India Real Estate Jan to Jun 2015 3086


2/612


3/61

NCR88Residential & Ofce

Mumbai70Residential & Ofce

RESEARCHINDIA REAL ESTATE

3

CONTENTS

All Ind!R"#d"n$!l % O&'"

H(d")!*!dR"#d"n$!l % O&'"

B"n+!l,),R"#d"n$!l % O&'"

C"nn!R"#d"n$!l % O&'"

P,n"R"#d"n$!l % O&'"

105 A."d!*!d

R"#d"n$!l

K/l!$!R"#d"n$!l

122

11

0

55

13 4


4/61

Source: DealCurry

BCD

! "

# Data till $une %0'

INTRODUCTIONT" Ind!n "'/n/.( +)" !$ 678 d,)n+ FY 2019-15: +")

$!n $" &/)"'!#$"d GDP )!$" /& 748: !nd # #l!$"d $/ 'l/'

! GDP +)/$ )!$" n $" )!n+" /& 6-6758 n 2015-17 I& $#

./."n$,. '/n$n,"#: !l/n+ $ ! '/nd,';" *,#n"##

"n;)/n."n$ !nd /l"#!l" P)'"Ind"= ?>PI@ !# #$!("d n $" n"+!$;" $"))$/)( &/) $" l!#$

"+$ ./n$# ?-2798 n J,n" 2015 !# '/.

d/n $/ 5798 n J,n" 2015 &)/. 7668 n J,n" 20197 R"$!l

nl!$/n # !l#/ "=

#"'$/) +)/$ /& 9798 n M!( 20157 T# +)/$ # l"l( $/*" #,#$!n!*l" /n $" *!' /& $" +/;")n."n$# &/',# /n

nd,#$)!l !'$;$"#: n&)!#$),'$,)" d";"l/


5/61


6/61

!()*OR

!n+ita Nimbe+ar,ead Consultant - Researc.

ALL INDIAR"#d"n$!l % O&&'" M!)"$


7/61

r t.e frst time in t.ree years/ .ome demand .as eceeded t.e su11ly/ t.eoretically si2nallin2 at.e comin2 uarters4 *o5e6er/ t.is seems to be more o a correcti6e 1.ase/ .eadin2 to5ards a

RESIDENTIAL MARKET

LAUNCHES: ABSORPTION AND PRICE TRENDS

FIGURE 1

HALF-YEARLY LAUNCHES AND ABSORPTION TREND ?TOP EIGHT CITIES@

LAUNCHES ABSORPTION

290:000

130:000

190:000

30:000

90:000

10:000H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E

S/,)'" Kn+$ F)!n R"#"!)'

N/$" The top eight cities are Mumbai, NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata and

Ahmedabad

T" l" $" #!l"# ;/l,." d)/

$/ H1 2019: n" l!,n'"# &"ll *(

! /l!,n'"# !)" "=ISE SPLIT OF RESIDENTIAL LAUNCHES

N" )"#d"n$!l l!,n'"# !;" &!ll"n

n $" $/< "+$ '$"# /& Ind! d,)n+

H1 20157

T" N!$/n!l C!

n"

/,)


8/61

"9(R %

*!,"-!R, N; ,!(NC*S N )* )O< 9*) C)S

* %0= *% %0= * %0' * %0'

=0/000

3'/000

30/000

%'/000

%0/000

'/000

0/000

'/000

-

M(MB! NCR BN9!,(R( O,>!)!!*MD!B!D

Source: >ni2.t "ran+ Researc.

ce: >ni2.t "ran+ Researc.

e NCR mar+et .as sli11ed to ourt. 1lace/ e6en belo5 ISE SPLIT OF RESIDENTIAL SALES

FIGURE

HALF-YEARLY ABSORPTION IN THE TOP EIGHT CITIES

H1 2019 H2 2019 H1 2015 H1 2015 E

90:000

5:000

0:000

25:000

20:000

15:000

10:000

5:000

-

MUMBAI NCR BENGALURU PUNE CHENNAI HYDERABAD KOLKATA AHMEDABAD

A

d,)n+ H1 20157

NCR $n"##"d $" #!)# )",)"d $/ )"d,'" $" ,n#/ld

n;"n$/)( l";"l#7 T" NCR .!)"$:

/n $" /$") !nd: !# !d ! l!)+"

n,.*") /& #


9/61

e to1 ei2.t residential mar+ets are e1ected to 5itness sli2.t im1ro6ement in demand durin2 *

Y"!)l( !*#/)

.!)"$#: *!))n+ P,n"7

NCR '/."# !')/## !# $" ./#$

!&&/)d!*l" .!)"$ !./n+ $" $/


10/61


11/6111

n $"

d".!nd n $"


12/61

RELATIE HEALTH OF THE RESIDENTIAL

MARKETS IN EIGHT CITIES

Note) The si#e o$ the bubble indicates the *uantum o$ unsold in"entory+ T- is the uarter to -ell

.nsold /n"entory

T" ,!)$")# $/ #"ll ,n#/ld n;"n$/)(

?QTS@ # $" n,.*") /& ,!)$")#

)",)"d $/ "=!,#$ $" "=#$n+

,n#/ld n;"n$/)( n $" .!)"$7 T"

"=#$n+ ,n#/ld n;"n$/)( # d;d"d

*( $" !;")!+" #!l"# ;"l/'$( /& $"

A#

K P,n" # ',))"n$l( $" "!l$"#$

.!)"$: $ $" l/"#$ QTS !nd

! )"l!$;"l( l/") !+" /& ,n#/ld

n;"n$/)(7

K T" K/l!$! .!)"$ !# ! QTS

'/.

T# '!n *" !$$)*,$"d .!nl( $/ $"

)"d,'n+

$"

#!l"# ;/l,." l"d $/ ! #l+$


13/61

S/,)'" Kn+$ F)!n R"#"!)'

OUTLOOK FOR THE NET SI MONTHSH2 2019 H2 2015E G)/$

L!,n'"# ?,n$#@ 12:2 33:515 -218

A*#/)" "=


14/61

sor1tion 6olumes .a6e been sur1assin2 ne5 com1letions consistently since * %0=/ as a resulcancies .a6e dro11ed to 7 in * %0' rom a year a2o4

ALL INDIA OFFICE MARKET

FIGURE 1

NE> COMPLETIONS: ABSORPTION AND ACANCY LEEL ?TOP SI CITIES@

NE> COMPLETIONS ABSORPTION ACANCY ?RHS@

2570

2070

1570

1070

570

228

218

208

138

148

168

18

158

0 198H1 201 H2 201 H1 2019 H2 2019 H1 2015 H1 2015E

S/,)'" Kn+$ F)!n R"#"!)'

FIGURE 2

OFFICE STOCK: OCCUPIED STOCK AS ON JUNE 2015

190

STOCK OCCUPIED STOCK

120

100

40

0

90

20

0MUMBAI NCR BENGALURU PUNE CHENNAI HYDERABAD

S/,)'" Kn+$ F)!n R"#"!)'

I.

T" ;!'!n'( l";"l# !;" d)/!*#/)

!*#/)*"d d,)n+ H1 20157 A#


15/61

.n # &$: $" B"n+!l,), .!)"$ l"!d# n $").# /& /'',

!*#/)


16/61

8/ t.e 6acancy le6el in Ben2aluru is t.e lo5est amon2 t.ese cities4 Readily-a6ailable ualityless t.e estimated ne5 com1letions become o1erational/ t.e s.orta2e 5ill im1act t.e 1otential

e1lore alternati6e oce destinations4

N; COM

*( $" ITIT"S !nd /$") #");'"#

#"'$/)#7

M,.*! ',))"n$l( !# $" +"#$

;!'!n'( l";"l: !$ 228: &/ll/"d

'l/#"l( *( NCR7 H/";"): $"

;!'!n'( l";"l# !;" *""n )"d,'n+

'/n##$"n$l( n */$ $"#" .!)"$#

#n'" H2 20197 Al$/,+ $" .!)"$

;!'!n'( !# )".!n"d + d,)n+ $" l!#$ &" ("!)#: $")" # ! d"!)$

/& l!)+"-#" ,!l$( /&'" #

/'',

$/ ': $" #,*#$!n$!l

./n$#: $" #/)$!+" ll .

$/ '/n$".

n H(d")!*!d7

T" T"l!n+!n! '!


17/61

C"nn! !nd P,n" ")" $"

,#"d


18/61

ennai and '$"# n H1 2015: $/,+ $ &"ll *( !l./#$ 258 '/.

")" $" !;")!+" #" /& $)!n#!'$/n

!# !

P,n" $n"##"d ! 308 +)/$ n

$" !;")!+" d"!l #" d,)n+ H1

2015 '/.

l!#$ ("!)7 T" BFSI #"'$/)

?


19/61

*+-$'"$ d"!l#: $" .!/)$( /& $". *"n+ n $" )!n+" /& 100:000 # &$

!nd !*/;"7


20/61

M(MB! NCR BN9!,(R(

EIGHTED AERAGE RENTAL MOEMENT

FIGURE

>EIGHTED AERAGE PRICE MOEMENT

190

120

190

120

190

120

100100 100

40 40 40

0 0 0

90 90 90

20 20 20

- - -

190

120

190

120

190

120

100100 100

40 40 40

0 0 0

90 90 90

20 20 20

- - -

S/,)'" Kn+$ F)!n R"#"!)'

T" d".!nd &/) /&'" #

d,)n+ H1 20157

A$ 18: )"n$# n P,n" n')"!#"d !$

$" &!#$"#$

/$") '$"# d,)n+ H1 20157

C"nn! $n"##"d $" #l/"#$

+)/$ )!$" n )"n$: !$ 8 d,)n+ H1

20157

`

D

# F & $

D

. / n $ -

`

D

# F & $

D

. / n $ -

`

D

# F & $

D

. / n $ -

H 1 2 0 1

2 0 1 H

1 2 0 1 9

H 2 2 0 1 9

H 1 2 0 1 5

H 1 2 0 1

H 2 2 0 1

H 1 2 0 1 9

H 2 2 0 1 9

H 1 2 0 1 5

H 1 2 0 1

H 2 2 0 1

H 1 2 0 1 9

H 2 2 0 1 9

H 1 2 0 1 5

`

D

# F & $

D

. / n $ -

`

D

# F & $

D

. / n $ -

`

D

# F & $

D

. / n $ -

H 1 2 0 1

H 2 2 0 1

H 1 2 0 1 9

H 2 2 0 1 9

H 1 2 0 1 5

H 1 2 0 1

H 2 2 0 1

H 1 2 0 1 9

H 2 2 0 1 9

H 1 2 0 1 5

H 1 2 0 1

H 2 2 0 1

H 1 2 0 1 9

H 2 2 0 1 9

H 1 2 0 1 5


21/61

1er our 1ro@ections/ t.e 6acancy le6els 5ill continue to all in *% %0' across most o t.e cities/

%0%

A'

3

8

OUTLOOK FOR THE NET SI MONTHS

P)/"'$/n# H2 2019 H2 2015E G)/$

N" '/.

.!)+n!ll(: *( 287

H/";"): $" ;!'!n'( l";"l# !$ $"

!ll-Ind! l";"l !)" "=


22/61

!()*OR

San2eeta S.arma Dutta,ead Consultant - Researc.

BENGALURUR"#d"n$!l % O&&'" M!)"$


23/61

tbac+ in * %0'/t.e number o ne5 launc.es tumbled by =0 com1ared to * %0=/ 5.ile t.e sales 6olume strt.e ecessi6e e1ectations t.at t.e real estate industry and .omebuyers .ad in t.e ne5 2o6ern

T" )"l!$;"l( #$!*l"

B"n+!l,), )"#d"n$!l.!)"$ #,&&")"d !

RESIDENTIAL MARKET


FIGURE 1

BENGALURU MARKET TRENDS

LAUNCHES ABSORPTION >T7 AG7 PRICE ?RHS@

95:000

90:000

5:000

0:000

25:000

5:000

9:400

9:00

9:900

20:000 9:200

15:000

10:000

5:000

9:000

:400

0 :00

H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E

S/,)'" Kn+$ F)!n R"#"!)'

B"n+!l,),: $/,$"d $/ *" /n" /& $"

./#$ #$!*l" )"#d"n$!l .!)"$# /&

$" '/,n$)( $ll )"'"n$l(: #,&&")"d !

#"$*!' n H1 2015: !# $" n,.*")

/& n" l!,n'"# $,.*l"d *( 908

'/.

'/n$n,"d $/ *" !$ ! d#'/n'")$n+

+,)" /& 98 ;#--;# $" n,.*") /&

n" l!,n'"# $n"##"d #= ./n$#

!+/ ?H2 2019@7

N , . * " ) / & , n $ #

`

D

# F & $


24/61

"+$"d !;")!+"

2015 !# !+!n#$ $" ;!l,"# n H1

20197 T" n')"!#" n '/n#$),'$/n

'/#$# !nd $" .

nd,#$)( !nd /."*,(")# !d n $"

n" +/;")n."n$: $" d"l!( n '

!# l"d */$ $"

"n$,#!#.7

On !

"#$.!$" n" l!,n'"# $/ n')"!#"

*( 38 n H2 2015 !# '/.

$/,+ l!++n+ .!)+n!ll( *"nd:

*( 28 /n ! YOY *!##7

On $"


25/6121

rt. Ben2aluru .as been 5itnessin2 1ersistent interest rom t.e de6elo1ermmunity4 ).e re2ion eudes o1timism re2ardin2 .ousin2 demand or t.e ort.comin2 years/ 5.e act t.at it mi2.t ta+e some time/ 2i6en t.e nascent statet.e oce sector t.ere4 ).e 1resence o t.e metro rail in ;est Ben2aluru .asreased its locationHs attracti6eness and

e number o ne5 launc.es is e1ected to 1ic+ u1 in t.e comin2 mont.s

* %0=

3'/'='units

*% %0=

3%/'8units

* %0'

%/=00units

MICRO-MARKET SPLIT OF RESIDENTIAL

LAUNCHES

FIGURE 2

MICRO-MARKET SPLIT OF LAUNCHED UNITS

508

H1 2019 H2 2019 H1 2015

958

908

58

08

258

208

158

108

58

0

CENTRAL EAST NORTH SOUTH >EST

S/,)'" Kn+$ F)!n R"#"!)'

N/)$ B"n+!l,), !# *""n $n"##n+

! #+n'!n$ n,.*") /& n"

l!,n'"# n H1 2015: l"!dn+ $/ !n

.

$/ !;" l"d $/ $" )"#,)+"n'" /&

)"#d"n$!l d";"l/


26/61

e sout.ern and t.e eastern Iones o t.e city 5ere res1onsible or t.e ma@ority o t.e aJordable0 mn

T# '/,ld *" !$$)*,$"d $/ $" d"!)$

/& '/n$+,/,# l!nd

n,.*") /& n" l!,n'"# $/ EST NORTH SOUTH

S/,)'" Kn+$ F)!n R"#"!)'


27/61%

MICRO-MARKET->ISE RESIDENTIAL SALES

BENGALURU METROPOLITAN REGION MAP

Ma@or Roads

Rail5ay ,ine

istin2 Metro

(nder

Construction


28/61

s1ite accountin2 or t.e .i2.est uantum o sales 6olume/ Sout. Ben2aluruHs s.are o t.e totalt.e unsold in6entory is e1ected to increase in t.e comin2 mont.s4 !lt.ou2. uite ar be.ind it

* %0=

%7/%'Aunits

*% %0=

%8/=='units

* %0'

%%/%3=units

M')/-.!)"$#

L/'!$/n

C"n$)!l MG R/!d: L!;"ll" R/!d: L!n+&/)d T/n: $$!l M!ll(! R/!d:

R'./nd R/!d

E!#$ >$""ld: Old A)"#$ M!ll"#!)!.: R!!n!+!): Y"#!n$

n !*#/)

$" )"+/n# #!)" /& !*#/)


29/61

K CN)R!,

7 ;S)

%= NOR)*%A !S)

=3 SO()*

ut. Ben2aluru accounts or t.e ma@or s.are o t.e total number o units under construction/ 2i6e 1ast years4 ).e re2ion is 1reerred due to its 2ood social inrastructure and t.e 1resence o edin2 de6elo1ers to launc. t.eir 1ro@ects t.ere4 !dditionally/ 1ro1erty 1rices are relati6ely c.ea1t.e 1eri1.eral locations o t.e sout./ com1ared to t.e ot.er micro-mar+ets

MICRO-MARKET SPLIT OF UNDER-

CONSTRUCTION UNITS AS OF JUNE 2015

FIGURE 5

MICRO-MARKET SPLIT OF UNDER-CONSTRUCTION UNITS AS OF JUNE 2015

S/,)'" Kn+$ F)!n R"#"!)'

S/,$ B"n+!l,), !''/,n$# &/) $"

.!/) #!)" /& $" $/$!l n,.*")

/& ,n$# ,nd") '/n#$),'$/n: $/ $"

$,n" /& 98: +;"n $" &!'$ $!$

$" )"+/n !# *""n $n"##n+

l!)+"-#'!l" )"#d"n$!l d";"l/

$"

PREMIUM RESIDENTIAL MARKET LAUNCHES:

ABSORPTION AND PRICE TRENDS

M')/-.!)"$#

L/'!$/n

C"n$)!l MG R/!d: L!;"ll" R/!d: L!n+&/)d T/n: $$!l M!ll(! R/!d:

R'./nd R/!d

E!#$ >$""ld: Ind)!n!+!)

>"#$ M!ll"#!)!.: R!!n!+!): Y"#!n$


30/61

S/,$ K/)!.!n+!l!: J!(!n!+!): JP N!+!)


31/61

e demand or 1remium units in Ben2aluru .as been lo5er t.an t.e ot.er se2ments/ as t.e cit5e6er/ t.e 5ei2.ted a6era2e 1rice

o5t. O in t.e 1remium se2ment .as 1erormed relati6ely better in * %0' t.an t.e cityHs 5e

FIGURE

PREMIUM MARKET TRENDS


2:200

2:000

1:400

1:00

1:900

1:200

3:000

4:500

4:000

1:000

4006:500

00

9006:000

200

0 :500

H1 201 H2 201 H1 2019 H2 2019 H1 2015

S/,)'" Kn+$ F)!n R"#"!)'

N/$" Premium markets include locations !here the a"erage ticket si#e o$ a residential unit is abo"e ? 12

mn, are in close pro'imity to the central business district o$ the city and ha"e !itnessed ne! pro(ect launch3

es in the preceding three years

T"

$" #!."

' +"n")!ll(


32/61

)S

BN9!,(R( C)

e )S or Ben2aluru .as been increasin2 2radually4 Des1ite .a6in2 a relati6ely lo5er )S/ Sout.e city and a .i2. a2e o unsold in6entory t.e conseuence o siIeable number o yearly ne5 launc.es in t.e re2ion4 ).e eastern mar+et .as t.e .i2.est )Se o in6entory/ indicatin2 t.at t.e 1ace o absor1tion is considerably slo5 in t.e re2ion

BENGALURU MARKET HEALTH

FIGURE 6

QUARTERS TO SELL ?QTS@ UNSOLD INENTORY ANALYSIS

12

11

10

3

4

6

5

9

S/,)'" Kn+$ F)!n R"#"!)'

N/$" T" #" /& $" *,**l" nd'!$"# $" ,!n$,. /& ,n#/ld n;"n$/)(

T" ,!)$")# $/ #"ll ,n#/ld n;"n$/)(

?QTS@ # $" n,.*") /& ,!)$")#

)",)"d $/ "=!,#$ $" "=#$n+

,n#/ld n;"n$/)( n $" .!)"$7 T"

"=#$n+ ,n#/ld n;"n$/)( # d;d"d

*( $" !;")!+" #!l"# ;"l/'$( /& $"

T" QTS &/) B"n+!l,), !# *""n

n')"!#n+ +)!d,!ll( #n'" S"


33/61

ce a11reciation across most locations in Ben2aluru .as been rat.er te1id durin2 t.e last % mo1rice slo5ed do5n urt.er in t.e last si mont.s/ 1rimarily due to t.e subdued sales 6olume and

D"#

' .!( ,l$.!$"l( l"!d $/ ! l!)+"

n;"n$/)( *,ld-,"#$ B"n+!l,), # ',))"n$l( /n" /& $" *"#$

'$(7

N/)$ B"n+!l,), #!)"# !l./#$

$" #!." &!$" !# $# #/,$")n

'/,n$")

l!$") $!n $" #/,$: $ "n/(#

$" !d;!n$!+" /& ! #.!ll")

,n#/ld n;"n$/)( #" !nd !

l/") QTS7

T,#: " "=$" '$(# /;")!ll "+$"d !;")!+"


34/61

L/'!$/n M')/-.!)"$ P)'" )!n+" n H1 2015 ??# &$@ 12 ./n$ '!n+" ./n$

L!n+&/)d T/n C"n$)!l 15:00021:000 38 8

L!;"ll" R/!d C"n$)!l 22:0000:000 98 08

KR P,)!. E!#$ 9:000:650 48 28

>$""ld E!#$ 9:5004:500 48 98

M!)!$!!ll E!#$ 9:5006:000 28 28

Ind)!n!+!) E!#$ 3:00012:500 28 28

Y"#!n$"#$ :50010:500 8 8

M!ll"#!)!. >"#$ 3:0001:000 58 58

R!!n!+!) >"#$ 4:50019:000 8 28

T,.,) R/!d >"#$ 9:0009:400 98 18

Y"l!!n! N/)$ 9:5006:000 08 08

H"**!l N/)$ 5:0003:500 98 08

H"nn,) N/)$ 9:500:200 108 58

T!n#!nd)! N/)$ 9:0006:200 28 28

S!)!

R/!d ll $n"## n')"!#"d $)!'$/n

>l" H1 2015 !# *""n l"## $!n

"n'/,)!+n+: " "=

! l/$ d"

P)/"'$/n# H2 2019 H2 2015E G)/$

L!,n'"# ?,n$#@ 2:543 23:601 -38

A*#/)"+$"d !;")!+"


35/61

e Ben2aluru oce mar+et continuedlead t.e 5ay 5it. t.e .i2.est oce s1ace absor1tiont.e country4 ;it.07 mn s t already transacted in * %0'/ t.e city is e1ectedtouc. a total absor1tion o 40 mn s t by t.e end o t.e year4 !dditionally/t. an occu1ied stoc+ o 0843 mn s t/ Ben2aluru .as become t.e oce mar+et 5it. t.e .i2.es

S)OC+ OCC( E!C!NC

OFFICE MARKET

STOCK: NE> COMPLETIONS: ABSORPTION ANDACANCY TRENDS

FIGURE 1

BENGALURU OFFICE SP ACE STOCK AND ACANCY LEELS

190

120

100

40

0

90

20

18

198

128

108

48

8

98

28

0 08

H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015E

S/,)'" Kn+$ F)!n R"#"!)'

T" B"n+!l,), /&'" .!)"$ '/n$n,"d $/ l"!d $" !( $ $"

+"#$ /&'" #$ 706 .n # &$ !l)"!d(

$)!n#!'$"d n H1 2015: $" '$( #

"=

$" +"#$ /'',

#,#$!n $# ./."n$,.: &,"ll"d *( $"

n')"!#n+ '/)

,< $") /

?2019@: +l+$n+ $"


36/613

e s.are o t.e )L )eS sector/ t.e +ey demand dri6er o t.e cityHs oce mar+et/ .as obser6ed a

A40mn s t

=4=0mn s t

A407mn s t

* %0= *% %0= * %0'


FIGURE 2

NE> COMPLETIONS AND ABSORPTION

670

NE> COMPLETIONS ABSORPTION

70

570

970

70

270

170

0

H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015E

S/,)'" Kn+$ F)!n R"#"!)'

SECTOR ANALYSIS

FIGURE

SECTOR->ISE SPLIT OF ABSORPTION

H1 2019 H2 2019 H1 2015

608

08

508

908

08

208

108

08

598

58508

18

88

158

98

118

298

238

8

ITIT"S

S/,)'" Kn+$ F)!n R"#"!)'

BFSI MANUFACTURING OTHER SERICESSECTOR

N/$"

4+ B0-/ includes B0-/ -upport -er"ices

1+ The pre3committed deals inked by Ama#on and 0lipkart ha"e not been included in the absorption

. n # F & $


37/61

e a6era2e deal siIes .a6e reduced in t.e last year/ a6era2in2 close to '=/300 s t in * %0'/

T" #!)" /& $" ITIT"S #"'$/): $"

"( d".!nd d);") /& $" '$(# /&'"

.!)"$: !# /*#");"d ! d"')"!#n+

$)"nd n $" l!#$ ("!): !l*"$ ! +)!d,!l

/n"7 Al$/,+ $ '/n$n,"# $/ d);"

$" d".!nd &/) /&'" #

&)/. 598 n H1 2019 !nd 58 n H2

2019 $/ 508 n H1 20157 H/";"):

n $").# /& !*#/l,$" n,.*")#: $" IT

IT"S #"'$/) n H1 2015 $n"##"d !n

n')"!#" /& 08 $ !*#/)

$" n')"!#n+ '/n#/ld!$/n /&

#

#+n'!n$ d";"l/

S,$ ?BTS@ &!'l$( /n S!)!

T" #!)" /& /$") #");'"# #"'$/)

!# )#"n &)/. 298 n H1 2019

$/ 8 n H1 2015: #+n&(n+ !n

n')"!#" n /&'" #

$// ,< #

*!##7 T" .!n,&!'$,)n+ #"'$/): /n

$" /$") !nd: .!d" ! )".!)!*l"

'/."*!': !;n+ #"',)"d 118 /&

$" $/$!l !*#/)

Gl/*!l En+n"")n+ !nd T!$! M/$/)#

!,+."n$"d $" #"'$/)# #!)"7

DEAL SIE ANALYSIS

FIGURE 9

AERAGE DEAL SIE AND NUMBER OF DEALS

AERAGE DEAL SIE ? # &$@ NUMBER OF DEALS ? RHS@

40:000

60:000

0:000

50:000

90:000

0:000

20:000

10:000

0

H1 201 H2 201 H1 2019 H2 2019 H12015

S/,)'" Kn+$ F)!n R"#"!)'

120

40

90

0

. n # F & $

N , . * " ) / & d " ! l #


38/613

T" !;")!+" d"!l #"# !;"

)"d,'"d n $" l!#$ ("!): !;")!+n+

'l/#" $/ 59:00 # &$ n H1 2015:

l" $ #$//d !$ 61:500 ,n$# n H1

20197 T# nd'!$"# $" !d;"n$ /&

./)" ).# $ #.!ll") /&'" #

!nd ".

?)+/ Bl/'@S!$""ld

P")


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Ma@or Roads Rail5ay ,ine istin2 Metro (nderConstruction $"&"ld

R"#d"n'( R/!d

R'./nd R/!d

SBD

K/)!.!n+!l!

B)//"&"ldKR P,)!. ORR

ORR A)


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* %0= * %0'

7A

A

=

3 8

% 3 '

A40mn s t

A407mn s t

* %0= * %0'


e ORR oce mar+et continued to maintain its lead in t.e total absor1tion durin2 * %0'/ 5it.t.e SBD re2ainin2 occu1ier interest/ accredited to actors suc. as t.e deart. o oce s1ace in t

ce s1aces in t.e ) 1ar+s o t.e re2ion4

FIGURE 5

BUSINESS DISTRICT->ISE ABSORPTION SPLIT

408

608

08

508

908

08

208

108

08

CBD % /&&-CBD SBD ORR PBD EAST PBD SOUTH

S/,)'" Kn+$ F)!n R"#"!)'

T" O,$") Rn+ R/!d ?ORR@ /&'"

.!)"$ '/n$n,"d $/ .!n$!n $#

l"!d n $" $/$!l !*#/)!nd $"

n H1 2015: &)/. ! #!)" /& 38 /&

$" $/$!l !*#/)

!nd /&&-CBD !)"!#: !# "ll !# $"

!;!l!*l$( /& ,!l$( /&'" #

"!#$ )".!n"d )"l!$;"l( #,*d,"d:

$ $" .!/)$( /& $" $)!'$/n

$!n+


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e SBD and ORR oce mar+ets 5itnessed t.e maimum rise in rentals durin2 * %0'/ o5in2 1r0Ls tLmont. in * %0'4

RENTAL TREND

FIGURE

>EIGHTED AERAGE RENTAL MOEMENT

RENT

0

55

50

95

90

0

H1 2012H22012

H1201

H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E

S/,)'" Kn+$ F)!n R"#"!)'

T" SBD !nd ORR /&'" .!)"$# $n"##"d $" .!=.,. )#" n )"n$!l#

d,)n+ H1 2015: /n+

)"+/n7

T" "+$"d !;")!+" )"n$!l ;!l,"# $n"##"d !n n')"!#" /& 8: &)/.?96# &$./n$ n H1 2019 $/ ?50#

&$./n$ n H1 20157

G/n+ &/)!)d: $" "+$"d !;")!+" )"n$!l# !)" "=

'/n#$)'$"d #,B,#n"## d#$)'$R"n$!l !l,"

R!n+" n H1 2015?

12-

./n$

-

./n$

CBD % /&&-CBD 6546 28 18

SBD 9463 8 8

PBD E!#$ 196 28 28

PBD S/,$ 09 28 18

ORR 950 8 58

S/,)'" Kn+$ F)!n R"#"!)'

`

D # F & $ D . / n $ -


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e Ben2aluru oce mar+et 5ill continue to see t.e u1trend t.at 5as e6ident in * %0' in *%5ell/ 5.ic. could be attributed to t.e 1ositi6e occu1ier sentiment t.at 5ill lead to 1ursuin2 2ro

e ndian business scenario/ is 1oised to become one o +ey demand dri6ers o t.e cityHs oce m

OUTLOOK FOR THE NET SI MONTHS

P)/"'$/n# H2 2019 H2 2015E G)/$

N" #,!nd '/n#/ld!$/n

$//

#

$" ORR !)" l"l( $/ n')"!#" n $"

#/)$ $").7 T" "+$"d !;")!+"

)"n$!l# /& $" '$( !)" "#$.!$"d $/

n')"!#" *( 8 n H2 2015 /n ! YOY

*!##7

T" "-'/..")'" #"'$/): ' !#

*""n &!#$ +!nn+ +)/,nd n $"

Ind!n *,#n"## #'"n!)/: #


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!()*OR

as.5in Ban2era!ssistant Eice


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RESEARCHINDIA REAL ESTATE -

RESIDENTIAL MARKET


FIGURE 1

CHENNAI MARKET TRENDS


14:0009:600

1:000

19:000

12:000

9:500

10:000

4:000

9:00

:000

9:000

2:000

9:100

0 :300

H1 201 H2 201 H1 2019 H2 2019 H1 2015 H2 2015 E

S/,)'" Kn+$ F)!n R"#"!)'

A*#/)

T" d";"l/

'/n$n,"d $/ $)"nd l/")7

H1 2015 #! ! #!)< 208 d"'ln"

n $" n,.*") /& ,n$# l!,n'"d:

'/.

!# d";"l/


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e C.ennai residential mar+et is under2oin21rolon2ed but .ealt.y 1eriod o time correction as launc.es and absor1tion urt.er correct by %0

$." $/ l!,n'


46/61

ut. C.ennai 5as t.e only micro-mar+et t.at sa5 an increase in its mar+et s.arelaunc.es durin2 * %0'4 ,ocations in t.e sout./ suc. as elamba++am sa5 most o t.e6elo1ment interest durin2 t.is 1eriod

* %0=

/377units

*% %0=

7/38units

* %0'

/0%units

MICRO-MARKET SPLIT OF RESIDENTIAL

LAUNCHES

FIGURE 2

MICRO-MARKET SPLIT OF LAUNCHED UNITS

H1 2019 H2 2019 H1 2015

408

608

08

508

908

08

208

108

0

CENTRAL NORTH SOUTH >EST

S/,)'" Kn+$ F)!n R"#"!)'

T" #!)< d"'ln" n $" n,.*") /& ,n$# l!,n'"d #! !ll .')/-

.!)"$# l/#" .!)"$ #!)" '/.

#!)" #

K,nd)!$,) !nd l/'!$/n# !# &!) !#

C".*!)!.*!!. #! ./#$ /&

$" d";"l/

N/)$ !nd C"n$)!l C"nn! #!

n"+l+*l" l!,n'"# d,)n+ H1 20157

N/)$ C"nn! !# #,&&")"d d," $/

$" l!' /& #/'!l n&)!#$),'$,)" !nd


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sor1tion le6els .a6e dro11ed in * %0' com1ared to t.e same 1eriod in t.e 1re6ious yea

=

TICKET SIE SPLIT OF LAUNCHES DURING H1 2015

1008

308

408

608

08

508

908

08

208

108

-

`275 MN `275 - 5 MN `5 - 675 MN `675 - 10 MN `10 - 20 MN `20-90 MN `40-150 MN


S/,)'" Kn+$ F)!n R"#"!)'

MICRO-MARKET->ISE RESIDENTIAL SALES

M')/-.!)"$ L/'!$/n#

C"n$)!l C"nn! T7 N!+!): N,n+!.*!!.: K/d!.*!!.: Ad(!): Kl

>"#$ C"nn! P/),): A.*!$$,): M/+!S/,$ C"nn!P"),.*!!.: C)/.


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CHENNAI METROPOLITAN REGION MAP

M!d!;!)!.

A.*!$$,)

P")!.*,) T/nd!)


49/61

* %0=

0/%%units

*% %0=

0/3=3units

* %0'

/0units

= CN)R!,%7 ;S)= NOR)*A' SO()*

arly % o t.e under-construction units in C.ennai are concentrated in t.e Sout. and ;est mi

RESEARCHINDIA REAL ESTATE -

=

FIGURE 9

MICRO-MARKET SPLIT OF SALES

H1 2019 H2 2019 H1 2015

408

608

08

508

908

08

208

108

0


S/,)'" Kn+$ F)!n R"#"!)'

T" .')/-.!)"$ #

2 8

8

8

8

8


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N"!)l( 328 /& $" ,nd")-'/n#$),'$/n ,n$# n C"nn! !)"

'/n'"n$)!$"d n $" S/,$ !nd >"#$ .')/-.!)"$# /& $"

'$(7

C/.

n'"n$;" &/) $" C"nn! /."*,(") $/ l// n/)$ &/)

/."#7 T# !# '!,#"d d";"l/

)".!n# $" ./#$ #/,+$-!&$") )"#d"n$!l .')/-.!)"$ /&

$" '$(7

PREMIUM RESIDENTIAL MARKET LAUNCHES:

ABSORPTION AND PRICE TRENDS

M')/-.!)"$ P)".,. l/'!$/n#

C"n$)!l C"nn!N,n+!.*!!.: R A P,)!.: Al!)

S/,)'" Kn+$ F)!n R"#"!)'

FIGURE

PREMIUM MARKET TRENDS

LAUNCHES ABSORPTION >T7 AG7 PRICE?RHS@

1:000

+ !#

#+n'!n$l( +") !

In')"!#n+ )"d";"l/


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00

H1 201 H2 201 H1 2019H2 2019 H1 2015

S/,)'" Kn+$ F)!n R"#"!)'

N/$" Premium markets include locations

!here the a"erage ticket si#e o$ a residential

unit is abo"e ?45 mn, are in close pro'imity

o the central business district o$ the city and

ha"e !itnessed ne! pro(ect launches in the

preceding three years

'

/

.

!l& !# "ll d,)n+ $" #!."


52/61

C*NN! C)

)S

CHENNAI MARKET HEALTH

FIGURE 6

QUARTERS TO SELL ?QTS@ UNSOLD INENTORY ANALYSIS

3

4

6

5

9

2

1

S/,)'" Kn+$ F)!n R"#"!)'

N/$" T" #" /& $" *,**l" nd'!$"# $" ,!n$,. /& ,n#/ld n;"n$/)(

T" C"nn!

.!)"$ !d !

#+n&'!n$l( +")!

$/ $" #,

T" C"nn! )"#d"n$!l .!)"$

',))"n$l( !# ! QTS /& 673: $

!n !;")!+" !+" /& n;"n$/)(

/& 374,!)$")#7 T" QTS !# *""n n'n+ d/n #n'"

$" *"+nnn+ /& 2019: ' #+n"# !n

."#$ C"nn! !)" $" *"#$-


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N/)$ C"nn! # $" /)#$-


54/61

e e1ect t.e 5ei2.ted a6era2e 1rices in C.ennai to 2ro5 urt.er in *% %0'/ albeit at a

nifcantly slo5er % o as t.e residential mar+et consolidates and .omebuyers start comin2 be mar+et to5ards t.e end o %0'

PRICE MOEMENT DURING H1 2015

>"+$"d !;")!+"

L/'!$/n# #,' !# P!ll!;!)!. !nd

P"),.*!!.: #$,!$"d n $"

'/))d/) *"$""n $" OMR !nd GST

R/!d: #! $" *,l /& $" l!,n'"#

d,)n+ H1 2015 !nd !l#/ $" +"#$

T7 N!+!) C"n$)!l 14:000 18 18

Al!nd,) C"n$)!l 6:000 8 28

P/),) >"#$ 5:200 98 28

A.*!$$,) >"#$ 9:100 28 18

M/+!

S)


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/& 18 $/ 87

T" Ind!n +/;")n."n$# ;#/n

$/ d";"l/< P/nn"): n N/)$

C"nn!: !# ! #.!)$ '$( !#

"l

K/(!.*"d,: A#/ N!+!)

!nd Al!nd,) 118 +)/$ #""n d,)n+ H1 20157


56/61

e eJects o a steadily- im1ro6in2 oce mar+et/ t.an+s to im1ro6in2 undamentals in t.e )L )eSrub oJ on t.e residential mar+et as 5ell4 *ence/ locations suc. as &!ll Y/Y n H1 20157 A*#/)

+)/$ ll '/n$n," $/ *" l.$"d

,n$l !*#/)

!nd ITIT"S #"'$/)# $!$ .!" ,<

$" *"d)/' /& C"nn!# "'/n/.(:

'/," *"l";" $!$ S/,$ C"nn! ll

'/n$n," $/ +)/: !# '/nn"'$;$( $/

".

/."*,(")# &)/. l//n+ "l#"")"7

T"

.!n,&!'$,)n+ #"'$/)#: !)" */,nd

$/ ),* /&& /n $" )"#d"n$!l .!)"$

!# "ll7 H"n'": l/'!$/n# #,'

!# P!ll!)!n!: M"d!;!!.:

P"),.*!!. !nd l/'!$/n# /n $"

P!ll!;!)!.T/)!

!)" "ll '/nn"'$"d $/ ITIT"S /&'"

,*# /n $" OMR $ .


57/61


58/61

D;(!#)"

" P/n$

!$

S/ln+!

n!ll,)

'!."

/nln"7


59/61

48mn s t %4%mn s t %40mn s t

* %0= *% %0= * %0'


e B"S sector 5as t.e lar2est consumer o oce s1ace in t.ree o t.ee business districts o C.ennai

#!)" Y/Y !# nd,#$)( .!/)# #,'

!# BNP P!)*!# !nd C$*!n $//

,

)"!l "#$!$" &//$


60/61

DEAL SIE ANALYSIS

FIGURE 9

AERAGE DEAL SIE AND NUMBER OF DEALS

AERAGE DEAL SIE ? # &$@ NUMBER OF DEALS ? RHS@

0:000 30

4050:000

60

90:000 0

500:000

90

20:000 0

10:000

0

20

10

0

H1 201 H2 201 H1 2019 H2 2019 H1 2015

S/,)'" Kn+$ F)!n R"#"!)'

T" !;")!+" d"!l #"# #$!*l#"d n 2019: "n $"( !;")!+"d 'l/#" $/ 25:000

,n$#: !nd !;" +)/n n"!)l( 908 $/ !l./#$ 5:000 ,n$# n H1 20157 T#

*/d"# "ll &/) $" .!)"$ !nd '/,ld ")!ld ! ./)" #,#$!n"d )"'/;")( n $."#

$/ '/."7

T" n')"!#" n !;")!+" d"!l #"#:

'/,


61/61

e a6era2e deal siIes stabilised in %0=/ 5.en t.ey a6era2ed close to %'/000 s t/ and .a6e 2ros bodes 5ell or t.e mar+et and

uld .erald a more sustained reco6ery in times to come4

S"l"'$ $)!n#!'$/n#

L/'!$/n B,ldn+ C/.

K!nd!n'!;!d RM F/)d 3:500

S/ln+!n!ll,) T"'' P!) E9E 0:000

T!)!.!n TRIL L!$"n$" 55:000

A.*!$$,) Ind! L!nd B!nB!! 50:000

N!nd!.*!! F)#$ IT P!) #/l,$/n# 92:000

S/,)'" Kn+$ F)!n R"#"!)'

India Real Estate Jan to Jun 2015 3086

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