CONNECT. Content VESTIAN QUARTERLY NEWSLETTER Q Executive Summary STRATEGIC ADVISORY GROUP. India: Economic Indicators

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1 CONNECT VESTIAN QUARTERLY NEWSLETTER Q STRATEGIC ADVISORY GROUP Executive Summary Content India: Economic Indicators India Real Estate Market Overview Bangalore Chennai Hyderabad Mumbai Outlook Office: Location Master Residential: Location Master India registered 4.7% GDP growth during primarily driven by the financing, insurance, real estate and business services sector. Rupee value was observed to strengthen against the US dollar, closing at INR The market was characterised by investor confidence with expectation of a business friendly government at the centre, thereby propelling the BSE Sensex beyond 25,000 mark, closing at a high of 25, points. FDI inflow in the real estate sector improved significantly on account of the availability of a diversified portfolio to park the funds and exit with higher returns. The four major cities of Bangalore, Mumbai, Chennai and Hyderabad recorded 4.5 million sqft of office space supply in Q Absorption was recorded at 5.8 million sqft. Bangalore registered the highest supply as well as absorption among the four major cities. No new mall became operational during the review period. Leasing activities were mostly confined to the high street locations on account of limited availability in malls. Developers and landlords mostly held back increase in the rental values to sustain retailer interest. Approximately 12,537 new residential units were launched in Q across the cities of Bangalore, Chennai and Hyderabad. The new launches were primarily in apartment projects. Capital values mostly remained stable barring minor appreciation in Hyderabad s select micro-locations on account of consistent demand. To know more scan the QR code An ISO 9001:2008 Certified Company 1

2 INDIA: ECONOMIC INDICATORS 4.7% GDP growth in & Rupee continues to strengthen against US Dollar The rupee value appreciated against US Dollar during Q closing at INR by the end of June The strengthening was mainly on account of RBI s initiative to bring in foreign investment through foreign currency deposits and inflows of foreign investment in the debt and equity markets Figure 2: Inflation & Index of Industrial Production India s Gross Domestic Product*(GDP) grew by 4.7% during Despite low growth across all sectors, financing, insurance, real estate and business services sector exhibited better performance and was the primary growth driver. Percentage (%) Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Figure 1: GDP Growth Contributors 4- Inflation IIP 4.7 GDP AT FACTOR COST 4.5 Community, social & personal servs Financing, ins., real est. & bus servs Trade, hotels, transport & commn. 5.1 Construction Electricity, gas & water supply Manufacturing 1.1 Mining & quarrying Agriculture, forestry & fishing Percentage Growth (%) Source: Central Statistical Organaisation, Govenment of India Inflation rate has been fluctuating in Q primarily due to changes in the food prices and manufactured products. In May 2014, the inflation rate rose to a 5-month high of 6.01% and by June 2014, eased to 5.43%. The Index of Industrial Production (IIP) exhibited a positive growth during Q as opposed to the negative growth over the last six months.the growth was on account of rise in the production levels in wake of better demand conditions. Pick up in activities of the mining sector and a low base effect were also influencing variables. Source: Repo & reverse repo rates, Prime lending rates remain at the same level RBI has not changed the repo and reverse repo rates during Q Cash Reserve Ratio also continued to remain at 4%. As a result, banks maintained the Prime Lending Rates thereby ensuring no further hike in home loan interest rates. Key Rates PLR* Repo Rate Reverse Repo Rate CRR Table 1: Key Policy Rates Apr % 8.00% 7.00% 4.0% Source: *Source: May % 8.00% 7.00% 4.0% Jun % 8.00% 7.00% 4.0% BSE Sensex clocks 25,000 mark in Q The BSE Sensex clocked the 25,000 mark during Q closing at a high of 25, in June, This was mainly on account of the buildup in investor confidence and expectation of a business friendly government at the centre. Capital inflows into the country, RBI s initiative to bring in foreign investments coupled with strengthening of the rupee and pick up in the industrial output provided further impetus. *GDP at Factor Cost, Central Statistical Organization, Govt of India 2

3 30,000 25,000 Figure 3: Performance of BSE Sensex Business Optimism improves with revival in investor confidence and political stability Points 20,000 15,000 10,000 5,000 0 Q Dun and Bradstreet Composite Business Optimism Index grew by 11.4% at for Q3 2014, compared to the previous year. Revival in investor confidence and political stability has led to an increase in the business optimism. 1-Jan-13 1-Feb-13 1-Mar-13 Source: 1-Apr-13 1-May-13 1-Jun-13 1-Jul-13 1-Aug-13 1-Sep-13 1-Oct-13 1-Nov-13 1-Dec-13 1-Jan-14 Sensex 1-Feb-14 1-Mar-14 1-Apr-14 1-May-14 1-Jun-14 Percentage Q Figure 5: Net Employment Outlook* Q Q Q Q Q Q Q Net Employment Outlook Q Q Q Source: Manpower India, Q The realty index has also been clocking a positive trend during Q2 2014, however, cautiousness persists. With a number of fund houses raising real estate focused funds, significant private funding has been made available, thereby raising the developers confidence. Figure 4: Performance of BSE Realty Index As per the Manpower Outlook Survey India report, Net Employment Outlook for Q is projected at 51%. Hiring plans have strengthened by 4 percentage points compared to the previous quarter and by 25 percentage points on a year-on-year basis. Hiring plans across all regions have strengthened. The North region is forecasted to have the strongest hiring plans at 53%. Net Employment Outlook for all the seven industry sectors increased for Q Most optimistic hiring prospects were reported for Public Administration & Education sector with a Net Employment Outlook of 53%. Wholesale & Retail Trade and the Manufacturing sector also recorded strong Outlook of 49% and 47%, respectively. 2,500 2,000 1,500 1, Jan-13 1-Feb-13 1-Mar-13 1-Apr-13 1-May-13 1-Jun-13 1-Jul-13 1-Aug-13 1-Sep-13 1-Oct-13 1-Nov-13 1-Dec-13 1-Jan-14 1-Feb-14 1-Mar-14 1-Apr-14 1-May-14 1-Jun-14 Points Q Realty Index Source: *According to Manpower Employment Outlook Survey Net Employment Outlook figure is derived by taking the percentage of employers anticipating total employment to increase and subtracting from this the percentage expecting to see a decrease in employment at their locations in the next quarter. 3

4 Positive growth in FDI inflows Figure 6: Net Employment Outlook: Sector Wise Comparison Finance, Insurance and Real Estate Manuf acturing Services As per the Department of Industrial Policy & Promotion, Government of India, Foreign Direct Investment (FDI) inflows registered 34% growth during the first two months of Q at approximately USD 5,309 million.this was particularly on account of the better performance of the real estate sector and availability of a diversified portfolio to park funds and exit with higher returns. Public Administration & USD million PE investments in Mining & Construction Real Estate during Q Wholesale & Retail Trade Transportation & Utilities Seasonally Adjusted Outlook Source: Manpower Employment Outlook Survey India, Q Percentage (%) 49 Net Employment Outlook 56 As per VC Circle, 10 private equity (PE) deals were recorded during Q in the Indian real estate sector approximating to USD million. The entire PE investment made in the real estate sector was witnessed in the residential asset class. The PE investments were confined to the cities of Mumbai, Chennai, Bangalore, Gurgaon, Noida and Ghaziabad with Mumbai accounting for the largest PE investment in real estate during the quarter in review. Table 2: Key PE Investments in Real Estate Sector, Q PE Firm Developer Project Location Amount (in USD million) Kotak Realty Fund Nirmal Group Residential Mumbai 50 Blackstone Ozone Group Residential Chennai Piramal Fund Management Satya Group Residential Gurgaon ICICI Prudential Asset Management Company Mahagun Real Estate Residential Noida 12.5 Essel Finance Assotech Ltd Residential Noida and Ghaziabad 7.47 Source: VC Circle 4

5 INDIA REAL ESTATE MARKET OVERVIEW 5.8 million sqft space take-up across the four major cities OFFICE Approximately 4.5 million sqft of office space supply was recorded across the four major cities of Bangalore, Mumbai, Chennai and Hyderabad during Q Bangalore registered the highest supply among the four major cities followed by Mumbai. Absorption was recorded at 5.8 million sqft across the four major cities. Bangalore led registering 64% of the absorption closely followed by Mumbai and Chennai at 17% and 16% respectively. Rentals in Bangalore and Chennai remained stable while Hyderabad witnessed appreciation in PBD (West) on account of continued demand for the micro-locations. Mumbai on the other hand witnessed a further decline in rentals on account of spill over of demand to suburban markets. Figure 7: Supply and Absorption of Office space in Q Area (in million sqft) Bangalore Chennai Hyderabad Mumbai Supply Q Absorption Q Table 3: Key Office Lease Transactions, Q Company Building Location Developer Area (in sqft) BANGALORE Honey Well RMZ Ecoworld Outer Ring Road RMZ Corp 800,000 Goldman Sachs Embassy Golf Links Business Park Inner Ring Road Embassy 300,000 Accenture Global Village Mysore Road Tanglin Developers 300,000 Altiostar Networks Bagmane Tech Park CV Raman Nagar Bagmane Developers 74,000 CHENNAI KBR Prestige Polygon Teynampet Prestige Constructions 90,000 Chrysler RMZ Millenia Business Park Kandanchavadi - OMR RMZ Corp 62,000 Medusind Prestige Centre Court Vadapalani Prestige Constructions 23,000 Photon Infotech DLF IT SEZ Manapakkam DLF 20,200 HYDERABAD Imagination Technologies Ananth Techno Park Hi-Tec City Ananth Technologies 44,000 Cigniti Technologies The V - Ascendas IT Park Madhapur, Hi-Tec city Ascendas 13,000 Otis TSR Towers Somajiguda Gayatri Projects 10,000 Navionics Laxmi Cyber City Kondapur Gar Corp 10,000 5

6 High streets dominate leasing trends RETAIL Bangalore, Mumbai, Chennai and Hyderabad witnessed no new mall supply during Q Leasing activities continued mostly in the high street locations on account of limited availability in mall developments. Apparel & lifestyle retailers dominated the leasing trend. International retail brands like Ed Hardy, Columbia and the lingerie & beauty arm of Marks & Spencers amongst others made their foray into India. Despite healthy leasing trends, retailers maintained cautious approach to retail expansion thereby slowing the pace of new store launches. Developers and landlords mostly held back increase in the rentals across the mall and high street locations to sustain retailer interest. In Mumbai, landlords across select high streets quoted lower rentals to attract retailer demand. 12,537 units launched across the major southern cities in Q RESIDENTIAL New unit launches across the cities of Bangalore, Chennai and Hyderabad registered a decline by about 36% to 12,537 units in Q compared to the previous quarter. Chennai witnessed the highest decline of about 57%. In Hyderabad however, the number of unit launches remained undeterred. In terms of distribution of new launches among the three cities, Bangalore continued to account for the majority at 71%. New launches across all the three cities were primarily in mid-segment projects and mostly in apartment developments. With respect to capital values, the cities witnessed stabilization barring minor appreciation in Hyderabad s select micro-locations on account of consistent demand. Table 4: Key Residential Project Launches, Q Project Developer Location Type No. of Units BANGALORE Sky View Indya Estates Devanahalli 1,050 Gold Crest Puravankara Off Kanakapura Road 800 Presidential Tower Golden Gate Properties Tumkur Road 376 Elegance Zonasha Off Haralur Road 260 CHENNAI AltisOceanique Altis Properties Muttukadu,East Coast Road 180 Akshara's StepsStone Perumbakkam 90 Geetham Heritage Geetham Foundations Thiruverkadu 80 Masken Heights Vivendi & Greata Velachery 72 HYDERABAD APR Pranav Antilia Praneeth Developers Bachupally, Miyapur Villa 600 Fortune Prime Sri Sreenivasa Constructions Madhapur 314 6

7 BANGALORE 3.74 million sqft office space absorption; moderate launches in the residential sector OFFICE Bangalore s commercial market witnessed approximately 3.74 million sqft absorption during Q Outer Ring Road micro-location accounted for 62% of the absorption at 2.32 million sqft. Absorption was dominated by the IT/ITeS sector and was primarily in Grade A developments. Quite a few large size transactions in the range of 1,00,000-8,00,000 sqft were observed in the market. Supply was recorded at 2.65 million sqft during Q compared to 0.59 million sqft in the previous quarter. Rental values however, remained stable across all micro-markets. Table 5: Bangalore Office Rental Values *, Q SBD ORR PBD Bangalore North Rental Value (INR/sq ft/month) Grade A Grade B RETAIL The city s retail market continued to witness leasing activities during Q in high street locations. With relatively lower space availabilities across the city s mall developments, leasing was limited to select few malls. Mall projects scheduled to become operational in the later quarters witnessed retailers interest. Retailers like Nike, Hungry Hogs, Roush, Mufti, Montage, Bombay Dyeing, Airtel opened new outlets. Columbia - an international active outdoor apparel and footwear brand and Ed Hardy made their foray into the city with outlets in Phoenix Market City and Forum Mall respectively. Despite contraction in availability, rentals across mall developments continued to remain stable barring a marginal appreciation in Koramangala. Rentals in high street locations too remained stable; with minor fluctuations obeserved in a couple of locations - Brigade Road (decline by 3%) and Jayanagar 11th Main Road (appreciation of 2%). Table 6: Bangalore Retail Rental Values**, Q High Street Brigade Road Commercial Street Church Street MG Road Indiranagar 100 ft Road Jayanagar 11th Main Road Sampige Road, Malleswaram New BEL Road Kamanahalli Main Road ORR (Marathahalli - Sarjapur junction) Bannerghatta Road Yelahanka Main Road RESIDENTIAL New unit launches registered a decline in the city to 8,934 units during Q New launches were spread across the city s various micro-locations. Most of the new launches were in the price range of INR 70 Lakhs Crore and in apartment developments. However, capital values across micro-locations continued to remain stable. Central Off-Central Bannerghatta Road Hosur Road Sarjapur Road Whitefield Bangalore North Tumkur Road Mysore Road Kanakapura Road Old Madras Road Rental Value* Mall Spaces Magrath Road Cunningham Road Vittal Mallya Road Koramangala Whitefield Bannerghatta Road Mysore Road Rajarajeshwari Nagar Rajaji Nagar Malleswaram Table 7: Bangalore Residential Capital Values for s, Q Capital Value (INR/sq ft) 9,000-25,000 5,500-13,000 3,000-6,300 3,300-5,500 4,500-8,000 4,000-8,000 3,800-11,500 2,800-5,000 3,200-4,200 3,500-6,300 3,000-4,600 Rental Value* *(INR/sqft/month) ** Retail rental values mentioned are for Ground floor store of 1,000 sqft on carpet with * Office rentals mentioned are for Warm Shell spaces an efficiency of 80% for high streets and 65% for malls. 7

8 CHENNAI 0.8 million sqft of office space absorption; 2,689 new residential unit launches OFFICE Chennai s commercial office market witnessed 0.80 million sqft of absorption during Q The Off and locations accounted for approximately 76% of the absorption. Space take-up mostly comprised of medium size transactions in the range of 10,000-25,000 sqft. IT parks witnessed good space take-up accounting for almost 77% of the transactions recorded for this quarter. Supply was recorded at 0.57 million sqft; comprising of SEZ and small standalone developments. Most of the supply was concentrated in the PBD micro-locations. Rental values however, were observed to remain stable across all micro-markets. Table 8: Chennai Office Rental Values *, Q PBD Off SBD OMR GST Rental Value (INR/sqft/month) Grade A Grade B Table 9: Chennai Retail Rental Values **, Q High Street Khadar Nawaz Khan Road Nungambakkam High Road R K Salai Usman Road South Usman Road North Pondy Bazaar Adyar Main Road Annanagar Second Avenue Velachery Purusuvakam High Road RESIDENTIAL The city s residential market witnessed a dip in new launches in Q as compared to the previous quarter at approximately 2,689 units. New launches were mostly in the apartment category with very few villa development offering. Most of the new projects launched were in the mid segment category ranging between INR 40 lakhs - 60 lakhs. Capital values continued to remain stable. Table 10: Chennai Residential Capital Values, Q Central Rental Value* Mall Spaces Whites Rd R K Salai Mount Road Nelsanmanickam Rd Velachery Vadapalani Capital Value (INR/sqft) 10,000-28,000 Rental Value* *(INR/sqft/month) RETAIL With further deferment of the specialty mall Gold Souk in Vandalur to 2015, no new mall is expected to become operational in the city during Leasing activities remained active and was dominated by retailers across sections; from supermarkets to department stores to lifestyle and apparel. High streets witnessed retailers like Reliance Trends, Nilgiris, Presto, Reebok among others expanding operations. The mall developments, on the other hand, were characterized by restricted leasing activities on account of lack of supply. Despite continued demand in the high streets and absence of new mall supply, rentals remained stable across both malls and high street locations. Metro rail construction work across the city also impacted the retail scenario resulting in reduction of footfalls and restrained retailers interest in locations where construction was underway. Off - Central OMR GST NH - 4 4,500-12,000 5,000-6,000 3,500-5,000 2,500-4,500 **Retail rental values mentioned are for Ground floor store of 1,000 sqft on carpet with *Office rentals mentioned are for Warm Shell spaces an efficiency of 80% for high streets and 65% for malls1,000 sqft on carpet with an efficiency of 80% for high streets and 65% for malls. 8

9 HYDERABAD Conservative office space infusion & absorption; residential launches continue OFFICE Hyderabad s office market was characterized by conservative supply at approximately 0.31 million sqft in Q The entire new supply was in Grade B space comprising of small standalone developments. SBD location of Banjara Hills accounted for a major share in the supply followed by PBD (West) micro-locations. Absorptions reduced substantially to 0.30 million sqft in Q compared to 0.68 million sqft in the previous quarter. PBD (West) micro-locations accounted for about 70% of the absorptions. Most of the office space demand in the city was observed for small size requirements in the range of 5,000-15,000 sqft. Rentals remained stable across most micro-locations barring PBD (West) on account of subdued demand levels. Marginal upward movement in the rentals was witnessed in PBD (West) micro-locations for both Grade A and B spaces on account of good space take-ups and consistent demand. Table 11: Hyderabad Office Rental Values *, Q Table 12: Hyderabad Retail Rental Values **, Q High Street M.G. Road Begumpet Banjara Hills Rd. 1 Banjara Hills Rd. 2 Panjagutta Jubilee Hills Rd. 36 AS Rao Nagar Madhapur Kukatpally Rental Value* Mall Spaces NTR Gardens Banjara Hills Madhapur Rental Value* *(INR/sqft/month) RESIDENTIAL The city witnessed launch of approximately 914 new units across two residential projects. Of the two projects launched, one was a villa development in the mid segment category while the other was an apartment project in the premium segment. Quite a few projects are in the pre-launch stage, scheduled to be formally launched in Q Demand persisted for Madhapur, Gachibowli and Kukatpally micro-locations resulting in appreciation in the capital values. However, capital values across most other micro-locations continued to remain stable. SBD PBD (West) PBD Rental Value (INR/sqft/month) Grade A Grade B Table 13: Hyderabad Residential Capital Values, Q Micro - location Capital Value (INR/sqft) Banjara Hills 4,000-8,500 Jubilee Hills 4,000-8,000 Himayath Nagar 3,000-4,500 Maredpally 3,000-5,000 RETAIL Approximately 0.7 million sqft of new mall supply (across 2 malls) scheduled for Q stands deferred to later quarters. Leasing activities was mostly observed in the high street locations dominated by apparel, lifestyle, electronics and food & beverage retailers. Retailers like Zodiac, ASUS, Mochi, Revlon and PHD (Pizza Hut Delivery) expanded their operations. Rentals across the city s malls remained stable on account of conservative retailer demand. Despite marginal scarcity in suitable options and consistent demand in high streets; rentals continued to remain stable, capitalizing on the existing demand. Begumpet, Somajiguda Madhapur, Gachibowli Kukatpally 3,000-5,000 3,600-6,000 3,200-4,500 *Office rentals mentioned are for Warm Shell spaces **Retail rental values mentioned are for Ground floor store of 1,000 sqft on carpet with an efficiency of 80% for high streets and 65% for malls. 9

10 MUMBAI Approximately 1 million sqft of office space absorption; softening in retail rental continues OFFICE Mumbai witnessed 0.97 million sqft of office space supply in Q The supply was concentrated in the Western Suburbs and Off locations. Absorption was recorded at approximately 1 million sqft. Continued supply infusion during the last two quarters coupled with comparatively conservative demand levels pressurized the rentals in most micro-locations. registered a decline in view of relatively good rentals and availability of quality space options in the Off- and suburban markets. However, other micro-locations continued to maintain the rentals at the same level. Rentals recorded softening in high street locations of South Mumbai, Linking Road & Eastern Suburbs to divert retailer demand from mall developments to high streets. Mall rentals across most of the city remained stable with the exception of Eastern suburbs, where continued interest in mall developments led to an appreciation in the rentals. Table 15: Mumbai Retail Rental Values **, Q South Mumbai Linking Road- Juhu BKC Western Suburbs Eastern Suburbs Navi Mumbai High Street Rental Value (INR/sqft/month) Mall Rental Value (INR/sqft/month) Table 14: Mumbai Office Rental Values *, Q Off BKC Western Suburbs Eastern Suburbs Navi Mumbai Rental Value Grade A (INR/sqft/month) RETAIL No new mall became operational in Mumbai during Q Leasing activities remained active across the existing malls and high street locations, dominated by apparel and lifestyle retailers. The high streets witnessed retailers like Minawala, Biba, Roush among others opening their outlets. Zara opened new outlets in the mall developments. Marks & Spencers opened its first lingerie and beauty store in India at Mumbai during Q Moreover, the retail market in Mumbai also witnessed new entrants with specialized retail outlets like Starfish Kids Salon and ITS OUR STUDIO. *Office rentals mentioned are for Warm Shell spaces **Retail rental values mentioned are for Ground floor store of 1,000 sqft on carpet with an efficiency of 80% for high streets and 65% for malls. 10

11 OUTLOOK As per International Monetary Fund, India s GDP growth for is likely to be around 5.4%. Poor performance of the country's manufacturing sector, coupled with high inflation rate has adversely impacted the economic growth. However, with rupee strengthening against US dollar, increased capital inflows and political stability, the economy is expected to revive with various business constituents expressing increased confidence. The Union Budget too has directed positive measures by increasing emphasis on infrastructure development, drawing up plans for 100 smart cities, promoting economic hubs besides granting incentives to manufacturing sector to increase production which in turn will boost job prospects and consumption in the economy. Employers across various sectors have expressed optimistic hiring plans. Increased investor confidence with the revival of the financial markets, expectation of political stability and more clarity on the policy front, are all likely to improve job/ employment prospects in India. In the commercial office space sector, demand is likely to remain upbeat in Rentals are however, likely to remain stable or may undergo minor corrections to capitalize on the existing demand. Increased project completion/supply line-up is likely on account of REITs entering the Indian realty market with revenue earning commercial sector likely be the main area of investment. In the retail domain, government's proposed policy relaxation in FDI is likely to clear ambiguities and will be beneficial for foreign entrants to devise their India strategy. On the other hand, retail market will continue its conservative growth trajectory with retailers being cautious of their expansion strategies and operational aspects. Specialized and niche retailing is likely to gain more prominence. The focus of most retailers will be on drawing up plans for long term sustainability. In view of the conservative demand, retail rentals are likely to undergo correction to attract retailer interest. Rupee value is expected to strengthen further if capital inflows in the market continue. FDI in real estate has been on an upward trend and real estate as an asset class is likely to gain, with more investors anticipated to park their funds. This in turn will increase the liquidity the sector. RBI has maintained the lending and home loan rates with no immediate hike in the offing. Property prices across most cities have remained stable too. Hence, a boost in demand in the residential sector is likely as consumers may expedite their buying plans to take advantage of the low interest rates and stable property prices. With major PE investments in the residential asset class, developers will have easy access to funds thereby ensuring faster delivery of projects. New launches in the residential sector are also likely to continue, however, any major escalation in the property prices can be ruled out in the short to medium term. 11

12 Office: Location Master City Key Locations Bangalore Chennai SBD ORR PBD Bangalore North Off SBD M.G. Road, Kasturba Road, Lavelle Road, V.M. Road, Ulsoor Road, Infantry Road Indiranagar, Koramangala, Inner Ring Road, Old Airport Road, Bannerghatta Road Stretch from Hebbal to Silk Board junction Whitefield, Electronics City, Mysore Road, Bellary Road, Sarjapur Road Bellary Road (Hebbal to BIAL) Anna Salai, Cathedral Road, Dr. R. K. Salai, Nungambakkam, T. Nagar, Alwarpet & Egmore Velacherry, Guindy, Mt. Poonamallee Road, OMR (Madhya Kailash to Tharamani), OMR (Tharamani to Perungudi Toll) Ambattur PBD OMR GST OMR (Perungudi Toll, Thoraipakkam, Shollinganallur, Siruseri, Padur) Shriram, L&T Estancia, Mahindra World City Begumpet, Somajiguda, Raj Bhavan Road & SP Road Hyderabad Mumbai SBD PBD (West) PBD Off- BKC Western Suburbs Eastern Suburbs Navi Mumbai Banjara Hills, Jubilee Hills Madhapur, Gachibowli, Raidurgam, Manikonda, Hi-Tech City Pocharam, Uppal, Shamshabad Fort, Church Gate, Cuff Parade, Colaba Worli, Lower Parel, Prabhadevi Bandra Kurla Complex Andheri, Goregaon, Malad Vikhroli, Powai, Mulund, Thane Vashi, Belapur 12

13 Residential: Location Master City Micro - location Key Locations Bangalore Chennai Central Off-central ORR (Marathahalli-Silk Board Jn) & Sarjapur Road Whitefield Old Madras Road Bangalore North Hosur Road Bannerghatta Road Mysore Road Kanakapura Road Tumkur Road Central Off-Central OMR GST NH-4 MG Road, Kasturba Road, Brunton Road, Lavelle Road, Richmond Road, Residency Road, Frazer Town, Cox Town and Hannes Road Indiranagar, Koramangala, Jayanagar, JP Nagar, Malleswaram, RMV Extension, Sanjay Nagar, RT Nagar, Yeshwathpur, Rajajinagar HSR Layout, ORR (Marathahalli-Silk Board Junction), Sarjapur Road, Haralur Main Road, Kasavanahalli Main Road Whitefield, Brookefield, Mahadevpura, ORR (K.R.Puram to Marathahalli), Varthur Road K.R. Puram, Ramamurthy Nagar, Battarahalli, Sonnenahalli, Hirandahalli, Budigere, Devanahalli-Hoskote Road Banaswadi, HRBR Layout, Hennur Road, Thanisandra Main Road, Bellary Road, Yelahanka, Kogilu, Chokkanahalli, Bagalur Road, Doddaballapur Road, New Town Yelahanka, Jakkur Hosur Main Road, Electronics City, Neeladri, Chandapura, Anekal Bannerghatta Road, Begur, BTM Extention Mysore Road, Kengeri Satellite Town, Vijayanagar, Magadi Road, RR Nagar Kanakapura Main Road, Banashankari Extension and Uttarahalli Tumkur Road, Hessarghatta, Jalhalli, HMT Township Boat Club Road, Poes Garden, Besant Nagar, Annanagar, T. Nagar, R.A. Puram Vadapalani, Saligramam, KK Nagar, Porur, Ambattur, Pallavaram, Medavakkam Madhya Kailash, Perungudi, Thoraipakkam, Sholinganallur, Navalur Tambaram, Vandalur, Potheri, Guduvancherri, Mahindra World City Poonamallee to Sriperumbudur ## Images used are only for representaion purpose only 13