BUILDER SURVEY REPORT

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1 BUILDER SURVEY REPORT December 2017

2 The Indian real estate industry is fetching the benefits of a reformdriven environment that is improving investor confidence while preparing the grounds for a more organised and transparent sector. We anticipate that investment flows will continue to be healthy as the reforms process in the real estate sector continues and past success stories of healthy returns encourages stakeholders for a bright future outlook. QuikrHomes conducted a comprehensive survey which captures the perceptions and expectations of builders on RERA and GST in order to judge its impact on the Real Estate market. The survey received overwhelming responses by as many as 300 builders from the top seven metro cities in India. It highlights the key impact on the Real Estate market that will shape the Realty Sector in To understand the Real estate market trends post RERA and GST the survey includes the following aspects: Impact of RERA on Builders Impact of GST on Real Estate Buyers inclination for Property Investment in 2018 FDIs in Indian Real Estate market Key reasons holding home buyers sentiment Market trends for top growing cities in 2018 Price appreciation Upcoming Projects Real Estate Market Trends for 2018 Medium for Project Selling

3 Post RERA Indian Real Estate more transparent than ever 18% Survey indicates that majority of builders, 82% believed that RERA will bring in the much-needed transparency in property dealing in the days to come and increase the housing demand along with buyers trust. The regulatory environment demands greater accountability from builders and only those who adapt and change shall be able to sustain their business while also improving their chances for attracting private investments. Yes 82% No 18% respondents think that this act will not help Real Estate sector as project will not be allowed to launch without the requisite clearances from the government and might end up adding another layer of bureaucracy in the realty sector. GST Regime - The most significant tax reform in postindependence India 38% 21% The shift to the GST regime is definitely one of the most significant tax reforms in post-independence India. It has introduced one nation one tax system, but its impact on various industries is different. The impact of GST on the real estate sector cannot be fully evaluated as it mainly depends on the tax rates. 41% Yes No Not sure The survey indicates that 41% builders believe that the implementation of GST has not simplified their business operations, whereas 21% feel it has brought much-required transparency and accountability to the industry. However, another 38% are not sure about how it would play out in the long run. RERA - The prime force in bringing back the buyers trust 7% 41% 52% RERA Affordable Housing GST Regaining buyers confidence back which got tainted by project delays, non-deliveries and litigations, will depend on the effectiveness of the policy reforms like RERA, GST and Affordable Housing to help boost buyers confidence in the real estate sector. 52% builders believe that RERA will be the prime force in bringing back the buyers sentiment and confidence, whereas 41% builders feel that affordable housing is the way to go. On the other hand only 7% builders believe that GST will regularise the construction cost and it will bring buyers sentiment back.

4 Bangalore, Pune and Hyderabad sales picking pace ahead of Indian Mega cities 26% 16% 17% 21% 10% 7% 3% Real estate in India is perhaps one of the most vibrant and ever growing sectors with unlimited opportunities. The real estate hotspots like the Tier-1 cities of Mumbai, Delhi NCR and Bangalore have seen huge influx of money in the recent years. Cities with educational and commercial hubs have attracted more investments from buyers and turning into hotspots of the decade. As per builder survey, 64% of the respondents believed that Bangalore, Pune and Hyderabad will be the top three cities where real estate sales would grow the fastest. However, 36% builders feel that Mumbai, Delhi NCR, Kolkata and Chennai will be amongst the top cities in sales growth Sales QOQ Quarter 2 Quarter 3 18,000 16,478 Unit Sales 13,500 9,000 4,500 11,786 10,352 13,534 9,121 8,455 4,982 4,049 5,688 4,352 9,877 8,753 3,826 4,265 0 As per QuikrHomes sales trend from the last two quarters, it is evident that real estate sales are picking fast pace in cities like Mumbai, Bangalore, Pune and Hyderabad and developers are giving priority to completion of projects and becoming RERA compliant, which eventually will work out extremely well for the industry. The builders expect 2018 to appreciate further in terms of property sales due to the evolving supply-demand dynamics, bigger Indian and Foreign Investments and improved policies auguring well for both builders and buyers in the days to come.

5 Property Prices set to appreciate in % 17% 19% 18% 10% 8% 3% The Real Estate industry is gradually heading towards transparency and becoming more organised & stable. Considering the current market situation, annual return rate in the range of 10-15% is considered relatively healthy. It is interesting to note that respondents in all Tier-3 cities along with Pune and Hyderabad markets continue to remain too optimistic about the high return on investment. Builders survey indicates that Bangalore is the top choice with 25% builders expecting it to appreciate the fastest on basis of cost per sq.ft followed by Hyderabad in second position with 19% builders expecting Real Estate prices to appreciate the fastest. Meanwhile, Pune sits at third position with 18% respondents believing its prices to appreciate the fastest. Price Trends Quarter 2 Quarter 3 20,000 19,582 19,717 Avg Cost per sq ft 15,000 10,000 5,000 7,680 7,575 8,821 8,924 7,735 7,927 5,150 5,206 7,173 7,337 7,527 7,640 0 As per QuikrHomes market price trend from the last two quarters, we see that Bangalore Real Estate has been stable in Q2 and Q3 as it did not witness any sudden price crashes due to it s end-user market and thus builders expect market to appreciate post RERA attracting investments in the sector and restoring the confidence of the buyers. Meanwhile, price trends in Hyderabad and Pune reveal that prices have appreciated from Q2 to Q3 and builders expect a healthy growth in the future as compared to other metros like Delhi NCR and Mumbai, which have already reached a certain saturation level.

6 Positive boost for FDI in Indian Realty market post RERA 45% 42% While the Indian Realty sector has been witnessing a slowdown over the last couple of years, a slew of initiatives such as the Housing for All by 2022, The Smart Cities Mission, RERA, Benami Transactions Act, Goods and Services Tax, to name a few, have attracted a number of foreign investors to the market. 13% Yes No Not sure 42% builders are in favour that RERA is expected to bring in a significant increase in Foreign Direct Investments in the Real Estate industry in India because of transparency and organisational set-up. However, 45% respondents are still confused and unsure of its power to attract FDI into Indian Realty market and 13% of the respondents are certain that RERA will not impact FDI anyhow whatsoever. Realty Prospects for 2018 looking brighter Yes No 100% 75% 28% 44% 56% 35% 30% 30% 43% 50% 25% 72% 56% 44% 65% 70% 70% 57% 0% With the introduction of RERA, builders are not permitted to market the project without registering it with the Regulatory Authority, and the registration can be revoked in case of violations. The survey indicates that a majority 63.2% of builders are planning to launch a new project in next 6 months with proper guidelines and complete registration as they are expecting revival in buyer s sentiment post RERA which indicates healthy growth in the Real Estate sector as compared to previous year quarters where only 53% builders launched a new project post demonetisation. However, around 36.8% of them are still confused and hesitant to launch a project within 6 months with RERA guidelines.

7 Affordable Housing riding the Real Estate horse 9% 12% 34% Affordable Luxury 45% Mid-Segment Commercial Announcement by Indian Government in favour of Affordable Housing sent a frenzy amongst the public and buyers sentiment and is clearly dominating the real estate market with the preferred budget range within Rs. 40 Lacs. The survey indicates that 45% of the respondent are planning to launch Affordable Housing Project in near future and 34% are still preferring to launch housing project in mid-segment. Compared to Affordable and Mid-housing project, only 12% developers are preferring to launch luxury project of 3-4 BHK. Apart from these residential projects, 9% builders are showing their interest towards commercial developments. Future Launches Affordable Mid-Segment Luxury Commercial 100% 75% 11% 10% 9% 17% 7% 12% 9% 9% 17% 13% 12% 8% 8% 14% 50% 36% 26% 32% 43% 31% 38% 31% 25% 43% 48% 49% 39% 39% 42% 47% 0% Post announcement of infrastructure status to affordable housing, the builders expect it to be the most desirable and dominating property in the real estate market with almost 50% builders committing to launch affordable housing projects in the near future. The survey reveals a declining trend in the launching of luxury and mid-segment projects due to the dominance of affordable housing. However, cities like Hyderabad, Pune and Bangalore continue to be the most desirable choices for commercial project launches.

8 Online Property Platforms gaining popularity 5% 13% 29% 16% 15% 22% Online Property Portal Social Media Print Google Outdoor Radio Real Estate brokers/agents need to register and certify, in order to facilitate a real estate transaction. Customers will now be protected on all fronts and can make their buying decisions with a lot more confidence. A online portal will help buyers in making their purchase decision as builders will have to show more transparency, accountability and will need to furnish the correct and approved information on their portals. As per QuikrHomes Builder survey, a majority 29% of the builders believe that the Online Property Portals are the best medium to market their project for the more serious buyers as they source their information from the RERA website and only of the authentic RERA registered projects. However, 22% respondents think that marketing via Google is best suited for them as it caters to a larger audience. Similarly, 16% believe that Outdoor mediums are still the most suitable choice for showcasing their projects, while 15% builders think that with changing times, Social media sites like Facebook, Twitter, LinkedIn, Instagram are ideal for marketing. Print Media and Radio with 13% & 5% respectively are favoured by builders for engaging a large audience. Brokers and Internal Sales Team proving to be a healthy mix 40% 37% As QuikrHomes survey indicates that after implementation of RERA and GST across the country, builders have a more reliable organisational set-up and confidence in their property listing websites. 23% 40% builders believe that their Internal Sales Team will be the best medium to market their project as it will cater to the more serious buyers and have their loyalty to their own group. Brokers Online Property Portals Internal Sales Team On the other hand, 37% builders believe that it will be important to have a healthy mix between brokers and Internal Sales Team to sell their project so to capture the entire market, while a healthy hike as compared to previous years can be seen with 23% developers wanting to sell their projects on Online Property Portals as these will prove to be a very cost-effective way to reach out to end-users and also help buyers make an informed and optimum choice in making their purchase decision as post RERA they cannot be fooled through falsified information and they prefer to check for themselves before making any investments.

9 For Inquiries on: Copyright QuikrHomes All rights reserved. The information provided herein is based on QuikrHomes data which is collected from various publicly known sources including websites, documents and maps including QuikrHomes proprietary data model. Projects mentioned in the report are selected solely on basis of various parameters including number of units, price range and unique selling point, among others. The selection, omission, or content of items does not imply any endorsement or other position taken by QuikrHomes. The information is provided on an "as is" and "as available" basis. QuikrHomes expressly disclaim warranties of any kind, whether express or implied, including, but not limited to, the implied warranties of merchantability, fitness for a particular purpose and non-infringement.

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