Presents

THE GERA PUNE RESIDENTIAL

REALTY REPORT
JULY 14 - JANUARY 15

Six Monthly Price Movements

PRICES: The rate of price increase for 2014 has dropped
substantially over 2013. Half yearly rate increases are now below
inflation .The last 12 months have seen the slowest increase in rates
of only 5.3%. This as compared to 14.1% and 14.8% over the two
prior years.

The Gera Pune

Residential Realty Report July 14-January 15

Overall Supply Situation

SUPPLY: Over the past 6 months, the gross stock has reduced from
245,369 units to
240,433 a reduction of 2.1% (indicating that the projects were being
launched slower than the rate of completion). During the same period,
the unsold stock has increased from 66,350 units to 67,181 units an
increase of 1.2%. For the first time in 3 years, the total number of
projects has reduced from 2761 in June 2014 to 2683 in December
2014.

The Gera Pune

Residential Realty Report July 14-January 15

Inventory Situation

The unsold inventory in early stage projects has risen

from 41.4% in December 12 to 65.1% in December
14. While the increase in the unsold stock for the
early stage projects is 22.35%, the increase in the
overall unsold stock % is 6.07%. Clearly consumers
are being far more careful and purchasing projects
which are past the early stage of progress.

The Gera Pune

Residential Realty Report July 14-January 15

Stock Sellout Analysis

On an average, the top 10 developers as per the list have approx. 10% of
the gross stock across the market (the top 10 developers are
building/have built 10% of the total units under construction in Pune).
Unsold stock numbers are consistently lower across all stages of work for
this subset of developers, indicating that these developers are able to sell
stock faster than the rest of the market. Table below shows the sold stock
across various
stages of work for the entire market compared to the top 10 subset.

The Gera Pune

Residential Realty Report July 14-January 15

Supply and Unsold Stock Analysis

We decided to assess the market in terms of supply and unsold stock

based on the quoted rates The table below shows the rates considered
in December 12, December 13 and December 14 for 5 categories of
homes.

The Gera Pune

Residential Realty Report July 14-January 15

Unsold Stock Percentage

In general, the unsold stock percentage increases as we moved towards
the upper end of the pricing spectrum , which stands to reason (Premium
plus and Luxury units have a longer inventory turnover period compared
to lesser priced units).

The Gera Pune

Residential Realty Report July 14-January 15

Value and Volume Analysis

Value and volume analysis
The following chart tracks the Total Value (in Crores) and the total area (in
square feet) of the Unsold Inventory over the last 2 years .

The Gera Pune

Residential Realty Report July 14-January 15

Locations with Highest Inventory

Highest inventory
The top 10 locations account for more than half of the total unsold units
in Pune.

The Gera Pune

Residential Realty Report July 14-January 15

Top 20 Micromarkets

The Gera Pune

Residential Realty Report July 14-January 15

Micromarkets with Maximum Increase in Prices

The micro markets that have witnessed the maximum increase in prices
over the last 24 months are listed below.

The Gera Pune

Residential Realty Report July 14-January 15

Micromarkets with Highest Price Gains

Micromarkets with Highest Price Gains in the
last two years

The Gera Pune

Residential Realty Report July 14-January 15

Bottom Ten Lowest Gainers

Bottom Ten Lowest Gainers (in the last 24 months)

The Gera Pune

Residential Realty Report July 14-January 15

Price Changes for Luxury Locations

We did an analysis of price changes for the luxury

locations of Model Colony, Aundh, Koregaon Park &
Boat Club Road. The following are the average prices
in these markets over the last 24 months.

The Gera Pune

Residential Realty Report July 14-January 15

Summary
The reduction in the base interest
rates of 25
basis points while positive will not
do much to move the overall
market. While the stock market has
already responded to the new
government and the changes that
are taking place, the real estate
market has been far more
circumspect.
The genuine home buyers have
seen difficult
times with high interest rates as well
as high

The Gera Pune

Residential Realty Report July 14-January 15