Ansals API ventured into residential property development in the 1980s and 1990s. The
group made inroads with integrated townships and apartments in Gurgaon, Lucknow,
Mumbai, Bangalore, Vaishali, Ghaziabad, Haridwar, and Bhopal covering a combined
acreage of 949. Residential apartments occupy another 2.1 million sq. ft of area.

In the last decade, AHCL has penetrated further the markets of Ghaziabad, Greater
Noida, Agra and Ludhiana, stepping up its quality of construction with every project to
meet growing demands.ABL has developed an array of housing units in Sushant lok II
and II, Gurgaon for the middle-income group. Its current projects aimed at the higher end
of the market are in progress in Delhi and Gurgaon. It is also in a joint venture for a
residential apartment complex in Kathmandu with the Choudhary Group in Nepal.

Some of their forthcoming projects are:

Township

♦ Megapolis, Greater Noida

♦ Sushant Taj City, Agra

♦ Sushant City, Kurukshetra

♦ Aquapolis, Ghaziabad

♦ Golf Links, Mohali

♦ Sushant City, Jaipur

♦ Sushant City, Kundli

♦ Valley View Estate, Gurgaon-Faridabad Road

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GROUP HOUSING

♦ Celebrity Green, Greater Noida

♦ Hampton Court, Ludhiana

♦ Greenescape, Sonipat

♦ Sunshine County, Kundli

♦ Orchard County, Chandigarh

The company intends to shift its focus to value-added development, or constructed

property. API’s thrust areas would be expansion into hospitality, and a focus on premium
locations in Tier II cities of North India. Retirement homes for senior citizens are also on
the agenda of the company. At AHCL, a multi-pronged approach has been adopted to
grow uniformly across all avenues in real estate. The focus will be on developing
integrated townships across India, under the "Ansals Courtyard" or Ansal Town brand.
and establishing an early presence in Tier II cities which are yet unexplored.

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The DLF group is a leading real estate developer in India. The group has over 224
million sq. ft. of existing development and 748 million sq. ft. of planned projects. DLF is
committed to quality, trust and customer sensitivity, and deliver on promises with agility,
financial prudence and in tune with the highest global standards. The company has also
entered into several strategic alliances with global industry leaders. The core business
traditionally has been into three prime divisions: Homes, Offices and Shopping Malls. To
these DLF has added three more divisions: Hotels, Infrastructure and SEZs.

The DLF Group is the only company in India in the Consumer validated category from
the real estate sector to be awarded the distinction of ‘Superbrand’ ranking. And all this
is due to its mammoth contribution to the real estate sector; that has not only made
significant inputs in the residential and commercial property segment but has also made
noteworthy advancement in pursuing new business opportunities in hotel, infrastructure
and SEZs. With its joint venture with Laing O’Rourke, it plans to make its foray into the
sectors of expressways and airports. The key elements of its business strategy are:

• Increase land reserves in strategic locations

• Expand core business verticals nationally
• Diversify into SEZ development
• Undertake infrastructure development with Laing O’Rourke
• Diversify into hotel development
• Enhance execution capabilities

Exceeding over 250 million sq. ft. of accomplished projects across the country and 100
million sq.ft of on-going projects; DLF also plans to develop around 100,000 acres of
land over the next couple of years, nationally. With the growth of the Indian economy
and the increase in corporate Cushman & Wakefield and consumer incomes, combined

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with the growing foreign investment in the real estate sector, DLF envisages significant
opportunities for growth in the realty business.

Residential: DLF’s Dominant Current position in Indian homes Segment

Built on a foundation of strong lineage and an established reputation, DLF Home

Developers, the residential business group of DLF, has been a trendsetter in
contemporary urban development and housing. These developments have always been all
embracing with comprehensive solutions for eminent and quality living.DLF has
pioneered some of the best-known urban housing and retail destinations in Delhi
including South Extension, Greater Kailash, Rajouri Garden, Model Town, Hauz Khas
and Kailash Colony. Featuring International standards geared to serve customer needs,
the Group's complexes are truly a reflection of quality living and contemporary lifestyles.
The product categories of the Group deliver the synergistic strengths of good
architecture, appropriate designs, impressive aesthetics and safety features.

Pioneered townships and group housing in India

• 220 million square feet developed as colonies and townships in the past, including
17 million square feet of residential properties
• Offers superior products in the super-luxury category
• Several world-class projects in the pipe-line
• Expansion into multiple cities across country

India’s leading player in homes:

• Three generations of relationships with customers

• Trusted brand
• Superior execution track record
• Superior planning and execution

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Unique ability to create integrated townships

• Pioneered the development of integrated townships with DLF city

• Creating the right mix of high quality housing, state-of the art offices, IT parks,
world-class shopping malls, digital entertainment, leisure and recreation, efficient
Infrastructure, schools, hospitals and other community spaces like parks and clubs

Strong sales and marketing engine

• Large network of dedicated direct sales agents

• Close working relationships with financing institutions
• High-caliber in-house team well positioned across the country

World-class construction and design

• Extensive arrangements with India’s top designers, for example, Hafeez

Contractor, Mohit Gujral, WSP
• Finest network of experienced contractors and suppliers like LOR, L&T,
Shapoorji Pallonji, BL Kashyap

Premium housing - in major metros

• Chanakyapuri project in Delhi

• Public Private Partnership (PPP) to develop residential project along with Delhi
Development Authority (DDA)
• Township development in Gurgaon, Amritsar, Goa, Mumbai, Pune, Chennai
• 375 million square feet of residential space under planning

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Parsvnath Developers Limited (Parsvnath) is an India-based real estate development
company. As a leading developer in the country, it is also listed on the National Stock
Exchange (NSE) of India. With a diversified portfolio of real estate development projects, it
has expansion plans for many cities. The Company has operations in 41 cities and 14
states in India. Besides it has a pan-Indian focus.

The Company has been engaged in the development of integrated townships, residential
projects, commercial complexes, including shopping malls and multiplexes, and hotels,
housing projects and commercial complexes. Parsvnath recently entered the integrated
township segment and has been increasing presence in the malls and commercial space
segment. The company is entering new business segments, such as hotels and special
economic zones (SEZs), across the country.

Parsvnath Developers has emerged as a dominant force in the Real Estate sector of the
country. It entered the smaller cities early. Its completed projects are spread over Greater

Noida, Ghaziabad, Noida and Gurgaon among others. The current projects are also located in
cities such as Chandigarh, Mysore, Pune and Indore.

The key elements of its business strategy are:

1. To deliver value for money & good investment returns

2. To focus on strategic growth
3. Evolve contemporary benchmarks in construction & marketing practices.
4. Diversify and broad-base product offerings by catering to different markets and
segments.
5. Expand core business verticals nationally
6. Ensure optimum utilization of natural resources to offset adverse impacts of
business operations.
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 7. Believe in sustainable development and to explore opportunities for such
initiatives.
8. Enter the smaller cities early

STRENGTHS
The Company's competitive strengths arise out of being an early mover advantage in
most projects, strong marketing networks, diversified businesses within real estate, strong
project management skills, professional management, efficient materials planning and
procurement systems and strong customer focus quality solutions.

Parsvanth in India's Real Estate Growth

RESIDENTIAL
In the residential segment, Parsvnath has an incredible range and the element of
exclusivity, both in design and living style, which speak of discerning taste. It has come
up with condominiums, apartments & penthouses that provide clean, refreshing and
pollution free environment to its residents as well as house maintenance facilities,
centralized communication system and round the clock security.

It has also played a major role in the contribution of Noida real estate as the next commercial
hub close to Delhi with its planned commercial, industrial and residential growth.
Parsvnath offers fully developed socio-economic infrastructure in the neighborhood and
an excellent choice of affordable lifestyle. It has selected a tract of prime property in the
north, 10 acres of virgin territory.

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Parsvnath City : Sonepat
Parsvnath Narain City : Jaipur
Parsvnath City : Jodhpur
Parsvnath Greens : Derabassi
King Citi : Rajpura
Parsvnath City : Malerkotla
Parsvnath City : Dharuhera
Parsvnath City : Cochi
Parsvnath City : Saharanpur
Parsvnath City : Gurgaon
Parsvnath City : Dehradun
Parsvnath City : Rohtak
Parsvnath City : Indore
Parsvnath City : Lucknow
Parsvnath City : Ujjain
Parsvnath City : Kundli
Parsvnath City : Rajiv Gandhi Chandigarh Technology Park
Parsvnath City : Kurukshetra
Parsvnath City : Mysore
Parsvnath City : Karnal

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The Rs.1600 crore Unitech Group is one of the major township planning and real estate
development companies in India. It has an impressive mélange of heavy construction,
leisure and entertainment projects, hospitality business and development of mini
cities/townships construction of residential and commercial complexes, including
shopping malls and various types of dwelling units. Unitech commands strong brand
equity as also a pan India presence with focus on residential development - the most
profitable real estate segment.

Its business operations comprise Real Estate Consultancy and Management Fee for turnkey
operations. It is unmatched in overseeing project execution, marketing of real estate
ventures for associate and joint ventures. Construction activities include construction of
highways, roads, powerhouses, transmission lines, refineries, hotels, hospitals and
various types of other buildings/structures in India and abroad.

It wriggled out of the shadows of real estate giants like DLF to gradually assert itself in
the real estate market of the National Capital Region. Today, Unitech Ltd, ranks amongst
the top 50 Real Estate companies of the world. Unitech has more than 100 residential
projects, 50 commercial properties as well as many flyovers, highways, airports, schools,
hotels and transmission lines to its credit. The company at present is in the process of
building quite a few retail and entertainment projects. Unitech’s expertise in
infrastructure development is well recognized and can be discerned in its development of
residential townships, which are completely self-sustained. Its involvement in design,
planning, construction and marketing of real estate in the NCR region has led to some
edifices

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Unitech Ltd also has quite a robust presence in commercial spaces, hotels, amusement
parks, infrastructure development, and construction of thermal power plants, transmission
lines, highways, flyovers, industrial facilities, steel plants, and overseas turnkey
projects.Unitech Group is the largest listed real estate company in India with a market
capitalization of USD 2 billion. The company has an important list of clients, a virtual
who’s who of Indian and multinational industry. Gillette, HP, General Motors, EDS,
Asahi India Glass, ICI, Exxon Mobil, Reebok, Osram, UT Starcom, Remfry and Sagar,
PI Industries, Fidelity Investments, Churchill India, Convergys, Keane, Hewitt, Vertex,
Evalueserve, UOP India, Greenfield Online, Royal Bank of Scotland and many others
figure in it. With a vision that realizes itself in self-sustained, modern cities with hi-tech
infrastructure, top-of-line work places and designer residences, Unitech Ltd has built 30
million sq. ft of residential townships.

The key elements of its business strategy are:

Unitech has a reputation for quality orientation and timely completion of projects in all
segments of real estate development.

• Focus on residential development (the most profitable segment) and outright

selling of developed non-residential properties(the most capital intensive
segment)
• To build whole communities across India
• Effective utilization of capital for rapidly growing its pan- India land bank of
14,211 acres

Strengths

• Unitech has emerged as the brand with a professional value system, as it believes
in building relationships.
• Unique understanding of the local economies, industries, and cultures.
• Customer focus, corporate integrity and sensitivity to environmental issues.

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 • Strong motivation to accept impossible challenges like converting barren spaces
into environment-friendly human habitation.
• The company's enviable track record proves its ability to deliver.

Residential
Housing ranges from luxurious condominiums to small flats, individual bungalows to
residential complexes. Several ongoing residential projects are running successfully in
different cities like Delhi, Gurgaon, Greater Noida, Ghaziabad, Kolkata, Mumbai etc.

UniWorld City in Gurgaon has become a trendsetter of sorts in apartment and townhouse
living, where the east and the west meet in architecture and lifestyle. Unitech’s Rajarhat
residential project in Kolkata has already created quality benchmarks.Nirvana in Gurgaon is
a Rs. 15 billion (US$ 341.91 million) project, being developed by Unitech. The premium
is on incorporating nature in the living style to experience quietude and peace of mind.
Unitech has launched two significant projects - World Spa and Espace at Nirvana
Country, and is launching a series of other initiatives, debuting projects like Unitech Karma
Lakelands and Uniworld Resorts.

The World Spa is a place where the casual and formal elements blend in harmony in an
exclusive garden community - a sureshot retreat from work and hectic city life. The
residential property prices have been rising substantially.

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EMAAR MGF

Itself as one of the frontrunners in the Indian real estate business. In

December 2005, Emaar-MGF hit the headlines with the largest FDI in
real estate. Over half a billion dollars with a capital outlay of USD 4 billion, (Rs. 18,000
crore) was pledged towards the development of real estate projects in India. Since the
coming together of the highly credible Emaar Properties PJSC of Dubai, and MGF
Developments Limited, Emaar-MGF combine has firmly established

The partnership is hugely promising and hopes to usher in a Real Estate revolution in India
by offering world class facilities, services and living spaces through cutting-edge
technology, expertise and scale. It plans to steer Indian Real Estate to global heights of
excellence.

The joint venture brings world class expertise to the execution of projects the company
has in the residential, commercial and hospitality segments. Initiated from Punjab,
Emaar-MGF projects are on the move in 30 cities including Delhi NCR, Andhra Pradesh,
Karnataka, Tamil Nadu, Kerala, West Bengal, Gujarat and Maharashtra.

Headquartered in New Delhi, Emaar-MGF is eminently engaged in pan-India projects in

residential, commercial, infrastructure and hospitality sectors as well as in Special
Economic Zones (SEZ).

The key elements of its business strategy are:

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 • To diversify and create value in every chosen business activity, including
hospitality, leisure, retail, education, healthcare, finance and industry and nurture
them.
• To ensure sustainable development in the building process.
• To constantly monitor and improve new technology and innovations, both
internationally and locally in order to improve product efficiency and economy.
• To make concerted efforts in delivering products and services that thrives on
international expertise and global scale of operations to customers.

Strengths:

World-class townships are the Group’s USP, committed to international standards and
equipped with recreational, educational and medical facilities. Commercial spaces would
be an integral part of the township project at every location. Working on each project is a
dedicated team of architects and contractors of an international standard, with a team of
experts on planning, construction, transport, utility and environment. Emaar Properties
has been acclaimed as the Best Overall Developer in the UAE by industry peers for the
Gulf Real Estate Awards in 2005. The company has been voted on its high quality,
profitability and innovation in completed and ongoing projects.

The Story Behind Emaar MGF

Established in 1997, Emaar Properties Public Joint Stock Company carries the expertise of
high profile projects executed in the world’s richest city. Listed on the Dubai Financial
Market and a key element of the Dow Jones Arabia Titans Index, Emaar registered a 13%
growth in net profit in the 1st quarter of 2007 and its revenue has surged by 74% over the
previous year. The market value of shares as on March 31, 2007 is worth Dh 4.5 billion.

Emaar has built over 14,500 homes, and the Downtown Burj Dubai project worth AED
73 billion, which includes the ongoing Burj Dubai tower, the tallest in the world, and the

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Dubai Mall are some of its most prestigious ventures. Emaar is working on international
projects in Saudi Arabia, Egypt, Syria, Pakistan, Jordan and Turkey.

India is a vital market for Emaar, and the company has committed USD 1 billion towards
development of real estate projects across metros and Tier II cities.

MGF Developments Limited, a division of the MGF Group, has been in the motor hire
purchase and leasing business for the last seven decades in India. MGF has several
shopping malls in its portfolio, with Gurgaon’s Metropolitan and MGF Plaza in Gurgaon

and the City Square Mall as its landmark projects.

Emaar - MGF Real Estate

Residential

Emaar-MGF is focused on developing new-age integrated townships that would change

the way people live in India. These townships would include a choice of homes for
buyers, from apartments to villas, row houses and vacant plots for customized
construction. Shopping complexes and landscaped gardens would be integrated with
world-class medical care, schooling and recreational facilities. Adding vibrancy to the
township would be Strip Malls offering a variety of entertainment and branded products,
ultimately redefining suburban living.

The Group has signed an agreement with the Government of Punjab to develop projects
worth Rs. 4,000 crore. The Mohali project would cover 2000 acres, 80% of which has
already been acquired and Rs. 750 crore has already been spent towards building Punjab's
own "Dubai". The Mega City of Mohali would also offer 8 million sq. ft of office space,
and supporting infrastructure in the form of hospitals, schools and colleges.Emaar- MGF
is all set to pioneer the concept of next generation integrated community living with The
Palm Springs in Gurgaon that give you options ranging from low rise luxury villas to
spacious apartment towers amidst acres of elegantly landscaped gardens and parks.

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Ludhiana, Jalandhar and Amritsar have also been selected for township projects. These would
entail an investment of Rs. 1,000 crore. Emaar-MGF is expecting a return of 20 to 25%
on their outlay in Punjab in 4-5 years time.

COMPANY PROFILE

ABOUT MERITON GROUP

Meriton Group is one of the leading real estate and developing conglomerates. Over the
years, the group has left its mark with a number of residential apartments and
commercial complexes that are today landmarks in their respective areas. These
apartments and complexes are the cornerstones of aesthetic design and quality
construction that set this group apart.

We, at Meriton Group, strive to offer you all luxuries of a modern living. Our main
emphasis is to understand your expectations and needs and provide you a good living at
affordable prices. All projects handled by us in the past speak volumes about our
efficiency and capacity. We are capable of handling any big and ambitious project and
translate it into reality.

We have a strong team of professional creative designers who work continuously to

give new designs and ideas. Apart from that we have a vast network of professionals
from diverse backgrounds like architecture, civil engineering, planning, management,
marketing, finance etc. All these work in coordination to ensure quality in our works.
Our projects are handled by world renowned planners and architects. Classic amenities
& facilities at reasonable prices, attest our excellence.

VISION

 To be India's finest infrastructure construction & real estate company.

 To foster the growth of modern India.

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  To give our customers complete value for their money by providing them with
world class townships, shopping malls, offices, housing complexes and much
more.
 Our commitment to excellence is reflected in the careful site planning, home
design and craftsmanship that goes into each dwelling.

MISSION
 To become the number one company in the Real Estate industry.
 To provide the best infrastructure services at the most affordable prices.
 To work with utmost sincerity and honesty.

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PROJECT PORTFOLIO

Current Projects at GURGAON

1. HARMONY

Overview

Harmony. The name says it all. 2-4 bedroom apartments of international standard with
fitted modular kitchens and air conditioning in every room are placed within a setting of
pristine natural beauty. With 80% of the land as open and green space, every bit has been
designed to restore within you and your family the inner harmony that we all seek, but,
which is next to impossible to find in a city.

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Highlights

 With 80% open green space, every bit of Harmony, has been designed (by
renowned architects Mani Chowfta) , to restore within you and your family the inner
harmony that we all seek, but, which is next to impossible to find in a city.

 Spread over 10.57 acres, this residential complex has 2, 3 & 4 bedroom
apartments of international standard with fitted modular kitchens and split unit air-
conditioning in every room. 100% power back up, & 24 x 7 gated security along with
door phones are two extremely important aspects that have been taken care of in all
Unitech Residential Complexes.

 Beautiful gardens, tranquil walkways, pebble acupressure paths, kids play zones,
a state of the art club with all facilities, tennis courts, basketball courts, and other such
amenities provide for a dynamic setting amidst pristine natural beauty.

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2. ESCAPE

Overview

Escape routine. Escape mundane. Escape usual. The most alluring aspect of 'Escape' is
that it offers you your space. Escape keeps out all sound, screeching brakes, shrieking
vocal chords, penetrating footsteps and creates a silence that is beyond pure absence of
noise.

Highlights

 Located in Sector 50, Gurgaon , on the proposed 130 metre road with Metro
nearby, approx 3 km drive from NH-8, Exit No-10, 20 minutes drive from IGI airport

 Part of 300 acre township, Nirvana Country

 Comprises 2, 3 and 4 bedroom apartments with size varying from 1550 sq. ft. -
3974 sq. ft.

 With 80% open green space, it is pulsating with life, even with the gentlest
breeze.

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  Club house with facilities like swimming pool, gym, squash court etc.

These apartments are fitted with a modular kitchen; air conditioning in every room and
are specially designed to keep the world outdoors as you escape to your own private
world

3.FRESCO

Overview

Deep in the heart of Nirvana Country, lies Fresco, a new, modern residential community
designed as a nurturing refuge from the bustle of the city, a refreshing oasis where
residents enjoy peace of mind, comforts of home, and pastoral gardens. Fresco, conceived
and designed by Callison Inc, this high rise project comes with a fully fitted modular
kitchen and air-conditioning in all bedrooms & living and dining area.

Highlights

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  Conceived and designed by Callison Inc. on 16.9 acres of greens, Fresco
comprises of 2 & 3 bedroom apartments ranging from 1336 sq. ft. to 1877 sq. ft.

 Homes at Fresco are especially spacious. Airy bedrooms, captivating views and
lots of stretching space gives you a chance to rejuvenate and refresh yourself.

An exclusive clubhouse, lots of green area, convenience stores, water bodies, children's
play area, 100% power back up, 24 x 7 security, and also a great deal of convenience due
to extreme proximity to all major Gurgaon Malls & top of the line medical facilities, all
contribute towards making Fresco "A Refreshing Getaway you can go to Everyday!

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O PROJECTS AT NOIDA
4. UNIHOMES

Project Highlights
Being developed by Unitech, Unihomes a 70 acres project site close
to the heart of Noida, is the address you have always aspired of.
Nestled amongst greens and landscaped parks, Unihomes offers 2
& 3 bedroom apartments that offer a quality living you have always
dreamt of .Where each apartment has been efficiently designed to
maximize space & sunlight while ensuring a superb community
living experience.

Project Details
Unit Type : 1, 2 & 3 BR Apartments
Sizes Available : 460 sq. ft. – 990 sq. ft.

Location Advantages
Located near the FNG (Faridabad-Noida-Ghaziabad) Expressway,
Unihomes enjoys excellent connectivity to Ghaziabad and Delhi
though NH-24.
Also it is a just 15 mins drive the commercial and retail
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 development of Sector – 18 and a 10 min drive from offices of
Sector – 62. The nearest metro station in Sector – 32 is only 4 kms
away, giving you an easy access to the whole of NCR.
Besides this Unihomes are strategically located with a premium
wide Independent access road. The area has premium health
centres, commercial & shopping complexes, education facility &
much more in the vicinity.

5.UNIHOMES – GREATER NOIDA

Plots

Project Highlights
Close to Pari Chowk in Greater Noida lies a delightful, hidden
gateway, an exotic land of nature splendor and mystic adventures,
of friendly locals and enchanting customs, of undiluted joy and
magical peace. And beauty so heavenly, you'will never want to
leave.
Unitech brings you 100 sqm. & 160 sqm. residential plots in
Uniworld City-a 100 acre integrated township with lush green

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 environs and all possible amenities for comfortable, tranquil living.

Location Advantages
Greater Noida is a planned township south east of Delhi, situated in
the sate of Uttar Pradesh. It falls within the National Capital Region
and is adjacent to Noida, one of the Largest industrial township in
Asia.

6. UNIWORLD GARDENS

Overview

As you enter Uniworld Gardens, you will drive through an avenue of flowers & shrubs
planted in a mosaic of shades, where sultry air gives way to the refreshingly cool breeze
& the sugary chirping of birds follow you into the mesmerizing experience.

Highlights

 Nestled in the vicinity of 13 acres of natural bliss, the apartments make a

statement of magnificence. Standing 14 storeys high, Uniworld Gardens offers choice
of 1, 2 & 3 bedroom apartments & each home to allow superior ventilation & let in the
flow of fresh breeze & bright sunshine.

While these homes offer spectacular view of the sunsets & sunrises, as you sit by the
window still admiring the beauty of life!

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7. UNIHOMES PHASE 2

Project Highlights
Being developed by Unitech, Unihomes a 70 acres project site close
to the heart of Noida, is the address you have always aspired of.
Nestled amongst greens and landscaped parks, Unihomes offers 2
& 3 bedroom apartments that offer a quality living you have always
dreamt of .Where each apartment has been efficiently designed to
maximize space & sunlight while ensuring a superb community
living experience.

Project Details
Unit Type : 1, 2 & 3 BR Apartments
Sizes Available : 460 sq. ft. – 990 sq. ft.

Location Advantages
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 Located near the FNG (Faridabad-Noida-Ghaziabad) Expressway,
Unihomes enjoys excellent connectivity to Ghaziabad and Delhi
though NH-24.
Also it is a just 15 mins drive the commercial and retail
development of Sector – 18 and a 10 min drive from offices of
Sector – 62. The nearest metro station in Sector – 32 is only 4 kms
away, giving you an easy access to the whole of NCR.
Besides this Unihomes are strategically located with a premium
wide Independent access road. The area has premium health
centres, commercial & shopping complexes, education facility &
much more in the vicinity.

DECISION BHAVIOR COMMONLY SHOWN BY BUYER

• Visit the prospective neighborhoods at different times of day and night, driving in
from different directions. Carefully observe the overall condition of the
surrounding community as well as the neighborhood in question – signs of
graffiti, unkempt houses, and litter in the streets are red flags, to say the least.
• Observe the overall condition of surrounding homes – are they tidy, well-
maintained, and with lawns it nice condition?

• Chat with some of the residents to get a true feel for the quality of life you can
expect there – after all, nobody knows the neighborhood better than the people
who have lived there a while.
• If public transportation is important to you, ask residents about accessibility to it.
• Especially if you have kids, try visiting one or two schools in the immediate area.
• Shop in some of the local retail stores or shops.
• Check out a local newspaper or two – often these publications will help to give
you a sense of the flavor of the local community.
• Try getting acquainted with some of the locals by visiting a local church or two.
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 • Visit the local park(s) to mix with some of the area residents.
• For people who plan on driving to work each day, test out the commute during
rush hour, from the neighborhood in question. A particularly frustrating commute
may be reason enough to reject buying a home there.

First Time Buyers' Dos and Don'ts

If you are a first time home buyer, you have a lot to learn.

Working from a blank slate you must build an understanding of the housing market,
determine what you can afford, land a loan and hone in on a home that's a good fit for
your lifestyle.

The transaction will likely become your largest asset ever so there's little room for error.

It is a daunting task, but you can ease your concerns if you take the process step-by-step,
watching your footing as you move along the path toward the American Dream.

To that end, Coldwell Banker recently released a list of "Dos and Don'ts" to help first
timers turn that stress into the self-confidence you'll need to move closer to your first
home.

The list focuses on areas first-timers typically stumble over in their initial home buying
attempt. Knowing what you could face will help you avoid some of those trip ups.

 The Dos

DO browse for housing information. Begin your search by arming yourself with
information. For example, Coldwell Banker's the Home Price Comparison Index allows
you to compare average housing costs in over 400 U.S. markets. Realty Times Market
Conditions gives you a snapshot of thousands of local markets. About com's Home
Buying/Selling section is chock full of the nitty-gritty insight you'll need to get going.

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Stick with the known, long-time real estate information Web sites and you'll learn more
than you need to know.

DO examine your credit standing. You need to know your credit standing. You may
need to request corrections if there are errors. You may need to adjust your habits if your
credit behavior is less than sterling. And you need to take those steps before seeking a
loan. Your credit report is free from AnnualCreditReport.com, the federally regulated
place to go. You can stagger retrieval of your credit report from each of the big three
credit bureaus, getting one from a different agency every four months. Your report is
free, but you may have to pay a nominal fee for your credit score (a numerical scoring of
your creditworthiness) depending upon your state law and other factors. Learn more
about your score at Privacy Rights Clearing House.

DO explore a mortgage pre-approval or commitment. An early green light on a loan

will put you in a good negotiation position when you find your dream home. It will also
help you shop within your budget.

DO line up a dream team of professionals. You may need a real estate agent, attorney,
mortgage broker, home inspector and others to be your professional eyes during your
home search.

DO buy for your lifestyle. Your first home may not be your last, so try to anticipate how
long you'll live in your home and buy based on plans for the duration. Raising kids,
starting a business, taking on a new job, housing Grandma could all impact the size or
type of home you need first.

DO heed housing priorities. Separate your "wants" from you "needs" so you know
where you can compromise to stay on budget.

 The Don'ts

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DON'T get taken by the first house or neighborhood you see. Keep an open mind and
spend sufficient time finding the right fit in a house and neighborhood for your needs.

DON'T buy more than you can afford. Lenders will often loan you as much as your
financial condition warrants, but that may not be what you can comfortably afford. It's
better to live with a comfortable mortgage on a smaller home than to struggle every
month paying a mortgage on a house with more room than you really need. The down
payment, closing costs, monthly expenses and taxes must in total all be within your
income and savings range.

DON'T treat your home like a stock portfolio. Homes appreciate and depreciate in cycles
which often aren't so predictable. Don't expect your home's value to skyrocket. Buy a
home because you need a roof over your head, not for a quick profit.

DON'T try to time the market. Pinpointing the bottom of the market almost always
happens after the market has started to turn up. How, otherwise, can you see the bottom?
Focus on personal lifestyle needs, not market trends, in terms of timing your home buy.

DON'T sign for a confusing mortgage. Shop around for the best loan, read every detail of
your loan contract and get some help understanding terms and provisions that confuse
you. Avoid exotic, "creative financing," multi-option loans you don't understand. Again,
lifestyle is key. Get a loan that fits.

House selling tips to help sell your property fast

Since resale is the primary motive of investors who lend their money in real estate so
there are some tips for these investors.
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A few minor home improvements could make the difference to sell your home. So it is
worth spending a bit of time and money on home improvements. See our home selling
tips below and you will notice that some of them won’t cost you a fortune.

Price and presentation are critical to sell your home

Top tip :First impressions count, buyers will have already formed an impression before
they step into your property. A well-kept garden, pathway and fence, plus a freshly
painted front door are immediately appealing, whereas a scruffy outdoor space with a
litter bin outside the front door may turn many prospective buyers away.

• De-clutter - don't underestimate the appeal of a tidy property.

• Throw out the junk - use moving as a good excuse to get rid of old, unwanted
and unused items.
• Clean - dust and clean the whole house thoroughly, from cobwebs on the ceiling
to crumbs and stains on carpets and rugs. Remember to wash down paintwork and
clean windows.
• Natural Colours - research shows that, most buyers prefer natural, earthy colours
to bright, bold shades. Although there is a wide range of paint colours available,
magnolia is still the top-selling colour.
• Add a bit of colour - to prevent rooms looking too bland, use strong colours for
accent walls or cushions and accessories.
• De-personalize - remove personal items, such as family photographs and
children's drawings, which may distract potential buyers.It may sound harsh but it
really helps sell property
• Maintenance – Complete all minor repairs.
• Major Jobs- If you don’t spend out on home improvements to complete major
repairs it could have a disproportionate affect on the value of the property.
• Lighting - the right lighting can improve the mood of a room. A room looks
cosier with a few table lamps rather than bright general lighting.

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 • Create a scent - it may be a bit of a cliché to bake bread or grind coffee beans
just before the arrival of a potential buyer, but scent does plays an important role
in creating the right impression.
• Open windows - most buyers like the smell of a freshly cleaned and aired room.
Open the windows every day to let fresh air into the house.
• Avoid strong food odours - don't cook foods such as fish or curry before a
viewing as the smell will linger.
• Take pets out - ask friends or family to look after pets during viewings.
• Fresh flowers and fruit - flowers and a bowl of fruit will brighten up a room and
provide a pleasant smell.
• Define your rooms - a property will be more appealing if rooms have a specific
purpose and this allows buyers to see the full potential of the property.
• Seasons - the best time for selling property is spring and autumn; the market
slows down during late summer and over Christmas/New Year. If a property is
sold while the market is buoyant, it's much more likely to attract the asking price

SEVEN THINGS TO LOOK FOR IN A REALTOR

Some basic criteria can help you pick a winner:

If picking a realtor were a reality show, there probably would be no shortage of

contestants. At last count, there were more than one million REALTORS nationwide.
Finding the one that best suits your needs, however, might be a little tricky. You'll want
some guidelines to narrow the field of real competitors. Here are 7 things to look for in a
realtor.

1. A capital REALTOR

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Not all real estate agents are Realtors, and that's an important distinction. Realtors are
members of the National Association of Realtors and have sworn to abide by its strict
code of ethics. Consider this a requirement for making it past Round 1.

2. Experience

Newness shouldn't be automatic grounds for elimination, but it's probably wise to look
for someone who has been in the real estate business a few years. And while there's
nothing wrong with giving a newer Realtors a chance, you may want to make sure he or
she is working under the guidance of a more experienced mentor.

3. Knowledge of your neighborhood

You're not looking for Top Real Estate Agent, you're looking for a Realtors who best
knows your local market. Whether you are selling or buying, it's important for your
Realtors to have thorough knowledge of your specific area.

4. A good track record

Potential listing agents should get points not based solely on the number of listings
they've had, but on how many of those listings have sold and for what price. Find out
how many people a potential buyer's agent has helped find a home.

5. A good ear

And we don't mean musical talent: You want an agent who listens to you. If you're
buying, you don't want to waste your time looking at homes that don't meet your needs,
or be encouraged to spend more than you can afford. If you're selling, you don't want to
be pressured into accepting an offer you don't think is fair.

6. Honesty

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Not usually an asset in most reality shows, honesty is an essential quality in the person
helping you buy or sell what's probably your most valuable asset. Don't be drawn in by an
agent who tells you only what you want to hear. You want to know that he or she will
give you an honest opinion about how much your house is worth, or how much house
you can get for what you want to spend.

7. References

Consider this the finale. Once you've narrowed your pool to three finalists, contact at
least two references for each. Figure out which one you think you'll work with best, then
crown a winner.

RECOMMENDATIONS

NICHE MARKETING-AN OVERLOOKED OPPORTUNITY

Meriton group can become a niche marketer by addressing a need for an economical
product and service that is not being addressed by mainstream providers i.e. economizing
the entire process thereby catering to the low end customer not being served by the major
players.

Niche marketing is the process of finding and serving profitable market segments and
designing custom-made products or services for them. For big companies those market
segments are often too small in order to serve them profitably as they often lack scale.
Niche market ventures would become profitable for the Meriton group even though they
are by nature small in comparison to the mainstream marketplace, due to the benefits of
specialization and focus on small identifiable market segments; even without the benefit
of economy of scale. Niche markets may be ignored or discounted by large businesses
due to what they consider to be small potential; this, in turn, is part of the process that
makes the niche market available to smaller businesses. The key to capitalizing on a

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niche market is to find or develop a market niche that has customers who are accessible,
that is growing fast enough, and that is not owned by one established vendor already.

ADOPT BENCHMARKING PRACTICES

The company considers their quality to be its core competence. Thus, it is important that
it should evaluate its performance vis-à-vis industry leaders like DLF, OMAXE, and
UNITECH etc. After identifying the quality practices followed by these companies, the
company can evaluate its own performance on those parameters. Having done this, it can
spot the performance gap and try to bridge the gap by executing modifications which are
necessary and feasible.

LOYALTY MARKETING CAMPAIGN

Loyalty marketing is an approach to marketing, in which a company focuses on growing

and retaining existing customers through incentives. Branding, product marketing and
loyalty marketing all form part of the customer proposition – the subjective assessment
by the customer of whether to purchase a brand or not based on the integrated
combination of the value they receive from each of these marketing disciplines.

 INCENTIVE PROGRAMS

It is important that Meriton group initiates Consumer incentive programs targeting

the existing customers. Consumer programs are becoming more widely used as
more companies realize that existing customers cost less to reach, cost less to sell,
are less vulnerable to attacks from the competition, and buy more over the long
term.. Long term customers may initiate free word of mouth promotions and
referrals, which the company highly requires. This would also lead to increased
customer retention and loyalty which in turn, makes the employees' jobs easier
and more satisfying.

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DEVELOPING AND TRAINING THE STAFF- THE MUCH NEEDED STEP

Rapid changes in real estate industry require a skilled, knowledgeable workforce with
employees who are adaptive, flexible, and focused on the future. Being a small company,
one of your key areas in which the Meriton group needs development is upgrading the
skills of their staff. Employees with upgraded skills, working to their full potential and
equipped to deal with the changing demands of the workplace; employees with higher
morale, career satisfaction, creativity, and motivation; increased productivity and
responsiveness in meeting organizational objectives. Thus, the Company must take
appropriate measures to assess skills and interests of the employees and seek
development activities that match their needs.

OVERCOME WEAK BRAND IMAGE BY PROMOTIONAL ACTIVITIES

Promotional activities get the word out so potential customers know what one has to
offer. Through promotional activities, Meriton group can generate interest in their
company’s name. A variety of promotional tactics can be used to secure recognition and
exposure for their company, including news releases, Web spotlights etc. Besides this,
promotional brochures, catalogs, flyers, pamphlets, handbooks, and other materials can
also be used to strengthen brand name. Further following new measures can be taken:

 Creating an environment friendly image.

The type of promotional activities the group chooses would help it to create
and affirm its image. For example, if company offer free water bottles (with
company logo on them) to participants in a marathon or a public event aimed
at promoting healthy environment then the company can build up an
environment friendly image.

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  Specialty items

Specialty items are a way to get - and keep - your name in front of prospects.
A keychain with a MERITON GROUP’S name stamped on it, a cap with a
company's name embroidered on it can also serve as a good promotional
effort.

SCAN THE ENVIRONMENT BEFORE VENTURING INTO NEW PROJECTS

Environmental scanning involves general surveillance of the environment to determine

the current trends and projection of the factors that would affect the company.Meriton
group must have a core team involved in understanding the business environment the
company operates in. Thus, the company would be able to make informed decisions
before making any strategic move. It would also help company to be proactive rather
reactive.

TRANSPARENCY IN BUILT-UP AREA POLICY

To avoid undue litigation and to bring the much needed clarity and uniformity, the term
‘Built-up Area’, should be clearly defined by the company. It should be clearly laid down
as whether the term refers to the Super Built up area, the Carpet Area or any other
accepted definition. The definition of Built-up Area needs to be clarified. It should be
mentioned that whether it include basements, stilt floors, balconies, staircases, corridors,
lobbies etc or not. This would reduce the hassles of the end consumer who gets confused
due to ambiguity and lack of description.

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SCOPE OF ORGANIZATIONAL RESTRUCTURING

The company being in family run business follows the HUF practices in management of
their business. However, for its survival in the competitive environment it must adopt
contemporary managerial practices. It could employ experts who have industry
experience and who can impart their skills to help the company achieve its laid
objectives.

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 BIBLIOGRAPHY

• www.indiangrounds.com
• www.unitechgroup.com
• www.wikipedia.org
• www.delhi.jaaydaad.com
• www.google.co.in
Magazines
• Realityplus
• Business Today

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 Understanding Real Estate industry and
Residential buyer .

Submitted to INSTITUTE OF MANAGEMENT STUDIES &

RESEARCH, MAHARSHI DAYANAND UNIVERSITY
ROHTAK for the Partial Fulfillment of the Post Graduate
Degree in MBA in Competitive Intelligence and Corporate
Warfare with additional specialization in Marketing and Sales.

Submitted By:
Mr. DEEPAK GULIA
MBA , Batch-2006-11

Industry Guide: Academic Guide:

MR. JAGDEEP SINGLA
MR. P.N MISHRA
SR.LECTURER
DGM. MARKETING
IMSAR,ROHTAK
UNITECH Pvt. Ltd.(Noida)

INSTITUTE OF MANAGEMENT STUDIES & RESEARCH

(IMSAR)
MAHARSHI DAYANAND UNIVERSITY, ROHTAK
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 (HARYANA)

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