11 September Newsletter 2014 Final

8/10/2019 11 September Newsletter 2014 Final

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Capri Global Capital Limited

September 2014

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Sensex IndexValue (000)

Realty Indexvalue (000)

S&P BSE Realty Index S&P BSE Sensex

Economic and Political Landscape Service sector witnessed marginal improvement in performanceduring the month of September~ HSBC India Services BusinessActivity Index surged to 51.6 in September vis-a-viz 50.6 inprevious month;

Industrial demand remained subdued for second consecutivemonth~ IIP growth dropped to 0.4% in August owing to decline inoutput of capital & consumer goods;

Retail inflation declined to 6.46% in September from 7.8% inAugust on the back of decline in fuel and food prices, meanwhile,WPI inflation also declined to 5 year low of 2.38% in September;&

The Rupee depreciated against the US Dollar as the global reservecurrency continued to strengthen against emerging marketcurrencies over growing concerns for an early hike in US interestrate by the federal reserve.

Policy/Regulatory Decisions The Central Bank in its fourth bi-monthly monetary policystatement maintained a status-quo on its key interest rates,however it reduced liquidity provided under the ECR facility from32% of eligible export credit outstanding to 15% with effect fromOctober 10th2014;&

SEBI notified REITs and Infrastructure Investment Trust regulations2014, thus allowed foreign investors to invest in these instrumentssubject to RBI guidelines.

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Key Global Economic DevelopmentsUS Economysreal GDP increased by 4.6% in Q2 2014~ highestsince 2006 primarily led by upturn in exports and acceleration inconsumer spending;

Chinese Economy growth slowed again in August on the back ofsubdued m-o-m industrial growth of 6.9%~ lowest in last fiveyears; meanwhile, the Japanese Economy continued to witnessedsubdued demand levels triggered by introduction of higherconsumption tax rate in April 2014;&

India and China signed five year trade and economic co-operation pact to improve trade balance~ pact will expected tofacilitate USD 20 billion Chinese investment into India.

Stock Market Performance The benchmark S&P BSE Sensex ended flat for the review perioddue to moderation in FII flows owing to continued geo politicaltensions coupled with concerns over earlier than expected increasein interest rate in the US;&

The BSE Realty Index underperformed other sectoral indices withdecline of over 8% during the review period, primarily due toconsistent selling pressure on leading listed players from NCRregion after the Delhi government increased the circle rate by upto

20%.

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1-Jul 12-Jul 23-Jul 3-Aug 14-Aug 25-Aug 5-Sep 16-Sep 27-Sep

INR/GBPINR/USDINR/YEN

USD YEN GBP

Sources: RBI, SEBI, BSE and CGCL Research

Market Snippets Sept. 2014

Macro Environment

Uneven economic recovery as service sector performance

improved, while IIP growth remained tepid; inflation further

tapered off

Chart 2: Rupee Movement July-Sept)

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1-Sep 5-Sep 9-Sep 13-Sep 17-Sep 21-Sep 25-Sep 29-Sep

USD Billion Net FII Flows (USD Bn)

Chart 3: Stock Indices in September

Chart 1: Net FII Flows in September USD Bn)


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September 2014


City Focus: Mumbai-MMR

Peripheral locations continued to attract investment funds

interest

Real Estate Market Insights

Projects in Suburban locations attracted investments fromresidential focused PE funds

a)IIFL invested INR 2,600 mn in three residential projects basedout of Western Suburbs in form of debt funding;&

b)HDFC Property Fund may partly finance Runwal Group fortransaction in which it is acquiring 24.7 acre land parcel insuburban location from Crompton Greaves Ltd for INR 10.02bn, the Fund is expected to provide INR 2 bn for the aforesaiddeal.

Omkar Realtors signed joint venture agreement with V RahejaGroup to develop luxury residential project on a 7.5 acre landparcel on the Western Express Highway at Andheri (as part ofSRS). Project to have estimated total saleable area of 1.25 mnsft;&

During the review period MMR witnessed launch of more than200 units across 6 projects, primarily in the high end segmentoffering apartments in 1-4 BHK configurations.#

Regulatory/Policy Developments

Maharashtra Cabinet approved cluster development policy forthe Island City, ~kept FSI unchanged owing to pending courtcases;

The State government issued draft rules for formation ofhousing regulatory authority first of its kind in the country;&

Bombay HC verdict empowered State government to act againstlandowners for flouting ULCA, ~ government entitled to recoverexcess land for public housing from private landowners forviolations under the now defunct Act.

Infrastructure Progress

Mumbai Metro updates MMRC finalized nine consortiaeligible for financial bidding post pre-qualification tenders forthe Colaba Bandra Seepz Metro.

Listed DevelopersPerformanceGodrej Properties witnessed highest gain of 5% among citybased developers during September, with market capitalizationof INR 47.02 billion on last trading day of the month. Amongother developers Oberoi Realty witnessed decline of 8% duringthe review period.

Key

Markets

Residential

Capital Values

INR/sq ft)

Change

vis-a- vis

August 2014

Island City

Walkeshwar 63,000-71,900

Cuffe Parade 61,300-69,600

Lower Parel/

Mahalaxmi

33,300-43,000

Worli/Prabhadevi 38,400-40,400

Western Suburbs

Bandra 20,700-60,871

Andheri 11,500-41,508

Goregaon 15,400-18,800

Kandivali/Borivali 13,600-15,400

Central Suburbs

Ghatkopar 14,000-18,300

Mulund 14,400-15,300

Wadala 20,000-20,600

Chembur 17,000-17,400

Sewri 30,300- 33,900

Parel 29,000-30,900

Thane

Manpada 10,400-11,000

Ghodbunder Road 8,500-9,900

Extended Western Suburbs

Dahisar 10,100-14,200

Vasai 4,800-5,000

Nallasopara* 3,600-5,700

Virar 4,500-4,700

Beyond Thane

Dombivli 4,900-7,500

Kalyan 3,900-5,500

Badlapur/Ambernath 2,900-4,400

Karjat 2,800-3,000

Navi Mumbai

Airoli 7,800-16,400

Nerul 10,600-11,400

Vashi 11,600-12,300

Panvel 4,700-5,500

Source: Industry Sources and CGCL ResearchNotes: a.*Monthly rates for this location are not available;b.# Information available as on date of publication from PropEquity

Project Developer Location BHKPrice

INR/

sq ft)Type

BhagtaniParkview

JayceeHomes

Khar (W) 3-4 55,000* A

DevRatna

K.PatelRealty

Matunga 1-3 50,000 A

Table 1: Key Residential Launches in Mumbai

*A: Apartment


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September 2014


City Focus: Delhi-NCR

Developers continued to leverage upon non core assets to

generate cash flows


Renewed trend of divesture of non core assets by leadingdevelopers:

a)Parsvnath Developers sold 140 acres of land parcel in SohnaGurgaon to Supertech Ltd. for INR 6.65 bn to pare of debt;while Anant Raj sold its wholly owned subsidiary GreatwayEstates Ltd. for INR 3.040 bn;&

b)Anant Raj, Unitech and The 3C Company envisaging sale of

built up assets and non core land assets to reduce debt. Leading developers revealed fund raising plans, a case in point Parsvnath Developers sought shareholder nod to raise itsborrowing limit to INR 50 bn, also plans to raise INR 10 billionthrough private placement of NCD;

During the review period, NCR witnessed launch of more than3,600 units across 6 projects, primarily in mid and affordablesegment offering apartments of 1-4 BHK configurations.#


Delhi government increased the circle rate by upto 20%~ movelikely to adversely impact transaction momentum;

Haryana HC cancelled land allotment of 350 acre of land inGurgaon to DLF, directed state government to re-auction land;&

Centre issued draft of the redrawn eco-sensitive zone aroundOkhla bird sanctuary ~ limits no construction zone to just100 min east, west and south direction and 1.27 km in the north.

Infrastructure Progress

Delhi Metro updates LG approved conversion of existing 11stations into integrated transport hubs; Delhi governmentreleased INR 2 billion to DMRC for the construction of Phase III.

Listed DevelopersPerformance

DLF witnessed highest decline of 15% among city baseddevelopers during August, with market capitalization of INR

268.75 billion on last trading day of the month. Among otherNCR based major developers Unitech declined 14% in thereview period.

Key

Markets

Residential

Capital Values

INR/sq ft)

Change

vis-a- vis

August 2014

New Delhi

Greater Kailash 18,100-20,800

Mayur Vihar 13,300-16,200

Patparganj 11,900-12,900

Pitampura 11,500-13,400

Saket 14,100-16,400

Vasant Vihar 27,600-36,800

Gurgaon

Golf Course Road 14,500-15,100

M.G. Road 11,500-11,900

NH-8* 6,100-6,700

Sohna Road 8,200-8,400

Noida

Sector 44 10,300-11,500

Sector 50 7,800-8,100

Sector 93 7,500-7,900

Sector 129, 131 5,000-6,300

Greater Noida

Noida Extension 3,200-3,400

Sector Alpha, Chi, Pi 3,600-4,800

Sector Beta* 3,500-3,800

Yamuna Expressway 2,800-2,900

Ghaziabad

Indirapuram 5,600-6,100

NH 24 2,800-2,900

Raj Nagar Extension 3,100-3,200

Faridabad

Palwal* 2,000-2,700

Sector 75* 3,100-3,800

Suraj Kund 6,600-7,000


INR/sq

ft)Type

AcropolisChintelGroup

Gurgaon 3 6,250 A

BrysIndihomz

BrysGroup

GreaterNoida

1-4 2,460 A

Table 2: Key Residential Launches in Delhi-NCR

*A: Apartment

Source: Industry Sources and CGCL Research

Notes: a.*Monthly rates for this location are not availableb.# Information available as on date of publication from

PropEquity


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September 2014


City Focus: Bengaluru

Citys investment activity led by Grade commercial and

land assets

Real Estate Market Insights Increased interest in joint development mode for real estateprojects City based Brigade Enterprises and Singapore basedSWF GIC to jointly invest INR 15 bn in developing housingprojects across South India;

Land transaction activity in the city witnessed some traction Shriram Properties acquired 56 acre land parcel on Old MadrasRoad for INR 1,550 mn; it also paid INR 750 mn for jointownership rights for the 5 acre land partly owned by UnitechGroup at JP Nagar;

BDA decided to increase pricing in its seven housing projects for2-3 BHK apartments to factor in increased cost of construction;

City remained preferred choice of MNCs for investment inGrade A commercial assets a case in point, Goldman Sachsinvesting INR 12 bn to jointly develop its Bengaluru campuswith Kalyani Developers on ORR;&

During the review period, the city witnessed launch of morethan 900 units across 5 projects; primarily in mid andaffordable segment offering apartments in 1-3 BHKconfigurations with capital values in range of INR 2,900-5,700sft.#

Infrastructure ProgressGreen nod for Phase II expansion of Kempegowda InternationalAirport BIAL accorded environmental clearance to commenceconstruction work;&

Central government approved INR 30 billion proposal toconvert Bangalore Mysore road into six lane national highway.

Listed DevelopersPerformance Puravankara witnessed highest gain of 11% on pan India basisduring September with market capitalization of INR 24.30billion as on last trading day of month;&

Among other major developers, Sobha Developers observeddecline to the tune of 11% during the review period.

Key

Markets

Residential

Capital Values

INR/sq ft)

Change

vis-a- vis

August 2014

Central Bengaluru

Lavelle Road* 16,200-20,900

M. G. Road 12,400-15,300

Palace Road* 13,600-28,000

Richmond Road*

8,800-19,000 North East Bengaluru

Hebbal 5,300-5,600

Hennur 5,200-16,500

Indiranagar* 6,900-10,300

K. R. Puram 3,400-3,500

Whitefield* 4,700-5,300

North West Bengaluru

Jalahalli* 3,900-4,300

Malleshwaram 10,700-11,900

RMV Extension 6,100-8,500

Sanjay Nagar 6,200-7,000

Tumkur Road* 5,000-5,500

Yelahanka 4,300-4,500

South East Bengaluru

Electronic City* 3,300-3,400

Hosur Road 3,700-4,000

Koramangala 6,900-7,600

Marathalli 3,400-5,800

Old Madras Road 4,400-4,600

Sarjapur Outer Ring

Road*4,500-6,600

Sarjapur Road 4,100-4,700

South West Bengaluru

Bannerghatta Road* 4,300-4,900

Jayanagar* 6,800-7,300

J. P. Nagar 3,600-7,200

Kanakpura Road 4,100-4,300

Mysore Highway 4,100-4,300


INR/

sq ft)Type

GulmoharPrestigeGroup

Hormavu 2-3 4,500 A

SalarpuriaCredenza

SalarpuriaSattva Kudlu 1-3 4,990 A

Table 3: Key Residential Launches in Bengaluru

*A: Apartment Source: Industry Sources and CGCL Research

Notes: a.*Monthly rates for this location are not availableb.There were no major regulatory/policy development inBengaluru city during the review periodc.#Information available as on date of publication fromPropEquity


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September 2014


City Focus: Chennai

Peripheral locations in the city led the residential real estate

activity

Real Estate Market Insights Increased traction witnessed in residential market of East CoastRoad owing to its strategic location and well developedconnectivity to the Rajiv Gandhi Salai coupled with availabilityof quality housing options;&

During the review period Chennai witnessed launch of around400 units across four projects; primarily in the mid andaffordable segment offering apartments of 1-3 BHKconfigurations. Projects launched at capital values in the rangeof INR 4,150-4,295 per sq.ft.#

Infrastructure Progress Tamil Nadu Government cleared mega infrastructure project ofMadurai Tuticorin Industrial corridor with total investment outlayof INR 1,830 bn. Further the state government revealed plansto set up a financial institution to support funding for largeinfrastructure projects;&

Construction work of a flyover commenced on second phase ofOuter Ring Road connecting Nemilichery and Thiruvottiyur~project to be completed by September 2016.


Mahindra Lifespaces witnessed decline of 6% duringSeptember, in line with decline observed by leading developersduring the review period. However, the stock outperformed therealty index; with market capitalization of INR 21.01 billion ason the last trading day of the month.

Key

Markets

Residential

Capital Values

INR/sq ft)

Change

vis-a- vis

August 2014

North East Chennai

Tondiarpet* 3,300-5,000

Egmore* 12,100-14,100

North West Chennai

Poonamallee 3,300-4,700

Anna Nagar 8,200-11,800

Ambattur 4,000-4,300

Korattur 5,500-6,300

Perambur 5,300-5,600

Kolathur 4,500-5,000

Nungambakkam 13,500-15,600

Kilpauk 12,300-13,300

Mogappair 5,700-6,200

South East Chennai

Adyar 13,700-15,200

Alwarpet 15,300-18,800

Perungudi 6,000-6,400

Perumbakkam 3,800-4,100

R.A. Puram 18,100-27,000

Sholinganallur* 4,400-4,800

Velachery 6,700-7,400

South West Chennai

Anakaputhur* 3,500- 3,700

Chrompet 4,500-4,800

Guduvancheri 3,200-3,400

Porur 4,900-5,200

Urapakkam 3,400-4,400

Vadapalani* 6,400-7,900


INR/

sq ft)Type

AdwitiyaJain

HousingAmbattur 1-3 4,295 A

ArjunGarden

KocharProperties

Gerugambakkam 2 4,150-4,250

A

Table 4: Key Residential Launches in Chennai

*A: Apartment


Notes: a.*Monthly capital values of these locations is not availableb. #Information available as on date of publication from PropEquityc. There were no major regulatory/policy developments in Chennaicity during the review period


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September 2014


City Focus: Pune

City witnessed significant investment activity across all built

up assets


Bengaluru based Nitesh Esates acquired one million sft PlazaCentre Mall in Koregaon Park for INR 3 bn from Israelibillionaire Mordechai Zisser;

Bengaluru based Sobha developers announced plans to investINR 2,500 mn in Pune by developing new projects through jointventures with local developers;

PE firm Blackstone acquired SEZ in Pune from IDFC Alternative

Ltd for INR 11 bn (the deal also included IT Park in Noida).With this transaction IDFC fund exited its proprietary IndiaOffice Fund with IRR of 22%;

Integrated township projects continued to gain traction in thecity, especially with launch of large scale projects such as Pride World City launched by Pride Group at Charholi spreadacross 400 acres entailing total investment of INR 65 bn and 25mn sft of build up area;&

During the review period, the city witnessed launch of morethan 1,100 units across three projects primarily in the mid endsegment, offering apartments in 1-3 BHK configurations.Capital values of the launched projects were in the range of INR5,500-7,150 per sft.#

Listed DevelopersPerformanceCity based D.S Kulkarni Developers recorded highest gain on apan-India basis during September at 25%, in contrast withdecline observed by leading developers. The stockoutperformed the realty index; with market capitalization of INR2,220 mn on the last trading day of the month;&

City based Kotle Patil Developers recorded marginal gain of 1%during the review period.

Key

Markets

Residential

Capital Values

INR/sq ft)

Change

vis-a- vis

August 2014

North East Pune

Koregaon Park 11,100-11,800

Kalyani Nagar 9,500-10,200

Kharadi 5,900-6,700

Vishrantwadi 5,500- 5,800

Wagholi 3,600-6,000

North West Pune

Aundh 7,900- 13,100

Akurdi 5,100-5,400

Baner 7,100-8,300

Nigdi* 5,400-6,100

Kiwale 4,200-4,500

Wakad 5,800-6,500

Pimpri 5,400-5,700 Hinjewadi 5,500-5,600

Balewadi 6,100-7,400

Bhosari 3,900-4,600

Ravet 5,000-5,100

Tathawade 4,900-5,300

South East Pune

Mukund Nagar 11,300-21,000

Karvenagar 8,700-10,300

Pisoli 3,900-4,100

Kondhwa 4,900-5,000

Salisbury Park 10,900-12,400

Lulla Nagar 6,900-9,500

Hadapsar 5,100-5,300

South West Pune

Erandwane 12,600-13,200

Karve Road 11,600-13,100

Dhayari 5,000-5,300

Kothrud 9,000-9,500


b. There were no major infrastructure and regulatory/policydevelopment in Pune city during the review periodNotes: b. #Information available as on date of publication fromPropEquity


INR/

sq ft)Type

NyatiMeadows(Phase II)

NyatiGroup

Wadgaon-Sheri

2-3 7,150 A

LeisureTown

Well WisherGroup

Hadapsar 1-35,500-9,000

A

Table 5: Key Residential Launches in Pune

*A: Apartment


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September 2014


City Focus: Hyderabad

State government continued to strive for a conducive policy

environment

Real Estate Market Insights In a bid to reinvigorate real estate development in the region,State government is in the process of establishing an investorfriendly environment, a case in point Chief Minister K.C.Raoannounced that the State government is finalizing its newindustrial policy aimed at attracting higher investments. Furtherthe government identified about five lakh acre of land whichcan be readily usable for setting up industries and othercommercial activities;

GMR Group revealed plans to set up INR 7,500 mn expo cum convention centre in close proximity of Rajiv GandhiInternational Airport;&

Renewed interest in Grade A commercial leasing, a case inpoint Deloitte envisaging to lease 1.4 mn sft of office spacefor its BPO operations.


State government is planning to make installation of roof topsolar panels mandatory for new buildings in Hyderabad.

Infrastructure ProgressHyderabad metro updates

a)First phase of the 8 km stretch connecting Nagole andMettuguda section expected to be commissioned by March2015.


Among city based listed developers, Manjeera Constructionswitnessed gain of 14% during September, with marketcapitalization of INR 775 million on the last trading day of themonth.

Key

Markets

Residential

Capital Values

INR/sq ft)

Change

vis-a- vis

August

2014

North East Hyderabad

Uppal 2,300-2,500

Nacharam 2,800-3,300

AS Rao Nagar 2,300- 2,400

Bowenpally 2,500-2,800

Sainikpuri 2,300-2,600

North West Hyderabad

Somajiguda 5,200- 5,900

Begumpet 4,500-5,100

Jubilee Hills* 4,600-5,200

Banjara Hills 6,600-7,100

Ameerpet 3,900-4,300

Kukatpally 3,400-3,700

Madhapur 4,600-4,800

Kondapur 3,000-5,500

Gachibowli 4,300-4,800

Miyapur 3,000-3,400

Nizampet* 2,200-3,400

Nallagandla 3,100-3,400

Chandanagar*

3,000-4,400 Kompally 2,500- 2,600

Bachupally* 2,400- 2,800

South East Hyderabad

Himayath Nagar 4,600- 5,200

Nagole 2,600-2,700

Hyderguda* 3,400-3,700

South West Hyderabad

Manikonda 2,800-3,000

Rajendra Nagar 2,800-3,000

Project Developer Location BHK

Price

INR/

sq ft)Type

BellezzaLodhaGroup

KPHB 3-4 6,300 A

Table 6: Key Residential Development in Hyderabad

*P: Plots; A: Apartment; NA: Not Applicable

Source: Industry Sources and CGCL ResearchNotes: a.#Information available as on date of publication from PropEquityb. There are no new launches during the review period


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September 2014

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Contact Us

Viswajit Srinivasan

Director Business DevelopmentWholesale LendingCapri Global Capital Limited4thFloor Merchant Chambers41, Sir Vithaldas Thackersey MargNew Marine LinesMumbait:+91 22 4088 8100

e:[email protected]

For business and other information related enquiries, please contact:

Ashish Khanna

Deputy Manager India ResearchWholesale LendingCapri Global Capital Limited2ndFloor, B1/H9 BuildingMohan Cooperative Industrial EstateMathura RoadNew Delhit:+91 11 4777 3000

e: [email protected]

Notes

Pricing: Capital values provided are on saleable area and are representative of residential units in multi-storied apartments

Abbreviations: BDA: Bangalore Development Authority; BIAL: Bangalore International Airport Ltd.; Bn: Billion; CBD: Central Business District; DMRC:Delhi Metro Rail Corporation; ECR: Export Credit Refinance; FII: Foreign Institutional Investor; FSI: Floor Space Index; HC: High Court; IIP: Index ofIndustrial Production; IRR: Internal Rate of Return; LG: Lieutenant Governor; MMR: Mumbai Metropolitan Region; MMRC: Mumbai Metro RailCorporation; Mn: Million; MNC: Multinational Company; NCD: Non convertible debenture; NCR: National Capital Region; ORR: Outer Ring Road;PE: Private Equity; RBI: Reserve Bank of India; REIT: Real Estate Investment Trust; SEBI: Securities and Exchange Board of India; SEZ: Special EconomicZone; sft: square feet; SRS: Slum redevelopment scheme; SWF: Sovereign Wealth Fund; ULCA: Urban land ceiling act.

Disclaimer: The information presented in this document is in summary form and is therefore intended for general interest and understanding only.

We at CGCL confirm that information contained herein, including projections, has been obtained from reliable sources. While we do not doubt theiraccuracy, we have not yet verified them and make no guarantee, warranty or representation about them. It is not intended to be a substitute fordetailed research or the exercise of professional judgment. Nether CGCL nor any other member of the CGCL subsidiaries can accept anyresponsibility for loss occasioned to any person acting or refraining from action as a result of any material in this publication. On any specific matter,reference should be made to the appropriate advisor. Also, this information is offered entirely for use by CGCL clients and professionals and all rightsto the material are reserved and cannot be reproduced without prior written consent.

Website: www.cgcl.co.in

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11 September Newsletter 2014 Final

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