Mumbai Office Market Predictions

Transcription

1 Mumbai Office Market Predictions Mumbai saw office space absorption of 6.6 million sq ft in 2012 down from 9.6 million sq ft in 2011 due to an overall decline in corporate buoyancy. While pharma and media sectors contributed to a few big ticket transactions that boosted the leasing activity, manufacturing and industrial sectors followed by IT/ITeS sector contributed to about 50% of the leasing activity in BFSI contributed to nearly 20% of the leasing activity during 2012 as many banks focused on efficient use of existing space instead of expansion. Relocations and consolidations remained buoyant while expansion demand was subdued in 2012 on the back of wary corporate business sentiments. While the global economic uncertainty continued to weigh down on the corporate office space demand levels, the global debt crisis combined with weakening economic growth resulted in corporates postponing their real estate decisions impacting transaction volumes in Although good quality, modern space in prime locations is being absorbed, the vacancy is not declining as used office spaces are being vacated. Capital values grew faster than rents during 2012 and this trend is likely to continue in Capital values appreciated by around 5% in SBD Central, SBD BKC, Western Suburbs and Thane & Navi Mumbai in Meanwhile capital values remained largely flat in CBD, SBD North and Eastern Suburbs. Rentals in Eastern Suburbs remained stagnant due to increasing completion from the other suburban counterparts. The rental gap between the CBD submarkets and the suburban sub-markets were seen to be narrowing in At an overall city level rents appreciated by around 3% y-oy in 2012 as most sub-markets have almost bottomed out. Prime yields reduced in all sub-markets on the back of robust investor demand for high-quality core well-let assets Demand A full-fledged recovery in leasing volumes in early 2013 seems unlikely as there is generally a time-lag between upturn of the economy and leasing activity. The doubts over future economic conditions in 2013 may continue to dampen corporate office space demand. However, by the mid of 2013 the global economic conditions are expected to improve leading to vibrancy in the market. The office space absorption forecast for 2013 is likely to be 10 12% above that of 2012 as corporate occupiers will take advantage of the bottomed out market. Most demand is expected to come from consolidation and relocation rather than expansion. Leasing activity is expected to go up in 2H13. While the overall office market continues to be tenant-favourable, demand will concentrate on just a few Grade-A buildings in each sub-market. Growth will remain slow until the economic recovery filters through and generates more pronounced growth in employment and expansionary demand. Occupier Behaviour Large office space occupiers are expected to face a supply constraint in prime sub-markets of Mumbai due to less availability of good quality space in the medium term. However, overall office market across Mumbai will continue to remain tenant-favourable until 1H13 as occupiers will benefit from increased availability of new high-quality premises and reduced occupancy costs. However this trend is expected to shift in 2H13 as supply of Grade A space will be restrained. As tenants have increasingly sought to 'right size' their footprint and target enhanced space efficiencies and eliminate redundancies, they have flocked not just to 'quality', but increasingly to 'efficiency'. Corporates will continue to post pone their real estate decisions and shorter lease terms will be more preferred. Corporate real estate teams within major corporations will continue to develop transformative occupational and portfolio strategies, supported by enhanced real estate data and metrics. At their heart will be workplace strategies that not only contribute to cost reduction but also bolster worker productivity and support talent retention. These strategies will play out in the market over the medium term. Supply & Vacancy The last 3 years has seen a significant increase in new office space supply that provided tenants with greater selection options. However, development activity will reduce drastically given the lack of liquidity and reduction in pre-leasing activity in Launch of

2 Pulse Research Dynamics 2012 new office projects will reduce and construction is not expected to pick up until 2015 as debt remains a constraint. Few projects at launch stage have been converted into residential or hotel uses in certain sub-markets of Mumbai. Therefore Grade A office space supply will remain restrained in 2013 and A significant improvement in occupier demand under such circumstances will add pressure on the supply, thereby stimulating increase of rents and capital values in Grade A buildings within the prime locations. Vacancy which was at 22% in 4Q12 will finally begin to edge downwards starting 4Q13 due to the increase in leasing activity amidst restricted supply. The vacancy reduction when witnessed will be the first decrease since Rents and Capital Values The rents in different sub-markets of Mumbai are expected to record reasonable appreciation during 2013, albeit at a faster pace than Given the basic scarcity of available good-quality, right-sized Grade A office stock in the city s prime locations, rentals are expected to go up in 2013 by around 6%. The average capital value appreciation is expected to be around 7% y-o-y during Investment volumes are expected to go up in Both Eastern and Western suburbs of Greater Mumbai along with Thane and Navi Mumbai are expected to witness a rental appreciation. SBD Central and SBD BKC are expected to record marginal rental increases at a sub-market level during expected to increase. We expect IT and manufacturing sector to contribute equally to the leasing activity in the coming year with a cautious and selective expansion of BFSI majors during What s New!! Reserve Bank of India (RBI) dropped both the repo rate and the cash reserve ratio (CRR) by 25 basis points each to 7.75% and 4%, respectively in January. Green Wall The Bureau of Energy Efficiency (BEE) plans to set up the venture capital fund for energy efficiency (VCFEE) to provide capital support to energy efficiency investments Ramesh Nair Managing Director - West Asia -ramesh.nair@ap.jll.com Deal of the Month AIG private equity buys out Bangalore-based RMZ's 50% stake in Hyderabad project which was a 11 acres plot at Kukatpally for INR 530 million. Investment Sentiment The investment market will do better in 2013, with a substantial weight of capital targeting office real estate especially Grade A and trophy assets. Strong investor demand for prime office assets and lack of new supply of core investment options in primary markets will result in further yield compression. Debt capital availability will remain healthy for core assets and inch back for non-core assets. Conclusion Figure 1: Financial Indicators Grade A Rental Value Capital Value Office Retail Residential Delhi NCR Mumbai Bangalore Chennai Pune Hyderabad Kolkata In 2013, shortage of quality space will intensify. Commercial property in Mumbai will continue to be seen as attractive and safer investment option compared with other asset classes and geographies around India. Landlords are likely to become more aggressive when recovery finally picks up. The state government needs to proactively position and market Navi Mumbai and Thane as alternate IT destinations to cities such as Bangalore, Chennai and Pune to create more jobs and boost demand for office space. The trend of corporates beginning to buy as against leasing is

3 Bangalore Bangalore office market continued to see modest leasing activity in January. The overall vacancy in the city decreased in January from December levels based on the combination of the stable demand from occupiers and the restricted supply. The major transactions during the included: Verizon renting space at Pritech Park Special Economic Zone (SEZ) Phase II; Aptien taking space in Golden Heights; and Society Generale leasing space on Pritech Park SEZ Phase II. The city witnessed no new completions in January. Rents remained stable across all the submarkets because of stable demand and controlled supply. However, the capital values appreciated marginally across all submarkets. The retail market of Bangalore witnessed continued steady consumer demand in January. The city did not observe any major retail transactions during the. However, vacancy levels declined slightly compared to that of last, as leasing continued in the malls.the market saw no new completions in January as well. Rents and capital values were stable across all submarkets in January. The rising demand for residential projects boosted the sales in January. Bangalore saw an increase in the number of launches in January. The major projects launched during the included: Purvankara Sunflower by Puravankara, in Rajajinagar; Provident Sunworth by the Provident Housing Group, on Mysore Road; and Century Breeze by the Century Group, in Jakkur. In January, residential rents and capital values rose marginally across all the submarkets. Projects nearing completion witnessed increased price in the same. per Outer Ring Road (North) ,500 6,500 Old Airport Road ,000 7,000 Outer Ring Road (Eastern) ,700 6,000 Old Madras Road ,000 3,500 Electronic City ,500 3,000 Retail Rents Capital Value per Koramangala ,000 16,000 Indiranagar ,000 18,000 New BEL Road ,000 10,000 Commercial Street ,000 20,000 Jayanagar ,000 15,000 INR per for a 1,000 sq ft 2BHK apartment Old Madras Road 12,000 16,000 5,000 6,000 Indiranagar 18,000 20,000 10,000 20,000 Bellary Road 10,000 14,000 3,000 7,000 Hosur Road 10,000 14,000 3,000 5,500 Whitefield 13,000 16,000 3,000 7,000 Tumkur Road 7,000 11,000 3,000 5,000 Kanakapura Road 8,000 12,000 3,000 5,500 Mysore Road 8,000 10,000 2,800 3,500 >> In the proposed Phase II of Namma Metro, the four reaches of Phase I will be extended by two new lines, which will be laid between Nagawara-Gottigere and RV Road-Bommasandra (total of 72 km). The detailed project report (DPR) for this plan has been approved by the state government. Moreover, the Bangalore Metro Rail Corporation (BMRC) has started testing earth samples and will take up land acquisition and tendering of civil work after a formal clearance from the Centre. The work is estimated to be completed by

4 Chennai In Chennai, the pre-toll Old Mahabalipuram Road (OMR) and Mount-Poonamallee Road (MPR), as well as the CBD locations, recorded good leasing activity during January. Some of the prominent transactions this included: Flextronics taking up space in RMZ Millennia on OMR; Calsoft Labs securing space in BNYM in Guindy; Prokarma leasing space on MPR; and the Sterling Group renting space in MRC Nagar. The city s occupancy rate improved, as no major completions were recorded January. Rents and capital values remained stable over the. The of January saw opening of Phoenix Market City with high occupancy. This mall, being the biggest in Chennai with more than a million sq ft of retail space, hosts around 260 international and national brands across different catagories. The mall opened with around 20 anchor tenants and an 11-screen, 2,450-seat multiplex by Sathyam Cinemas. Average rents in Chennai rose on the back of the completion of this mall. Housing demand in Chennai remained moderate during the of January and is expected to gain momentum in the coming s following the Reserve Bank of India s (RBI s) change in policy stance. The new year started with slew of new launches and aggressive marketing from property developers. Some of the prominent launches during the included: The Verde by ETA Star in Valasaravakkam; Sigiriya by Jones Foundation in Pallikaranai; and Grand by Ruby builder in Selaiyur. In addtion, TVS Housing launched its first project, Green Hills, in Perungalathur. Rents and capital values remained stable over the. per Mount Road ,000 15,000 RK Salai ,000 15,000 Pre-toll OMR ,000 6,500 Post-toll OMR ,500 5,000 Guindy ,000 8,500 Ambattur ,250 4,500 Retail Rents (High Streets) Capital Value per T. Nagar ,000 15,000 Nungambakkam ,000 16,000 Velachery ,000 12,000 Pre-toll OMR ,000 11,000 Anna Nagar ,000 13,000 LB Road (Adyar) ,500 12,500 INR per for a 1,000 sq ft two-bhk apartment Adyar 20,000 30,000 10,000 17,000 Medavakkam 7,000 14,000 3,600 5,000 Tambaram 6,000 12,000 3,500 4,500 Anna Nagar 15,000 25,000 9,000 14,000 Porur 5,000 10,000 3,600 5,200 Sholinganallur 9,000 12,000 4,000 5,200 >> In a move to make Chennai a more organised urban settlement, the Tamil Nadu Government has passed orders for the construction of 6,254 houses at a cost of INR 17.4 billion under rental housing and self-financing schemes. The houses will be built in 17 different locations in Chennai, replacing existing old houses.

5 Delhi The demand was stable in Delhi during January, with old enquires getting closed, as well as the good leasing activity in the central business district (CBD) and the secondary business district (SBD). In addition, pre-leasing was good in Gurgaon. The healthy occupier demand decreased the vacancy in the city. Some of the major transactions in the included: ebay India taking up space in the CBD; Bill and Melinda Gates Foundation leasing space in the SBD; and Avon Beauty Products renting space in Gurgaon. DLF Silokhera IBM and DLF Building 14 Tower C were the two buildings that commenced operations in Gurgaon. DLF Silokhera IBM was fully occupied, whilst DLF Building 14 Tower C witnessed nominal occupancy when it commenced operations. Rents and capital values remained stable over the. The of January witnessed stable demand for retail space in Delhi, with the high streets continuing to be the preferred choice because of the lack of space in quality malls. The upcoming malls observed healthy pre-leasing activity. Rents and capital values both remained stable in all submarkets. Stable Spitee taking up space in Noida, Forever leasing space in Gurgaon and Lakme renting space in Prime Others sub-market were some of the notable transactions in January. The residential market in Delhi remained buoyant in January. This healthy demand of residential projects continued over the past couple of s. Major launches in January included: Paras Dew by Paras Buildtech, in Gurgaon; Mulberry County by MG Housing, in Faridabad; and Galaxy Vega by Galaxy Developers, in Noida. Rents and capital values remained stable in the city during January. per Barakhamba Road ,000-33,000 Jasola ,000-21,000 DLF Cyber City NA MG Road ,000-18,500 Golf Course Road ,000-15,000 Sohna Road ,500-8,000 Retail Rents Capital Value per South Delhi ,000-30,000 West and North Delhi ,000-23,000 Gurgaon-MG Road ,000-20,000 Rest of Gurgaon ,000-14,000 Noida ,000-25,000 Ghaziabad ,500-16,000 INR per for a 1000 sq ft 2BHK apartment Golf Course Road 22,000-32,000 12,000-16,000 Sohna Road 15,000-20,000 5,800-7,500 Golf Course Extension Road 16,000-22,000 7,500-9,500 NH 8 14,000-19,000 3,900-5,000 Dwarka Expressway NA 5,000-6,000 Noida- Greater Noida Expressway 12,000-14,000 4,000-5,500 Noida City 12,000-14,500 4,500-6,000 Indirapuram 10,000-12,000 4,000-4,800 NH 24 7,000-9,000 2,400-3,200 >> The government has relaxed the norms for the construction of additional floors in residential flats having multipleownership, with the aim to weed out corruption and help people get their building plans sanctioned without any hassle. As per a new directive, people who have rights over third floor will no longer require a no objection certificate (NOC) from other floor owners for their expansion plans. However, other occupants of the floor concerned have the option to express their views to the municipal bodies regarding the expansion plan. The municipal corporation will have to take a final decision on applications purely on merit. >> Construction works at various sites in Noida and Greater Noida have come to halt after the National Green Tribunal order banning the extraction of groundwater by developers.

6 Hyderabad After witnessing strong leasing activity in December 2012, office space demand continued to remain stable in January. The key transactions in January were: RayBiz and Advent Global leasing space in Kavuri Hills; Daewoong Pharmaceutical taking up space in Kukatpally; Regal Solutions Pvt Ltd securing space in Millennium Square in Gachibowli; and Teradata renting space in The V IT Park in Hitec City. There were no new completions over the. Rents and capital values remained stable over the. High streets continued to remain as the preferred locations for the expansion for retailers, as the availability of mall space remained restricted in January. Taruni and Splash leased space on Jubilee Hills, Road No 36, whilst Adishwar secured space in Somajiguda. Reliance Digital rented space in Attapur. Vacancy in malls remained stable, whilst high streets continued to see fast absorption. Rents and capital values remained stable over the. New launches and improved sales continued in of January in Hyderabad. The key launches in the were Brigade At No. 7 in Banjara Hills and Safeway Symphony Park Homes on Radial Road, near BHEL by Safeway Infra. Over the, rents remained stable, whilst capital values continued to increase marginally as new residential projects got launched at a price higher than the market average price. per Begumpet ,500 6,500 Banjara Hills ,500 7,500 Hitec City ,000 5,200 Gachibowli ,000 5,000 Uppal ,000 4,000 Shamshabad ,000 4,000 Retail Rents Capital Value per Banjara Hills ,000 13,000 Jubilee Hills ,000 14,000 Secunderabad ,000 10,000 Hitec City ,000 13,000 Kukatpally ,000 12,000 Dilsuknagar ,000 12,000 INR per for a 1,000 sq ft 2BHK apartment Banjara Hills 15,000 20,000 5,500 10,000 Begumpet 12,000 16,000 3,700 5,000 Kondapur 12,000 16,000 2,800 4,500 Tellapur 8,000 12,000 2,800 3,500 Kukatpally 7,000 10,000 3,500 3,800 Miyapur 5,000 6,000 2,200 3,500 >> The Hyderabad Metropolitan Development Authority (HMDA) has decided to develop a 288 km Regional Ring Road (RRR), concentric, but outside the Outer Ring Road (ORR), with a width of 90 m (about 300 ft). This project is included in the master plan for Hyderabad Metropolitan Region 2031.

7 Kolkata Kolkata s office market witnessed enquiries from potential occupiers in January. No major transactions happened over the. The vacancy remained stable in the city, with transaction activity being minimal. This had no new completions. However, Pataka House and Camac Square in the central business district (CBD) submarket are set to be completed within 2-3 s. Rents and capital values remained stable in the submarkets, with marginal increase in selected precincts. The leasing activity was moderate during the of January in Kolkata. Lifestyle pre-leased space at Spencer s Galleria in Park Circus. This mall is expected to hit the market in the next 3-6 s. The vacancy levels in the city declined on the back of the leasing activities and absence of new completion, Rents continued to increase in Prime City sub-market with steady consumer demand for the retail market of Kolkata. Capital values also increased in select sub-markets. In January, the residential market in Kolkata continued to observe steady sales in projects. The major launches in January included Rajwada Grand by the Rajwada Group in Narendrapur and Unimark Riviera by the Unimark Group in Uttarpara. In addition, Team Taurus launched Bellagio LVL NXT and Bou Thakuranir Haat, both in Rajarhat. Rents and capital values continued to rise in select submarket on the back of the steady consumer demand. per Park Street ,000 18,000 Topsia ,800 10,200 Kasba ,000 11,500 Salt Lake ,400 5,300 Rajarhat ,500 4,500 Retail Rents Capital Value per Elgin Road ,000 28,000 Park Street (high street) ,000 28,000 Prince Anwar Shah Road ,000 15,000 Salt Lake ,000 10,000 VIP Road (high street) ,200 8,200 INR per for a 1,000 sq ft 2BHK apartment Alipore 42,000 50,000 14,000 20,000 PA Shah Road 18,000 30,000 7,000 15,000 EM Bypass 15,000 24,000 5,000 9,000 Lake Town 13,000 19,000 3,800 7,500 Behala 10,000 16,000 3,200 5,200 Howrah 6,000 9,000 2,400 4,500 New Town (AA I, II & III) 11,000 17,000 3,300 5,300 Rajarhat 8,000 15,000 2,300 5,200 >> A new state-of-the-art integrated terminal of Netaji Subhas Chandra Bose International Airport in Kolkata was inaugurated in January. It was built at a cost of INR 23.3 billion. It can handle 25 million passengers annually, a leap from the airport s former capacity of 4.8 million a year. Apart from a new 195,000 sqm, five-level integrated passenger terminal building. The Netaji Subhas Chandra Bose International Airport also offers modern taxiways and extension of a runway, so that it can handle bigger aircrafts. Instead of charging an airport development fee (ADF) to passengers at this new facility, the Airports Authority of India (AAI) will charge a nominal user development fee (UDF).

8 Mumbai The office sector witnessed moderate leasing activity in January, as occupiers were adopting a wait-and-watch approach on their expansion plans ahead of the Union Budget announcement in February However, the SBD Central submarket witnessed healthy leasing activity over the. Vacancy in the SBD North submarket increased, as projects that became operational in the witnessed subdued demand with low level of absorptions. The overall vacancy in office spaces increased marginally in the of January. Major transactions included Ratnakar Bank leasing additional space in Phase 1 of Techniplex in Goregaon and SBI renting space in the Air India Building in Nariman Point. Hubtown Solaris in the SBD North submarket and First International Financial Centre in the SBD Bandra Kurla Complex (BKC) submarket commenced operation in January with moderate precommitments. Rents remained unaltered over the. No major movements in capital values were recorded across the submarkets, except in the SBD BKC submarket, where marginal growth was witnessed. Net absorption increased in the of January on the back of improved business sentiment following a policy change to allow foreign direct investment (FDI) into multi-brand retailing, decreasing the overall vacancy rate in select quality malls. High streets continued to see healthy activity in the city s select precincts. Barbie leasing space in Infiniti II Mall in Malad, Nike renting space in Colaba High Street and Raiara taking up space in R City Mall in Ghatkopar were some of the major transactions in January. There were no new completions during this. Rents increased slightly in the Prime South and the Suburbs submarkets, but remained stable in the Prime North submarket. Capital values inched up marginally across all the submarkets with higher growth in the Suburb submarket. Residential sales acitivity was moderate during January. However, few developers in select projects started offering limited period discount on the market price to lure buyers and improve the sales. Astoria 1 by Saaga Infra in Borivali, My World by Lotus Group in Wadala and World in Towers by the Legend Siroya and Unity Group joint venture (JV) in Oshiwara were the new launches during the. Rents remained stable over the, with capital values observing marginal appreciation compared to the previous in select precincts such as Wadala, Ghodbunder Road and Kharghar. The Maharashtra government has increased the ready reckoner rates in Mumbai by 18-20%, leading to an increase in the residential properties base value. per Lower Parel ,000 23,000 BKC ,000 35,000 Andheri ,000 15,000 Goregaon-Malad ,000 10,000 Wagle Estate ,000 6,000 Thane-Belapur Road ,000 6,000 Retail Rents (mall space) Capital Value per Lower Parel ,000 32,000 Malad ,000 20,000 Ghatkopar ,000 18,000 Mulund ,000 16,000 Thane ,000 14,000 Navi Mumbai ,000 12,000 INR per for a 1,000 sq ft 2BHK apartment Lower Parel 87,000 95,000 23,000 34,000 Wadala 40,000 55,000 14,500 19,000 Andheri 35,000 50,000 11,000 21,000 Ghatkopar 35,000 48,000 9,500 14,000 Ghodbunder Road 12,000 20,000 5,500 9,000 Kharghar 12,000 20,000 4,800 8,000 >> The state government's plan to upgrade Mumbai's transportation infrastructure has received a boost with the recommendation of the Versova-Bandra sea link project, for coastal regulation zone (CRZ) clearance by the Expert Appraisal Committee of the Ministry of Environment and Forests (MoEF). The Maharashtra State Road Development Corporation (MSRDC) is the nodal agency for the proposed 10 km sea link project.

9 Pune Pune office market witnessed a healthy transaction activity in January. The combination of healthy demand and restricted ready supply was instrumental in bringing the city s overall vacancy rate down. Major transactions during the were closed mostly in SBD. Pre-commitment also continued over the. Major transactions during the included Care Management securing space in Binarius at Yerwada, Andritz taking up space in Lohia Jain Business Centre on Senapati Bapat Road and Infogain renting space in Rainbow IT Park at Shivaji Nagar. The city saw the completion of Business@Mantri at Nagar Road in SBD. Rents and capital values remained stable over the. Pune observed limited transaction activity across the submarkets. No new mall supply came on stream in January and the organised retail stock remained unchanged. However, Seasons Mall, located in Hadapsar, is likely to hit the market in the next 3 5 s. Rents and capital values remained stable over the. Demand for residential units remained stable. Major launches during January included Dreams Onella by Dreams Group, Skylight by Abhinandan Landmarks and 9 Sadashiv by Pinnacle Group. In addition, Maple Group has launched four projects located in Ranjangaon, Sanaswadi, Chakan and Shirwal during the. Capital values witnessed a marginal rise in select submarkets on the back of the new launches over the. per Hinjewadi ,000 5,000 Hadapsar ,000 6,000 Bund Garden Road ,500 7,500 Viman Nagar ,000 7,000 S.B. Road ,500 7,500 Koregaon Park ,500 7,500 Retail Rents (High Streets) Capital Value per MG Road ,000 15,000 Bund Garden Road ,000 13,000 F.C. Road ,000 15,000 J.M. Road ,000 15,000 D.P. Road ,000 11,000 S.B. Road ,000 11,000 INR per for a 1,000 sq ft two- BHK apartment Wakad 10,000 12,000 3,800 4,800 Kharadi 11,000 15,000 4,500 5,300 Hadapsar 12,000 16,000 4,500 5,500 Hinjewadi 9,000 11, ,000 Undri 9,000 12,000 3,500 4,500 Pimpri-Chinchwad 8,000 12,000 3,500 4,200 >> To expand its present campus, the University of Pune (UoP) is in talks with Pimpri Chinchwad Municipal Corporation (PCMC) for the acquisition of 50 acres of land. Some of the departments including the sports division or the academic staff college are planned to be shifted in the new extension of the campus once it is completed.

10 About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company s investment management business, is one of the world s largest and most diverse in real estate with $47 billion of assets under management. Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named the Best Property Consultancy in Asia Pacific at The Asia Pacific Property Awards 2012 in association with Bloomberg Television. For further information, please visit our website, About Jones Lang LaSalle India Jones Lang LaSalle is India s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across eleven cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 5400, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, Industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory. For further information, please visit For more information about our research Ashutosh Limaye Trivita Roy Head, Research and REIS Assistant Vice President, Research ashutosh.limaye@ap.jll.com trivita.roy@ap.jll.com About Bajaj Finserv Lending Bajaj Finserv Lending is one of the most diversified NBFCs in the Indian market catering to more than 5 million customers across the country. Headquartered in Pune, the company s product offering includes Consumer Durable Loans, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and the recently introduced Lifestyle Finance. Bajaj Finserv Lending prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today. To know more please visit or send an to pss@bajajfinserv.in Research Dynamics 2013 Pulse reports from Jones Lang LaSalle are frequent updates on real estatemarket dynamics. COPYRIGHT JONES LANG LASALLE IP, INC All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.