FOREWORD

With PropIndex-Jan-Mar 2015, the index is now four years old. This historic fourth edition of the fourth volume comes with some positive trends. l Property buyers are actively searching for houses but are looking for bigger units within the same budgets l In key real estate markets such as Delhi, Mumbai and Pune over 60 per cent localities have witnessed a rise in asking values. This follows a drop in values over the previous two quarters l In line with the previous quarter, demand for apartments dropped by up to 10% across cities except Bangalore, Coimbatore and . This gave way to rise in demand for plotted units and independent houses l Demand for 3BHK units has gained momentum in stark variance to the previous quarters where 1 and 2BHKs had been in demand l Supply has remained stable across cities l Rental markets remained robust There was a clear shift in user preferences towards larger housing units. While demand grew for 3BHK units, it dropped for 1 and 2BHK units across cities except in Coimbatore and Vadodara. A rise of 3-10 per cent was noted in the demand for 3BHK units across different cities. Cities with a large volume of value-for-money homes posted better index values. In the Jan-Mar 2015 quarter Noida registered the highest rise of 9 per cent while Mumbai recorded the highest drop of 6 per cent. Rental markets were upbeat across all cities tracked. It was particularly postive in cities such as Delhi, Mumbai and Pune. Enhanced preference for larger dwellings was also visible in the increased demand for residential houses and plots across different cities. However, buyers seemed unwilling to extend their budget for a larger home. Mid-segment properties priced at Rs 40-100 lakh were most preferred. These are changing times and we would love to hear from you. Do write to us at [email protected] and share yours views on this report and how we could make PropIndex even better. You may also share your opinion with #PropIndex on our Twitter handle @magicbricks or connect with us on Facebook at www.facebook.com/ magicbricksTOI.

Sudhir Pai CEO, Magicbricks.com METHODOLOGY

Magicbricks PropIndex are aggregated into their been chosen based on respective cities and their activity levels) and Magicbricks PropIndex then to the National has an individual city is a tool which Index. Weightages for report for each of these empowers property PropIndex are based on cities. While the NPI and seekers and investors the supply of properties its movements are of with detailed within the locality/city. interest to the expert information on the Based on this structure, community of bankers, movement of residential PropIndex gives a builders and investors, apartment prices and realistic picture of the PropIndex has also supply of properties in trends in price/supply taken care to explain the . No credible across different property nuances of index property index can be a markets in each city. We movements at the function of direct values have used different locality level that would as the changes are weightages for Listed help the huge base of governed by multiple Price Monitor/Rent Magicbricks.com factors. Monitor. Therefore, read consumers. as a whole, PropIndex Magicbricks PropIndex Insights into consumer along with tables has taken this reality demand have been provided for Listed Price into account and gathered through Monitor, Rent Monitor, produced an index based analysis of search Yield Monitor and on listing of apartments information on the site. Capital Values, gives an and their capital and This helps understand excellent perspective of rental values on the the best localities by the property market website. demand, the type and performance in the configuration of units as “Magicbricks has over quarter. 800,000 active properties well as the budget-wise posted by more than While listing and its preferences. values/supply provide a 1,40,000 active users in The PropIndex is the level of understanding 300+ cities and 10,000+ result of meticulous of the market, there are localities. Our users research at the locality meticulous data checks include owners, agents level and through to prevent aberrations and developers.” detailed discussions creeping in the Index. with experts at These are based on Magicbricks.com’s Methodology statistical calculations, offline and online industry inputs and Apartment values are initiatives. based on listings on logical interpretations. The Indian real estate Magicbricks. These The National Property market is dynamic and include multi-storey Index (NPI) is indicative the PropIndex reflects apartments and single of the extent of activity those changes. Since it is units on plotted as well as price derived from a dynamic developments, referred movements across cities database, additions and to as builder floors on and localities in the deletions of localities Magicbricks.com. major cities active on happen as a function of Magicbricks.com. The The Index is structured market dynamics. in such a way that index includes the top individual properties 11 cities (these have GLOSSARY & DEFINITIONS

There is a wealth of information within these pages. For better readability, we have presented some data as tables and others as graphs. Between them, you will find how property markets have performed in the Jan-Mar 2015 quarter from different perspectives – from that of capital appreciation, from a rental/yield realisation perspective and from a supply standpoint. Demand Analysis section also explains what consumers look for.

We recommend that you evaluate the city report in its entirety and that will provide a rounded perspective of the performance of the property market within each city. Here are the details of what you will find in each of the city reports enclosed within:

1. City Property Index – This is a composite index which is a function of supply of properties as well as the average capital appreciation/drop in various localities of the city in the quarter. The city index is the weighted average of the average rate per square foot in that locality and the supply of properties from that locality. Premium localities (with higher average rate per square foot) as well as localities with higher supply of properties will have a bigger impact on the Index. For example, if the supply of properties from a premium locality drops, that locality will end up having a lower weightage in the index which in turn will push the Index downwards (and vice-versa). On the other hand, supply of properties remaining unchanged, the Index will be influenced by capital appreciation within the locality.

2. Listed Price Monitor – This metric shows the capital appreciation/drop within a locality and is calculated on the basis of movement in the “average rate per square foot” within that locality. By and large, the movement in the “average rate per square foot” reflects capital appreciation/drop. However, in a few select cases, we have observed that the average rate per square foot moves due to a change in the mix of apartments within that locality (e.g. if the ratio of premium apartments, which command a higher per square foot rate, changes over the quarter). In these few circumstances, the Listed Price Monitor will, in turn, reflect this input. Such changes have been explained in the text of the City Reports.

3. Rent Monitor – This reflects the rental appreciation/drop within a locality. It is calculated on the basis of movement in the “average rent per square foot” within that locality. By and large, the movement in the “average rent per square foot” reflects rental appreciation/drop. However, in a few select cases, we have observed that the average rent per square foot moves due to a change in the mix of apartments within that locality (e.g. if the ratio of premium apartments, which command a higher per square foot rent, changes over the quarter). In these few circumstances, the Rent Monitor will, in turn, reflect this input. Such changes have been explained in the text of the City Reports.

4. Yield Meter – Yield is the annual rate of return earned on property. The Yield Meter depicts the gross yield percentages across various localities. Gross yield is a ratio of average annual rental value to the average capital value of the property.

5. Capital Value Tables (given in Annexures) – This shows the actual range of prices within which properties were available in each locality in the quarter. Prices are shown in Rupees per square foot basis, these are the prevailing rates for properties in each locality.

6. Demand Analysis – This analysis of consumer demand is based on searches and requirements that users have performed on Magicbricks.com. The top localities by demand gives an insight into consumer peferences. The demand data has been used to arrive at various aspects of consumer requirements including Budget-wise analysis, Property type analysis and BHK configuration analysis. This section also provides a comparison between demand and supply in the Oct-Dec 2014 and Jan-Mar 2015 quarters.

7. Editorial Speak – PropIndex has gone from strength to strength – adding more analytics, insights and diverse views in every edition. To enhance the insights provided by our data PropIndex now includes city perspectives from editors of Times Property. VOL 4, ISSUE 4; JAN-MAR, FY 2014-15 propindex.magicbricks.com

NATIONAL PROPERTY INDEX (NPI) JAN-MAR 2015

n Property priced within Rs 30-50 lakh recorded maximum demand at 28 per cent, noting a consistent rise in demand

n Rental markets remained upbeat across cities and capital values surged

Source:Magicbricks.com in North India JAN-MAR 2015 Bengaluru, Gurgaon, Hyderabad n Units of 3BHK and Pune City Index value saw no gained preference The National Property Index change in the current quarter. over 2BHK in (NPI) remained almost stable in the past 18 months. During the Mumbai, Bengaluru and Delhi 9 out of 11 major Jan-Mar 2015 quarter, the NPI continued to be the most cities noted no change. preferred cities for sale and rent. On the supply side, no major new n Demand for plotted NPI is the weighted average of units went up across supply and values across 11 cities launches were noted across cities. in India. In this quarter, we have Supply across budget, BHK and India property type was almost stable in included Vadodara and Supply was almost Coimbatore. Out of the comparison to the last quarter. n 13 tracked cities, five noted a rise Rental market continued to stable across BHK in the City Index value between remain upbeat in the last six segments 1-9 per cent. Noida recorded the months. Over 60 per cent localities maximum rise in the City Index across the city recorded a rise in also reflected in the Housing value by 9 per cent, followed by the average rental values. Sentiment Index (HSI) report. 5 per cent in Coimbatore. However, the capital market is yet Post Budget 2015 sentiment Overall active supply dropped by to see any significant surge. The plunged by 29 per cent to HSI 84. 10 per cent across India. Gurgaon, real estate activity remained slow Sentiments have been steadily Noida and Mumbai noted in the Jan-Mar 2015 quarter. falling in the last few quarters maximum drop in supply. Absence of any favourable real after the election euphoria. estate policy in the budget 2015 Rise in the average capital values IN THIS REPORT: across cities kept the NPI stable. and no significant cut in the interest rates by RBI was Mumbai recorded the maximum attributed to the slow growth in National Property Index...... 1 drop of 6 per cent in the City the real estate market in India. Chennai...... 4 Index value and Chennai was the second highest by 4 per cent. This has translated into a drop in Annexures...... 12 consumer sentiments, which is Policy Perspective...... 14 propindex.magicbricks.com 02 VOL4, ISSUE 4; JAN-MAR, FY 2014-15

localities noted a rise in the average rental values. Almost 60 per cent localities noted a rise between 1-9 per cent. Ghaziabad’ s active listings of apartments registered a drop of over 20 per cent. Close to 50 per cent of the tracked localities also witnessed a drop in the average capital values by -1% 0-4 per cent. As a result, the City Index dropped by 3 per cent. Areas offering maximum options such as Indirapuram, Raj Nagar Extension and Crossings Republik showed 0-1 per cent drop in average capital values. In Gurgaon , over 15 per cent drop in active market supply coupled with a drop in the average capital Source:Magicbricks.com values arrested the growth of the NATIONAL PROPERTY INDEX and Bannerghatta Road City Index. Majority of the contributed to almost 30 per cent l Delhi, Gurgaon, Ghaziabad in of the total residential supply. The Preferred Cities - Sale NCR and Bengaluru in the average apartment values along Locality Rank South noted maximum increase these corridors saw a nominal Q4 Q3 in demand for 3BHK category change within -2 to 3 per cent. by 9-10 per cent from the Mumbai 1 1 previous quarter Coimbatore recorded a rise in Bengaluru 2 2 average property values by Pune 3 3 l Properties worth up to 2-9 per cent, except in Trichy Road Rs 70 lakh witnessed a rise in and Saibaba Colony resulting in a New Delhi 4 5 demand by 9 per cent over the rise in the City Index value by Hyderabad 5 4 previous quarter 5 per cent and the Listed Price Chennai 6 6 Monitor by 3 per cent. Majority of Bengaluru and Kolkata Kolkata 7 7 l the localities in the city offered continued to offer highest Gurgaon 8 8 apartments in the range of rental returns on investment Rs 3,500-5,000 per sq ft. Noida 9 9 In Ahmedabad no major change Ahmedabad 10 10 Over 15 per cent drop was was registered in the residential recorded in Chennai ’s active Note: Q4 Jan-Mar 2015, Q3 Oct-Dec 2014 supply. The City Index recorded a Source:Magicbricks.com listings with a 44 per cent drop in nominal rise of 1 per cent. Except the average capital values of the Preferred Cities - Rent Prahalad Nagar and SP Ring tracked localities, resulting in a Road, no other locality noted a cality Rank 4 per cent drop in the City Index Lo significant rise or drop in the Q4 Q3 value. The rental market showed supply. Over 55 per cent of the an upward trend. Nearly 75 per Bengaluru 1 1 residential inventory consists of cent of the tracked localities Mumbai 2 2 apartments priced at Rs 3,000-5,000 noted a rise between 1-10 per cent per sq ft. Areas such as Bopal and Pune 3 3 in the average rental values. Gota noted maximum supply. New Delhi 4 4 Delhi City Index rose by Chennai 5 5 Almost equal number of localities 3 per cent and the Listed Price in Bengaluru recorded a rise or Gurgaon 6 7 Monitor by 5 per cent. Almost drop in the average capital values. Hyderabad 7 6 60 per cent of the tracked Over 10 per cent drop was Noida 8 9 localities recorded a rise in the recorded in the active market average capital values. Rental Kolkata 9 8 which made no change in the City market outperformed the capital Ahmedabad 10 10 Index. Whitefield, Sarjapur Road, market. Close to 80 per cent Electronic City, Kankapura Road Note: Q4 Jan-Mar 2015, Q3 Oct-Dec 2014 Source:Magicbricks.com VOL4, ISSUE 4; JAN-MAR, FY 2014-15 03 propindex.magicbricks.com

National - Consumer Budget Preference

30% 28% 25% 22% 20% 15% 15%

10% 15% 9% 8% 5%

0% 3% Upto Rs 20 Lakh Rs 20-30 Lakh Rs 30-50 Lakh Rs 50-70 Lakh Rs 70-100 Lakh Rs 1-2 Crore Rs 2 Crore & Above Source:Magicbricks.com localities noted a rise or drop in average capital values. Mumbai TOP YIELD GROSSERS the average capital values between recorded the maximum rise or -3 to +3 per cent. Close to 60 per drop in average capital values Gross yield is a ratio of average annual cent tracked localities noted a rise between -9 to +7 per cent. rental value to the average capital value between 1-9 per cent in rental Kharghar, Mira Road and of the property. Given below are the top yield-grossing localities in each city. values. Residential developments Ghodbunder Road offered along Sohna Road and Golf Course maximum options for sale. Locality Gross Yield Road continued to top the Bengaluru, Hoodi 5.49% preference chart for two Over 40 per cent localities in consecutive quarters. Noida recorded a rise in average Kolkata, Banshdroni 4.77% capital values between 1-8 per cent, Hyderabad, Gachibowli 4.72% Hyderabad recorded a 17 per cent coupled with increase in supply Delhi, Govindpuri 4.34% drop in the active supply arresting leading to a 9 per cent rise in the Chennai, 4.11% the growth of the City Index and City Index. Sectors 76, 77, 78 and Pune, Mundhwa 4.04% keeping it stable. Close to 60 per 137 noted maximum options for cent of the tracked localities sale. Sectors 50, 93A and 104 Ghaziabad, Shakti Khand 3 4.03% exhibited an increase in the offered maximum options for rent. Ahmedabad, Prahlad Nagar Extn 3.91% monthly rentals. Madhapur, Mumbai, Kanjur Marg East 3.83% Almost equal number of localities Kondapur, Banjara Hills and Noida, Zeta 1 3.25% in Pune recorded a rise or drop in Gachibowli offered the highest Gurgaon, Sector-69 2.70% the average capital values and

number of apartments on rent. S o

merely 5 per cent recorded a drop u

These are also among the top ten r c e

in housing stock, keeping the City : preferred localities in the city. M

CAPITAL GAINS a Index unchanged. In the rental g i c b r i A drop of 1-2 per cent was noted in market, over 80 per cent of the The table given below indicates maximum c k s . the supply of properties in tracked localities noted a rise in c

increase in capital values in each city. o Kolkata . Almost equal number of average values. Of which over m localities recorded rise or drop in 50 per cent witnessed a rise in Locality % Change the average capital values. This led rental values by over 5 per cent. Bengaluru, Silk Board 10.45% to a small drop of 1 per cent in the Chennai, 8.18% City Index value and 2 per cent in Majority of the localities in the Listed Price Monitor. Over Vadodara recorded a rise in the Ahmedabad, Ghatlodia 8.11% 65 per cent localities recorded a average capital values with a small Delhi, Gulmohar Park 7.58% drop in supply. This led to a rise in the average rental values. Hyderabad, Jubilee Hills 6.33% Majority of the areas saw a rise marginal increase in the City Pune, Koregaon Park 6.19% between 2-8 per cent. Index by 1 per cent. However, the Listed Price Monitor remained Kolkata, Kestopur 5.89% Mumbai noted a drop in the active unchanged. In line with the capital Gurgaon , South City II 5.38% supply by almost 10 per cent. This market, rental market also saw a pushed the City Index down by rise. Over 90 per cent localities Mumbai, Wadala 5.34% 6 per cent. Over 60 per cent tracked registered increase in values Noida, Omicron-3 5.20% localities noted a rise in the between 2-10 per cent. Ghaziabad, Mohan Nagar 4.68% CHENNAI propindex.magicbricks.com 04 VOL4, ISSUE 4; JAN-MAR, FY 2014-15

PROPINDEX - CHENNAI Editorial Chennai update 2015 Chennai’s residential market was impacted in the beginning of the year due to poor market sentiment, budget expectations and anticipated fiscal sops by way of lending rate reduction. The market has not picked up till the first week of March. The exemption from Wealth Tax has not created the desired impact and lending reduction is considered as only a piecemeal effort and rather Source:Magicbricks.com inadequate for the affordable housing segment. There has been a consistent The Chennai City Index dropped by 4 per cent in the demand for 2BHK units in the price Jan-Mar 2015 quarter as compared to the 2 per cent rise range of Rs 30-40 lakh across micro markets. Demand for apartment in witnessed in the last quarter. The Listed Price Monitor also the price range of Rs 45-70 lakh dropped by 2 per cent as opposed to the 6 per cent rise noted in continued to be subdued despite the last quarter. freebies and other sops. Demand for built units has gone up as homebuyers did not see much Key Takeaways appreciation during the launching and occupation stage. Rental market The city recorded a slight drop Demand for housing across the witnessed slow movement and l l pressure on rentals continued due to in the active listings during the categories was almost stable multiple options at varied locations. current quarter. Almost 45 per with a marginal variation, Resale apartments entering the market cent of the tracked localities except in . The are up and provide value for recorded a drop in the average localities of Central Chennai, investment for investors in a subdued capital values resulting in a recorded a spurt rise in demand market scenario. 4 per cent drop in the City Index for plotted units by 6 per cent Demand for EWS and LIG continued Close to 75 per cent of the recorded and mid-size developers are keen to l l undertake more number of projects as tracked localities recorded a rise 13 per cent over supply of there continues to be a growing of 1-10 per cent apartments, whereas West and demand for such units due to flexible North registered 10-11 per cent lending norms by select institutions for l RA Puram, and over supply of plotted units self-employed. Demand for plotted Nungambakkam, the premium development projects is slow and lead residential areas, noted a l Demand across BHK categories developers have resorted to soft maximum rise in the rental witnessed variation within the launches. values by 8-10 per cent range of 4-5 per cent. However, Homebuyers are seeing advantage in there was no noted change in , and terms of pricing in locations such as l supply, except in the West , Medavakkam, etc. offered Chennai. In West Chennai maximum options for sale, while supply went up by 4 per cent There is general consensus that the worst is over for the housing sector and have for 1BHK while other and the residential market is likely to maximum of rental properties. categories recorded a drop Velachery was the preferred for pick up in the coming months. The of 1-2 per cent road widening project on ECR, sales as well as rent Japanese township, Chennai- Demand for 3BHK units went up Over 20 per cent localities l Bengaluru corridor will be the game l by 5 per cent and 1BHK noted a changer for the sector. The CMRL offered premium apartments drop of 4 per cent. All other restarted the work on starting from Rs 10,000 per sq ft housing formats noted a flyover. Pallikaranai, Medavakkam, and above 1-2 per cent rise or drop , Sholinganallur, Porur, , and are l The city offered healthy rental l Demand outstrips supply for expected to see turnaround in returns on investment between properties worth Rs 40-60 lakh development. 1.99 - 4.11 per cent in the current and Rs 60 lakh - Rs 1 crore by quarter V Nagarajan 12 and 8 per cent respectively Magicbricks bureau VOL4, ISSUE 4; JAN-MAR, FY 2014-15 05 propindex.magicbricks.com CHENNAI

LISTED PRICE MONITOR RENT MONITOR

-2% Source:Magicbricks.com Source:Magicbricks.com Rental market in Chennai picked up pace in the l More than 46 per cent of the localities recorded a l rise in capital values. Property prices either Jan-Mar 2015 quarter. Values rose by 2-8 per cent remained stable or dropped in the current quarter across the tracked localities Nungambakkam recorded the highest rise of l Porur recorded the highest rise of 5 per cent in l capital values as opposed to the stable values 8 per cent in the rental values. This was in contrast recorded in the last quarter to the 2 per cent drop witnessed in the last quarter A rise in rental values in the range of 6-7 per cent l Locations in the South such as OMR, Medavakkam, l Velachery, Ambattur, Iyyappanthangal, was recorded in Adyar, Medavakkam, T Nagar, and witnessed stable values in the and Jan-Mar 2015 quarter l Selaiyur recorded the highest drop of 9 per cent in rental values while posted a drop l Sholinganallur, Adyar, , Anna Nagar and Perumbakkam witnessed 1-3 per cent drop in of 7 per cent in the city in the current quarter as values in the Jan-Mar 2015 quarter compared to the previous quarter

YIELD METER

Locality Average Rental Average Capital Gross Value (Rs/sqft/mth) Value (Rs/sqft) Yield Velachery 16.50 6,725 2.94% T Nagar 24.25 12,135 2.40% 22.50 11,870 2.27% Thiruvanmiyur 22.75 10,870 2.51% Thoraipakkam 15.50 5,415 3.43% Perungudi 14.50 6,285 2.77% 14.25 4,255 4.02% Sholinganallur 16.00 4,670 4.11% Porur 13.50 4,900 3.31% Adyar 25.25 14,885 2.04%

l The Magicbricks yield meter ranged from 2.04-4.11 l Navalur, which was the highest grosser last per cent in the Jan-Mar 2015 quarter as compared quarter, also posted a yield of over 4 per cent in to 1.88-4.27 per cent recorded last quarter the current quarter

l Shollinganallur posted the highest yield of l As per the Magicbricks yield meter, other 4.11 per cent this quarter. This may be attributed locations witnessing a healthy yield of over to the rising rental values and dropping capital 3 per cent included Thoraipakkam (3.43%) and values in the locality Porur (3.31%) Source:Magicbricks.com CHENNAI propindex.magicbricks.com 06 VOL4, ISSUE 4; JAN-MAR, FY 2014-15

PREFERRED LOCALITIES

SALE RENT

Locality Rank Capital %age Locality Rank Rental %age Q4 Q3 Values change Q4 Q3 Values change Velachery 1 3 6140 to 7780 0% Velachery 1 1 14500 to 18500 2% Medavakkam 2 1 4220 to 5140 0% Thiruvanmiyur 2 4 20000 to 25500 2% Porur 3 2 4410 to 5790 5% Adyar 3 2 22000 to 28500 7% 4 7 4550 to 5440 1% Nungambakkam 4 3 23000 to 29500 8% Adyar 5 4 13320 to 17710 -1% Perungudi 5 9 13000 to 16000 -5% Thiruvanmiyur 6 - 9700 to 12980 -1% Sholinganallur 6 5 14000 to 18000 10% 7 10 3740 to 4400 2% Medavakkam 7 6 10500 to 13000 7% Kolathur 8 8 4430 to 5420 1% Anna Nagar 8 - 20000 to 25500 6% Chromepet 9 - 4600 to 5720 1% Mylapore 9 7 26500 to 34500 10% 10 5 3150 to 3640 4% T Nagar 10 8 21000 to 27500 7%

Note: Q4 Jan-Mar 2015, Q3 Oct-Dec 2014 Source:Magicbricks.com Note: Q4 Jan-Mar 2015, Q3 Oct-Dec 2014 Source:Magicbricks.com l Velachery moved to the top of the list of preferred l Velachery continued to be the most preferred localities for sale in the Jan-Mar 2015 quarter. It locality for rental accommodations in Chennai. jumped from the third spot to settle at number one position l Thiruvanmiyur improved its standing on the list moving up two spots from the previous quarter to l Medavakkam and Porur dropped one spot each on settle at number two the list to settle at number two and three spots respectively in the current quarter l Both Adyar and Nungambakkam also moved down by one spot each to settle at number three and four l Madipakkam moved up three spots on the list as respectively in the current quarter compared to the previous quarter. It moved up from number seven to settle at number four spot l Perungudi settled at number five slot. It witnessed a drop of 5 per cent in rental values during this period l Adyar moved up one spot to settle at number five while Guduvancheri dropped from the fifth to settle l Sholinganallur, Medavakkam, Mylapore and at number ten spot in the current quarter T Nagar recorded a rise of 7-10 per cent in rental values in the current quarter. The first two dropped l Thiruvanmiyur and Chromepet were the two new one spot each to settle at number six and seven entrants on the list this quarter, occupying the sixth respectively while Mylapore and T Nagar dropped and ninth spots respectively two spots each to number nine and ten position l Tambaram moved up three spots from the last l Anna Nagar was a new entrant on the list at number quarter to settle at number seven spot. Kolathur eight. The locality recorded a rise of 6 per cent in remained at number eight spot the present quarter

l Properties up to Rs 20 lakh were Home in your Budget available in , Padapai, Guduvancheri, Upto Rs 20 Lakh Oragadam , Padapai, Guduvancheri, Sriperumbudur and Singaperumal Koil

l Medavakkam, Pallikaranai, Rs 20-40 Lakh Urapakkam, Avadi, Porur, Ambattur, Perumbakkam Kolathur, Porur and Madipakkam offered high property supply within Rs 40-60 Lakh Medavakkam, Pallikaranai, Kolathur, Porur, Madipakkam Rs 40-60 lakh budget

l Anna Nagar, Adyar, T Nagar Rs 60-100 Lakh Velachery, Perungudi, Sholinganallur, Navallur, and Nungambakkam witnessed high property inventory in the Rs 1 crore and above category Rs 1 Crore & Above Anna Nagar, Adyar, Thiruvanmiyur, T Nagar, Kilpauk Source:Magicbricks.com VOL4, ISSUE 4; JAN-MAR, FY 2014-15 07 propindex.magicbricks.com CHENNAI

DEMAND - SUPPLY ANALYSIS Buyers in Chennai continued to prefer 2BHK units in the Jan-Mar 2015 quarter. Supply was also concentrated in the same category. Demand for 3BHK category increased by 5 per cent. Both apartments and plots were oversupplied in the city. Supply of residential houses lagged behind its demand by 17 per cent in the present quarter. Affordable properties worth up to Rs 20 lakh were oversupplied in the city. Maximum demand was noted for the Rs 40-60 lakh while supply was high for Rs 20-40 lakh category. Demand for the Rs 60 lakh-Rs 1 crore category led its supply by 8 per cent in the current quarter.

Budget wise Analysis - City Level Budget wise Analysis l Maximum demand in the city DEMAND SUPPLY during the Jan-Mar 201 5 quarter (Oct-Dec 2014) (Oct-Dec 2014) 40 40 was witnessed for the properties (Jan-Mar 2015) (Jan-Mar 2015) worth Rs 40-60 lakh while supply ) ) 32 % % ( ( S was inclined towards Rs 20-40 lakh e e 28

30 27 30 o g g 26 26 u a a t t 24 r

c category. Demand for Rs 60 lakh- n n 23

22 22 e e e 21

20 : c c M r r 18 19 18 19 e e 20 17 20 a Rs 1 crore category led its supply p p g

i c n n 14 14 i i b

by 8 per cent s s r i e e c r r k u u 10 10 s g g . i i 5 5 c F F o l Affordable properties worth up to m Rs 20 lakh were oversupplied by 0 0 <20 20-40 40-60 60-100 100 & <20 20-40 40-60 60-100 100 & 15 per cent. Demand for the above above category was 5 per cent while its Figures in Rs lakh Figures in Rs lakh supply was 21 per cent

Property wise Analysis Property wise Analysis - City Level l Demand for apartments remained DEMAND SUPPLY unchanged in Chennai while its 60 60 supply increased marginally by (Oct-Dec 2014) 53 54 (Oct-Dec 2014) 1 per cent. The category noted ) ) (Jan-Mar 2015) (Jan-Mar 2015) S % % ( ( 45 45 45 per cent demand against o e e u g g r a a c t t 54 per cent supply e n n

40 40 : e e 35 M c c 34 r r a e e g p p 30 i c

29 l Supply of residential houses b n n i i r

25 26 i s s c k e e lagged behind its demand by r r s u u . c g g 20 20 i i o 17 per cent. There was 29 per cent F F m 12 12 demand and 12 per cent supply. Plots witnessed an oversupply 0 0 Apartment Residential House Residential Plot Apartment Residential House Residential Plot of 8 per cent

BHK wise Analysis BHK wise Analysis - City Level l While the supply of 2BHK units remained stable at 55 per cent in DEMAND SUPPLY Chennai, its demand increased 80 (Oct-Dec 2014) 80 (Oct-Dec 2014) (Jan-Mar 2015) (Jan-Mar 2015) marginally by 1 per cent. The ) )

% 60 % category saw 60 per cent demand ( ( 59 S e e o

g 60 g 60 u

a a 55 55 and 55 per cent supply t t r c n n e e e : c c M r r e e a p p g A rise of 5 per cent was noted in

l i

40 40 c n n i i b 32 s s 31 r the demand for 3BHK category

30 i e e c

r 27 r k u u s g g .

i i while its supply dipped by 1 per c F F o 20 20 m cent. There was 32 per cent 11 7 7 8 77 demand against 30 per cent supply. 3 1 0 0 Demand (7%) and supply (8%) was 1BHK 2BHK 3BHK 4BHK & 1BHK 2BHK 3BHK 4BHK & above above recorded for 1BHK units CHENNAI propindex.magicbricks.com 08 VOL4, ISSUE 4; JAN-MAR, FY 2014-15

DEMAND & SUPPLY - South Chennai

Demand for 1BHK units in South Chennai matched its supply during the Jan-Mar 2015 quarter. Maximum demand and supply in the zone was noted for the 2BHK category. Apartments were oversupplied by 12 per cent while plots were oversupplied by 6 per cent. Properties worth up to Rs 20 lakh were oversupplied. Similar mismatch was observed in the Rs 20-40 lakh category where demand lagged behind its supply by 4 per cent while both demand and supply for the Rs 40-60 lakh category increased. Demand and supply of Rs 1 crore and above category was almost synonymous.

Budget wise Analysis Budget wise Analysis

l Both demand and supply of Rs 60 lakh-Rs 1 crore category remained Q3 Q4 Q3 Q4 stable in the present quarter. There was 22 per cent demand and 14 14 14 15 Q3 (Oct-Dec 2014) S 14 per cent supply, registering a mismatch of 8 per cent. Similar o

Q4 (Jan-Mar 2015) u r

c mismatch was observed in the Rs 40-60 lakh category where demand

22 22 14 14 e : Rs <20 lakh M led its supply by 11 per cent a g i

21 24 c 35 Rs 20-40 lakh b 30 r i c An oversupply of 4 per cent was noted in the Rs 20-40 lakh category

k l s

29 Rs 40-60 lakh . c

o in the current quarter

28 m Rs 60 lakh-1 crore 28 24 l An oversupply of 14 per cent was noted in the up to Rs 20 lakh 22 Rs1 crore and above 19 category where demand was 5 per cent while its supply 19 per cent. 6 Demand (14%) and supply (15%) for premium properties worth DEMAND SUPPLY Rs 1 crore and above was more or less similar

Property wise Analysis Property wise Analysis

l Both demand and supply of apartments increased in South Chennai Q3 Q4 Q3 Q4 during the current quarter. Demand for the category was

26 26 36 32 S o 45 per cent while its supply was 57 per cent. An oversupply of u r c

e 12 per cent was recorded here :

Q3 (Oct-Dec 2014) M a

30 29 Q4 (Jan-Mar 2015) g i 11 c 12 b l Demand for residential houses led its supply by 18 per cent. There r i

Apartment c k

57 s was 29 per cent demand for the category while its supply was .

52 c 45 Residential house o 44 m 11 per cent. Both demand and supply witnessed a drop of 1 per cent Residential plot l Plots witnessed an oversupply of 6 per cent in the present quarter. While demand for the category remained unchanged at 26 per cent, its supply dipped by 4 per cent and stood at 32 per cent DEMAND SUPPLY

BHK wise Analysis BHK wise Analysis

l Demand for 1BHK units dropped by 4 per cent in the current quarter Q3 Q4 Q3 Q4 and matched its supply at 7 per cent. A 3 per cent rise was witnessed 31 67

28 S in the demand for 2BHK category while its supply remained stable.

31 30 o Q3 (Oct-Dec 2014) u r The category noted 61 per cent demand and 56 per cent supply, c

Q4 (Jan-Mar 2015) e : M registering a mismatch of 5 per cent a

58 61 1 BHK g i

56 c

56 b r i 2 BHK c l While demand for 3BHK units increased by 3 per cent, its supply k s .

c dipped by 1 per cent in the present quarter. There was 31 per cent o

3 BHK m demand against 30 per cent supply 4 BHK & above 11 l An oversupply of 6 per cent was noted in the 4BHK and above 7 77 category where demand was mere 1 per cent while its supply was DEMAND SUPPLY 7 per cent VOL4, ISSUE 4; JAN-MAR, FY 2014-15 09 propindex.magicbricks.com CHENNAI

DEMAND & SUPPLY -

Demand for 3BHK units increased in North Chennai during the Jan-Mar 2015 quarter however it remained the second most preferred BHK configuration behind the 2BHK category. Larger units (4BHK and above) were oversupplied in the zone Both demand and supply for plots increased in the current quarter. The category however recorded a mismatch of 11 per cent. Demand for residential houses led its supply by 19 per cent. Both properties worth Rs 1 crore and above and Rs 20 lakh were oversupplied. Maximum demand was noted for properties worth Rs 20-40 lakh.

Budget wise Analysis Budget wise Analysis

l While supply of premium properties worth Rs 1 crore and above Q3 Q4 Q3 Q4 remained unchanged in North Chennai during the Jan-Mar 2015 16 14 17 17 Q3 (Oct-Dec 2014) S quarter, its demand dropped by 2 per cent. The category recorded o

Q4 (Jan-Mar 2015) u r

c 14 per cent demand and 17 per cent supply 19 20 11 13 e : Rs <20 lakh M a

15 16 g i Demand for the Rs 60 lakh – Rs 1 crore category led its supply by c l 27 29 Rs 20-40 lakh b r i c 7 per cent. There was 20 per cent demand against 13 per cent supply.

25 k

26 s

Rs 40-60 lakh . c

o Similar mismatch was observed in the Rs 40-60 lakh category where m 32 30 Rs 60 lakh-1 crore supply lagged behind its demand by 13 per cent 32 28 Rs1 crore and above l An oversupply of 21 per cent was noted in the up to Rs 20 lakh 6 7 category where demand was 7 per cent while its supply was DEMAND SUPPLY 28 per cent

Property wise Analysis Property wise Analysis

l While demand for apartments increased by 1 per cent in the North Q3 Q4 Q3 Q4 Chennai during the Jan-Mar 2015 quarter, its supply dropped by S

27 29 35 40 o 4 per cent. The category noted 40 per cent demand and 48 per cent u r c

e supply, registering a mismatch of 8 per cent :

Q3 (Oct-Dec 2014) M a

34 Q4 (Jan-Mar 2015) g

31 i c

13 b l Residential houses witnessed a drop of 3 per cent in its demand and 12 r i

Apartment c k

s 1 per cent in its supply during the present quarter. The category .

52 c

48 Residential house o 39 40 m noted 31 per cent demand and 12 per cent supply. A gap of 19 per cent Residential plot was noted here

l Supply of plots led its demand by 11 per cent. Demand for the category was 29 per cent while its supply was 40 per cent in the DEMAND SUPPLY present quarter

BHK wise Analysis BHK wise Analysis

l Demand and supply for 2BHK units remained unchanged during the Q3 Q4 Q3 Q4 current quarter. It was the most preferred and supplied BHK 7 7

24 30 S configuration. The category noted 59 per cent demand and

28 28 o Q3 (Oct-Dec 2014) u r

c 56 per cent supply Q4 (Jan-Mar 2015) e : M

59 a

59 1 BHK g 56 i A rise of 6 per cent was noted in the demand for 3BHK units while 56 c l b r i 2 BHK c its supply remained unchanged. There was 30 per cent demand and k s . c 28 per cent supply, registering a mismatch of 2 per cent o

3 BHK m

4 BHK & above l An oversupply of 5 per cent was noted in the 4BHK and above 14 category where demand was 2 per cent while its supply was 9 9 9 7 per cent. Demand for 1BHK units dropped by 5 per cent in the DEMAND SUPPLY present quarter and matched its supply at 9 per cent CHENNAI propindex.magicbricks.com 10 VOL4, ISSUE 4; JAN-MAR, FY 2014-15

DEMAND & SUPPLY - Central Chennai

Larger units (4BHK and above) were oversupplied by 10 per cent in Central Chennai during the Jan-Mar 2015 quarter. Demand for both 2 and 3BHK units increased in the zone while their supply remained more or less stable. Apartments witnessed a significant drop of 19 per cent in its supply while its demand dipped by 7 per cent Maximum demand and supply was noted for premium properties worth Rs 1 crore and above. Demand for the Rs 40-60 lakh and the Rs 60 lakh-Rs 1 crore categories led its supply by 13 and 9 per cent respectively.

Budget wise Analysis Budget wise Analysis

l Premium properties worth Rs 1 crore and above were oversupplied Q3 Q4 Q3 Q4 by 5 per cent in Central Chennai during the Jan-Mar 2015 quarter. 29 28 32 33

Q3 (Oct-Dec 2014) S The category noted 28 per cent demand and 33 per cent supply o

Q4 (Jan-Mar 2015) u r c e : Rs <20 lakh M l While the supply of Rs 60 lakh-Rs 1 crore category remained

24 25 a 16 16 g

i unchanged its demand increased marginally by 1 per cent. There c

Rs 20-40 lakh b r i c was 25 per cent demand and 16 per cent supply, registering a k

18 14 s

25 27 Rs 40-60 lakh . c

o mismatch of 9 per cent m 19 20 Rs 60 lakh-1 crore l Demand for the Rs 40-60 lakh category led its supply by 13 per cent in 19 17 Rs1 crore and above 15 17 the current quarter where demand was 27 per cent and supply was 14 per cent. An oversupply of 14 per cent was noted in the up to DEMAND SUPPLY Rs 20 lakh category

Property wise Analysis Property wise Analysis

l Both demand and supply for apartments in Central Chennai Q3 Q4 Q3 Q4 dropped in the Jan-Mar 2015 quarter. Demand for the category was

17 23 14 S 32 o 48 per cent, a 7 per cent drop from the previous quarter while its u r c

e supply dipped by 19 per cent and stood at 54 per cent : 28 13 Q3 (Oct-Dec 2014) M 29 a Q4 (Jan-Mar 2015) g i 14 c 73 b l Demand and supply for residential houses increased by 1 per cent r i

Apartment c k

s in the current quarter. There was 29 per cent demand against

55 54 . c

48 Residential house o

m 14 per cent supply, registering a mismatch of 15 per cent Residential plot l Supply of plots increased by 18 per cent while its demand rose by 6 per cent in the zone. The category noted 23 per cent demand and 32 per cent supply, registering a mismatch of 9 per cent DEMAND SUPPLY

BHK wise Analysis BHK wise Analysis

l An oversupply of 10 per cent was registered in the 4BHK and above Q3 Q4 Q3 Q4 units. Demand for the category was 2 per cent, a 2 per cent drop 11 12 from the previous quarter while its supply increased marginally by 29 33 S o

Q3 (Oct-Dec 2014) u

r 1 per cent and stood at 12 per cent

33 32 c Q4 (Jan-Mar 2015) e : M a

56 58 1 BHK g l Demand (33%) and supply (32%) for 3BHK category was almost i c b r

i synonymous. While the supply of 2BHK category remained 49 49 2 BHK c k s .

c unchanged at 49 per cent, its demand increased by 2 per cent and o 3 BHK m stood at 58 per cent, registering a mismatch of 9 per cent 4 BHK & above 11 l Demand for 1BHK units dropped by 4 per cent and matched its 7 7 7 supply at 7 per cent in the current quarter DEMAND SUPPLY VOL4, ISSUE 4; JAN-MAR, FY 2014-15 11 propindex.magicbricks.com CHENNAI

DEMAND & SUPPLY - West Chennai

Among all zones, West Chennai was the only region where 1 and 2BHK units were oversupplied in the Jan-Mar 2015 quarter. Demand for 3BHK units increased in the current quarter and led its supply by 8 per cent. Demand for plots increased in the zone during the current quarter while preference for apartments dropped An oversupply of 21 per cent was noted in the up to Rs 20 lakh category while properties worth Rs 20-40 lakh were oversupplied by 6 per cent. Maximum demand was recorded for the Rs 40-60 lakh category while its supply remained low in the present quarter

Budget wise Analysis Budget wise Analysis

l An oversupply of 21 per cent was noted in the up to Rs 20 lakh Q3 Q4 Q3 Q4 category in West Chennai during the Jan-Mar 2015 quarter. There 9 10 7 7 Q3 (Oct-Dec 2014) S was 6 per cent demand and 27 per cent supply for the category.

10 12 o 22 21 Q4 (Jan-Mar 2015) u r

c Similar mismatch was observed in the Rs 20-40 lakh category where 23 e : 19 Rs <20 lakh M

a supply led its demand by 6 per cent 34 g 36 i c

Rs 20-40 lakh b r

26 i 35 c Demand for Rs 40-60 lakh category dropped by 2 per cent while its

k l s

Rs 40-60 lakh . c

o supply dipped by 4 per cent in the current quarter. The category m 29 29 34 Rs 60 lakh-1 crore noted 34 per cent demand against 19 per cent supply, registering a 27 Rs1 crore and above mismatch of 15 per cent

6 l Supply of Rs 60 lakh-Rs 1 crore category lagged behind its demand DEMAND SUPPLY by 9 per cent in the current quarter

Property wise Analysis Property wise Analysis

l While supply of apartments remained unchanged at 42 per cent its Q3 Q4 Q3 Q4 demand dropped by 3 per cent in West Chennai during the current

33 36 47 46 S o quarter. There was 37 per cent demand and 42 per cent supply, u r c

e registering a gap of 5 per cent :

Q3 (Oct-Dec 2014) M a

Q4 (Jan-Mar 2015) g i 27 c 27 b l Demand for residential houses remained stable at 27 per cent, while r i 12 Apartment c

11 k

s its supply increased by 1 per cent and stood at 12 per cent. A . c

Residential house o 42 42 m mismatch of 15 per cent was noted here 40 37 Residential plot l An oversupply of 10 per cent was noted in plots. The category noted 36 per cent demand, an increase of 3 per cent from the previous quarter while its supply dipped by 1 per cent and stood at 46 per cent DEMAND SUPPLY

BHK wise Analysis BHK wise Analysis

l West Chennai witnessed a rise in the supply of 1BHK units and drop Q3 Q4 Q3 Q4 in the 2BHK category during the Jan-Mar 2015 quarter. The 1BHK

S category was oversupplied by 4 per cent where demand was 8 per 24 31 24 23 o

Q3 (Oct-Dec 2014) u r cent while its supply was 12 per cent c

Q4 (Jan-Mar 2015) e : M

58 64 62 a 60 1 BHK g Demand for 2BHK units increased by 2 per cent while its supply

i l c b r i 2 BHK c dipped by the same. The category noted 60 per cent demand and k s .

c 62 per cent supply o

3 BHK m

4 BHK & above l A rise of 7 per cent was registered in the demand for 3BHK category while its supply dipped marginally by 1 per cent. There was 13 8 8 12 31 per cent demand against 23 per cent supply in the zone DEMAND SUPPLY ANNEXURES VOL4, ISSUE 4; JAN-MAR, FY 2014-15 13 propindex.magicbricks.com CHENNAI

CAPITAL VALUES – LOCALITY WISE CHENNAI Average Listed Residential Apartment Prices

Locality Capital Values Locality Capital Values (Rs/Sq feet) (Rs/Sq feet)

Adambakkam 5790 to 6940 Navallur 3890 to 4910 Adyar 13320 to 17710 Nungambakkam 14240 to 18610 Ambattur 3820 to 4470 Okkiyam 4910 to 6020 3420 to 3850 Old Mahabalipuram Road 3720 to 4650 Anna Nagar 9310 to 12550 Padur 3800 to 4540 9300 to 12710 4190 to 5270 9000 to 11570 Pallikaranai 4550 to 5390 Avadi 3080 to 3660 3810 to 4440 Ayanambakkam 4440 to 5180 5580 to 6960 Besant Nagar 12550 to 16030 Perumbakkam 3760 to 4540 Chromepet 4600 to 5720 3780 to 4620 13210 to 17760 Perungudi 5900 to 6980 GST Road 3680 to 4660 PH Road 3830 to 4270 Guduvancheri 3150 to 3640 Poonamalle 3730 to 4490 Iyyappanthangal 3940 to 4460 Porur 4410 to 5790 3920 to 4590 4720 to 5720 Keelakattalai 4960 to 5650 R.A Puram 15190 to 20620 3370 to 4110 4150 to 4780 Kilpauk 11040 to 13360 7950 to 10270 7630 to 9890 7230 to 8930 Kolapakkam 4170 to 4700 Selaiyur 4000 to 4830 Kolathur 4430 to 5420 Semmancheri 4230 to 4990 4210 to 5110 Sholinganallur 4280 to 5370 Kovur 3520 to 4300 3630 to 4270 3280 to 3760 3370 to 3940 3830 to 4610 T Nagar 10850 to 14450 3670 to 4410 Tambaram 3740 to 4400 Madipakkam 4550 to 5440 Tambaram East 4080 to 4970 West 8180 to 10480 Tambaram West 3520 to 4360 4890 to 5970 Thiruvanmiyur 9700 to 12980 Medavakkam 4220 to 5140 Thiruverkadu 3840 to 4320 Mogappair 5510 to 6900 Thorapakkamm 5100 to 5980 Mogappair West 4770 to 5960 Urapakkam 3250 to 3940 4920 to 5970 Vadapalani 7220 to 9090 Mylapore 13680 to 18130 Valasaravakkam 5960 to 7330 5550 to 7230 3190 to 3830 Nanmangalam 3980 to 4650 Velachery 6140 to 7780 POLICY PERSPECTIVE propindex.magicbricks.com 14 VOL4, ISSUE 4; JAN-MAR, FY 2014-15

P O L I C Y P E R S P E C T I V E

DELHI NOIDA Delhi government to build 27,000 flats for EWS, LIG 7,400 cr infra plans for GB Nagar Delhi government is planning to build 27,000 flats for Chief minister Akhilesh Yadav has unveiled an "impetus economically weaker section (EWS) and low income group package" for infrastructure projects worth Rs 7,400 crore in (LIG). The project is in the initial stage and is being drafted by Noida and Greater Noida. While Noida has prepared a list of the Delhi Urban Shelter Improvement Board (DUISB). The projects worth over Rs 5,000 crore, Greater Noida's list totals proposal aims at making 27,000 flats under Self Financing projects valued at nearly Rs 1,500 crore. The Yamuna Scheme (SFS) in Bhalswa and Savda Ghevra area of Mundka Expressway Industrial Development Authority (YEIDA)'s list in west Delhi. According to the proposal, the flats will be includes projects totaling Rs 900 crore. These projects include accommodated in 14-storey towers with maximum area of substations, multi-level car parking facility, proposed super- 1,000 sq ft. The proposal will be tabled before the cabinet for speciality child hospital and postgraduate institution besides further approval. upgrade in traffic and road facilities, including flyovers, elevated roads, bridges and underpasses, sewage treatment n Economic Times plants, police and fire stations and solar plants. Considering Metro connectivity may push realty this, the real estate market of Noida and Greater Noida is expected to pick pace soon. Metro connectivity in Delhi NCR is expected to give a push to the real estate pockets. Recently where South Extension saw n ET.com the trail run of the metro in the Haryana state budget, the Faridabad metro link is predicted to function from this year. Greater Noida set for 2 new Metro routes With the government’s monetary push as declared in the state The Noida Authority is set to finalize the detailed project budget, the NCR residents have welcomed the announcement report (DPR) for two new Metro routes in March. The two with rejoice. In fact, not just the Faridabad metro but the routes will bring Greater Noida and Noida Extension closer to Bahadurgarh link also got monetary allocation and is Delhi. The plan is to extend the Metro network from Noida scheduled to be completed by April 2016. Once completed, Sector 71, while covering various parts of Noida, Greater Faridabad would also be one of those nodes of NCR that can Noida and Noida Extension. Another extension, will link Line boast about metro connectivity. Initially, the metro is being 8 (Janakpuri West-Botanical Garden) of DMRC's Phase-III extended to areas such as Sarai, NHPC Chowk, Mewala through a proposed station at Kalindi Kunj to Sector 143. Maharajpur, Bata Chowk, amongst others. n The Times of India n Magicbricks Bureau

GURGAON GHAZIABAD Over 31k affordable flats in Gurgaon Six-lane elevated highway gets a nod from GDA The Haryana government said on March 11 Gurgaon's realty The state government gave an impetus to infrastructure space has provisions for 31,736 flats in the economically development in the NCR cities, particularly Ghaziabad, by weaker section (EWS) and affordable housing categories and allocating funds for the extension of Delhi Metro's Red line asked realtors for a status report on such houses in the city. from Dilshad Garden and promising to develop a couple of The 31,736 flats that are to be built in the EWS and affordable industrial clusters in Greater Noida. The state govt also categories are a part of 208 group housing colonies for which approved the implementation of a six-lane, 10.3km elevated the government has approved building plans. Of these, a total highway from UP gate to Raj Nagar Extension, which was of 7,478 flats have already been allotted. Besides, the announced by the GDA last year. A budget of Rs 1,838 crore government also plans to set aside 7,064 plots for EWS and was approved by the government for the implementation of affordable housing, 4,556 of which have already been allotted. the 11-km-long Metro line from Dilshad Garden in Delhi to New Bus Stand in Ghaziabad. The GDA board had in The Times of India n December approved the Rs 2,210-crore Metro expansion House tax waived from 2008-10 in Gurgaon following a revised project report presented from the Delhi Metro Rail Corporation. The MCG has decided to waive property tax for the financial years 2008-09 and 2009-10. The relief will be provided to self- n The Times of India occupied residences with owners who do not have any pending dues till 2008. According to MCG, property taxes of Ghaziabad gets 448 crore civic push those who have already paid for the said period will be The Ghaziabad Municipal Corporation (GMC) approved a adjusted against future payment. The councillors have budget of Rs 1,054 crore. This comprises a proposed demanded that residents of self-occupied houses be provided expenditure of Rs 448 crore. A major chunk of the proposed relief for these two years and we have consequently decided expenditure, Rs 62 crore, was earmarked for various against the tax, provided they fulfil the criteria mentioned. development works such as construction and maintenance of Owners must give in writing that they have not leased their internal roads, maintenance of parks, and construction of property. This document need not be an affidavit but can be a stormwater drains and so on. How it will impact the real self-attested letter. If somebody has already paid the tax for estate market will have to wait and watch! this period, it will be adjusted. n The Times of India n The Times of India POLICY PERSPECTIVE VOL4, ISSUE 4; JAN-MAR, FY 2014-15 15 propindex.magicbricks.com

P O L I C Y P E R S P E C T I V E

MUMBAI AHMEDABAD Now, no stamp duty on transfer of flat, land to heirs Ahmedabad Metro gets PM nod Immovable property — land, house or flat — can now be The Union Cabinet chaired by the Prime Minister, gave its transferred to one's children or blood relatives without paying approval for Ahmedabad Metro Rail Project Phase-1 covering stamp duty for registration. This will come as a major relief a length of 35.96 km at a total project cost of Rs 10,773 crore. as families won't have to pay a 5 per cent of the ready reckoner Phase-1 will cover a length of 35.96km along two corridors viz. rate of the property as stamp duty. Making the announcement, North-South Corridor covering 15.42 km from APMC to the Maharashtra government said an affidavit on a Rs 100 Motera Stadium and East-West Corridor covering 20.54 km stamp paper would suffice. He later changed it to Rs 500 as the from Thaltej Gam to Vastral Gam. Project to be implemented government no longer deals in Rs 100 stamp paper for by Metro-Link Express for Gandhinagar and Ahmedabad property matters. In other decisions announced, those with (MEGA) Company Ltd., which will be converted into a 50:50 500sq ft or smaller homes do not have to pay the increased jointly owned company of the Government of India and Govt. property tax and the government will allow twice the transfer of Gujarat. The proposed two alignments are expected to of development rights to a landowner in lieu of land provide much needed connectivity to the commuters. surrendered for a public amenity. n Magicbricks.com Bureau n The Times of India New policy to quicken riverfront land acquisition Unauthorized constructions to be regularized A new policy for those whose land falls within Sabarmati Unauthorized constructions gets a ray of hope. The Riverfront Development (SRFD) Plan has been formulated. In constructions over and above permissible limits may get relief SRFD plan, road is proposed on both the banks. Some private to some extent, albeit subject to certain conditions, as plots on the river banks fall within the proposed road. To take government has formed a committee to suggest ways on the over the possession of the land from owners, SRFDCL has lines of the policy already firmed up to 'compound' such offered the benefit of built-up area and FSI of land acquired constructions in rural areas. Rao revealed that the shall be given on the remaining plot of land; and some part of establishment of National Law University at Mumbai had the plot goes into the project boundary and the rest allocated already been notified by the government and the to the owner. In such cases, after deducting the residual land Vice Chancellor had been appointed. for project boundary, on the remaining part the owner would n Magicbricks.com Bureau get benefits of built-up and FSI in deducted plot. n The Times of India

PUNE KOLKATA Now, paying your property tax is just a click away 12 smart cities to come up at ports The Pune Municipal Corporation (PMC) has developed The government is working on a plan to build one smart city pmcconnect.in, a web-based application, to facilitate over each at the country's 12 major ports, at an estimated total seven lakh property owners in the city to pay their property investment of Rs 50,000 crore. This includes Kolkata too. Each taxes online. It is a self-service solution which will help port will construct one smart city. We are trying to do this. citizens to manage the details of their online transactions. Each city will be built with an expenditure of about Rs 3,000- Once registered, citizens can view and pay their bills and also 4,000 crore. These will be green smart cities. The government raise and track service requests. The system is integrated is starting work on these in four to six months and is expected with the PMC's property tax website and will allow citizens to be completed o five years. Apart from Kolkata port, the 11 to add their details like email ID and phone numbers in other major ports in the country - Kandla, Mumbai, JNPT, the system. Marmugao, New Managlore, Cochin, Chennai, , V O Chidambarnar, Visakhapatnam and Paradip. These cities will n The Times of India have wide roads, green energy, advanced townships and Pay more to transfer property in city limits greenery, schools, commercial complexes and other amenities. With the standing committee approving the proposal to hike n Economic Times the charges, transferring a property will be costlier in the Pune Municipal Corporation'slimit. Most transfers are done Leasehold land transfer to family made easier in the 'open occupancy' and 'transfer of property to heir' The state government has made transfer of leasehold category.Transfer charges depend on the property tax. The properties within blood relations in townships will be easier fees to transfer a property which has an annual tax up to Rs with a nominal transfer fee and hassle-free processing system. 500 is Rs 500. These fees will be increased to Rs 1,000. If the As in all leased holdings, one needs to take prior permission property tax is over Rs 500, then the civic administration from the authority who had leased the land. In quite a few charges an additional fee of Rs 15 for every Rs 100. Property occasions, the development authorities used to charge high owners will have to pay fees for any changes or correction in amount of transfer fees and the process was also time- the names of owners. However the increase in charges to consuming. To make the process easier, the transfer of transfer a residential property to a family member has been leasehold land within blood relations will be allowed against a cancelled. minor processing fee of Rs 1,000. n The Times of India n The Times of India POLICY PERSPECTIVE propindex.magicbricks.com 16 VOL4, ISSUE 4; JAN-MAR, FY 2014-15

P O L I C Y P E R S P E C T I V E

CHENNAI BENGALURU Online property tax payment without transaction fee Promise of Rs 4,700 cr good news for home buyers? Chennaiites can now pay property tax online on Of the Rs 1, 42,534 crores of consolidated funds, approximately www.chennaicorporation.gov.in by using the online payment Rs 4,700 crore is set aside for Bengaluru city. Although much of gateway services of ICICI Bank without any transaction fee. the State Budget revolved around social welfare, real estate Earlier, a tax payer had to pay a transaction fee to the bank for needn’t look down. If housing were to be our sole concern, the online payments made through credit and debit cards and here are the highlights- The Karnataka government is set to net banking. The online payment facility is particularly revamp the fate of housing in the state. Not only does it helpful for people who have properties in the city but work or concentrate on the benefits for the have-not’s with over 20,000 live abroad. The civic body has extended various modes of sites to be distributed for such beneficiaries, there is emphasis payments to the tax payers. They include collection counters on formulation of slum development policies and provision of at headquarters, zonal offices, divisional offices, direct bank affordable houses. For the ones who can manage to own a walk in payment and online payment facility. house, there is good news. The city can expect simplification of housing related laws, rules and procedures. What exactly n The Times of India would this compromise, only time can tell. Rs 400cr for smart city infra projects n Magicbricks Bureau The state government have recently set the ball rolling for Centre's smart cities scheme. It announced `400 crore in Soon, no residences in Bengaluru's industrial zones anticipation of the Centre's approval for inclusion of 12 After facing plaints from industrial bodies on big apartments, municipal corporations in the state in the scheme. The residential layouts and individual houses creating problems Centre's programme envisages creation of 100 smart cities. for them, the state government is all set to remove "deemed The Centre is yet to take a call. The government has allotted residential status" given to owners of the plot in industrial `500 crore under Chennai Mega City Development Mission and zones. Deemed status allowed the owners of plots in the area `750 crore under Integrated Urban Development Mission for earmarked for industries to automatically build apartments or the fourth successive year. At least 1,084 water supply projects housing layouts without seeking a conversion or change of and 74 underground sewerage schemes, besides 3,304km of land use for "residential" purpose from the competent roads have been taken up under these schemes in the state. authority. That luxury will now change. Most of them are in various stages of completion. n The Times of of India n The Times of India

HYDERABAD COIMBATORE Telangana Budget 2015: Real estate perspective Few infrastructure projects announced this year In the state Budget 2015-16, in the total of Rs 1, 15689 crore The Budget 2015 had very little to offer the city in terms of budget, state’s finance minister tried to touch every aspect of major infrastructure projects. However, the already existing the state work, including the reviving real estate market. projects such as Vellalore bus stand, multilevel car parking Greater Hyderabad Municipal Corporation (GHMC), and ring road around Sanganoor pallam and few fresh Hyderabad Metro Rail (HMR) and Hyderabad Metropolitan announcements such as to make Coimbatore a WiFi city, e- Water Supply and Sewerage Board (HMWSSB) received Rs 526 waste warehouse, natural fertilizer factory, bio-methanisation crore, Rs 416 crore and Rs 1,000 crore respectively. In addition plant, etc. have been made to spike public interest. A sum of to it, the government has also earmarked Rs 1,000 crore for Rs157crore has been allotted for road works and Rs2crore for 2015-16 for the 2BHK housing scheme to the poor, Rs 1,600 streetlights is another initiative announced amongst others crore have been allocated for the development of flyovers that can have an impact on real estate market here. while Rs 4,980 crore has been sanctioned for the construction n The Times of India of roads and buildings in the state. n Magicbricks Bureau Penalty amount reduced for land regularization VADODARA Telangana government has reduced the amount of penalty for String of civic works inaugurated at Vadodara regularizing government land encroached by private State minister for transportation and water supplies individuals. The move came in the wake of poor response to inaugurated development works worth Rs 18.78 crore in the the land regularization scheme and several representations to city. These include a water tank with other infrastructure and the government from potential beneficiaries seeking distribution network at Chhani at a cost of Rs 12.5 crore. The reduction in the penal amount. With regard to regularization new Harni water tank was also dedicated to the city. It will of land up to 125 square yards, it would be done without also include13 anganwadis (courtyard shelters) in the south collecting any penal amount. However, if a case comes up in a zone of the city and the renovated crematorium at Laxmipura. notified slum where more than 125 sq yards are sought to be Other works that were inaugurated include a pay and use regularized, the applicant will have to pay 10 per cent of the restroom near Bhimnath bridge as well as traffic signals at registration fee for the excess land. the Mahavir Hall Crossroads and Vrundavan Crossroads. n Times of India n The Times of India

propindex.magicbricks.com VOL4, ISSUE 4; JAN-MAR, FY 2014-15

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DISCLAIMER

Every effort has been made to make this Index as complete and as accurate as possible. MagicBricks accepts no responsibility for inaccuracies in the information/data contained in this book. It shall have neither liability nor responsibility to any person or entity with respect to any loss or damage caused, or alleged to have been caused, directly or indirectly, by the information contained in this book. The information/data in this book is subject to change from time to time due to market condition.