Residential Snapshot Q4 2016 Ahmedabad MARKETBEAT www.cushmanwakefield.com Economy Recorded at 7.3% for the July-September quarter, India’s GDP was up from 7.1% in the preceding quarter. In October, the Consumer Price Index (CPI), a key price indicator of the Reserve Bank of India (RBI) for policy purposes, was seen at 4.2% - slumping to a 14-month low – on the back of lower food inflation. The stable inflation rate had raised hopes of a rate cut in the benchmark interbank lending rate by the RBI in December, but this did not materialize given a slowdown in overall economic activity post the implementation of a currency demonetization exercise by the Indian government. However, the demonetization has resulted in excess liquidity with banks, prompting several banks to reduce their term-deposit rates. The banks may pass on the reduced cost of funds in the form of cheaper home loan rates to customers over the next few months. Further, demonetization has increased expectations of a price cut in the secondary and investor-driven markets. Following the rationalization, a pick-up in residential sales is anticipated in the second half of 2017. Market Overview Unabated launch activity; focus on West Peripheral submarket. Ahmedabad witnessed nearly 2,700 unit launches during the fourth quarter of 2016, registering a mere 1% decline q- o-q. While launch activity continued at similar levels, average number of units per project increased from 253 in the previous quarter to 343 in the current quarter, indicating a trend of launching large-sized projects. Majority (43%) of the quarterly unit launches were spread across locations such as Bopal and Shela in West Peripheral submarket, which continued to attract developers interest due to steady demand driven by well developed physical and social infrastructure. Affordable segment dominated. Affordable segment formed nearly two-third of the quarterly unit launches, nearly 80% of which were concentrated in Ranip (North submarket) and Odhav (East submarket) due to land availability at relatively lower prices. Capital and rental values remained stable. Both capital and rental values maintained status-quo across all submarkets. Outlook Launch activity likely to decline. The number of unit launches is likely to be subdued in the upcoming quarter as developers are likely to adopt a wait and watch strategy, given the existing high unsold inventory levels and the impending enforcement of RERA. RENTAL VALUES AS OF Q4 2016 High-End Segment Submarket Average Quoted Rent (INR/Mth) % Change From Short Term Outlook 3 Mth Ago 1 Yr Ago Central 20,000-100,000 0% 0% West 18,000-100,000 0% 0% Mid Segment Central 7,000-25,000 0% 0% North 5,000-12,000 0% 0% South 4,500-15,000 0% 0% West 8,000-30,000 0% 0% West Peripheral 8,000-30,000 0% 0% East 4,000-12,000 0% 0% CAPITAL VALUES AS OF Q4 2016 High-End Segment Submarket Average Quoted Rate (INR/sf) % Change From Short Term Outlook 3 Mth Ago 1 Yr Ago Central 5,500-8,000 0% 0% West 5,500-8,000 0% 0% Mid Segment Central 4,500-6,500 0% 0% North 2,700-4,500 0% 0% South 1,900-5,000 0% 0% West 3,500-6,500 0% 0% West Peripheral 2,800-5,500 0% 0% East 1,800-4,000 0% 0% Increase Decrease Stable
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MARKETBEAT Residential Snapshot Q4 2016 Snapshot Q4 2016 BENGALURU, INDIA MARKETBEAT CAPITAL VALUES AS OF Q4 2016 High-End Segment Submarket Average Quoted Rate (INR/Sf) % Change From
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Residential Snapshot Q4 2016Ahmedabad
MARKETBEAT
www.cushmanwakefield.com
EconomyRecorded at 7.3% for the July-September quarter, India’s GDP
was up from 7.1% in the preceding quarter. In October, the
Consumer Price Index (CPI), a key price indicator of the Reserve
Bank of India (RBI) for policy purposes, was seen at 4.2% -
slumping to a 14-month low – on the back of lower food inflation.
The stable inflation rate had raised hopes of a rate cut in the
benchmark interbank lending rate by the RBI in December, but
this did not materialize given a slowdown in overall economic
activity post the implementation of a currency demonetization
exercise by the Indian government. However, the demonetization
has resulted in excess liquidity with banks, prompting several
banks to reduce their term-deposit rates. The banks may pass on
the reduced cost of funds in the form of cheaper home loan rates
to customers over the next few months. Further, demonetization
has increased expectations of a price cut in the secondary and
investor-driven markets. Following the rationalization, a pick-up in
residential sales is anticipated in the second half of 2017.
Market OverviewUnabated launch activity; focus on West Peripheral
submarket. Ahmedabad witnessed nearly 2,700 unit launches
during the fourth quarter of 2016, registering a mere 1% decline q-
o-q. While launch activity continued at similar levels, average
number of units per project increased from 253 in the previous
quarter to 343 in the current quarter, indicating a trend of
launching large-sized projects. Majority (43%) of the quarterly unit
launches were spread across locations such as Bopal and Shela
in West Peripheral submarket, which continued to attract
developers interest due to steady demand driven by well
developed physical and social infrastructure.
Affordable segment dominated. Affordable segment formed
nearly two-third of the quarterly unit launches, nearly 80% of
which were concentrated in Ranip (North submarket) and Odhav
(East submarket) due to land availability at relatively lower prices.
Capital and rental values remained stable. Both capital and
rental values maintained status-quo across all submarkets.
OutlookLaunch activity likely to decline. The number of unit launches is
likely to be subdued in the upcoming quarter as developers are
likely to adopt a wait and watch strategy, given the existing high
unsold inventory levels and the impending enforcement of RERA.
<CITY> OFFICERENTAL VALUES AS OF Q4 2016
High-End Segment
Submarket Average Quoted
Rent (INR/Mth)
% Change From Short Term
Outlook3 Mth
Ago
1 Yr Ago
Central 20,000-100,000 0% 0%
West 18,000-100,000 0% 0%
Mid Segment
Central 7,000-25,000 0% 0%
North 5,000-12,000 0% 0%
South 4,500-15,000 0% 0%
West 8,000-30,000 0% 0%
West Peripheral 8,000-30,000 0% 0%
East 4,000-12,000 0% 0%
CAPITAL VALUES AS OF Q4 2016
High-End Segment
Submarket Average Quoted
Rate (INR/sf)
% Change From Short Term
Outlook3 Mth
Ago
1 Yr Ago
Central 5,500-8,000 0% 0%
West 5,500-8,000 0% 0%
Mid Segment
Central 4,500-6,500 0% 0%
North 2,700-4,500 0% 0%
South 1,900-5,000 0% 0%
West 3,500-6,500 0% 0%
West Peripheral 2,800-5,500 0% 0%
East 1,800-4,000 0% 0%
Increase DecreaseStable
Residential Snapshot Q4 2016Ahmedabad
MARKETBEAT
www.cushmanwakefield.com
About Cushman & WakefieldCushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way
people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and
global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield
is among the largest commercial real estate services firms in the world with revenues of $5 billion across core
services of agency leasing, asset services, capital markets, facilities services (branded C&W Services), global
Building Location Developer Units Launched Rate* (INR/SF)
Ashray 10 Ranip Keval Vision Buildcon 790 2,057
Sayaji Samruddhi Odhav Sayaji Real Estate 646 1,877
Significant Projects Under Construction in Q4 2016
Building Location Developer Est. Number Of Units Expected Completion
Aaryan Gloria Bopal Aaryan Builders 560 Q1 2017
Ratnaakar Beaumonde Vastrapur Nishant Construction 55 Q1 2017
Significant Construction Completions in Q4 2016
Building Location Developer Est. Number Of Units Unit Size (SF)
Silver Casa
Indraprastha Kadamb
Thaltej
Prahladnagar
Avirat Group
Deep Group
176
42
1,180
3,000
NOTES
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges,
etc.
The above values for high-end segment are for units typically of 1,600-3,000 sf
The above values for mid segment are for units typically of 900-1,800 sf
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges, etc.
The above values for high-end segment are for units typically of 2,000-4,000 sf
The above values for mid segment are for units typically of 1,600-2,000 sf
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges, etc.
The above values for high-end segment are for units typically of 2,000-4,000 sf
The above values for mid segment are for units typically of 1,600-2,000 sf
Significant Projects Under Construction in Q4 2016
Building Location Developer Est. Number Of Units Expected Completion
Capital Greens Ph-2 Delhi DLF 1,248 Q1 2017
Diplomatic Greens Ph-1 Gurgaon Puri Construction 300 Q1 2017
Significant Construction Completions in Q4 2016
Building Location Developer Est. Number of Units Unit Size (SF)
Paras Seasons Noida Paras Buildtech 300 650 – 2,100
NOTES
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges,
etc.
The above values for high-end segment are for units typically of 2,000-4,000 sf
The above values for mid segment are for units typically of 1,600-2,000 sf
KEY TO SUBMARKETS
High-end Segment
South-west: Shanti Niketan, Westend, Anand Niketan, Vasant Vihar, etc.
South-east: Friends Colony East, Friends Colony West, Maharani Bagh, Greater Kailash – I, Greater Kailash – II, etc.
South-central: Defence Colony, Anand Lok, Niti Bagh, Gulmohar Park, Hauz Khas Enclave, Safdarjung Development Area, Mayfair Gardens, Panchsheel Park, Soami
South-east: New Friends Colony, Kalindi Colony, Ishwar Nagar, Sukhdev Vihar, Kailash Colony, Pamposh Enclave, etc.
South-central: Uday Park, Green Park, Saket, Asiad Village, Geetanjali Enclave, Safdarjung Enclave, Sarvapriya Vihar, Panchsheel Enclave, Navjeevan Vihar, etc.
Gurgaon: Sohna Road (Sectors 38, 47-49), Southern Peripheral Road, New Gurgaon, Dwarka and Sohna
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges, etc.
The above values for high-end segment are for units typically of 2,000-4,000 sf
The above values for mid segment are for units typically of 1,600-2,000 sf
Residential Snapshot Q4 2016KOLKATA, INDIA
MARKETBEAT
www.cushmanwakefield.com
RENTAL VALUES AS OF Q4 2016
High-End Segment
Submarket Average Quoted
Rent (INR/Mth)% Change From Short Term
Outlook3 Mth
Ago
1 Yr Ago
South 63,000-85,000 0% 0%
South-central 100,000-165,000 0% 0%
South-east# 40,000–85,000 0% 0%
South-west 100,000-185,000 0% 0%
Central 85,000-155,000 0% 0%
East 38,000-68,000 0% 0%
North 35,000-70,000 0% 0%
North-east 43,000-66,000 0% 0%
Mid Segment
South 20,000-35,000 0% 0%
South-central 28,000-36,000 0% 0%
South-east# 20,000-35,000 0% 0%
North-east# 15,000-25,000 0% 0%
North 16,500-31,000 0% 0%
EconomyRecorded at 7.3% for the July-September quarter, India’s GDP
was up from 7.1% in the preceding quarter. In October, the
Consumer Price Index (CPI), a key price indicator of the Reserve
Bank of India (RBI) for policy purposes, was seen at 4.2% -
slumping to a 14-month low – on the back of lower food inflation.
The stable inflation rate had raised hopes of a rate cut in the
benchmark interbank lending rate by the RBI in December, but
this did not materialize given a slowdown in overall economic
activity post the implementation of a currency demonetization
exercise by the Indian government. However, the demonetization
has resulted in excess liquidity with banks, prompting several
banks to reduce their term-deposit rates. The banks may pass on
the reduced cost of funds in the form of cheaper home loan rates
to customers over the next few months. Further, demonetization
has increased expectations of a price cut in the secondary and
investor-driven markets. Following the rationalization, a pick-up
in residential sales is anticipated in the second half of 2017.
Market OverviewNew launches continued at a sturdy momentum. The fourth
quarter witnessed a 22% increase in new unit launches over the
previous quarter and stood at nearly 4,100 units. Average
number of units per project increased from 304 in the previous
quarter to 582 in the current quarter, indicating a trend of
launching large-sized projects. The north-east micro-markets of
Hatisala, Newtown and Rajarhat witnessed almost all (98%) the
launches during the quarter.
Affordable segment constituted 93% of the total new launches,
with developers maintaining a high thrust on this segment. The
segment noted a sharp increase of 37 percentage points from
the previous quarter. On an annual basis, the share of launches
in the mid segment reduced significantly from 66% in 2015 to
23% at the end of 2016.
Capital and rental values maintained status quo.
Capital values in both high-end and mid segments remained
stable during the quarter. Rental values also remained broadly
unchanged from the previous quarter due to steady demand and
adequate availability in the market.
OutlookPrices likely to remain range-bound. Capital and rental values
are expected to remain stable over the next quarter. With RERA
in the offing, developers are expected to increase focus on
completing under-construction projects.
CAPITAL VALUES AS OF Q4 2016
High-End Segment
Submarket Average Quoted
Rate (INR/sf)% Change From Short Term
Outlook3 Mth
Ago
1 Yr Ago
South 7,500-13,000 0% 0%
South-central 12,500-18,500 0% 0%
South-east 6,200-12,500Cap 0% 6%
South-west 12,000-17,000 0% 0%
Central 12,000-19,500 0% 0%
North 6,500-9,500 0% 0%
East 5,000-7,750 0% 0%
North-east 4,350-6,500 0% 0%
Mid Segment
South 4,000-6,700 0% 0%
South-central 5,900-9,250 0% 0%
South-east 3,000-5,550 0% 0%
North-east 2,900-4,250 0% 0%
North 3,150-6,200 0% 0%
Increase Stable Decrease
# Rental values have been recalibrated historically in Q2 2016
Residential Snapshot Q4 2016KOLKATA, INDIA
MARKETBEAT
www.cushmanwakefield.com
About Cushman & WakefieldCushman & Wakefield is a global leader in commercial real estate services, helping clients transform the way
people work, shop, and live. The firm’s 43,000 employees in more than 60 countries provide deep local and
global insights that create significant value for occupiers and investors around the world. Cushman & Wakefield
is among the largest commercial real estate services firms in the world with revenues of $5 billion across core
services of agency leasing, asset services, capital markets, facilities services (branded C&W Services), global
Building Location Developer Units Launched Rate* (INR/SF)
Usashi Prince Town Hatisala Usashi Real Estate 800 2,190
Bengal Swan Court Newtown Emami Realty 220 4,320
Significant Projects Under Construction in Q4 2016
Building Location Developer Est. Number Of Units Expected Completion
Ideal Exotica New Alipore Ideal Group 156 Q1 2017
Significant Construction Completions in Q4 2016
Building Location Developer Est. Number of Units Unit Size (SF)
Clubtown Gateway New Town Space Group 190 888 – 2,484
NOTES
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges, etc.
The above values for high-end segment are for units typically of 2,000-4,000 sf
The above values for mid segment are for units typically of 1,000-2,000 sf
KEY TO SUBMARKETS
High-end Segment
South: Southern Avenue, Hindustan Park, Triangular Park, Lake Terrace
South-central: Ballygunge, Queens Park, Rainy Park, Gurusaday Road, Ballyguange Circular Road, Dover Lane
South-east: EM Bypass - Science City, Christopher Road, Pancha Sayar
South-west: Alipore Park Road, Ashoka Road, Burdwan Road, Belvedere Road
Central: Park Street, Camac Street, Shakespeare Sarani, Minto Park, Elgin Road, Lee Road, Loudon Street, Rowdon Street
North: Kankurgachi, Lake Town, VIP Road, Ultadanga, Narkeldanga Main Road
East: Salt Lake
North-east: New Town, Rajarhat
Mid Segment
South: Golf Green, Tollygunge, Lake Gardens, Jodhpur Park
South-central: Deshpriya Park, Hazra Road, Bhawanipur
South-east: Ajoy Nagar, Hiland Park, PA Shah Connector
North-east: Rajarhat, Rajarhat Chowmatha
South-west: Tollyguange Circular Road, New Alipore, Behala, Jones Lang Sarani
North: Jessore Road, Ultadanga, Shyambazar, Bagbazar, Girish Park, Manicktala, Dum Dum
to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy.
STATS ON THE GO
Significant Projects Launched in Q4 2016
Building Location Developer Units Launched Rate* (INR/SF)
Codename Golden Tomorrow Dombivli Lodha Group 1,500 9,300
Salsette 27 Byculla Peninsula Land Ltd. 494 26,750
Significant Projects Under Construction in Q4 2016
Building Location Developer Est. Number Of Units Expected Completion
The Trees Vikhroli Godrej Properties 370 Q4 2019
Lodha World One Lower Parel Lodha Group 330 Q4 2018
Significant Construction Completions in Q4 2016
Building Location Developer Est. Number Of Units Unit Size (SF)
Sanghavi Eco City – Phase I Mira Road Sanghvi Builders 230 710-1,255
NOTES
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges, etc.
The above values for high-end segment are for units typically of 1,200-3,000 sf
The above values for mid segment are for units typically of 800-1,400 sf
KEY TO SUBMARKETS
High-end Segment
South: Colaba, Cuffe Parade, Nariman Point, Churchgate, Altamount Road, Carmichael Road, Malabar Hill, Napeansea Road, Breach Candy, Pedder Road, Tardeo
South Central: Worli, Prabhadevi, Lower Parel / Parel, Dadar, Matunga
Gera Isle Royale Bavdhan Gera Developments 60 2,355-4,255
NOTES
Data collated from primary and secondary resources. Estimations are subject to change
* Quoted base capital value and does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges,
etc.
The above values for high-end segment are for units typically of 1,600 sf and above
The above values for mid segment are for units typically of 900-1,600 sf
KEY TO SUBMARKETS
High-end Segment
Koregaon Park-Boat Club: Koregaon Park, Bund Garden Road, Boat Club Road, Mangaldas Road
Aundh-Baner: Aundh, Baner
Nagar Road: Kalyani Nagar, Viman Nagar
East: Sopan Baug, Uday Baug, Hadapsar
West: Deccan Gymkhana, Model Colony, Prabhat Road, Erandwane, Bhosale Nagar
Mid Segment
Koregaon Park-Boat Club: Koregaon Park, Bund Garden Road, Boat Club Road, Mangaldas Road