Property Market Overview INDIA
QUARTERLY UPDATE | JULY | 2010
Our Knowledge is your Property
®
®
c o l l i e r s i n t e r n at i o n a l
national oFFice BaroMeter
cBD sBD
s e c o n D Q u a rt e r | 2 0 1 0
national resiDential BaroMeter
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.
PriMe suBurBs
MuMBai
Delhi
GurGaon
noiDa
chennai
BenGaluru
KolKata
www.colliers.com/india ®
econoMic inDicators
2700
2900
3100
3300
3500
3700
Realty Index
15500
16000
16500
17000
17500
18000
18500
19000
1-Ja
n-10
8-Ja
n-10
15-Ja
n-10
22-Ja
n-10
29-Ja
n-10
5-Fe
b-10
12-F
eb-1
019
-Feb
-10
26-F
eb-1
05-
Mar
-10
12-M
ar-1
019
-Mar
-10
26-M
ar-1
06-
Apr-1
013
-Apr
-10
20-A
pr-1
027
-Apr
-10
5-M
ay-1
012
-May
-10
19-M
ay-1
026
-May
-10
3-Ju
n-10
10-Ju
n-10
17-Ju
n-10
24-Ju
n-10
INR
Price of Gold in India
INR Per 10 Grams
0.00
2.00
4.00
6.00
8.00
10.00
12.00
02000400060008000
10000120001400016000
2005-06 2006-07 2007-08 2008-09 2009-10
Per c
ent
INR
Cror
e
FDI in Real Estate
FDI in Real Estate Real Estate in Total FDI
4444.5
4545.5
4646.5
4747.5
48
Mar
01,1
0
Mar
08,1
0
Mar
15,1
0
Mar
22,1
0
Mar
29,1
0
Apr0
5,10
Apr1
2,10
Apr1
9,10
Apr2
6,10
May
03,
10
May
10,
10
May
17,
10
May
24,
10
May
31,
10
Jun
07,1
0
Jun
14,1
0
Jun
21,1
0
INR/
USD
Exchange rate (INR/USD)
MuMBai
Delhi
GurGaon
NOIDA
chennai
BenGaluru
Pune
KolKata
MACRO ECONOMIC REVIEW
The GDP at constant prices for 2009-10 •showed an YoY increase of 7.4 per cent over 2008-09. The quarterly estimates of GDP at constant prices for Jan-March 2010 show an YoY increase of 8.6 per cent over last year.
The FDI in Real Estate in 2009-10 has •increased to INR 13586 crore from INR 12621 crore in 2008-09.The share of Real estate in total FDI rose to 11.01 per cent in 2009-10 from 10.27 per cent in 2008-09.
Overall BSE realty index fell during •2Q2010. It started to rise after touching 2869.54 on May 25, 2010.
Over the last one year the monthly •wholesale general inflation continually rose from (-) 1.01 per cent to a double digit figure of 10.16 per cent.
In this quarter, Indian rupees initially •experienced depreciation against US dollars till INR 47.71 on May 25, 2010; however, it started appreciating thereafter.
The price of gold reached new height in •second quarter of 2010 at INR 18800 per 10 grams on June 8, 2010 after hovering around INR 16500 per 10 grams in the previous quarter.
This quarter RBI has increased repo and •reverse repo rate in two consecutive months by 25 basis points each which resulted into the repo rate at 5.25 per cent and reverse repo rate at 3.75 per cent. It also hiked Cash Reserve Ratio (CRR) by 25 basis points.
colliers international 3
MarKet Deals
MuMBai
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
edelweiss lotus Midtown 2,00,000 Kalina outright sale
siemens hcc 1,00,000 Vikroli lease
india infoline sun infotech Park 1,15,000 thane outright sale
sBi Kaledonia 20,000 andheri (e) lease
cipla raj Plaza 20,000 Vikhroli lease
canon rustomjee nataraj 15,000 andheri (e) lease
amway rustomjee nataraj 15,000 andheri (e) lease
Source: Colliers International India Research
Nariman Point
citY oFFice BaroMeter
VacancY
AbsORPTION construction
rental rate
1Q2010
IL&FS Financial Centre, BKC
suPPlY in PriMe areas
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ anD GraDe’B’ rentals
Lower Parel 18%
BKC 5%
Andheri East 17%CBD 0.5%
LBS / Thane 25%
Kalina 2%
Goregaon / JVLR 10 %
Powai 6 %Worli Prabhadevi 1 %
Navi MumBai 11%Malad 5%
450420390360330300270240210180150120906030
480
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
300
CBD
Andh
eri E
ast
BKC
Lowe
r Par
el
Mala
d
Mala
d (IT
)
Navi
Mum
bai
Navi
Mum
bai (
IT)
Powa
i (IT
)
Powa
i
Gore
gaon
/ JV
LR (I
T)
Wor
li / P
rabh
adev
i
Gore
gaon
/ JV
LR
Kalin
a
Than
e / L
BS
Than
e / L
BS (I
T)
Andh
eri E
ast (
IT)
Lowe
r Par
el (I
T)
250
200
Grade A Grade B
150
100
50
0
CBD Andheri East BKC Lower Parel
Malad Navi Mumbai Powai Worli /Prabhadevi
Goregaon / JVLR Kalina Thane / LBS
INR
per s
q ft
per m
onth
INR
per s
q ft
per m
onth
2Q2010
Approximately 12.5 million sq ft of prime •office space was available in Mumbai in 2Q2010. 70 percent of this available supply was in the form of IT/ITES office space primarily concentrated in Lower Parel, LBS/Thane, Navi Mumbai and Goregaon/JVLR.
A number of new office buildings were •ready for fit-out in 2Q2010 in areas such as Andheri, BKC, LBS and Thane, adding approximately 2.5 million sq ft of prime office space to the existing inventory. These projects include Pittie Chambers by Pittie Developers, Everest Urbania by Everest Group, Boomerang by Kanakia Spaces, Ackruti Star by Ackruti Developers, Silver Utopia by Silver Group and Element by Dosti & Neptune Group.
Rentals and capital values remained •stable for both IT and non-IT office space in almost all of the micro-markets.
Vacancy remained high during •the quarter, due to addition of new supply and the limited number of transactions in the market.
In a recent notification, the state urban •development department decided to amend the regulation 33 (1) of the Development Control Rules 1991 and to provide 25 per cent more floor space index (FSI) to the developers should they construct a road on a portion of land surrendered to the BMC.
In line with Central Legislation, the •Building and the Other Construction workers Cess Act, 1996, Maharashtra Government decided to charge 1 per cent labour cess on construction cost of all new public and private projects.
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international4
In 2Q2010 approximately 1.0 million •sq ft of prime office space was available for fit-outs. This supply was primarily concentrated in Jasola and Saket.
Virtually no new supply was added to the •city’s prime office space inventory this quarter.
Rentals for Grade A office space across all •the CBD and SBD locations witnessed a marginal increase in the range of 2-5 per cent quarter-on-quarter, due to limited supply and improved demand.
Capital values have also strengthened •marginally over the quarter, in the range of 3-4 per cent across all the micro-markets.
Vacancy level in the CBD has witnessed •a decrease from the previous quarter; however, vacancy in SBD areas such as Jasola, Nehru Place and Saket remained unchanged, due to limited numbers of transactions.
The much awaited flyover connecting •Delhi to Ghaziabad and Noida via NH-24 at Ghazipur became operational this quarter. Due to the upcoming Commonwealth Games, the city’s infrastructure has improved at a fast pace. It is expected that all the related infrastructure work will be handed over by 31st July 2010.
MarKet Deals
Delhi
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
louis Vuitton itt 5,500 nehru Place lease
hyundai Baani corporate one 50,000 Jasola lease
Max Bupa salcon rasvilas 20,000 saket lease
Source: Colliers International India Research
citY oFFice BaroMeter
Splendor Forum, Jasola
Statesman House, CBD
VacancY
AbsORPTION construction
rental rate
1Q2010 2Q2010
suPPlY in PriMe areas
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ anD GraDe’B’ rentals
Jasola 51%
Nehru Place Netaji Subhash
Jasola
Saket
Connaught Place
Saket 30%Connaught Place 3%
Conn
augh
t Plac
e
Nehru Place 16%
Nehr
u Pl
ace
Sake
t
Jaso
la
500450400350300250200150100
500
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
300
350
250
200
150
10050
0
Grade A Grade B
INR
per s
q ft
per m
onth
INR
per s
q ft
per m
onth
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international 5
Over 8.5 million sq ft of Grade A office •space was ready for fit-outs in Gurgaon in 2Q2010. Most of this supply was concentrated at National Highway 8/Udhyog Vihar, followed by Golf Course Road/Extension, Sohna Road and Manesar.
Approximately 60 per cent of this •available supply was in the form of IT/ITES office space.
Projects or parts of projects completed in •this quarter in Gurgaon include Unitech Business Zone; a non-IT office space at Golf Course Extension Road and Bestech Orient Business Tower; an IT building at NH-8. Both these projects contributed approximately 0.8 million sq ft to the city’s Grade A office space.
Capital values for non-IT office space •witnessed an increase in the range of 2-4 per cent quarter-on-quarter in most of the micro-markets in Gurgaon. However, capital values for IT/ITES office space remained stable across all the micro-markets.
Following the capital value trends, •rentals for non-IT Grade A office space in areas such as MG Road, Golf Course Road/Extension, Sohna Road and NH8/Udhyog Vihar observed an increase in the range of 3-5 per cent quarter-on-quarter. However, rentals for IT/ITES office buildings remained stable over the previous quarter, due to large available supply.
This quarter Delhi Metro between Delhi •and Gurgaon become operational, the 14.47 km link connects Qutub Minar in Delhi with HUDA City Centre in Gurgaon.
MarKet Deals
GurGaon
Source: Colliers International India Research
citY oFFice BaroMeter
Gateway Tower, NH8
Times Square, Sushant Lok
suPPlY in PriMe areas
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ anD GraDe’B’ rentals
Institutional Sectors /Sushant Lok 4%
MG Road 7%
DLF Cyber City 7%
Manesar 17%
Golf Course Road/Ext /Sohna Road 25%
NH8/Udhyog Vihar 40%
Golf
Cour
sse
Road
/Ex
t / S
ohna
Roa
d
Soh
na R
oad
(IT)
DLF
CYbe
r CIT
Y (IT
)
NH8/
Udy
og V
ihar
(IT)
Mae
sar (
IT)
Man
esar
NH8
/ Udh
yog
Viha
r
MG
Road
Inst
itutio
nal S
ecto
rs/
Sush
ant L
ok
100
120
180160
140
120
100
80
60
40
20
80
60
40
20
0
Grade A Grade B
2Q20
08
2Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
MG RoadDLF Cyber city (IT)
ManesarNH8 / Udyog vihar NH8 / Udyog vihar (IT)
Institutional Sectors / Sushant Lok
Golf Course Rd./ Ext / Sohana Rd.
Golf Course Rd./ Ext / Sohana Rd.
Manesar (IT)
VacancY
AbsORPTION construction
rental rate
INR
per s
q ft
per m
onth
INR
per s
q ft
per m
onth
1Q2010 2Q2010
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
Max DlF silokhera 2,50,000 nh-8 lease
remfrey sagar individual Bldg 2,00,000 Golf course road lease
amway individual Bldg 1,00,000 Golf course road lease
evalueserve unitech infospace seZ 50,000 Dundahera lease
contract advertising chimes 20,000 sector 44 lease
sony ericsson times tower 12,000 MG road lease
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international6
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
MD everywhere individual Bldg 1,00,000 sector 58 lease
tech Mahindra individual Bldg 50,000 sector 58 lease
Quest telecom Green Boulevard 32,000 sector 127 lease
MarKet Deals
noiDa
Source: Colliers International India Research
citY oFFice BaroMeter
More than 5.5 million sq ft of Grade A •and Grade B office space was available for fit- out in Noida during 2Q2010. Over 70 percent of this supply was IT/ITES office space.
Approximately 85 per cent of this total •available stock was contributed by Institutional Sectors such as Sector 16-A, 62, 125 and 142 . The remainder of the supply was primarily Grade B IT/ITES office supply concentrated in Industrial Sectors.
Projects or parts of projects witnessed •completion this quarter included Tower C and D of Express Trade Tower building at Sector 132 alongside Noida Express Way. This contributed approximately 0.4 million sq ft to city’s Grade A IT/ITES office space.
Two new projects were launched in Noida •this quarter: Capital City at Sector 94 on Express Way, and World Trade Tower at Sector 16 on Delhi Noida Delhi Toll Bridge, by BPTP and Electrotherm Developers, respectively.
Rental for IT/ITES office space remained •stable QoQ in most of the micro-markets. However, rentals for Grade A non-IT office space in Institutional Sectors such as 62, 125, 142 and 16A increased marginally in the range of 2-4 per cent QoQ.
Vacancy for both IT/ITES and Non IT/•ITES office space decreased marginally .
In a recent decision, the Noida Authority •increased the commercial and institutional land rate by 10 per cent. Accordingly the land compensation has also been hiked by 10 pecent.
VacancY
AbsORPTION construction
rental rate
Express Trade Tower, Sector 16A
Logix Technopark, Sector 127
Grade A Grade B
Institutional Sectors ( Non IT)Industrial Sectors Commercial Sectors
Institutional Sectors (IT)
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ anD GraDe’B’ rentals
20
40
60
2Q20
08
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10In
stitu
tiona
l Se
ctor
s
Com
mer
cial
Sect
ors
Inst
itutio
nal
Sect
ors
(IT)
Inst
itutio
nal
Sect
ors
( Non
IT)
80
100
120
140
0
0
40
60
80
100
120
20
INR
per s
q ft
per m
onth
INR
per s
q ft
per m
onth
suPPlY in PriMe areas
Commercial Sectors (Sec 18) 0.6%
Institutional Sectors (Sec.16A, 62,
125-142) 86% Industrial Sectors
(Industrial Usage bt IT also allowed) (Sec. 1-9, 57-60, 63-65) 14%
1Q2010 2Q2010
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international 7
MarKet Deals
chennai
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
cognizant technologies DlF 2,00,000 Manapakkam lease
tcs samson it Park 20,000 egmore lease
cevin care shreyas 16,000 chamiers road lease
sBB constructions rMG complex 12,000 Guindy lease
Dalkia shreyas 8,000 chamiers road lease
Source: Colliers International India Research
citY oFFice BaroMeter
Tidel Park, OMR
Siruseri Techno Park, OMR
suPPlY in PriMe areas
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ rentals
Ambattur 30%
Guindy (SBD) 0.45%
CBD 37%
Vadapalani 2%Velacheery 1%
OMR (IT Corridor) 30%
CBD
70
60
50
40
30
20
10
0
GST
Road
Guin
dy (S
BD)
Amba
ttur
OMR
Chennai Grade ‘A’ office market observed •over 9 million sq ft of available stock in 2Q2010. Most of this supply was contributed by areas such as Ambattur, OMR (IT Corridor) and GST Road.
Approximately 90 per cent of this •available stock was IT/ITES office space.
Projects/parts of projects ready for fit-•outs include Harmony Tower and KDH located in the CBD. Both these projects contribute approximately 1 million sq ft to the city’s Grade A office space.
The continual addition of new supply •kept the vacancy level high in the city prime office market, despite improvement in absorption levels.
Rental and capital values for IT/ITES •prime office space remained stagnant during the quarter. This could be attributed to high vacancy levels and large upcoming supply across most of the micro-markets.
In a recent decision the Tamil •Nadu Government has approved uniform guidelines of Development Control Regulations (DCR) relating to multistoreyed buildings, special buildings, group developments, layouts and subdivisions. These regulations will be implemented in planning areas, including Trichy, Madurai, Tirunelveli, Thoothukudi, Salem, Erode, Coimbatore, Tirupur, Vellore and sub-urban areas falling in Kancheepuram and Tiruvallur districts in Tamil Nadu.
90
80
70
60
50
40
30
20
CBD Ambattur
Guindy (SBD)OMR (IT Corridor)
GST Road
1Q20
08
2Q20
08
4Q20
08
1Q20
09
2Q20
09
4Q20
09
1Q20
10
2Q20
10
3Q20
09
3Q20
08
VacancY
AbsORPTION construction
rental rate
Grade A
INR
per s
q ft
per m
onth
Rent
als in
INR
PSF/
Mon
th
1Q2010 2Q2010
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international8
Over 7.5 million sq ft of grade A office •space was ready for fit-out in 2Q2010 in Bengaluru. Approximately 80 per cent of this available stock was in the form of IT/ITES office space, primarily concentrated at EPIP Zone, Whitefield and Outer Ring Road.
Project/part of the project that witnessed •its completion this quarter was Vrindavan Tech Village located at ORR contributing approximately 0.9 million sq ft to the city’s prime office space.
This quarter, two new projects were •launched in Bengaluru: Bagmane Commerce II at CV Ramanagar, and Stand Alone at Hebbal, by Bagmane Group and a local developer, respectively.
Following the previous quarter’s trend, •the absorption level in terms of lease and outright sale transactions showed signs of improvement, due to prevailing lower rentals and improved market sentiment, specifically in the IT and auto sectors.
The city’s overall vacancy levels remained •stable QoQ, largely due to the limited infusion of new supply, coupled with a slight rise in absorption levels.
Rentals of Grade ‘A’ office space has •increased marginally in the range of 2 - 5 per cent quarter on quarter in most of the micro markets.
MarKet Deals
BenGaluru
Source: Colliers International India Research
suPPlY in PriMe areas
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ anD GraDe’B’ rentals
citY oFFice BaroMeter
Electronic City 8%
EPIP Zone / Whitefield 30%
CBD 10 %
Hosur Rd 9%
Outer Ring Road 33%
Bannerghatta Road 10%
8090
7060
50
3040
2010
0
CBD
Hous
ur R
oad
EPIP
Zon
e /
Whi
tefie
ld
Elec
troni
c Ci
ty
Bann
ergh
atta
Rd
Oute
r rin
g Rd
UB City, Vittal Mallya Road
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
schneider electricals rMZ nXt 70000 Whitefield lease
crossdomain stand alone 40,000 Yeshwanthpur lease
elken BPl towers 30,000 Kasturaba road lease
semler research center
Pvt. ltd.
stand alone 30,000 Yeshwanthpur lease
hexawear technologies embassy icon 25,000 infantry road lease
system advisores the estate 16,000 Dickenson road lease
Infosys Campus, Electronic City
Grade A Grade B
CBD
Bannerghatta Road
Hosur road EPP Zone / Whitefield
Outer Ring RoadElectronic City
10
0
20
30
40
50
60
70
80
90
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
citY oFFice BaroMeter
VacancY
AbsORPTION construction
rental rate
INR
per s
q ft
per m
onth
INR
per s
q ft
per m
onth
1Q2010 2Q2010
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international 9
In 2Q2010 approximately 10 million sq •ft of Grade ‘A’ office space was available. Most of this stock was in the form of IT/ITES office space.
More than 50 per cent of this supply •was concentrated on Nagar Road. The remainder was distributed among areas such as Hinjewadi, Hadapsar, Fursungi, and Airport Road, etc.
This quarter a new commercial project •was launched in Pune named AG Inspire - at Aundh by AG Construction.
After almost three static quarters, rentals •in Pune started inching up in few areas. An increase, in the range of 2-6 per cent, was witnessed in areas such as Baner, Bund Garden, Airport Road and Hinjewadi. However, no change in capital values was observed in this quarter.
Vacancy dropped marginally, due to •increase in the number of deals compared to previous quarters, and no new supply addition in the existing office space.
The construction activity has started •picking up, due to positive market sentiment and the recovery of the IT/ITES industry, which is main growth driver of Pune.
MarKet Deals
Pune
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
citibank onyx 24,000 Koregaon Park lease
Global advertisement
services
eon 36,000 Kharadi lease
cognizant technologies DlF 2,48,000 hinjewadi lease
iDBi Pride house 32,000 sB road lease
Source: Colliers International India Research
citY oFFice BaroMeter
Infosys Headquarter Building, Hinjewadi
HSBC Building, Kalyani Nagar
suPPlY in PriMe areas
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ rentals
citY oFFice BaroMeter
VacancY
AbsORPTION construction
rental rate
Nagar Road 51%
Kalyani Nagar 5%
Hadapsar/Fursungi 8%
Hinjewadi 17%
Senapati Bapat Road 1%Aundh 1%
Kharadi 5%
Bavdhan 2%
Bund Garden 1%Airport road 9%
2030405060708090100110120130
1Q20
08
2Q20
08
BanerBund Garden Airport road/ pune station
AundhSenapati Bapat Marg BavdhanKalyani Nagar
Bane
r (IT
)
Sena
pati
Bapa
t Roa
d (IT
)
Sena
pati
Bapa
t Roa
d
Bavd
han
(IT)
Bavd
han
Kalya
ni N
agar
(IT)
Kalya
ni N
agar
Naga
r Roa
d (IT
)
Naga
r Roa
d
Hinj
ewad
i
Hinj
ewad
i/Had
apsa
r/Fur
sung
i(IT)
Hinj
ewad
i/Had
apsa
r/Fur
sung
i
Khar
adi (
IT)
Khar
adi
Bane
r
Bund
Gar
den
(IT)
Bund
Gar
den
(IT)
Airp
ort r
oad/
Pun
e st
atio
n
Airp
ort r
oad/
Pun
e st
atio
n
Aund
h (IT
)
Aund
h0
10
20
30
40
50
60
70
80
Nagar Road
4Q20
08
1Q20
09
2Q20
09
4Q20
09
1Q20
10
2Q20
10
3Q20
09
3Q20
08
INR
per s
q ft
per m
onth
INR
per s
q ft
per m
onth
Kharadi Hinjewadi/Hadapsar/ Fursungi
1Q2010 2Q2010
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international10
The second quarter witnessed a new supply •of approximately 1 million sq ft in Kolkata prime office space. Approximately 60 per cent of this supply was in the form of IT/ITES office space, concentrated mostly in Sector V.
New projects saw their completion this •quarter includes Synthesis in New Town and Godrej Waterside (Tower II) at Salt lake, by Bengal Shrachi and Godrej Properties, respectively.
Continuing the previous quarter’s trend, •rental values in most markets remained stable, except Sector V and New Town (Rajarhat), where a marginal increase in the range of 3-7 per cent was observed QoQ for both IT/ITES and non-IT office space.
Capital values remained stable during •2Q2010, barring New Town (Rajarhat), which witnessed an increase of approximately 9 per cent quarter on quarter.
Absorption has improved as compared to •previous quarters, and a few large deals happened in areas such as Salt Lake and New Town, resulting in marginal appreciation in rentals in these areas.
Overall vacancy in 2Q2010 remained •almost stagnant, attributed to the new supply addition nullifying the impact of absorption in the prime office space market.
MarKet Deals
KolKata
Source: Colliers International India Research
suPPlY in PriMe areas
PriMe oFFice sPace rental trenD
2Q2010 GraDe ‘a’ anD GraDe’B’ rentals
Sector-5 83%
PBD (New Town,Rajarhat) 17%
8090
100
70
5060
3040
20100
CBD
Bally
gung
e Ci
rcul
ar R
D
East
Kol
kata
Sect
or -
5
Sect
or -
5(IT
)
New
Town
/Ra
jarha
t
New
Town
/Ra
jarha
t(IT)
Rent
als In
INR
PSF/
Mon
th
DLF IT Park-2, New Town Rajarhat
client BuilDinG naMe area (sQ. Ft.)
location transaction tYPe
sharda Group Globsyn crystal 150,000 salt lake lease
Bajaj allianz ecospace 50,000 rajarhat, lease
uninor south city Pinnacle 40,000 salt lake lease
Zte telecom Godrej Waterside 30,000 salt lake lease
edu com akash tower 16,500 eM Bypass lease
aditya Birla Minacs ashram Building 3,500 salt lake lease
HSBC Building, Salt Lake
Grade A Grade B
20
40
60
80
100
120
160
140
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
CBD (Park St, Camac St, JC Bose Rd)
East Kolkata
Ballygunge Circular Rd.
Sector -5
PBD (New Town, Rajarhat)
citY oFFice BaroMeter
VacancY
AbsORPTION construction
rental rate
INR
per s
q ft
per m
onth
1Q2010 2Q2010
The Knowledge Report | Second Quarter | 2010 | Commercial
colliers international 11
MarKet Deals
MuMBai
Source: Colliers International India Research
2Q2010 PreMiuM resiDential aVeraGe caPital Value
caPital Value trenDs
citY resiDential BaroMeter
55,00060,00065,00070,000
50,00045,00040,00035,00030,00025,00020,000
10,00015,000
5,0000
Andh
eri
Juhu
Sant
acru
z
Khar
Band
ra
Wor
li
Prab
hade
vi
Mala
ar h
ill,
Alta
mou
ndt R
d,ca
rmich
ael R
d
Colab
a , c
uffp
arad
e
Brea
ch C
andy
,Na
pean
sea
rd,
Pedd
er R
d
Oberoi Parkview, Kandivali(E)
client ProPertY classiFication
area (sQ. Ft.)
location transaction tYPe
individual apartment 1,200 Parel lease
itochu corp. apartment 2,500 Bandra lease
Morgan stanley apartment 4,500 Bandra lease
individual apartment 2,400 charmichael
road
lease
Marsh apartment 1800 Mahalaxmi lease
British consulate apartment 2,350 Bandra lease
Hiranandani Gardens, Powai
rental Value
CAPITAL Value
5000
15000
25000
35000
45000
55000
65000
75000
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
Colaba, Cuffe Parade
PrabhadeviSantacruz
WorliAndheri
BandraMalabar Hill, Altamount Road, Carmichael Rd
Breach candy, Neapen Sea Road, Peddar Road
INR
per s
q ft
INR
per s
q ft
ProJects launcheD
PROJECT NAME LOCATION
World One Lower Parel
Ahuja Towers Prabhadevi
Kumar Coture Prabhadevi
Oberoi Exquisite Goregaon
Aqua Marine Bandra (West)
Hill Roof Bandra (West)
1Q2010 2Q2010
New supply additions in the premium •residential market remained limited this quarter, with only two new projects/ parts of projects witnessed their completion: Orbit Eternia in Lower Parel and Orchid Enclave in Mumbai Central developed by Orbit Developers and DB Realty, respectively.
A number of premium projects were •launched this quarter in Mumbai including World One by Lodha Developers, Ahuja Towers by Ahuja Builders, Kumar Cortue by Kumar Builders, Oberoi Exquiite by Oberoi Builders, Aqua Marine & Hill Roof by Kamla Group. Most of these projects were concentrated in Lower Parel, Prabhadevi, Goregaon and Bandra (West).
Despite a few big ticket transactions, such •as the INR 37 crore deal for an apartment at Samudra Mahal building at Haji Ali, and the INR 33 crore deal for an apartment in Kamal Mahal building on Carmicheal road, capital values remained stable this quarter in most of the locations in South and South Central areas such as Colaba, Cuffe Parade, Malabar Hills, Altamount Road, Carmicheal Road, Breach Candy, Napeansea Road, and Peddar Road . However, an increase in the range of 2-7 per cent was witnessed in Central and North Mumbai locations such as Worli, Prabhadevi, Bandra, Santacruz, Khar and Juhu.
Rentals witnessed a fall of approx. 4-6 per •cent in most of the micro-markets, except for a few locations in South Central areas.
The Knowledge Report | Second Quarter | 2010 | Residential
colliers international12
MarKet Deals
Delhi
Source: Colliers International India Research
2Q2010 PreMiuM resiDential aVeraGe caPital Value
caPital Value trenDs
citY resiDential BaroMeter
5000060000
70000
40000
0
10000
20000
30000
Anan
d Ni
keta
n,va
sant
vih
ar
Grea
ter K
ailas
h I &
II,
Sout
h Ex
tens
ion
Frien
ds C
olon
y,M
ahar
ani B
agh
Panc
hash
ila,A
nand
lok,
Niti
Bagh
,SDA
Shan
ti Ni
keta
n,W
este
nd
Golf
Link
s, J
or B
agh,
Sund
er N
agar
Chan
akya
Pur
i
Prith
viraj
Road
,Au
rang
jeb R
oad
Aurangzeb Road
Lutyen’s Delhi
rental Value
CAPITAL Value
Supply additions in premium residential •properties were restricted, as only a few redevelopment projects were completed in the South Delhi area, such as Vasant Vihar, Anand Niketan, Defense Colony and Shanti Niketan.
The demand for premium properties •started picking up and an increase in enquiries were recorded; however, the conversion ratio is still very low, due to cautious investor sentiment.
Capital values for prime residential •properties in most of the micro-markets showed marginal appreciation in the range of 2-4 per cent, except in a few areas, such as Friends Colony, Maharani Bagh, Greater Kailash and South Extension.
Rental for premium residential areas •observed rise in the range of 2 to 6 per cent in areas such as Prithviraj Road, Chanakya Puri, Panchashila, Anandlok, Niti Bagh, Anand Niketana and Vasant Vihar, due to restricted supply with existing stock being recycled in the market.
In a recent policy change, the Delhi •Government revised the circle rates for sale and purchase of properties in the capital. For premium residential areas, such as Defence Colony, Greater Kailash, Gulmohar Park, Panchsheel Enclave Anandlok, etc., the circle rate was revised at INR 1.25 lakh per sq mtr, from the existing rate of INR 43,000 per sq mtr. The Government has also decided to abolish the existing eight categories of colonies and introduce the new rates for 2,480 colonies identified by the Revenue Department.
5000
15000
25000
35000
45000
55000
65000
75000
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
Prithviraj Road, Aurangzeb Road
“Only Few redevelopment projects were launched in areas such as Vashant Vihar , Westend, Chanakya Puri and Defence Colony”.
Panchashila, Anandlok, Niti Bagh, SDA
Chanakya Puri
Shanti Niketan, WestendFriends Colony, Maharani Bagh
Anand Niketan, Vasant ViharGreater Kailash I & II, South Extension
Golf Links, Jor Bagh, Sunder Nagar
INR
per s
q ft
INR
per s
q ft
client ProPertY classiFication
area (sQ. Ft.)
location transaction tYPe
Xerox Farm house 4,500 rajokri the Green lease
BMW apartment 3,200 Westend lease
German embassy apartment 5,200 Vasant Vihar lease
Ben & company apartment 3,200 Westend lease
1Q2010 2Q2010
ProJects launcheD
The Knowledge Report | Second Quarter | 2010 | Residential
colliers international 13
MarKet Deals
GurGaon
Source: Colliers International India Research
citY resiDential BaroMeter
Vipul Belmonte, Gurgaon
2Q2010 PreMiuM resiDential aVeraGe caPital Value
6000700080009000
1000011000
50004000300020001000
0
NH -
8
Sush
ant L
ok
DLF
Phas
e I
Soha
na R
d &
Extt
Golf
Cour
se R
d
DLF phase IV
caPital Value trenDsrental Value
CAPITAL Value
20003000400050006000700080009000
1000011000
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
Golf Course Road Sohna Road & Ext
Sushant Lok NH - 8
DLF Phase I
In 2Q2010 a number of residential •projects were launched. These included Spire South by Millennium Spire, Victory Valley by IREO, Tulip Purple by Tulip Infratech Pvt. Ltd. , Upvan Phase II by ABW Group, Carnation Residency by Orris Infrastructure, Harmony Nirvana Country by Unitech Ltd., Casa Bella Phase II by Mapsko Builders, ILD Spire Greens by ILD Millennium , M3M Golf Estate by M3M Group.
Most of these projects were launched in •newly developing sectors such as sector 67,68,69, 85 and 45 located on Golf Course Extension Road and Sohna Road.
In 2Q2010 no supply was added to the •city’s premium residential space.
Due to improved economic conditions •and active investor participation the absorption for prime residential properties observed an increase from previous quarter.
Capital values for premium residential •properties in locations like DLF Golf Course Road, Sohna Road and NH8 witnessed an increase in the range of 8-10 percent quarter.
Rentals observed an increase of 3-6 •percent quarter on quarter across all the micro markets in Gurgaon.
The State Government has decided to •develop 6 new residential sectors 58-63 to cater to the growing housing requirement. The government is in process for acquiring the land falling in eight villages namely Medawas, Tigda, Behrampur, Ulvass, Badshapur, Nangali Umarpura, Ghata and Kadarpur for this purpose.
GurGaon
INR
per s
q ft
INR
per s
q ft
ProJects launcheD
PROJECT NAME LOCATION
Spire South Sector 68
Victory Valley Sector 67
Tulip Purple Sector 69
Upvan Phase II Sector M-1
Carnation Residency Sector 85
Harmony Nirvana Country
Sector 50
Casa Bella Phase II Sector 82
1Q2010 2Q2010
client ProPertY classiFication
area (sQ. Ft.)
location transaction tYPe
Mnc apartment 4,200 Golf course
road
lease
croma apartment 4,000 DlF Phase V lease
Phillips apartment 4,000 DlF Phase V lease
ranbaxy apartment 2,600 DlF Phase V lease
The Knowledge Report | Second Quarter | 2010 | Residential
colliers international14
A number of mid range projects were •launched in Noida in 2Q2010 including Eldeco Sharnam by Eldeco Developers, Mahagun Moderne by Mahagun Pvt. Ltd, Jaypee Kensington Boulevard, Kasa Isles, and Knight’s Court by Jaypee Developers, Royal Park by Purvanchal Developers, Golf Views by Antriksh Group, 34 Pavilion, Ceyane Heights and Apex Heights by Supertech, Princely Estate by Amrapali Developers, Morpheus Green by Morpheus Group, Sikka Karmic Greens by Sikka Group, Prateek Wisteria by Prateek Group and Elite Homz, by HR Oracle Developers.
These project were mostly concentrated •either in Sector 75,76,77,78 or in Sectors adjoining Noida Greater Noida Express way such as 137,117, 107, 131, 129, and 93 A.
Additionally Noida Authority has also •launched a scheme of duplex residences in various sectors of Noida pricing between INR 80.53 lakh to INR 1.11 crore admeasuring in the range of 125 sq mtr to 180 sq mtr. The registration amount for these duplex were fixed at INR 8 lakh for all categories and rest of the amount will have to be paid in six monthly installments.
Capital value remained stable across all •the micro-markets in Noida. Ample new supply is the major factor attributed to this trend.
Rental values also remained stable across •all the micro-markets in Noida.
This quarter the first flyover on the UP •Link Road connecting Akshardham to Noida witnessed completion. The flyover will be open to public in July 2010. This is expected to be used by approximately 50,000 commuters every day .
MarKet Deals
noiDa
Source: Colliers International India Research
2Q2010 PreMiuM resiDential aVeraGe caPital Value
caPital Value trenDs
citY resiDential BaroMeter
7000650060005500500045004000350030002500200015001000500
0
Sect
or 4
4
Sect
or 5
0
Sect
or 9
2/93
Sect
or 6
1, 6
2, 6
3
Sect
or 2
8, 2
9, 3
0
rental Value
CAPITAL Value
3500
3000
4000
5000
4500
6000
5500
7000
6500
3Q20
08
4Q20
09
1Q20
10
2Q20
10
Sector 44
Sector 92/93
Sector 61,62,63
Sector 28,29,30
Sector 50
INR
per s
q ft
INR
per s
q ft
1Q2010 2Q2010
ProJects launcheD
ATS Green Sector 92A, Expressway
Eldeco Utopia, Sector 93A, Expressway
PROJECT NAME LOCATION
Eldeco Sharnam Sector 107
Mahagun Moderne Sector 78
Kasa Isles Sector 129
Royal Park Sector 137
Golf View Sector 78
client ProPertY classiFication
area (sQ. Ft.)
location transaction tYPe
individual apartment 1,300 sector 62 sale
individual apartment 1,600 sector 44 lease
individual apartment 1,500 sector 93 lease
The Knowledge Report | Second Quarter | 2010 | Residential
colliers international 15
In 2Q2010 a number of premium projects/•parts of the projects were completed, including Anantya in Navallur, Aura One in Shastri Nagar, Strawberry in Egmore, and Central Park West in Sholinganallur, developed by Indus Builders, Androit Urban,Vijayshanthi and Lancor developers, respectively.
Due to improved market conditions •Chennai observed the launch of a number of projects in areas such as OMR, Velachery and Mogaippair. Projects, that were launched in 2Q2010 include Gem Grove, Carolina, Verdan Acres, Sunrise and Dewy Terraces, by Vision India Real Estate, Kgeyes, Plaza Properties, Golden Prosperous Properties and Sare Group, respectively.
The demand has improved marginally in •the prime residential market, as analysed from the number of enquiries during the quarter. However, the conversion rate of these enquiries into real transactions remained low, due to cautious investor sentiments. In terms of leasing, an increased demand for fully furnished apartments and service apartments was witnessed from corporate clients.
Despite an increase in demand, the rental •and capital values for prime residential properties remained stable in almost all the micro-markets in Chennai.
In an effort to provide housing for lower •income groups and the economic weaker section (EWS), the state government made a necessary provision for 10 per cent of the site area to be earmarked for the provision of housing for the lower income group and EWS, where developments are proposed for sites exceeding 10,000 sq m.
MarKet Deals
chennai
Source: Colliers International India Research
2Q2010 PreMiuM resiDential aVeraGe caPital Value
caPital Value trenDs
citY resiDential BaroMeter
2000018000160001400012000100008000600040002000
0
Siru
seri
/ Kaz
ipat
tur
Boat
Clu
b
Nung
amba
kkam
Anna
Nag
ar
Adya
r
Beas
ant N
agar
T Na
gar
Alwa
rpet
/ R A
Pur
am
Velac
hery
Shol
inga
nallu
r
VGP Layout, East Coast Road
client ProPertY classiFication
area (sQ. Ft.)
location transaction tYPe
saipem india Projects
Pvt ltd
apartment 4,000 Poes Garden lease
hindustan oil exploration apartment 4,000 Poes Garden lease
individual apartment 4,000 Boat club lease
Pharmaceutical company apartment 3,000 Gopalapuram lease
German consulate apartment 2,500 Poes Garden lease
ProJects launcheD
PROJECT NAME LOCATION
Gem Grove Padur, OMR
Carolina Velachery
Verdant Acres Perumbakkam, OMR
Sunrise Golden George Nagar, Mogappair
Dewy Terraces Thiruporur, OMR
Grayshott Apartments, R A Puram
rental Value
CAPITAL Value
1000
50003000
7000
110009000
1500013000
17000
2100019000
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
Boat ClubAdyar
Alwarpet / R A Puram
Nungambakkam
Beasant Nagar
Velachery
Anna Nagar
T Nagar
SholinganallurSiruseri/ Kazipattur
INR
per s
q ft
INR
per s
q ft
1Q2010 2Q2010
The Knowledge Report | Second Quarter | 2010 | Residential
colliers international16
Bengaluru residential market witnessed •launches of a number of new projects across all segments during the second quarter of 2010. Projects that were launched in the premium segment includes Melody and Purva Atria Platina by Salarpuria & Sattva Group and Purvankara developers, respectively.
In mid range segment, the projects such •as The Ledge by Mehta Commercials Pvt. Ltd., Century Pragati by Century Group, Century Paradise by Century Real Estate Holdings, Royal Manor by Arattukulam Developers and Pride Pavilion by Pride Expert Properties were launched.
Demand for premium residential property •witnessed an increase due to improved expatriates movements. However, demand has shifted towards suburbs due to availability of better quality of housing amenities and good infrastructure.
The construction speed witnessed an •increase in the projects which were earlier either delayed or put on hold due to economic slowdown.
Capital values remained stable witnessing •minor appreciations in some of the micro-markets in Central and South East locations.
Continuing the previous quarter trends •rentals remained stable across all the micro markets in Bengaluru.
MarKet Deals
BenGaluru2Q2010 PreMiuM resiDential aVeraGe caPital Value
caPital Value trenDs
citY resiDential BaroMeter
110001200013000
10000
6000700080009000
50004000300020001000
0
Cent
ral
Cook
e To
wn
Jaya
naga
r
Palac
e Or
char
d
Airp
ort R
oad
Indi
ra N
agar
Bann
ergh
atta
Roa
d
Kora
man
gala
Whi
tefie
ld (A
ppts
)
Yelah
anka
Golden Woods, Sarajapur Road
Purva Riviera, Airport Road
rental Value
CAPITAL Value
10000
40005000
30002000
6000
900080007000
1000011000
130001400015000
12000
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
Central
Airport Road
Whitefield (Appts)
Cooke Town Jayanagar Palace Orchard
Indiranagar Bannerghatta Road
Koramangala
YelahankaIN
R pe
r sq
ftIN
R pe
r sq
ft
ProJects launcheD
1Q2009 2Q2010
client ProPertY classiFication
area (sQ. Ft.)
location transaction tYPe
Individual apartment 2,400 Whitefield sale
individual apartment 4,200 cBD lease
individual Villa 2,040 Whitefield lease
Source: Colliers International India Research
PROJECT NAME LOCATION
Melody Mysore Road
Purva Atria Platina Sanjay Nagar
The Ledge Bellary Road
Century Pragati Bannerghatta Road
Pride Pavillion Rajajji Nagar
Royal Manor HSR Layout
Century Paradise Bannerghatta Road
The Knowledge Report | Second Quarter | 2010 | Residential
colliers international 17
KolKata
Source: Colliers International India Research
2Q2010 PreMiuM resiDential aVeraGe caPital Value
caPital Value trenDs
ProJects launcheD
citY resiDential BaroMeter
50006000700080009000
10000
40003000
20001000
0
Bhaw
anip
ur
PA S
hah
Roa
d
Tolly
gung
e
Alip
ore
Loud
on S
treet
Behe
la
Bally
gung
e
Salt
Lake
EM B
ypas
s
VIP
Road
New
Town
Raja
rhat
South City, Anwar Shah Road
client ProPertY classiFication
area (sQ. Ft.)
location transaction tYPe
individual apartment 1,365 Kalikapur sale
individual apartment 1,300 Jadavpur sale
individual apartment 1,295 sonarpur sale
individual apartment 1,050 rajarhat sale
individual apartment 945 rajarhat sale
PROJECT NAME LOCATION
Club Town Heights BT Road
Eden Court -Primo (Phase-1)
New Town, Action Area-II
Emerald Garden Teghoria
PS Magnum VIP Road
Devaloke De Casa Sonarpur
Ujjwala, Rajarhat
rental Value
CAPITAL Value
1000
30002000
4000
60005000
80007000
9000
1100012000
10000
1Q20
08
2Q20
08
3Q20
08
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
BhawanipurAliporeBallygunge
PA Shah Rd
Bahela
Salt Lake
New Town - Rajarhat
TollygungeLoudon StreenEmbypass
VIP RoadIN
R pe
r sq
ftIN
R pe
r sq
ft
Kolkata witnessed completion of a •number of projects/parts of projects in 2Q2010 contributing approximately 1 million sq ft to the city’s residential stock. The Projects constituting this supply include PS Srijan Sonargaon, PS Palazzo & Jubilee Park, Siddha Pines and Purti Utsav developed by PS Group & Srian Developers, PS Group, Siddha Real Estate Developments and Purti Group, respectively. Most of these projects were located in South Kolkata areas such as Sonar Pur, Panditiya Road, Tollyguange and Rajarhat.
A number of projects were launched in •Kolkata this quarter, including Club Town Heights, Eden Gourth - Primo (Phase-1) Emerald Garden, PS Magnum, Devaloke De Casa, by Space Group, Tata Housing, Realtech Nirman, PS Group, Devaloke Group, respectively.
Most of these projects were launched •in the mid-range segment, consisting of 2BHK and 3BHK configuration.
In 2Q2010 capital values witnessed an •increase in the range of 2-6 per cent in areas such as Bhawanipur, Tollygaunge, Alipore, Behela, EM Bypass and VIP Road in South, South West and North Kolkata. However, in the rest of the micro-markets the capital values remained stable.
Contrary to the capital value trends, the •rental values remained stable in almost all the micro-markets in Kolkata.
1Q2009 2Q2010
The Knowledge Report | Second Quarter | 2010 | Residential
colliers international18
MumbaiThe 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 submarkets.
DelhiThe commercial areas in New Delhi metropolitan area can be broadly classified into the CBD (Connaught Place), SBD Nehru Place, Bhikaji Cama Place, Netaji Subhash Place, Jasola and Saket .
GurgaonThe 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 city’s new office destination.
NOIDANoida market is comprised of sectors broadly classified as institutional, industrial and commercial sectors. Institutional sectors include sec 16A, 62 and 125-142, industrial sectors include sec 1-9, 57-60 and 63- 65 while sector 18 is the most developed commercial sector.
ChennaiPrime office properties in Chennai are located in four principal sub-markets: 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.
BengaluruPrime office properties in Bangalore can be divided into three principal sub-market— CBD, the SBD consisting of Banerghatta Road & Outer Ring Road (ORR) and PBD including Hosur Road, EPIP Zone, Electronic City and Whilefield.
PuneThe 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, amongother locations. The eastern corridor, along with Nagar Road and Kharadi, have emerged as a preferred location for financial and IT/ITES companies.
KolkataThe major business locations in Kolkata are CBD (Park Street, Camac Street, AJC Bose Rd, Chowranghee Rd), 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 high-rises commercial buildings such as Chatterjee International Centre, Tata Centre, Everest House and Industry House among others.
MumbaiThe 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.
DelhiThe prime residential areas in Delhi are in the South regionand comprise Vasant Vihar, Westend, Shanti Niketan, AnandNiketan and Central Delhi locations. These areas enjoy proximity to embassies, the airport and central commercial areas - Connaught Place.
GurgaonThe 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.
NOIDANoida premium residential market is comprised of sectors 44, 50, 92, 61,62,63 , 28, 29,, 30 and Taj Express Highway.
ChennaiThe 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.
BengaluruThe residential market of Bangalore comprises both apartments and independent residences. Currently, high-end residential developments are mainly concentrated along the CBD, and Eastern and South precincts of the city. Recently, Northern Bangalore has also witnessed a spree of realty activity facilitated by the new International Airport at Devanhalli.
KolkataThe prime residential areas in Kolkata include PA Shah Road, Tollygunge and Bhawanipur in South Kolkata, Alipore and Behala in South-west Kolkata, Loudon Street and Ballygunge in Central Kolkata; and Salt Lake, EM Bypass and VIP Road in North Kolkata.
coMMercial suBMarKets resiDential suBMarKets
The Knowledge Report | Second Quarter | 2010 | City Submarkets
480 oFFices in 61 countries on 6 continents
usa 135canada 39asia 26anZ 168latin america 17eMea 95
us $154 billion in annual transaction volume 2.4 billion square feet under management
15,052 Professionals
us$ 1.9 billion in annual revenue
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surabhi Arora MRICssenior Manager, Research Tel: 91 11 4360 7542 Email: [email protected]
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The Knowledge Report | Second Quarter | 2010
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