M A R K E T B E AT KOLKATA Residential Q4 2019

Healthy launch activity in Q4 headlined by well-known developers >3,540 NEW UNIT LAUNCHES (Q4 2019) The city’s residential market witnessed a healthy growth in launches during the last quarter of the year with reputed developers leading the way. The sector recorded 3,542 unit launches in Q4, a sharp 33% q-o-q growth, with a number of affordable and mid segments projects commencing development. Established developer brands including Shriram Properties, Martin Burns and Salarpuria & Signum launched their projects - 29% Y-O-Y INCREASE IN TOTAL UNIT Sunshine One, Martin Jeevanam Phase 1 and Suncrest Estate Phase 1 respectively. However, the market continues to remain difficult for smaller LAUNCHES (2018-2019) developers due to the sizeable unsold inventory levels amid an ongoing sales slump along with the credit squeeze threatening to derail ongoing construction activity. Moving ahead, buyers are expected to continue their preference for established developers who have the financial capability SHARE OF AFFORDABLE SEGMENT to successfully deliver projects of optimal quality and in a time-bound manner. 55% IN TOTAL UNIT LAUNCHES (Q4 2019) Suburban locations rising in prominence Suburban locations like Uttarpara and Serampore, on the west bank of the Hooghly river are fast gaining prominence as emerging residential corridors, backed by adequate land availability with an associated improvement in road and rail connectivity. These corridors together accounted for around 64% of the quarterly launches with a healthy mix of mid segment and affordable projects. The upcoming metro link connecting Howrah MARKET INDICATORS OVERALL Q4 2019 with Kolkata as a part of the East-West Metro project will further cement Suburban West’s status as an emerging residential hub.

Y-O-Y 12-Months Affordability remains the focus Change Forecast In Q419, 43% of the projects launched in Kolkata were in the mid segment while 55% were affordable housing projects, with most of these New Launches launches recorded in the suburban locations in the west and south peripheral sub-markets of the city. With developers continuing to focus keeping ticket sizes within range, around two-thirds of Q4 launches were priced below INR 50 lakh threshold, indicating the shift in supply alignment with demand expectations. Government incentives for both buyers and developers are providing the push for traction visible in this segment. This trend Units Sold is expected to create grounds for a gradual recovery in sales, especially in the peripheral sub-markets (North and South) of the city.

Average Capital Values (INR/sf) SIGNIFICANT PROJECTS LAUNCHED IN Q4 2019

BUILDING LOCATION DEVELOPER UNITS LAUNCHED RATE**(INR/SF)

Sunshine One Uttarpara Shriram Properties 1,192 3,215

New Kolkata - Sangam Serampore Alcove Realty 1,072 3,030

Martin Jeevanam – Phase 1 Sonarpur Martin Burns Ltd 438 2,450

Suncrest Estate Phase -1 Sonarpur Salarpuria & Signum Group 380 3,300 M A R K E T B E AT MARKET NAME Residential Q4 2019

RENTAL VALUES AS OF Q4 2019* CAPITAL VALUES AS OF Q4 2019* AVERAGE QUOTED QoQ CHANGE YoY SHORT TERM AVERAGE QUOTED QoQ CHANGE YoY SHORT TERM SUBMARKET SUBMARKET RENT (INR/MONTH) (%) (%) OUTLOOK RENT (INR/MONTH) (%) (%) OUTLOOK

High-end segment High-end segment South 63,000-85,000 0% 0% South 7,500-13,000 0% 0% South-East 40,000-85,000 0% 0% South-East 6,300-14,000 0.5% 0.5% South-West 100,000-185,000 0% 0% South-West 12,000-17,000 0% 0% Central 85,000-155,000 0% 0% Central 12,000-19,500 0% 0% East 38,000-68,000 0% 0% East 5,000-7,750 0% 0% Mid segment Mid segment South 20,000-35,000 0% 0% South 4,000-8,500 0% 0% South-Central 28,000-36,000 0% 0% South-Central 5,900-9,250 0% 0% South-East 20,000-35,000 0% 0% South-East 3,100-5,550 1.2% 1.2% North-East 15,000-25,000 0% 0% North-East 2,900-4,300 0% 0% North 16,500-31,000 0% 0% North 3,150-6,200 0% 0%

SIGNIFICANT PROJECT COMPLETED IN Q4 2019

BUILDING LOCATION DEVELOPER UNITS LAUNCHED UNIT SIZE (SF) Rohan Sharma Nautical Patuli PS Group & Vinayak Group 128 810-945 Director, Research Services Purti Planet Behala Purti Realty 112 670-1,165 +91 124 4695555 /[email protected] Kapil Kanala SIGNIFICANT PROJECTS UNDER CONSTRUCTION – TO BE COMPLETED IN NEXT 12 MONTHS Associate Director, Research Services BUILDING LOCATION DEVELOPER UNITS LAUNCHED EXPECTED COMPLETION +91 40 40405555 /[email protected] Madgul Antaraa Joka Rungta Group 280 Q2 2020 cushmanwakefield.com Mani Vista Tollygunge Mani Group 168 Q4 2020 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Data collated from primary and secondary resources. Estimations are subject to change Cushman & Wakefield (NYSE: CWK) is a leading global * Rental and capital values have been depicted only for key submarkets real estate services firm that delivers exceptional value for ** Quoted base capital value does not include other charges such as Preferential Location Charges, External Development Charges, Internal Development Charges, etc. real estate occupiers and owners. Cushman & Wakefield is The above values for high-end segment are for units typically of 2,000-4,000 sf among the largest real estate services firms with The above values for mid segment are for units typically of 1,600-2,000 sf approximately 51,000 employees in 400 offices and 70 Affordable housing has been defined as units with a carpet area of 60 sq.mt in metros / 90 sq.mt in non-metros and value up to INR 45 lakhs countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project KEY TO SUBMARKETS Mid Segment management, leasing, capital markets, valuation and other High-end Segment South: Golf Green, Tollygunge, Lake Gardens, Jodhpur Park, Anwar Shah Road services. South: Southern Avenue, Hindustan Park, Triangular Park South-central: Deshapriya Park, Hazra Road, Bhawanipur South-central: Ballygunge, Queens Park, Rainy Park,Dover Lane South-east: Ajoy Nagar, Hiland Park, PA Shah Connector ©2019 Cushman & Wakefield. All rights reserved. The information South-east: EM Bypass - Science City, Pancha Sayar North-east: Rajarhat, Rajarhat Chowmatha contained within this report is gathered from multiple sources believed South-west: Alipore Park Road, Ashoka Road, Burdwan Road South-west: Tollygunge Circular Road, New Alipore, Behala, Jones Lang Sarani to be reliable. The information may contain errors or omissions and is Central: Camac Street, Minto Park, Elgin Road, Loudon Street North: Jessore Road, Ultadanga, Shyambazar, Bagbazar, Manicktala,Dum Dum presented without any warranty or representations as to its accuracy. North: Kankurgachi, Lake Town, VIP Road East: Salt Lake North-peripheral: BT Road, Barasat, Madhyamgram, Sodepur North-east: New Town, Rajarhat South-peripheral: Garia, Narendrapur, Sonarpur South-west peripheral: Joka, Maheshtala, Budge Budge, Thakurpukur