NCR JUNE 2019 MARKETBEATS

23.9 msf 15.7% 1.8 msf MALL INVENTORY MALL VACANCY UPCOMING MALL SUPPLY (2019-20)

ECONOMIC INDICATORS HIGHLIGHTS 2019 2017 2018 Forecast International brands prefer Delhi-NCR GDP Growth 7.2% 6.8% 7.0% CPI Growth 3.6% 3.5% 3.4% Delhi NCR is the go-to market for international retailers looking to enter or expand Consumer Spending their existing footprint in the country. Uniqlo has entered the city with three planned 7.4% 8.1% 7.1% Govt Final Consumption 14.2% 9.2% 15.0% stores, while others like Ximi Vogue, Mumuso, Steve Madden, Marks & Spencer, H&M, Expenditure

Onitsuka Tiger, Bath & Body Works continued to expand their retail presence. Nyka Source: Oxford Economics, Central Statistics Office and Caratlane opened physical stores with omni-channel retailing continuing to gain traction. Apparel & lifestyle brands were the major demand drivers for retail space amid

an ongoing retailer churn. Lifestyle, FabIndia, Allen Solly, Madame, Label Ritu Kumar, MALL SUPPLY / VACANCY # Biba, Meena Bazaar, Wrangler were among the retailers active during the quarter. 5,000 30% 4,000 25% New mall addition in Gurugram in Q2 2019 20% 3,000 15% With a refurbished mall opening its doors, Gurugram recorded new mall supply addition 2,000 10% of 250,000 sf during Q2, taking NCR retail inventory to 23.9 msf. H2 2019 is likely to 1,000 5% add new mall supply of 1.4 msf across Dwarka and Greater Noida West, both being 0 0% 2011 2012 2013 2014 2015 2016 2017 2018 Q1 Q2 large residential catchments with low organized retail penetration. A major mall in 2019 2019 Supply ('000 sf) Vacancy % South Delhi is also undergoing renovation and revamp in retailer mix. Strong retailer Source: Cushman & Wakefield Research demand saw vacancy decline by 70 bps q-o-q to 15.7% in Q2, despite sizeable retailer exits from non-performing malls in West Delhi. Market rents remain largely unchanged Rents for both malls & main streets were largely stable despite visible retailer churn and activity during the quarter. High demand with tight supply in Khan Market main A Cushman & Wakefield Research Publication street saw rents rising by 3.7% q-o-q. We expect a slight upward movement in rents, going forward, on account of prime malls and refurbished ones becoming ready. www.cushmanwakefield.com DELHI NCR RETAIL MARKETBEATS JUNE 2019

Rohan Sharma PRIME RETAIL RENTS # INR EURO US$ Q-O-Q Y-O-Y SF/MTH SF/YR SF/YR CHANGE CHANGE Director, Research MAIN STREETS Tel: +91 124 4695555 Khan Market 1,400 212 242 3.7% 3.7% [email protected] I & II 700 106 121 0% 0% Lajpat Nagar 250 38 43 0% 0% Connaught Place 1,050 159 181 0% 0% Greater Kailash I, M Block 375 57 65 0% 0% Rajouri Garden 225 34 39 0% 0% Punjabi Bagh 225 34 39 0% 0% Karol Bagh 385 58 66 0% 0% Kamla Nagar 380 58 66 0% 0% Dwarka 450 68 78 0% 0% Vikas Marg 175 27 30 0% 0% DLF Galleria (Gurugram) 675 102 116 0% 0% Sector 29 (Gurugram) 235 36 41 0% -9.6% Sector 18 (Noida) 250 38 43 0% 0% INR EURO US$ Q-O-Q Y-O-Y PRIME RETAIL RENTS# - MALLS SF/MTH SF/YR SF/YR CHANGE CHANGE South Delhi 600 91 104 0% 0% West Delhi 325 49 56 0% 0% Gurugram 350 53 60 0% 0% Noida 250 38 43 0% 0% Greater Noida 125 19 22 0% 0% Ghaziabad 200 30 35 0% 0% Note: Asking rent (INR/sf/month) on carpet area of ground floor Vanilla stores is quoted #Market statistics have been recalibrated historically to exclude malls which cannot be categorized in the definition of retail inventory US$ = INR 69.55 € = INR 79.1

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A Cushman & Wakefield PROPERTY LOCATION TENANT SF Research Publication Standalone Building Golf Course Road Shoppers Stop 40,000 Vasant Kunj Uniqlo Cushman & Wakefield (NYSE: CWK) is a leading global real estate Ambience Mall 28,800 services firm that delivers exceptional value for real estate occupiers West Delhi Lifestyle and owners. Cushman & Wakef