PRO P EQUITY Creating Investor Intelligence

THINKING BULBS

ISSUE I, SEPTEMBER 2012

HYDERABAD: BACK IN RECKONING?

PRE 1990 PRE 1990 2008 H1 2000 2009 H2 2008 H2 Date Till 2009 H2

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1999 1999

– –

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Peripheral areas such as , , , Emergence peripheral of location such as , Residential activity gained momentum in South East locations such as , L B Nagar, etc. | Hyderabad: Back in Reckoning? in Back Hyderabad: | Real estate activity predominantly concentrated in old city areas such as , , Developers wary of new launches, absorption affected by uncertainty over fate of Are a The Real Estate market tumbled with decline innewlaunches as well as absorption City characterized by l Subdued real estate activity with fewer new launchesstagnation & in capital values s such as , Soumajiguda, , ,etc gained prominence The time period was characterized by pessimistic global economic scenario Reckoning? in back story Estate Real Hyderabad Is Spillover of demand attributable of Spillover space to congestion within old city areas Project execution marred by cash crunch as well as parching absorption as one of the prominent IT/ITeS hub of the country the of hub IT/ITeS of prominent one the as emerged City The Development of Area around the Hi All themajor micro markets witnessed adeclinein capital values Political instability due to strong agitations over Telangana issue Telangana over agitations strong to due instability Political other comparedto cities. ion andaffordability , , , etc. ow rise, high density developments with limited infrastructure limited with developments density high rise, ow New CBD ~ areas in proximity to erstwhile airport erstwhile to proximity in areas ~ CBD New from momentum IT/ITeS the from - Tech city emerged as the new growth corridor

corridors

Nallagandla, ,

witness to an extended lull lull anextended to witness and gained prominence

Tellapur as

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3

Over the past decade, Hyderabad has evolved from the commonly apprehended image of an under-developed tier - III city into a vibrant city with thriving business opportunity and a major center of employment. With increasing presence of human capital intensive firms/corporations such as IT/ITeS, the city witnessed huge activity in Real Estate. The city witnessed huge supply and astonishing price appreciation backed by healthy absorption. Weighted average capital values for residential Real Estate escalated from approx. INR 1,000 per sq. ft. in the year 2000 to INR 3,100 per sq. ft. by Q3 2008 exhibiting an annual appreciation of approximately 15%.

However, events of the last five years have put brakes on the growth story. Capital appreciation has given way to capital depreciation. Ebullience of the developers has made way for pessimism. The weighted average capital value has witnessed a decline from INR 3,100 per sq. ft. in Q3 2008 to INR 2,980 per sq. ft. by the end of Q1 2012 exhibiting a negative annual return of 1.4%.

1. Hyderabad Demand Supply Scenario – Residential Real Estate

Until first half of the year 2008, the real estate activity in Hyderabad was at its peak. Real Estate in the city was characterized by numerous new launches backed by positive market sentiments and bullish developers. The till date. city’s real estate capital values Post H1 2010; while the real estate increased at a scorching pace till activity in all the major cities entered a 2006-07 after which it fell sharply. recovery phase, Hyderabad realty Firstly, the market boom was hit by the sector was affected by uncertainty economic pessimism originating from originating from the political turmoil the global financial turmoil. The time Even with a decline in new period between H2 2008 and H1 2010 launches, the inventory witnessed decline in launches as well overhang has not come down absorption and huge build-up of below 22 months over the last inventory peaking to an average of 28 three years underlining the loss months for the entire year in 2009. of faith of the buyers in the city Post 2009, the inventory overhang has stubbornly floated in the red zone. Even over Telangana issue. Developers and in the instance of absorption buyers have been shying away from the outstripping demand as in the case of market fearing a price crash in the H1 2010, inventory overhang had not event of violent agitations. All this has dropped below 22 months. Presently, culminated in to stagnation in real the inventory overhang remains at 27 estate activity as well as real estate months which is 24% of the total supply capital values in the city.

Exhibit 1: Supply-Absorption Dynamics* [H1 2008- H1 2012 (YTD)] New Launch New Launch AbsorptionTrend Inventory Overhang(Months of Inventory)

12,000 30

10,000 25

8,000 20

10,878 Units

- 6,000 9,079 15

8,129 7,869

4,000 10 BARS

Inventory Overhang Inventory

5,749 - 3 2,000 5,305 5 2,791 3,453 3,111 4,134 4,208 5,379 6,397 3,655 3,698 2,958 2,947 2,21 0 0 LINE H1 2008 H2 2008 H1 2009 H2 2009 H1 2010 H2 2010 H1 2011 H2 2011 H1 2012 *Note: The data pertains to apartments only (YTD)

Thinking Bulbs | Hyderabad: Back in Reckoning? 5 2. Capital Values Trend – capital values is primarily on account of Residential Real Estate higher demand for projects approaching completion. The capital values of residential real estate in the city have witnessed major decline till the first quarter of year

Exhibit 2: Hyderabad - Capital Value Trend % Change Q-o-Q WAP - Absorbed 3,300 5% 3,100 3,099 3,001 2,981 2,900 3%

2,700 2,700 1% 2,500 0.7% 0.4% 1.7% 0.4% 0.0% 0.5% 1.7% 1.8% 1.6% 0.8% 1.1% 2.2% 0.4% Percentage

- 2,300 -1.3% -4.0% -2.6% -3.6% -1.2% -0.8% -1% 2,100 BARS INR per INR sq. ft.

- 1,900 -3% LINE 1,700 1,500 -5%

2 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008 Q1 2009 Q2 2009 Q3 2009 Q4 2009 Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q 2 2012 2010. Owing to the pessimistic 2.1 Residential Real Estate Capital economic scenario, the city witnessed Values Trend – Prominent Micro fewer launches and subdued Markets of Hyderabad absorption. The real estate capital The average capital value in values however witnessed a reversal of Hyderabad at the city level has declining trend in the second quarter of witnessed a decline of approx. 1% over 2010 which is attributable to the limited the period H2 2007 to H1 2012. The new launches. major trends emerging out of the capital values are as follows: Since H2 2010, the direction of capital values’ movement for the city appears • Major fall in prices has been to be in consonance with other major witnessed in Jubilee Hills, , and cities; however the quantum of jump Nalagandala. has been meager. • Prominent micro markets which have Over the last three quarters, real estate witnessed an appreciation in capital values include Alwal, Shamirpet, activity across markets has been Himayat Nagar, Rajendra Nagar, subdued on account of liquidity crunch, Kukatpally & Banjara Hills. an already declining demand further hit by rising interest rates and over all • Micro Markets of South Hyderabad global economic uncertainty. have provided better appreciation Residential real estate capital values over the other micro markets of the city. exhibit an appreciation of 2 % in the first quarter of 2012. This increase in

Thinking Bulbs | Hyderabad: Back in Reckoning? 6 Table 1: Capital Values Trend - Prominent Micro Markets [Over the Period H2 2007 - H1 2012 (YTD)]

Hyderabad’s residential real Exhibit 3: Region-Wise Index of Capital Values Movement in Prominent Micro Markets of Hyderabad [Base July 2007 =100 estate market witnessed a NORTH HYDERABAD positive trend in Q1 2012 in micro Alwal Kompally Shamirpet Medchal Bachupally 140 markets close to the IT and 130

114 Financial district of Hi-Tech City. 110 100 Locations such as Kukatpally, 90 88 84 Miyapur, Kondapur, 81 70 Chandanagar, Lingampally and SOUTH HYDERABAD Mehdipattnam Himayat Nagar Rajendra Nagar Kondapur witnessed an 160 147 . 140 appreciation in capital values 120 120 113 105 Peripheral locations such as 100 , Nallagandla, Shamirpet 80 and Alwal have gained EAST HYDERABAD Uppal 136 prominence over the last 2 – 3 130 quarters. The overall capital 115 value appreciation has been 110 100

modest, fluctuating between 2-4% 88 85 in these markets. 70 WEST HYDERABAD Kondapur Kukatpally Miyapur Madhapur Established locations such as Nallagandla Tellapur Gachibowli 130 Jubilee Hills, Soumajigudda, 120 115 Begumpet, and Punjagutta have 107 100 106 96 witnessed some price 89 85 85 correction/stagnation. 70 CENTRAL HYDERABAD Punjagutta Sounmajigudda Ready-to-move-in Residential 160 Begumpet Banjara Hills 146 apartments or apartments nearing 140 125 120 completion would witness 115 healthy appreciation in near 100 102 90 future on account of end user led 80 demand Q3-2007 Q4-2007 Q1-2008 Q2-2008 Q3-2008 Q4-2008 Q1-2009 Q2-2009 Q3-2009 Q4-2009 Q1-2010 Q2-2010 Q3-2010 Q4-2010 Q1-2011 Q2-2011 Q3-2011 Q4-2011 Q1-2012 Q2-2012

Thinking Bulbs | Hyderabad: Back in Reckoning? 7 2.2 Capital Value Trend – capital values existent in Jan 2008, Comparison with Other Cities Residential real estate capital value in Hyderabad is floating below its Real Estate capital values in all the previous peak. The price index score in major cities of witnessed an case of Hyderabad in Q2 2012 appreciating trend until the onslaught remains at 105, ranking among one of of the global financial crisis of 2007. the worst performing markets. Capital values across all cities plummeted post Q2 2008. While most of the cities have recovered from the Capital values’ stagnation in case of nadir of 2008-09 and have breached Hyderabad cannot be explained by the previous pinnacle of 2008, capital plain demand supply mismatch. The

Exhibit 4: Index of Capital Values Movement of Hyderabad and Other Prominent Cities [Base Jan 2008 =100] Gurgaon NOIDA Mumbai Navi Mumbai Bangalore Chennai Hyderabad Pune Kolkata 180 Gurgaon: 175 Navi Mumbai: 170 Kolkata: 166 Mumbai: 163 155 NOIDA: 152 Bangalore: 149 Pune: 146 Chennai: 133 130

105 Hyderabad: 105

80 Q1 2008 Q1 2008 Q2 2008 Q3 2008 Q4 2009 Q1 2009 Q2 2009 Q3 2009 Q4 2010 Q1 2010 Q2 2010 Q3 2010 Q4 2011 Q1 2011 Q2 2011 Q3 2011 Q4 2012 Q1 2012 Q2 Note: The Index calculation is based on weighted average capital values of selected representative projects of various/selective regions within the city The index is based in primary market as well as secondary market prices of the selected representative projects only

values in Hyderabad still hover below drop in the index is in-spite-of the peak of Q3 2008. Capital values of constrained new supply in the recent Residential Real Estate witnessed a years. The drop can be attributed to the decline from INR 3,000 per sq. ft. to cautious approach of developers as INR 2,980 per sq. ft. over the period well as buyers in the wake of political Q3 2007 to Q2 2012 exhibiting a uncertainty post H2 2009. Buyers are negative annual return of exercising caution in investing in to new approximately 0.2%. launches fearing execution delays. In the recent quarters, prices have largely been driven by resale activity pointing As per the index of capital value to the end user driven demand seeking movement with base (Base=100) as units approaching completion.

Thinking Bulbs | Hyderabad: Back in Reckoning? 8 2.3 Is Residential Real Estate in buying propensity among the masses Hyderabad Undervalued? primarily owing to the higher average income levels in the sector. This is one 2.3.1 Comparison of Hyderabad with of the primary reasons for higher real Other Cities on the Basis of Real Estate Growth Drivers estate development in the cities with higher IT/ITES activities. Hyderabad Availability of Developable Land houses approximately 700 IT/ITES organizations providing direct The city outskirts have ample employment to 2.75 lacs people and developable land, which are available indirect employment to 11 lacs people. at attractive prices compared to any peripheral locations of other cities. “Hyderabad accounts for Unlike constraints of major cities such 12% of the Indian software as Delhi and Mumbai, the city has exports providing direct huge availability of developable land. employment to about 2.75 lacs people as well as Commercial Drivers indirect employment to about 11 lacs professionals” The real estate development in a city - NASSCOM report “March of bears a direct proportionality to the South Brigade, June 2012” economic activity in the city well supported by the social and physical Hyderabad is also rapidly catching up infrastructure. All the major cities of as a major destination for product India have witnessed incredible growth development with presence of in real estate activity over the last approximately 470 IT product decade primarily on account of development start-ups. emergence of human capital intensive Table 2 exhibits the primary and industries such as IT/ITES, Automobile secondary commercial driver for major and to some extent BFSI (Banking, cities of India. Apart from the large Financial Services & Insurance). Off all presence of IT/ITES companies, the sectors, the contribution of IT/ITES Hyderabad has also witnessed has been the highest in generating Table 2: Primary & Secondary Growth Drivers for the Major Cities and their Scale of Contribution Cities Primary Driver Scale Secondary Driver Scale Gurgaon IT/ITES High Automobile High NOIDA IT/ITES Moderate Manufacturing Low Mumbai BFSI Very High IT/ITES High Navi Mumbai IT/ITES Low BFSI Moderate Thane Manufacturing High IT/ITES Low Bangalore IT/ITES Very High BFSI Low Chennai IT/ITES High Automobile High Hyderabad IT/ITES High BFSI Moderate Pune IT/ITES High Automobile High Kolkata IT/ITES Moderate Small Scale Industries Moderate

Thinking Bulbs | Hyderabad: Back in Reckoning? 9 Thinking Bulbs Bulbs Thinking parameter parameter.is th on low peaceful. Post 2009, the city hasscored largely was city the 2009, Until Law &Order counts: following on infrastructure social and physical healthy The Hyderabad city of boasts ofa PhysicalSocial & Infrastructure commercial hubs ofIndia. the city scores atparwith many other count, this On sector. BFSI as well as significant • • • Capital Value INR per sq. ft. international destinations excellent connectivity tomajor offering Airport class World . roads peripheral as well as arterial planned Well talent e large pool oftechnically trained producing institutes educational A large concentration ofquality 1,000 3,000 5,000 7,000 Exhibit

on which city the has lagged activity inPharma, Biotech very year.

| Hyderabad: Back in Reckoning? in Back Hyderabad: |

Madhapur 3,896 (YTD) 2012 H1 CapitalValue Avg. Wt. 5: Hyderabad Gachibowli 3,487

This is the only only the is This

Begumpet 5,000 .

Banjara Hills 7,000

Gurgaon Sectors 5,000 99 - 115

Sectors 4,440 90 - 95 -

ComparisonMicro Market Across Cities of than the peripheral locations of of locations peripheral the than comparable orcases insome lower the prime locations in T with Market Micro other of Cities – Value 2.3.2 Capital estate pricing degree some for waiting are buyers while significantly, prices the reduce cannot stagnating increas to mounting construction cost ; owing pressures cost feeling been have market. On the other hand, developers as well consumer as away from the developer keeping been has agitations Telangana issue and fear of violent Kolkata. The political uncertainty over Chennai, Bangalore, peer close its behind reason emer This levels. absorption subdued by marred been appreciation onother the hand has Navi Mumbai Navi he capital values of residential units in in units residential of values capital he Kalamboli 4,800

ing costing ofcapital Kamothe 4,900 for relatively subdued real subdued relatively for of price correction.

capital values. Developers Bangalore Mysore in 3,080 Highway . Hyderabad the prime ges outprime tobe the

Jalahali 3,220

Hyderabad are are Hyderabad

Thakurli 4,400 s such as as s such Comparison Pune Thane

Owale 5,070

Price

and and and Bapgaon 4,600

10

Gurgaon, Navi Mumbai, Thane and command higher weighted average Bangalore. capital values compared to the established location of Hyderabad. Exhibit 5 highlights the lucrativeness of existing real estate capital values in On the basis of comparative analysis of Hyderabad. The existing price levels in existing capital values in Hyderabad the prime locations of Hyderabad with with the existing capital values across superlative physical and social other Indian cities at a city level as well infrastructure are comparable to the as at micro market level, it can be existing capital values of peripheral deduced that the real estate in the city location of other cities. is undervalued.

Hyderabad ranks at par or superior in 3. Advantage Hyderabad some cases on almost all the parameters influencing value of real 3.1 Undervalued Market w.r.t. Other estate. However, average capital values Cities existing in the city ranks lowest amongst the nine comparable cities Hyderabad commands lowest capital taken into account. As evident form the value as well as lowest index value Exhibit 5, peripheral locations of Navi (Exhibit: 4) amongst the nine major Mumbai such as Kalamboli & Kamothe cities of India. However, the quantum command a price which is at par with of difference can be accurately Begumpet (centrally located micro estimated by comparing Hyderabad market) and higher than Gachibowli & with its close comparable. An analysis Madhapur (Prime locations close to the of capital values of Hyderabad with close comparables such as Bangalore, The average capital values of Pune, Chennai & Kolkata (Exhibit: 6) establishes that the average capital residential units in the prime value in Hyderabad is going at a locations of Hyderabad are discount of approximately 30%. comparable or in some cases cheaper than the average capital values existing in peripheral locations of Comparison of Hyderabad Gurgaon, Navi Mumbai and with its close comparable Thane such as Bangalore, Pune, Chennai & Kolkata, reveals Financial district and Hi-Tech City). the fact that the average Peripheral & futuristic locations of capital value in Hyderabad Gurgaon such as the New Gurgaon is going at a discount of (Sector 90 – 95) and Dwarka approximately 30% Expressway (Sector 99 – 115)

Thinking Bulbs | Hyderabad: Back in Reckoning? 11 Exhibit 6: Comparison of Capital Values Trend [Q3 2007 - Q2 2012(YTD)] 28% 15% -1% 46%

4,500 4,207 4,304

4,000 3,801 3,666 3,478 3,500 3,195 2,968 3,001 2,981

3,000

2,376 2,500

2,000

INR persq. ft. 1,500

1,000

500

0 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 Q3 Q2 2007 Bangalore 2012 2007 Chennai 2012 2007 Hyderabad 2012 2007 Pune 2012 2007 Kolkata 2012 NOTE: Comparable cities shortlisted bases on Table 2 and capital values in Q3 2007

Table 3: Proposed Route Details This presents an excellent opportunity for buyers to step into the market. Capital value in the city seems to have approached its fundamental levels and the downside risks in the event of any major economic crisis would be significantly lower than some of the other major cities of India. Source: Hyderabad Metro Rail Limited project is expected to provide a boost 3.2 Upcoming City Metro Rail to the real estate activity in the city. The micro markets falling along the metro Hyderabad Metro Rail Limited has rail routes are expected to witness planned metro rail project on similar higher appreciation compared to the lines as Delhi Metro. The project other micro markets. The connectivity planned along three corridors is of the core of the city to peripheral locations would improve resulting in significant new launches along the The micro markets falling corridor length. along the metro rail routes are expected to witness 3.3 Rising Residential Rentals and higher real estate activity Stagnant Capital Value and healthy capital value appreciation While the capital values have dropped over the years, the rentals have targeted to attain a daily ridership of witnessed a slow but steady increase. 15 lakh passengers. The construction The yields from residential property in on the project has already started. The all the prime residential locations have

Thinking Bulbs | Hyderabad: Back in Reckoning? 12 been on an upward trajectory varying 4,210 per Sq. Ft, INR 3,800 per sq. ft. in the range of 3% to 5%. Increasing INR 4,300 per sq. ft. and INR 3,480 rental yield is a result of stagnation in per sq. ft. This explicitly highlights new launches and an indicator of Hyderabad as one of the best cities for increasing end user demand. A higher real estate investments. yield and lower capital values indicates a shortening gap between rental cash out flow and approximate recurring In the immediate future, capital liability (EMI) for purchasing a housing values in the city may witness unit. Such a gap makes home buying stagnation or correction more lucrative. primarily owing to the existing high inventory levels. However, 4. Investing in Hyderabad- Risk the market is ideally positioned Vs. Opportunities to offer very lucrative returns in medium term (2 - 5 years). Risk of Oversupply

In relation to other cities, residential However, apart from the capital values, real estate in Hyderabad is one of the vacancy levels existing in the city have most attractive destinations with to be taken into account for any existing weighted average capital value meaningful comparison. Hyderabad of approximately INR 2,980 per sq. ft. and Chennai exhibits highest level of The corresponding values for unsold stock as a percentage of supply comparable cities such as Chennai, till date. Higher unsold stock in case of Bangalore, Pune and Kolkata are INR

Exhibit 7: City Attractiveness Based on Availability-Price Matrix 6,000

5,500 Navi

Mumbai Gurgaon Thane NOIDA 5,000 Pune Chennai 4,500 Bangalore 4,000 Kolkata

3,500 - Attractive Investement Hyderabad

Capital Value INR INR per Value sq. Capital ft. Opportunity 3,000 - Risk of over supply owing to higer inventory 2,500 10% 12% 14% 16% 18% 20% 22% 24% 26% Percent Unsold Supply

Note: The average capital values shown in the matrix above also include the projects launched in the peripheral locations severely bringing down the average capital values

Thinking Bulbs | Hyderabad: Back in Reckoning? 13 out a positive signal to developers who Table 4: Inventory Overhang (Months) Cities Inventory Overhang were postponing their activity for this Gurgaon 15 reason. The fundamentals as well as NOIDA 15 the importance of Hyderabad would Navi Mumbai 22 essentially remain the same irrespective Thane 19 Bangalore 19 of the political outcome of the Chennai 13 Telangana issue. So, it can be Hyderabad 27 Pune 16 Kolkata 16 “Keeping the State united by Chennai is on account of large simultaneously providing quantum of new launches. However, certain definite when analyzed in terms of months, the Constitutional/Statutory 24% level of inventory in case of measures for socio-economic Chennai translates into 13 months of development and political inventory owing to higher absorption empowerment of Telangana rate. This exhibits the fact that if backed region - creation of a by optimism and healthy absorption statutorily empowered Telangana Regional rate the inventory overhang is Council” manageable and will prevent it from reaching alarming level. Most preferred and recommended option by Srikrishna Committee Report as per Article In the immediate future, capital values 9.3(vi) of the Report in the city may witness stagnation or considered as a passing phase for correction primarily owing to the Hyderabad real estate industry. Backed existing high inventory levels. However, by strong drivers and perennial the market is ideally positioned to offer immigration, the city has the potential very lucrative returns in medium term to replicate the growth of yesteryears. (2 - 5 years). The long term opportunity At the current valuations, the with respect to real estate investments opportunity overweighs political risks. overweighs the short term risks associated with it.

Political Risk

One of the main deterrents to the growth story of Hyderabad Real Estate might emerge from the political agitations over demand of statehood for Telangana. However, Justice Sri Krishna Committee report’s most preferred option of not having a separate state of Telangana had sent

Thinking Bulbs | Hyderabad: Back in Reckoning? 14 5. Outlook

The residential real estate capital In case pessimistic macroeconomic values in the city of Hyderabad are scenario sustains, the region may undoubtedly at lucrative levels. None- witness a price correction of 5% to 10%. However in medium term the-less, the risk of political uncertainty investments in the city’s real estate can and marginal fall in capital values due generate an annual return of 12% to to any violent agitations cannot be over 15% from current levels in addition to looked. The main challenge for the rental income from assets. buyers would be timing the entry into the market. On the other hand, In the given economic scenario, stagnant capital values coupled with investing in Hyderabad makes more increasing input cost have already sense primarily on account of squeezed developer’s margins. valuations. In the long run, Hyderabad Developers are keen to generate quick can undeniably compete with the cash flows. To lure home buyers, hottest real estate markets in India. To developers would resort to affordable summarize, the long term opportunities segment projects at lucrative capital overweighs short term risks. values coupled with freebies and interesting schemes.

AUTHORS

GAURAV PANDEY SENIOR VICE PRESIDENT HEAD - RESEARCH & CONSULTING [email protected]

ASHUTOSH KASHYAP SENIOR ANALYST RESEARCH & CONSULTING

RESEARCH & CONSULTING

The Research & Consulting team undertakes bespoke assignments. It currently services key marquee funds, developers and investors and has developed solutions that are strategic and impactful. The consulting services cover the entire gambit from Strategy Advisory to all Research Solutions. Some of the service offerings are tabled below:

Location Development Strategic Research City Reports Advisory Consulting Consulting City demographics, Location Concept Testing Entry Strategy White economic base, Strategy Studies Studies Papers infrastructure initiative Supply & demand Feasibility Market City spatial growth High & Best Use dynamics across Studies Trends pattern asset class Real Estate Product Mix Market & Industry Supply & Absorption investment Assessment Business Overview trends strategy Studies Potential Studies Economic & Optimal Construction Monthly Capital value and Financial Impact Development industry specific trackers rental trends Assessment Strategy studies Consumer Demand Investment Mapping of existing Business Risk survey analysis Assessment per PE Deal and upcoming Mitigation Study and product-mix studies Tracking developments advisory End-user perspective

/insight Studies

Thinking Bulbs | Hyderabad: Back in Reckoning? 17 ABOUT FOUNDER & CEO

SAMIR JASUJA FOUNDER & CHIEF EXECUTIVE OFFICER [email protected]

P E Analytics has been founded by Samir Jasuja, a serial entrepreneur with over 18 years of domain experience in Real Estate, PE & Financial Services.

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