0od0-delhi ncr market report q2 2012

7/29/2019 0od0-Delhi Ncr Market Report q2 2012

1/13

CITY REPORT

DELHI OFFICE M ARKET

Q2 201 2


2/13

SUM M ARY

Caut ious sen t im ent d isp layed by occup iers has led t o a d ip in

demand in Q2 compared to p rev ious quar te r . Res t ra ined pre-

c om m i t m en t s hav e al s o l i m i t ed i n t r oduc t i on o f f r es h s upp l y inthe marke t , as deve lopers wa i t f o r ren ta ls t o inc rease to

adequate leve ls .

The scenar io in t he o f f i ce space segment has been dr i ven

l a r ge l y by t he ov e r a l l ec onom i c c l i m a t e , w i t h a l l s t ak eho l de r s

adopt ing a wa i t and watch po l i cy . Renta ls have consequent l y

r em a i ned st ab l e t h r oughou t t he f i r st ha l f o f 2012 and a r e no t

expec t ed t o r eg i st e r g r ow t h un t i l t he end o f t he y ea r.

Of f i ce space demand in NCR cont inues to be d r i ven by the

IT/ ITeS indus t ry an d i s f ocused pr im ar i l y in Gurgaon (sou ther ns ubu r b ) , w i t h dev e l ope r s i n N o i da ( eas t e r n s ubu r b ) ho l d i ng

back f resh supp l y. I n v iew o f t h e quantum o f expec ted supp ly t o

be in t rod uced, lease ren t a ls a re l i kely t o rem ain a t ra t iona l i zed

leve ls f o r t h e fo reseeab le fu tu re .

Renta l s Stagnat e as Dem and D ips

CITY REPORT - DELHI OFFICE MARKET - Q2 201 2 2


3/13


M ACROECONOM IC CON TEXT

Dom est i c g r ow t h dec el e r a t ed on t he bac k o f gl oba l anddom est i c f ac t o r s

Repo Reverse Repo

Repo & Rever se Repo Rat e9

6

3Percent

1

Gross Dom est ic Pr odu ct (GDP)

Q2

2009

0

2

4

6

8

12

10

Q3

2009

Q4

2009

W hol esale Pr ice Index (WPI)

0

2

4

6

8

10

12

Source : Confedera t ion o f Ind ian Indus t r i es

Q1

2010

2

4

5

0

Q2

2010

Q3

2010

Q4

2010

SLR CRR

CRR & SLR

30

20

10

5

Per

cent

0

15

25

Percent

Percent

7

* La test Round P ro j ec t i on by Su rvey o f P ro fess iona l Fo recas te r s conduc ted by RB I

M

ar-

10

Q1

2011

Feb-

10

Apr-

10

M

ay-

10

Jun-

10

Q2

2011

Aug-

10

Oct-10

8

Jul-10

Aug-

10

Sep-

10

Q1

2012*

Q4

2011

Q3

2011

Dec-

10

Oct-10

Nov-

10

Dec-

10

Jan-

11

M

ar-

11

Feb-

11

Apr-

11

M

ay-

11

Jun-

11

Sep-

11

Dec-

11

Apr-

10

Aug

-10

Oct-10

Dec

-10

Jun

-10

Feb

-11

Apr-

11

Aug

-11

Oct-11

Dec

-11

Jun

-11

Jul-11

Aug-

11

Oct-11

Nov-

11

Jan-

12

M

ar-

12

Feb-

12

M

ay

-10

Jul-10

Sept-10

Nov

-10

Jan

-11

M

ar-

11

M

ay

-11

Jul-11

Sept-11

Nov

-11

Feb

-12

Jan

-12

M

ar-

12

Dec-

09

Feb-

10

Apr-

10

Jun-

10

T h e d o me s t i c GDP g ro wth d e c l in e d sh a rp ly to 6 .5 % d u r in g 2 0 1 1 -1 2 f ro m8 .4 % in t h e p re v io u s ye ar . T h e q u a r te r l y g ro wt h r a te s h a ve b e en sh o w in g ad e c l in in g t re n d fo r th e p re ce d in g fo ur q u a r t e rs w i th t h e fo u r th q u a r t e r GDPg r o w t h r a t e s l o w i n g t o 5 .3 % t h e l o w e s t q u a r t e r l y g r o w t h r a t e i n l a s t 7ye a rs . T h e g ro wt h fa ce s in c re a sed p re ssu re f ro m m o d e ra t io n in in ve s tm e n td e ma n d , d o me s t i c c yc l i ca l a n d s t ru c tu ra l f a c to rs a n d a n u n ce r ta in g lo b a le n v i ro n me n t . Bu s in e ss co n f id e n ce , a s me a su re d b y th e b u s in e ssexpecta t ion s ind ices o f th e Reserve Bank 's indus t r ia l ou t look survey , show eda p ick -u p in th e b u s in e ss se n t ime n t i n Q4 o f 2 0 1 1 -1 2 , b u t a ma rg in a lm o d e ra t io n in Q1 o f 2 0 1 2 -1 3 .

T h e in f la t io n d u r in g Ju n e 2 0 1 2 h a s m o d e ra te ly s lo w e d d o wn to 7 .2 5 %, th elo we s t l e ve l i n p a s t f i ve mo n th s . T h e in f la t io n h a s d e c l in e d la rg e ly o na ccou n t o f t r a n s i to ry fa c to rs in c lu d in g a fa vo ra b le b a se e f fe ct a n d se a son a ld e c l in e in ve g eta b le p r i ces . T h e m o d e ra t io n w a s in i t i a l l y d r i ve n b y so f te n in go f fo o d p r i ce s a n d th e n b y a d e c l in e in n o n - fo o d ma n u fa c tu re d p ro d u c ts

(co re ) i n f l a t i o n . No tw i th s ta n d in g th e re cen t m o d e ra t io n in g lo b a l c ru d e o i lp r i ce s a n d d o m e s t i c p r i ce p re ssu re s in m a n u fa c tu re d p ro d u c ts , u p s id e r i s ksto in f la t io n re m a in . Tra n s i to ry fa c to rs h a ve h e lp e d m o d e ra te in f la t io n , b u tin f la t io n i s l i ke ly to tu rn s t i c ky in F Y 2 0 1 2 -1 3 . T h e l i ke ly t re n d s in g lo b a lc ru d e o i l p r i ce s , g o in g a h e ad , re ma in u n ce r ta in . Mo re o ve r, t h e im p a c t o f th ela g g e d p a ss- t h ro u g h o f ru p e e d e p re c iat io n , su p p re sse d in f la t io n in e n e rg ya n d fe r t i l i ze rs a n d p o ssib le f i s ca l s l i p p a g e co n t in u e to p o se a s ig n i f ica n tt h r e a t .

T h e b a n k ra te h a s b e en re d u ce d m a rg in a l l y f r o m 9 .5 0 % in Q1 2 0 1 2 to 9 % inQ2 2012. The Reserve Bank o f Ind ia h ad ann ounced a reduc t ion o f 50 bas isp o in ts in t h e re p o ra te th i s q u a r te r o n Ap r i l 1 7 , 2 0 1 2 ; th i s re d u c t io n h a s ta ke np la ce fo r th e f i r s t t im e in p a s t 3 ye a rs . Th e re p o a n d re ve rse re p o ra te a re a t8% and 7% respectively. The Cash Reserve Ratio (CRR) has been retained at

4 .75% o f the i r NDTL th is quar te r end ing June. The Sta tu to ry L iqu id i ty Rat io(SLR) a lso rem ained a t 24% since pas t tw o years . Though t her e has been ama rg in a l d e c l in e in b o th in f la t io n a n d b a n k ra te , th e Re a l Es ta te se c to rco n t in u e s to b e u n d e r p re ssu re , d u e to h ig h co st o f b o r r o w in g .

T h e r i s ks to h e a l th o f th e co rp o ra te sec to r i n t h e e con o m y re ma in e le va te d inQ2 2 0 1 2 . T h e re cen t co rp o ra te re su l t s p o in t t o fa l l i n g p ro f i t a b i l i t y d u e to r i sein in p u t co s ts , i n c lu d in g in te re s t co s ts , a n d mo d e ra t io n o f e x te rn a l a n dd o m e s t i c d e m a n d .

Source: RBI, CSO

DLF Lim i ted 2 9 %

M ajor Real Esta t eCom pan ies in

In d i a

Sal es (In IN R / I n m il li on ) Pr of it s ( In IN R / I n m i ll ion )

Q1 201 2 Q4 2011Q on Q

Change % Q1 20 12 Q4 20 11Q on Q

Change %

Un i t e c h

Ind ia Bu l l s 2 5 % 4 2 %

Sobha Deve lopers

Peninsu la Land 5 1 0 % 6 8 7 %

P a rs v n a t hDeve lopers

Pheon ix 5 % 2 %

Omaxe L imi ted

M a h i n d r aLi fespace

- 9 % - 1 9 %

A n a n t ra j

H u b t o w n

Ansa l Proper t ies

- 2 5 %

3 9 % - 9 4 %

3 4 % 2 3 %

- 2 9 % - 6 4 %

4 4 % 3 %

- 5 7 % - 1 5 7 %

- 9 %

5 2 % 1 2 2 %

- 1 9 6 %

20,344

5,139

3,137

4 5 4

2,396

5 0 5

4,518

1,538

9 2 2

1,469

2,262

2,495

5 7 5

4 0 8

4 0 1

1 0 5

2 4 8

2 6 9

1 9 3

3 9 5

3 3 9

2 9 8

- 2 1 3

3,565

Aug-

11

Oct-11

Dec-

11

Feb-

11

Apr-

11

Jun-

11

Feb-

12

Apr-

12

Jun-

12

5.30%

9.80%9.40%

8.50%

7.60%

8.30%

7.80%

7.70%

6.90%6.10%

6.60%

7.40%

Apr-

12

Jun

-12

M

ay

-12

2 6 ,1 6 8 1 ,8 6 1

7 ,1 6 1 3 3

4,452 5 7 8

4 ,7 6 9 8 9 0

2 ,7 7 1 8 2 8

2 ,1 9 2 - 2 3 7

5 3 1 2 7 3

6 ,0 3 6 2 7 3

1 ,4 0 0 3 2 1

6 5 4 1 2 3

6 2 8 - 1 7 1

3 ,2 5 3 - 2 1 9


4/13


5/13

CENTRAL BUSINESS DISTRICT (CBD)

T h e CBD con t in u e s to b u ck th e t re n d w i tn e ssed a c ro ss th e Na t io n a l

Ca p i ta l Re g io n . W i th l im i te d sp a ce to o f fe r , t h e re g io n ma in ta in s a

s te a d y gro w th in l e a se re n ta l .

T h e m ic ro -ma rke t ma in ta in s i t s p re e min e n t p o s i t i o n a s a fa vo re d

d e s t in a t io n fo r BFSI an d o th e r co rp o ra te se c to r co m p a n ie s . Al th o u g h

n o n e w f re sh su p p ly i s e xp ec te d in th e n e a r fu tu re , th e m ic ro -m a rke t

i s exp e c te d to w i t n e ss su s ta in e d d e ma n d fo r i n ve s tm e n t g ra d e o f f i ce

space.

Ren t a l s c on t i n ue t o w i t ness g r ow t h

CBD

CapitalValues(INR

/sq.f

t)

Q22 0 1 1

29,000

32,000

34,000

Rent

alValues(INR

/sq.f

t/m

onth)

2 4 0

2 6 0

2 8 0

3 0 0

27,000

31,000

33,000

T h e a ve ra g e re n ta ls & ca p i ta l va lu e s fo r th e la s t 6 q u a r te rs a re a s

fo l l o ws : -

CBD

28,000

35,000

Q22 0 1 1

Q12 0 1 1

Q12 0 1 1

30,000

36,000

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Source : BNP Par ibas Rea l Es ta te - Research , Ind ia

CBD

AVERAGE CAPITAL VALUES (INR / SQ.FT)

35,000

Q22012

Q12012

Q42011

Q32011

Q22011

Q12011

3 5 ,0 0 0 3 5 ,0 0 0 3 5 ,0 0 0 3 5 ,0 0 0


CBD

AVERAGE REN TAL VALUES ( IN R / SQ.FT / M ONTH )

Q22011

Q12011

3 0 0 3 0 0

Q22012

Q12012

Q42011

Q32011

3 0 0 3 2 0 3 2 5

3 2 0

3 6 0


3 5 0

35,000

3 4 0


6/13

ALTERNATE CENTRAL BUSINESS DISTRICT(ALTERNATE CBD)

With l im i te d t ra n sa c t io n a c t i v i t y a c ro ss th e A l te rn a te CBD, re n ta ls

h a ve la rg e ly re m a in e d s ta b le o ve r th e la s t ye a r . T h e se m ic ro -m a rke tsco n t in u e to le ve ra g e th e i r p o s i t i o n in g a s co mp a re d to e s ta b l i sh e d

h u b s in De lh i ' s sa te l l i t e to wn s a n d o f fer in g co mp e t i t i ve re n ta ls v i s - -

vis t he CBD.

Stab i l i zed Rent a ls


Bika j i Cam a Place

Jasola Vihar

M u n i r k a


Q22012

Q12012

Q42011

Q32011

Q22011

Ne h ru P la ce

QutabIn s t i t u t io n a l Are a

Saket

Vasant Kun j

Q12011



Jasola Vihar

M u n i r k a


Q22011

Ne h ru P la ce

Qutub Inst i tu t iona lArea

Saket

Vasant Kun j


fo l l o ws : -

Q12011

1 3 7

1 1 6

1 5 7

1 8 5

1 1 0

1 5 8

1 5 7

12,500

14,500

15,500

20,300

12,500

20,500

20,500

Q22012

Q12012

Q42011

Q32011

1 3 7

1 1 6

1 5 7

1 8 5

1 1 0

1 5 8

1 5 7

12,500

14,500

15,500

20,300

12,500

20,500

20,500

1 3 7 1 3 7 1 3 7

1 1 6 1 1 6 1 2 0

1 5 7 1 5 7 1 6 0

1 8 5 1 8 5 1 9 0

1 1 0 1 1 0 1 1 5

1 5 8 1 5 8 1 6 5

1 5 7 1 5 7 1 6 0

1 2 ,5 0 0 1 2 ,5 0 012,500

1 4 ,5 0 0 1 6 ,0 0 016,000

1 5 ,5 0 0 1 5 ,5 0 015,500

2 0 ,3 0 0 2 0 ,3 0 020,300

1 2 ,5 0 0 1 2 ,5 0 012,500

2 0 ,5 0 0 2 3 ,0 0 023,000

2 0 ,5 0 0 2 0 ,5 0 020,500

CapitalV

alues(INR

/sq.f

t)

20,000

22,000

10,000

18,000

Ne h ru P la ce

Vasant Kun j

Saket

M u n i r k a

Jasola Vihar


Qu tu b In st i t u t io n a lArea

Q12 0 1 1

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Q22 0 1 1

12,000

14,000

16,000

24,000

Ne h ru P la ce

Vasant Kun j

Saket

RentalValues(INR

/sq.f

t/m

onth)

M u n i r k a


Jasola Vihar

Qu tu b In st i t u t io n a lArea

1 0 0

1 2 0

2 2 0

2 0 0

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Q22 0 1 1

Q12 0 1 1

8 0

1 4 0

1 6 0

1 8 0


1 3 7

1 2 0

1 6 0

2 0 0

1 1 5

1 6 5

1 6 0

12,500

16,000

15,500

20,300

12,500

23,000

20,500


7/13

SECON DARY BUSIN ESS DISTRICT (SBD)

T h e se co n d a ry b u s in e ss d is t r i c t s o f N CR h a ve ch a r te d a la rg e ly f l a t

g ro wt h p a th o ve r th e la s t ye a r. Tra f f i c con g e s t io n , sma l le r fo rm a ts a n d

la ck o f i n ve s tme n t g ra d e su p p ly a re a fe w fa c to rs wh ich h a ve

co n t r ib u t e d to th e s ta g n a n t re n t a ls a c ro ss th e se m a rke ts .

W i th n o f re sh su p p ly e xp e cte d in th e n e a r fu tu re , th e se m ic ro -m a rke ts

a re e xp e c te d to a t t ra c t c l i e n ts p r ima r i l y o n th e i r l o ca t io n

a t t r a c t i ve n e ss f ro m r e g io n a l o f f i ces o f ma jo r co rp o ra te s in a d d i t i o n t o

sma l l t o m e d iu m lo ca l b u s in e sse s.

Fla t Grow th Char t ac r oss SBD

Cap

italValues(INR

/sq.f

t)

5,000

Jana k Pur i

M a t h u r a I n d u st r i a lArea

Okh la

P i t a m p u r a

Sh a h d a ra

6 ,000

7,000

8,000

Q12 0 1 1


fo l l o ws : -

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Q22 0 1 1

RentalValues(INR

/sq.f

t/m

onth)

4 5

Jana k Pur i

M a t h u r a I n d u st r i a lArea

Okh la

P i t a m p u r a

Sh a h d a ra

5 0

5 5

6 0

Q12 0 1 1

7 5

7 0

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Q22 0 1 1

6 5

5,500

6,500

7,500


Sh a h d a ra

M a t h u r aIn d u s t r ia lArea

Janak Puri

Okh la

P i t a m p u r a


Q22011

Q12011

5 3

5 2

6 4

5 2

5 3

Q22012

Q12012

Q42011

Q32011

5 3

5 2

6 4

5 2

5 3

5 3 5 55 3

5 2 5 55 2

6 4 7 06 4

5 2 5 55 2

5 3 5 55 3


Sh a h d a ra

M a t h u r aIn d u s t r ia lArea

Janak Puri

Okh la

P i t a m p u r a


Q12011

Q22012

Q12012

Q42011

Q32011

Q22011

7,500

6,000

6,000

5,500

5,500

7,500

6,000

6,000

5,500

5,500

7 ,5 0 0 7 ,5 0 07,500

6 ,0 0 0 6 ,0 0 06,000

6 ,0 0 0 6 ,0 0 06,000

5 ,5 0 0 5 ,5 0 05,500

5 ,5 0 0 5 ,5 0 05,500


5 5

5 5

7 0

5 5

5 5

7,500

6,000

6,000

5,500

5,500


8/13


Q22012

Q12012

Q42011

Q32011

Q22011

Golf Cour se Rd

M G Road

NH8 / Udyog V ihar

Sohna Rd

Manesar

Expressway

Sector 58

Sector 62

Sector 63/64

Gurgaon

M anesar

No i da

PERIPHERY BUSINESS DISTRICT (PBD)

Re n ta l a c ro ss d i f f e re n t m ic ro ma rke ts o f th e PBD h a ve re ma in e ds ta b le in th e se co n d q u a r te r o f 2 0 1 2 . W i th p ro sp e c t i ve te n a n tsde lay ing dec is ions on leas ing o f f ice space and s izeab le vacant

in ve n to ry in th e m a rke t , ca p i ta l m a rke ts to o h a ve s ta b i l i zed in Q2 .T h e o vera l l e con o m ic sen t im e n t h a s p u sh e d b a ck d e cis ion s fo r m a n yIT / ITeS compan ies , a ma ins tay o f demand in the PBD. However ,Gu rg a o n h a s w i tn e ssed a n in c re a se in d e m a n d fo r i n ve s tm e n t g ra d eo f f i ce sp a ce, wh i le No id a h a s w i t n e sse d a d e c l in e o ve r t h e p re v io u sq u a r te r . Co n s t ra in e d d e m a n d a n d h ig h va ca n cy le ve ls in No id a h a vea lso co mp e l l e d d e ve lo p e rs to d e la y in t ro d u c t io n o f f r e sh su p p ly.

L ea s in g a c t i v i t y i s exp e c te d to g ain m o m e n tu m in th e la t te r h a l f o f t h eye a r , w i th a co n se q u e n t p o s i t i ve imp a c t o n th e le a se re n ta ls in th ePBD.

Renta l s tab i l i ze i n f ace o f reduced space o f f- t ake



T h e a ve ra g e re n ta ls & ca p i ta l va lu e s fo r th e la s t 6 q u a r te rs a re a sfo l l o ws : -

Q12011

13,000

13,000

8,000

7,500

4,500

7,300

4,300

4,700

4,000

13,000

13,000

8,000

7,500

4,500

7,300

4,300

4,700

4,000

DLF Cyber City

AVERAGE RENTAL VALUES (INR / SQ.FT / M ONTH )

Golf Cour se Rd

M G Road

NH8 / Udyog V ihar

Sohna Rd

Manesar

Expressway

Sector 58

Sector 62

Sector 63/64

Gurgaon

M anesa r

No i da

Q1

2011

Q2

2012

Q1

2012

Q4

2011

Q3

2011

Q2

2011

6 5

9 5

97

4 5

50

3 5

5 5

3 2

3 5

30

7 0

10 0

10 0

5 0

5 6

3 5

5 8

3 5

3 7

3 5

7 0 7 57 57 0

1 00 10 01 001 00

1 00 11 01 101 00

5 0 5 0505 0

5 6 565 65 6

35 3 53 535

5 8 6 0605 8

35 3 53 535

37 4 04037

35 3 53 535

13 ,00 0 1 7 ,0 0017,00016,000

13 ,00 0 1 7 ,0 0017,00016,000

8 ,0 0 0 8 ,00 08,0008,000

7 ,5 0 0 8 ,00 08,0008,000

4 ,5 0 0 4 ,50 04,5004,500

7 ,3 0 0 7 ,30 07,3007,300

4 ,3 0 0 4 ,30 04,3004,300

4 ,7 0 0 4 ,70 04,7004,700

4 ,0 0 0 4 ,00 04,0004,000

0

2 0

4 0

RentalValues(INR

/sq.f

t/m

onth)

6 0

8 0

2,000

4,000

6,0008,000

10,000

12,000

14,000

CapitalValues(INR

/sq.f

t)

M G Ro a d - Gu rg a on

Golf Course Rd -Gurgaon

DLF Cyber City

Sohna Road -Gurgaon

N H 8 / U d y o gV ih a r - Gu rg a on

Sector 62 , No ida

M a n e sar - Gu rg a o n

Exp re sswa y - N o id a

Sector 58 , No ida

Sec to r 6 3 / 6 4 , No id a

M G Ro a d - Gu rg a on

Golf Course Rd -Gurgaon

Sohna Road -Gurgaon

N H 8 / U d y o gV ih a r - Gu rg a on

Sector 62 , No ida

M a n e sar - Gu rg a o n

Exp re sswa y - N o id a

Sector 58 , No ida

Sec to r 6 3 / 6 4 , No id a

Q12 0 1 1

Q12 0 1 1

1 2 0

1 0 0

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Q22 0 1 1

Q22 0 1 2

Q12 0 1 2

Q42 0 1 1

Q32 0 1 1

Q22 0 1 1

16,000

18,000



9/13

RENTAL VALUES FOR Q2 2012

RentINR / sq.f t

CBD

RegionQ on QChange

CBD

3 5 0 8 %

Ma th u ra In d u s t r ia l A re a

Janak Puri

Region

Sh a h d a ra

P i t a m p u r a

RentINR / sq.f t

Q on QChange

SBD

5 5

5 5

5 5

55

0 %

0 %

0 %

0 %

Okh la 7 0 0 %

Vasant Kun j 1 6 0 0 %


Jasola Vihar

M u n i r k a

RegionRent

INR / sq.f tQ on QChange

Al te rn a te CBD

1 3 7

1 2 0

1 6 0

0 %

0 %

0 %

Ne h ru P la ce

Qutab Inst i tu t iona l Area

Saket

2 0 0

1 1 5

1 6 5

5 %

0 %

0 %


Golf Cour se Rd

DLF Cyber City

RegionRent

INR / sq.f tQ on QChange

PBD

1 0 0

7 5

0 %

0 %

M a n e s a r 3 5 0 %

M G Road 1 1 0 0 %

NH8 / Ud yo g v ih a r 5 0 0 %

Expressway 6 0

Sohna Rd 5 6 0 %

Gurgaon

M anesar

N o ida

Sect or 5 8 3 5

Sect or 6 2 4 0

Sect or 6 3 / 6 4 3 5

0 %

0 %

0 %

0 %


CAPITAL VALUES FOR Q2 2 01 2

INR / sq . f t

CBD

RegionQ on QChange

CBD

3 5 ,0 0 0 0 %

20,500

12,500

16,000

15,500

20,300

12,500

23,000

Vasant Kun j 0 %


Jasola Vihar

M u n i r k a

Region INR / sq . f tQ on QChange

Al te rn a te CBD

0 %

0 %

0 %

Ne h ru P la ce

Qutab Inst i tu t iona l Area

Saket

0 %

0 %

0%

M a t h u r a I n d u s t r i a l A r ea

Janak Puri

Region

Sh a h d a ra

P i t a m p u r a

INR / sq . f tQ on QChange

SBD

0 %

0 %

0 %

0 %

Okh la 0 %

6,000

7,500

5,500

5,500

6,000

Golf Cour se Rd

Region INR / sq . f tQ on QChange

PBD

1 7 ,0 0 0 0 %

M a n e sa r 4 ,500 0 %

M G Road 1 7 ,0 0 0 0 %

NH8 / Ud yo g v ih a r 8 ,0 0 0 0 %

Expressway 7 ,3 0 0 0 %

Sohna Rd 8 ,0 0 0 0 %

Gurgaon

M anesar

N o ida

Sect or 5 8 4 ,3 0 0 0 %

Sect or 6 2 4 ,7 0 0 0 %

Sect or 6 3 / 6 4 4 ,0 0 0 0 %



10/13

KEY TRANSACTIONS


Q2 201 2

Pr op er t y Occup ier sSpace(sq. f t )

M i c r oM a r k e t

Locat ion

Kon n ect us H it ach i 2 1 ,0 0 0 CBD N ew Del h i

Kon n ect us N at ion a l In sur an ce 2 3 ,0 0 0 CBD N ew Del h i

DLF Sou t h Cour t GAP 4 7 ,0 0 0 Al t er n at e CBD N ew Del h i

Sp azed ge Tow er - B Big Bazaar 4 0 ,0 0 0 PBD Gu r gaon

JM D M egap ol is Con v er gys 1 0 0 ,0 0 0 PBD Gu r gaon

Or ch id Busin ess Par k Vol ksw ogan 2 0 ,0 0 0 PBD Gu r gaon

U n it ech Cyb er Par k E Va l ue Ser v e 2 5 ,0 0 0 PBD Gu r gaon

Asso t ech On e Den av e So f t w ar e In d ia Pv t Lt d 1 2 ,0 0 0 PBD N oid a

Tim e Tow er M er ced es Ben z 3 ,1 0 0 PBD Gu r gaonA- 3 1 Tat a M ot or s 5 2 ,0 0 0 PBD N oid a

For t u n e Tow er s N A 9 ,0 0 0 PBD Gu r gaon

Sp aze IT Par k Cap gem in i 3 6 ,0 0 0 PBD Gu r gaon

Sp aze IT Par k Air cel 2 5 ,0 0 0 PBD Gu r gaon

Ad v an t N av is IBM 3 0 ,0 0 0 PBD N oid a

U n it ech In fosp ace, Tow er- 2 Ar t ech In d ia 2 0 ,0 0 0 PBD N oid a



11/13


KEY PROJECTS

New Supp l y - Year 2012

Bu i l d in g Locat ionM i c r o

M a r k e tSpace in

sq. f tCom p l e t i on da t e

(expec ted)

Kon n ect us N ew Del h i CBD 2 0 0 ,0 0 0 Q3 2 0 1 2

DLF Cap i t o l Poin t N ew Del h i CBD 8 0 ,0 0 0 Read y

U n iv er sal Busin ess Par k Go l f cou r se ext en sion PBD 3 0 0 ,0 0 0 Read y

Vat ika Pr o fession al Poin t Go l f cou r se ext en sion PBD 1 6 0 ,0 0 0 Read y

Best ech Par k View Bu sin ess Tow er Soh n a Road PBD 6 5 0 ,0 0 0 Q3 2 0 1 2

M at r ix Tow er N oid a PBD 2 1 5 ,0 0 0 Read y

An sal Cor p or a t e Par k N oid a PBD 1 5 0 ,0 0 0 Q3 2 0 1 2

Pl o t N o.1 2 A N oid a PBD 8 0 ,0 0 0 Read y

Lago Vist a N oid a PBD 1 5 0 ,0 0 0 Read y

Ar ih an t IT Par k N oid a PBD 8 0 ,0 0 0 Read y

Cyb er w a l k (Eco Tow er ) M an esar PBD 2 5 0 ,0 0 0 Q3 2 0 1 2

Par as Tr ad e Cen t r e Gu r gaon - Far id ab ad Road PBD 2 5 0 ,0 0 0 Q3 2 0 1 2

Su n ci t y Tr ad e Tow er Sect or - 2 1 ,Gur gaon PBD 1 7 5 ,0 0 0 Q3 2 0 1 2



12/13

GLOSSARY

Q2 :

Super Bui l t-up Area (SBUA):

Carpe t Area :

Sq .m t :

M n :

N e w :

Recent:

NCR:

SEZ:

BFSI:

SLR:

FSI:

Q u ar t e r 1 o f t h e f i n a n c i a l y e a r ( Ap r i l - M a y - J u n e)

B u il t - u p a r e a + c o m m o n a r e a i n c l u d i n g l i f t s a r e a, c om m o npassages , u t i l i t i es , te r r ace e tc . & var ies f rom b u i l d ing t o bu i l d in g .

Ac tua l usab le a rea , and does no t i nc l ude any com m on areas , a rea occup ied

b y w a l l s e t c .

S q u a r e M e t e r

M i l l i o n

B u il d i n g b u i l t w i t h i n t h e l a s t 5 y e a r s .

B u il d i n g l e s s t h a n 1 0 y e a r s o l d .

Nat iona l Cap i ta l Reg ion ( Inc ludes urban agg lomera t ion o f De lh i , Gurgaon,

Far idabad, No ida , Gaz iabad e tc )

Spec ia l Economic Zone hav ing spec ia l tax exempt ions / i ncent i ves to corpora te

occup iers

Bank ing & F inanc ia l Serv i ces Indus t r y

S ta tu to r y L iqu id i t y Rat io

F loor Space Index

Ab s o r p t i o n :

Bare She l l :

BPO:

BUA:

Comple ted Stock :

DU :

EPIP:

FAR:

Grade A Space:

Ground Coverage :

H a r d O p t i o n :

INR:

Pre- lease :

Specu la t ive Stock :

Stock :

Supp ly :

Transac t ion Vo lum es :

Vacancy:

W a r m Sh el l :

Q on Q:

y - o - y :

IT :

ITES:

Repo Rate:

Reverse Repo Rate:

SEC A, B, C & D Soci o:

Sq . f t :

S ta m p D u ty :

Occup ied S tock (n ) Occup ied S tock (n -1) ; Where n i s the spec i f i ed

per iod (qu ar te r , year e tc . )

P r e m i s e s co n s i st i n g o f b a s i c s t r u c t u r e w i t h l i f t s , p o w e r s u p p l y t o j u n c t i o nb o x , w a t e r s u p p l y l i n e , t o i l e t s

Bus iness P rocess Outsourc in g

Bu i l t up area

E i ther the bu i l d ing has rece ived occupancy cer t i f i ca te o r the c l i en t

h a s m o v e d i n a n d o c c u p ie d s p a c e a n d s t a r t e d w o r k i n g i n a p a r t i c u l a r p r e m i s e s

D w e l l i n g U n i t

E xp o r t P r o m o t i o n I n d u s t r i a l P a r k

F loor A rea Rat io (BUA/ P lo t A rea)

Of f i ce Space w i th e f f i c iency in excess o f 75%, f l oor p l a te i n excess o f

15 ,000 sq . f t . , Car Park ing ra t i o o f a t l eas t 1 per 1000 sq . f t . , F loor - to -ce i l i ng he igh t i nexcess o f 3 .75 m , Power p rov i s ion o f 1 .25KVA per 100 sq . f t . w i th 10 0% pow er-backup

w h e r e v er a p p l i c a b l e a n d p r o f e ss i o n a l l y m a n a g e d f a c i l it i e sI t i s t h e t o t a l c o v er e d a r e a o n g r o u n d b y t h e b u i l t c o m p o n e n t a n d i s

expressed as a percentage o f the p lo t a r ea

Rea l es ta te space reserved by the lessee fo r fu tu re occupat ion w i th in ap a r t i c u l a r t i m e f r a m e a n d a t a p r e - d e c i d e d r e n t a l

Ind ian Nat iona l Rupees

S p a ce c o m m i t t e d f o r l e a s e b ef o r e c o m p l e t i o n o f c o n s t r u c t i o n

The s tock wh ich can be leased and exc ludes Bu i l t - to - Su i t (BTS) andCampus fac i l i t i es .

Cu m u l a t i v e S u p p l y

N e w c o n s t r u c t i o n i n a p a r t i c u l a r s p e c i fi e d p e r i o d

To t a l n u m b e r o f t r a n s a c t i on i n a p a r t i c u l a r s p e c i f i ed p e r i o d

To t a l v a c a n t s p a c e i n t h e c o m p l e t e d s t o c k

Premises cons is t i ng o f pow er backup, h igh s ide A .C ., com m on area f i t ou t s

a n d f i t t e d o u t t o i l e t s

Q u a r t e r o n Q u a r t e r

y e a r - o n - y e a r ( A l l g r o w t h f i g u r e s i n t h i s r e p o r t a r e y - o - y u n l e s s o t h e r w i s em e n t i o n e d

I n f o r m a t i o n Te c h n o l o g y

In fo rm at ion Techno logy Enab led Serv i ces ( i nc lud es var ious serv i ces rang ing f rom

ca l l cen t r es , c la im s process ing , m ed ica l t ran sc r ip t i on , e -CRM , SCM to back -o f f i ce

opera t ion s such as account ing , da ta p rocess ing , and da ta min ing)

Ra t e t h a t a n e l i g i b l e d e p o s it o r y i n s t i t u t i o n ( s u c h a s a b a n k ) i s c h a r g e d t ob o r r o w s h o r t t e r m f u n d s d i r e ct l y f r o m t h e c en t r a l b a n k t h r o u g h t h e d i s co u n t w i n d o w

I n t e r e s t r a t e t h a t a b a n k e a r n s f o r l e n d i n g m o n e y t o t h e R e se r v eBank o f Ind ia i n exchange fo r governm ent secur i t i es

Economic C lass i f i ca t i on ; SEC A represents th e h ighes t p ropens i t y

t o s p e n d a n d S EC D r e p r e se n t s t h e l o w e s t p r o p e n s i t y t o s p e n d .

Square Feet

F o r m o f t a x c h a r g e d o n i n s t r u m e n t s ( w r i t t e n d o c u m e n t s ) r e q u i r i n g a

p h y s i c al s t a m p ( f o r g o v er n m e n t l e g a l i t y ) t o b e a t t a c h e d t o o r i m p r e s s ed .

CRR:

H e a d l i n e r e n t :

Average head l ine ren t :

D isc la imer :

Cash Reserve Rat io

M o n t h l y r e n t p e r s q u a r e f e e t , ch a r g e d o n s u p e r b u i l t - u p a r e a b a s i s ,fea tured on the lease, and expressed exc lud ing f i tou ts , taxes , depos i ts , advances ,

m a i n t e n a n c e c h a r g e s a n d d o e s n o t t a k e i n t o a c c o u n t b u i l d i n g e f f i c ie n c y ( s u p er b u i l t u p

a r e a - c a r p e t a r e a r a t i o ) . Fu r t h e r i t d o e s n o t i n c l u d e a t t a c h e d p r e m i s es s u c h a s p a r k i n gareas , a rch ives , s ta f f can teens , e tc . I f the ren t a l i s p rogr ess ive , th e va lue app l i ed i s the

a v e r a g e fo r t h e f i r s t 3 y e a r s o r t h e f i x e d t e r m o f t h e l e a s e .

Weighted average o f ren ted area . The average fea tured i s amov ing average over the quar te r , to smooth ou t the changes , exc lus i ve o f a l l taxes ,

depos i ts , advan ces & main t enance charges .

M a j o r Re fu r b i sh m e n t :

Renova ted :

M o d e r n :

O ld :

CCI (Cos t o f cons t ruc t ion index ) :

D e m a n d :

For the occup ie r :

N e w Su p p l y :

Co m p l e te d n e w s u p p l y :

U n d e r c o n s t r u c t i o n :

P l a n n i n g p e r m i s s i o n g r a n te d :

P l a n n i n g p e r m i s s i on s u b m i t t e d :

P r e - l e t t i n g :

U n d e r l y i n g r e n t :

P r i m e r e n t s :

Top ren t :

Second hand p rem ises:

Very good cond i t ion :

Ex ist ing s ta t e o f repa i r :

To be renova t ed :

Sup p l y a v a i l a b l e w i t h i n 1 y e a r :

Take-up:

Vacancy ra te :

B u il d i n g w h i c h h a s u n d e r g o n e s t r u c t u r a l a l t e r a t i o n l e s s t h a n 5years ago, sub jec t to p lann ing perm iss ion .

.

B u il d i n g w h i c h h a s u n d e r g o n e r e n o v a t i on w o r k n o t r e q u i r i n g f o r p l a n n i n g

p e r m i s s i o n l e s s t h a n 5 y e a r s a g o .

H i g h - p e r f o r m a n c e b u i l d i n g o v er 1 0 y e a r s o l d .

L o w - p e r f o r m a n c e b u i l d i n g o v er 1 0 y e a r s o l d .

I n d e x t h a t m a k e s q u a r t e r l y m e a s u r e m e n t s o f

c o n s t r u c t i o n p r i c e s f or n e w h o u s e b u i l d i n g . I t i s t h e p r i c e a f t e r V AT p a i d b y t h e o w n e r t oc o n s t r u c t i o n c o m p a n i e s . I t e x cl u d e s l a n d - r e l a t e d p r i c e s a n d c o s t s ( s it e d e v e l o p m e n t ,

spec ia l foundat ions , e tc .) , fees and f i nan c ia l cos ts .

A search fo r p remises expressed to BNP Par ibas Rea l Es ta te . The ana lys i sp e r t a i n s o n l y t o t h e f l o w o f n e w d e m a n d e x p r e s se d .

O p er a t i o n u n d e r t a k e n b y a n o c c u p ie r f o r i t s o w n p u r p o s e s.

A n y n e w b u i l d i n g a n d / o r h e a v i l y r e f u r b i s h e d b u i l d i n g t h a t a d d s t o t h eex is t i ng s tocks . These are ana lysed accord ing t o p rogress .

B u il d i n g s o n w h i c h c o n s t r u c t i o n w o r k i s f i n i s h e d .

Bu i ld ings on wh ich cons t ruc t i on has e f fec t i ve l y begun. P r io rd e m o l i t i o n w o r k i s n o t t a k e n i n t o a c c ou n t .

A u t h o r i sa t i o n t o b u i l d o b t a i n e d , g e n e r a l l y b o o k e d a f t e r

s e t t l e m e n t o f t h i r d p a r t y c l a i m s .P lann in g permiss ion reques ted , be ing processed.

Tr a n s a c t i o n b y a n o c c u p ie r m o r e t h a n 6 m o n t h s b e f o r e t h e d e l i v e r y o f t h e

b u i l d i n g .

An n u a l r e n t p e r s q u a r e m e t e r e x p r e ss e d f r e e o f t a x a n d c h a r g e s a n de x cl u d i n g a d v a n t a g e s a g r e e d b y t h e o w n e r s ( r e n t i n c e n t i v e b u i l d i n g w o r k s , e t c ) .

Re p r e s en t s t h e t o p h e a d l i n e r e n t ( e x cl u d i n g n o n s i g n i f i ca n t t r a n s a c t i o n s )

fo r an o f f i ce un i t : - o f s tand ard s i ze , o f the h ighes t qua l i t y and spec i f i ca t i on , i n the bes tl o c a t i o n i n e a ch m a r k e t .

Represent s the top head l in e ren t fo r an o f f i ce un i t . I t i s no t necessar i l y a p r im e

r e n t .

P remises tha t have been prev ious ly occup ied by an occup ier fo r

v a c a n t f o r m o r e t h a n 5 y e a r s .

H i g h - p e r f o r m a n c e p r e m i s e s o f h i g h q u a l i t y.

L o w - p e r f o r m a n c e p r e m i s e s t h a t c a n b e r e n t e d a s t h e y a r e .

L o w p e r f o r m a n c e p r e m i s e s t h a t n e e d r e n o v a t i o n .

A l l p r e m i s e s a n d b u i l d i n g s a v a i l a b l e w i t h i n 1 y e a ri n c l u d i n g t h e s u p p l y a v a i l a b l e i m m e d i a t e l y, n e w s u p p l y t h a t h a s n o t b e e n p r e - l e t a n d

s e co n d h a n d s u p p l y t h a t w i l l b e v a c a t e d d e f i n i t i v el y ( n o t a b l e t e r m i n a t e d l e a s es ) .

Renta l o r sa le o f a p roper t y asset , f i na l i sed by th e s ignature o f a l ease or a b i l lo f s a l e i n c l u d i n g t u r n k e y t r a n s a c t i o n s a n d o w n e r - o c c u p ie r. T h e t r a n s a c t i o n i s o n l y

taken in to account once any ex i s t i ng cond i t i ona l c lauses have been l i f ted .

R a t i o m e a s u r i n g t h e r e l a t i o n s h i p b e t w e e n t h e s u p p l y i m m e d i a t e l yava i l ab l e and the ex i st i ng s tock .

Th is repor t i s re leased by BNP Par ibas Rea l Es ta te & In f ras t r uc ture Adv isory

Serv i ces and the in fo rmat ion in i t i s ded ica ted to the exc lus i ve use o f i t s c l i en ts . Ther e p o r t a n d t h e i n f o r m a t i o n c o n t a i n e d i n i t s h o u l d n o t b e c o p i e d o r r e p r o d u c ed w i t h o u t

pr io r permiss ion f rom BNP Par ibas Rea l Es ta te and In f ras t ruc ture Adv isory Serv i ces .

T h e f a c t s o f t h e s e r e p o r t s a r e b e l i e ve d t o b e c o r r e c t a t t h e t i m e o f i t ' s r e l e a se b u t c a n n o tb e g u a r a n t e e d . P l e a s e n o t e t h e f i n d i n g s , p r o j e c t i o n s , c o n c l u s i o n s a n d

r e c o m m e n d a t i o n s a r e b a s e d on i n f o r m a t i o n g a t h e r e d in g o o d f a it h f r o m b o t h p r i m a r y

a n d s e c o n d a r y s o u r c e s, w h o s e a c c u r a c y w e a r e n o t a l w a y s i n a p o s i t i on t o g u a r a n t e e .BNP Par ibas Rea l Es ta te & In f ras t r uc ture Adv isory Serv i ces cann ot be he ld r espons ib le

i f , d e s p i t e i t ' s b es t e f f o r t s , t h e i n f o r m a t i o n c o n t a i n e d i n t h e p r e s e n t r e p o r t t u r n s o u t t o

b e i n a c c u r a t e o r i n c o m p l e t e .



13/13

POLAND

Al. Jana Paw la I I 250 0 -8 5 4 W a rsa w

Tel .: +48 22 653 44 0 0Fax: +48 22 653 44 01

ROM ANIAU n i o n I n t e rn a t i o n a l Ce n t e r

1 1 I o n C a m p i n e a n u S t re e t6th f l oor, 1st d i s t r i c t

B u ch a re st 0 1 0 0 3 1Tel : +40 21 31 2 7000

Fax: +40 21 312 7001

SPAINM a r a d e M o l i n a , 5 4

2 8 0 0 6 M a d r i d

Tel : +34 91 45 4 96 00Fax: +34 91 454 97 65

UNITED KINGDOM5 A l d e rm a n b u ry S q u a reLondon EC2V 8HR

Tel .: +44 20 7338 40 00Fax: +44 20 7430 2628

ALBANIA

AUSTRIA

BULGARIA

CYPRUS

GREECE

JAPAN

NETHERLANDS

NORTHERN IRELAND

RUSSIA

SERBIA

SLOVAKIA

SWITZERLAND

TURKEY

UKRAINEUSA

ABU DHABIAl Bateen Area

Plot No. 144, W-11N e w A l B a t e e n M u n i c i p a l i t y

St reet No. 32P.O. Box No. 2742

Abu Dhabi , UAETel .: +971 505 573 0 55

F a x : + 9 7 1 4 4 2 5 7 8 1 7

BELGIUM

Boulevard LouisS ch m i d t l a a n 2 B 3

1040 BrusselsTel : +32 2 290 59 59

Fax: +32 2 290 59 69

CZECH REPUBLICPob eni 3

1 8 6 0 0 P ra g u e 8

Tel .: +420 224 835 0 00F a x : + 4 2 0 2 2 2 3 2 3 7 2 3

DUBAI

E m a a r S q u a reBui ld ing No. 1 , 7 th F loor

P.O. Box 7233Tel : +971 44 28 505 573 055

F a x : + 9 7 1 4 4 2 5 7 8 1 7

FRANCE

167, Quai de la Bata i l l ed e S t a l i n g ra d

9 2 8 6 7 I ssy - l e s -M o u l i n e a u xTel : +33 1 55 6 5 20 04

Fax: +33 1 55 6 5 20 00

GERM ANY

G o et h e p l a t z 46 0 3 1 1 F ra n k f u r t

Te l .: +49 69 2 9 8 99 0Fax: +49 69 2 9 2 91 4

HUNGARY

Alkotas u. 53.

H -1 1 2 3 B u d a p e st ,Te l .: +36 1 487 5501

Fax: +36 1 487 5542

IRELAND2 0 M e r r i o n R o a d , B a l l sb r i d g e,

D u b l i n 4Tel : +353 1 66 1 1 233

Fax: +353 1 67 89 981

ITALY

Corso I ta l i a , 15/A

2 0 1 2 2 M i l a nTel : +39 02 58 3 3 141Fax: +39 02 58 33 14 25

LUXEMBOURG

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JERSEY

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INDIA

BNP PARIBAS REAL ESTATE& INFRASTRUCTURE ADVISORYSERVICES PVT. LTD.

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M U M B A I21, 2nd F loor, 1 North Avenue,M a ke r M a x i t y , Ba n d ra (E ) ,M u m b a i - 4 0 0 0 5 1T el : + 9 1 2 2 3 3 7 0 4 1 6 2Fax: +91 22 3370 4166

DELHIU p p e r g ro u n d f l o o r , U n i t N o 7 ,M e rca n t i l e H o u se , 1 5 K G M a rg ,N e w D e l h i 1 1 0 0 0 1T el : + 9 1 1 1 4 9 5 9 8 8 0 0Fax: +91 11 4959 8818

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0od0-delhi ncr market report q2 2012

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