4Q 2011 Resed

Accelerating success.
Residential Property
Market Overview
INDIA
QUARTERLY UPDATE | FEBRUARY | 2012
www.colliers.com
* SBI Home Loan Rate for Loan upto INR 50 Lakhs.
** For amount below INR 1 Crore
ECONOMIC BAROMETER
RETURN ON ALTERNATIVE INVESTMENTS
Dec-10 Dec-11
REPO RATE 6.25% 8.50%
REVERSE REPO RATE 5.25% 7.50%
CRR 6.00% 6.00%
INFLATION 9.47% 7.47%
HOME LOAN RATE* 8.00% 11.00%
Dec-10 Dec-11 YoY %
Change
GOLD 20,496 28,041 36.81%
SILVER 45,346 51,168 12.84%
FIXED DEPOSIT
(= 1 YEAR)** 8.50% 9.25% 8.82%
EQUITY 20,389 15,836 -22.33%
REALTY INDEX 2,856 1,497 -47.57%
RESEARCH & FORECAST REPORT
SYDNEY CENTRAL BUSINESS DISTRICT
INDIA RESIDENTIAL MARKET
RESEARCH REPORT
4Q 2011 | THE KNOWLEDGE
Repo Rate Reverse Repo Rate Cash Reserve Ratio Wholesale Price Index
ECONOMIC INDICATORS
In

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MACRO ECONOMIC OVERVIEW
As per the latest Reserve Bank of India (RBI) projections GDP growth rate was recorded at 6.9%
for 4Q 2011. The estimates by various agencies project the growth rate within a range of 7% to
8% for 2011-2012, suggesting a moderation in the growth process.
Provisional Wholesale Price Index as reported by Ministry of Finance was 7.47% for December
2011. This quarter there was a slight decline in primary infation due to the decrease food
infation which stood at -3.36%.
In 4Q 2011, RBI did not increase repo rates. It further stated that there will not likely be any
further increase to the policy rates, provided headline infation moderates as is expected. The
repo rate is currently at 8.5%.
The Department of Industrial Policy and Promotion (DIPP) recorded FDI infow for the period
April to October, 2011 in Housing & Real Estate at INR 2,130 crores; which is a 2/3rd reduction
from the highs of the years 2008-09 and 2009-10. The Housing and Construction sector
contribution to the total FDI has also reduced to 2.31% from to 7% in the previous year.
In 4Q 2011, Indian Rupee (INR) fell further by approximately 10% against the US Dollar to close
at INRs 54.40 to 1.00 USD on 29th December 2011. The Rupee also weakened against the Euro
dropping by approximately 5% to close the quarter at INRs 70.99 to 1.00 Euro.
Qualifed Foreign Investor can now directly invest in the Indian Equity Market. The investment
limit is to 5% and 10% for individual and QFIs respectively of their paid up capital of the company
that they establish in India.
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Source: Colliers International India Research
CAPITAL VALUE TRENDS
4
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2
0
0
8
1
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2
0
0
9
2
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0
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3
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75,000
5,000
25,000
35,000
15,000
45,000
65,000
55,000
3
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0
0
8
Malabar Hill, Altamount Road, Carmichael
Road
Santacruz
Khar
Prabhadevi
Colaba, Cufe
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Andheri
Worli
Juhu
Breach Candy,
Napeansea Road,
Peddar Road
4
Q
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0
1
1
Rebase to 100
2
Q
2
0
0
8
3
Q
2
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4
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1
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2
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3
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4
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1
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3
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1
4
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1
4
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1
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8
1
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2
0
1
0
2
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2
0
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0
3
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0
COLLIERS RESIDEX 4Q 2011 - MUMBAI
50
60
70
100
90
80
120
150
140
130
110
COLLIERS INTERNATIONAL | P. 3 P. 3 | COLLIERS INTERNATIONAL
NEW PROJECTS
PROJECT NAME LOCATION DEVELOPER NAME TENTATIVE POSSESSION RATE (PER SQ.FT.)*
Aria Juhu Vile Parle Development Parinee Developers 4Q 2014 23,000
Green Acres Malad East Nirman Relators 4Q 2016 8,500
Hill Crest Jogeshwari Vikhroli Link Road Hub Town 2Q 2014 9,500
Island City Center Dadar East Bombay Realty 4Q 2016 37,500
Tripolis Goregaon West Ekta World 4Q 2016 10,500
MUMBAI
In 4Q 2011, various projects/phases of the
projects were completed in Mumbai, including
Kalpataru Aura at Ghatkopar by Kalpataru
developers and Lodha Bellissimo by Lodha
Group at Mahalaxmi.

This quarter, the Mumbai real estate market
witnessed the launch of several residential
projects, such as Hill Crest by Hubtown
Ltd., Aria by Parinee Developers, Island
City Centre by Bombay Realty, Tripolis by
Ekta World and Green Acres by Nirman
Relators. Lodha Group also launched its
mix use development project called New
Cufe Parade, on its 23-acre land parcel in
Wadala. This land was purchased in 2010 at
approximately INR 4,500 crore.

The residential market remained subdued,
and fewer transactions were recorded during
the quarter on account of an unstable global
economy and rising interest. Capital values
remained stable in almost all the micro
markets except for a few locations such as
Breach Candy, Napeansea Road, Peddar Road,
Worli, Prabhadevi, Andheri and Powai where
capital value values witnessed an increase in
the range of 3 to 6% quarter on quarter.
The premium residential lease market
remained active at locations such as Malabar
Hill, Altamount Road, Carmichael Road, Breach
Candy, Napeansea Road, Peddar Road, Khar,
Juhu and Powai. These locations observed an
appreciation in rental values in the range of
1 % to 3% quarter on quarter.
The state government has decided to provide
an additional 0.33 Floor Space Index (FSI)
in suburbs of Mumbai. The FSI would
be available to the developer on paying a
premium. Currently, the state government
allows an FSI of 1 in the suburbs and 1.33 in
the island city.
CITY RESIDENTIAL BAROMETER
MUMBAI
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | MUMBAI
4Q 2011 PREMIUM RESIDENTIAL AVERAGE
CAPITAL VALUE
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10,000
20,000
30,000
40,000
50,000
60,000
70,000
RENTAL VALUE
INR per Sq ft Per Month
Prabhadevi
Colaba, Cufe Parade
Breach Candy,
Napeansea Rd.,
Peddar rd.
Malabar Hill, Altamount Road,
Carmichael Road
200
150
100
50
0
Powai
Andheri
Juhu
Khar
Santacruz
Worli
Bandra
Note: * As quoted by developer
P. 4 | COLLIERS INTERNATIONAL
NEW PROJECTS
Kings Court Greater Kailash- II DLF 1Q 2015 36,000
Queens Court Greater Kailash- II DLF 1Q 2015 26,000
Capital Greens Shivaji Marg DLF 2Q 2015 14,000
Winter Hills Dwarka Morh Umang Realtech 4Q 2013 7,000
COLLIERS INTERNATIONAL | P. 4
DELHI
During 4Q 2011, several redevelopment
residential projects were ready for possession
in locations such as Anand Niketan, Vasant
Vihar, Westend, Defence Colony and Malcha
Marg.
No new project was launched during 4Q
2011.
Capital values for premium residential
properties observed a minor appreciation in
the range of 2% to 5% quarter on quarter
across all the micro markets. This could be
attributed to the limited premium supply and
scope of development.
Due to continuous demand from expatriates
and ofcials of MNC and Indian Corporate
for prime residential properties, rental values
recorded an increase in the range of 7 to
10% quarter on quarter across all the micro
markets, except for a few location such as
Prithviraj Road, Aurangzeb Road, where rates
remained stable.
The Delhi state cabinet has hiked the circle
rates for the second time this year in Delhi.
The circle rate hike was highest in category
A (Anand Niketan, Bhikaji Cama Place,
Friends Colony, Maharani Bagh, Nehru Place
etc.) at 250% while in B (Defence Colony,
Greater Kailash, Green Park, Hauz Khas etc.),
C (Civil Lines, East of Kailash, Kalkaji, Lajpat
Nagar etc.) and D (Anand Vihar, Dwarka,
Janakpuri,Karol Bagh etc.) category areas the
circle rates increased by 100%. Earlier this
year in February, the circle rates increased up
to 100% in various categories.
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | DELHI
RENTAL VALUE
CAPITAL VALUE
DELHI
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
90,000
100,000
80,000
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1
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2
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Golf Links, Jor Bagh, Sunder Nagar
Shanti Niketan, Westend
Friends Colony, Maharani Bagh
Panchashila, Anandlok, Niti Bagh, SDA
Greater Kailash I & II, South Extension
Chanakya Puri
Prithviraj Road, Aurangzeb Road
Anand Niketan, Vasant Vihar
IN
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Golf Links, Jor Bagh,
Sunder Nagar
Chanakya Puri
Prithviraj Road, Aurangzeb Road
Anand Niketan,
Vasant Vihar
Greater
Kailash I
& II, South
Extension
Friends Colony,
Maharani Bagh
Shanti Niketan, Westend
Panchashila, Anandlok, Niti Bagh, SDA
160
140
120
100
80
60
40
20
0
4
Q
2
0
1
1
COLLIERS RESIDEX 4Q 2011 - DELHI
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
1
Q
2
0
0
8
2
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
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2
0
0
9
3
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2
0
0
9
4
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2
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1
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1
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2
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1
2
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2
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1
1
3
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2
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4
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2
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4
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1
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2
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2
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2
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3
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2
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1
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Rebase to 100
4
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2
0
0
8
1
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2
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9
2
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2
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0
9
3
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2
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4
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1
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1
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1
1
2
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1
1
3
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4
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1
1
4
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2
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9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
COLLIERS RESIDEX 4Q 2011 - GURGAON
50
60
70
100
90
80
120
150
140
130
110
NEW PROJECTS
Chintels Kokoon Sector 109 ATS 4Q 2014 4,350
Cosmos City Sector 103 ERA Landmarks 1Q 2015 3,700
Diplomatic Residency Sector 111 Puri Construction 4Q 2014 6,000
International City Sector 109, 106, 108 Sobha Developers Ltd. 4Q 2014 13,500
Raheja Revanta Sector 78 Raheja Group 1Q 2015 5,200
Splendo Sector 57 Splendor Group 4Q 2013 5,500
RENTAL VALUE
GURGAON
This quarter, several projects were launched
in Gurgaon, including Diplomatic Residency
by Puri Constructions, Splendo by Splendor
Group, International City by Shobha
Developers and Kokoon by ATS and Chintels.
The Projects were priced in the range of INR
5,500 to 6,000 per sq ft and were launched
in Dwarka Express Way and Golf Course Road
Extension.
Construction activities remained slow, and
none of the major projects or phases of the
project were ofered for possession during
the quarter.
Capital Values for premium ready-to-move
in residential properties located along Golf
Course Road, Sohna Road, Sushant Lok and
NH8 registered an increase in the range of
4 to 10% quarter on quarter.
Similarly, rental values for premium residential
properties also registered an increase in the
range of 3 to 10% in almost all the micro
markets.
Kotak Realty Fund invested INR 170 crore in
the Astaire Gardens project being developed
by BPTP, located at sector-70A. The project is
spread over 102.2 acres and is expected to
be completed towards the end of 2015.
In order to streamline the procedure of approval
of building plans in licensed residential and
industrial plotted colonies for which licensed
is granted under the provision of Haryana
Development and Regulation of Urban Area
Act, 1975, the department introduced self
certifcation system to reduce the complex
procedure of approval of building plans.
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | GURGAON
CAPITAL VALUE
GURGAON
Sohna Road & Ext
Golf Course Road
NH-8
Sushant Lok
DLF Phase I
60
50
40
30
20
10
0
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
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1
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1
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2
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2
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3
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4
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2
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3
Q
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1
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18,000
16,000
14,000
2,000
0
4,000
8,000
6,000
10,000
12,000
3
Q
2
0
0
8
NH-8
Sushant Lok
DLF Phase I
Golf Course Road
Sohna Road & Ext
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9,000
12,000
15,000
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NOIDA
During 4Q 2011, no major under construction
projects/phases of the project witnessed
completion.The construction activities had
slowed down during the quarterdue to
agitation from farmers on land issue in the
new sectors allocated by NOIDA authority.
The construction activities are expected to
start picking up as the NOIDA authority has
cleared most of the land issues by paying old
dues.
The number of new projects launched has
reduced signifcantly in comparison to previous
3 quarters. A prime residential project
launched in this quarter was Supernova by
Supertech Ltd in Sector 94, INR 13,500 per sq
ft well above the average market price range.
The project is proposed supposed to be a high
rise mixed use development with around 80
storeys.
Capital values witnessed an increase in the
range of 4 to 9% quarter-on-quarter in almost
all the premium residential sectors such as
Sector 28-30, 44, 50, 92, 93 and 61-62.
In 4Q 2011, rental values in NOIDA increased
in the range of 3 to 7% quarter-on-quarter,
due to demand from MNCs and limited
availabilities of premium properties.
In an attempt to avoid any further agitation
by NOIDA farmers on land acquisition issues,
the NOIDA Authority released a list of 2,663
farmers in 35 villages who will get fve per
cent developed plots in the fnal phase. The
list, according to the Authority, is the fnal one
for all the villages where land was acquired
after 1997.
CITY OFFICE BAROMETER
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | NOIDA
NOIDA
RENTAL VALUE
CAPITAL VALUE
0
2,000
4,000
6,000
8,000
10,000
S
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4
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3
Q
2
0
0
9
2,000
3,000
4,000
5,000
6,000
7,000
9,000
10,000
8,000
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
4
Q
2
0
0
9
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
0
Sector 61,62,63
Sector 28,29,30
Sector 44
Sector 92 / 93
Sector 50
IN
R

p
e
r

S
q

F
t
Sector 50
Sector 44
Sector 28,29,30
Sector 92/93 Sector 61,62,63
25
20
15
10
5
0
4
Q
2
0
1
1
30
COLLIERS RESIDEX 4Q 2011 - NOIDA
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
1
Q
2
0
0
8
2
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
NEW PROJECTS
Arista Sector 168 Sun World 4Q 2014 3,500
Cleo County Sector 121 ABA Corp. 2Q 2015 3,300
Kaamna Greens Sector 143 Sikka Group 3Q 2015 2,800
Supernova Sector 94 Supertech 1Q 2015 8,500
Wave Mega City Centre Sector 32 Wave Infratech 4Q 2015 7,300
Rebase to 100
1
Q
2
0
0
8
2
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
COLLIERS RESIDEX 4Q 2011 - CHENNAI
50
60
70
100
90
80
120
150
140
130
110
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | CHENNAI
RENTAL VALUE
CHENNAI
A number of projects/phases of projects were
completed this quarter, including Tulip by
Doshi Housing at Kilpauk, Orchid Springs
by Alliance Infrastructure at Padi, Kings
Court by Golden Homes and Praveens by
Praveen Constructions at Anna Nagar, Crest
Dusica by Crest Homes at Alagaputhur
and Prapancha by Catalyst Properties
and Boulevard by Ceebros both located at
Thoraipakkam.
The residential market remained active
during the quarter, and several projects were
launched during the quarter. Most of the
projects were located in suburbs and were
priced in the range of INR 2,800 to 7,000 per
sq ft.
In 4Q 2011, rental values for premium
residential properties remained stable across
all the micro markets. However, rental values
witnessed slight increase especially in the
mid-range housing segment.

Following the previous quarter trends, capital
values for high-end residential properties
remained stagnant during the review period
due to cautious investor sentiment.
The state government has approved a six-lane
expressway on a 344 km stretch between
Chennai and Bengaluru, which would be
funded through a public-private partnership
(PPP). Real estate activities are expected
to increase along the highway. The state
government has also planned to set up a 311
acre satellite township at Thirumazhisi along
this highway.
CAPITAL VALUE
CHENNAI
Adyar
Anna Nagar
Nungambakkam
Boat Club
Siruseri/ Kazipattur
Sholinganallur
Velachery
Alwarpet / R A Puram
Beasant Nagar
T Nagar
75
60
45
30
15
0
3,000
0
6,000
9,000
12,000
18,000
21,000
15,000
3
Q
2
0
0
8
4
Q
2
0
0
8
2
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
1
4
Q
2
0
1
1
2
Q
2
0
1
1
1
Q
2
0
1
1
4
Q
2
0
1
0
3
Q
2
0
1
0
1
Q
2
0
0
8
Boat Club
Beasant Nagar
Nugambakkam Siruseri/ Kazipattur
Velachery
Sholinganallur
Alwarpet / R A Puram
Anna Nagar
T Nagar
Adyar
IN
R

p
e
r

s
q

f
t
B
o
a
t

C
lu
b
N
u
n
g
a
m
b
a
k
k
a
m
A
n
n
a

N
a
g
a
r
T

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

N
a
g
a
r
A
d
y
a
r
S
h
o
lin
g
a
n
a
llu
r
A
lw
a
r
p
e
t

/

R

A

P
u
r
a
m
V
e
la
c
h
e
r
y
S
ir
u
s
e
r
i/

K
a
z
ip
a
t
t
u
r
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
IN
R

p
e
r

s
q

f
t
NEW PROJECTS
Amara Ananta Palavakkam, ECR AR Group 1Q 2014 10,000
Boulevard Vandalur-Kelambakkam road Vijayshanthi 4Q 2013 2,800
Four Seasons ECR Marg Swarnabhoomi 3Q 2013 2,000
Serene Adinath Vandalur Covai Property Centre 4Q 2013 2,450
Thazham OMR Vasavi Housing 4Q 2013 3,750
Versailles Uthandi, ECR Casa Grande 4Q 2013 7,000
BENGALURU
This quarter several projects/phases of
the projects were ready for possession in
Bengaluru, including Purva Highlands
located at Kanakpura and Purva Venezia
at Yelahanka by Purvankara Developers and
Victory Harmony at RT Nagar by Victory
Builders & Developers.
In terms of new projects launched, the
Bengaluru market remained active during
4Q 2011. However, the number of residential
projects launched by grade A developers has
reduced signifcantly from the previous three
quarters. Two of these new projects were
launched in peripheral locations, Devanahalli,
Yemalur ORR and Kanakapura Road, and were
priced in the range of INR 2,650 to 7,450 per
sq ft.
The capital values for premium residential
properties increased in the range of 7 to 10%
quarter on quarter in location like Central
Bengaluru, Indiranagar and Cooke Town due
to limited supply in these areas. Capital values
in suburban and peripheral locations remained
stable during the quarter.
Rental values for prime residential properties
remained stable in almost all the micro
markets, barring Whitefeld, where rentals
witnessed an increase by 5% quarter on
quarter due to increasing leasing activities in
this area.
In 4Q 2011, development work for signal free
corridor between Sirsi circle to Agara Lake
has been commenced. This is expected to
improve the connectivity between the ORR
(Sarjapur-Marathahalli) and Koramangala.
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | BENGALURU
CAPITAL VALUE
0
2,000
4,000
8,000
6,000
10,000
14,000
16,000
18,000
12,000
Y
e
la
h
a
n
k
a
W
h
it
e
f
e
ld

(
A
p
p
t
s
)
K
o
r
a
m
a
n
g
a
la
B
a
n
n
e
r
g
h
a
t
t
a

R
o
a
d
In
d
ir
a
n
a
g
a
r
A
ir
p
o
r
t

R
o
a
d
P
a
la
c
e

O
r
c
h
a
r
d
J
a
y
a
n
a
g
a
r
C
o
o
k
e

T
o
w
n
IN
R

p
e
r

S
q

F
t
C
e
n
t
r
a
l
1
Q
2
0
0
8
2
Q
2
0
0
8
3
Q
2
0
0
8
IN
R

p
e
r

S
q

F
t
0
2,000
4,000
6,000
8,000
10,000
14,000
12,000
16,000
18,000
2
Q
2
0
1
0
4
Q
2
0
0
9
1
Q
2
0
1
0
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
3
Q
2
0
1
0
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
4
Q
2
0
1
1
3
Q
2
0
1
1
Central
Yelahanka
Koramangala
Indiranagar
Cooke Town Jayanagar
Bannerghatta Road
Palace Orchard
Airport Road
Whitefeld
RENTAL VALUE
Palace Orchard
Jayanagar
Cooke Town
Central
Yelahanka
Whitefeld
(Appts)
Koramangala
Bannerghatta Road
Airport Road
Indiranagar
70
55
40
25
10
-5
BENGALURU
COLLIERS RESIDEX 4Q 2011 - BENGALURU
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
1
Q
2
0
0
8
2
Q
2
0
0
8
3
Q
2
0
0
8
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
NEW PROJECTS
Brigade Orchids Devanahalli Brigade Group 4Q 2013 6,000
Century Linea Kanakapura Road Century Group 4Q 2014 4,200
Embassy Prispine ORR Embassy Group 4Q 2014 5,600
Rohan Jhorka Phase II Yemalur Rohan Builders 4Q 2013 3,850
Skyline Exantus Kanakapura Road Skyline Group 4Q 2014 3,250
Tata Promonte Banashankari TATA Housing 4Q 2013 7,450
Rebase to 100
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
COLLIERS RESIDEX 4Q 2011 - KOLKATA
50
60
70
100
90
80
120
150
140
130
110
NEW PROJECTS
Emami City Nagerbazar Emami Realty 1Q 2015 4,100
Greentech City Rajarhat
Vedic Realty Pvt Ltd &
Diamond Group
1Q 2015 2,200
Omni Lakeview Rajpur
Bengal Omni Tech
Nirman Ltd
1Q 2015 2,200
Rameswara Waterview Rajarhat Rameswara Group 3Q 2014 2,300
Rishi Meridian Rajarhat Rishi Group 4Q 2014 2,500
Siddha Sphere Rajarhat Siddha Group 4Q 2014 2,700
KOLKATA
Projects/phases of the projects that were
ready for possession in Kolkata this quarter
were Purti Colours by Purti Realty, Diamond
Residency by Super Diamond Nirman Pvt.
Ltd both located at Behala, Sankalpa Phase I
by WBIDFC, Greenfeld Ambition by Bengal
Greenfeld and Rosedale by Rosedale
Developers, all three located at New Town
and Ekta Oleander by Base Developer at
Beliaghata, and Purti Flower Phase II by
Purti Realty at Mahestala.
New projects launched this quarter were
primarily located at peripheral locations such
as Rajarhat, Rajpur and Nager Bazar and were
priced between INR 2,200 to 4,100 per sq ft.
Demand remained positive and capital values
across all the micro markets witnessed minor
appreciation in the range of 1 to 3% quarter on
quarter. Capital values in Rajarhat recorded
an average increase of approximately 8%
quarter on quarter. This increase can be
attributed to the rising demand in this area
due to availability of quality apartment in the
afordable price range.
Rental values in almost all the micro markets
witnessed an increase in the range of 3%
to 9% over the quarter except in areas like
Behela, EM Bypass and VIP Road due to large
availability.
The government has approved Infosys
proposal to establish its second campus at
Rajarhat, and there is also a fnancial hub
being planned in the same region. Both of
these are expected to generate demand for
residential real estate in the market inthe near
future.
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | KOLKATA
CAPITAL VALUE
RENTAL VALUE
KOLKATA
Alipore
Tollygunge
PA Shah Road
Bhawanipur
New Town Rajarhat
VIP Road
EM Bypass
Ballygunge
Salt Lake
Behela
Loudon Street
35
30
25
15
10
5
0
3
Q
2
0
0
8
4
Q
2
0
0
8
2
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
1
Q
2
0
1
0
2
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
3
Q
2
0
1
4
Q
2
0
0
9
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
1
Q
2
0
1
0
4
Q
2
0
1
0
2,000
0
4,000
8,000
6,000
10,000
12,000
1
Q
2
0
0
8
Bhawanipur
EM Bypass
Ballygunge Loudon Road
Behela
Alipore Tollygunge
Bhawanipur
New Town - Rajarhat
VIP Road
Salt Lake
IN
R

p
e
r

s
q

f
t
B
h
a
w
a
n
ip
u
r
P
A

S
h
a
h

R
o
a
d
T
o
lly
g
u
n
g
e
L
o
u
d
o
n

S
t
r
e
e
t
B
e
h
e
la
A
lip
o
r
e
E
M

B
y
p
a
s
s
B
a
lly
g
u
n
g
e
S
a
lt

L
a
k
e
V
IP

R
o
a
d
N
e
w

T
o
w
n

R
a
ja
r
h
a
t
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
IN
R

p
e
r

s
q

f
t
Magarpatta/
Hadapsar
Deccan/Camp/Boat Club
Kalyani Nagar/Viman Nagar/Kharadi
Pimpri/Chinchwad/Chakan
NIBM/Undri
/Kondhwa
Kothrud/Bavdhan/Wajre Baner/Hinjewadi/Wakad/Pashan
30
25
15
10
5
0
PUNE
The premium residential market of Pune
include Deccan, Camp, Boat Club Road,
Kalyani Nagar and central Pune. Locations
like Hinjewadi, Magarpatta, Hadapsar, Baner,
Viman Nagar and NIBM have emerged as ideal
destination for residence consist of high end
and mid range apartments. Upcoming location
in peripheral areas includes Kharadi, Kothrud,
Khodhwa, Pimpri Chinchwad, Undri, Wanowari
and Pashan.
During 4Q 2011, various premium projects/
phase of projects were completed, including
Rohan Ishita by Rohan Builders At Mundhwa,
Kapil Tranquil Greens at Baner and Kapil
Aasmat at Pashan by Shree Bal Developers,
and Mind Space in Wakad by Safron Realty.
These projects were priced in the range of
INR 5,000 to INR 8,000 per sq ft.
In 4Q 2011, several premium projects were
launched in locations like Baner, Viman Nagar,
Wakad, Fatima Nagar, Mhatre Bridge, Aundh,
NIBM Road, Hinjewadi and Pimpri-Chinchwad,
projects were priced in the range of INR 5,000
to 8,000 per sq. ft.
Capital Values remained stable in almost all the
micro markets except in Kalyani Nagar, Viman
Nagar, Baner, Hinjewadi and Wakad locations,
where values increased from 1 to 2%.

During 4Q 2011, rental values remained
stable in almost all the micro markets in Pune,
except for locations such as Baner, Hinjewadi,
Wakad, Pashan and Balewadi, where an
average increase of 4% quarter on quarter was
observed. This was primarily due to consistent
demand for rented accommodation from the
working population in nearby commercial
hubs.
3Q 2011 4Q 2011
RENTAL VALUE
CAPITAL VALUE
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | PUNE
CAPITAL VALUE
RENTAL VALUE
PUNE
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
2
Q
2
0
1
1
1
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
4
Q
2
0
1
0
3,000
2,000
4,000
7,000
8,000
9,000
6,000
5,000
10,000
Kalyani Nagar/Viman Nagar/Kharadi Deccan/Camp/Boat Club/Central Pune
Magarpatta/Hadpsar Baner/Hinjewadi/Wakad/Pashan/Balewadi
Kothrud/Bavdhan/Wajre NIBM/Undri/Kondhwa
Pimpri/Chinchwad/Chakan/Talegaon
IN
R

p
e
r

s
q

f
t
K
a
ly
a
n
i
N
a
g
a
r
/
V
i-
m
a
n

N
a
g
a
r
/
K
h
a
r
a
d
i
B
h
a
w
a
n
ip
u
r
D
e
c
c
a
n
/
C
a
m
p
/
B
o
a
t

C
lu
b
B
a
n
e
r
/
H
in
je
w
a
d
i/
W
a
k
a
d
/
P
a
s
h
a
n
M
a
g
a
r
p
a
t
t
a
/
H
a
d
a
p
s
a
r
N
IB
M
/
U
n
d
r
i/
K
o
n
d
h
w
a
K
o
t
h
r
u
d
/
B
a
v
d
h
a
n
/
W
a
jr
e
P
im
p
r
i/
C
h
in
c
h
w
a
d
/
C
h
a
k
a
n
0
2,000
4,000
6,000
8,000
10,000
IN
R

p
e
r

s
q

f
t
COLLIERS RESIDEX 4Q 2011 - PUNE
Rebase to 100
50
60
70
80
90
100
110
120
140
150
130
4
Q
2
0
0
8
1
Q
2
0
0
9
2
Q
2
0
0
9
3
Q
2
0
0
9
4
Q
2
0
1
0
1
Q
2
0
1
1
2
Q
2
0
1
1
3
Q
2
0
1
1
4
Q
2
0
1
1
4
Q
2
0
0
9
1
Q
2
0
1
0
2
Q
2
0
1
0
3
Q
2
0
1
0
NEW PROJECTS
43 Privet Drive Balewadi Bhandari Associates 4Q 2013 6,000
Camelot Royale Viman Nagar Mainland Buildcon 3Q 2014 5,500
Empire Estate Phase-II Chinchwad
Sukhwani-Agrawal
Group
4Q 2013 4,800
Galaxy Mhatre Bridge Kool Homes 4Q 2013 15,000
Monte Cristo Baner Manav Group 4Q 2013 7,500
THE KNOWLEDGE | 4Q 2011 | RESIDENTIAL | SUBMARKETS
Mumbai
The high-end residential real estate markets in Mumbai include Malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy,
Colaba, Cufe Parade, Prabhadevi, Worli, Bandra, Khar, Santacruz, Juhu and Powai.
Delhi
The prime residential areas in Delhi are in the South region and comprise Vasant Vihar, Westend, Shanti Niketan, Anand Niketan and Central Delhi
locations. These areas enjoy proximity to embassies, the airport and central commercial areas - Connaught Place.
Gurgaon
The prime residential locations of Gurgaon include Golf Course Road, DLF Phase I, Sushant Lok and Sohna Road. The Delhi- Jaipur Highway (NH-8)
is also emerging as a preferred residential location owing to its proximity to the national capital.
NOIDA
NOIDA premium residential market is comprised of sectors 44, 50, 92, 61, 62, 63 , 28, 29, 30 and Taj Express Highway.
Chennai
The prime residential areas in Chennai include Thiruvanmiyur, Valmiki Nagar and Besant Nagar, R.A Puram, Mylapore and Adyar in South Chennai,
Nungambakkam, Chetpet, Poes Garden, Egmore, Alwarpet, T. Nagar in Central Chennai; and Anna Nagar, Kilpauk in North West Chennai.
Bengaluru
The residential market of Bengaluru comprises both apartments and independent residences. Currently, high-end residential developments are
mainly concentrated along the CBD, and Eastern and South precincts of the city. Recently, Northern Bengaluru has also witnessed a spree of realty
activity facilitated by the new International Airport at Devanhalli.
Kolkata
The prime residential areas in Kolkata include PA Shah Road, Tollygunge and Bhawanipur in South Kolkata, Alipore and Behala in South-west Kolkata,
Loudon Street and Ballygunge in Central Kolkata; and Salt Lake, EM Bypass and VIP Road in North Kolkata.
Pune
The prime residential areas in Pune include Kalyani Nagar, Viman Nagar, Boat Club Road, NIBM Road, Magarpatta, Hadapsar, Koregaon Park. Recently,
increased activities has been witnessed in Pimpri-Chinchwad, Baner-Pashan and Kondhwa.
RESIDENTIAL SUBMARKETS
CITY BAROMETERS
COLLIERS RESIDEX
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter
Colliers Residex represents the average secondary sale prices of high end properties. Residex has been derived by rebasing the capital values as
100 as on 1Q 2008.
Colliers International (India) provides property services to property Investors and Occupiers. We
deliver customised service solutions utilising local and global knowledge in partnership with our
clients via our property Investment and Occupier service lines. These service lines include - Ofce
Services, Facility Management, Project Management, Residential Services, Investment Services
and Valuation & Advisory Services.
www.colliers.com/india
For national residential services related queries please contact:
Poonam Mahtani, National Director
Residential Services & Knowledge Systems
Poonam.mahtani@colliers.com
Tel: 91 22 4050 4551
Mumbai : Prabhu Raghavendra, Ofce Director
Prabhu.raghavendra@colliers.com
31/A, 3rd foor, Film Center, 68, Tardeo Road, Mumbai, India - 400 034.
Tel : 91 22 4050 4500, fax : 91 22 2351 4272
Delhi NCR : Ajay Rakheja, Ofce Director
Ajay.rakheja@colliers.com
New Delhi : Statesman House, 4th Floor, Barakhamba Road, Connaught Place,
New Delhi, India - 110 001
Tel : 91 11 4360 7500 - 23, fax : 91 11 2335 6624
Gurgaon : Technopolis Building, 1st foor, DLF Golf Course Main Road, Sector 54, Gurgaon,
India - 122 002
Tel : 91 124 437 5807, fax : 91 124 437 5806
Bengaluru : Goutam Chakraborthy, Ofce Director
Goutam.chakraborthy@colliers.com
Prestige Garnet, Level 2, Unit No.201/202, 36 Ulsoor Road, Bengaluru,
India - 560 042
Tel : 91 80 4079 5500, fax : 91 80 4112 3131
Pune : Suresh Castellino, Ofce Director
Suresh.castellino@colliers.com
Hotel Le Meridian, 101, R.B.M. Road, Pune, India - 411 001
Tel : 91 20 4120 6438, fax : 91 20 4120 6434
Chennai : Kaushik Reddy, Ofce Director
Kaushik.reddy@colliers.com
Heavitree Complex, Unit 1C, 1st foor, 23, Spurtank Road, Chetpet, Chennai,
India - 600 031
Tel : 91 44 2836 1064, fax : 91 44 2836 1377
Kolkata : Soumya Mukherjee , Ofce Director
Soumya.mukherjee@colliers.com
Infnity Business Centre, Infnity Benchmark, Room No 13, Level 18, Plot G - 1,
Block EP & GP, Salt Lake Sector V, Kolkata - 700 091 West Bengal, India
Tel : 91 33 2357 6501 , fax : 91 33 2357 6502
This book is printed on 100% Recyclable paper
THE KNOWLEDGE | 4Q 2011
AUTHORS
Amit Oberoi MRICS
National Director, Valuation & Advisory; Research
Email: Amit.oberoi@colliers.com
Surabhi Arora MRICS
Associate Director, Research
Email: Surabhi.arora@colliers.com
Sachin Sharma
Assistant Manager, Research
Email: Sachin.sharma@colliers.com
Heliana Mano
Assistant Manager, Research
Email: Heliana.mano@colliers.com
For general queries and feedback :
India.Research@colliers.com
Tel: 91 124 456 7580
This report and other research materials may be found on
our website at www.colliers.com/India. Questions related
to information herein should be directed to the Research
Department at the number indicated above. This document
has been prepared by Colliers International for advertising
and general information only. Colliers International makes
no guarantees, representations or warranties of any kind,
expressed or implied, regarding the information including,
but not limited to, warranties of content, accuracy and
reliability. Any interested party should undertake their
own inquiries as to the accuracy of the information.
Colliers International excludes unequivocally all inferred
or implied terms, conditions and warranties arising out
of this document and excludes all liability for loss and
damages arising there from.
Copyright 2012 - 2013 All Rights Reserved.
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QUARTERLY UPDATE | OCTOBER | 2011
ASIA PACIFIC
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December 2011
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3Q 2011

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