Impact of

e-tailing on
brick and
mortar retail
in India
A Whitepaper by Colliers International
and Frost & Sullivan

Table of contents
Introduction

Real estate for organised retailtrends and developments

Indian e-commerce industry: estimated to grow

to USD 56 billion by 2023

Emergence of e-tail

Growth drivers & challenges for e-tail in India

E-tail favourite investment avenue for Private

Equity investors

Impact of e-tail on the retail sector

10

Response of brick and mortar retailers to

online retail

11

International scenario - Colliers view

13

Key emerging and future trends

14

Conclusion

16

Impact of e-tailing on brick and mortar retail in India

Introduction
Rapid proliferation of high-speed Internet and Internet-enabled smart devices has
contributed to the expansion of online retail in India at more than 40 percent growth
in FY 2013-14. In contrast, organised retail grew just 10-12 percent in the same
period, while brick and mortar retail, as a whole, grew 6-7 percent. Capital value
and retail rentals remained flat in Indias top seven cities in FY 13-14. Overall
absorption declined and only 1.6 million sq ft of retail space was absorbed in India
in 2014, down from 5.1 million sq ft in 2013. The entry of a number of high profile
participants into the online retail field recently, along with an influx of private equity
funds and investment from foreign venture capitalists, has resulted in a huge boost
in funding that translated to tremendous sales growth in e-tail. Mall owners are
currently, looking for a defense strategy to ensure the viability of their retail assets.
However, as they say there is always an opportunity with a threat, it is observed
that retailers are increasingly integrating both offline and online presence through
different combinations of product presentation, payment, and delivery modules for
their stores and digital platforms.
This whitepaper aims to find out the recent trends in Brick and Mortar retail and
online retail in India and aims to provide an insight into the future, along with a
focus on the impact it had on real estate requirements.

Online retail in India is expected to touch USD

22 billion by 2018. Mobile internet users in India
is expected to cross 300 MN by 2017 from 159
million users at present, further aiding e-tail
penetration.

Source: Colliers International India Research, IBEF, Frost & Sullivan

A whitepaper by Colliers International and Frost & Sullivan

Indias retail industry is flourishing and accounts for 22 percent of the countrys GDP. In 2014, the
market was worth USD 500 billion and is expanding at a CAGR of 15-20 percent. The Indian retail
industry is considered the seventh largest retail market in the world. The penetration level of modern
retail which is 8-10 percent currently is expected to increase six-fold from the current USD 27 billion
to USD 220 billion in 2020.

Exhibit 1: Indian retail industry - share of organised retail

Clothing and Textile

Consumer durables

20%

Foods and beverage

Unorganised Retail
Organised Retail

33%
92%

7.5%

Footwear

18%

Online Retail

Home decor and furnishing

Books, music and gifts

10%
8%
0.50%

Segment-wise break-up of the indian retail industry

Jewellery and watches

Beauty care

6%
3%
2%

Break-up of organised retail

Source: Colliers International India Research, IBEF, Frost & Sullivan

Real estate for organised retail trends and developments

Although the retail sector in India is still dominated by the unorganised sector; the organised retail
sector is growing steadily, though it has less than 10 percent share of the total sector. The countrys
organised retail is still concentrated in cities, especially metros, mini metros, and top cities.
The total existing stock in terms of Gross Leasable Area (GLA) in the 5 major cities currently stands
at approximately 70 million sq ft. About 21 million sq ft is currently under construction, which is
expected to become operational in the next 3 years.

Impact of e-tailing on brick and mortar retail in India

Exhibit 2: Demand-Supply situation of Indian retail space requirements

(completions / absorption in million sq ft)
15% YoY of average growth in brick & mortar space

30

28.4

25
20
15

18.8
17.2

22.0

15.0

13.0
8.2

10

6.5
5.0

6.5

8.2

7.2
5.9

6.5

0
Bengaluru

Chennai

Hyderabad

Kolkata

Brick & mortar space 2014 (million sq ft)

Mumbai

NCR

Pune

Brick & mortar space 202OE (million sq ft)

Source: Colliers International India Research

In 2014 very minimal new supply has come in to the market and developers have not shown miniscule
interest in launching new retail projects. Some of the major changes that the industry started
witnessing, is slower expansion of big pure players, with focus on profitability (reference Exhibit 3).
Exhibit 3: Changes seen in the Indian retail industry

Slower pace of expansion

by big, pure play retailers.
Slowdown in consumption

Focus more on profitability,

less on expansion

Retailers to expand space at

a lower rate in 2014-2015
compared to 2013-14

Uncertainty over FDI in

multi-brand retail resulted
in sectors slowdown in 2014

Average space addtion in

2014-15: 10-11 %
(down from 13 % in 2013-14)

Concerns on rentals and efficiency.

More and more offline retailers
are going online

Source: Colliers International India Research, Frost & Sullivan

A whitepaper by Colliers International and Frost & Sullivan

5
3

So far we have not seen any major impact on rentals and capital value of retail malls. Going
forward we see a mixed outlook for malls in India, with global brands focusing on prime shopping
markets.
Exhibit 4: Mixed outlook for malls in India

Rental appreciation in prime

shopping markets of major cities like
New Delhi and Mumbai

Historically, low demand supply in

India in 2015

Global brands demanding prime

locations to launch operations;
quality spaces low in metro cities

Out of 71.6 million sq ft of retail space

available in the country, 12.6 million sq ft
remained vacant in 2014

In Delhi and Mumbai, availability of

quality retail space is expected to
remain tight in core areas

Annual absorption decreased to 1.6

million sq ft in 2014 compared to 5.1
million sq ft in 2013

Indian e-commerce industry: estimated

to grow to USD 56 billion by 2023
The Indian e-commerce industry grew at a CAGR of 34 percent from 2009 until 2014
touching US $16.4 billion.
e-tailing is the fastest growing segment in Indian e-commerce at a CAGR of 56 percent
over the same period (2009-2014).
Foreign venture capitalists and private equity firms invested US $3.9 billion, led by Tiger
Global, Sequoia, DST Global, Soft Bank, and Sofina.
Global e-tailer Amazon has announced that it will invest US $2 billion in expanding its
Indian operations.
Funds go mainly into customer acquisition, for back-end support, and service delivery.
CAGR of 10 percent in digital payments from 2010 till 2014 helped e-tail. COD still accounts
for half of e-tail payments.
Major Indian e-tailers in customer acquisition mode - e-tailers persist with discounts
for the fear of losing customers to rivals. It is not sustainable in the long run.
Source: PWC

Impact of e-tailing on brick and mortar retail in India

Emergence of
e-tail
In India the e-tail revolution started officially around two to three years back. Ebay and Amazon were
the first ones to foray in to the market, with companies like Flipkart, Myntra and Snapdeal, etc. joining
the online bandwagon recently. With their unique business models and perseverance, e-tailing
gradually started taking off. The game changer that triggered the growth spurt was Cash on Delivery
(COD) model, which facilitated a safe and convenient shopping experience for consumers. As per
comScore data, Amazon India has received 23.6 million unique visitors, while the number was 23.5
million for Flipkart and 17.9 million for Snapdeal in May 2015.
Competition from e-tailers has been the major reason behind the slowdown of sales for majority of
the bigger mall retailers. The e-tail business in India is expected to grow in the backdrop of fast
growing internet penetration and developing infrastructure like payment and delivery systems.
Exhibit 5: E-tail revenue break-up (in %), 2014, India

Electronics

30%

Apparels and accessories

34%

Books
Beauty and personal products
Home decor and furnishing

15%

Healthcare
10%
6%

Baby products

3%

2%
Source: Internet and Mobile Association of India (IAMAI), Colliers International India Research, Frost & Sullivan

Growth drivers & challenges

for e-tail in India
The primary factors driving e-tail in India are increased internet penetration, convenience of
shopping, and discounts offered by these e-tail websites. Another major factor driving demand is the
transparency of price as consumers feel confident that they are getting the best value possible.
There are websites, for example, buyhutke.com that do research for the customer and compare
prices on all major e-tail sites. In addition, other customer reviews help in finalizing the product.

A whitepaper by Colliers International and Frost & Sullivan

Exhibit 6: Drivers and challenges to e-tail penetration

GROWTH DRIVERS

CHALLENGES

Low internet
penetration

Technology

Discounts

Cost of packaging
and distribution

Convenience

Poor logistics and

infrastructure

Source: eMarketer, Colliers International India Research, Frost & Sullivan

However, it is a debatable subject whether shopping online is derived more by convenience or by

discounts offered. It is very early to say but it appears that discounts offered by e-etail companies is
the primary driver of this demand. Reportedly, all the major players, whether it is Flipkart or
Snapdeal are bleeding cash. Other challenges are low internet penetration, less credit card users,
poor logistics and transport infrastructure, COD especially last mile, etc. However, the scope of
internet growth will have a positive impact on retailers volumes and market share, but the cost of
packaging and distribution can erode profit margins. Retailers are under pressure to find the optimal
e-distribution model.

E-tail favourite investment avenue

for Private Equity investors
E-tail has become the favourite investment destination for Private Equity (PE) investors, with
companies such as like Flipkart, Amazon, and Snapdeal announcing some of the major investments
in the last year. Tiger Global, Sequoia, DST Global, Soft Bank and Sofina were the key Venture
Capitalists (VC)/PE investors. Research indicates that the sector has secured over USD 4.4 billion
investment from VC/PE and internal funding. Refer to exhibit 7 for more details on some of the
recent investments.

Impact of e-tailing on brick and mortar retail in India

Exhibit 7: Recent Private Equity investments in e-tailing companies

Company

Key investors

Amount
(million USD)

Total Funding
Received Since

Flipkart.com

Accel India, Tiger Global, Naspers / ICONIQ Capital, Dragoneer

Investment Group, Morgan Stanley Investment Management, Sofina
and Vulcan Capital, DST Global, Steadview Capital, Baillie Gifford,
Greenoaks Capital, T. Rowe Price Associates, Qatar Investment
Authority

3,151

2009

Snapdeal.com

Alibaba, Foxconn, Softbank, Nexus Venture Partners, Indo-US

Venture Partners, Bessemer Venture Partners, Ebay, Intel
Capital,Kalaari Capital, Saama Capital, Temasek Holdings,
Blackrock, Myriad, Premji Invest, Tyborne

1,468

2011

Jabong.com

British development finance institution CDC, and undisclosed

investors

100

2012

Accel Partners, Mumbai Angels, NEA-IndoUS Ventures,

IDG Ventures, Tiger Global, Premji Invest

89

2007

BigBasket.com

Helion Venture Partners, Zodius Capital, Ascent Capital, and

Bessemer Venture Partners

60

2011

Urbanladder.com

Kalaari Capital, SAIF Partners, Steadview Capital, Ratan Tata,

Tata Sons, Sequoia Capital and TR Capital

50

2012

Limeroad.com

Tiger Global Management, Lightspeed Venture Partners and

Matrix Partners India

50

2012

Grofers.com

Zomato, Sequoia Capital, Tiger Global

46.5

2013

Firstcry.com

New Enterprise Associates (NEA), Valiant Capital, IDG Ventures

India, Ventex Venture Holdings and SAIF Partners

36

2010

Bluestone.com

Accel Partners, IVY Capital and Dragoneer, with participation

from Kalaari Capital and Saama Capital, Ratan Tata, Portea Medical

31

2011

Pepperfry.com

Norwest Venture Partners, Bertelsmann India Investments (BII)

28

2012

Zodius Technology Fund, Khazanah Nasional Bhd, Unilazer Ventures,

IDG Ventures India, Kalaari Capital

19.2

2011

Sequoia Capital and SAIF Partners

10

2014

IAN, Harvard Business Angels (India chapter)

2.8

2012

Info Edge (India) Ltd

1.6

2003

Myntra.com
(Acquired by
Flipkart in 2014)

Zivame.com

PepperTap.com
PrettySecrets.com
Happilyunmarried.com

Source: Secondary sources like e-newspapers, e-magazines etc.

Note: Data compiled by Colliers International India Research

A whitepaper by Colliers International and Frost & Sullivan

Impact of e-tail on the

retail sector
The primary impact of e-tail on the physical retail format is in 3 areas:
1. Low growth
As physical retail sales stagnate and growth is lower than previous years, retail chains are forced to
open fewer stores. Even footfall during festive season has been reduced which is going in favour of
online retail. As per secondary sources the retail revenue growth in 2014-15 has come down to 10
to 11 percent from 13 percent in 2013-14.
2. Diminishing margins
Customers started demanding to match online prices for goods, particularly electronics are forcing
retailers to sell at lower prices. Certain brands sell exclusively on the Internet via tie-ups with e-tail
partners, thereby denying offline retailers business.
3. Reduced sales density
Showrooming as a trend is on the rise resulting in footfalls not essentially translating into sales.
For example : Online retail is rapidly penetrating the electronics segment, especially the cellphone
market. As a result, South Indias largest brick and mortar cellphone retailer, UniverCell is now
looking to shut the 380-store chain.
SHOPPERS STOP
Space additions:
2012-13 : 18.4%
2011-12 : 48.5%
2010-11 : 41.1%

WESTSIDE

F U T U R E R E TA I L
Closed more stores than it
opened in 2013

Consolidated Footprint
Growth:

Shut 16 Food Bazaar Stores

in 2013it opened in 2013
Reduced Operational Area
by 0.15 Million Sq. Ft.

2012-13 : 2.5%
2011-12 :

7.5%

Source: Frost & Sullivan

Exhibit 8: E-tail impact-reaction of retailers and realty suppliers

R E S P O N S E BY R E TA I L E R S
Adoption of strategies to integrate
stores with their websites and
trying to make e-tailing a crucial
medium of sales.
For example: Shoppers Stop.
Demand for a regulatory authority
for e-tailing sites in India with
respect to market practices
adopted.

R E S P O N S E BY L A N D L O R D S
Indian landlords yet to be affected
significantly, unlike those in
mature markets such as the USA.
Landlords to persist without hiking
rents owing to lesser margins of
brick and mortar shops.
In future, malls to focus on
portfolios less affected by online
revolution: Gaming zones,
multiplexes, hotel, food and
entertainment, etc.

Source: Colliers International India Research, Frost & Sullivan

Impact of e-tailing on brick and mortar retail in India

10

Response of brick and mortar

retailers to online retail
1. Changes in the physical retail formats
Brick and mortar retailers are increasingly wary of the threats posed by the attractiveness of online
retail. In mature markets, such as the USA, retailers such as Walmart in several cases, match the
prices offered by their online rivals. It is observed that retailers are increasingly integrating both
offline and online presence through different combinations of product presentation, payment, and
delivery across stores and the digital platform.
Exhibit 9: Impact of e-tail growth on newer demands in real estate

E-fullfilment centers: Merchandise is

stocked at large scale and picked up at
item levels. (Addition of 7.5-15 million sq
ft in the next three to four years)

Parcel hubs and sortation centers (USD

500-1000 million to be spent on logistics
function in the next three to four years)

Parcel delivery centers: Last mile delivery to

the customer

Expected spending by e-tailers

in India between 2017-2020
Warehousing and sortation centers:
USD 450-900 million
(2-6 percent of revenue)
Logistics Functions
USD 500-1,000 million
Physical retailers to cut down on
real estate investments and store
expansion plans

IT operation centers and administrative centers

Source: Colliers International India Research, Frost & Sullivan

2. Multisensory customer experience

Brick and mortar shops are trying to differentiate themselves by providing a unique brand
experience to the buyers. Multisensory customer experiences, better customer reception, and better
relationship management with customers are areas that can be facilitated better through brick and
mortar channels. Stores with a physical presence play a huge role in brand building and will always
remain relevant. Certain national retail chains have recognized the importance of multiple delivery
models and have strategised accordingly.

A whitepaper by Colliers International and Frost & Sullivan

11

Exhibit 10: Multisensory customer experience, redefining consumer experience

In-store

experience
unrivalled by
e-tail
competitors

attention
to customers

Immediate and

accurate feed
back from
customers

Better

customer
engagement

Product

Integrating technology into store

Better

store into
a fulfillment
center

Better relationship management

Better customer experience

Turning the

experience
zones

Stores

connected to
a central
guidance
system,
providing
promotion and
support

Source: Frost & Sullivan, Colliers International India Research

From a mall owners perspective, the mall ownership model has a bearing in successful adoption of
a new strategy. In the Indian market, most of the malls are strata sold to the investors. Multiple
ownerships are resulting in improper mall management and low occupancy. International brands
generally stay away from such malls. It is observed that it is difficult to change formats and tenants
in a strata sold model than in a developer owned mall. It is evident in India that malls owned by
developers like DLF, Unitech, Phoenix, etc. are faring better than strata sold malls because of better
mall management and control over tenant quality.
Exhibit 11: Developer owned overtaking the strata owned malls model

S T R ATA
OWNED
MODEL

Malls
ownership
models

Multiple owners, low occupancy

No proper mall management, international brands

stay away from such malls

No theme based or any special shopping

experience
Small scale developers built such malls

Proper mall management-freedom to chose tenant

Proper floor planning, attracts more international

brands

Established developers own such malls.

Example: malls by DLF, Unitech, etc.

DEVELOPER
OWNED
MODEL

Source: Colliers International India Research, Frost & Sullivan

Impact of e-tailing on brick and mortar retail in India

12

International scenario
Colliers view

China

In China, landlords are considering more diversified retail trades that are associated with
experience such as food and beverages (F&B) and entertainment, in a bid to increase footfalls. In
addition, more promotional activities such as art galleries and exhibitions are more acts of this kind.
Some landlords are more willing to enter O2O, establishing webs for their properties, in the hope of
undertaking more online promotions on behalf of tenants and owners themselves. These kind of
owners include Wanda, COFCO and Yintai all quite well known in China.
- Colliers International China Research

Hong Kong

Mall operators in Hong Kong continue to utilize their designated home pages and internet platforms
as an effective means to entice their customers especially the young generation to physical malls.
We see a lot of collaboration between the mall operators and retailers in achieving this. For example,
by teaming up with retailers, mall operators can issue e-coupons which are only available online.
However, it can only be redeemed in designated shops within shopping malls. Events and joint
promotional activities with retailers have been lined up throughout the year and all event information
is available online. Pop star shows can draw crowds too. Special invitations can be obtained online
but with limited seats available, tickets will be distributed by clicking onto certain internet links on the
basis of first click first serve. Supermarkets can be slightly scaled back and more spaces in
shopping malls can then be allocated to tenants engaged in F&B and restaurants since these cannot
be replaced by any e-retailing. All the promotions and latest menu etc. will be made available online
to facilitate visitors who want to dine out in shopping malls.
- Colliers International Hong Kong Research

Australia

Shopping center owners in Australia have embraced online shopping and the use of technology to
better connect the digital shopper with physical shopping malls. The focus is very much on the
multi-channel experience. Shopping centers are becoming digital hubs, which connect the product,
the retailer and the building. Westfield for example, is targeting online shoppers with its Searchable
Mall, a website which helps shoppers find what they want in their local Westfield shopping center
or allows customers to purchase goods online. Facilitating click-and-collect and online order returns
within shopping centers is also a priority, and is being catered for in new center design and tenancy
fit outs.
- Colliers International Australia Research

Source: Colliers International Research

A whitepaper by Colliers International and Frost & Sullivan

13

Key emerging and

future trends
1. Logistics: The new retail for real estate
The expanding e-tail industry, and a key role in it for third-party delivery firms, has triggered the
USD 50 billion Indian logistics sector to about 80 percent more growth this year, making it the fifth
best performing industry in India. The rapid emergence of e-tail has had an impact on industrial
real estate. Logistics and distribution properties are now being established at a fast pace across
the country in order to ensure pan India coverage. There has been a big shift in spending for
facilities from showrooms to logistics facilities, as demand for logistics and storage facilities are on
the rise. E-tail logistics models are different from traditional storebased logistics models, and will
require fresh investments for the set up.
2. Tie-ups between pure play e-tailers and retailers
Tie-ups by leading pure play brick and mortar retailers with e-tail giants in a market place
arrangement will be an emerging trend in retail. This will be the way forward for those retailers
who want to benefit from the huge e-tailing growth pie, while maintaining their brick and mortar
operational characteristics. This way, the retailers can offload many of the operational risks
associated with online business to the pure play e-tail partner, while reducing IT investment costs.
Jewelers in India, who have always played purely in the brick and mortar format, are now tying up
with e-tail giants like Flipkart, ebay, and Amazon to generate more orders.
3. Multi channel
Multi-channel is making channel irrelevant. Retailers are increasingly recognising that there is no
need for maintaining channel exclusivity. Rather, having a presence across channels will help them
connect better with the customers. Brick and mortar retailers are expected to continue their
significance, while being supported by their own digital/online presence. The notion of channels will
gradually erode and they will be integrated relentlessly.
4. Click and collect
In mature markets, click and collect is the fastest growing multi-channel retail format as it provides
a simple solution to the last mile problem. It works well for all the players (customers, retailers, and
landlords). For example, for the customer it offers the convenience of being able to collect goods at
a time that suits them. For the retailer, it means passing on some of the cost of delivery to the
shoppers, as well as the opportunity to up-sell when that customer is in store. For landlords, click
and collect is a great footfall generator and can often mean the sale is attributed to that store, even
though it is transacted online. However, click and collect also has logistical challenges for pure play
retailers as they do not have a store network from which to offer collections. To mitigate this
problem, many retailers have made alliances with small convenience retailers or post offices to offer
collection points, or have set up collection lockers in shopping centers, on industrial estates or at

Impact of e-tailing on brick and mortar retail in India

14

railway stations. For example, Amazon collection points are now a common feature in UK shopping
centers, while in Germany, it is reported that 90 percent of the population live within 10 minutes of
free lockers operated by Deutsche Post DHL.
5. Enhanced delivery model
In the US, click and collect is however not very popular because of the big difference in geography.
The US is much larger and more sparsely populated than the UK, making distribution a challenge.
Thus, super markets offer very short delivery times to compete with online shopping. But in
competition, e-commerce sites like Amazon offer same day delivery service in around 10 cities and
Ebay offers same day delivery service in San Francisco and New York in alliance with a number of
big retailers.

Exhibit 12: Learnings from international experience

Click and collect model

Order online and pick up in store (commonly known as click a collect)

Multi channel
Visit the store and order onlne via a kiosk or i-pad
Visit the store and shop on the retailers website via mobile phones
Visit the store and shop on another retailers website for a better price
(also known as showrooming)
Visit the store, compare prices via a barcode scanner and find the
product at another physical store at a lower price

Enhanced delivery model

Visit the store and get things delivered at home

Source: Colliers International India Research, Frost & Sullivan

A whitepaper by Colliers International and Frost & Sullivan

15

Conclusion
Offline and online retail are likely to coexist in India in the future as well, and both
will reinvent themselves to make shopping a more pleasurable experience.
Omni-channel retail strategies will emerge more significant as retailers recognize
that customers want to shop at their will, in their way, and whenever they want
to. However, brick and mortar will remain the cornerstone for retail.
Physical retail can be powerfully supplemented by digital retail and such will be
the case in India in the near future. However, there are issues like poor supply
chain infrastructure in the country that both retailers and e-tailers will have to
overcome. Absence of clear e-commerce laws and lack of customer loyalty will
be challenges that the e-tailers are likely to face moving forward.

Source list:
IBEF (India Brand Equity Foundation)
PWC
IAMAI (Internet and Mobile Association of India)
VCCircle
trak.in
Wikipedia
Business Standard
Economic Times
Mint

Impact of e-tailing on brick and mortar retail in India

16

About
Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) is a global leader in commercial real
estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With
an enterprising culture and significant insider ownership, Colliers professionals provide a full range
of services to real estate occupiers, owners and investors worldwide. Services include brokerage,
global corporate solutions, investment sales and capital markets, project management and workplace
solutions, property and asset management, consulting, valuation and appraisal services, and
customized research and thought leadership. Colliers International has been ranked among the top
100 outsourcing firms by the International Association of Outsourcing Professionals Global
Outsourcing for 10 consecutive years, more than any other real estate services firm.
colliers.com

Frost & Sullivan

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage
visionary innovation that addresses the global challenges and related growth opportunities that will
make orbreak todays market participants. For more than 50 years, we have been developing
growth strategies for the Global 1000, emerging businesses, the public sector and the investment
community. Is your organization prepared for the next profound wave of industry convergence,
disruptive technologies, increasingcompetitive intensity, Mega Trends, breakthrough best practices,
changing customer dynamics and emerging economies?
http://ww2.frost.com/
DISCLAIMER
Copyright 2015 Colliers International.The information contained herein has been obtained from sources deemed
reliable. While every reasonable effort has been made to ensure its accuracy, we cannot guarantee it. No
responsibility is assumed for any inaccuracies. Readers are encouraged to consult their professional advisors prior
to acting on any of the material contained in this report.
Frost & Sullivan takes no responsibility for any incorrect information supplied to us by manufacturers or users.
Quantitative market information is based primarily on interviews and therefore is subject to fluctuation. Frost &
Sullivan research services are limited publications containing valuable market information provided to a select
group of customers. Our customers acknowledge, when ordering or downloading, that Frost & Sullivan research
services are for customers internal use and not for general publication or disclosure to third parties. No part of
this research service may be given, lent, resold or disclosed to non customers without written permission.
Furthermore, no part may be reproduced, stored in a retrieval system, or transmitted in any form or by any means,
electronic, mechanical, photocopying, recording or otherwise, without the permission of the publisher.

A whitepaper by Colliers International and Frost & Sullivan

17

Authors:
Surabhi Arora
Associate Director
Research | Colliers International India
surabhi.arora@colliers.com
Sachin Sharma
Manager
Research | Colliers International India
sachin.sharma@colliers.com
Deepa Doraiswamy
Associate Director
Innovation & Knowledge Center | MENASA | Frost & Sullivan
ddoraiswamy@frost.com
Media Contact:
Sukanya Dasgupta
Assistant General Manager
Marketing & Communications | Colliers International India
sukanya.dasgupta@colliers.com
+91 98118 67682