REALTY DECODED Q4 FY’16 - d27p8o2qkwv41j.cloudfront.net · Prestige Kew Gardens & Artha Emprasa Phase 2 have launched >850 units Prime Lifespace Arete Homes Phase 1 & Asta Avm have

REALTY DECODED Q4 FY’16APRIL 2016

REALTY DECODED Q4 FY’16Page 01

LAUNCHES

INVENTORY SCENARIO

INSIGHTS & OUTLOOK

CONSUMER & DEMAND

PRICE TRENDS MACRO INDICATORS

Structure


Key Insights And Outlook


Key InsightsSales have decreased marginally by 4% over Q3 FY’16, from 53k (Q3 FY’16) to 51k (Q4 FY’16), this being one of the lowest fall over preceding 9 quarters; the sales over the last 4 quarters have hovered in the 49K to 57K; possibly indicating that downside is limited from here onwards

Over 97% residential demand in major cities in the Q4 FY’16 was witnessed from the end-user; a sharp increase from 77% demand seen in the Q1 FY’16

Launches during Q4 FY’16 have recorded a decline of 14% over the previous quarter and 51% compared to the same period last year; all cities have seen the decline indicating the reduction in the activity levels across the primary residential markets

While response to the launches from quality developers has been relatively better, the sector is largely grappling with the slow inventory movement of existing projects; thus putting pressure on cash flow of projects, thereby impacting fresh deployment of funds in new projects

Sub 75 Lac budget segment is seeing increase in proportion of total launches with 69% of total launches in Q4 FY’16 being in this category; up from 63% seen in Q3 FY’16

Over 50% sale continues to be in the affordable segment; with all the 4 quarters in FY’16 seeing the same trend

Hyderabad is the only city to show increase in sale over previous year; with Q4 FY’16 growing at 5% over Q4 FY’15. All other cities have seen decline from 4% to 44% over same period

Hyderabad has seen the most price appreciation rising by 15% over the last 12 quarters; Bengaluru is catching up closely at 13% price appreciation. The price increase on real basis, however, has seen negligible

Unsold inventory in Bengaluru and Hyderabad witnessed declining trend owing to increased sales and decline in launches


OutlookAs per International Monetary Fund (IMF), the Global Economic growth is projected to be at 3.1% in 2017. While developed economies are showing modest recovery, many emerging economies are witnessing slowdown in growth

India's economic growth is expected to be at 7.5% in FY’17 against 7.3% in FY’15 according to the forecast by International Monetary Fund (IMF). The growth is expected to be driven by fall in crude oil prices, better than expected monsoon, uptake of investment activity both in private and public sectors and improvement in global trade and investments. The Reserve Bank of India is taking further measures to bring down inflation from current levels of 5.18%

While the global economic scenario remains tough; the domestic macro factors of interest rates and inflation have started softening although at a tepid pace. While the long term story for residential market remains strong; the short term is expected to be sluggish

Affordable housing supply and demand is expected to see thrust in the short to medium term on account of incentives offered by the Government in the Union budget to both developers and the first time buyers

With the RERA (Real estate Regulatory Authority) bill now a reality, the real estate market is expected to see fundamental changes in the way of operation. While this is going to augur well for the sector in the long term, however it is equally expected to create imbalances in demand and supply on account of adherence of disclosure norms and processes on the supply side and buyers getting more information to decipher and evaluate their dream projects


Launches: Hitting The Bottom?


Launches continue to make new lows; at lowest levels in 12 quarters

142,627

115,890 116,402108,226

78,075 75,357 79,34373,433

50,594

36,77442,269

36,275

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Q1 FY'14

Q2 FY'14

Q3 FY'14

Q4 FY'14

Q1 FY'15

Q2 FY'15

Q3 FY'15

Q4 FY'15

Q1 FY'16

Q2 FY'16

Q3 FY'16

Q4FY'16

Total number of launches in Top-9 cities*# of units

-51%

-32%

Notes: * Top 9 cities are Mumbai (includes Navi Mumbai & Thane), Pune, Noida (includes Greater Noida & Yamuna Expressway), Gurgaon(includes Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata, and Ahmedabad.Analysis includes apartments and villas across these regions.

High Inventory levels, limited demand, tight cash flows leading to

developers adopting a cautious mode

Source: PropTiger DataLabs Apr’16


All cities saw reduction in launches over Q4 FY’15

2,95

3

14,9

54

6,62

5

3,39

2

3,97

1 6,93

0

14,3

63

18,4

90

1,75

5

522

9,87

3

4,04

7

2,78

1

2,21

4

3,36

6

4,29

6

7,62

3

1,55

3

0

5,000

10,000

15,000

20,000

Ahmedabad Bengaluru Chennai Hyderabad Kolkata Noida* Pune Mumbai** Gurgaon^

Total unit launches – Q4 FY’15 vs Q4 FY’16

Q4 FY'15Q4 FY'16

# of units

-39% -12%-18% -44% -59%-51% -70%-82% -34

% change in total launches

(Q4 FY’15 – Q4 FY’16)

Ahmedabad Bengaluru Chennai Gurgaon^Hyderabad Kolkata Mumbai**Noida* Pune

Notes: * Noida includes Greater Noida and Yamuna Expressway.** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna.Analysis includes apartments and villas across the regions.

Prestige Kew Gardens & Artha Emprasa Phase 2

have launched >850 units

Prime LifespaceArete Homes Phase 1 & Asta Avm have

launched >650 units

Shantiniketan BuildconPrakriti & Gulshan Homz

Botniahave launched >900 units

RahejaMaheshwarahas launched ~663 units in

Sohna



Affordable housing to gain further traction due to lucrative incentives announced in Union Budget-FY17

22% 23% 22% 20%12%

20% 22% 23% 20% 16% 14% 18%

41% 41% 40% 39%42%

36% 30% 35%33% 41%

32% 27%

15% 15% 16% 19%20% 19% 23% 16% 25% 21%

17% 24%

7% 8% 7% 7%8% 10% 8% 8%

8% 10%

12%11%

15% 13% 15% 15% 18% 15% 17% 18% 14% 12%25% 20%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1FY'14

Q2FY'14

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Q-o-Q budget-wise unit launches in Top-9* cities

> Rs.1 Crore

Rs.75-100 Lacs

Rs.50-75 Lacs

Rs.25-50 Lacs

< Rs.25 Lacs

% of units

Notes: * Top-9 cities are Mumbai (includes Navi Mumbai & Thane), Pune, Noida (includes Greater Noida & Yamuna Expressway), Gurgaon (includes Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata, AhmedabadAnalysis includes apartments and villas across the regions. Source: PropTiger DataLabs Apr’16


Consumer & Demand : A�ordability And End Use Defining The Game


Marginal decline in sales over previous quarter; bottom formation around the corner

134,190

117,680 114,302107,013

92,72580,366

76,73965,789

57,24548,976

53,457 51,550

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

Q1FY'14

Q2FY'14

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Sales trend in Top-9 cities*# of units

Notes: * Top-9 cities are Mumbai (includes Navi Mumbai & Thane), Pune, Noida (includes Greater Noida & Yamuna Expressway), Gurgaon (includes Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.Analysis includes apartments and villas across the regions.

-39%

-22%

The sales over the last 4 quarters have

hovered in the 49K to 57K; possibly indicating that downside is limited

from here onwards



Higher preference for projects, showing traction on ground

70,204

53,31150,140

47,351

37,413

30,250 28,89425,832

20,97814,323

17,655 16,676

63,922

64,326 64,15559,662

55,31250,116 47,845

39,95736,267 34,653 35,802 34,874

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

Q1FY'14

Q2FY'14

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Sales in Top-9* cities in new launches vs old projects

New Launches (Launch date ≤ 6 months) Old Projects ( Launch date > 6 months)

# of units




Hyderabad, Bengaluru and Gurgaon defy trend; increase in sales over previous quarter

100

8785

76

93

83

94 96

77

7068

66

5860

80

74

105

79

91

84

90

78

75

6564

56

77

82

50

60

70

80

90

100

110

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Ahmedabad Bengaluru Chennai Gurgaon^ Hyderabad Kolkata Mumbai** Noida* Pune

Inde

x va

lue

(Bas

e: Q

4 FY

’15=

100)

Q-o-Q sales index




Affordable segment continued to hold dominant share in total sales

58% 59% 59% 59% 57% 56% 56% 56% 52% 52% 52% 52%

18% 18% 18% 18% 19% 20% 21% 19% 23% 21% 19% 20%

24% 23% 23% 23% 24% 24% 23% 25% 25% 27% 29% 28%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Q1FY'14

Q2FY'14

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Sales in Top-9* cities by budget segment

Affordable Segment Mid Segment Luxury Segment

Notes: 1: Affordable segment: Units within < Rs.50 Lacs budget2: Mid-segment: Units within Rs.50-75 Lacs budget3: Luxury segment: Units in > Rs.75 Lacs budgetAnalysis includes apartments and villas across the regions.

1 2 3

% of sales



Barring Gurgaon and Mumbai, all cities shown high demand for < Rs. 50 Lacs properties

29%

3%17% 21%

8% 4% 10% 5%14%

47%

50%

44%

60%

26%43%

48%

32%

43%

16%

27%20%

13%

20%

35%28%

15%

25%

3%11% 12%

3%

15%

14% 9%

22%

11%

5%9% 7% 3%

31%

4% 5%

26%

7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%> Rs.1 Crore

Rs.75-100 Lacs

Rs.50-75 Lacs

Rs.25-50 Lacs

< Rs.25 Lacs

% of demand

Budget-wise real estate end-user demand^^ – Q4 FY’16

Notes: * Noida includes Greater Noida and Yamuna Expressway.** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna.^^ Based on survey of enquiries received by PropTIger.com.Analysis includes apartments and villas across the regions. Source: PropTiger DataLabs Apr’16


Lion’s share of demand is driven by end-users across cities

94% 98% 96% 98% 100% 97% 99% 97% 99%

6% 2% 4% 2% 3% 1% 3% 1%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

End User Demand Investor Demand% of demand

Total demand^^ by consumer profile – Q4 FY’16

Notes: * Noida includes Greater Noida and Yamuna Expressway.** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna.^^ Based on survey of enquiries received by PropTIger.com.Analysis includes apartments and villas across the regions. Source: PropTiger DataLabs Apr’16


Inventory Scenario: Reading Between The Lines


Unsold inventory has increased across the cities except in Bengaluru and Hyderabad

108,817101,384

78,853

54,62148,095

33,769 31,184 27,256

0

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

180,000

200,000

Mumbai** Bengaluru Noida* Pune Gurgaon^ Chennai Kolkata Hyderabad Ahmedabad

Unsold inventory levels in Top- 9 cities (Mar’16)# of units


173,439



Ahmedabad, Chennai and Hyderabad together accounted for over 45% of the ready-to-move-in unsold inventory

16.5%

14.9%13.8%

8.3%

6.5% 6.4%5.7%

3.0%1.7%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

Ahmedabad Chennai Hyderabad Bengaluru Kolkata Pune Mumbai** Noida* Gurgaon^

% of unsold inventory

Ready-to-move-in unsold inventory in Top - 9 cities (Mar’16)

Notes: * Noida includes Greater Noida and Yamuna Expressway.** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna Source: PropTiger DataLabs Apr’16


The age of unsold inventory in Pune and Bengaluru is lessthan 22 months

Ahmedabad27,256

Bengaluru108,817

Chennai48,095 Gurgaon

54,621

Hyderabad31,184

Kolkata33,769

Mumbai173,439

Noida101,384

Pune78,853

15

20

25

30

35

40

10 20 30 40 50 60 70 80 90

Age of unsold inventory (months)

Age of unsold inventory vs inventory overhang in Top-9* cities (Mar’16)

Inventory overhang (months)

Notes: * Top-9 cities are Mumbai (includes Navi Mumbai & Thane), Pune, Noida (includes Greater Noida & Yamuna Expressway), Gurgaon (includes Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.Analysis includes apartments and villas across the regions.Size of the bubble indicates total inventory in units. Source: PropTiger DataLabs Apr’16


Noida, Mumbai, Chennai and Hyderabad to have over 30% unsold inventory aged above 3 years

27% 32%25% 27% 30% 25%

11%

33%20%

23%26%

21% 21%29%

20%

19%

31%

21%

22%

26%

23% 21%

21%

24%

26%

22%

37%

28%16%

31% 31%20%

31%44%

14%22%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Ahmedabad Bengaluru Chennai Hyderabad Kolkata Mumbai** Noida* Pune Gurgaon^

> 3 Yrs

2 to 3 Yrs

1 to 2 Yrs

≤ 1 Yr

% of inventory Age of unsold inventory in Top - 9 cities (Mar’16)



80,716

64,168

49,06842,510

26,822 25,92722,429

18,999

11,817

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000

Mumbai** Noida* Pune Bengaluru Gurgaon^ Chennai Kolkata Ahmedabad Hyderabad

Unsold inventory in Top- 9 cities: affordable segment^^ (Mar’16)

# of unitsNoida

Noida Extension and Yamuna Expressway have~50,430 (~79%)

PuneWagholi~4,432;

Moshi, Undri, Chakan and Talegaon Dabhade have >2,500

BengaluruElectronics City

~4,658

MumbaiPanvel~5,605Virar~5,227Neral~5,204

Bhiwandi~5,018

ChennaiKelambakkam~2,275

Vandalur~1,686Mevalurkuppam~1,678

KolkataRajarhat New Town~5,159

AhmedabadNava Naroda, Bopal and Narolgam have >1,500

HyderabadKukatpally~1,595

GurgaonShahjahanpur~3,205

Sector 18 Bhiwadi~1,592

Notes: * Noida includes Greater Noida and Yamuna Expressway.** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna.^^ Affordable segment: Units within < Rs 50-Lacs budget.Analysis includes apartments and villas across the regions.


Unsold inventory in affordable segment is relatively high in Mumbai, Noida, Pune and Bengaluru


39%

7% 11%21%

8%

20% 23%11%

19%

31%

32%

43% 28%

30%

47%

24% 52%43%

9%

28%

22%

12%22%

16%

12%

22% 22%

5%

14%

11%

9% 16%

9%

8%

8% 7%16% 19%

13%

30%24%

8%

33%

7% 9%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

> Rs.1 Crore

Rs.75-100 Lacs

Rs.50-75 Lacs

Rs.25-50 Lacs

< Rs.25 Lacs

% of inventory Budget breakup of unsold inventory (Mar’16)



Around 40% of unsold inventory in Mumbai and Gurgaon arein luxury segment



Price Trends: Range Bound……Likely To Remain So?


Hyderabad recorded the highest annual price appreciationof 6% followed by Ahmedabad

Weighted average^^ BSP (Rs./sq.ft.) of apartment units as on quarter end

City Q4 FY’15 Q4 FY’16 Price Change(Y-o-Y)

Ahmedabad 2,790 2,925 5%

Bengaluru 4,563 4,694 3%

Chennai 4,758 4,893 3%

Gurgaon^ 5,596 5,326 -5%

Hyderabad 3,564 3,793 6%

Kolkata 3,924 3,897 -1%

Mumbai** 8,068 8,220 2%

Noida* 4,162 4,076 -2%

Pune 4,920 4,894 -1%

Notes: ^^ Price weighted on number of units supply in respective projects in a city.* Noida includes Greater Noida and Yamuna Expressway.

** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna.Analysis includes apartments across the regions.


100

97 97 97

99

99100 101 101

102

106

102104

105 105107

108110

111112 113

113

103104 103 103

104

9998 98 98 97 97 98 97

93

103 104

107108 109

109 112

115

98 98101 101

102 102 100

104105 105 105 105

107 107

99 98 9998

9796

102

106106 106 106

105 105

90

95

100

105

110

115

120

Q1FY'14

Q2FY'14

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Ahmedabad Bengaluru Chennai Gurgaon Hyderabad Kolkata Mumbai Noida Pune

Inde

x va

lue

(Bas

e: Q

1 FY

’14=

100)

Weighted average price index of residential units in Top 9* cities


Hyderabad overtook Bengaluru in

absolute return over last 12 quarters


Prices have remained stable across the cities except in Gurgaon, Noida, Kolkata and Pune


Macro Indicators


Major policy developments during the quarter

RERA to regulate the residential and commercial real estate. Every project admeasuring 500 sq.m. or more than 8 apartments will have to be registered with the RERA, if not then the developers will have to pay up to 10% of the proj-ect cost as penalty. Real estate agents also need to register with the RERA

The bill mandates the developer to deposit 70% of the project funds in an escrow account for the execution of the same project thereby, ensuring the timely completion of the project

Developers should reveal complete details of the project to the buyers and can not change the project plan unless 2/3rd of the allottees have agreed to it

Going forward the property will be sold on the basis of carpet area instead of super built up area

In case of delay in project completion, the developer is liable to pay the same penal interest as it would levy on defaulting buyers

If any developer violates the order of the appellate tribunal of the RERA, it is liable for maximum of 3 years of imprison-ment and/or an additional fine of 10% of the estimated cost of the project. It will be mandatory for Appellate Tribunals to adjudicate the complaints in 60 days

In case of project deficiency, a buyer can demand for after sales service from developer within one year of taking possession

Real Estate Bill passed in Rajya Sabha to establish the ‘Real Estate Regulatory Authority’ (RERA)


Major policy developments during the quarter

Union Budget 2016-17 to boost the Indian Real Estate Sector

100% tax rebate from profits incurred by developers in the development of affordable housing projects. In addition, for the first-time home buyers, the deduction of Rs 50,000 on interest component of home loan EMI, where the property is valued up to Rs 50 Lacs and the sanctioned loan amount is less than Rs. 35 Lacs.

Chandigarh: Builders to pay penal interest for delay from date of booking

Chandigarh State Consumer Disputes Redressal Commission ruled that the realtors will be liable to pay penal interest at the rate of 12% per annum from the date of booking for delayed possession

Shimla: No construction in green areas

National Green Tribunal has imposed the ban on constructions in the green areas of Shimla

Real Estate licensing to go online in Haryana

Real Estate licensing to go online in Haryana by June 30, 2016. The entire process starting from the filing of application to their scrutiny, sanction of building plans, payments by developers for external and infrastructure development and Change of Land Use (CLU) will be covered under the online system

Maharashtra Government to delete a clause from its new TDR policy

The Maharashtra Government is considering to delete a clause from its new transfer of development rights (TDR) policy, which disallows utilization of TDR or uploading on plots along roads less than 9m wide, to ease the redevelopment of at least 25,000 old properties in Pune city

TATA Group partnering with Telangana Government to build houses for poor

Tata Group has agreed to partner with Telangana Government in implementing the state's flagship scheme of building two bedroom houses for economically weaker sections


Key funding transactions during the quarter

Supertech has paid Rs.415 crore to Xander Group for partial exit from the company

Vibhor Vaibhav Infra Projects(VVIP) has raised Rs.120 crore from Reliance AIF to complete the first phase of its project VVIP Addresses’ in Ghaziabad

Peninsula Brookfield Investment Managers funded Rs.95 crore to Mahaveer Group to develop residential projects

Kohlberg Kravis Roberts (KKR) to invest Rs.150 crore in Sunteck Realty’s upcoming luxury residential projects in Mumbai

TDI Infracorp has raised Rs.100 crore from L&T Finance for its ongoing township project at Panipat

Piramal Fund Management to invest Rs.390 crore in 7 residential projects of Puravankara Projects

Sunteck Realty has provided an exit worth over Rs.270 crore to Kotak Realty Fund

Puravankara Projects likely to invest Rs.500 crore in next 5 years for the construction of its first housing project in Hyderabad

TDI Infracorp has given an exit of Rs.165 crore to Kotak Realty Fund, which had invested Rs.110 crore in 2013 in the Lake Grove project in Kundli, Sonepat

DISCLAIMERAll data, figures, information provided hereto are provided and/or collated by Proptiger.com and that any of its representatives, officers, employees or affiliates makes no representations or warranties as to the accuracy or completeness of any information furnished hereto. This report has been prepared by Proptiger Data Labs solely for information purposes. It does not purport to be a complete description of the markets or developments contained in this material. The information on which this report is based has been obtained from sources that Proptiger believes in its reasonable bona fide faith to be reliable, but Proptiger has not independently verified such information and do not guarantee/ warranty the accuracy, genuineness or completeness of the information therein. This report contains information available to the public and has been relied upon by Proptiger on the basis that it is accurate and complete. Information contained herein should not, in whole or part, be published, reproduced or referred to without prior approval. Proptiger accepts no responsibility if this should prove not to be the case. Any such reproduction should be credited to Proptiger Data labs. ©2016 Proptiger.com. All rights reserved LIMITATION OF WARRANTYThe Information is provided “as is”, without warranty of any kind, it has not been independently verified by Proptiger or Its Affiliates, Officers, Employees or Agents and use of the Information is at your sole risk. Proptiger or Its Affiliates, Officers, Employees or Agents shall not be liable and expressly disclaim liability for any error or omission in the content of the Information, or for any actions taken by you or any third party, in reliance thereon. The Information is not guaranteed to be error-free, or to be relied upon for investment purposes, and Proptiger or Its Affiliates, Officers, Employees or Agents make no representation or warranty as to the accuracy, truth, adequacy, timeliness or completeness, fitness for purpose, title, non-infringement of third party rights or continued availability of the Information, withdrawal without notice and to any special conditions imposed by our principals.

ANURAG JHANWAR, MRICSHead – Consulting and Data Insights [email protected]+91 - 99678 49666

SUNIL MISHRA, MRICSChief Business Officer - Primary Business & Developer [email protected]+91 - 90044 40011

CONTACT PROPTIGER FOR REAL ESTATE INSIGHTS:

Detailed analysis of micro markets | Market intelligence report | Micro market surveys | Price sensitivity analysis| City dashboards and trends | Demand assessment

REALTY DECODED Q4 FY’16 - d27p8o2qkwv41j.cloudfront.net · Prestige Kew Gardens & Artha Emprasa Phase 2 have launched >850 units Prime Lifespace Arete Homes Phase 1 & Asta Avm have

Documents