Pulse

Monthly Real Estate Monitor

Market Highlights
May 2014
APRIL 2014
Leasing activity
improves in
Bangalore
Rents and capital
increase in
Bangalore
Demand continues
to remain sluggish
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Monthly Real Estate Monitor

May 2014
Favourable Neutral Unfavourable
Legend: Market Sentiment
Indias Residential Sector
through the looking glass

Indias residential sector is passing through interesting times.
Through the microscopic lens of our Real Estate Intelligence Service,
we have identified the top ten trends of the Indian residential sector
over the past two or three quarters.

1. Supply is showing variable signs of cyclical ups and downs
depending on launches. Affordable and lower-priced residential
corridors were the prime drivers of new launches.
2. Demand on the slowing curve in NCR-Delhi, but stable in all
other cities, primarily on the back of new launches in emerging
residential corridors being able to attract buyers.
3. Vacancy rate in terms of available apartment units, has risen
across all cities
4. Rents have risen marginally across the residential markets of
Mumbai, Bangalore, Chennai and Pune.
5. Capital values have steadily risen across cities. Slowing
sales momentum has tempered price growth in the Tier 1 cities.
6. Type of project launches primarily in the mid-segment
category comprising two and three bedroom-hall-kitchen
configurations. Developers also launched studio apartments as
low-ticket sized projects to attract buyers.
7. Emerging corridors developers explored newer corridors in
cities such as Sohna and NH-24 (NCR-Delhi), Ulwe and
Karanjade (Mumbai) and Hennar Road (Bangalore) to offer
lower-priced projects to buyers.
8. Infrastructure projects planned and underway were
positioned as pull factors for residential projects launched in the
vicinity of such infrastructure developments.
9. Buyer/investor sentiment remains weak given the high
interest rates and rising residential prices.
10. Developer sentiment is tied to the result of the countrys
ongoing general elections. Developers are taking a wait and
watch policy, holding prices.

To read more refer to
http://www.joneslanglasalleblog.com/APResearch/residential-
research/india%e2%80%99s-residential-sector-through-the-looking-
glass
The National Housing Bank (NHB) has
planned to support long term fixed-rate
mortgage loans for lower and middle income
group housing by using a portion of tax-free
bonds. NHB will refinance banks and housing
finance companies to disburse loans up to
INR 1000,000. The tenure for these loans will
be 15-20 years with a fixed rate. This is likely
to give an impetus to affordable housing
segment.
Investment climate cautious
due to the impending general
elections.
250,000 sq ft of office space in Centrum B2 in
Kalyani Nagar, Pune was sold to a a high-net-
worth individual (HNI) for INR 1.45 billion by
private equity firm Milestone Capital Advisors.
According to JLLs latest report Offices 2020 - Mapping The
Future Of The Mumbai Office Market about 15000 acres of
land will be available in Mumbai for redevelopment. This is
likely to create opportunity for more quality supply in the city.
India has crossed the mark of 2 billion sq ft of
registered green buildings this month. About
2400 projects which include commercial
buildings, institutions and residential buildings
are registered as green buildings in India
Next
For more information about our research, contact
Ashutosh Limaye
Head, Research and REIS +91 98211 07054 ashutosh.limaye@ap.jll.com

Trivita Roy
Assistant Vice President, Research +91 40 4040 9100 trivita.roy@ap.jll.com

Research Dynamics 2014
Pulse reports from JLL are frequent updates on real estate market dynamics.

www.joneslanglasalle.co.in
Cities
Office
Rental
Value
Retail
Rental
Value
Residential
Capital
values
DELHI
MUMBAI
PUNE
BANGALORE
CHENNAI
HYDERABAD
KOLKATA
Legend
Growing Stabilise Stagnate Falling
Weather Map
DELHI
KOLKATA
CHENNAI
BANGALORE
HYDERABAD
PUNE
MUMBAI
Back to top
OFFICE
Demand Vacancy

RV

CV

RETAIL
Demand Vacancy

RV

CV

RESIDENTIAL
Demand Launches

RV

CV

Demand/Vacancy
Rental Value(RV) / Capital Values (CV)
Increasing Moderate Increase Stable Moderate Fall Falling
Pulse


Monthly Real Estate Monitor

May 2014
Bangalore
Policy/ Infrastructure
The state of Karnataka is all set to unveil a new infrastructure policy that
seeks to decongest Bangalore and promote Tier II cities. The policy would
be formulated in consultation with trade and industry bodies and would
help set up high-speed rail corridors between Bangalore and Mangalore,
Mysore, Belgaum, Hubli, Tumkur and Kolar. Road connectivity will also be
upgraded.
Transaction activity improved across
all the sub-markets in the city.
Major transactions:
BMA Wealth Creators and
Thorogood in CBD
Tangoe in Whitefield
Bangalores retail market continued to
witness sluggish demand for retail
spaces.
Major transactions:
Chai Point in both of Mantri Mall and
Gopalan Mall
Crossword in Indiranagar
All the sub-markets across the city
continued to witness stable residential
demand.
New Launches:
Prestige Falcon City in JP Nagar
Unishire Verzure in Jakkur
United Elysium in Whitefield
Sobha Gladiola in Kanakapura Road
Presidential Tower in Yeshwanthpur
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
CBD 80130 10,00020,000
Old Airport Road 6075 7,00010,000
Outer Ring Road (Eastern) 4855 5,5006,500
Old Madras Road 4560 5,0006,500
Electronic City 2628 2,8003,200
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Koramangala 80150 9,00016,000
Indiranagar 90180 10,00016,000
New BEL Road 5080 6,00010,000
Commercial Street 175250 16,00020,000
Jayanagar 80120 7,00015,000
Key Precincts
Rental Value
(INR per month
for a 1,000 sq ft
2BHK
apartment)
Capital Value
(INR per sq ft)
Old Madras Road
15,00025,000 5,000 6,000
Indiranagar
20,00030,000 10,00025,000
Bellary Road
12,00018,000 4,5009,000
Hosur Road
10,00014,000 3,0006,500
Whitefield
18,00025,000 4,5008,000
Tumkur Road
8,00012,000 3,0005,000
Kanakapura Road
8,00012,000 3,0005,500
Mysore Road
8,00010,000 3,0004,000
Back to top
OFFICE
Demand Vacancy

RV

CV

RETAIL
Demand Vacancy

RV

CV

RESIDENTIAL
Demand Launches

RV

CV

Demand/Vacancy
Rental Value(RV) / Capital Values (CV)
Increasing Moderate Increase Stable Moderate Fall Falling
Pulse


Monthly Real Estate Monitor

May 2014
Chennai
Policy/ Infrastructure
Chennai Municipal Corporation has applied for INR 500 million from
the World Bank for various projects involved in improving traffic
congestion in T.Nagar.
Six-laning work of the Oragadam to Sriperumbadur Road is
expected to be completed within a year. The four-lane road will
extend its service lane to two-lane width to ease the movement of
large container trucks from the neighbouring heavy industries.
Office leasing remained healthy. CBD
locations, Mount Poonamalle road
(MPR) and Pre-toll OMR continued to
remain the most preferred office
destination..
Major transactions:
Kotak Mahindra Bank in Pre-toll
OMR
RR Donnelley in CBD
L&T IES, Photon & Delphi in MPR
Both high streets and malls recorded
stable retail activity. The much
awaited Luxe Cinemas opened in the
Phoenix Market City mall.
Major transactions:
Megamart opened in Mandaveli
Tanishq Jewellery in
Valsaravakkam
Univercell Sync Store at
Nungambakkam
Demand for housing continued to
improve while the city recorded new
launches in the upper-mid and luxury
segments.
New Launches
Altis Oceanique near Muttukadu
Greata Masken Heights near
Velachery
Tango in Thoraipakkam, OMR
One World on V K Road
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Mount Road 60-85 9,000-15,000
RK Salai 65-85 10,000-15,000
Pre-toll OMR 40-67 5,000-6,500
Post-toll OMR 25-35 3,500-5,000
Guindy 40-65 6,000-9,000
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
T.Nagar 120 - 180 12,000-15,000
Nungambakkam 130 - 150 13,000-16,000
Velachery 80 - 120 10,000-12,000
Pre-toll OMR 80 - 100 8,000-11,000
Anna Nagar 120 - 150 11,000-13,000
LB Road (Adyar) 120 - 150 10,500-13,500
Key Precincts
Rental Value
(INR per month
for a 1,000 sq ft
2BHK
apartment)
Capital Value
(INR per sq ft)
Adyar 20,00030,000 15,000-22,000
Medavakkam 7,000-14,000 3,600-5,500
Tambaram 6,000-12,000 3,500-4,500
Anna Nagar 15,000 25,000 9,000-15,000
Porur 5,000-10,000 3,800-6,200
Sholinganallur 9,000-12,000 4,250-5,800
Back to top
OFFICE
Demand Vacancy

RV

CV

RETAIL
Demand Vacancy

RV

CV

RESIDENTIAL
Demand Launches

RV

CV

Demand/Vacancy
Rental Value(RV) / Capital Values (CV)
Increasing Moderate Increase Stable Moderate Fall Falling
Pulse


Monthly Real Estate Monitor

May 2014
Delhi NCR
Policy/ Infrastructure
Circles rates of Gurgaon hiked by an average 10 per cent for the
financial year 2014-15.
Work has recommenced on some portion of FNG corridor between
Noida-Ghaziabad region
Demand continued to see momentum
with large space requirements
becoming active. New enquiries came
in to the market with lease terms for
some tenants were nearing expiration.
Major transactions:
KPMG in NH 8-Gurgaon
ReNew Power in MG Road-
Gurgaon
Control Risks in Jasola-SBD
Demand remained slow with moderate
activity in under construction malls.
Retailers were looking at portfolio
rationalisation and pre committed in
upcoming malls.
Major transactions:
Footin in Gurgaon
Saint Louis in Prime South
And, Baggit & SRS Jewels in
Prime Others (all High Street)
Residential sales continued to exhibit a
slowing trend. Although there was slight
increase in capital values in Gurgaon.
New Launches:
Godrej Oasis & Woodview
Residences in Gurgaon
The Arthah in Ghaziabad
Uni Park in Yamuna Expressway-
Greater Noida
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Barakhamba Road 170-400 28,000-35,000
Jasola 110-170 17,000-21,000
DLF Cybercity 80-84 NA
MG Road 115-140 17,000-19,000
Golf Course Road 88-105 12,500-15,000
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
South Delhi 180-330 24,000-32,000
West and North Delhi 140-230 15,000-23,000
Gurgaon-MG Road 140-270 17,500-23,000
Rest of Gurgaon 60-100 8,000-14,000
Noida 130-220 14,000-25,000
Ghaziabad 90-150 10,500-16,000
Key Precincts
Rental Value
(INR per month
for a 1,000 sq ft
2BHK
apartment)
Capital Value
(INR per sq ft)
Golf Course Road 26,000-32,000 13,000-19,000
Sohna Road 16,000-20,000 5,800-7,500
Golf Course Extension Road 18,000-22,000 8,500-11,000
Dwarka Expressway NA 5,500-7,500
Noida- Greater Noida
Expressway
13,000-15,000 4,300-6,500
Noida City 12,000-14,500 4,700-6,000
Indirapuram 11,000-12,000 4,500-5,300
Back to top
OFFICE
Demand Vacancy

RV

CV

RETAIL
Demand Vacancy

RV

CV

RESIDENTIAL
Demand Launches

RV

CV

Demand/Vacancy
Rental Value(RV) / Capital Values (CV)
Increasing Moderate Increase Stable Moderate Fall Falling
Pulse


Monthly Real Estate Monitor

May 2014
Hyderabad
Policy/ Infrastructure
The shipment of first metro train with three cars been sent out by
HyundaiRotem Factory Changwon Korea in April. This is likely to reach
Hyderabad in the end of May. This is will be run on the track from
Nagole to Mettuguda for trial run in June before starting the commercial
operations.
Demand remained stable in
Hyderabad in April. Hitec City
continued to witness most of the
leasing activity.
Major transactions:
Adapt TV, Symphony and
Cognizant leased space at Hitec
City
Demand continued to remain stable
on high streets and malls of
Hyderabad in April.
Major transactions:
Maxl leased space at Tirumulgiri
Bare started their first exclusive
store in India at Nagarjuna Circle
Residential sales remained subdued in
April. New launches in both apartments
and villas were slow over the month.
Key launches:
Serene Mak at Srisailam Highway
by Mak Projects. This is a senior
living apartment project
Pranav Antilia a plotted
development by Praneeth Group at
Bachupally.

Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Begumpet 4555 4,5006,500
Banjara Hills 5060 4,5007,500
Hitec City 3642 4,0005,200
Gachibowli 3640 4,0005,000
Uppal 2535 3,0004,000
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Banjara Hills 100130 10,00013,000
Jubilee Hills 110140 11,00014,000
Secunderabad 80100 8,00010,000
Hitec City 100130 10,00013,000
Kukatpally 100120 10,00012,000
Dilsukhnagar 100120 10,00012,000
Key Precincts
Rental Value
(INR per month
for a 1,000 sq ft
2BHK
apartment)
Capital Value
(INR per sq ft)
Banjara Hills 20,00025,000 7,50014,000
Begumpet 12,00016,000 4,0005,500
Kondapur 8,00016,000 3,2005,000
Gachibowli 8,000-16,000 3,500-4,200
Tellapur 6,00012,000 2,8003,500
Kukatpally 7,00010,000 3,5003,800
Miyapur 5,0008,000 2,4003,500
Back to top
OFFICE
Demand Vacancy

RV

CV

RETAIL
Demand Vacancy

RV

CV

RESIDENTIAL
Demand Launches

RV

CV

Demand/Vacancy
Rental Value(RV) / Capital Values (CV)
Increasing Moderate Increase Stable Moderate Fall Falling
Pulse


Monthly Real Estate Monitor

May 2014
Kolkata
Policy/ Infrastructure
WBHIDCO would auction off several plots ranging from 0.5 acre to more
than 6 acres in New Town on leasehold basis for setting up commercial
establishments and residential complexes. The land on offer adds up to
over 15 acres will be auctioned after the elections. Among the projects
planned are a higher education institute, a nursing college, hotel, offices
and residential complexes.

Demand grew moderately in the city
with both the occupier and investors
getting active, especially in the PBDs.
Projects with better facilities remained
the key behind the market activities.
Major Transactions:
HDFC, Serco BPO and Genpact
all at Salt Lake
Demand for retail spaces in organised
malls remained stable with
transactions happening all over the
city.
Major Transactions:
Harley Davidson in Prime City
High Street
Collective and Forever New in
Prime Others
Titan Eye Plus in Suburbs

Residential demand in April was stable
mostly on the back of good activity in by
projects in low and mid categories.
New Launches
Avishi Trident near Sinthi More, B T
Road
Panache by a JV of PS Group and
Srijan Realty near Mahisbathan
Merlin Paradise by Merlin Group
near Nagerbazaar
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Park Street 110-140 13,500- 22,000
Topsia 70-90 7,500-10,000
Kasba 75-90 8,000-11,000
Salt Lake Sector V 40-45 4,000-4,800
New Town and Rajarhat 32-36 3,200-4,100
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Elgin Road 300-350 24,000-30,000
Park Street (high street) 325-400 26,000-33,000
Prince Anwar Shah Road 125-160 12,000-15,500
Salt Lake 185-225 15,000--20,000
New Town and Rajarhat 60-80 6,500-8,000
Gariahat (high street) 200-250 16,000-22,000
Key Precincts
Rental Value
(INR per month
for a 1,000 sq ft
2BHK
apartment)
Capital Value
(INR per sq ft)
Alipore 43,000-52,000 14,000-22,000
Prince Anwar Shah Road 19,000-30,000 7,000-14,000
EM Bypass (Topsia) 15,000-25,000 6,000-10,000
Lake Town 11,000-17,000 3,800-7,500
New Town (AA- I, II & III) 10,000-16,000 3,500-6,000
Rajarhat 8,00014,000 2,500-4,700
Behala 8,000-14,000 3,000-5,500
Back to top
OFFICE
Demand Vacancy

RV

CV

RETAIL
Demand Vacancy

RV

CV

RESIDENTIAL
Demand Launches

RV

CV

Demand/Vacancy
Rental Value(RV) / Capital Values (CV)
Increasing Moderate Increase Stable Moderate Fall Falling
Pulse


Monthly Real Estate Monitor

May 2014
Mumbai
Policy/ Infrastructure
The 3.45 km long Santa Cruz-Chembur Link Road (SCLR) became
operational in the month of April, with faster connectivity between Western
Express highway & Eastern Express highway.
The office sector recorded lukewarm
activity with occupiers remaining
cautious as general elections
approached. Nonetheless, some of
the cash rich companies took
advantage of stagnated capital values
to buy spaces at prominent locations.
Major transactions:
SBI Capital in SBD Central
Lekhi Forgings in SBD North
Categories such as apparel,
accessories and F&B continued to
lease out spaces in April. High street
transactions at certain precincts
recorded growth while mall
transactions saw moderate pick-up.
Major transactions:
CEX at R Mall in Suburbs
Go Colors in Oberoi Mall
Keeda at R-City Mall in Suburbs
The demand for residential sector in
Mumbai witnessed a slight fall
compared to previous month mainly
due to gloomy market conditions.
New Launches:
Runwal Mydesire at Dombivali
The Baya Goldspot at Andheri
Uniworld City Amber at Santacruz
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Lower Parel 155 - 185 17,000 - 21,000
BKC 250 - 330 25,000 - 34,000
Andheri 105 - 135 10,000 - 14,000
Goregaon-Malad 85 - 105 9,000 - 10,500
Wagle Estate 50 - 65 5,200 - 6,800
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Lower Parel 260-380 22,000-32,000
Malad 160-250 12,500-20,000
Ghatkopar 130-200 10,100-18,000
Mulund 125-200 9,500-15,500
Thane 100-175 8,000-14,000
Navi Mumbai 75-150 7,000-12,000
Key Precincts
Rental Value
(INR per month
for a 1,000 sq ft
2BHK
apartment)
Capital Value
(INR per sq ft)
Lower Parel 60,000-1,10,000 25,000 40,000
Wadala 35,000-60,000 15,00023,000
Andheri 32,000-55,000 12,50021,500
Ghatkopar 30,000-45,000 11,50016,000
Ghodbunder Road 12,00026,000 6.0009,500
Kharghar 10,00018,000 6,0009,000
Back to top
OFFICE
Demand Vacancy

RV

CV

RETAIL
Demand Vacancy

RV

CV

RESIDENTIAL
Demand Launches

RV

CV

Demand/Vacancy
Rental Value(RV) / Capital Values (CV)
Increasing Moderate Increase Stable Moderate Fall Falling
Pulse


Monthly Real Estate Monitor

May 2014
Pune
Policy/ Infrastructure
Pune Municipal Corporation (PMC) has decided to conduct safety audit of
the Bus Rapid Transit System (BRTS) on Pune-Satara road. The issue
was raised by elected corporators at the general body meeting of the civic
body. The civic body assured the members that they will check
dangerous zones all along the stretch and take up necessary steps to
ensure road safety.
Leasing continued to remain stable in
the Pune office market. Vacancy
decreased marginally during the
month.
Major transactions:
Lumedx in Hijewadi
Thought Works in Baner
Knowledge Transition
Consultancy in Hadapsar
Punes retail market continued to
remain stable during the month.
Transactions were restricted to only
small leases on high street retail
areas.
Demand for the residential properties
remained stable. A few large projects
and integrated townships including
Pride City by Pride Group and Pune
Ville by Pharande Group are in the pre-
launch stage and are likely to come on
stream over the next few months.
New Launches:
Amador County
The Leaf
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
Hadapsar 45-65 5,500-7,500
Kharadi 40-55 4,500-6,000
Hinjewadi 33-40 4,0005,500
Viman Nagar 5565 6,5007,500
SB Road 5575 6,5008,000
Key Precincts
Rental Value
(INR per sq ft
per month)
Capital Value
(INR per sq ft)
MG Road 100-160 15,00021,000
Bund Garden Road 90130 13,00017,000
FC Road 100150 15,00020,000
JM Road 100150 15,00020,000
DP Road 90130 12,00016,000
SB Road 80-140 13,000-16,000
Key Precincts
Rental Value
(INR per month
for a 1,000 sq ft
2BHK
apartment)
Capital Value
(INR per sq ft)
Wakad 10,00013,000 4,7005,700
Hinjewadi 9,00011,000 4,8006,500
Kharadi 11,00015,000 4,8005,800
Hadapsar 13,00018,000 5,0007,500
Undri 8,00011,000 4,0005,200
Pimri-Chinchwad 8,00013,000 4,5006,000
Back to top
For more information about our research, contact
Ashutosh Limaye
Head, Research and REIS
+91 98211 07054 ashutosh.limaye@ap.jll.com

Trivita Roy
Assistant Vice President, Research
+91 40 4040 9100 trivita.roy@ap.jll.com

Research Dynamics 2014
Pulse reports from JLL are frequent updates on real estate market dynamics.
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking
increased value by owning, occupying and investing in real estate. With annual fee revenue of $4 billion, JLL has more than 200 corporate
offices and operates in 75 countries worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services for a
property portfolio of 3 billion square feet and completed $99 billion in sales, acquisitions and finance transactions in 2013. Its investment
management business, LaSalle Investment Management, has $48.0
billion of real estate assets under management.

JLL has over 50 years of experience in Asia Pacific, with over 27,500 employees operating in 80 offices in 15 countries across the region.
The firm was named Best Property Consultancy in three Asia Pacific countries at the International Property Awards Asia Pacific 2013, and
won nine Asia Pacific Awards in the Euromoney Real Estate Awards 2013.
For further information, please visit our website, www.jll.com

About JLL India
JLL is Indias premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities
(Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over
6800, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including
research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset
management, sustainability, industrial, capital markets, residential, hotels, healthcare, senior living, education and retail advisory. The firm was
named the Best Property Consultancy in India (5 Star Winner) at the International Property Awards- Asia Pacific for 2012-13.
For further information, please visit www.joneslanglasalle.co.in