Year-end 2020

SPOTLIGHT Market Watch Savills Research Office Hyderabad Market Watch - Office – Year-end 2020 Hyderabad Market Watch - Office – Year-end 2020

GDP growth (annual % change) 10 8 6 4 2 0 -2 -4 -6 -8 -10 2015 2016 2017 2018 2019 2020 2021 -12 China, People's Republic of India United Kingdom United States Asia Pacific World

Source IMF World Economic Outlook (graph represents IMF WEOs till Oct 2020)

COVID impact on sectoral GDP (%)

-47.0% -50.3% Trade, Hotels -15.6% Construction -8.6% -5.3% -39.3% Finance, -8.1% Manufacturing 0.6% INDIAN Real Estate

Q1 FY 21 The crash Among the numerous features of these Projections and hope 3.4% Q2 FY 21 ECONOMY By the middle of the year, global agencies Atma Nirbhar Bharat Schemes, the At its peak, the pandemic-induced like the IMF projected deep fall in growth infusion of INR 6,000 crores equity by the compulsions wiped off about one-fourth of Agriculture 3.4% across the world, and indeed, in India too. government in National Infrastructure the GDP, as demand plummeted. While the Investment Fund (NIIF) debt platform slide has been arrested significantly third Source Statista (https://www.statista.com/statistics/1107798/india-estimated-economic-impact-of-coronavirus-by-sector/) India’s second quarter GDP growth deserves special mention, as core quarter onwards, damage control persists showed a decline of 23.9% (Q-o-Q). The 2020 infrastructure development is a key focus as 2020 ends. next quarter’s -7.5% meant that India was area. Similarly, the announcement of in recession. It is important to note that INR 18,000 crores as additional outlay for In spite of this adversity, forecasts by the infections peaked in India on Pradhan Mantri Awas Yojana - Urban various agencies present hopes of a sharp In a major achievement, India’s GST collections September 17th 2020*. (PMAY – U), is another key feature worth and V-shaped recovery for several economies, including India. IMF’s October recorded a peak of INR 1.15 lakh crores in The four key areas which were deeply noting. This was provided over and above World Economic Outlook estimates India’s Follow through of 2019 dented at the height of COVID were the INR 8,000 crores already given in the December 2020. growth rate in 2021 to be in the range of As 2019 ended, the economic slowdown was being countered consumption, employment, supply chain year. The estimated benefit is launch of 12 10.5%-11.5%, which is among the highest. deftly by a strong set of policy measures by the Indian and government income. The strongest lakh and completion of 18 lakh houses. RBI and most agencies forecast remarkable government. These measures were neatly categorized in nine declines were registered in consumer The contributed Incidentally, 2019 was considered to have sets, as highlighted in our 2019 Year End Market Watch. The durables, auto sales and exports. (COVID significantly during the crisis by according delivered the best ever 12-months for office economic growth in 2021. initial two months of 2020 did present a glimmer of hope for Impact on sectoral GDP graphic on p.3) high priority to keeping the economy leasing in India for a second successive recovery, though the task appeared uphill. By the end of afloat. From 5.15% benchmark lending rate year. 2020 was expected to create a new Packages & policy support Two key events occurred at the height of March, however, the contours of an unprecedented economic at the beginning of the year, the repo rate record. However, the socio-biological pandemic in July. India’s second REIT got listed, storm, a true black-swan event of global scale, began revealing In a proactive fiscal measure, the Central was brought down to 4% by December. It is catastrophe broke the flow and left an the enormous problem that lay ahead. The COVID-19 Government announced three Atma reported that the transmission to the indelible scar. TIME magazine chose to as Mindspace Business Parks REIT was pandemic, which appeared a distant malaise to most Indians Nirbhar Bharat schemes, between May and consumer also improved during the year as famously cancel 2020 on its iconic cover. It oversubscribed 12.96 times. till a month ago, was already at the doorsteps. November. We had issued the details of compared to earlier times. is from this rubble that 2021 will rise. these from time to time, in our fortnightly Armed with vaccinations developed in In no time thereafter, the follow-through of 2019 became a Savills Round Ups. Together, these record time, the human race gets up again. Around the same time, the government floated closed chapter, as the virus spread swiftly across the country. amounted to a commendable 15% of the Affordable Rental Housing Complexes (ARHC) Almost all businesses, some more than others, slipped into country’s GDP (refer Annexure for specific * https://indianexpress.com/article/ survival and cash preservation mode. Staying afloat became explained/india-coronavirus-numbers- details), though mostly by way of debt and explained-covid-2020-cases-deaths-testing- Operational Guidelines to provide a boost to the theme from then on. loans. recoveries-7128525/ rental housing. savills.in 2 3 Hyderabad Market Watch - Office – Year-end 2020 Hyderabad Market Watch - Office – Year-end 2020

COMPLETIONS & VACANCY Supply addition: 2020 vs 2019 HIGHLIGHTS 2020 2019 YoY Change 16 10% New completions also declined by 35% YOY to about 30.6 mn sq.ft, with major fall of about 14 0% INDIA 60% YOY noted in cities namely Delhi-NCR, 12 -10% and . While Bengaluru and 10 -20% Hyderabad saw relatively lesser YOY decline of . t f .

14% and 21%. Interestingly, q

s 8 -30% maintained similar levels of new completions at n m OFFICE 6 -40% about 3.6 mn sq.ft. during 2020. Bengaluru, Hyderabad and Delhi-NCR together comprised 4 -50% of 80% of the new completions this year as most supply that had come was committed in 2 -60% previous years. 0 -70% i i e u d a MARKET a r n a C R n u u b l The overall India vacancy levels have n m b a a P e r u g e

marginally increased to 11.7% in 2020 as new n M C h d e y B supply exceeded the pace of leasing activity this Delhi- N H year. Most cities have witnessed rise in vacancy SUMMARY Rental trends levels as the demand remained subdued. The rental value change across micromarkets varied The year 2020 saw a temporary within a city compared to last year, with an average slowdown in office markets with both decline of about 7% YOY noted in a few micromarkets in NCR and Bengaluru, while Chennai and Hyderabad saw leasing activity and new completions Deal size categories New completions in Chennai declining from the previous year, as the a 3% YOY decline. However, Mumbai and Pune markets 50,000-99,999 sq.ft. were at similar levels as 2019 sustained similar rental ranges as last year. pandemic impacted business activities 13% unlike other cities that saw Interestingly, Mumbai sustained rental values similar as across sectors. However, the confidence 2019 despite its low leasing volumes as vacancy levels decline and deferment of is expected to return soon as there are witnessed a marginal declined of 1% in 2020 compared planned supply. to the previous year. announcements of vaccinations to less than 25,000 sq.ft. 25,000- contain infections and return to 49,999 sq.ft. 12% Overall the markets saw stable rents with normalcy. 15% certain pockets dragging overall decline in favor of occupiers.

Vacancy levels ABSORPTION HIGHLIGHTS Absorption: 2020 vs 2019 2020 2019 Fall (2019-2020) 100,000 sq.ft. or more 60% Cities 2019 2020 The office space absorption across India’s six major cities1 18.00 0% % stood at 31.9 mn sq.ft. in 2020, driven by Bengaluru that 16.00 % Bengaluru 7.0% 10.0%

2 -10% 0 9 0 14.00 . continued to lead the pack. While absorption fell by 43% . Demand split by sectors % 6

9 -20% % % Chennai 12.4% 13.0%

12.00 2 2

YOY, it is important to note that the year 2019 saw a record . 2 5 3 e - . t - n f 3 . i . 10.00 -30% l high of leasing in 2019 at about 55.7 mn sq.ft. in the last q c % 4 2 Hyderabad 4.5% 10.8% e s - % 4 6 0 n 8.00 D - decade. -40% 7 1 8 m .

. Engineering &

6.00 o Y IT Mumbai 13.9% 13.4% 0

Y Manufacturing 5 8 -50%

Bengaluru recorded the highest office absorption of 11.4 mn 6 - 4.00 - 48.7% 12.7% sq.ft. in 2020, despite a drop of 27% compared to the NCR 18.0% 21.4% 2.00 -60% previous year. Following Bengaluru closely, Hyderabad 0.00 -70% i i Pune 4.2% 6.5% e u registered leasing of 5.4 mn sq.ft. in 2020. Hyderabad took d a a r n a C R n u u l b over Delhi-NCR while the latter stood at the third place with n m b a P a - N e i r Co Healthcare u g BFSI h e l approximately 4.4 mn sq.ft. absorption in 2020. Like the n working M C h d e e 4.5% Rental range in 2020 y 12.3% B previous year, the top three cities of Bengaluru, Hyderabad D 8.4% H and Delhi-NCR constitute around 66% of the total leasing In INR psf pm Low High Average YOY Change* activity in 2020. Mumbai, India’s financial capital, recorded Markets continue to witness Technology occupiers continue to Bengaluru 40 156 -7% approximately 2.9 mn sq.ft. leasing through 2020, the least large deals drive demand absorption witnessed among the six cities, while Chennai Consumer Goods Transport & Chennai 36 110 -3% As demand continued to be driven by the Banking, Financial Services and Insurance & Services Logistics witnessed an annual decline of about 29%. technology sector constituting 48.7% of (BFSI) occupiers’ share in 2020 increased 2.8% 2.6% Hyderabad 40 90 -3% total leasing in 2020 compared to 46.3% in too and was recorded at 12.3% compared to 2019, there were some large consolidation 10.6% in 2019. Engineering and Mumbai 50 370 0% and expansion deals noted. Of the total manufacturing, as well as transport and The trio – Bengaluru, Delhi-NCR and NCR-Delhi 100 290 -3% office leases in 2020, around 60% logistics, two of India’s growing sectors Consulting Real & Research Estate Others Hyderabad continued to lead the leasing comprised of large deals that were more accounted for 12.7% and 2.6% respectively, NCR-Gurugram -7% 1.8% 0.3% 5.7% 45 145 activity in 2020. than 100,000 sq.ft. each. Bengaluru noted which was more than double of their the highest share of large deals at 67% respective shares in 2019. On the other NCR-Noida 50 93 -8% followed by Hyderabad and Chennai. hand, co-working segment’s share declined Demand from coworking segment Pune 50 107 0% to 8.4% in 2020 from 14% in 2019 as a declined in 2020, while technology 1. Bengaluru, Chennai, Delhi-NCR, Hyderabad, result of occupiers widely adopting work *Averages do not reflect YOY changes within micromarkets or select premium buildings in certain Mumbai and Pune from home policy. occupiers continued to lead. localities savills.in 4 5 Hyderabad Market Watch - Office – Year-end 2020 Hyderabad Market Watch - Office – Year-end 2020

Office absorption (mn sq.ft.) in HYDERABAD MARKET OUTLOOK Hyderabad DEMAND 6.9 2021F The office market in Hyderabad is likely to see a 25-30% increase in absorption in 2021. With continuous improvements in infrastructure, connectivity, quality of living 5.5 and ease of doing business, the city is 2020 expected to drive the office leasing activity of the country to a large extent in the coming few years. Availability of skilled talent and HYDERABAD comparatively lower rentals are likely to aid in keeping the market lucrative for occupiers. OFFICE 9.5 SECTORS 2019 IT sector is expected to continue to drive Source Savills India Research the leasing activity of the city. Healthcare and pharma industries also are quite pivotal to the fortunes of the city. They are likely to MARKET Average rents (INR/sq.ft./month) witness significant traction in the near term, especially on back of the central 80 government’s focus on “self reliance” and manufacture of vaccines as well as UPDATE advanced pharmaceutical ingredients. RENT 60

Rentals are likely to witness a marginal upward trend in 2021 as demand catches up with oversupply to a certain extent, even if 40 not completely.

SUPPLY LEASING AND Supply: The city market witnessed COMPLETIONS completions of about 7.8 mn sq.ft. in HYDERABAD’S KEY 2020, a drop of more than 20% as 20 Hyderabad has a substantial pipeline of Absorption: In 2019, Hyderabad emerged compared to the previous year. In terms of HIGHLIGHTS under-construction projects, which is as the biggest success story, having micromarket wise addition, incremental Surges past NCR taking the second estimated at 15-20 mn sq.ft. over the next reached within touching distance of 10.0 supply clearly mirrored the demand place: Hyderabad’s position in the office year and a half. We estimate a supply addition of around 12 mn sq.ft. in 2021 itself, mn sq.ft. office leasing for the first time. It pattern in the city. SBD I accounted for market of the country has been on the resulting in increase in vacancy levels in was expected to accelerate further in more than half of the city’s incremental rise. It has moved from lower half of top 6 0 2021 as well. As a matter of caution, 2020, as no estimation of pandemic led markets*, to a place near the top now. In SBD - I SBD - II PBD supply. constant pressure on rentals might arise if economic damage could be foreseen 12 2019, Hyderabad occupied the third spot 2018 2019 2020 projected vacancy of more than 15% persists months ago. 2018 2019 2020 Vacancy rate and trailed NCR by a whisker. In 2020, in the near term. Hyderabad contributed around 20% of Grade – A office stock & vacancy The scenario turned drastically, and the Vacancy levels in the city have been Source Savills India Research volume of transactions fell radically in constantly on the rise. As new space the leasing activity in the country and 2020; eventually closing the year at about take-up slowed down and supply addition overtook NCR comfortably. MAJOR TRANSACTIONS IN 2020 remained well above leasing volumes, 57.1 64.9 5.5 mn sq.ft. This amounted to an annual Investor friendly policies and effective drop of almost 43%. Secondary Business vacancy levels shot past double digits for Transacted area legislation: Effective legislation for Tenant Micromarket Building District (SBD) I was the key micromarket the first time. The city’s oversupply promoting IT corridors all around the (sq.ft.)* 4.5% 10.8% and accounted for almost 70% of overall situation, coupled with rising vacancies, city, including non-traditional areas, has Wells Fargo SBD I DivyaSree Orion 1,187,000 absorption in the city. In addition to fresh has the potential to reach alarming levels. resulted in Hyderabad being preferred by 2019 2020 Developers will need to take cognizance leasing, pre-commitments were sizeable many MNCs and Fortune 500 companies. Google SBD II Knowledge Capital 300,000 in the city. Hyderabad recorded of pandemic induced resets, which The recently launched Growth in approximately 0.4 mn sq.ft. of pre- includes space re-assessment by various Dispersion (GRID) policy is a perfect IBM SBD I Raheja Mindspace 250,000 commitments in 2020. occupiers. example in this regard. Further, the state government recently announced a single Smartworks SBD I Aurobindo Galaxy 240,000 76.9 Stock Sector split: Hyderabad has established Rents window portal for faster clearances and in mn sq.ft. itself as a premier technology hub, Wipro SBD I Raheja Mindspace 181,000 Average city rents in 2020 declined 3% self-certification for real estate alongside Bengaluru. In 2020, IT sector YoY. Maximum impact was observed in 15.7% contributed to an overwhelming 78% of construction within land parcels of a Vacancy Madhapur, Kondapur and Raidurg HYDERABAD MICROMARKETS office demand in the city. Despite specific size. Such enabling regulations 2021F locations. The market has understandably have provided steady boost to real estate Secondary Business District I (SBD-I) - Madhapur, Kondapur, Raidurg widespread slowdown of shared spaces, Secondary Business District II (SBD II) - Gachibowli, Nanakramguda, Manikonda tilted towards an occupier’s market in the in the city. flexispace operators contributed post pandemic era. Peripheral East- Pocharam, Uppal Source Savills India Research significantly to space take-up in the city * Bengaluru, Chennai, Delhi-NCR, Hyderabad, Mumbai & Pune *Approximate and indicative areas only savills.in 6 7 Hyderabad Market Watch - Office – Year-end 2020 Hyderabad Market Watch - Office – Year-end 2020

The COVID-19 pandemic stifled both the demand and supply side of INR 18,000 Cr. additional outlay for PMAY (U) – An various sectors of the economy ANNEXURE additional outlay of INR 18,000 Cr was announced for including real estate for majority of the urban housing scheme in November 2020, to help the first half of 2020. A sudden complete real estate projects that would eventually KEY STIMULUS create jobs and boost the economy. The additional nationwide lockdown brought the outlay was over and above the INR 8,000 Cr spent production machinery to almost a earlier in the year. The allocation was expected to sudden and abrupt standstill. Despite PACKAGES TIMELINE benefit grounding and completion of 12 lakh and 18 the initial bruises to the economy, the lakh houses respectively. government put up a brave fight to Income tax relief measure for developers and home reduce the overall economic fallout of 2020 buyers for houses up to INR 2 Cr. – As part of ANB 3.0 stimulus measures to push economic growth, the pandemic. Various stimulus first-time buyers of houses costing up to INR 2 Cr. packages and reform measures were were entitled to get income tax relief of up to 20% till announced by the government from June 2021. The move was expected to incentivize time to time in 2020. The Reserve people to buy homes and bring down the excess inventory in the residential segment. The maximum Bank also played a significant part, Special Refinancing facilities of INR 50,000 Cr. of NHB, SIDBI & di‹erence allowed between circle rate and agreement orchestrating a downward revision in NABARD - (Including INR 10,000 Cr. to NHB) –In April 2020, the Karnataka’s new industrial policy of INR 5 Lakh Cr. - The value for primary sale of residential units of up to lending rates and injection of liquidity Reserve Bank of India announced a special refinance facility for a new state industrial policy aims to facilitate greater invest- INR 2 crore was increased from 10% to 20% as well. into the system. total amount of INR 50,000 Cr to National Bank for Agriculture and ments in advanced manufacturing, research and develop- INR 6,000 Cr. infusion in the NIIF debt platform – Rural Development (NABARD), Small Industries Development Bank ment (R&D), and innovation. The main objective of the policy The government in November 2020 also approved of India (SIDBI) and National Housing Bank (NHB) to help them is to attract INR 5 lakh Cr. of investment in the state and to equity infusion of INR 6,000 Cr. in a debt platform Pain points meet financing needs of housing finance companies, regional rural create at least 2 million employment opportunities. The new sponsored by National Investment and Infrastructure banks, cooperative banks and microfinance companies, which had industrial policy intends to promote the development of Fund (NIIF). The debt platform was announced as an tier-2 and tier-3 cities in Karnataka, increase merchandise • Decline in consumption been hit hard due to the stringent nationwide lockdown. The overall extension of the ANB 3.0 package and aims at allocation of INR 50,000 Cr. included a special carve out of INR exports in the next five years, and maintain a yearly industrial funding infrastructure projects under the National • Loss of employment 10,000 Cr. for the housing segment. growth rate of 10%. Infrastructure Pipeline of INR 1.10 lakh Cr. • Stress on supply chain Apr 2020 Jul 2020 Nov 2020 • Steep fall in government revenue

Calibrated counter-measures

• Atma Nirbahar Bharat Packages - 15% of overall GDP • Reserve Bank of India- 115 bps rate cuts throughout 2020 with an accommodative stance

February – 2020 May 2020 Aug 2020

INR 13,750 Cr. for Smart City & AMRUT – Smart city INR 3 Lakh Cr. collateral free automatic loans for MSME – The government Aordable Rental Housing Complexes (ARHCs) mission is a mission to develop smart cities across the announced a slew of liquidity measures, which included collateral-free automatic operational guidelines - Taking cognizance of country, making them citizen friendly and sustainable. loan worth INR 3 lakh Cr. The scope of the credit guarantee scheme was also various bottlenecks and realising that the full While 100 cities have been identified in the Smart City widened by doubling the upper ceiling of outstanding loans from INR 25 Cr. to INR potential of rental housing in the country is yet to be programme, the Atal Mission for Rejuvenation and 50 Cr. and including certain individual loans given to professionals like doctors, tapped, the government in August 2020 came up Urban Transformation (AMRUT) scheme is targeted at lawyers and chartered accountants for business purposes under its ambit. with specific guidelines under the ARHC scheme. upgrading urban infrastructure across 500 towns and Under the scheme, existing vacant government-fund- INR 45,000 Cr. Partial Credit Guarantee Scheme 2.0 for NBFC – The government cities. The government in its budgetary presentation of ed housing complexes across major cities will be extended the scope of the Partial Credit Guarantee Scheme (PCGS) to provide 2020 had allocated INR 13,750 Cr. for the Smart Cities converted into ARHCs and o‹ered to concessionaires greater flexibility to state-owned banks in purchasing bonds and commercial papers Mission and AMRUT, which was around 40% more than for 25 years to rent out the units to urban poor and of Non-Banking Financial Companies (NBFCs). As a part of the Atma Nirbhar Bharat the amount set aside in 2019. The increased allocation migrant workers. The government will incentivise (ANB) initiative, the scheme now covered primary market issuances with lower was in a way a soft signal showcasing the govern- private and public entities to develop such housing credit ratings as well. The centre provided 20% first loss sovereign guarantee to ment’s commitment towards expedition of real estate complexes on their own available vacant land also. public sector banks for purchase of these lower rated instruments, resulting in and infrastructure development in the urban areas of Incentives include viability gap funding, technology liquidity infusion of INR 45,000 Cr. into the system. the country. innovation grant, additional floor space, lending at INR 70,000 Cr. boost to housing sector and middle - income group through concessional rates and tax reliefs. INR 27,000 Cr. for PMAY – The Pradhan Mantri Awas extension of CLSS – For the middle-income class (INR 6 – 18 lakh income per year) a Yojana (PMAY) is a flagship initiative of the Govern- Stamp duty reduction in Maharashtra & Karnataka credit linked subsidy scheme (CLSS) was introduced by the Government of India in ment of India which aims at providing a‹ordable –To revive housing sales and address the demand May 2017. It was subsequently extended up to 31st March 2020. In the second housing to economically challenged sections of the side, various state governments slashed stamp duties tranche of economic package under the ANB programme, the CLSS for a‹ordable society. The programme aims to meet a steep but across housing segments. Maharashtra was one of housing was extended again till March 2021 with a liquidity boost of INR 70,000 Cr. noble target of “Housing for All” by 2022. In 2020, the the first states to do so, reducing stamp duty from Around 2.5 lakh middle income families were expected to benefit from the extension PMAY received grants of INR 27,500 Cr. as against INR 5% to 2% from September- December 2020 and 3% of the scheme. 25,328 Cr. in 2019, an 8.5 % YoY increase. from Jan- March 2021. Later, Karnataka also followed INR 30,000 Cr. liquidity facility for NBFC/HFCs/MFIs – The Union Cabinet in May suit, lowering the rates by 2-3% depending upon the INR 50,040 Cr. for Ministry of Housing & Urban 2020 also gave its nod to launch a special liquidity scheme worth INR 30,000 Cr. for housing segment. Aairs – The ministry was allocated INR 50,040 Cr., a stressed non-banking financial companies and housing finance companies, whose 18.4 % increase from the earlier allocation. financials had deteriorated further due to COVID-19 crisis. savills.in 8 9 Savills Savills India Savills India provides services across office Savills plc is a global real estate services provider Savills India is a group company of Savills leasing, project management, capital markets, listed on the London Stock Exchange. We have an Plc. and is a premier professional international valuations, research, consulting, industrial and international network of more than 600 offices and property consulting firm. With full-service offices logistics, and residential services. Starting in 39,000 associates throughout the Americas, the in Bengaluru, Mumbai, Delhi-NCR, Chennai, India in 2016, the company employs over 350 UK, continental Europe, Asia Pacific, Africa and Pune and Hyderabad, the firm serves Occupiers, professionals. the Middle East, offering a broad range of specialist Investors and Developers of Real Estate. advisory, management and transactional services to clients all over the world.

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