State of Real Estate For the month of September 2013 PhillipCapital () Pvt. Ltd. 9 October 2013

The month that was‐ Haryana’s affordable housing plan has received an overwhelming response with 100 applications so far. Early indications are that the affordable housing supply in the near future in Gurgaon (54 applications) will increase. Sobha Developers and Prestige Estates have reported strong new sales for Q2FY14 in (Months of July and August would have contributed to the chunk as market sources indicate that September was sober)

The key developments which took place in September – • Chief Minister Prithviraj Chavan has assured developers of

speedy approvals and sort out all matters that are crucial for our industry, including speedier environment clearances.

• Haryana's Town and Country Planning Department has received license applications from real estate developers for setting up affordable houses.

Maximum number of applications for licenses has come for setting up houses in Gurgaon city at 54, followed by Sohna at 15, Faridabad at 10 while rest are

for Jhajjar, Palwal, Rewari, Karnal and Nilokheri. Refer Page‐ 7 • The total relocations across top eight cities in the first half (H1) of 2013 was

at 5.46 mn sq ft which was 2.5 times higher compared to the same period last year and is one‐third of the total leasing activity. Among the 8 cities,

Bangalore recorded the highest proportion of relocations with a substantial increase of more than three times when compared to the same period last

year. Companies relocated from CBD/Off‐CBD locations such as MG Road, Millers Road, Vittal Mallya Road and Residency Road to peripheral regions

such as the Outer Ring Road. • Developers across the country are attracting buyers through several discount

schemes/gifts with most common being gold coins, cash‐back on monthly rentals, customization, free parking and club facility, zero brokerage, upfront

cash discounts among others. • Bangalore commercial market seems to be poised for big ticket deals (two

deals translating to Rs14 bn). Volvo closing in on 1 mn sq ft space at Outer Ring Road in Marathahalli and an undisclosed buyer/lessee is in discussions

with RMZ corp for commercial space. Refer page‐ 18 • Bangalore East supply pipeline strong ‐ The first half of 2013 witnessed a

considerable uptrend in the number of unit launches with organized developers launching large affordable projects in peripheral areas such as

Budigere Cross in the east, Anekal Road‐Attibele in the south, Tumkur Road in the north and Mysore Road in the western part of the city. Refer page‐ 14

• Commercial space continue to drag behind with office space leasing drops 20% q‐o‐q in July‐September 2013‐ Bangalore saw the highest take up of

space‐2.9 mn sq ft‐‐ continued to account for 42% of the total demand for space across the top seven cities.

• Broker Speak‐ Situation remains grim as transactions have evaporated. Seems to suggest that distress supply in the market is increasing

and supply from corporate bulk investments is hitting the market at lower prices (even lower than the cost of acquisition in extended suburbs such as Abhishek Ranganathan (+ 9122 6667 9952) [email protected] Taloja). • Takeaways from Nitesh Estates Management meet (including impact of Neha Garg (+ 9122 6667 9996) [email protected] subvention schemes on prices over last 18 months). Refer Page‐ 21

Please refer to Disclosures and Disclaimers at the end of the Research Report. 9 October 2013 / INDIA EQUITY RESEARCH / REAL ESTATE – SEPTEMBER 2013

Mumbai • Prithviraj Chavan builds bridges with builders' lobby, announces sops: Maharashtra chief minister Prithviraj Chavan has offered a number of sops and assured them speedy approvals and faster clearances from the government for real estate projects. The chief minister has assured us of speedy approvals and sort out all matters that are crucial for our industry, including speedier environment clearances. The meeting was attended by municipal commissioners from number of civic bodies in the Mumbai Metropolitan Region and senior urban development department officials. • Selling a 17‐acre project in South Mumbai, Lodha style – After buying a 17‐acre plot from DLF, the country’s largest developer, for Rs 27 bn in August 2012, Lodha has done everything to woo customers to the project in a rather slow property market in Mumbai. In all, the developer is building six towers of 75 storeys each and 12 villas around a six‐acre park on the 70 feet high elevated plot. The tower had two bed‐ room apartments starting at 1,305 sq ft with a price of Rs 24,471 or Rs 33 mn and three BHKs starting at 1,539 sq ft with a price of Rs 34 mn. The latest attraction in the project was Lodha’s tie‐up with US‐based realty tycoon Donald Trump, known for high‐rise buildings in Manhattan, for an 800‐foot tall Trump Tower inside the Park. • Mumbai high court allows redevelopment of buildings in Shivaji Park area‐ In a major interim relief for residents of buildings in the Shivaji Park area that obtained commencement certificates from the BMC for the redevelopment of their properties before July 31, 2012, the Bombay high court has allowed the redevelopment of these properties despite the structures coming within the proposed heritage precinct. Judges said that those buildings which have received commencement certificates prior to July 31, 2012, could go ahead with redevelopment work. Those buildings where redevelopment plans have been sanctioned and they have been legally demolished between July 31, 2013, and August 13, 2013, should approach the BMC for further permissions. • Sea‐facing Mumbai duplex goes at Rs 135,000/sq ft‐ In the costliest apartment deal in the country, a sea‐facing duplex in a Malabar Hill building was recently sold for Rs 570 mn or roughly Rs 135,000 a sq ft. The duplex in the tony Darshan Apartments on Mount Pleasant Road was sold last month to the Bulchandanis, a prominent business family with interests in software, aluminium and real estate. They own three other duplexes in the same complex. • Mumbai sees 18,000 residential units launched in first half 2013, up 30%‐ Weak residential property market scenario in Mumbai has not deterred real estate developers from launching new projects in the financial capital of the country. The city has witnessed launches of around 18,000 units in the first half of the year until June, representing an increase of 30% over last year, said a quarterly report by Cushman and Wakefield. Of the total new launches, a majority of 30% were focused in the western suburbs of Andheri, Bandra, Malad and Goregaon. Navi Mumbai contributed 24% of the overall launches with the second phase of a large township project launched in Panvel. The central suburban stretch from Kurla to Mulund also contributed 20% of the new launches with two large projects launched in Mulund along with projects in Chembur, Kanjurmarg and Ghatkopar. • SoBo’s high‐end luxury homes find few takers‐ High‐end properties in South Mumbai have fewer takers in a gloomy economy. While property appreciation in Sobo, as the area is fondly called, has dropped to 10% from 30% two years ago, rental yields have fallen by more than half. Sale of new property has dropped 30% in the past eight to 12 months, with fewer investors and end‐users willing to buy expensive homes. For every 100 homes available for sale in a quarter, only six are getting sold. • SRA issues showcause to 300 builders‐ To pull up builders whose projects have been pending for years, the Slum Rehabilitation Authority (SRA) has sent showcause notices to over 300 builders who have failed to begin housing projects for the past

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five years. The SRA has identified over 400 such projects. As many as 164 notices have been sent to builders undertaking SRA projects in the eastern suburbs. In the western suburbs, 160 builders had received notices so far. The SRA has also suggested crucial changes in the scheme to ensure successful completion of the housing schemes. Officials said the agency had suggested relaxation of Coastal Regulation Zone II (CRZ) norms to enable redevelopment in over 290 slum pockets affected by the norms. • Realtors hope to clear inventory on freebies, festival sales: Realty developers are hopeful of clearing a large portion of their inventory pile‐up during this festive season by luring in buyers with freebies and discounts, even as they sit tight on declared prices. Developers are likely to attract buyers through several discount schemes/gifts with most common being gold coins, cash‐back on monthly rentals, customization, free parking and club facility, zero brokerage, upfront cash discounts among others. in Mumbai region, which has been witnessing a major drop in sales for quite some time, developers like Lodha, Mantri Realty and Romell Group have already announced various discounts. While Lodha has offered Rs 2 lakh discount on spot booking for its 'Lodha Elite' project in Dombivli, Mantri Realty was offering 100 gm gold on bookings till September 18 for its upcoming Serene project at Goregaon. • Relocations in Mumbai have increased substantially in the first‐half of 2013 compared to the same period during 2012 with companies relocating from CBD locations such as Nariman Point, Ballard Estate, and Churchgate etc. to larger office spaces in locations such as BKC and Andheri‐east at rentals lower by approximately 55‐65 per cent. With IT/ITeS companies expanding to peripheral locations, FMCG, Pharma and Media companies opted for relocations to larger space at attractive rentals in the suburban locations of Mumbai such as Andheri‐East, Jogeshwari and Powai

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Residential Projects ‐ Recent and New Launches in Mumbai/Pune Developer Name of the City Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial Rustomjee Meridian Kandivali Charkop Village, Residential 1‐2 BHK Rs 9mn West Off M.G. Road onwards Kalpataru Radiance Goregaon Next to Residential 2‐3‐4 BHK Rs 18‐45mn West Prabodhan Krida Bhavan Hiranandani Estate Cardinal Thane West Off Ghodbunder Residential 2.5‐3 BHK Rs 13750/sqft Road Vijay Group Vijay Galaxy Thane West Waghbil Naka, Residential 1‐2 BHK Rs7.9mn G.B. Road onwards IndiaBulls First Residences Panvel Opp. Honda 20/80 Residential Penthouses and Rs 12mn Warehouse Duplexes onwards Damji Shamji Shah Mahavir Millennium Thane West Off Pokhran 25/75 Residential 2‐3 BHK Rs 6.5‐12mn Group Road Damji Shamji Shah Mahavir Thane West Ovala Village 20/80 Residential 1‐2 BHK Rs 4.63‐9mn Group Kalpavruksha IndiaBulls Golf City Savroli Khalapur Toll Residential Apartments Rs 6000/sqft Plaza Rustomjee Urbania Thane West Near Majiwada Y Residential 2 BHK Rs 9870 Sqft Junction Rustomjee Azziano Thane West Thane West Residential 2‐3 BHK Rs 9750 Sqft Kalpatru Aura Ghatkopar (w) LBS Marg Residential 2 and 2.5 BHK Rs 12‐15mn Ekta World Ekta Tripolis Goregaon Near Mega Mall Residential 4 BHK Rs 16.6‐23.1mn West Lodha Lodha Splendora Thane West Bhayandarpada, Residential 2 BHK Rs 8.9mn Ghodbunder Road Damji Shamji shah Mahavir Universe Bhandup LBS Marg Residential 2‐2.5‐3‐4 BHK Rs 13.3‐25.7mn group Phoenix (West) Marathon Group Marathone Panvel National Y Residential 2 BHK Rs 4.8mn Nexzone Highway 4B onwards Acme Acme Avenue Kandivali Charkop Residential 1.5‐2‐3 BHK Rs 7.3mn West onwards Mantri Realty Serene Goregaon East Off Film City Residential 1‐2‐3 BHK Rs 8.5mn Nearing Road onwards possession Ruparel Realty Ariana Parel Parel Residential 2‐3 BHK Rs 16000/sqft Ruparel Realty Iris Matunga Matunga West Residential 1‐2‐3 BHK Rs 20000/sqft West Ruparel Realty Orion Swastik Park Chembur Residential 1‐2‐3 BHK Rs 11500/sqft Ruparel Realty Sea Palace Palm Beach Nerul West Residential 3‐4 BHK Rs 35.2‐37.1mn Road Mayfair Hillcrest Vikhroli West Near Lbs Marg Y Residential 2 BHK 655 sqft Rs15.6mn. 2015 Ajmera Group I‐Land Wadala East Next to I‐ Max, Residential 4 BHK Rs 17100/sqft Bhakti Park Rustomjee Oriana Bandra East Behind MIG Residential 3‐4 BHK Rs 90mn Club, N onwards Dharmadhikar Road Nahar Group Nahar Amrit Shakti Chandivali Off Saki‐Vihar Y 20/80 Residential 2‐3 BHK 3 BHK‐Rs Road 20.7mn/Luxury 2 BHK‐Rs20.6/3 BHK‐Rs 30.6mn Hiranandani Estate The Walk Thane west Off Ghodbunder Residential Small size Rs 8.8‐9.1mn Road apartments Lodha New Cuff Parade Mumbai Near IMAX Residential 2‐3 BHK Rs 28.5mn Dome onwards Suntech Realty Signia Oceans Navi Mumbai Airoli Residential 3‐4 BHK Rs 9000/sqft Suntech Realty Signia Orion Navi Mumbai Airoli Residential 2‐3 BHK Rs 10000/sqft Launching Soon

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Developer Name of the City Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial Hiranandani Estate Hiranandani Kandivali S.V. Road Residential 1‐3‐5 BHK Rs 17000/sqft Heritage West Mayfair Mayfair Greens Kandivali S.V. Road Residential 2‐3‐4 BHK Rs 20000/sqft Jun‐15 West Gundecha Altura Kanjurmarg LBS Road Residential 2‐3 BHK Rs 17500/sqft Ready West possession Tridhaatu Antariksh Mumbai Chembur Residential 3 BHK Rs 36mn Construction onwards in Full Swing Source: PhillipCapital India Research

NCR • East colony to get freehold rights‐As many as 144 families displaced after partition, who had been campaigning for full rights to plots given to them in the 1950s, have won their long and arduous battle. Delhi Development Authority on Monday announced that families who were given plots after 1950 in east Delhi's Jheel Khuranja area will now have freehold rights. • Nationalized banks return to fund Noida Extension projects ‐ The Greater Noida Authority is upbeat that the Greater Noida (West) region, formerly Noida Extension, is slowly being removed from the blacklist of banks and they have started showing interest in backing buyers who want to invest in projects in the region. After the land row in 2011, banks had stopped financing such projects due to fears of land acquisition being quashed by the courts. • NCR sees maximum delay in realty‐ In terms of the average delay in delivering residential projects across India; more than 25% of the committed supply has not been able to hit the market as per schedule. In Gurgaon, only one‐third of the total committed supply for 2013 has been delivered so far. The situation has been even more alarming in other NCR regions such as Noida, where only about one‐fifth of the residential supply committed for delivery in 2013 has been delivered so far. In the West, Pune and Mumbai have shown a much better performance in terms of project completions – these cities could deliver more than 40% of the committed supply of 2013 as per scheduled delivery. • Rising defaults by short‐term realty investors add to developers’ woes‐A large number of such investors— who generally buy multiple properties and sell them in six to eight months for quick gains—are approaching developers for refunds, and in some cases even taking them to court, according to some real estate consultants. Short‐term real estate investors, a source of quick funds for housing projects, are increasingly defaulting on payment to developers, as economic slowdown and rising cost of living keeps regular homebuyers on the fringes, narrowing exit routes for speculators. • New home launches drop by 8% in Delhi‐NCR‐ Delhi‐NCR property market witnessed 8 per cent fall in the number of residential units launched during the first half of 2013 amid slowdown in demand and economy, according to consultant Cushman & Wakefield. The decline in new launches was steeper in the high‐end and luxury segment. The NCR residential market registered de‐growth in the total number of units launched in the first half of the year as compared the same time last year. The total number of units launched in 1H 2013 is estimated to be 20,700 which is lower by 8 per cent over 1H 2012. The total number of units launched in the high‐ end segment decreased by about 70 per cent during H1 2013 compared to the same period last year. There were no new launches in the luxury segment during the first half of 2013 due to increased availability of units in the market that are nearing completion in this segment. • Land pooling policy – an integrated developmental effort‐ According to the policy, the private developers will now be dealing directly with the farmers to acquire land. DDA will take the land from the developers and develop the necessary support

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infrastructure. In return, the developers would be given a chunk of the developed land, to develop further. The policy ensures more planned and organized development in large areas of land, whilst also providing DDA with the necessary land which they can utilize to develop affordable housing. • South Delhi’s property prices down by 20‐35%, Defence Colony and Vasant Vihar worst hit by slowdown‐ prices of homes in upscale South Delhi have dropped by 20 per cent‐35 per cent over the last one year, with developers and cash‐strapped investors offering big discounts to dispose off their assets in a slowing economy. Till about six months ago, discounts on new homes in the area were being offering only by developers facing oversupply. But with the economic situation worsening, this category of sellers has expanded to include cash‐strapped investors and businessmen who are keen to sell the high‐end apartments they had picked up some years ago. While prices have fallen across residential colonies in South Delhi, the drop is the most in Defence Colony and Vasant Vihar. For instance, a 2,000‐sq ft apartment in Defence Colony, available for Rs 95‐100 mn a year ago, can now be negotiated for anything between Rs 65 mn and Rs 80 mn, according to dealers. Similarly, the price of a 2,300‐sq ft apartment in Vasant Vihar has dropped to Rs 100‐ 120 mn from Rs 120‐140 mn last year. • In the National Capital Region, office occupiers opted to relocate from prime locations in Delhi to Gurgaon as well as within Gurgaon with the rental differentials in the range of 20‐30 per cent translating to cost advantage to the occupiers. • Withdrawal of Zoning Plans of Countrywide Promoters (subsidiary of BPTP) in Gurgaon‐ The town planning authority of Haryana has withdrawn of approval of revised demarcation‐cum‐zoning plans of license of Countrywide Promoter Pvt. Ltd for Sector 102/102A, Gurgaon (108 acres project known as Amstoria) project as it has defaulted on dues of Rs1.74 bn towards two licenses. The authority has further barred all development works, sale, acceptance of bookings for the said project. • 86 realtors inclusing Emaar MGF, DLF show interest for Haryana affordable housing project: Haryana's Town and Country Planning Department has received licence applications from real estate developers for setting up affordable houses. Maximum number of applications for licenses has come for setting up houses in Gurgaon city at 54, followed by Sohna at 15, Faridabad at 10 while rest are for Jhajjar, Palwal, Rewari, Karnal and Nilokheri. Among companies which have submitted license applications, prominent real estate groups are DLF Ltd (3 projects in Gurgaon totaling to 33 acres) and Emaar MGF (1 project ‐58 acres), Essel Housing at Gurgaon, SRS Hightech projects at Faridabad, CHD Developers at Karnal and Sohna at Raheja Developers. Interestingly Countrywide Promoters Pvt Ltd (subsidiary of BPTP) has bid for projects in Faridabad (29 acres) and Gurgaon (7 acres) despite defaulting on dues and having its license withdrawn in Gurgaon sector 102. Under this policy, the state government envisaged to make available 125,000 affordable dwelling units having carpet area of about 500 sq ft each in the urban centres of Haryana, which are constructed through the capital investment of private sector within a period of next five years. The maximum allotment rate for the apartment units approved under such projects has been kept at Rs 4,000 per sq ft of carpet area in the development plans of Gurgaon, Fairdabad, and Pinjore‐Kalka, Rs 3,600 per sq ft in the development plans of other high and medium potential towns and Rs 3,000 per sq ft in the remaining low potential towns.

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Applications for Haryana Affordable Housing received till 30 Sept 2013 Developer Name Area (acre) Dev. Plan Sector No FARIDABAD Conscient Infrastructure Pvt. Ltd. 7.39 Faridabad 78 Countrywide Promoters Pvt. Ltd. 10 Faridabad 82 S3 Buildwell Pvt. Ltd. 5.25 Faridabad 82 Countrywide Promoters Pvt. Ltd. 9.53 Faridabad 84 SRS Hitech Projects Ltd. 5.65 Faridabad 84 Countrywide Promoters Pvt. Ltd. 9.53 Faridabad 86 Auric Homes Pvt. Ltd. 8.91 Faridabad 86 Sudarshan Buildtech Pvt. Ltd. 6.44 Faridabad 88 Tarang Entertainment Pvt. Ltd. 5.01 Faridabad 88 SRS Hitech Projects Ltd. 6.33 Faridabad 89 Total 74.04 Faridabad GURGAON AVL Infrastructure Pvt. Ltd. 9.07 Gurgaon 36A Excel Buildmart Pvt. Ltd. 10.28 Gurgaon 36A Renuka Traders Pvt. Ltd. 7.53 Gurgaon 37C RMG Developers Pvt. Ltd. 5.43 Gurgaon 37C Sunrays Heights Pvt. Ltd. 5.9 Gurgaon 63 Munglam Multiplex Pvt. Ltd. 10.17 Gurgaon 65 Krrish Landscaper Pvt. Ltd. 11.81 Gurgaon 67 Premium Infratech Pvt. Ltd. 5.08 Gurgaon 69, 70 Infinitive Analytics Pvt. Ltd. 5.39 Gurgaon 70 DLF Ltd. 10.26 Gurgaon 70A DLF Ltd. 11.24 Gurgaon 70A Premium Infratech Pvt. Ltd. 5.08 Gurgaon 69, 70 Sarvpriya Securities Pvt. Ltd. 6 Gurgaon 71 Nexus Infracon Pvt. Ltd. 12.29 Gurgaon 76 Revital Reality Pvt. Ltd. 9.82 Gurgaon 78 Revital Reality Pvt. Ltd. 8.47 Gurgaon 79B Minda Industries Ltd. 16.86 Gurgaon 81 Manira Developers Pvt. Ltd. 5.47 Gurgaon 81 Pivotal Infrastructure Pvt. Ltd. 5.18 Gurgaon 84 Emaar MGF Land Ltd. 9.47 Gurgaon 85 Pyramid Infratech Pvt. Ltd. 5.29 Gurgaon 86 Emaar MGF Land Ltd. 9.99 Gurgaon 86 Emaar MGF Land Ltd. 5.53 Gurgaon 89 Maxworth Infrastructure Pvt. Ltd. 5.52 Gurgaon 89 Aster Infrahome Pvt. Ltd. 5.01 Gurgaon 90 Aster Infrahome Pvt. Ltd. 5.01 Gurgaon 90 Lal Singh & Others 5.35 Gurgaon 90, 93 Mahendra Promoters Pvt. Ltd. 10 Gurgaon 91, 92 Mahendra Promoters Pvt. Ltd. 10 Gurgaon 91, 92 Lal Singh & Others 5.35 Gurgaon 90, 93 DLF Ltd. 11.73 Gurgaon 93 Signature Builders Pvt. Ltd. 6.2 Gurgaon 93 Horizon Realtech Pvt. Ltd. 7.27 Gurgaon 95 Ramsons Organics Ltd. 7.27 Gurgaon 95 Chirag Buildtech Pvt. Ltd. 5.04 Gurgaon 95 Rosemary Buildcon Pvt. Ltd. 6.61 Gurgaon 95B Pivotal Infrastructure Pvt. Ltd. 7.02 Gurgaon 99 Pareena Infrastructure Pvt. Ltd. 5.84 Gurgaon 99A Prime Infradevelopers Pvt. Ltd. 9.17 Gurgaon 99A Suncity Projects Pvt. Ltd. 5.81 Gurgaon 102 Nani Resorts Floriculture Pvt. Ltd. 9.37 Gurgaon 102 Countrywide Promoters Pvt. Ltd. 6.82 Gurgaon 102 Essel Housing Projects Pvt. Ltd. 5.25 Gurgaon 102 Emaar MGF Land Ltd. 7.38 Gurgaon 102 Emaar MGF Land Ltd. 6.79 Gurgaon 103 HCBS Developments Ltd. 7.68 Gurgaon 103 JMK Holdings Pvt. Ltd. 9 Gurgaon 103

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Developer Name Area (acre) Dev. Plan Section No. HCBS Developments Ltd. 5 Gurgaon 104 Perfect Buildwell Pvt. Ltd. 6.03 Gurgaon 104 Signature Builders Pvt. Ltd. 6.13 Gurgaon 107 Emaar MGF Land Ltd. 7.55 Gurgaon 107 Agrante Realty Ltd. 7.78 Gurgaon 108 Shyam Kripa Infrastructure Pvt. Ltd. 6.78 Gurgaon 108 Emaar MGF Land Ltd. 5.86 Gurgaon 111 Lotus Realtech Pvt. Ltd. 5.1 Gurgaon 111 Emaar MGF Land Ltd. 5.64 Gurgaon 112 Survi India Infrastructure Pvt. Ltd. 5.17 Gurgaon 113 Total 423.14 Gurgaon JHAJJAR Bhisham Infrastructure Pvt. Ltd. 7.39 Jhajjar 3B Suman Villas 5.21 Jhajjar 21 GNEX Realtech Pvt. Ltd. 5.73 Jhajjar 36 Total 18.33 Jhajjar KARNAL Tapasya Farms Pvt. Ltd. 10.01 Karnal 29 Aegis Value Homes Ltd. 6.22 Karnal 32A CHD Developers Ltd. 10 Karnal 45 Vatika Colonizer Pvt. Ltd. 8.91 Karnal 36 Total 35.14 Karnal NILOKHERI Ras Developments Pvt. Ltd. 7.01 Nilokheri 16 PALWAL SRS Real Estate Ltd. 6.46 Palwal 6 SRS Real Estate Ltd. 10.65 Palwal 7 Valmax Constructions Pvt. Ltd. 8.05 Palwal 10 Total 25.16 Palwal PANCHKULA Nano Colonisers Pvt. Ltd. 14.31 Panchkula 14 JG & RG Developers Pvt. Ltd. 9.24 Panchkula Total 48.71 Panchkula REWARI Shiva Mega Projects Pvt. Ltd. 5.44 Rewari 7 BM Gupta Developers Pvt. Ltd. 5.77 Rewari 26 Victory Build Estates Pvt. Ltd. 5.03 Rewari 27 Chirag Buildtech Pvt. Ltd. 8.74 Rewari 30 Total 24.98 Rewari SOHNA Randhawa Construction Pvt. Ltd. 6.86 Sohna 2, 35 GLS Infratech Pvt. Ltd. 10.38 Sohna 4 MVN Infrastructure Pvt. Ltd. 6.5 Sohna 5 Arete India Projects Pvt. Ltd. 6.01 Sohna 6 MV Buildcon Pvt. Ltd. 7.69 Sohna 7 VK Motors Pvt. Ltd. 5.41 Sohna 11 Raheja Developers Pvt. Ltd. 5.1 Sohna 14 Enkay Buildwell Pvt. Ltd. 5.09 Sohna 14 Mahendra Promoters Pvt. Ltd. 5.83 Sohna 29, 32 AAR Housing Pvt. Ltd. 9.42 Sohna 31 Mahendra Promoters Pvt. Ltd. 5.83 Sohna 29, 32 Faith Buildtech Pvt. Ltd. 5.54 Sohna 32 Breeze Builders and Developers Pvt. Ltd. 9.46 Sohna 33 Tulsiani Constructions and Developers Ltd. 7.86 Sohna 35 Randhawa Construction Pvt. Ltd. 6.86 Sohna 2, 35 Sternal Buildcon Pvt. Ltd. 11.93 Sohna 36 Pioneer Urban Land & Infrastructure Pvt. Ltd. 9.97 Sohna 36 Total 36.62 Sohna SONIPAT Maxheights Promoters Pvt. Ltd. 5 Sonipat 61 Source: Department of House & Country Planning‐ Haryana

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Residential Projects ‐ Recent and New Launches in Delhi Developer Name of the City Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial MMR Shah Group 52nd Avenue Central Noida Sector‐52 Commerial Business Suites, Retail High Street, Branded Service Apartments Eldeco Infrastructure Mystic greens Greater Noida Omicron Residential 2‐3 BHK 44.10 lacs & Properties Ltd. onwards Eldeco Infrastructure Aamantran Noida Sector‐119 Residential 3‐4 BHK & Properties Ltd. Eldeco Infrastructure Olympia Noida Sector‐93A Residential 3 BHK & Properties Ltd. Eldeco Infrastructure The Studio Noida Sector‐93A Residential 1 BHK & Properties Ltd. Eldeco Infrastructure Inspire Noida Sector‐119 Residential 2‐3 BHK & Properties Ltd. Eldeco Infrastructure Hillside Neemrana Japanese Zone Residential 2 BHK+ studio & Properties Ltd. apartments Bestech Grand Spa Gurgaon Sector‐81 Residential Bestech Sanskruti Gurgaon Sector‐92 Residential 3‐4 BHK IITL‐ NIMBUS Group The Golden Palms Yamuna Sector‐22A Residential 2‐3‐4 BHK Expressway Satya Group Element one Gurgaon sector‐47 & 49 Commercial 350 Sqft onwards launched high street retail, service aprtment‐ 650sqft onwrads Paras Buildtech Paras Square Gurgaon Sector‐63A Commercial/ High Street Retail Residential / Service Apartments Airwil Business Park Intellicity Gr. Noida West Tech Zone‐ IV Commercial Pvt. Ltd, Oasis Realtech Pvt. Oasis Grand Stand Noida Sector‐2 Residential 1‐2‐3BHK (695‐ Rs1.528 mn Ltd. 845) (Rs2199/sqft) Paramount Floraville Noida GH‐6 sector137 20/80 Residential 2‐3 BHK Paramount Emotions GH‐05A, Greater Noida 15/22/63 Residential 2‐3 BHK Rs 2.950mn sector1 West Elixir Buildcon Pvt. Elixir Windz Noida Sector 150 Residential 2‐3‐4 BHK Ltd. Arihant Build Con Arihant Ambience NH‐24 GH‐6, Crossings Residential 3‐4 BHK Pvt. Ltd. Republik Sikka House The Downtown Expressway Sector‐98 5* hotel and service Service Noida service apartments‐ 599 apartment‐Rs apartments sqft to 5000sqft. 8.5mn onwards High end retail High end retail space‐350sqft to space‐ Rs 6mn 150000sqft, onwards; Office office space‐ space‐ Rs 5.5mn 700sqft to 70000sqft. Wave Infratech Edenia Noida Sector 32 & 25A Commercial Multi‐use studios Rs 3.5mn onwards Tulip Infratech Pvt. Tulip Orange Gurgaon Sec 69‐70, Sohna Residential 2‐3 BHK (1137‐ Rs 7.5mn Ready to move Ltd. Road 1437 sqft) onwards Aditya builders Celebrity Homes Noida Sector‐76 Residential 2‐3‐4 BHK Rs5.5mn Nearing onwards Possession Aditya builders Urban Casa Noida Sector‐78 Residential 2‐3‐4 BHK Rs4.5mn Nearing onwards Possession Laureate Buidwell Parx Laureate Noida Sector‐ 108 Residential 3‐4 BHK Construction Pvt. Ltd. in Full Swing Imperia Structures Only Max Greater Noida NH‐24 Commercial BSP‐ Rs Ltd. 5250/sqft

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Developer Name of the City Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial Ansal Housing & Ansal Heights 86 Gurgaon NH‐8 and Dwarka Residential 2‐3‐4‐5 BHK Construction Ltd. Expressway JM Housing JM Florence Greater Noida DV‐GH‐09C, Residential 2‐3 BHK (West) Sector‐Tech Zone‐4 JNC constructions Green vasundhara sector‐3 Ghaziabad Residential 2‐3 BHK Rs 5.925mn pvt. Ltd. woods vasundhra onwards Unitech Exquisite Sohna Road Gurgaon Residential 3BHK Rs 16.50 mn Construction onwards in full swing Super Tech Limited Capetown Noida sector‐74 100 acres 50% in Residential 2‐4 BHK 4560 possession complex Super Tech Limited Albaria Greater Noida Noida extension NO EMI for 24 Residential 3‐4 BHK(1590‐ Rs 5.6mn (West) months complex 1596‐1725‐1906‐ onwards 2364) Super Tech Limited Golf Village Greater Noida Yamuna Residential 1‐2‐3 BHK 2425 expressway complex Super Tech Limited Golf village Greater Noida Yamuna 1‐2‐3 BHK 19.14 lacs Expressway Super Tech Limited Grand circuit Greater Noida Yamuna 1‐2‐3 BHK 17.5 lacs Expressway Super Tech Limited Fable castle Greater Noida Yamuna 2‐3‐4 BHK 33.5 lacs Expressway Super Tech Limited Super living Gurgaon Araville , sector‐ pay 35% only rest 2‐3 BHK construction in 79 possession full swing Super Tech Limited Supernova Noida Sector‐94 40/60 Residential 2‐3‐4 BHK Rs15.0mn onwards Super Tech Limited ORB Noida Sector‐74 40/60 Residential 3‐4 BHK Rs12.5mn onwards Super Tech Limited North Eye Noida Sector‐74 40/60 Residential 1‐2‐3‐4 BHK Rs4.3mn onwards Super Tech Limited Eco citi Noida Sector‐137 40/60 Residential 2‐3‐4 BHK Rs4.9mn onwards Super Tech Limited Eco suites Noida Sector‐137 40/60 Residential Studio Rs2.4mn Apartments onwards Super Tech Limited Eco Village Greater Noida Greater Noida 40/60 Residential 1‐2‐3‐4 BHK Rs2.4mn (West) (West) onwards Super Tech Limited Golf Suites Greater Noida Yamuna 40/60 Residential Studio Rs1.6mn Expressway Apartments onwards Super Tech Limited Up Country Greater Noida Yamuna 40/60 Residential Studio Rs1.6mn Expressway Apartments onwards Super Tech Limited Holiday Village Greater Noida Yamuna 40/60 Residential Luxury Villas Rs6.5mn Expressway onwards Mahagun Group Mirabella Noida Sector‐79 Residential 3‐4 BHK Now Launched Wave Infratech Edenia Noida Sector 32 & 25A Commercial Multi‐use studios Rs 3.5mn onwards Ansal housing & Ansal Town Walk Gurgaon Sector‐104 Commercial High street retail starting Rs construction Ltd. cum corporate 2.5mn only spaces Rudra Rudra Palace Heights Greater Noida GH‐02B, Sec.1 Residential (West) Aastha Infracity Aastha Greens Greater Noida Sector‐4 Residential 2‐3 BHK Rs2684/Sqft Limited (West) Pareena Coban Residences Gurgaon Sector‐99A Residential 2‐3‐4 BHK Infrastructure Radicon Vedantam Emporio Greater Noida Noida Extension 50/50 Rs3.8mn Infrastructure & onwards Housing Pvt. Ltd. Satya Group Element one Gurgaon sector‐47 & 49 Commercial 350 Sqft onwards launched high street retail, service aprtment‐ 650sqft onwrads Ace Group India Ace Golfshire Noida Sector‐150 Residential Launching soon Ace Group India Ace City Greater Noida Sector‐18 Residential 2‐3 BHK West

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Developer Name of the City Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial Ace Group India Ace Aspire Greater Noida Greater Noida Residential 2‐3 BHK West West Ace Group India Ace Platinum Greater Noida Sector‐Zeta1 Residential 2‐3‐4 BHK West Super Tech Limited 48 Canvas Gurgaon Sector‐79 Residential 4 BHK IITL‐ NIMBUS Group The hyde park Noida Sector‐78 50 and 50 Residential Construction in full swing Ecnon Group Ecnon Yamuna Residential Rs 1.590mn expressway onwards Amrapali Group o2valley Greater Noida Sector IV Residential West Amrapali Group Leisure Park Greater Noida Greater Noida Residential 2‐3 BHK West west Amrapali Group Amrapali Tropical Greater Noida Greater Noida Residential 2‐3 BHK Gardens west west Amrapali Group Amrapali Verona Greater Noida Greater Noida Residential 2‐3‐4 BHK Construction heights west west started Amrapali Group Amrapali Kingswood Greater Noida Greater Noida Residential 2‐3 BHK Construction west west started Amrapali Group Centurian Park Greater Noida Greater Noida Residential Independent Construction west west Floors in full swing Amrapali Group Dream Valley Greater Noida Greater Noida Residential 1‐2‐3 BHK Construction west west in full swing Krish Infrastructure Krish Harmony Bhiwadi Bhiwadi Residential Villas and Pvt. Ltd. Executive Floors Sunworld Arista Noida Noida 40/30/30 Residential 3‐4‐5 BHK Rs 5250/Sqft Expressway Ansal housing & Florence Residency Gurgaon Sector 56& 57 No Pre‐ EMI Residential 4 BHK Rs 15.8 mn construction Ltd. onwards Shubhaarambh Astra Arcade Shahdara Commercial Rs 2.1mn Near Estates Pvt. Ltd. Completion Unnati Fortune Elites Arena Noida Sector 119 Residential 2‐3 BHK (1050‐ Rs 3999/ sqft 1350 sqft) JNC constructions Green vasundhara sector‐3 Ghaziabad Residential 2‐3 BHK Rs 5.925mn pvt. Ltd. woods vasundhra onwards Prateek group Prateek edifice Noida Sector‐107, Noida Residential 3‐4‐5BHK Rs 14.5mn Construction onwards at full swing Prateek group Prateek Wisteria Noida Sector‐77 Residential 2‐3‐4 BHK Nearing Possession Source: PhillipCapital India Research

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Bangalore • No impact of economic slowdown in Bangalore’‐ There is not much impact on the sales of residential properties in the city. The only visible impact of the economic slowdown is that the buyer has become highly sensitive to the overall ticket size. With interest rates going up and loan eligibility coming down, the focus has shifted from per sq ft value to affordability. The ticket size of Rs 5‐8 mn is selling well. However, there has been some resistance in the ticket size of Rs 10 mn and above. Sales of properties valuing Rs Rs 10 mn and above have dropped drastically in the last one year. • ‐Bangalore Corridor poised for development ‐ The growth corridor will encompass the Chennai‐Ranipet‐Bangalore area. A number of industries have already been established upto Ranipet. The largest auto and electronic corridors are also dotting the line of the Sriperumbudur area. In terms of industrial development and foreign direct investment, this corridor has over 400 foreign companies and almost more than 30 Fortune‐500 companies have set up operations here. This is considered as the largest industrial cluster in Asia. According to official sources, those who are developing the Delhi‐Mumbai corridor will also develop this corridor and it is likely to have features like high speed rail connectivity, bullet train, etc. Besides, a new 8‐lane road corridor is being planned by the Government of India which will give a boost to the infrastructure development in the region. • The city witnessed a net absorption of 33,988 units in 2012, of which the lion’s share of 45‐50 per cent was seen in Bangalore East: Bangalore largely driven by end‐ user demand witnessed the highest number of unit launches amongst the top seven cities in India, adding to over 22,000 units with majority of them (close to 90 per cent) in the affordable and mid‐end segment category. The residential market has been less speculative with property being affordable compared to other metros, leading to continued end‐user interest. With development of peripheral locations and developers offering residential units in various ticket sizes, the buyers have variety of options to choose from. The first half of 2013 witnessed a considerable uptrend in the number of unit launches with organized developers launching large affordable projects in peripheral areas such as Budigere Cross in the east, Anekal Road‐Attibele in the south, Tumkur Road in the north and Mysore Road in the western part of the city. Locations such as East Bangalore registered a rise of 6 per cent in high‐end and 5 per cent in mid‐end primarily due to IT hub proximity and demand from IT employees. • Swanky BMTC bus stations to come up at Kalasipalya, BTM Layout: Bangalore Metropolitan Transport Corporation (BMTC) has planned to build a bus station at Kalasipalya and a travel and a transit management centre (TTMC) at BTM Layout in the next two years. Approval was given to the proposal for construction of a bus station at Kalasipalya at a cost of Rs. 2bn using its own funds. The Minister said that the BMTC had handed over 218 acres of its land on the outskirts of the city to the Bruhat Bangalore Mahanagara Palike (BBMP) in exchange of 14 acres and 35 guntas of BBMP land within the city, including 4 acres and 13 guntas of land at Kalasipalya. • Bangalore sees highest proportion of company relocations:‐ The total relocations across top eight cities in the first half (H1) of 2013 was at 5.46 mn sq ft which was 2.5 times higher compared to the same period last year and is one‐third of the total leasing activity. During H1 2013, Bangalore recorded the highest proportion of relocations with a substantial increase of more than three times when compared to the same period last year. Companies relocated from CBD/Off‐CBD locations such as MG Road, Millers Road, Vittal Mallya Road and Residency Road to peripheral regions such as the Outer Ring Road. • Niche areas likely to spur real estate growth: FICCI‐Ernst & Young report‐ Affordable housing, amusement parks, education and logistic hubs and healthcare are among the niche areas that are developing in the real estate sector, according to a FICCI‐Ernst & Young report. Till 2000, the real estate sector was mostly restricted to housing, commercial and industrial segments. But now there are new asset

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classes such as entertainment, healthcare, education, transit‐oriented real estate and housing conducive for senior citizens. These concepts have added a new dimension to the sector and they are expected to spur growth, and attract the attention of developers and investors, says the report. Several developers have recognized the opportunity in senior citizen housing segment. The report mentions 40 such projects that were proposed till April 2013 in South India, and of them, seven are in Bangalore. The senior citizen housing segment, according to the report, caters not only to ambient residential space but also to healthcare, security, and emotional needs of the residents. • Realty slowdown: Post IT boom, 60,000 units unsold in Bangalore ‐ This city has over 700 residential projects comprising apartments, villas, row houses and plots amounting to 182,000 units under development. An inventory of roughly 60,000 units remains unsold. Of these 80% are apartments and 10% plots, property consultant L J Hooker says. • Sobha Developers Operational update for Q2FY14 – 0.67 mn sq ft of new space sold in Bangalore (12% QoQ growth) • Prestige Estates Operational update for Q2FY14 ‐ The Company has sold 1,193 Residential units and 0.11 mn sq ft of commercial space, aggregating to 1.95 mn sq ft amounting to Rs.11.5 bn of sales. Of the above, Prestige share is: 1,105 units ‐1.83 mn sq ft amounting to Rs.10.68 bn of sales, up by 31% from that of Q2 FY 12‐13. Collections for the quarter aggregated to Rs. 6.2 bn, up by 23% as compared to the corresponding Q2 FY 12‐13. This quarter, the Company has launched 4 residential projects across Bangalore and Chennai, aggregating to 5.21 mn sq ft of total developable area.

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Residential Projects ‐ Recent and New Launches in Bangalore Developer Name of the Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial MMR Shah Group 52nd Avenue Sector‐52 Commerial Business Suites, Retail High Street, Branded Service Apartments Nitesh Estates Nitesh Columbus Off Bellary Road Residential 2‐2.5‐3‐3.5‐4BHK square (1200‐2500sqft) Nitesh Estates Land Of Kings (Long Devanahalli Residential 2‐3 BHK Rs 4.6mn Construction Island) onwards Underway Hariyana Group Orchid Nirvana IVC Road, Devanahalli Residential Rs 1899/ sqft Trifecta Verdure Sarjapur Residential Vakil Housing Vakil Whispering Ramana Maharishi Ashram Residential Rs 2.46mn Construction Development woods onwards in Full Swing Corporation Sumadhura infracon Srinivasan Hoodi, Whitefield Residential Aug‐14 Pvt. Ltd. Sumadhura infracon Madhuram ECC Road, Whitefield Residential Pvt. Ltd. Mahaveergroup Amaze Kadugodi, Whitefield Residential Rs 4.065mn Keerthi Royal palms Hosur Road Residential Rs 5.5‐7mn onwards Keerthi Regalia Sarjapur Road Residential SLS developers Sunny gardens Doddanakundi Residential Rs 4.1mn onwards SLS developers Sapphire Marathahalli‐Sarjapur Residential 3 BHK and duplex Rs 3.7mn Outer ring onwards Sai Raghavendra Bloom fields Ramgundanahalli‐ Residential Launching borewell road Soon Mantri Realty Mantri Royale Mallasandra Village, Residential Nearing Kanakapura Road Possession Nirman Sonestaa Sonestaa Silver Oak Near Marathahalli‐ Residential Developers Whitefield Main Road Prestiage Prestige Jade Sarjapur‐ Marthahalli Ring Residential 2‐3 BHK Pavilion Road DSR Infrastructure Pvt. Sunrise Towers Hope Farm, Whitefield Residential 2‐3 BHK Ltd. DSR Infrastructure Pvt. Woodwinds Sarjapur Road Residential 2‐3 BHK Mar‐14 Ltd. DSR Infrastructure Pvt. Eden Greens Off Sarjapur Road Residential 2‐2.5‐3 BHK Ltd. DSR Infrastructure Pvt. Ultima Haralur, Off Sarjapur Road Residential 3‐4 BHK (1855‐2850) Oct‐13 Ltd. DSR Infrastructure Pvt. Green fields Whitefield Residential 3‐4‐5 BHK(2980‐ Oct‐13 Ltd. 4920sqft) DS‐ Max Properties Pvt. Attible E. City Residential 2‐3 BHK Rs1.444‐ Ltd. 3.680mn DS‐ Max Properties Pvt. Peenya Opp. Rock Line Studio Residential Plots (30X45),(30X50), Rs 2.627‐ Ltd. (30X55) 4.271mn DS‐ Max Properties Pvt. Opp. Manyata Tech Park Residential 2‐3 BHK Rs 4.3‐ Ltd. 5.772mn Azven Realty Pvt. Ltd. Breathe Next to Indus International Residential Villa School, Sarjapur Maxworth Realty India Max Splendor Nagarabhavi Residential 2 BHK Limited Maxworth Realty India MaxWorth City Vidyaranyapura Residential 2‐3 BHK 1190‐1900 Limited sqft Mahaveergroup Amaze Kadugodi, Whitefield Residential 2‐3‐4 BHK (1315‐ Rs 4.251mn 2215sqft)

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Developer Name of the Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial Mahaveergroup Tranquil Whitefield Residential plots and villas Rs 7.738mn (30X40, 30X50, 40X50, 40X60) Mahaveergroup Laurel BTM 4th Stage Residential plots and villas Rs 5.915mn Mahaveergroup Cedar Hesaraghatta Road Residential 2‐3 BHK Rs 3.5 mn Mahaveergroup Desire Off Tumkur Road Residential Premium Villas Rs 3.2mn Mahaveergroup Fortune Off Magadi Road Residential Luxury flats Rs 2.5mn Mahaveergroup Galaxy Off Mysore Road Residential 2‐3 BHK Rs 2.4mn Mahaveergroup Jonquil J.P.Nagar, 6th Phase Residential Plots (20X30, 30X40, Rs 6.1mn 30X50,40X60) Mahaveergroup Oberon JP Nagar 5th Phase Residential 2‐3 BHK Rs 5.7mn Mahaveergroup Willet Kumbena Agrahara Residential 2‐3 BHk Rs 4.439mn MIMS Builders Crescenta Whitefield Residential Villas Rs 18mn Veracious Builders & Vani Vilas Doddaballapur Road, Residential 2BHK‐1250; 3BHK‐ Rs 5.7mn Developers Pvt. Ltd. Yelahanka 1465‐1745 Ajmera Villows Phase II Phase I, Electronics City, Residential 2BHK‐1220‐1320; 3BHK‐1450‐1775 Ajmera Ajmera Avenue Residential 3BHK‐2150‐2250sqft Ajmera Ajmera Stone Park Electronic city 15/85 after 2 Residential 4‐5 BHK Launching years soon Ajmera Ajmera Annex o% pre EMI Residential Launching soon Unishire Unishire Terraza Behind Manyata Tech Park o% pre EMI Residential Unishire Unishire Premia Behind Manyata Tech Park Residential 2‐2.5‐3BHK Hebron Properties Pvt. Hebron Enclave KR Puram Residential 2‐3 BHK Rs 32.1mn Jul‐14 Ltd. onwards (Rs 6299/sqft) N D Developers Ltd. Around the Off sarjapur road, Gunjur Residential 2‐3 BHK Rs22.8‐ managoes 39.2mn Renaissance Holdings Nature Walk Whitefield Residential Villas Rs 22.3mn Mittal Builders Mittal Palms Jakkur Yelahanka Residential 3‐4 BHK (1795‐3097 Rs 4.4mn sqft) onwards KSR Properties Cordelia Dasarahalli Residential 2‐2.5‐3 BHK (1035‐ Rs 5.7mn 1452sqft) onwards Krishna Enterprises Krishna Mystiq Pragathi Nagar, Basapura Residential 2‐3 BHK Rs 3.7mn Launching onwards Soon Jain Housing & Jains Villa Vivianaa Off Hosur Road Residential 2‐2.5‐3 BHK Construction Limited Goyal & Co. Orchid woods Hennur Main Road Residential 1‐2‐2.5‐3 BHK Rs 3990/sqft Trifecta Esplanade Whitefield Residential 2‐3BHK (1235‐ 1295,1484‐1832sqft) Vasathi Housing Vasathi Avante Hebbal Rs 4.536mn Karle Infra Karle Zenith Near Nagavara Lake Rs 18mn residences onwards Pionier Developers Pionier Residency HSR layout o% pre EMI Residential Shriram Properties Shriram Sameeksha Jalahalli Plots Plots Rs 3.0mn N D Developers Ltd. N.D. Passion Elite Sarjapur road Plots Plots (2000‐3000sqft) Rs 11.1mn N D Developers Ltd. N.D. Passion Harlur Main Road Residential Villas/ Apartment Rs 7.7mn Gopalan Enterprises Urban Woods Rich Homes, Richmound Residential 2‐3 BHK (1070‐1362 Road sqft) Keerthi Royal palms Hosur Road Residential 2‐3 BHK 1190‐1900 Rs 5.5‐7mn sqft onwards Keerthi Chalet Horamavu Residential 2‐3‐4 BHK (1315‐ 2215sqft) Radiant Group Radiant Heritage Rayasandra Residential 2‐3 BHK Rs 3.850mn DLF Woodland heights Rajapura, near electronic Residential 2BHK‐1250; 3BHK‐ Rs 3.3mn Construction city 1465‐1745 in Full Swing Prestige Summer Fields Off Sarjapur Road Residential 2BHK‐1220‐1320; 3BHK‐1450‐1775

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Developer Name of the Location Subvention Residential/ Size (In Sqft) Price/ unit Possession Project scheme Commercial Reliaable Developers Reliaable Gardeniaa Off Sarjapur road, close to Residential 2‐3 BHK hsr layout Fire luxur developers The Empyrean NH 207 Residential 2‐2.5‐3 BHK Rs 6.6mn pvt. Ltd. onwards Kolte Patil Developers Raaga Kannur Road, off Hennur Residential 2‐3 BHK Rs 3.117mn Limited main Road onwards Samprasiddhi Infratech Green Edge Off Thanisandra main Residential 2‐3 BHK Rs3456/Sqft Road Radiant Group Royal Woods Near ITPL, Whitefield Residential 2‐3 BHK (990‐1726 Rs 4.170mn Sqft) +Reg. Radiant Group Spencer Kammasandra, Nr. Residential 226 Apartments Rs 4.880mn+ Electronic City Reg. Radiant Group Lake View Medihalli, K R Puram Residential 3 BHK Rs 3.090mn +Reg. Radiant Group Reshan Off Bannerghatta Road Residential 2‐3‐4 BHK Rs 3.50mn Jan‐14 +Reg. Radiant Group Jasmine Terrace Yelahanka Residential 2‐3 BHK Rs 4.80mn+ Mar‐14 Reg. Radiant Group White Orchid Bannerghatta Main Road Residential 2‐3 BHK Rs 5.264mn+ Mar‐14 Reg. GGR Housing India Pvt. Aditya Grand Off. Whitefield Residential 2‐3 BHK Ltd. SLS developers SLS Sunrise Off Marathahalli‐ Sarjapur Residential Rs 3.65mn onwards President Properties Leon Yelahanka Residential 4.6‐7.6mn +reg Celebrity Structures Celebrity Square Attibele‐ Sarjapura road Residential Rs 1.770mn‐ 2.330mn onwards Shriram Properties Shriram Smrithi Sarjapur ‐Attibele Road Residential 200 Hamlet Villas Rs 3.4mn‐ 4.5mn onwards Source: PhillipCapital India Research

Chennai • Flat buyers to pay 2% more for registration in Chennai‐ People buying new apartments in the state will now have to pay 2% additional registration charges as the state has made registration of construction agreements signed between builders and buyers mandatory. The undivided share of land (UDS) was registered at sub‐registrar offices, for which the government charges 5% stamp duty, 2% surcharge (for development of local bodies like corporations and panchayats) and 1% registration fees. Overall, for registration of a new apartment under construction, the buyer pays 8% of the value of UDS for registration. The construction agreement was never registered earlier. Hereafter, the buyer will have to pay an additional 1% stamp duty and 1% registration fees on the cost of construction. Also, the construction agreement has to be registered at sub‐registrar offices within 120 days of signing the agreement. Without a registered construction agreement, UDS will not be registered. Necessary amendments have been made to the Registration Act and the new rules came into effect on October 1. • Chennai recorded steady increase in relocations in H1 2013 compared to the same period last year with relocation activity concentrated in locations such as suburban‐ Guindy and suburban‐ Perungudi Taramani providing quality spaces with more avenues for scalability at rentals lower by approximately 20‐30 per cent than prime locations within the city. • New residential projects launch drops by 56 % in Chennai ‐ Cushman & Wakefield (C&W) report stated that Chennai witnessed influx of around 5,500 residential units

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in the housing market during the first half of 2013, a significant drop of 56% as compared to the same period last year. During the first half of 2013, more than 4,500 or around 96% of these new units were launched in the affordable and mid‐ end segments mainly in locations like Rajiv Gandhi Salai, GST, Velachery and Mogappair.

Residential Projects ‐ Recent and New Launches in Chennai Developer Name of the Project Location 20/80 Size (In Sqft) Price/ unit Possession scheme Colour Homes Colour Gates Perumbakkam 2‐3 BHK (765‐1315 Rs 3290 /Sqft sqft) Mayances Myans ,ECR Luxury Villas (3‐4‐5 Rs 25/35/45mn BHK) MCB Aassetz Harini's Aishwaryan Selaiyur, Tambaram Premium Residential Rs 3.69mn onwards Deluxe Apartment Asvini Foundations Akila Heights Sembakkam 1‐2‐3 BHK (570‐ Rs 4700 /Sqft 1340sqft) Royal Civil Tech Gowrison Villas Porur‐ Kattupakkam Villas Rs 4200 /Sqft Arinhant/ Unitech Greenwoodcity Plots on OMR 1800‐ Plots (1800‐5814 sqft) 3500sqft plots JAAG Homes Achyutha Square VilliVakkam 2‐2.5‐3 BHK (1223‐ Rs 8500/ Sqft 1421 Sqft) Green Home Farms & Villa Green 35A,North Usman Road 500 Villas (1000‐3000 Construction Resorts Pvt. Ltd. Sqft) in Full Swing KG Foundations Pvt. Ltd. KG Singnature City Modappair 1‐2‐3 BHK‐610‐1410 Rs 3.8mn onwards Asvini Foundations Amanyaa Nellikuppam 1‐2‐3 BHK‐(606‐1058 Rs 1.3.2.4mn sqft) Asvini Foundations Atvarika Kelambakkam Rs 6.6‐8mn Asvini Foundations Akila Heights Sembakkam Rs 3‐7.1mn Asvini Foundations NRD Towers Avadi Rs 1.8‐5.4mn Arihant Firangipani behind siruseri it park 2 BHK‐760sqft Landmark construction Landmark's Grange Palavakkam, ECR 4 BHK‐4776‐4917 Sqft Unitech Uniworld city Nallambakkam, 2‐3 BHKUnihomes, Rs 2250‐2300 villas‐ Palm villas and aspen Rs3550, greens Apartment‐Rs2800 VGN developers Pvt. Ltd. VGN Stafford Ambattur 1‐2‐3 BHK Rs 2.078‐5.733mn VGN developers Pvt. Ltd. VGN Karona near porur 2 BHK Rs 4.652‐5.511 mn VGN developers Pvt. Ltd. VGN Temple Town Thiruverkadu 1‐2‐3 BHK Rs 2.498‐6.174 mn VGN developers Pvt. Ltd. VGN Brixton Irungattukottai 2 BHK Rs 2.488mn Arihant Villa viviana Maraimalai nagar 3 BHK‐1413 sqft; 4BHK‐3686 sqft; residential plots‐ 1810sqft. Shantiniketan Shantiniketan Altair Altair 1‐2 BHK Rs 1.413‐1.691 mn North town estates pvt ltd. North ‐Town perambur 1‐2‐3 BHK 650‐1396 Construction sqft in full swing Baashyaam Construction Happy Windows Kattupakkam 1‐2‐3 BHK 551‐1676 Dec‐13 Pvt. Ltd. Sqft Atikramya Iha Mount Road 3 BHK‐1271 Sqft Atikramya Aurum Tambaram 1005‐1056 Sqft Coming Soon Atikramya Foyer Kilkatalai 900‐1400 Sqft Coming Soon Landmark construction Ayna Virugambakkam 2‐3 BHK(1184‐ 1704sqft) Source: Media sources, PhillipCapital India Research

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Commercial

• Unitech inks Rs 8bn leasing deal with Aon Hewitt ‐ Over 0.8 msf feet of space at Unitech’s Gurgaon Infospace Tikri SEZ has been leased. The total leasable area on completion of this SEZ project is 3.32 mn sq ft. The current rental value in the area is Rs 60 per sq foot per month. About seven lakh sq feet has already been occupied, by tenants such as Genpact, Colt and Cognizant. • Volvo India in negotiations t take up one mn sq ft of fully fitted out office space in Bangalore for a record Rs 7 bn‐ Volvo India, which offers a range of buses, trucks and construction equipment, currently has six different office spaces in Bangalore. This move would see them consolidate in one location at the Outer Ring Road in Marathahalli, in the eastern part of Bangalore, which houses many technology companies. The company is in the final stages of negotiations with Bangalore‐based real estate developer, the Bagmane Group. • RMZ Developers (Bangalore) closing in on Rs 7 bn milestone deal‐ RMZ Developers is closing in on a milestone transaction which will see the developer selling close to a one mn sq ft of fully fitted out office space to a single client for as much as close to Rs 7 bn. RMZ Developers recently signed a significant leasing transaction with Honeywell Technologies to lease one mn sq ft at Rs 47 per square feet on a yearly basis taking the total rental close to Rs 530 mn as Honeywell seeks to consolidate its different office locations in Bangalore. Bankers indicate that this lease transaction may be converted to the sell deal instead. • PVP, RMZ top bidders for Bangalore Four Seasons from Goldman Sachs‐ Goldman is inclined to go with a developer, which could tilt the scales in favour of RMZ, they added. Hyderabad‐based PVP, named after its founder and serial entrepreneur Prasad Vara Potluri, has bid over Rs 4bn. RMZ Corp has offered about Rs 3.5bn in bids fired less than ten days ago. The two offers value the hotel project at Rs 5.5‐ 6bn, including about Rs 1.8bn debt, and has come below asking price. • Office space leasing drops 20% q‐o‐q in July‐September 2013‐ Despite a 32% drop in office space take up in the quarter, Bangalore saw the highest take up of space‐ 2.9 mn sq ft‐‐ continued to account for 42% of the total demand for space across the top seven cities. Leasing activity in Delhi NCR was down 27% quarter‐on‐quarter. Kolkata and Chennai were the only cities that recorded a growth in take up of office space‐28% and 17% q‐o‐q respectively.

Retail

• Cafe Coffee Day books prime Bangalore space ‐ Bangalore‐born CCD has been relentless in clustering the high consumption locations at a premium, in a city already boasting of the highest cafe density — home to roughly 440 of them. CCD has taken a tough stand and is putting a lot of effort in acquiring spaces that have high visibility. In terms of rentals, they are absorbing prices 10% to 15% above market rates and are also putting down higher security deposits than the average 6‐ 10 month rental value. CCD is now the fastest to close a leasing deal in the retail sector. They close deals within 30 days as against an industry average of three months or more. • Tata Realty, L&T put mall projects on the block‐ Tata Realty and Infrastructure, is looking to sell four of its malls. The mall set to open, and now on the block, is spread over 0.7 mn sq ft in Amritsar, Punjab. Sale of the Amritsar mall is part of its plans to give exit to Tata Realty and Infrastructure Fund‐1 (TRIF‐1), which owns 90 per cent in it and rope in new investors. According to property consultants, the Amritsar mall is expected to fetch the company around Rs 4bn. Tata Realty would also look for an exit for their existing investors in its 450,000‐sq‐ft mall in Nagpur which is expected to be completed in the next three years. Tata Realty is also keen to bring in investors

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in its 300,000‐sq‐ft mall project in Bangalore and another one in Gurgaon. These two projects are not part of current TRIF fund. Larsen & Toubro is looking to bring in investors in its mall project in Seawoods, Navi Mumbai. The mall is part of the first phase of commercial development on top of Seawoods suburban railway station in Navi Mumbai. L&T has also put its 1.2 mn‐sq‐ft mall in on the block. The four‐month old mall is generating average rentals of Rs 90 per sq ft. According to sources, the company is expecting over Rs 10bn from the sale.

Fund Flows/Land Deals/Infrastructure announcements

• Realty fund invests Rs 550 mn in Rohan Builders projects‐ Rohan Builders, Pune based property developer, has partnered with Avenue Venture Real Estate Fund (AVREF) for developing a residential project in Bangalore. VREF, a Mumbai‐based domestic real estate fund which has invested in residential projects in Pune, Bangalore and Chennai, has invested Rs 550 mn in Rohan’s project. The size of the project is about seven lakh square feet of saleable area and is located in Boganahalli, Bangalore. Along with our expansion plans in Pune, this acquisition gives us an opportunity to expand our existing footprint in Bangalore. These two cities represent the highest potential for developers catering to residential demand from thriving IT sector. • MMRDA signs MoU with Korea government‐ Mumbai Metropolitan Region Development Authority (MMRDA) has signed a memorandum of understanding with Korea's Ministry of Land, Infrastructure and Transport for preparing a master plan for developing eastern parts of the metropolitan region. The plan would look at developing the 126‐km long Virar‐Alibaug Multi‐Modal Corridor, which was highly recommended by the Comprehensive Transportation Study conducted by the MMRDA and funded by the World Bank. The Korean team will share best practices with MMRDA's planners and work out a detailed master plan and land development models along with funding patterns beginning January 1, 2014. The plan, development models and the funding patters will then be submitted to the state government, for approval, within a period of one year. • MMRDA invites bids for underground Metro corridor ‐ The Mumbai Metropolitan Region Development Authority (MMRDA) has invited bids for pre‐qualification for the construction of the Colaba‐Bandra‐Seepz Metro, which will be Mumbai's first underground Metro corridor • Private equities book healthy profits in Bangalore realty market ‐ Bangalore accounted for five out of a total of nine investor exits in the April to September period, giving them an average internal rate of return (IRR) of 23.5%. ICICI Prudential PMS clocked the highest IRR of 27%, in the July to September quarter, from its investments in two projects developed by southern real estate major Shriram Properties. In the same period, the fund had exited from its investment in a residential township being developed by Kumar Urban Developers, in Pune, with an IRR of 20%. HDFC AMC exited from its investments in premier Bangalore‐based developer Nitesh Estates, with an IRR of 24%. • Singapore's Jumabhoy family enters Indian real estate market ‐ Singapore's Jumabhoy family, once regarded as the wealthiest non‐Chinese family in Southeast Asia, is entering the Indian real estate market to develop million dollar homes. With an estimated sales value of Rs 3.5bn, the residential project, Raffles Park, located in Bangalore's IT hub of Whitefield, consists of 61 villas spread across a 15‐acre land parcel. • Alchemist Township Buys Residential Land From Highland Group ‐Delhi‐based realty firm Alchemist Township has bought about 20 acres in Kolkata from a local builder Hiland Group and will invest Rs 6bn to develop a residential project.

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• JP Morgan may be eyeing an entry in one of the largest real estate deals ‐ Blackstone along with Bangalore‐based Embassy Developers are working on sewing up a Rs 19bn deal to buy out 106 acre SEZ development under Vrindavan Tech Village. JP Morgan is understood to be looking at picking up a stake in this project if an investor in the consortium is opting out or paring stake. HDFC Property is the other fund which is working with Blackstone and Embassy in this transaction. Vrindavan Tech Village is promoted by Mithilesh Kumar Tripathi, Chairman of Vikas Telecom Ltd, and is developed by Assetz Homes. It is understood that around 22 acres has been developed with 2 mn sq ft of space built for technology companies. Embassy is expected to develop the rest for IT firms and also for residential purposes. • Ravi Pillai to buy $100‐mn stake in Trump, World Trade Centre projects ‐ Ravi Pillai, the NRI billionaire based in Bahrain, is picking up stake worth close to $100 mn in special purpose vehicle floated by Pune‐based realtor Panchshil Realty to build two iconic properties in that city – Trump Towers and World Trade Centre. • Wadias to sell Britannia properties, raise Rs 700 cr ‐ This is part of Wadia's plan to raise funds on Britannia’s books and use the proceeds in launching new products and expand globally. Britannia plans to move its headquarters to a 90,000 sq ft commercial property in Whitefield from its six acres headquarters in the garden city. • Rs. 5 bn convention centre planned near the international airport at Devanahalli‐ eproposed project would be taken up on a public‐private‐partnership model. While the government would give land, the private company would make all the investment and build the conventional centre besides providing the necessary infrastructure • BMRCL (Bangalore) to minimise land acquisition for phase 2 ‐ The Corporation had estimated that about 2,000 properties spread over about 200 hectares of land would be required for the 72 km Phase 2 for construction of four extension lines of the East‐West and North‐South corridors of Phase 1 and two new lines. Acquisition would be restricted for land required for viaduct and stations alone. • Widening of Bannerghatta Road (Bangalore) soon ‐ Bannerghatta Road is one of the roads notified for widening in the Revised Master Plan 2015 (RMP 2015). The 7.5‐km stretch will be widened to 150 ft from the existing 90 ft. Already, 405 properties have been identified for acquisition.

Regulatory/National Trends

• Otis sees scope for growth in India's real estate market ‐ Leading manufacturer of elevators, US‐based Otis, is betting big on India’s real estate market, mostly vertical, to grow its business in the country. Globally, China tops the list with its consumption of elevators at 500,000 a year, making for 60 per cent of new equipment around the world, and India is at number two with 47,000 units. North America is far behind in demand for new elevators at just 18,000 units per annum. The company would be cautious over the next six to 12 months, though it has not been adversely impacted in its orders so far. Even its decision to open a second plant is likely to be taken after that, around the end of 2014, following an assessment of the real estate market across the country including tier two and three cities. • Builders at private lenders’ mercy as demand falls; forced to pay interest rates as high as 42%‐ The stress among real estate developers is now showing clearly. Private money lenders are back in demand with small and mid‐sized real estate developers picking up short‐term money at interest rates as high as 42% a year to avoid the prospect of reducing property prices. • Government plans special court to clear land case ‐ Aiming to raise revenues and resolve over 3,000 land‐related cases in Bangalore Urban district, the state government is aiming to set up a special court to deal with them.

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Key Takeaways from Management meet: Nitesh Estates

• Most of the projects are executed through the development” model which ensures:‐ o Low upfront land acquisition cost o Project development in premium locations o Deployment of capital towards project development o Early monetization due to faster salability. • Company is selectively pursuing new opportunities for expanding into new geographies like Goa, Chennai and Cochin. • Company is mainly concentrate towards mid‐income group with ticket size ranging for Rs 4‐8mn. Currently company’s 89% of the projects are targeting the Mid‐income group and balance is high‐income group. Margins on the luxury projects are better that of projects targeted for mid‐income. • Company aims to target IRR in the range of 33‐35% before taking up any project. The private equity investors get IRR in the range of 24‐26%. The company would have another Rs360 mn towards one of its debt structured private equity investments and Rs750 mn towards another PE investment. Over and above these there would a liability towards buying back the equity investment of HDFC Real Estate fund. • Commentary on Bangalore market: ‐ Management states that the Bangalore market is driven by end users. Absorption rate over here will not materially go up. Management feels that the price at the current levels will not significantly change in the near‐term. ~66% of the Bangalore residential market is basically has requirement of 3BHK and rest 34% is towards 2 BHK. The management also stated that Bangalore market absorbs 40,000 units annually, which has remained so for since last 4 years. • Prices in Bangalore went up by 15‐18% over last 18 months (management stated that subvention schemes could have contributed partially to this phenomenon). The company was able to raise prices till CY12, However, YTD price hike has been marginal. 40% of its customers would be from IT/ITES. • The Sarjapur Marthalli Outer Ring Road has hitherto witnessed high absorption rates hence is getting saturated and now demand is gradually shifting towards Hennur. • The Company is developing India’s first Ritz Carlton, one of the world's finest luxury hotel brands, spread over 0.50 mn sq. ft. It has 277 richly appointed guest rooms and suites, multiple dining options and other extravagant facilities. Total project cost is Rs 7.7 bn . Company is expected to start the hotel in couple of months. Leasehold land payment is Rs 1.19 bn. • Nitesh Mall is being developed at Indiranagar, one of the biggest shopping hubs in Bangalore. Spread over 1.11 mn sq. ft., the mall has around 0.70 mn sq. ft. of leasable area. The company would need to raise Rs3 bn debt for construction of the mall, which would take 28 months. The company is looking at rentals of Rs140 psf/pm. • Key ongoing/forthcoming Projects‐ o Palo Alto – Revenue Potential of Rs5.3 bn o British Columbia – Revenue Potential of Rs2.76 bn o Napa Valley– Revenue Potential of Rs4 bn o Park Avenue – Revenue Potential of Rs2 bn

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Management Vineet Bhatnagar (Managing Director) (91 22) 2300 2999 Jignesh Shah (Head – Equity Derivatives) (91 22) 6667 9735

Research Automobiles Engineering, Capital Goods Pharma Deepak Jain (9122) 6667 9758 Ankur Sharma (9122) 6667 9759 Surya Patra (9122) 6667 9768

Banking, NBFCs Infrastructure & IT Services Retail, Real Estate Manish Agarwalla (9122) 6667 9962 Vibhor Singhal (9122) 6667 9949 Abhishek Ranganathan, CFA (9122) 6667 9952 Sachit Motwani, CFA, FRM (9122) 6667 9953 Varun Vijayan (9122) 6667 9992 Neha Garg (9122) 6667 9996

Consumer, Media, Telecom Metals Quant Naveen Kulkarni, CFA, FRM (9122) 6667 9947 Dhawal Doshi (9122) 6667 9769 Shikha Khurana (9122) 6667 9948 Ennette Fernandes (9122) 6667 9764 Dharmesh Shah (9122) 6667 9974 Vivekanand Subbaraman (9122) 6667 9766 Sr. Manager – Equities Support Mid‐caps Rosie Ferns (9122) 6667 9971 Cement Kapil Bagaria (9122) 6667 9965 Vaibhav Agarwal (9122) 6667 9967 Oil&Gas, Agri Inputs Economics Gauri Anand (9122) 6667 9943 Anjali Verma (9122) 6667 9969 Saurabh Rathi (9122) 6667 9951

Sales & Distribution Kinshuk Tiwari (9122) 6667 9946 Dilesh Doshi (Sales Trader) (9122) 6667 9747 Mayur Shah (Execution) (9122) 6667 9945 Ashvin Patil (9122) 6667 9991 Suniil Pandit (Sales Trader) (9122) 6667 9745 Shubhangi Agrawal (9122) 6667 9964 Rajesh Ashar (Sales Trader) (9122) 6667 9748 Kishor Binwal (9122) 6667 9989 Sidharth Agrawal (9122) 6667 9934 Dipesh Sohani (9122) 6667 9756

Contact Information (Regional Member Companies)

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