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Property Market Overview

INDIA
FIRST QUARTER | 2009

Foreword
Following the financial shock, there has been a paradigm shift in the perception of risk, resulting in a liquidity crunch and weakening demand. For most Indian real estate markets, this has been made worse by the over-building. In line with the previous quarter, Q109 continued to witness low absorptions; increasing vacancy rates; decline in rentals and a sharper decline in capital values; and increasing cap rates. However, in contrast to the previous quarter, there was more interest expressed in leasing and acquiring property. Projects launched at competitive prices received a good response. Office rental values between Q108 and Q109, have witnessed a drop by 10 to 30 percent across major metros. This percentage will be higher if we compare Q109 rentals with peak rentals in mid - 2008. With expansion plans on hold and firms looking to reduce their overheads, most markets are witnessing addition to the inventory through space available for sublease. Citing correction in office rentals, tenants are seeking lease renegotiations and more incentives from landlords.The visible downward pressure on rentals is likely to continue in the short term. In the residential market, affordability continues to be the key mantra. While the industry grapples to define affordability, the realisation has drawn that the key to low cost housing lies in the pricing of land and its location with respect to employment centres. Buyers continue to hold on, due to the perception that prices will fall further. On the brighter side, the residential sector is becoming more inclusive, as lower prices are allowing more people to own houses. First time home buyers remain a key demand driver. (Refer our Event Update: MCHI Property Exhibition). In our endeavour to increase the coverage of our research reports, we have now included a section on Kolkata. It is our hope that you find the report useful and of value to your business Your feedback and suggestions are most welcome.
Amit Oberoi National Director C&V and Research

c o l l i e r s i n t e r n at i o n a l

F i r s t Q u a rt e r
MACRO REVIEW

2009
market indicators
inFlation rates QuarterlY
6 5 4 3 2

Indias GDP growth rate for the fiscal year 200809 is expected to remain low when compared to previous years. The International Monetary Fund (IMF) has estimated it as 6.25 per cent as against governments estimate of 7.1 per cent.
commercial Grade a lease market cBd mumBai delhi GurGaon chennai BanGalore pune kolkata sBd

Inflation delcined from 5.24 per cent to 0.26 per cent in the first quarter of year 2009 on account of weak demand and falling commodity prices. The rupee has depreciated close to 5.75 per cent against the dollar from January 2009 to March 2009 and reached at approx INR 51 a dollar. It is unlikely to recover substantially until foreign fund inflows improve. The Sensex was moving between 8,000 to 10,500 while Nifty was hovering between 2,600 to 3,200 points in Q109; the signs of all the ups and downs were clearly visible on the BSEs Realty index. Cash Reserve Ratio (CRR) and Repo Rate were reduced from 5.5 to 5.0 per cent while the Reverse Repo Rate was decreased by 50 basis points from 4.0 to 3.5 per cent during the same period. The core infrastructure industries grew at a rate of 1.4 per cent in January 2009 when compared to the 3.6 per cent recorded in January 2008 respectively. The government presented an interim budget mainly focusing on the governments flagship programmes and allocated INR 141,703 crore for defence, INR 30,100 crore for the National Rural Employment Guarantee Scheme, INR13,100 crore for Sarva Shiksha Abhiyan, INR 11,842 crore for JNNURM and INR 40,900 crore for Bharat Nirman. Various central and state government policy initiatives such as the amendment in FDI rules and SEZ act, cut in bank rates and an increase in the FII limit on INRdenominated instruments from US$6 billion to US$15 billion is likely to help to improve the Investment environment in the country.

1 0

10-Jan -09

17-Jan -09

24-Jan -09

31-Jan -09

14-Feb-09

21-Feb-09

28-Feb-09

7-M ar-09

2-Jan -09

14-M ar-09

21-M ar-09
M ar -18-09 M ar -24-09

Inflation

Source: Colliers International India Research


exchanGe rate
53 52 51 50 49 48 47

Jan-7-09

Jan-14-09

Jan-21-09

Jan-28-09

Feb-13-09

Feb-19-09

Feb-26-09

Jan-1-09

M ar -4-09

M ar -12-09

28-M ar-09
M ar -30-09

Feb-3-09

Feb-9-09

7-Feb-09

Rs / US$

Source: Colliers International India Research


sensex, niFtY and Bse realtY index

prime residential lease market prime mumBai delhi GurGaon chennai BanGalore kolkata
* The above indicator represents the rental trends of Q108 - Q109. Note: All Rental and Capital Values provided in this document are for Warm Shell properties and for reference only. Capital and Rental Values may vary on various parameters.

suBurBs

Source: Colliers International India Research


cash reserve ratio, repo & reverse repo rate

Source: Colliers International India Research

www.colliers.com/india

The Knowledge Report | First Quarter | 2009 | Commercial

mumBai

Q109 observed a total available stock of over 7.5 million sq ft in the Grade A office segment with all the prime sub-markets contributing to it. More than one-fourth of this available supply was in the form of new supply that was added in the first quarter of the year. This new supply was primarily concentrated in sub-markets such as Lower Parel, Andheri, Navi Mumbai and Kalina among others.

supplY in prime areas


CBD 1% LBS / Thane 16% Andheri East 19% Kalina 4% Goregaon / JVLR 13 %
Worli / Prabhadevi 1%

BKC 11%

Nariman Point

market indicators Q109 vacancY AbSORPTION new supplY rental value

Projects completed during the first quarter of the year included part of One IBC, Raheja Chromium, Kaledonia and Leela Business Park 2 by India Bulls, Raheja Universal, HDIL and Leela Group respectively. In spite of scarce supply of new inventory in the CBD, a sharp rise in the vacancy level has been observed in the past six months. The decrease in the demand in the various sub-markets has been observed since Q308 with the downturn in global economic sentiments. A demand shift was observed towards areas such as Andheri Kurla and Lower Parel in Q109 on account of quality of space, advantageous location and lower rentals in these locations. Further, the demand for smaller floor plates was also observed as a number of companies were relocating and downsizing their business activities. A 20-35 percent decline in rentals was witnessed between Q108 and Q109. None of the sub-markets were insulated from this downward movement including the CBD.

Powai 4% Navi Mumbai 13% Malad 5%

Lower Parel 13%

Source: Colliers International India Research

averaGe rentals in Grade a & B BldGs

350 Rentals In INR PSF/ Month 300 250 200 150 100 50 0

Powai

Worli / Powai

Goregaon / JVLR

Kalina

citYs suBmarkets

Navi Mumbai

Andheri East

Grade A

Grade B

The major business locations in Mumbai are the CBD (Nariman Point, Fort and Ballard Estate), Central Mumbai (Worli, Lower Parel and Parel), Bandra Kurla Complex (BKC) and Andheri Kurla stretch. Powai, Malad and Vashi are the preferred IT/ITES destinations, while Airoli at Navi Mumbai and Lal Bahadur Shastri Marg are emerging as new office and IT/ITES sub-markets.

Source: Colliers International India Research

Grade a rental trends (YoY)


CBD (-32%) lBS / Thane (-32%) Kalina(-32%) Andheri East (-28%) BKC (-39%)

Goregaon /JVLR (-30%) Worli / Prabhadevi (-30%) Powai (-24%)

Lower Parel (-48%) Malad (-11%)


Q109

Navi Mumbai (-24%)

Q108

Source: Colliers International India Research

market deals
client swan telecom Gtl v customer conjoin LRM
IL&FS Financial Centre, BKC

BuildinG name

area (sQ. Ft.)

location

transaction tYpe

techniplex mBp mBp mBp nirlon

100,000 20,000 20,000 20,000 20,000

Goregoan mahape mahape mahape Goregoan

lease lease lease lease lease

Source: Colliers International India Research

colliers international

LBS / Thane

BKC

Lower Parel

Malad

CBD

The Knowledge Report | First Quarter | 2009 | Commercial

delhi & noida

An inventory of approximately 4.5 million sq ft of grade A multi-tenanted office space was available in Delhi and Noida. The bulk of this stock (approximately three-fourths) was available in NOIDA. Projects that were completed and ready for fit-outs in Q109 included Unicity, Citadel, Rasvilas and RP Infotech IT Park by Unitech, Omaxe, Salcon and RP Infotech respectively.

supplY in prime areas


Nehru Place 1% Connaught Place 4%

Saket 8%

Jasola 17%

Statesman House, CBD

market indicators Q109 vacancY AbSORPTION new supplY rental value

No new significant grade A commercial project was launched in the first quarter of 2009. In a significant development, the Delhi government approved the states SEZ policy which now allows almost all sectors to set-up their units in SEZ, excluding the polluting industries. Demand for office space in Delhi and NOIDA remained muted in Q109, as new employment dwindled and firms put their expansion plans on hold due to uncertain economic situation. Due to the slowdown of the domestic and global economies, office demand slackened in Q109. With availability of substantial office space and rising vacancy rates, prime office rentals fell significantly. Compared to Q108, the drop in grade A warm shell office rentals is in the range of 20-40 percent. Citing correction in office rental values, a significant number of tenants are demanding lease renegotiations with more favourable terms. Going forward, it is anticipated that the landlords will offer greater incentives such as longer rent-free period, and free parking to prospective tenants.
Saket (-28%)

Noida 70%

Source: Colliers International India Research

averaGe rentals in Grade a & B BldGs


350
Rentals In INR PSF/ Month

300 250 200 150 100 50 0 Nehru Place Connaught Place Noida Jasola Saket Connaught Place (-13%)
Q109 Q108

citYs suBmarkets

Grade A

Grade B

The commercial areas in New Delhi metropolitan area can be broadly classified into the CBD (Connaught Place), SBD Nehru Place, Bhikaji Cama Place Jasola & Saket and the PBD refers to Gurgaon & Noida. Greater Noida is also emerging as a new destination for office space.

Source: Colliers International India Research

Grade a rental trends (YoY)


Nehru Place (-23%)
400 350 300 250 200 150 100 50 0

Jasola (-40%)

Noida (-13%)

Source: Colliers International India Research

market deals
client india infoline mitsui rio tinto singapore telecom Varian Medical Systems
Splendor Forum, Jasola

BuildinG name

area (sQ. Ft.)

location

transaction tYpe

individual Building rasvilas capital court statesman Building ansal Bhawan

100,000 40,000 9,600 6,500 1,043

noida (sec 59) saket munirka cp cp

lease lease lease lease lease

Source: Colliers International India Research

colliers international

The Knowledge Report | First Quarter | 2009 | Commercial

GurGaon

Over 5.0 million sq ft of stock was available in the Gurgaon Grade A office market during Q109. Approximately one-fourth of this vacant stock was in the form of new supply due to completion of various projects such as Element 9, Bestech Business Park and Orchid Business Park by Uppal Group, Bestech Group and Orchid Group respectively.

supplY in prime areas


Institutional Sectors / Sushant Lok 6%

MG Road 7% Golf Course Road/ Ext /Sohna Road 19%

Manesar 29%

Times Square, Sushant Lok

market indicators Q109 vacancY AbSORPTION new supplY rental value

Apart from new projects the supply has also increased as a number of tenants preferred to sublease part of their large floor plates. In another trend the companies prefer to lease furnished/ready to move in office space to avoid large capital expenditures. The continual rise in the vacancy levels portrayed the lethargic demand in the first quarter of the year as well. The available supply was evenly distributed in all the prime submarkets, thus providing a wide range of options to the tenants in all locations. The State government decided to ease the payment schemes of licence fee coupled with the extension of the licence renewal period from present two to four years. The decision is likely to boost the confidence amongst developers in Gurgaon as this would provide them flexibility with respect to initiation of the project construction since now they do not have to pay the entire license fee along with the application. The impact of which is expected to realize in medium-to-long term. The average rentals of Grade A properties in Gurgaon registered a correction across all the sub-markets in the range of 30-40 per cent YoY.

DLF Cyber City 21% NH8/Udhyog Vihar 18%

Source: Colliers International India Research

Grade a rental trends (YoY)


MG Road (-35%)
400 350 300 250 200 150 100 50 0

Institutional Sectors / Sushant Lok (-48%)

Golf Course Road/ Ext /Sohna Road (-52%)

Manesar (-38%)

citYs suBmarkets

DLF Cyber City (-45%)


Q109

NH8/Udhyog Vihar (-37%)

Q108

The prime business locations in Gurgaon are MG Road, Golf Course Road, Cyber City and Udhyog Vihar. Manesar on the outskirts of Gurgaon is also emerging as the citys new office destination.

Source: Colliers International India Research

market deals
client tcs honda xerox tyco Axis bank
Gateway Tower, NH8

BuildinG name

area (sQ. Ft.)

location

transaction tYpe

14 (dlF) times center vatika Business park 9B times center

100,000 40,000 40,000 10,000 6,500

dlF cyber city Golf course rd. sohna rd. dlF cyber city Golf course rd.

lease lease lease lease lease

Source: Colliers International India Research

colliers international

The Knowledge Report | First Quarter | 2009 | Commercial

chennai

Impacted by the local and global financial environment, a number of companies have begun to show interest in re-locating their office premises towards inexpensive locations thus, creating more challenging situations for the landlords. On the supply side, a number of projects were completed in Q109 and added approx 2.3 million sq ft in the city. A few completed projects are Estancia, DLF IT Park, Leela Tech Park and Gateway by L&T Arun Excello, DLF Group, Leela Group and Sriram - Sun Apollo respectively.
Q109

supplY in prime areas

OMR (IT Corridor) 27% GST Road 30%

CBD 19%

Guindy 13% Vadapalani 11%

Siruseri Techno Park, OMR

market indicators

Source: Colliers International India Research

vacancY AbSORPTION new supplY rental value

Owing to the sustained augmentation in the stock, vacancy levels in all the submarkets were on the rise. The average rental values fell in the range of 10-20 per cent YoY including the CBD. The maximum correction has been observed in Guindy, CBD, Ambattur and OMR. In an important development, the Tamil Nadu government has given its in principle approval to the two initial metro rail corridors, Washermenpet to Airport and Chennai Central to St. Thomas Mount, proposed by Chennai Metro Rail Project. The project is likely to be completed by 2014-15. Downward rental curve is likely to continue in the citys office market over the next three to six months, however, the decline would not be as sharp as witnessed in other cities.

Grade a rental trends (YoY)


CBD (- 17%)
80 70 60 50 40 30 20 10 0

GST Road (+4%)

Guindy (-20%)

citYs suBmarkets

OMR (IT Corridor) (-17%)

Amabttur (-10%)

Q109 Q108

Prime office properties in Chennai are located in four principal submarkets: the CBD, the IT Corridor, the SBD and the PBD. The SBD comprises Guindy, Manapakkam, Velachery and other areas. The PBD primarily includes Ambattur and GST Road, while the IT Corridor is the Old Mahaballipuram Road (OMR) in south Chennai.

Source: Colliers International India Research

market deals
client idea cellular csc sBt dats sterling holidays Anthena Health
Tidel Park, OMR

BuildinG name

area (sQ. Ft.)

location

transaction tYpe

psa capital towers rvc towers stc rmZ millenia

37,000 25,000 11,000 5,000 20,000

it corridor nungambakkam velachery alwarpet omr

lease lease lease lease lease

Source: Colliers International India Research

colliers international

The Knowledge Report | First Quarter | 2009 | Commercial

BanGalore

Bangalore Grade A office market witnessed approx 4.0 million sq ft of available stock in Q109 which does not include the sublease spaces. Overall there were delays in completions of projects. This is attributed to credit crunch (difficulties encountered in obtaining sufficient project financing) and the slowdown in demand. This has resulted to deferment in completion of a number of projects that were expected to be a part of the available inventory in Q109.
Q109

supplY in prime areas


CBD 10 % Outer Ring Road 38%

EPIP Zone / Whitefield 37%

Infosys Campus, Electronic City

Bannerghatta Road 8% Electronic City 7%

market indicators

vacancY AbSORPTION new supplY rental value

Notwithstanding the minimal new supply in Q109 of Grade A office space, the leasing market was challenged by the declining demand. Vacancy levels increased as a number of tenants preferred to sublease part of their large floor plates. Office rentals in the Grade A office market declined by 5-20 percent in various sub-markets over the past year. The State governments SEZ Policy offered a number of incentives such as exemption from stamp duty, land registration fee and waiver of electricity duty among others. Further the governments proposal to establish biotech parks in the prime cities of Karnataka are likely to give a boost to the office realty. In anticipation of contraction of leasing demand prime office rentals are expected to decline further in the coming quarters.

Source: Colliers International India Research

averaGe rentals in Grade a & B BldGs


100 Rentals In INR PSF/ Month 80 60 40 20 0

CBD

Bannerghatta Rd

citYs suBmarkets

Grade A

Prime office properties in Bangalore are located in the CBD, the SBD and PBD comprising Whitefield, Electronic City & Outer Ring Road (ORR). Currently, North Bangalore is emerging as the citys new major micro market.

Source: Colliers International India Research

Grade a rental trends (YoY)


CBD (0%)
80 70 60 50 40 30 20 10 0

Electronic City

Grade B

Outer ring Road (0%)

Housur Road (+4%)

Bannerghatta Road (-11%) Electronic City (-14%)

EPIP Zone / Whitefield (-4%)


Q109 Q108

Source: Colliers International India Research

market deals
client talisma apc mu sigma honeywell Nokia Siemens
UB City,Vittal Mallya Road

BuildinG name

area (sQ. Ft.)

location

transaction tYpe

vGtp eGl eGl salarpuria supreme embassy heights

20,000 23,000 40,000 18,000 24,000

sarjapur orr irr irr mrr cBd

lease lease lease lease lease

Source: Colliers International India Research

colliers international

Outer ring Rd

Housur Road

EPIP Zone / Whitefield

The Knowledge Report | First Quarter | 2009 | Commercial

pune

Office space absorption continued to decline. This coupled with the addition of new supply since the past few quarters brought the overall available stock of grade A office space to over 2.8 million sq ft. The projects completed during the first quarter of the year included DLF IT Park, Kumar Cerebrum and Raheja Commerzone by DLF, Kumar Builders and K Raheja respectively.

supplY in prime areas


Khardi 2% Hadapsar / Fursungi 21% Airport Road / Pune Station 4% Aundh 2%

Baner 2% Bund Garden 4%

Hinjewadi 30%

HSBC Building, Kalyani Nagar

market indicators Q109 vacancY AbSORPTION new supplY rental value

Owing to the uncertain business environment, demand for office space is rapidly waning making the city market sentiments weak. Office rentals that started to soften from Q208; recorded a decrease in the range of 20-35 percent YoY with maximum decline in Bund Garden and minimum on Airport Road. The deceleration in rental and capital values provided a greater leverage of negotiations/re-negotiations to the new/existing tenants. Landlords were willing to offer attractive schemes to retain their tenants on lease renewals such as rent free period, additional/better facilities/services and favourable lease agreement among others. Due to continued trend of corporate downsizing, the secondary market is expected to witness a rise in the level of supply as more sublease space will be made available to the market.

Nagar Road 18%

Bavdhan 2% Kalyani Nagar 15%

Source: Colliers International India Research

Grade a rental trends (YoY)


Bund Garden (-34%)
120 100 80 60 40 60 40 20 0

Hinjewadi (-31%)

Airport Road / pune station (-5%)

Nagar Road (-32%)

Aundh (-35%)
Q109 Q108

citYs suBmarkets

Kalvani Nagar (-27%)

The prime office sub-markets of Pune include Deccan Gymkhana, Senapati Bapat Road & Camp (SBD), while the PBD includes Aundh, Bund Garden, Airport Road and Kalyani Nagar, among other locations. The eastern corridor, along with Nagar Road and Kharadi, have emerged as a preferred location for financial and IT/ITES .

Source: Colliers International India Research

market deals
client swan telecomm lion tel aircel cci Multiversity
Infosys Headquarter Building, Hinjewadi

BuildinG name

area (sQ. Ft.)

location

transaction tYpe

commerce Zone e-space commerce Zone nano space i space

20,000 18,946 15,000 13,000 8,700

Yerwada nagar road Yerwada Baner Bavdhan

lease lease lease lease sale

Source: Colliers International India Research

colliers international

The Knowledge Report | First Quarter | 2009 | Commercial

kolkata

The demand in Kolkata office market is primarily driven by IT/ITES companies. Approximately 1.0 million sq ft of grade A new supply was added in Q109, primarily in East Kolkata, Sector-5 and PBD areas such as New Town and Rajarhat. A number of commercial projects such as Srijan Tech Park, Ecospace (Phase-I), Raikva and Haute Street by Srijan Realty, Ambuja Realty, JJ Realtors and Surya Mansion Pvt. Ltd. respectively, were completed in the Q109.
Q109

supplY in prime areas


CBD 4 %

PBD 16%

East Kolkatta 33%

HSBC Building, Salt Lake

Sector 5 47%

market indicators

vacancY AbSORPTION new supplY rental value

New commercial projects were announced in Q109 and construction has already been initiated for a few of them such as Sugam Paragaon and Continental. The decision of key demand drivers - IT/ ITES and BPO companies - to put their expansion plans on hold in the wake of the current slowdown has affected demand of office space and, thereby, a marginal correction of 10-20 per cent in rentals was recorded in Q109. A similar dip in rentals is expected in the next quarter partly due to weak market sentiments and expected new supply. The impact of slowdown is more visible in peripheral areas as compared to prime locations due to decreased absorptions. The announcement of East - West Metro Corridor and the proposed Bus Rapid Transport System (BRTS) by the government to develop local infrastructure is expected to boost commercial development in areas such as Salt Lake, Howrah and areas around the Eastern Metropolitan bypass in mediumto-long term.

Source: Colliers International India Research

averaGe rentals in Grade a & B BldGs

140 120 Rentals In INR PSF/ Month 100 80 60 40 20 0

CBD

citYs suBmarkets

Grade A

Grade B

The major business locations in Kolkata are CBD (Park Street, Camac Street, AJC Bose Road), Ballygunge circular Rd, East Kolkata and PBD (New Town & Rajarhat). The area around Park Street, Camac Street and AJC Bose road houses a number of highrises commercial buildings such as Chatterjee International Centre, Tata Centre, Everest House and Industry House among others.

Source: Colliers International India Research

Grade a rental trends (YoY)


CBD (-14%)
140 120 100 80 60 40 20 0

PBD (-22%)

East Kolkata (-3%) Sector - 5 (-14%)


Q109 Q108

Source: Colliers International India Research

market deals
client hdFc Genpact megus thyssenkrupp
DLF IT Park-2, New Town Rajarhat

BuildinG name

area (sQ. Ft.)

location

transaction tYpe

eco space dlF it park Globsyn crystal eco space en 29

38,000 80,000 20,000 20,000 6,400

new town, rajarhat new town, rajarhat sector-5 new town, rajarhat sector-5

lease lease lease lease lease

Sarada Construction

Source: Colliers International India Research

10

colliers international

Sector 5
Ballygunge Circular Road (-9%)

The Knowledge Report | First Quarter | 2009 | Residential

mumBai

Hiranandani Gardens, Powai

market indicators Q109 rental value CAPITAL VALUE

Rental and sale transaction volumes of luxury residential properties continued their downward trend across all prime markets. This can be attributed to a number of reasons, including multinational companies preferring to hire domestic employees rather than appoint expatriates; MNCs becoming more price-sensitive and thus reducing budgets for new leases; the general perception among end-users that prices will fall further; and the prevailing economic uncertainty and shrinking job market. On the other hand, mid to low segment projects launched/under construction by both private developers and government agencies have received a favorable response from buyers. This is expected to give an impetus to housing development for this segment in the city. The average rental and capital values for luxury residential apartments declined in the range of 4 - 12 per cent year-on-year (YoY). The downward movement did not have much impact in the first half of the year 2008, although the latter half of the year witnessed significant corrections in capital as well as rental values in the premium residential market. Encourage by the completion of new premium residential projects, Prabhadevi witnessed a yearly increase in its average rentals; earlier this area has limited availability of premium residential stock. The projects - or parts of the projects completed during the quarter include La Roshe in Bandra, Madhuniketan in Santacruz and Dosti Flamingo and Dosti Blossom in Wadala, among others.

averaGe rental and capital value


62000 52000 42000 32000 22000 12000 2000 185 165 145 125 105 85 65 45 25 5

Malaar hill, Altamoundt Rd, carmichael Rd Breach Candy, Napeansea rd, Pedder Rd

Colaba , cuffparade

Prabhadevi

Andheri

Worli

Capitals (Rs/sq ft)

Rentals (Rs/Sqft)

Source: Colliers International India Research

averaGe rental trends (YoY)


20% 10% 0 -10% -20% -4% -11% -10% -3% -8% 14%

Rentals In INR PSF/ Month

-5%

Santacruz

Bandra

-6% -11%

-6% -13%

Powai Andheri

Juhu

Khar

Breach Candy, Napeansea rd, Pedder Rd

Bandra

Malaar hill, Altamoundt Rd, carmichael Rd

Colaba , cuffparade

citYs suBmarkets

The dynamic high-end residential real estate markets in Mumbai include Malabar Hill, Altamount Road, Carmichael Road, Napean Sea Road, Breach Candy, Colaba, Cuffe Parade, Prabhadevi, Worli, Bandra, Khar, Santacruz, Juhu and Powai.

Prabhadevi

Source: Colliers International India Research

projects launched PROJECT NAME Casa Royal Casa Ultima Vivarea Mhada Housing Project Just Perfect Homes LOCATION Thane Thane Mahalaxmi Goregaon, Ghatkopar Chembur and others Meera Road, Pokharan Road and Thane
Source: Colliers International India Research

market deals
client italian trade commission First rand Bank schulmberger deutsche Bank Consulate of Argentina
Oberoi Parkview, Kandivali(E)

propertY classiFication

area (sQ. Ft.)

location

apartment apartment apartment apartment apartment

4,500 3,400 2,800 1,780 800

Breach candy khar juhu parel colaba

Source: Colliers International India Research

colliers international

Santacruz

transaction tYpe

lease lease lease lease lease

Powai

Worli

Juhu

Khar

11

The Knowledge Report | First Quarter | 2009 | Residential

delhi

Affected by the strained liquidity conditions, small local developers are finding it difficult to commence redevelopment of premium residential projects in the city at the desired pace. This resulted in an insignificant addition of new supply in Q109. Demand has dried up for both lease and sale properties due to reasons such as the reduced number of expatriates, the decreased budgets for prospective officials, adequate supply and anticipation of further decline in rentals, among others.
Q109

averaGe rental and capital value


47000 42000 37000 32000 27000 22000 17000 12000 7000 2000 185 165 145 125 105 85 65 45 25 2

Golf Links, Jor Bagh, Sunder Nagar

Lutyens Delhi

Capitals (Rs/sq ft)

market indicators

rental value CAPITAL value

Rental rates started to see a significant decline from Q408 onwards, after maintaining status quo until Q308, falling in the range of 9-28 percent YoY in most micro-markets, except Prithviraj Road and Aurangzeb Road, due to the negligible transactions in these locations. Contrary to rental trends, capital values registered a slight decline, as well as a marginal rise in few places on a YoY basis. On the sales front, current market sentiments will remain cautious, with end-users/investors adopting a wait-andsee attitude in anticipation of further fall. DLF launched a new project Capital Greens at Shivaji Marg in West Delhi. The project received an excellent response and has a product mix targeting the mid & upper mid segment of the society. The first phase of the project offered 1,400 units consisting of 2 and 3 BHK apartments. The apartment sizes were varying in between 1,200-1,525 sq ft. The apartments were offered at a discounted price in a range of INR 4,500-5,500 per sq ft; the prices were more than 30 per cent lower than the current prices.

Source: Colliers International India Research

averaGe rental trends (YoY)


20% 10% 0% -10% -20% -30% Prithviraj Road, Aurangjeb Road -40% -27% Golf Links, Jor Bagh, Sunder Nagar Shanti Niketan, Westend Chanakya Puri -11% -9% -28% Panchashila,Anandlok, Niti Bagh,SDA Friends Colony, Maharani Bagh -16% -28% GK I & II, South Extension 10%

Panchashila,Anandlok, Niti Bagh,SDA

Rentals (Rs/Sqft)

GK I & II, South Extension

Prithviraj Road, Aurangjeb Road

Shanti Niketan, Westend

Friends Colony, Maharani Bagh

citYs suBmarkets

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.

Source: Colliers International India Research

projects launched PROJECT NAME Capital Greens LOCATION Shivaji Marg, West Delhi
Source: Colliers International India Research

market deals
client morroco embassy h.s.B.c ericsson Brazil embassy Individual
Aurangzeb Road

propertY classiFication

area (sQ. Ft.)

location

transaction tYpe

independent house apartment apartment apartment apartment

7,000 4,100 4,000 3,800 2,500

sunder nagar vasant vihar vasant vihar vasant vihar panchsheel park

lease lease lease lease sale

Source: Colliers International India Research

12

colliers international

Anand Niketan, vasant vihar

Anand Niketan, vasant vihar

Chanakya Puri

-21%

The Knowledge Report | First Quarter | 2009 | Residential

GurGaon

Sohana Rd & Extt

Golf Course Rd

Residential sales activity in the luxury sector experienced weakness in the wake of the prevailing negative sentiments, the worsening global economic performance and the uncertain economic outlook for 2009. Prospective buyers with cash in hand continued to gain the upper hand in the market. However, they would not commit until asking prices were reduced to an attractive level that represented a significant discount on prevailing market prices. The slowdown in the market spilled over into the residential leasing market as well, with average rentals declining in the range of 15-35 percent on a half-yearly basis across the board, including both the central and suburb locations. Meanwhile, to shore up the activity level in the real estate market, the State Government decided to allot residential plots under a special scheme to the distinguished domiciles of the State. The plots will be allotted with the prior approval of the Chief Minister on a 50 percent subsidy. In another decision, the State Government also allowed individual floor registration in houses within the municipal limits. Prospective buyers will stay alert about the effects of current economic slowdown on real estate sector. However, positive market signals might emerge as local banks have started adopting less restrictive lending policies and developers are giving attractive discounts to lure buyers back to the market.
The Meadows, Uniworld Garden II and Park Prime & Fortune Towers were launched by Unitech, EMAAR MGF and BPTP respectively in the first quarter of the year. All the projects are offering apartments in 2 and 3 BHK segment.

averaGe rental and capital value


10000 8000 6000 4000 2000 0 185 165 145 125 105 85 65 45 25 5

DLF phase IV

Capitals (Rs/sq ft)

Rentals (Rs/Sqft)

market indicators Q109 rental value CAPITAL value

Source: Colliers International India Research

projects launched PROJECT NAME Park Prime The Meadows Fortune Towers Uniworld Garden II LOCATION Sector 66 Sector 76 Sector 37 D Sector 47, Sohana Road
Source: Colliers International India Research

citYs suBmarkets

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.

market deals
client american express tilda rice individual individual Individual
The Laburnum, Sector 28

propertY classiFication

area (sQ. Ft.)

location

pent house apartment apartment apartment apartment

5,500 3,700 2,750 1,640 1,150

laburnum laburnum the icon the palm sushant estate

Source: Colliers International India Research

colliers international

Sushant Lok

DLF Phase I

transaction tYpe

lease lease sale sale sale

NH - 8

13

The Knowledge Report | First Quarter | 2009 | Residential

chennai

A decrease in construction activity in the premium segment was registered over the past six months, primarily due to stagnant demand on the back of the current economic downturn. A number of residential projects were launched in Chennai in Q109. Of these new launches, few projects such as Purva Windermere, CosmoCity and Lotus Pond by Purvankara, Provident Housing and Vijay Shanthi Builders would cater to mid segment of the society. However, the sluggishness in demand for high-end properties in the city was observed quite late compared with other cities due to the limited stock available in this category. The decision of a number of companies to reduce the volume of higher level executives/officials in the city as a part of their cost containment programme has turned out to be a big setback for landlords. Rentals of prime properties have dropped in the range of 4-12 per cent across all premium locations over a year. Over the same period, the decrease in capital values was primarily between 3-14 per cent, although a few sought-after locations with limited supply, such as Boat Club and Beasant Nagar, managed to remain almost stable. On the other hand, the decision by a few big players to decrease capital values in new/under construction projects have reduced residential prices substantially, especially in suburban locations. Also, in prime locations, such as Anna Nagar, the launch price of a few projects was almost half of other existing projects, pushing average prices in the area further lower.

averaGe rental and capital value


20000 18000 16000 14000 12000 10000 8000 6000 4000 2000 65 55 45 35 25 15 5

Alwarpet/ R A Puram

Beasant Nagar

Boat Club

Anna Nagar

Adyar

T Nagar

Grayshott Apartments, R A Puram

Capitals (Rs/sq ft)

Rentals (Rs/Sqft)

market indicators Q109 rental value CAPITAL value

Source: Colliers International India Research

averaGe rental trends (YoY)


20% 10% 0% -10% -20% -4% -7% Anna Nagar Nungambakkam 2% -2% -3% -12% Adyaar Beasant Nagar T Nagar Alwarpet/ R A Puram Velachery Sholinganallur Siruseri / Kazipattur 0% 0% 4%

citYs suBmarkets

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.

Boat Club

Source: Colliers International India Research

projects launched PROJECT NAME Amara Silver Oak KGEYES Vrudhi Prince Village Purva Windermere LOCATION P H Road Perungvadi PH Road Kilpauk Tondiarpet Pallikarnai
Source: Colliers International India Research

market deals
client British deputy commission individual Bnp paribas american int. school Landmark
VGP Layout, East Coast Road

propertY classiFication

area (sQ. Ft.)

location

transaction tYpe

independent Bungalow apartment apartment apartment apartment

4,000 3,000 2,400 2,300 2,150

kotturpuram Boat club BishopGarden kalakshetra col. harrington rd, chetpet

lease lease lease lease lease

Source: Colliers International India Research

14

colliers international

Siruseri / Kazipattur 11%

Nungambakkam

Velachery

Sholinganallur

The Knowledge Report | First Quarter | 2009 | Residential

BanGalore

The buzz word - Mid-Segment Housing - has gathered substantial momentum among developers in the city after they witnessed a persistently thin sales/ lease volume in the premium segment. Additionally, the revised low home loan rates are also favouring the development of this segment. Developers, such as Orange Properties, Puravankara, DLF and Mantri has redesigned the product mix or slashed the prices of ongoing projects to make them affordable. Demand continued to decrease, as evidenced by the declining transaction volumes caused by the current faltering economy in almost all the submarkets. However, North Bangalore has seen interest from the premium and the midsegment. Average annual rental rates in premium segment registered a downturn in the range of 3-17 per cent in almost all markets. However, North Bangalore locations witnessed a rise in rental & capital values during the same period due to the commencement of new international airport, coupled with the development/launch of a number of realty projects. Market sentiments are likely to remain depressed over the next few months due to a couple of reasons, including buyers anticipating further softening in prices, the cost sensitive approach of a host of companies and the expected negative economic sentiments over the short-tomedium term. New projects such as Ozone Evergreens, DLF Westend Heights, Orange Township and Mantri Mangolia & Mantri Astra by Ozone Group, DLF, Orange Constructions & Infrastructure and Mantri Group respectively were launched in Q109.

averaGe rental and capital value


70 60 50 40 30 20 10

13000 11000 9000 7000 5000 3000 1000

Cooke Town

Central

Jayanagar

Palace Orchard

Airport Road

Bannerghatta Road

Purva Riviera, Airport Road

Capitals (Rs/sq ft)

Rentals (Rs/Sqft)

market indicators Q109 rental value CAPITAL value

Source: Colliers International India Research

averaGe rental trends (YoY)

10% 5% 0% -5 % -10% -15% -20% -3% -15% 0%


--7%

Whitefield (Appts)

Indira Nagar

Koramangala

Yelahanka
8% 2%

-9% -17%

-8%

Central

Town

Jayanagar

Koramangala

Indira Nagar

citYs suBmarkets

The residential market of Bangalore comprises both apartments and independent residences. Currently, highend residential developments are mainly concentrated along the CBD, and Eastern and South precincts of the city. Recently, Northern Bangalore has also witnessed a spree of realty activity facilitated by the new International Airport at Devanhalli.

Source: Colliers International India Research

projects launched PROJECT NAME Ozone Evergreens Yogic Village DLF Westend Heights Mantri Mangolia Orange Township LOCATION Off Sarjapur Road NH - 7 Bannerghatta Road Sarjapur Road Near Devanhalli Airport
Source: Colliers International India Research

market deals
client individual individual mercedes-Benz india logica cmG individual
Golden Woods, Sarajapur Road

propertY classiFication

area (sQ. Ft.)

location

transaction tYpe

villa apartment villa villa apartment

4,000 3,300 2,700 n /a 2,250

whitefield Bangalore central whitefield n /a koramangala

sale lease lease lease lease

Source: Colliers International India Research

colliers international

Bannerghatta Road

Whitefield (Appts)

Palace Orchard

Airport Road

15

The Knowledge Report | First Quarter | 2009 | Residential

kolkata

Few projects/part of projects such as Southern Breeze, Devaloke Heights, South City, Sunrise Point, Greenwood Sonata, Clubtown Paradise and Clubtown Residency among others were completed in Q109. Mahestala is developing as a new sub market in the city with the proposed airport at Behala and few realty projects like Kolkata Riverside Township, Eden City, Purti Flower are to be developed in the area. The governments initiatives to improve local infrastructure such as proposed Metro Rail Extension from Tollygunge to Garia and Dum Dum to North-Western part of the city along with proposed BRTS project are expected to boost residential development along these corridors. The average rental values in the premium residential market declined in the range of 15-18 percent year-on- year except VIP Road and Rajarhat where rentals appreciated on account of better connectivity and good infrastructure facilities. Capital values showed mixed trend as the prices in some areas such as south-west Kolkata appreciated marginally by 8-10 percent whereas few sub-markets of South and Central Kolkata declined in the range of 10-15 percent. The rental and capital values are not expected to witness any significant change in all the micro markets in Q209, however the capital values for premium segments may see further correction on account of economic slowdown. Developers are expected to increase their focus towards affordable housing projects to tap associated demand.

averaGe rental and capital value


10000 8000 6000 4000 2000 0 60 50 40 30 20 10 0

P A Shah Road

Loudon Street

EM Bypass

Ballygunge

VIP Road
15%

Salt Lake

Alipore

Behela

Ujjwala, Rajarhat

Capitals (Rs/sq ft)

Rentals (Rs/Sqft)

market indicators Q109 rental value CAPITAL value

Source: Colliers International India Research

averaGe rental trends (YoY)


50% 40% 30% 20% 10% 0 -10% -20% -14% -30% -25% -40%

0% -13% -24%

-28%

-18%

-22%

-15%

P A Shah Road

VIP Road

Behela

citYs suBmarkets

The prime residential areas in Kolkata include PA Shah Road, Tollygunge and Bhawanipur in South Kolkata, Alipore and Behala in Southwest Kolkata, Loudon Street and Ballygunge in Central Kolkata: and Salt Lake, EM Bypass and VIP Road in North Kolkata.

Source: Colliers International India Research

projects launched PROJECT NAME Sugam Sabuj Ps Ixora Eden Exotica Merlin Cambridge LOCATION NS Road, Narendrapur New Town Off EM By Pass Prince Anwar Shah Rd.
Source: Colliers International India Research

market deals
client individual individual individual individual Individual
South City, Anwar Shah Road

propertY classiFication

area (sQ. Ft.)

location

transaction tYpe

apartment apartment apartment apartment apartment

1,924 1,850 1,236 1,213 980

new town new town BBt rd,mahestala narendrapur ho chi min sarani,Behala

sale sale sale sale sale

Source: Colliers International India Research

16

colliers international

New Town Rajarhat

Alipore

Loudon Street

Ballygunge

Salt Lake

Bhawanipur

EM Bypass

Tollygunge

New Town Rajarhat


11%

Bhawanipur

Tollygunge

The Knowledge Report | First Quarter | 2009 | Outlook

outlook Although the short term outlook for the Commercial sector does not look too promising, there seems to be an increase in activity levels. It remains to be seen whether the activity levels will sustain or are a temporary phenomenon.

COMMERCIAL The weak office market sentiments will prevail across the country until the restoration of credit market across the world. A host of companies are downsizing their real estate requirements and are re-locating themselves to other in-expensive locations. Consequently, most of the prime office sub-markets witnessed a rise in their respective vacancy levels and this trend is likely to continue over the next couple of months. Absorption has decreased during the first quarter of 2009 as compared to the previous quarters of the last year as most of the companies have currently deferred their expansion plans. The mismatch between demand-supply dynamics will compel the developers to be more innovative/ creative in offering lease incentives to prospective as well as existing tenants. Due to strained liquidity and decreased demand a number of developers have been forced to delay /hold their ongoing projects. As a result, the market is expected to see marginal new supply in the coming quarters. To retain/ revive the demand the landlords would have to adopt new business models and strategies such as rent free period, additional and better facilities & services and favourable lease agreements among others. In addition, the landlords need to target the sectors that are less impacted by current turmoil such as Pharma, Telecom and government organizations among others. The rentals across the prime markets fell in the range of 20-40 percent from peak prices in 2008. Considering the current situation the tenants are re-negotiating rents for more favourable terms & conditions. Moreover, the rising vacancy levels in all the markets may lead to further softening in the rentals over the short-to-medium-term.

RESIDENTIAL The overall demand in the residential sales market is present in the low / mid segments however volumes likely to remain static in anticipation of further decline in prices. The premium segment of residential properties has slowed down by a considerable level from both the supply and demand aspect across the country. Mismatch in prices still exists as developers opine limited scope of further price correction whereas buyers are anticipating further decline. Mid- segment housing is expected to remain the most favourable option among developers especially looking at its demand across the board. To cater the mid-segment demand, developers are restructuring their existing under construction projects through changing specifications and decreasing unit size from 3/4 BHK to 1/2 BHK looking at the increased demand of first home buyers. A host of developers initiated a few innovative/ attractive schemes such as the payment of few EMIs for the clients who lost their jobs, buy-back offer, rent today own tomorrow. However, these initiatives have failed to revitalise the transactions. The demand for premium residential lease market is also expected to remain weak on account of shrinking budgets of tenants, decreasing number of expatriates in the country and cost cutting measures adopted by companies among others. The tenants would continue to hold the upper hand in negotiation with landlords. With increasing competition in the housing finance sector, drop in interest rates and tax incentives given to housing sector, the number of disbursements and home loan seekers has increased. This has ensured that the low to mid budget segment continues to develop.

Kunal Kakad
National Director Office Leasing

Most of the health in the residential market is coming from first time buyers in the low / mid segment housing. Price predictions vary distinctly on supply and demand fronts.This was observed from the huge sale volumes from large reputed developers like DLF and Lodha where the focus was completely on the right price strategy. In the next few months it is expected that the momentum will build in volumes as developers / property owners look to bring their prices closer to buyers expectations.

Poonam Mahtani
National Director Residential Services & Knowledge Systems

colliers international

17

The Knowledge Report | First Quarter | 2009


lisT OF seleCT aFFORdable hOusing pROjeCTs annOunCed / launChed
S.No. Company Name Project Name Date of Announcement/ Launch Casa bella Mar-09 2010* 117 acres 1, 2 and 3bHK (585-1,098 )* Casa Univis Lodha Group 1 CASA by Lodha Casa Ultima Casa Essenza Feb-09 N/A N/A N/A Casa Royale Dec-08 Jan-09 N/A N/A 55 acres 26 towers 6 acres 2 towers 2 towers (18 storeys high) 3 towers (17 storeys high) 1 and 2 bHK 1 and 2 bHK 1 and 2 bHK 2 and 3 bHK INR 2,0432,403 per sq ft* INR 3,024 per sq ft 19.98 - 27.63 Lakh 23.14 lakhs onwards INR 21.6 lakhs (1 bHK) / INR 29.7 lakhs onwards Thane, Mumbai Thane, Mumbai Thane, Mumbai Dahisar, Mumbai Launched Launched Under Construction Launched Dombivali, Mumbai Launched Timeline Expected Project Size Unit Size (sq ft) Price Range Location Project Status

Ozone group

Ozone Evergreens

Jan-09

Feb-2011

10 acres (912 Units)

900-1,200

29-35 lacs

bangalore (off Sarajapur road)

Launched

Vijay Shanthi builders Limited

Lotus Pond

Feb-09

Dec-09

11 acres (1106 units)

363-1157

INR 2,500 per sq ft + Registration

Thaiyur/ Chennai Rudrapur (Uttarakhand) Gwalior (MP)

Under Construction Under Construction Under Construction

Metropolis 4 Assotech Limited City Windsor Hills

N/A N/A

Mar-09 Jul-09

N/A 21 acres

1190- 1920 950-1980

10.5 - 35 lakh 14.25 - 30.50 lakhs + other charges

5 6

Falcon group ILD Group

Gulmohar Woods Spire Green

N/A N/A

Dec-10 NA

N/A N/A

360 - 1250 1175-3450

5.5 - 19 lakhs INR 2,222 per sq ft + other charges

NH-8, Gurgaon Sector 37C, Gurgaon bangalore (Near Mysore Road) Hyderabad (Tellapur) bangalore (Sarajapur Road), Secundrabad

N/A N/A

Commune

Aug-08

2010

3,500 units

900-1120

24.8 - 30.3 lakhs

Phase I is lauched designing is completed and launched---Planning stage

Commune 7 Golden Gate Properties Communes

Aug-08

Not decided

30 acres

960-1,490

19.9 lakhs onwards

Aug-08

Not decided

N/A

2 and 3 bHK

N/A

8 9

Pal Group Matheran Realty

Pal City Park Tanaji Malusare City

N/A N/A

N/A 3000 units booked, delivery to start by June 2009

N/A 100 acres/ 15,000 residential unit

850-1375 225 (1 HK), 325(1 bHK), 400 (2 bHK) sq ft

INR 2,600 per sq ft INR 2.10- 7.35 lakhs

Sector 95, Gurgaon Karjat -Mumbai

Under Construction Under Construction

Source: Colliers International India Research Note * Project details as per respective website of the companies. **As per sales office of the developers.

18

colliers international

The Knowledge Report | First Quarter | 2009

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 - Office Leasing, Facility Management, Land Sales, Project Management Consultancy, Residential Services, Retail Services, Investment Sales and Consultancy & Valuation. For more information please visit www.colliers.com/india

293 oFFices in 61 countries on 6 continents usa 99 canada 19 latin america 18 asia pacific 62 emea 95 us $63.5 billion in annual transaction volume

Mumbai

: 31/A, 3rd floor, film Center, 68,Tardeo Road, Mumbai - 400 034 Tel : 91 22 4050 4500 fax: 91 22 2351 4272

868 million square feet under management 11,000 professionals us$ 2 billion in annual revenue Authors Surabhi Arora
Senior Manager, Research Tel: 91 11 4360 7542 Email: Surabhi.Arora@colliers.com

New Delhi : 204/205, 2nd floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi - 110 001. Tel : 91 11 4360 7500 - 23 fax: 91 11 2335 6624 Bangalore : Prestige Garnet, Level 2, Unit No.201/202, 36 Ulsoor Road, Bangalore - 560 042. Tel : 91 80 4079 5500 fax: 91 80 4112 3131 Pune : Vatika Business Center, Level-5,C Wing, Panchsheel Tech Park-1, Yerwada Pune- 411 006. Tel : 91 20 4011 1356 : G3, NewBridge Business Centers, TechnoPolis, DLf Golf Course Main Road, Sector 54, Gurgaon - 122002. Tel : 91 124 437 5807 fax : 91 124 437 5806 : Heavitree Complex, Unit 1C, 1st floor, 23,Spurtank Road, Chetpet, Chennai - 600 031. Tel : 91 44 2836 1064 fax: 91 44 2836 1377 : Kolkata Regus Business Centre, Constantia, Level 6, U.N. Bhramachari Road, Kolkata - 700 017. Tel : 91 33 4400 0541 fax: 91 33 4400 0555

Alankrita Pagare
Assistant Manager, Research Tel: 91 11 4360 7541 Email: Alankrita.Pagare@colliers.com

Gurgaon

Chennai

Chaturbhuja Tripathi
Assistant Manager, Research Tel: 91 11 4360 7544 Email: Chaturbhuja.Tripathi@colliers.com

Kolkata

For general queries and feedback :


India.Research@colliers.com

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. colliers international is a worldwide affiliation of independently owned and operated companies. copyright 2009 - 2010 all rights reserved.

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