2019-H1

INDIAN REAL ESTATE

 Indian Real Estate
Half yearly round off 2019
With steady government at centre post elections 2019, real estate is expected
to gain momentum across different segment particularly in commercial and
affordable housing segment. The first half of the 2019 was positive for real
estate. Investors are back in market with PE investment seeing major
activities. The policy reforms undertaken such as RERA and GST continues to
have positive impact on the Real Estate markets facilitating transparency and
accountability. GST has improved the investor’s and buyer’s confidence in
Real Estate. Real Estate is expected to reach market size of $1 trillion by 2030.
It is also projected to add a whopping 13 per cent to the country's growing
economy and GDP by 2025.

Union Budget 2019-20 has pushed for affordable housing and infrastructure,
along with the promotion of rental housing, being lauded. With focus on
Affordable Housing, The budget provided special incentive for affordable
housing and infrastructure, along with the promotion of rental housing. On
the supply side, over 8.1 million houses have been sanctioned, out of which
construction has been completed for 2.6 million houses under the PMAY
Urban scheme which is expected to boost the market for affordable homes.
Initiatives such as improving roads, suburban railways and metro
connectivity, creating a robust water management system, working on the
'Ease of Living' and investing Rs 100 trillion in infrastructure over the next five
years would create more liveable cities and encourage people to invest in
projects even in peripheral areas which is expected to open up newer markets
to invest for real estate. Further, HFCs coming under RBI will also help in
streamlining the financial situation ensuring that there is greater parity in
regulations. Overall we expect 2019 to be a good year for Real Estate with
greater transparency and accountability.

Chairman, CIRIL

CIRIL is now in Navi Mumbai and

Nagpur….we proudly welcome Sevagiri
Realtors and Tanvi Real Advisors on board

Team CIRIL
 INDIAN ECONOMY
Mid Year Performance - 2019

The Indian economy advanced 5.8% year-on-year in the first Annual GDP Growth Rate
quarter of 2019, slowing from a 6.6% expansion in the previous
period and missing market expectations of 6.3%. Slowdown in
the growth of private consumption and investment demand
coupled with a negative contribution from net exports led to
the slowdown of growth. As per the provisional estimates of
National Accounts Statistics (released on 31 May 2019), real
GDP growth fell to a five-year low of 6.8% in FY19 from 7.2% in
FY18.

• Reflective of a slowdown in consumption demand, growth

in PFCE fell to a five-quarter low of 7.2%.
• Growth in investment demand, measured by gross fixed
capital formation (GFCF), fell to a 14- quarter low of by
3.6% in H1 2019 after remaining in double digits in the
preceding five quarters.
• The sectors which showed relatively higher growth during
H1 2019 include financial, real estate and professional GDP Growth Rate
services (9.5%) and public administration and defense
services (10.7%).

GDP growth is forecast to bounce back to 7.5% in fiscal 2019,

from a low base of 6.5% in fiscal 2018. Growth will remain
consumption-driven. Investment will improve gradually, aided
by bank recapitalization and improved capacity utilization.
Fixed investment should benefit from greater policy certainty
from the elections, while strong government spending and
looser monetary policy should provide further support. Weak
public finances, problems in the shadow banking sector and
weaker global economic momentum pose downside risks. GDP
growth of 7.0% is expected in FY 2019 and 7.2% in FY 2020.

Policy Reforms and

investment initiatives

• In February 2019, the Government of India approved the National Policy on

Software Products – 2019, to develop the country as a software hub.
• The National Mineral Policy 2019, National Electronics Policy 2019 and Faster
Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME II) have
also been approved by the Government of India in 2019.
• Liberalization of Foreign Direct Investment (FDI) norms
• The interim Union Budget for 2019-20, focuses on supporting the needy
farmers, economically less privileged, workers in the un-organised sector and
salaried employees, while continuing the Government of India’s push towards
better physical and social infrastructure.
• NITI Aayog, DIPP and CII launched an “India Innovation Index” in line with the
Global Innovation Index (GII) to rank states based on innovation by capturing
innovation data from all Indian states and updating them regularly.
 INDIAN REAL ESTATE
Mid year overview - 2019

India is expected to witness an upward rise in the number of According to data released by Department of Industrial
real estate deals in 2019, backed by policy reforms that have Policy and Promotion (DIPP), the construction
made the market more transparent. From sops in the Union development sector in India has received Foreign Direct
Budget 2019 to cuts in home loan rates post RBI’s cut in repo Investment (FDI) equity inflows to the tune of US$ 25.04
rates and to the most recent GST rate cut for both affordable billion in the period April 2000- March 2019
and premium homes, has set the momentum for year 2019.
Though the NBFC crisis in second half of 2018 will have short The Government of India along with the governments of
to mid-term impact on overall sentiments of the markets, the respective states has taken several initiatives to
but with government and the RBI’s concerted efforts to pull encourage the development in the sector. The Smart City
the sector out of its woes its is expected to boost the Project, where there is a plan to build 100 smart cities, is a
confidence of investors in long term. prime opportunity for the real estate companies.

During H1 2019, private-equity inflows into real estate stood The Securities and Exchange Board of India (SEBI) has
at USD3.9 billion (INR27,767 crore), representing a 26% given its approval for the Real Estate Investment Trust
increase over the corresponding period last year. (REIT) platform and In March 2019, Embassy Office Parks,
Interestingly, the average deal size of the commercial office India’s first real estate investment trust (REIT) went public
investments increased by 66% to USD168 million (INR1,165 allowing all kinds of investors to invest in the Indian real
crore), in H1 2019. Between 2009-18, Indian real estate estate market. It is expected to create an opportunity
sector attracted institutional investments worth US$ 30 worth Rs 1.25 trillion (US$ 19.65 billion) in the Indian
billion. Private Equity and Venture Capital investments in the market over the years. The growing flow of FDI, FII and PE
sector reached US$ 4.47 billion in 2018 and US$ 546 million funds into Indian real estate is clear indication of good
in Jan-Feb 2019. days to come.

Market Size Real Estate Market Size USD Bn

1500
Real estate sector in India is expected to reach a market 1000
size of US$ US$ 1 trillion by 2030 from US$ 120 billion in 1000
2017 and contribute 13 per cent of the country’s GDP by
2025. Real estate contribution to India’s GDP is estimated 500
to increase to about 13 per cent by 2028 Increasing share 120 180
16 60
of real estate in the GDP would be supported by increasing 0
industrial activity, improving income level & urbanisation.
2006 2010 2017 2020 E 2030 E
Real Estate Market Size USD Bn

Market Drivers

POLICY INCREASING EASIER

URBANISATION GROWING
SUPPORT HOUSEHOLD FINANCING
ECONOMY
INCOME
 INVESTMENTS
In Indian Markets - 2019

Foreign Direct Investments Foreign Institutional Investments

According to Department of Industrial Policy and Promotion Highly developed primary and secondary markets have
(DIPP), the total FDI investments in India during 2018 - 19 attracted FIIs/FPIs to the country. Regulated by Securities
stood at US$ 44.36 billion, indicating that government's and Exchange Board of India (SEBI) and maintained by
effort to improve ease of doing business and relaxation in FDI Reserve Bank of India (RBI), Foreign Portfolio/Institutional
norms is yielding results. Investors (FPI/FII) have been one of the biggest drivers of
India’s financial markets and have invested around Rs 12.51
Data for 2018-19 indicates that the services sector attracted trillion (US$ 171.81 billion) in India between FY02-18
the highest FDI equity inflow of US$ 9.16 billion, followed by
computer software and hardware – US$ 6.42 billion, trading – FIIs were net buyers of local equities worth $11.41 billion
US$ 4.46 billion and telecommunications – US$ 2.67 billion. between January and June, the most since the
Most recently, the total FDI equity inflows for the month of corresponding period of 2014, when they had invested
March 2019 touched US$ 3.60 billion. forex worth $9.91 billion. The pace of foreign money
inflows started picking from February and, over the
In terms of Policy Reforms, the Government of India is following five months, FIIs invested $11.5 billion. In June
working on a road map to achieve its goal of US$ 100 billion alone, FIIs were net buyers of $231.45 million in equities
worth of FDI inflows. In February 2019, the Government of
India released the Draft National e-Commerce Policy which Domestic institutional investors, including mutual funds
encourages FDI in the marketplace model of e-commerce. and insurance firms, have been on the sidelines in the first
Further, it states that the FDI policy for e-commerce sector six months of the year. They have been net sellers of Indian
has been developed to ensure a level playing field for all shares worth ₹7,791.48 crore so far this year, owing to
participants. slower-than-expected growth and election uncertainty.
This scenario is expected to change in next six months.
Government of India is also planning to consider 100 per cent Both Sensex and Nifty were up 9-10% each so far in 2019.
FDI in Insurance intermediaries in India to give a boost to the The MSCI Emerging Markets index and MSCI World index
sector and attracting more funds. are up more than 9% and 15%, respectively.

FDI Investment April 2018 – April 2019

 INDIAN REAL ESTATE
Market overview – H1, 2019

Investments inflow Sectoral Snapshot

During the first six months of 2019, the real estate sector Commercial Office space
witnessed private-equity (PE) inflows of USD3.9 billion
• The office market witnessed over 11 million sft.
(INR27,767 crore) indicating confidence of institutional
0f transaction in H1, 2019.
investors in India’s real estate sector. Matured office • Around 50 million sq.ft of commercial office
markets such as Mumbai, Delhi-NCR, Bengaluru and space is under construction in major locations.
Hyderabad, accounted for more than 75% of the total • Driven by IT/ ITeS, e-commerce, start-ups and
investment flowing into the markets. large consulting firms
• Co-working has emerged as a new demand
The logistics and warehousing emerged as a potential sector accounting for 25% of office demand.
sector for investment after receiving a much-needed boost
from the government following the implementation of the Retail Sector
Goods and Services Tax (GST), in addition to attaining
infrastructure status, enabling companies to access lower • H1, 2019 saw transaction of around 9.0 million sq.
cost credit, with longer tenures and enhanced limits. ft of retail space across major markets
• Supply of retail space is likely to increase to 5.0
Foreign funds remain active in the real estate market, with million sq ft in 2019
• Due to limited supply in major markets, the rental
increase of 25% in H1 2019. investments in commercial
saw appreciation.
office assets accounted for 42% share of total investments.
Mumbai accounted for the highest share during the first
half of 2019, led by two deals by PE major Blackstone. In H1 Industrial and Warehousing sector
2019, the average deal size rose 66% to USD168 million
(INR1,165 crore), led by foreign investors, who accounted • The total demand of warehousing demand is
for 75% of total office investments.. pegged at 200 million sq. ft of Grade A facility by
2025 with total potential investment potential of
$10 billion
Retail saw investment of around USD1.2 billion (INR8,328 • Industrial and warehousing saw brisk activity in H1,
crore) accounting for 31% share. 100% FDI in single-brand 2019 with total cumulative supply reaching 130
retail has encouraged brands to set up shop in India, million sq. ft
despite the rapid growth of e-commerce. • The total supply added in H1, 2019 is around 7.5
million sq. ft

Policy Triggers

Insolvency and Improving Improving Ease Real Estate Affordable Revised norms
Bankruptcy Repo Rates of Doing Investment Housing Fund for FDI in Retail
Code 2018 encouraging Business Regime Trust (REIT)
Investment
 Commercial Retail Ind.& Warehousing

Mumbai Commercial Average Rental Trends in Mumbai

Real Estate Trends Commercial Market in INR/ sq.ft/ month
350
The year 2019 started with positive note for Mumbai commercial
real estate sector with H1, 2019 witnessing absorption of around 300
1.8 million sq.ft. Nearly 50% of the net absorption was seen on 250
account of new project completions during H1 2019. The Thane-
Belapur Road sub-market continues to remain most preferred 200
market with 40% share of net absorption, followed by Andheri- 150
Kurla and Central Suburbs. Key transactions (greater than
100,000 sf) during the quarter included WPP in Andheri – Kurla 100
micro market, Netflix in SBD (BKC Prime) and CMA CGM in the 50
Thane – Belapur Road sub-market. Coworking has emerged as a
prominent commercial market segment with demand driven by 0
SBD, Andheri-Kurla Road, and Central suburbs.

Mumbai market witnessed supply of around 2.5 million sq. ft of

commercial space in H1, 2019. Around 7.5 million sft of space is
under construction and is expected to be available by year end.
Grade A average rentals across most markets remained stable . 2015 2016 2017 2018 H1 2019
The vacancy levels remained at 20.0%,

Major Deals in Mumbai Commercial Market - H1 2019

CLIENT Building Name Area (SF) Location Lease/ Sale
WPP Group ORB Complex 302282 Andheri Lease
Yes Bank Empire Tower 230000 Airoli Lease
Altruist Customer Management MIDC - Reliance DAKC 124448 Kopar Khairne Lease
Netflix Entertainment Services India LLP Godrej BKC 68648 Bandra Lease
CMA-CGM Shared Service Gigaplex Estate 64690 Airoli Lease
Lupin Empire Tower 64608 Airoli Lease
Quest Co-worker private Ltd Technopolis Knowledge Park 51064 Andheri Lease
L&T Infotech Mindspace 46667 Airoli Lease
Vodafone India Ltd Skyline Icon Phase I 40298 Andheri Lease
Soft Bank Backed OYO Hotels & Homes VKG Corporate Centre 40000 Andheri Lease
OYO Co-working Corporate Centre 40000 Andheri Lease
HENKEL L&T Seawoods 35968 Nerul Lease
Pernod Ricard India Private Ltd First International Financial Centre 35032 Bandra Lease
Times of Money Broking Services Ltd Empire Tower 30852 Airoli Lease
Times of Money Empire Tower 30852 Airoli Lease
Kotak Bank Elements 30350 Thane Lease
Insight Customer Call Rupa Solitare 23348 Mahape Lease
Maharashtra Real Estate Regulatory Authority Housefin Bhavan 21488 Bandra Lease
Embros Industries Private Ltd Fleet House 19817 Andheri sale
Intelenet Global Services Private Ltd Mafatlal Chamber 9500 Lower Parel Lease
 Mumbai Retail
Real Estate Trends

Mumbai retail market witnessed supply of nearly 0. 5 million sq.

Prime Retail Rents in
ft of leasable space. Retail rentals remained stable across most 2016 2017 2018 H1/19
Mumbai in INR/ sft
micro markets. Leasing activity saw brisk momentum with
retailers across all segments. Lower Parel continues to be the Linking Road 650 550 400 - 800 500 -1000
preferred choice for international brands. Around 2.0 million Kemps Corner 425 450 350 - 500 350 - 550
sq.ft of retail space is expected to be completed by 2020. BKC,
Breach Candy 455 465 400 - 600 300 - 500
Andheri & Chembur are new emerging high streets and along
with Bandra saw good enquiries from retailers and are expected Colaba Causeway 475 475 300 - 600 400 - 700
to see transaction activity going forward as well. Fort Fountain 375 400 250 - 500 400 - 600

The vacancy has reduced to 12%. The H1 2019 saw withdrawal of Lokhandwala Andheri 375 350 300 - 450 200 - 350
pre-committed space due non performance and poor quality of Borivali LT Road 370 375 250 - 450 250 - 400
Mall Space. Key mall transactions included Starbucks in Lodha
Xperia Dombivali and American Eagle Outfitters which is its first Chembur 380 380 250 - 450 175 - 350
store in Mumbai & FS Mini Klub, both in Phoenix Market city in Lower Parel 550 550 400 - 600 400 - 600
Kurla.
Malad 500 500 150 - 350 150 - 350

Major Deals in Mumbai Retail Market - H1 2019 Goregaon 350 350 150 - 350 150 - 350
Property Location Tenant Sq. ft Lease/ Sale Ghatkopar 300 350 150 - 300 150 - 300
Ratnadeep Juhu RBL 2,000 Lease
Bhandup 180 180 125 - 275 125 - 275
Wall street Andheri - East Star Bucks 2,500 Lease
X Point Kandivali Pepperfry 2,000 Lease Mulund 250 250 200 - 400 200 - 400
Rajeshree Borivali Pepperfry 2,000 Lease Vashi 350 350 300 - 500 300 - 500
ORB Andheri - East Ajent Jacks Bar 7,500 Lease
ORB Andheri - East Lets Talk Fish 4,000 Lease Thane 350 350 125 - 300 125 - 300

Mumbai Industrial and

Warehousing Trends

Mumbai Industrial and Warehousing segment continues to Mumbai Industrial and Warehousing Rentals in NR/sft/month
dream run with 12%- 15% increase in yearly demand. Bhiwandi,
Panvel warehouse cluster, and Navi Mumbai Airport Influence Submarkets Industrial Warehousing
Notified Area (NAINA) have emerged as the most preferred
Bhiwandi 9 - 25 9 - 25
investment destinations. Bhiwandi has emerged as a
warehousing hotspot for e-commerce majors such as Amazon, Thane Belapur Road 30-60 30-60
Flipkart, Myntra and Pepperfry, attracting blue-chip investors Taloja Industrial Estate 18-30 18-30
and developers. Demand for industrial space picked up with
Panvel 22-30 22-30
leasing activity concentrated across the Trans Thane Creek
(TTC) industrial area. Global commercial developers, including JNTP & Uran Road 25-30 25-30
e-Shang Redwood (ESR), IndoSpace and Ascendas-Singbridge, Rasayani Patalganga 18-25 18-25
and Bengaluru-based Embassy Group are actively looking at Pen-Khopoli Road 25-30 25-30
Mumbai warehousing segment for investment.

Major Deals in Mumbai Ind. & Warehousing Market - H1 2019

Property Location Tenant Square feet Lease/ Sale
Global Infra Bhiwandi Kerry Indev 2,50,000 Lease
Sai Dhara Bhiwandi Power Log 30,000 Lease
Bhave Taloja Fedex 40,000 Lease
Harihar Corporation Bhiwandi Shadowfax 25000 Lease
K - Square Bhiwandi Ecom Exprerss 40000 Lease
Major Deals Land Deals - H1 2019
CLIENT Area in acres/ sq.m Location Value in INR/acre
Godrej Developers 2.2 Acres Chembur Rs. 180 Crore
 Commercial Retail Ind.& Warehousing

NCR Delhi Commercial Average Rental Trends in NCR-Delhi

Commercial Market in INR/ sq.ft/ month
Real Estate Trends
400
350
NCR Delhi Commercial Markets saw total absorption of around
300
3.8 million sq.ft of space in H1 2019. Gurugram continues to 250
the major demand driver with 50% space take up. Flexible 200
workspace occupiers led the demand for offices with a 25% 150
share of leasing, with IT-BPM and manufacturing sectors 100
following with shares of 20% and 15%, respectively. 50
0

Industrial (IT/ITes)-…
Institutional (IT) -…
Institutional (Non IT) -…
Commercial - Sector…
MG Road
Connaught Place

National Highway 8
Total supply recorded in these markets accounts to approx. 3.5

Institutional Sector
DLF Cyber City (IT)
Jasola

Golf Course Rd.

Golf Course Ext/ Sohra

Udyog Vihar
Saket
Nehru Place

miilon sq. ft. overall vacancy remained at 26.1%. Rents

remained largely stable across all sub-markets. Average annual
supply upto 2021 is around 8.6 msf, headlined by both core
office markets as well as the growth corridors. Further new
project announcements in core office markets are also
anticipated. While flex space operators shall continue to move
forward with their expansion plans, IT-BPM and captive Delhi Gurgaon NOIDA
centres are also expected to drive demand for large spaces in
the market. 2015 2016 2017 2018 H1 2019

Major Deals in NCR Delhi Commercial Market - H1 2019

CLIENT Building Name Area (SF) Location Lease/ Sale
We Work Plot No. 393 80,000 Phase 3, Udyog Vihar Lease
IDP Educatuion Unitech Global Gateway 60,000 M.G. Road Lease
Kohler Plot No. 39-40 50,000 Phase 4, Udyog Vihar Lease
Milliman AIPL Business Club 50,000 Extn. GCR Lease
Kuehne+Nagel AIPL Business Club 50,000 Extn. GCR Lease
Office Beanz Unitech Trade Center 20,000 Sushant Lok I, Block-C Lease
Byte dance We Work 800 Seats DLF Cyber City, Phase 3 Lease
Huawei Telecommunication Capital Cyber Scape 1,50,000 Extn. Golf Course Road Lease
SmartWorks Plot No. 1 & 2 300000 Sector-125, Noida Lease
India Mart ABC Tower-2 100000 Sector-135, Noida Lease
ICCS A-91 67000 Sector-2, Noida Lease
MG Motors D-2 50000 Sector-8, Noida Lease
NLB Services A-154A 50000 Sector-63, Noida Lease
US Tech C-2 35000 Sector-59, Noida Lease
Algowork Logix 28000 Sector-62, Noida Lease
Faballey C-5 25000 Sector-1, Noida Lease
Spring House Co-working Pioneer House 24000 Sector-16, Noida Lease
Forest Essential B-12 20000 Sector-3, Noida Lease
DCM Sriram Bharti Worldmark 50,000 Aerocity Lease
Hero Fincorp A-44 80,000 Mohan Co-operative Lease
ICICI Direct Building No 25 19,000 Mohan Co-operative Lease
Amarchand Mangaldas Building No 52 18000 Okhla Industrial Estate Ph 3 Lease
Atari Building No 7 15000 Okhla Industrial Estate Ph 3 Lease
Mosaic Digital Building No 17 15000 Okhla Industrial Estate Ph 3 Lease

* Transaction above 15,000 sq. ft is shown in the table

 NCR Delhi Retail
Real Estate Trends

NCR Delhi retail market witnessed sustained demand owning to entry of many Average Rental Rates in NCR -DElhi
global brands in H1, 2019. The total retail space absorption witnessed during in INR / sq.ft/ month
the first half of this year is around 0.8 million sq. ft. F&B, fitness and apparel
brands like Haldiram’s, CultFit, and FBB expanded their retail footprint in main
street spaces in Delhi and Gurugram. International retailers like Bath & Body Ghaziabad
Works, Chanel, Love Moschino, Miniso and Antony Morato continued to expand NOIDA
their retail presence with stores in prominent malls. Retail rentals remained
Gurugram
stable across most micro markets with vacancy remaining low at 15%. The
region is expected to add supply of around 2.0 million sq. ft by end of 2019. West Delhi
South Delhi
Malls continue to exhibit high occupancy levels amid an ongoing retailer churn
and may see some upward movement in rents for such malls going forward. Sector 18 (NOIDA)
DLF Galleria (Gurugram)
Major Deals in NCR Delhi Retail Market - H1 2019 Kamla Nagar
CLIENT Building Name Area (SF) Location Lease/ Sale
Karol Bagh
Anytime Fitness N/A 3000 South Ex, New Delhi Lease
Taneira N/A 8000 South Ex, New Delhi Lease Rajouri Garden
Kalyan Jewellers N/A 10000 South Ex, New Delhi Lease Greater Kailash I, M Block
Zoya N/A 10000 South Ex, New Delhi Lease Connaught Place
First Cry N/A 2000 Paschim Vihar, New Delhi Lease
South Extension I&II
Studio Pepperfry N/A 3000 Punjabi Bagh, New Delhi Lease
Haldiram N/A 11000 Malviya Nagar, New Delhi Lease Khan Market
Cult N/A 6000 Aurbindo Marg, New Delhi Lease 0 500 1000 1500
Red Tape N/A 8000 Ambedkar Road, Ghaziabad Lease
Woodland N/A 5000 Ambedkar Road, Ghaziabad Lease H1 2019 2018 2017 2016 2015
Cultfit N/A 4600 Najafgarh Road, New Delhi Lease
P.C. Jeweller N/A 10000 Ambedkar Road, Ghaziabad Lease
Sargam Electronics N/A 6000 Vikas Marg,New Delhi Lease
Kalyan Jewellers N/A 8000 Ambedkar Road, Ghaziabad Lease

NCR Delhi Industrial and

Warehousing Trends

Presence of large consumer and manufacturing base in NCR Delhi continues to be Major Deals in NCR Delhi Ind. & Warehousing Market -
the demand driver in Industrial and warehousing segment in NCR Delhi. Leasing H1 2019
activity remained robust in the NCR, with close to 1.7 million sq. ft. in H1, 2019 of Industrial and Land rates Industrial Warehousin
modern warehousing space being leased across the region. Post GST the NCR warehousing in INR Rents g Rents
market recorded a staggering 125% in demand from sectors such as e-commerce, Submarkets Mn/acre INR/sft/m INR/sft/m
3PLs, Consumer Durables, FMCG and Manufacturing. Large occupiers like Mundka 20 -60 20 -30 15 - 30
Alipur 25-50 18-25 13 - 20
Amazon, Safexpress and Decathlon to name a few have committed huge spaces.
Near Airport/
Dwarka 50 -100 20 - 30
Okhla / Mohan
Major Deals in NCR Delhi Ind. & Warehousing Market - H1 2019 Cooperative 30 -100 30 - 50
Property Location Tenant Square feet
NOIDA 390 - 395 35 - 40 16 - 30
Warehouse Sonepat Grofers 1,75,000
Greater Noida 38-40 15-22 16-26
Warehouse Dasna, Ghaziabad Udaan.com 1,00,000
Faridabad 18-25 18 - 20
Warehouse Mundka, Delhi Udaan.com 50,000
Warehouse Mundka, Delhi Hier 55,000 Gurgaon(Pataudi -
Warehouse Tikri, Delhi Adani Wilmar 35,000 Bilaspur) 18-22 10 - 18
Warehouse Tauru Road, Gurgaon Geodis Logistics 75,000 Hasangarh 10 - 13
Warehouse Tauru Road, Gurgaon Apollo Tyres 1,00,000 Kundali/Sonepat/
Warehouse Tauru Road, Gurgaon Contact Logistics 1,00,000 Barota 11 - 20
Warehouse Tauru Road, Gurgaon Apolo Fiege 1,35,000 Palwal 15-20 13 -15
Warehouse Tajnagar, Gurgaon Dynamic Solution 1,00,000 Ballabhgarh 16-18 20 - 22
Warehouse Mundka, Delhi YCH Logistics 45,000 Bhiwadi 35-40 15-17 15-17
Warehouse Dadri Road, Ghaziabad 20cubes Logistics 31,000 Khushkhera 22-25 14-15 14-15
Neemrana 39-42 14-16 14-16
 Commercial Retail Ind.& Warehousing

Bengaluru Commercial
Real Estate Trends Bengaluru Commercial Market Rental
Trends in INR/sft/month
Bengaluru continues to be frontrunner in terms of commercial leasing
in India. Around 8.75 million sq. ft of office space was absorbed during 160
140
H1, 2019. Vacancy rates continue to be lowar 5% - 7% across all
120
submarkets even as the new supply of 4.8 million sf was added to the
100
market. IT – BSF continues to be demand drivers. Coworking space
80
demand is also witnessing growth Outer Ring Road continued to
60
account for a major share in the total leasing volume accounting for 40
50%, followed by SBD (20%). CBD (10%) and other micro-markets 20
(30%). 0

Rental growth continues and was headlined by Suburban East, CBD

and Peripheral East sub-markets. Average rents for older buildings in
major office parks in Suburban East have risen by over 10% during H1
2019 due to sustained demand. Co-working format is expected to
create demand for another 4.0 million sq.ft of space in 2019. About
50% of the upcoming supply over the next three quarters is either pre-
leased or in advanced stages of negotiations suggesting a continuation
of ultra-tight vacancies and steep rental growth scenario. 2015 2016 2017 2018 H1 2019

Major Deals in Bengaluru Commercial Market - H1 2019

CLIENT Building Name Area (SF) Location Lease/ Sale
Samsung R&D Bagmane WTC 400000 ORR Lease
Reliance Jio Avana 301000 ORR Lease
Smartworks Global technology park 300000 ORR Lease
Boeing RMZ Azure 150000 Hebbal Lease
Nestavera Vasvani centropolis 60000 CBD Lease
Clayworks - Vasvani centropolis 20000 CBD BTS
Global Data Tech Standalone Bldg 10000 Koramangala Lease
Thrive Coworking Standalone Bldg 14000 Koramangala Lease

* ORR – Outer Ring Road

 Bengaluru Retail
Real Estate Trends

Bengaluru retail segment saw witnessed several prominent domestic

and international brands entering preferred micro markets particularly Average Rental Rates in Bengaluru in INR /
Brigade Road, Indira Nagar, MG Road, HSR Layout and Koramangala sq.ft/month
and Sarjapur Road in H1 2019. Bengaluru saw international brands
such as Latt Liv and Mumuso opening their stores while Vero Moda, Bannerghatta Rd.
H&M, Forever 21 and Decathlon expanded their footprint in the city. Rajarajeshwarinagar
Main streets accounted for nearly 65% of the leasing share during H1 Whitefield
2019. Fashion & Apparel and F&B segments continue to dominate with Mysore Rd.
about 2/3rd share of the overall leasing activity. Cunningham Rd.
Koramangala
Bengaluru added around 2 million sq.ft of retail space in H1 2019. But UB City
Magrath Rd.
due to sustained demand the vacancy have remained low at 8-9%
Kamanahalli Main Rd.
levels by the beginning of 2019. Rentals have seen appreciation of 3% - Marathahali Jn.
5% Y-o-Y due to tight vacancy levels particularly in High Street New BEL Rd.
locations. Vittal Mallay Rd.
Koramangala 80 ft Rd.
Sampige Road, Malleswaram
Major Deals in Bengaluru Retail Market - H1 2019 Jayanagar
Lease/ Indiranagar 100 feet Rd.
Property Location Tenant Square feet Commercial Street
Sale
Brigade Road
Ratana Complex CBD Tonique 15,000 Lease MG Road
Brand
Standalone Building Sarjapur Road 12,000 Lease 0 100 200 300 400 500
factory
H1 2019 2018 2017 2016

Bengaluru Industrial and

Warehousing Trends

Bengaluru has become one of the major warehousing markets in the country
due to presence of e-commerce and e-retailer players. The market saw Bengaluru Industrial and Warehousing Rentals in
absorption of around 1.8 million sft in H1, 2019. The key manufacturing and INR/sft/month
warehousing hubs are National Highway (NH)-4, Nelamangala - Submarkets Industrial Warehousing
Dabaspete,and Hoskote - Narsapura.
Narsapura 16 - 18 15 - 20
Manufacturing sector is the biggest demand drivers in warehousing segment. Bommasandra 25 - 30 23 - 28
The warehousing transaction volume registered a strong growth of 80%
driven by third party logistics, engineering, e-commerce and consumer Bidadi IDA 18 - 25 17 - 25
durables sectors. Rentals in most of the micro-markets are seeing Dabaspet 17 - 22 17 - 22
appreciation due to robust demand and will continue its sustained Anekal - Attibele
performance. 15 - 20 18 - 22
Road
Peenya IDA 25 - 35 20-30
Major Deals in Bengaluru Ind. & Warehousing Market - H1 2019 Hosur Rd. 23 - 35 18-26
Property Location Tenant Square feet Whitefield 25 - 35 20-25
VCNR Nelamangala Reliance 202000 Nelamangala 15 -22 18 -25
RKV Develpoers Attibele DHL 250000
Standalone buliding Nelamangala Nature's Basket 150000
 Commercial Retail Ind.& Warehousing

Chennai Commercial
Real Estate Trends Average Rental Rates in Chennai
in INR / sq.ft/ month
90
Chennai Commercial Markets witnessed a total transaction of 80
approx. 1.2 million sft of Grade A office space in H1 2019 70
indicating a total revival of commercial office space demand. 60
Vacancy levels continue to remain in single digits across the 50
core office markets due to high demand. Pre-leasing activity 40
was up 15% y-o-y with the momentum driven by upcoming 30
20
SEZ developments in the suburban south and peripheral 10
south-west markets. The IT/ITeS sector (50%) continues to be 0
the largest consumer in the Chennai office space market
Guindy

OMR I (Madhya Kailash -

Ambattur
CBD

OMR III ( Semmencherry

OMR II (Thoraipakkam to

GST Road
Perungudi - Toll gate)
despite the manufacturing and other service sectors gaining

Sholinganallur)
share in recent times. Co-working space has emerged as new

to Siruseri)
demand segment with 15% growth Y-o-Y.

Market witnessed around 0.5 million sft of supply. Sustained

leasing activities have kept rentals stable in most micro
markets. Few pockets such as OMR, CBD and Off – CBD areas
have seen rental appreciation in H1, 2019 by 3% - 8%.
2015 2016 2017 2018 H1 2019

Major Deals in Chennai Commercial Market - H1 2019

CLIENT Building Name Area (SF) Location Lease/ Sale
Workafella Highstreet IT Park 142,000 CBD Lease
CoWorks Arihant Technopolis 120,000 Suburban south Lease
IDP DLF 41,000 South west Lease
Southern Global Services Gateway Office Park 140,000 GST Lease
CoWorks Sterling Technopolis 93,000 OMR Lease
SmartWorks Kochar Globe 80,250 Guindy Lease
 Chennai Retail
Real Estate Trends

Chennai Retail market has seen significant demand in high Chennai Rental
street in H1, 2019. The Main streets of Anna Nagar and Pondy Trends in 2015 2016 2017 2018 H1 2019
Bazar continue to remain attractive for retailers, witnessing an INR/sft/month
increase in space take-up from domestic retailers. Chennai Nungambakkam High
150 150 - 175 150 - 180 150 - 180 150 - 185
added around 0.7 million sq. ft of retail space in H1 2019. Retail Road
real estate has seen a return of investor interest. Chennai KNK Road 210 210 - 220 210 - 230 200 - 220 200 - 220
witnessed robust retail space leasing from F&B, Health and
Fitness segments. Key deals saw the entry of international Cathedral Road - RK
135 135 - 150 135 - 150 137 - 150 137 - 155
brands such as American Eagle at Phoenix Mall and Patissez at Salai
Palladium Mall. Other prominent brands that expanded their Usman Road - South 130 130 130 130 130
retail footprint in Chennai included Marks and Spencer’s,
Forever new, Mia, Archies, Miniso and Lacoste at VR Mall and Usman Road - North 140 140 140 140 140
Fila at Phoenix Mall. Strong demand and supply resulted in
steady rents with few high street pockets seeing appreciation Adyar Main Road 100 - 125 110 - 125 115 - 130 120 -135 125 -135
due to sustained demand Anna Nagar 2nd
130 - 175 130 - 185 130 - 185 140 - 190 150 - 200
Avenue
Major Deals in Chennai Retail Market - H1 2019 Purusawakam High
120 120 120 120 120
Property Location Tenant Square feet Lease/ Sale Road
Standalone Medavakkam FBB 20,000 Lease Pondy Bazar 160 160 - 185 160 - 200 160 - 200 160 - 200
Standalone Perungudi Tata Croma 15,000 Lease
Standalone Ambattur Pantaloons 12,000 Lease Velachery 130 130 130 131 132
Standalone ECR Heads up for tails 1,650 Lease
Standalone Chennai - CBD I (Mall) 230 230 -260 230 -275 230 -275 235 -280
Taylors Road, Kilpauk HNS Hotels 1,500 Lease
Standalone Poonamallee High Road Mohan Diabetes 2,634 Lease Chennai - CBD II (Mall) 300 250 -300 250 -325 250 -325 255 -330
Standalone T. Nagar Tea villa 3,200 Lease Chennai - Western
200 180 - 200 180 - 200 180 - 200 185 - 210
(Mall)
Chennai - South (Mall) 220 200 - 230 200 - 230 200 - 230 205 - 235

Chennai Industrial and

Warehousing Trends

Chennai warehousing market has evolved in four arterial highways that

branch out from the centre of Chennai towards the west such as the Grand
Southern Trunk Road (GST Road/ NH 32), Poonamallee High Road Chennai Industrial and Warehousing Rentals in
(Bengaluru highway), Chennai Thiruvallur Road (MTH Road) and the GNT INR/sft/month
Road(Kolkata highway, NH 16) toward the north. Chennai industrial and
Warehousing market saw growth of 25% YoY in demand for space. Submarkets Industrial Warehousing
NH 4 - Sriperumbudur
Leading occupiers leasing space are e-Commerce, engineering and 21 - 29 25 -29
- Oragadam SIPCOT
manufacturing, and 3PL companies. Leasing activity was largely
Sriperumbudur -
concentrated across projects such as Indospace and Kailash Logistics. 18 - 20 18 - 22
Tiruvallur
Rentals in most of the micro - markets remained stable during H1, 2018.
NH 5 -
NH - 5 (Red Hills – Gummidipoondi), Tada and Sriperumbudur – Tiruvallur
Gummidipoondi 15 - 18 18 - 20
stretch remained the most vibrant industrial and warehousing market
SIPCOT
seeing an appreciation of 15% - 12% year on year.
NH 5 - Red Hills -
18 - 22 18 - 22
Gummidipoondi
Major Deals in Chennai Ind. & Warehousing Market - H1 2019
Ambattur 24 -26 23 - 25
Property Location Tenant Square feet Poonamallee 25 - 30
Warehouse Saidapet NPT OFFSET 5000 Maraimalai 21 - 25 21 - 25
Warehouse Maraimalai Nagar Super Packs 25,292
 Commercial Retail Ind.& Warehousing

Hyderabad Commercial Hyderabad Commercial Market Rental

Real Estate Trends Trends in INR/sft/month
70
Hyderabad continues to be one of the most vibrant commercial 60
markets in India witnessing space absorption of approx. 3.0 50
million sq. ft of commercial Grade A office in H1, 2019. Most of 40
the upcoming supply are already pre-committed by major
30
players. Approx. 7.0 million sft of space, equivalent to 70% of the
upcoming supply until end of 2019 are pre-leased. Commercial 20
Hubs such as Hitech City, Madhapur, Gachibowli, Kondapur and 10
Financial district continues to be the preferred location for 0
investors. Overall occupier demand has more than doubled on a
y-o-y basis, reflecting the prevailing healthy market conditions.

Hyderabad added around 2.5 million sft of commercial Grade A

office in H1, 2019. Rent have seen appreciation of 10% – 12%
due to high demand. The vacancy rates across major micro –
markets remain low at 4% - 8% due to supply crunch and high
demand. 2015 2016 2017 2018 H1 2019

Major Deals in Hyderabad Commercial Market - H1 2019

CLIENT Building Name Area (SF) Location Lease/ Sale
Arcesuim India Pvt Ltd iLabs Centre 29000 Hitec City Lease
Syntizen Technologies Jubilee Hills Road No 45 18000 Jubilee Hills Lease
DMC Infra Standalone Building 12000 Hitec City Lease
Regal Global Technologies Purva Summit- Smart Works 200 seats Hitec City Lease
Hive Space Babylon 65000 Kondapur Lease
Intel Salarpuria Sattva Knowledge City 316153 Hitec City Lease
Wework Harmani Towers 247181 Gachibowli Lease
Thomson reuters Raheja Mindspace, Building#9 35000 Hitec City Lease
AWFIS Sreshta Marvel 35800 Gachibowli Lease
Oyo Sreshta Marvel 35600 Gachibowli Lease
Innov8 Sreshta Marvel 35600 Gachibowli Lease
IHS Markit Purva Summit- Smart Works 465 Seats Hitec City Lease
L & T Infotech RMZ- Sky View 110000 Hitec City Lease
Xperia Cyber Pearl 17600 Hitec City Lease
Global Data Jyothi Pennacle 180000 Kondapur Lease
Global Logic Technologies DLF 40000 Gachibowli Lease
Wework Rajapushpa Summit 300000 Financial District Lease
OTIS Salarpuria Sattva Knowledge City 60000 Hitec City Lease
Value Momentum Divyasree Orion 55000 Raidurg Lease
D. E.Shaw India Pvt Ltd Phoenix Lithop 50000 Jubilee Hills Lease
Anza Medicode India Pvt Ltd Trendz Metro 22000 Madhapur Lease
Net Enrich INC Simply Works - Jyothi Pinnacle 40000 Kondapur Lease
Stofa Hospitality Services Vasista Infra Building 40000 Kothaguda Lease
Kapston Facilities Management Ltd Ashwin Vasgi Building 21000 Kavuri Hills Lease
 Hyderabad Retail
Real Estate Trends

Hyderabad main street continue to perform well with high demand from Fashion &
Average Rental Rates in
Apparel, F&B with more than half of the leasing share during H1 2019. Brands such
as Fila, Kompanero, Da Milano, Rare Rabbit, Tarun Tahiliani etc. have opened stores in INR / sq.ft/ month
recently. Vacancy level is below 6% due to high demand and is expected to ease out
with supply of around 1.0 million sq. ft by end of 2019. Retail mall space in Somajiguda
Hyderabad is largely concentrated in the Western quadrant and so are the brands
that are chasing high-spending customers. Due to the healthy leasing activities NTR Gardens
witnessed in the main streets of Banjara Hills Road No.2, Gachibowli and Madhapur
Himayathnagar submarkets, rents have increased between 9% to 18% during H1
2019. A.S.Rao Nagar

Kukatpally
Major Deals in Hyderabad Retail Market - H1 2019
Jubilee Hills
Property Location Tenant Square feet Lease/ Sale
Individual Banjara Hills Rd 12 Ducarti 3000 Sft Lease Ameerpet
Individual Kukatpally Y Junc Max Fashion 5000 Sft Lease Punjagutta
Individual Hitex Ratnadeep 4500 Sft Lease
Individual Banjara Hills Rd 12 ETHIOS 5000 Sft Lease Himayathnagar
Individual Kukatpally UNLIMITED 10000 Sft Lease Abids/ Koti
Individual Kukatpally Royal Oak 10000 Sft Lease
Banjara Hills
Individual Rajbhavan Road Reliance Women 1000 Sft Lease
Individual Attapur Kaira 1200 Sft Lease Raj Bhavan Road/…
Individual Banjara Hills Rd 2 Rolex 600 Sft Lease
S.P Road/ Begumpet
Individual Banjara Hills Rd 2 Morris Garages 5000 Sft Lease
Individual Filmnagar JAWA 3000 Sft Lease M.G Road
Individual Kukatpally JAWA 3000 Sft Lease
0 50 100 150 200
Individual Journalist Colony BMW Bikes 3000 Sft Lease
Individual Madhapur Audi 12000 Sft Lease H1 2019 2018 2017 2016
Individual Jubilee Hills Rd 36 Mochi 2700 Sft Lease
Individual Jubilee Hills Rd 36 Cult Fit Fitness 4000 Sft Lease

Hyderabad Industrial and

Warehousing Trends

The Hyderabad Ind. & Warehousing market witnessed strong increase in Hyderabad Industrial and Warehousing Rentals
leasing activity in H1. 2019, driven by small to medium sized space take-up in INR/sft/month
by 3PL, FMCG, e-Commerce and pharmaceutical companies. Majority of the
leasing activity was concentrated across independent warehouses. Submarkets Industrial Warehousing
Jeedimetla 15 - 18 15 - 18
Locations within the Outer Ring Road such as the Jeedimetla Industrial Area Gunda-Pochampally 12 - 14 12 – 14
and Medchal are instrumental in the development of an organised
warehousing clusters. Shamshabad has emerged as a preferred e-commerce Kandlakoya 10 - 13 10 - 15
destination due to proximity to airport. The Medchal area saw appreciation of Kompally 15 – 20 15 - 20
rentals due to steady demand and sustained leasing activities. Industrial and Bowrampet 12 - 15 12 - 15
warehousing demand will continue to grow in along major industrial and Gajularamaram 10 - 12 10 - 12
warehousing corridors of Hyderabad in 2017 particularly in Medchal,
Shamshabad and Kothur areas Medchal 18 - 22 18 - 25
Turkapally 11- 14 11 - 14
Dandupally 12 - 14 12 - 14
 Commercial Retail Land.& Warehousing

Kolkata Commercial
Real Estate Trends Kolkata Commercial Market Rental
Trends in INR/sft/month
Kolkata recorded healthy Y-o-Y growth of 180% in the first six 140
months ending June 2019 driven by demand from IT/ITeS sector. 120
The sector had a share of 60% of the overall leasing activity. 100
Banking, financial services and insurance sector has share of 35% 80
of the total space transacted in the city during the period. The
60
transaction during the H1 2019 period was 0.63 million sq. ft. Salt
40
Lake submarket constituted an overwhelming majority (85%) of
the leasing recording two large transactions above 100,000 sf 20
during H1 2019. 0

SBD (EM Bypass,

Chowrangee Rd., AJC

New Town, Rajarhat -

Sector V, Salt Lake
Topsia, Ruby)
CBD (Park Street,
Camac street,

New supply of 743,000 sf was added to the Salt Lake submarket.

Bose Road)

Overall vacancy increased to 35%. Quoted rents were largely

PBD
unchanged, as the market continues to remain favourable for
occupiers with adequate availability of Grade Kolkata
commercial rentals saw correction in the range of 2 to 5%.
Around 1 million sq.ft of space is expected to be added to
commercial market by end of 2019. 2015 2016 2017 2018 H1 2019

Major Deals in Kolkata Commercial Market - H1 2019

Property Location Client Area in Sft Lease / Outright

Infinity Magnacon Sec V Bandhan Bank 175000 Lease
Infinity Magnacon Sec V PWC India 112000 Lease
Godrej Genesis Sec V PWC India 78000 Lease
Infinity Magnacon Sec V Individual 55000 Outright
Candor Techspace Rajarhat Capgemini 45000 Lease
Goldenpark Hotel CBD, Hochi monn sarani Oyo 30000 Lease
Eco Space Rajarhat AWFIS 29000 Lease
Media city Sec V Decathlon 25000 Lease
Eco Centre Sec V Mitsui OSK Lines 16000 Lease
Jasmine Tower Shakespeare Sarani Bhusan Steel / Tata 15000 Lease
Acropolis Sec V Roche Diagnostics 6700 Lease
 Kolkata Retail
Real Estate Trends

Kolkata Retail Market remained stable in terms of Leasing activity in H1 Average Retail Rental Rates in Kolkata
2019. New Supply of around 0.5 million sqft is expected to be added to in INR / sq.ft
Kolkata Retail Market by end of 2019-20. As per as absorption is concerned,
approx. 0.25 million sqft of retail space was absorbed in first half of 2019.
Mall vacancy remained low at 7% due to healthy demand but limited supply. Park Circus (MALL)
South Kolkata (MALL)
Croma is very aggressively entering into Kolkata & its outskirt market as East Kolkata (MALL)
national electronic chain with its first operational store on Sarat Bose Road.
Elgin Road Zone (MALL)
Kolkata has seen International true Italian Leather Brand TOD’s and London
based toy chain HAMLEYS in Quest Mall during this phase. Kolkata based New Town, Rajarhat (MALL)
RP-SG Group has acquired Mumbai based Nature’s Basket (upmarket food Park Street
only retailer) from Godrej Group for 300 Crores. In general, most of the Camac Street
anchors and sub anchors are having decent expansion plan within & outskirt
of the city for 2019-20. Expecting a decent year for the retail market in Lindsey Street
Kolkata Elgin Road Zone
. Gariahat
Major Deals in Kolkata Retail Market - H1 2019
Property Location Tenant Square feet Lease/ Sale Theatre Road
Stand Alone Salt Lake Croma 10000 Lease Shyambazar
Stand Alone Barasat Croma 12000 Lease Hatibagan
Stand Alone Newtown Croma 10000 Lease VIP Road
Axis Mall Newtown Godrej Interio 5000 Outright Kankurgachi
Merlin Maximus Sodepur Godrej Interio 5000 Lease
Stand Alone Salt Lake Hyundai 6000 Lease 0 100 200 300 400
Standalone Barackpore Max 12000 Lease
H1 2019 2018 2017 2016 2015

Kolkata Land and

Warehousing Trends

The Land Market has been robust as there have been high demand
in the city for land for self use as well as for Project Development.
In H1 2019, the land market saw some major deals happening in Kolkata Land and Warehousing
Kolkata both for self use and development. Joint Venture has been
Land Rates in Cr/ Warehousing in
the preferred model for Development. Industrial and warehousing Submarkets
acre INR/ sq.ft/month
market also witnessed absorption of around 2 million sq.ft. The
Dankuni – Delhi Road 2.4 Cr – 6 Cr 18 – 25
rental saw an appreciation of 5% - 10% in most micro markets due
to increased demand from warehousing developers/ landlords. Dhulagarh – Bombay Road 1.8 Cr – 4.8 Cr 17-24
The micro market of Dhulagarh, Sankrail and Uluberia along NH-6 Taratala – Maheshtala 4.8 Cr – 7.2Cr 17 – 25
witnessed close to 60% of overall transaction activity. Domestic Madhyamgram, Barasat 1.8 Cr – 3 Cr 14-22
companies from the electronics, 3PL, e-Commerce and media
B T Road 4.8 cr -7.2 cr 22-28
sectors were the major occupiers of space.
Major Deals in Kolkata Land & Warehousing Market - H1 2019

Property Location Tenant Square feet Lease / Sale

Srijan Logistic park NH6 Chloride Power System and Solutions 12500 Lease
Apeejay Warehouse Hide Road Hive Loop Logistics 27000 Lease
Sankrail Industrial Park NH6 Hive Loop Logistics 60000 Lease
Aarjaav Industrial Park Dankuni Amazon 70000 Lease
Sankrail Industrial Park NH6 Max 60000 Lease
Apeejay Warehouse Hide Road Nerolac 17000 Lease
Sankrail Industrial Park NH6 Spot on Logistics 50000 Lease
Sankrail Industrial Park NH6 VIP 130000 Lease
Shyam Business Park NH2 Mahindra Logistic 80000 Lease
Amta Industrial Park NH6 Ranihati Volvo 80000 Lease
Kolkata Land Deals

Significant Sale / JV Transactions in Land H1 2019

Client Location Acre Type

Sugam Group Convent Road 1.65 Part JV & Part Outright

Sugam Group Hungerford Street 0.66 JV
Ambuja Group Bata Nagar 30 DM
Oswal Group Chitpur 5 JV
Merlin Group Esplanade 1.5 JV
Isha - Multicon Group Belvedre Road 0.66 JV
Individual Alipore Road 0.15 Outright

Kolkata investment deals

Significant Transactions in Investments H1 2019

Property Location Tenant Sft Lease / Sale

Godrej Genesis Sec V PWC 27000 Lease / Outright

Godrej Genesis Sec V PWC 27000 Lease / Outright
Godrej Genesis Sec V Vacant 25000 Outright
Individual building New Alipore ICICI Bank, Boutique 5000 Outright
 Commercial Retail Ind.& Warehousing

Pune Commercial
Real Estate Trends Pune Commercial Market Rental Trends in
INR/sft/month
Pune commercial real estate continued to gain positive
120
momentum in H1, 2019 witnessing total transaction of approx.
0.8 million sq. ft. majority of these leasing concentrated in SBD 100
East & SBD West submarkets (65% of the total leasing activity). 80
IT-BPM led with a 50% share of leasing activity, followed by flex 60
space operators who accounted for a 20% share. The market
40
supply saw pre-commitment of around 3.5 million sq. ft. Around
11 million sft of new supply is expected to come up in next 3 20
years. 0

The vacancy rate remained low at 20% due to non-availability of

Grade A office in most micro-markets. Most micro markets saw
appreciation by 7% - 8%. The key micro markets contributing to
the increase in rents were Hadapsar, Fursungi, Kharadi and
Senapati Bapat Road.
2015 2016 2017 2018 H1 2019

Major Deals in Pune Commercial Market - H1 2019

CLIENT Location Area (SF) Lease / Sale
L& T Hinjewadi 83,197 Lease
Indiqube Baner 66,000 Lease
Yash Technologies Magarpatta 44,000 Lease
Varian Medical System Magarpatta 44,000 Lease
Fideltech Kalyani Nagar 170 Seats Lease(Co-working space)
XDBS Swargate 7,000 Lease
Icertis Yerwada 66,000 Lease
Nutanix Balewadi 45,000 Lease
SE2 Bund Garden 35,101 Lease
Upcurve India Kharadi 35,000 Lease
Nice Hinjewadi 28,000 Lease
GTT Communication Yerwada 12,500 Lease
Transparency Market Research Baner Highway 12,500 Lease
Burckhardt compression Yerwada 12,500 Lease
Procurent IT India SB Road 8,000 Lease
Urban Clap Baner 6,349 Lease
American Express SB Road 5,722 Lease
Plex Systems Pvt Ltd SB Road 5,722 Lease
Terex India Pvt Ltd SB Road 5,722 Lease
Biotechne SB Road 3,092 Lease
 Pune Retail
Real Estate Trends

Pune retail market continued its healthy performance H1 2019 with

leasing of around 0.4 million sq. ft of space. Due to high demand and Average Retail Rental Rates in Pune in
availability of limited space, existing malls saw greater quantum of INR / sq.ft/month
leasing activity. Prominent activity by lifestyle & F&B segments was seen
on the high streets of Aundh & Pimpri-Chinchwad. Reliance Trends, Laxmi Road
Westside, & Reliance Smart signed large spaces on the high streets of
PCMC. Febindia signed 11,500 sf & Utsa signed 3,000 sf on the high Hadapsar
street of Aundh.
Nagar Road
Vacancy levels in malls are expected to remain tight in 2019 due to
limited upcoming supply. Three malls are in different stages of Koregaon Park
construction and are expected to come up in 2020. Overall average
Camp
rental remained stable across markets with few pockets such as Bund
Garden Road, MG Road, FC Road, Aundh which saw appreciation in Bund Garden Road
rentals due to high demand.
Aundh

Major Deals in Pune Retail Market - H1 2019 Koregaon Park

Tenant Location Square feet Lease/ Sale
Pegsnpipes Pimpri 15,000 Lease FC Road
Be Hive Wakad 10,000 Lease
Tatva Thergaon Wakad Road 10,000 Lease JM Road
Oblique Kitchen Kothrud 7,000 Lease
Must DP Road 2,000 Lease MG Road
LekkerChow ( South Global Business Hub,
1,000 Lease
African Cuisine ) Kharadi 0 100 200 300 400
Brand Factory RTO Road 32,000 Lease
Fab India Aundh 10,000 Lease H1 2019 2018 2017 2016
Urban Ladder Hadapsar 4,000 Lease
German Baker Wunderbar Paud Road 2,000 Lease

Pune Industrial and

Warehousing Trends

Pune continued to be one of the best performing warehousing markets in

India with total transaction of 0.8 million sq. ft H1 2019. Pune Ind. & Pune Industrial and Warehousing Trends
warehousing markets are driven by engineering and manufacturing sector
Industrial and Industrial & Warehouse
companies and 3PL operators. Investment activity by High Net-worth Land rates in
warehousing Rentals in INR/ sq.ft
Individuals (HNIs) and domestic companies for industrially zoned land Submarkets
INR Cr/acre
/month
parcels also witnessed growth across locations such as Chakan,
Sanaswadi and Hinjewadi. Rental values continued to remain stable Telegaon 1.8-2.2 20 -22
across micro-markets. The large consumer and manufacturing base and
Chakan 1.8 -2.5 24 -30
affordable prices have helped Pune become a major warehousing
location. Pimpri Chinchwad 8-10 25-35

Major Deals in Pune Ind. & Warehousing Market - H1 2019 Pirangut 3 18-22
Property Location Square Feet Lease/ sale Hinjewadi 6-7 25-35
BMW India Chakan 2,50,000 BTS WH lease
Lonikand 2 14-20
Rolls Royce Chakan 1,90,000 BTS Industrial lease
Jabil Circuit Ranjangaon 70,000 Industrial lease Sanaswadi 2.5 14-20
Emerson India Chakan 7,500 Industrial lease Ranjangaon 1.5- 2 18-22
Sandvik Asia Chakan 2,00,000 BTS Industrial Lease
First Cry Chakan 2,50,000 BTS WH Lease Khed City 1.7 17-26
Thyssenkrupp Chakan 1,20,000 BTS Industrial Lease Shirwal 1.5 12--16
Big Basket Chakan 1,00,000 WH Lease
KSH Infra & Synergy Wagholi 3.5 18-25
Chakan 49.5 acres JV
Spaces LLP
 Commercial Retail Ind.& Warehousing

Ahmedabad Commercial Average Commercial Rental Rates in

Ahmedabad in INR / sq.ft/month
Real Estate Trends
50

Ahmedabad saw sluggish commercial space transaction 40

amounting to 0.1 million sft (approx) in H1 2019 due to limited
30
demand. Grade A leasing activity was dominated by IT – BPM,
the banking, financial services and insurance (BFSI) sector 20
(50%). The Satellite/Prahladnagar sub-market saw maximum
leasing activity contributing 70% of net absorption, followed 10
by the SG Highway sub-market. The market saw around 0.5
million sq.ft of space supply in H1 2019. 0
2015 2016 2017 2018 H1 2019
Overall vacancy remained high at 43% due to low demand. The
steady influx of new supply has lead to correction of rentals in C.G Road Ashram Road
most micr0-markets. Around 2.5 million sq. ft of commercial S.G. Highway Satellite/ Prahladnagar
space is expected to be added to the existing supply by end of
2019.

Major Deals in Ahmedabad Commercial Market - H1 2019

CLIENT Building Name Area (SF) Location Lease/ Sale
Oyo Rooms Mauryansh Elanza Shyamal 6000 Lease
Mobiquity IT Solutions Privilon Ambli-Bopal 30000 Lease
Pharmeazy Indraprasth Business Park Makarba 25000 Lease
CRISIL Shapath V SG Highway 8000 Lease
AWFIS Vivan Square Satellite 26000 Lease
Telasia Networks The First Vastrapur 6200 Lease
Perfect VIP Solutions Mondeal Square SG Highway 6600 Lease
Karnataka Bank R.O The First Vastrapur 7800 Lease
Oyo Rooms Individual (Co-living space) SG Highway 21000 Lease
Krish Individual Mithakali 25000 Lease
Kristar Individual Hebatpur 65000 Lease
Mitsubishi Electrical 315 Corporate Road 7000 Lease
Zealous System 315 Corporate Road 5000 Lease
Ratnamani Metal The First Vastrapur 33000 Lease
HDFC Life The First Vastrapur 10500 Lease
 Ahmedabad Retail
Real Estate Trends

Retail leasing in Ahmedabad saw some momentum in H1 2019. With Average Retail Rental Rates in
limited availability of retail space retailers remained cautious in their Ahmedabad in INR / sq.ft/month
expansion plans and developers deferring completions due sluggish
demand. Approximately 1.23 msf of mall supply is expected by 2020.
Retail leasing on main streets remains more robust compared to malls. Kankaria Lake
The demand was mainly driven by apparel retailers, which continued to
strengthen their presence across various locations such as C.G. Road and
Drive in Road
S.G. Highway. Rentals remained stable in most micro markets.

Major Deals in Ahmedabad Retail Market - H1 2019 Vastrapur

Client Building Name Location sq,ft Lease/Sale
Airtel Golden Icon Shyamal Cross Roads 1500 Lease S.G. Highway
Liverpool - Factory Outlet Gala Empire Drive In Road 7000 Lease
Zaveri & Co. Stellar Sindhubhavan 3000 Outright
Prahladnagar
Cappuccino Arista Sindhubhavan 3500 Lease
RV Designer Store Galaxy bazaar Vastrapur 4500 Lease
Bollywood Lounge Third Eye Vision IIM Road 2500 Lease Satellite Road
Dangee Dums Shangri-la Arcade Shyamal Cross Roads 3500 Lease
Indian Terrain Individual CG Road 3500 Lease Law Garden
Miniso Rudra Complex CG Road 2000 Lease
Sketcher Stellar Sindhubhawan Road 2500 Lease
Swiggy Sigma Maninagar 4000 Lease C.G. Road
Havmor Ratnakar 9 Square Vastrapur 3000 Lease
Landmark Group Impressa Mithakali 30000 Lease 0 50 100 150 200
Kia Motors Shivalik Plaza IIM Road 5000 Lease
MG Motors Signature 1 SG Highway 10000 Lease H1 2019 2018 2017 2016 2015
Jeep Signature 1 SG Highway 15000 Lease
Reliance The Capital Science City 20000 Lease
Fab India & Hacker 142 Ambli 5000 Lease
Lifestyle Individual CG Road 20000 Lease

Ahmedabad Industrial and

Warehousing Trends

Ahmedabad has a very strong industrial and manufacturing base. Ahmedabad Industrial and Warehousing Rentals
Sanand, Bavla and Changodar along NH 8A have emerged as industrial in INR/ Sq. ft / Month
and warehousing hubs due to saturation of Aslali and Kheda. All major Submarkets Industrial Warehousing
FMCG players have their warehouses in Ahmedabad market. Domestic Sanand 15 -38 13 -17
FMCG and retail companies were the major occupiers of space. Changodar 18-40 13-20
Aslali 18-40 16-22
Rental values remained largely stable across micro-markets, with the
Kheda 15-35 16-22
exception of Aslali which saw appreciation due to sustained demand.
Close to 0.2 mn sq. ft of industrial and warehousing space was
completed in Ahmedabad market.

Major Deals in Ahmedabad Ind. & Warehousing Market - H1 2019 Major Land Deals in Ahmedabad - H1 2019
Property Location Square Feet Lease/ sale Property Location Square Yard Lease/ sale
Reliance Changodar 50000 Lease Shital Infra Off. Sindhubhawan Road 6200 Outright
Taiwan Company Changodar 35000 Lease Shital Infra Nr. Iskon Cross Road 5100 Outright
Automobile Company Changodar 15000 Lease Krish Group Shela 10000 Outright
Agiliity Aslali 37000 Lease Investor Vasajda 13000 Outright
Commodity (Private Firm) Changodar 28000 Lease Investor Rancharda 6700 Outright
E Commerce Changodar 100000 Lease Investor Shilaj 20000 Outright
Kitchen Express Changodar 32000 Outright JP Iscon Rancharda 90000 Outright
Ratnakar Jodhpur 13000 Outright
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NAGPUR

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