State of Real Estate -...

PleaserefertoDisclosuresandDisclaimersattheendoftheResearchReport.

StateofRealEstateForthemonthofApril2014

20May2014PhillipCapital (India) Pvt. Ltd.

Themonth thatwas General Elections fever impacted property transactions.Whilecashrichdeveloperssuchacross India (includingMumbaiandBangalore)havestartedclosing landdeals.Andfinally,theBigBoyUnitech istargetingtorampupitsannualdelivery/executionby50%.ThekeydevelopmentswhichtookplaceinApril2014 Priceyrealtydeals:Cipla'sYusufKHamied&KKR'sSanjayNayarbuyBreach

Candys Sea Face Park home at Rs 285mn. The seafacing 3bedroomapartmentsinBreachCandy'sSeaFaceParkisinSouthMumbai,inwhatarethesecondmostexpensiveapartmentdealsacrossthecountry.

TataHousing buys KECs Thane land parcel for Rs 2.25bn: Company hasacquireda7acrelandparcelinThanefromKECInternationalforRs2.25bn.companyisplanningtodeveloptheplotintoahighendluxuryproject.

While Lodha grouphasbought an88acre lot in Thane forRs11.54bn (Rs1.3bnanacre)fromchemicalsproducerClariantIndia.

RevisedNCRplanwill limitconstruction ingreenzones:Aspertherevisedplan forNational Capital Region and subregional plan of Haryanawill bereworked to ensure no tourism activities and only limited construction innaturalconservationzones(NCZs).

Model code impacts property transactions across Karnataka: ThemodelcodeofconductandtheresultantcurbsoncarryingcasharestatedtohaveimpactedpropertytransactionsacrosstheState,andthishasbeenvouchedbytheDepartmentofStampsandRegistration.(pg7)

DemandforhomesinBangaloresettopickupinnewFY:Withthestartofthenew financial year, thedemand for residentialoptions is set togoup.Enquirieshavestartedpickingupwithincrementsandbonusesexpectedthismonthandwithtaxplanningtobedoneforthefiscal.(pg7)

Affordable housing to get a boost in Chennai: The ChennaiMetropolitanDevelopment Authority (CMDA) has taken an initiative to invite thelandownersowning50acresandabovetojointhegovernmentsinitiativeinimproving theaffordablehousing stock in the state.The incentive for suchprojects is50percentadditionalFSI inthebuiltupareafortheproject.(pg10)

Property funds sharpen focusonbigger cities:Realestatefocusedprivateequity(PE)fundsareturningtheirattentiontobiggercities.Reason:Lackofinvestment opportunities in TierII and III cities and higher returnpossibilitiesinlargeones.

Cashrich realtors like RMZ, Shriram Properties & others exit partlycompletedprojectsatbigdiscounts:Anextremelyslow realestatemarketacross segments is pushing debtridden, cashstrapped developers to exitpartlycompletedprojectsandundeveloped landatmassivediscountsofasmuchas40%. Buildershavinghugedebtandunable togeneratecash flowarereadytoofferdiscountstoexitprojects.(pg7)

Unitech to increasespendingondevelopingprojects:Unitech is increasingits construction spending so that it can deliver at least sixmillion sq ft ofdevelopedareathis financialyear,a jump from itsrateof fourmillionsq ftannuallyinthepastfewyears.(pg4)

AbhishekRanganathan(+912266679952)[email protected](+912266679996)[email protected]

20May2014/INDIAEQUITYRESEARCH/REALESTATEMONTHLY

Mumbai

Pricey realty deals: Cipla's Yusuf K Hamied & KKR's Sanjay Nayar buy BreachCandys Sea Face Park home at Rs 285mn. Cipla's Yusuf K Hamied and privateequitygiantKKR'sSanjayNayarhavebought seafacing3bedroomapartments inBreach Candy's Sea Face Park in SouthMumbai, in what are the second mostexpensiveapartmentdealsacross thecountry.Both thedeals,atRs285mneach,work out to be 124,000 per sq ft, falling just short of the odd Darshan Heightstransaction last year and clearly defy the ongoing sluggishness in the propertymarket.

TataHousingbuysKECsThanelandparcelforRs2.25bn:Companyhasacquireda7acre land parcel in Thane from KEC International for Rs 2.25bn. company isplanning todevelop theplot intoahighend luxuryproject.Theprojecthas totalrevenue potential of around Rs 10bn, based on current property rates. The landparcelisexpectedtooffertotaldevelopmentpotentialof0.75mnsqft.

Byculla market set for a makeover: The Brihanmumbai Municipal Corporation(BMC)hasgivenagoaheadfortheredevelopmentoftheover156yearoldBycullamarket,alsoknownasSantGadgeMaharajMandai,whichwasfoundedin1858bytheMeherfamilyofJunnar.Themarketisallsettoberazedforamoderncomplexwhichwillhouseamarket,spacefortheBMCandresidentialapartments.Currently,thismarket is in a chaotic statewith no provision for sanitation and ventilation.Adding more to the problems of the locals are the narrow passageways,unavailability of proper booths and shops leading to accumulation ofwaste anddiscardedmaterial,notonlywithinthemarketbuttheroadconnectingthemarket,makingthisareahighlyunhygienicforalltheendusers.Theredevelopmentmodelofthemarketisgoingtotakeintoaccountallthesefactors.

Lodhabuys88acresinThaneforRs11.54bn:InoneofthebiggestlanddealsintheMumbaimetropolitanregion,theLodhagrouphasboughtan88acre lot inThaneforRs11.54bn(Rs1.3bnanacre)fromchemicalsproducerClariant India.Theplothasafloorspaceindex(FSI,permissibleconstructionallowedonapieceofland)ofeightmillionsqft,makingforaRs1,442.5asqftdeal.Consultantscalleditagooddeal, as Thane commandsprices of Rs 10,000 to Rs 12,000 a sq ft in residentialprojects.Lodhawouldhavetospendadditionalamountsonapprovalsandvariousothermatters,increasingthenetacquisitionprice.

Godrej Properties enters into partnership to develop residential project: Thecompany has entered into a partnershipwith Oxford Group and EktaWorld todevelop a residential project inMundhwa, Keshavnagar and Pune. The project,spreadover43 acres,willoffer approximately2.8million square feetof saleableareaandwillbedevelopedasapremiumresidentialdevelopmentcomprisingone,two, three and 4BHK apartments. Thiswould be a joint venture project for theMumbaibasedrealestatedeveloperwiththecompanygetting35percentoftheprofitsfromtheproject

ResidentialProjectsRecentandNewLaunchesinMumbaiDeveloper Nameofthe

ProjectCity Location Subvention

schemeResidential/Commercial

Size(InSqft) Price/unit Possession

VijatGroup VijayResidency Thane PalmStreet,GhodbunderRoad

Residential 23BHK Rs7800/sqft

MantriRealty Serene GoregaonEast OffFilmCityRoad Residential 123BHK Rs8.5mnonwards

Nearingpossession

ShethCreators AurusSerenity MaladWest MaladWest Residential 234BHK Rs13500psf Hiranandani RodasEnclave ThaneWest OffGhodbunder Residential 2345BHK Rs14.5mn

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Road onwardsIndiaBulls GolfCity Savroli KhalapurTollPlaza Residential Apartments Rs6000/sqft VijayGroup Orion GhobunderRoad Thane Residential 345BHK Rs2444mn

onwards

L&TRealty EmeraldIsle Powai Mumbai Residential 22.534BHK Rs18.2mnonwards

MarathonGroup Marathonenexzone

Panvel NationalHighway4B

Y Residential 2BHK Rs5.7mnonwards

Sheth Shethmidori DahisarEast WesternExpressHighway

20/80 Residential 1.52BHK Rs10.0mnonwards

Gundecha Zenith MulundWest P.K.Road Residential 23BHK 17.3mnonwards Gundecha Altura Kanjurmarg

WestLBSRoad Residential 23BHK(888

981sqft)Rs17500/sqft Ready

possessionGundecha Montego AndheriEast Sakinaka Residential 12BHK Rs6.8mn

onwards

Kohinoor Kohinoorcity KurlaWest OffLBSRoad Residential 23BHK Rs13380/sqft ThakurRealty ThakurJewel KandivaliEast ThakurVillage Residential 34BHK Rs28.0mn

onwards

Kalpatru Aura Ghatkopar(w) LBSMarg Residential 2and2.5BHK(11431360sqft)

Rs1215mn

Paranjapeschemes

RoyalCourt AndheriEast SaharRoad Residential 23BHK Rs28.036.2mnonwrads

Dec14

Paranjapeschemes

PrayogC.H.SLtd. Santacruz(E) PrabhatColony Residential 22.53BHK Rs28.8mnonwards

Paranjapeschemes

Snehdeep GoregaonEast OffAareyRoad Residential 2BHK Rs17.6mnonwards

Paranjapeschemes

Vighnarajendra AndheriEast CeaserRoad Residential 2.5BHK Rs18.019.3mnonwards

RajeshLifespaces Grandeur Powai Residential 34BHK Rs51.75mnonwards

RajeshLifespaces Altezza MulundWest Residential 23BHK Rs13.10mnonwards

RajeshLifespaces Infinia MaladWest Residential 234BHK Rs14.72mnonwards

RajeshLifespaces Whitecity KandivaliEast Residential 1234BHK Rs7.94mnonwards

RajeshLifespaces Tattva ThaneWest Residential 34BHK Rs17.18mnonwards

Sheth Vasantoasis Andherieast Marol 25/75 Residential 122.534BHk 9.44mnonwards Constructioninfullswing

DamjiShamjishahgroup

MahavirUniversePhoenix

Bhandup(West) LBSMarg Residential 22.534BHK(11602243sqft)

Rs13.325.7mn

Rustomjee Urbania ThaneWest Nearmajiwadajunction

Y Residential 23bhk Rs10.2mnonwards

Lodha LodhaGolflinks Palava Residential 3BHK Rs18.0mnonwards

Lodha Palava KalyanshilRoad Residential 12exoticaresidence

Rs4.0mnonwards

VijayGroup Vijaygalaxy Thanewest Waghbilnaka,G.B.road

Residential 12BHK Rs7.9mnonwards

TataHousing GatewayTowers MulundEast Nr.MahadaBusDepot


Gundecha Zenith MulundWest P.K.Road Residential 23BHK 17.3mnonwards Gundecha Altura Kanjurmarg

WestLBSRoad Residential 23BHK(888

981sqft)Rs17500/sqft Ready

possessionHiranandaniEstate

Brookhill Thanewest OffGhodbunderRoad


NearingCompletion

PrithviEdifice PrithviPresidio Pune MargarpattaCity Residential 23BHK Rs6850/sqft

Source:PhillipCapitalIndiaResearch

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NCR GodrejProperties looking toenterNoida realestatemarket :GodrejProperties

willinvestRs1.5bntodevelopanewhousingprojectinGurgaon.PartoftheGodrejGroup,therealtyfirmhasformedajointventurewithOasisBuildhomePvtLtdthatownstheland.Thecompanywoulddevelop306apartmentsinthisproject,whichisspreadover4.5acreandhasasaleableareaof0.5mnsqft.

RevisedNCRplanwilllimitconstructioningreenzones:AspertherevisedplanforNationalCapitalRegionandsubregionalplanofHaryanawillbereworkedtoensureno tourism activities and only limited construction in natural conservation zones(NCZs).These sensitive zones includeAravalis, riverbeds andmajorwaterbodies.According the NCRPB reports, green cover and water bodies almost equal to aquarter(23%)ofDelhisareawaslosttodevelopmentworksandrabidurbanizationinNCR.

GDAissuesnoticeto30realestatefirms:largescaleviolationofUPApartmentActbydevelopers,GhaziabadDevelopmentAuthority(GDA)has issuednoticestoover30 realty firms.GDAhas askeddevelopers to submit adeclaration inwhich theyhave toexplaindetailsof theirprojects, includingplot size,numberof floorsandflatstobeconstructed,landtitle,facilitiestobeoffered,etc.Theauthoritywilllatercrosscheck the details and examine whether construction is going on as pernecessaryapprovalsornot.AspertheUPApartmentAct,developershavetosharedetailsoftheirprojectswithinonemonthofapprovaloftheirbuildingplanssothatbuyersarenotmisguidedanddeprivedoftheirrights.

Haryanatoconsiderministry,NCRboardfindingsbeforefinalisingplan:AftertheNational Capital Regional Planning Board (NCRPB) on Friday considered the subregionalplan2021forHaryanadistrictsfallingwiththenationalcapitalregion,thestategovernmenttoldtheboarditwouldtakeintotheaccountitsobservationsaswellasthatofministryofenvironmentandforests(MoEF)beforefinalisingthesubregionalplan.Haryanahas to submit a compliance reportbefore thePunjab andHaryana high court byMay 9 on the status of its subregional plan visavis theNCRPBsobservations.TheHChasrestrainedthestategovernmentfromissuinganycolonisation licences, change of land use permissions till the time the planwasapprovedbytheNCRPB.

Unitech to increase spending on developing projects: Unitech is increasing itsconstruction spending so that it candeliverat least sixmillion sq ftofdevelopedareathisfinancialyear,ajumpfromitsrateoffourmillionsqftannuallyinthepastfewyears.Thecompanyhasninemillionsqftofdeliverypendingfromthebefore2009,when the economy started slowing.Overall, ithas12million sq ftdue fordelivery.37millionsq ftwasunderdevelopment,ofwhichonethirdwasdue fordelivery."At itspeak,thecompanyhaddeliveredareaofaroundninemillionsqftannuallyfouryearsago.

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ResidentialProjectsRecentandNewLaunchesinDelhiDeveloper Nameofthe

ProjectCity Location Subvention



Amrapali LaResidentia GreaterNoida TechZoneIV,GH06

40/60 Residential 234BHK Jun15

ParasBuildtech ParasSeasons Noida 68,Expressway Residential Sunworld Vandita Noida Yamuna

Expressway Residential 123BHK Launching

PhaseIIBullandBuildtech BullandElevates GreaterNoida Section16C Residential 234BHK ParasBuildtech ParasDew Gurgaon Dwarka

Expressway Residential 234BHK

AceGroupIndia AceGolfshire Noida Sector150 Residential Launchingsoon

AmrapaliGroup AmrapaliSiliconcity

sector76 Noida Residential 234BHK Nearingpossession

SuperTechLimited AapkaGhar GreaterNoidaWest

5minsfromNoida

Payonly34Lakh(23BHK);get5%

cashback

Residential 23BHK

AgranteRealtyLimited

Beethoven's8 Gurgaon Sector107 Residential 23BHK Constructioncommenced

JMHousing JMFlorence GreaterNoida(West)

DVGH09C,SectorTechZone4

Residential 23BHK

Spaze SpazePrivy Gurgaon Sector72 Residential 23BHK Privvy TheAddress Gurgaon Sector93 Residential 3BHK SolitaireRealinfraPvt.Ltd.

LeSolitairian YamunaExpressway

Residential 234BHK

Adityabuilders Adityaworldcity Ghaziabad NH24 Residential 3BHK Rs3.1090mnonwards

possessionin12months

PyramidTownshipsPvt.Ltd.

SpeedwayPremiumResidences

Jaypeegreenssportscity

GreaterNoidawest

Residential 234BHK Launchingsoon

AmrapaliGroup SpringMeadows GreaterNoida(West)

GH07A,TechZoneIV

Residential 123BHK ConstructioninFullSwing

AmrapaliGroup AmrapaliZodiac Sector120 Noida 40/30/30;bookpenthouseor

Groundfloorgetdreamcarfree

Residential 234BHK Readytomovein

AmrapaliGroup AmrapaliPlatinum Noida Sector119 40/30/30;bookpenthouseor

Groundfloorgetdreamcarfree

Residential 234BHK Readytomovein

AmrapaliGroup AmrapaliSapphire sector45 Noida 40/30/30 Residential 234BHK ReadyPossession

AmrapaliGroup AmrapaliEdenPark Noida Sector50 40/30/30 Residential 234BHK Readytomovein

AmrapaliGroup AmrapaliRiverGroup

GreaterNoidaWest

NexttoHindonRiver

Residential 23BHK Constructioninfullswing

AmrapaliGroup Princelyestate Noida sector76 40/30/30 Residential 234BHK Nearingpossession

AmrapaliGroup AmrapaliVeronaheights

GreaterNoidaWest

GreaterNoidawest

40/30/30 Residential 234BHK Attractiveratesformimitedperiod

Constructionstarted

AmrapaliGroup Kingswood GreaterNoidaWest

GreaterNoidawest

Residential 23BHK Constructionstarted

AmrapaliGroup AmrapaliCrystalHomes

sector76 Noida 40/60 Residential 3BHK Rs6.3mnonwards

Constructionstarted

AmrapaliGroup LeisurePark GreaterNoidaWest

GreaterNoidawest

40/60(getwaiverallcharges)


AmrapaliGroup DreamValley GreaterNoidawest

GreaterNoidawest

Residential 23BHK Rs2.73.5mnonwards

Constructioninfullswing

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Unitech Unitechespacepremiere

NirvanaCountry2

gurgaon ZeropreEMIofferfor18months

Villa Villa

SuperTechLimited NorthEye Noida Sector74 40/60 Residential 1234BHK Rs4.3mnonwards

SuperTechLimited RitzChateaue Noida Sector74 Residential EldecoInfrastructure&PropertiesLtd.

Mysticgreens GreaterNoida Omicron Residential 23BHK 44.10lacsonwards

Sunworld Arista Noida NoidaExpressway

40/30/30 Residential 345BHK Rs5250/Sqft

Chintels Serenity Gurgaon Sector109 Residential 34BHK SarvAwasHousingBhiwadiPrivateLimited

AravaliGardens Bhiwadi AlwarByepassRoad

Residential 123BHK Rs0.901.99mnonwards

Launchingsoon

SuperTechLimited Romano GH01,Noida Sector118 Residential 23BHK Rs3700/sqftonwards

SuperTechLimited AapkaGhar GreaterNoidaWest

5minsfromNoida

Payonly34Lakh(23BHK);get5%

cashback

Residential 23BHK

Adityabuilders Whitecottage Noida NH24 Residential 3BHK Rs3.190mnonwards

Adityabuilders Willow Noida NH24 Residential 3BHK Adityabuilders LuxuriaEstate Ghaziabad NH24 Residential 23BHK Rs2.545mn

onwards

SGEstatesLimited SGImpressionsplus RajnagarExtension

Gaziabad Residential 34BHK Rs3.3mnonwards

ReadyPossession

SGEstatesLimited SGAlphatower Sector9Vansundhara

Gaziabad Commercial 400Sqft Rs3mnonwards

ReadyPossession

SGEstatesLimited SGHomes Sector3Vansundhara

Gaziabad Residential 234BHK Rs6mnonwards

Nearingpossession

SGEstatesLimited IndigoSGImpressions58phase2

RajnagarExtension

Gaziabad Residential 3BHK Rs4.1mn Nearingpossession

SGEstatesLimited SGGrandRajnagarExtension

RajnagarExtension

Gaziabad Residential 23BHK Rs2.75mnonwards

UnderConstruction

SGEstatesLimited SGBenefit Govindpuram Gaziabad Residential 123BHK Rs2.3mnonwards

Launchingsoon

Ansalhousing&constructionLtd.

Ansalhighlandpark Gurgaon Sector103 20%onbookingnext2yearnoEMI

Residential 23BHK Constructioninfullswing

SGEstatesLimited SGOasis Gaziabad Sector2B,Vasundhara

Residential 23BHK Comingsoon

KampDevelopers Kamp Dwarka Sector21 Residential 234BHK Rs4250/sqftonwards

Ajnara Ambrosia Noida Sector118 30:30:30:10 Residential 234BHK Rs4.336mnonwards

KrishInfrastructurePvt.Ltd.

KrishHarmony Bhiwadi Bhiwadi Residential VillasandExecutiveFloors


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Bangalore

Model code impactsproperty transactionsacrossKarnataka:Themodel codeofconduct and the resultant curbs on carrying cash are stated to have impactedproperty transactions across the State, and this has been vouched by theDepartment of Stamps and Registration. The decline is testified by the figurescompiledby theDepartmentofStampsandRegistrationduringMarch2014overthecorrespondingmonthofthelastfiscal.WhileMarch2014sawacollectionofRs.5.11bnasstampdutyandregistrationfee,thedepartmentcollectedRs.5.3bn lastMarch. Significantly, thisdecline comesdespite thedepartmentsannual revenuegrowingby14per cent in20132014over theprevious financialyear.Thedip inregistrations pertainmostly to individual homes, sites, and agriculture and nonagricultural land that commandahighermarket value compared to theguidancevaluefixedbythegovernment,say insiders intherealestatesector.ThevigilanceoncashmovementbytheElectionCommissionhasmadepeoplewaryofcarryingcash.

Cashrich realtors likeRMZ,ShriramProperties&othersenterpartlycompletedprojectsatbigdiscounts:Anextremelyslowrealestatemarketacrosssegmentsispushing debtridden, cashstrapped developers to exit partly completed projectsandundeveloped landatmassivediscountsofasmuchas40%.Cashing inon theopportunity areother cashrichdevelopers such asKanakiaGroup,RMZ, ShriramProperties and the Salarpuria Sattva Group, which are actively negotiating forprojectsthatarestuckforwantoffunding."Buildershavinghugedebtandunabletogeneratecashflowarereadytoofferdiscountstoexitprojects.

DemandforhomesinBangaloresettopickupinnewFY:Withthestartofthenewfinancial year, thedemand for residentialoptions is set to goup.Enquirieshavestartedpickingupwith incrementsandbonusesexpectedthismonthandwithtaxplanningtobedoneforthefiscal.ZahedMahmood,Director,SilverlineRealty,feelsthatwith the stockmarketsup,goodofferings in themarket,competitivepricingandassortedschemes,prospectivebuyersshould lookatbuyinghomesfromApriltoJuneJuly.Manydevelopersareofferingbetterdealstobuyersnow.Banksareprovidingtailormadeschemessuchastheonewherethe interestcanbepaidonthecompletionoftheproject.Thereisalsothetaxbenefitavailableonhomeloans.According toMoore,While theenquiry level is just starting topickup, themostimmediaterequirement isforhomes inthesoutheastandnorthsegments,withareasonabledemand in theCentralBusinessDistrict (CBD).According to research,theRs36mnsegmentcontributedmaximumsupplyintheBangaloremarketwith32percent,followedbytheRs1030mn(premiumsegment)with24percent.TheBangalore real estatemarket ismostly enduser driven.We are finding a lot ofdemand for first homes in the city limits (within the Outer Ring Road). In theoutskirts,investmentsintheaffordablesegmentarestrong.

GodrejPropertiestodeveloptownshipprojectinBangalore:GodrejPropertiesLtd,the real estate development arm of the Godrej Group, has entered into an LLP(limited liability partnership) to develop a residential township project in NorthBengaluru.The100acreprojectwouldofferapotentialsaleableareaofabout9.4million sq ft. Like other projects, this townshipwould be developed as a profitsharingpartnership.

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ResidentialProjectsRecentandNewLaunchesinBangaloreDeveloper Nameofthe

ProjectLocation Subvention



PrishaPropertiesIndiaPvt.Ltd.

Orchids NearHebbal Residential 2BHK(14401630);3BHK(20503150sqft),4BHK(3330sqft)

Rs6.48mnonwards

SreenidhiGroup JeevanadiSanskar Hebbal Residential 27463309sqft Rs17.1mnonwards

May14

IndiumProperties IndiumLakeForest MysoreRoad,Hejjala Residential GreenHome TheTrove NearElectroniccity Residential ZonashaBuildingLandmarks

ZonashaVista harlurRoad Residential 123BHK(780/1020/1350sqft)

Rs3900/sqft

ZonashaBuildingLandmarks

Zonashaelegance harlurRoad Residential 234BHK Rs4.65mnonwards

Mahaveergroup Riviera JPnagar5thphase Residential Rs7.8mnonwards

Mahaveergroup Tranquil Whitefield Residential Rs7.8mnonwards

Mahaveergroup Laurel BTM4thstage Residential Rs5.7mnonwards

Mahaveergroup Oleander OffHosurroad Residential Rs4.8mnonwards

Mahaveergroup greens MysoreRoad Residential Rs4.4mnonwards

Mahaveergroup cedar Hesaraghattaroad Residential Rs3.5mnonwards

Mahaveergroup Desire offtumkurroad Residential Rs3.3mnonwards

Mahaveergroup fortune offmagadiroad Residential Rs2.8mnonwards

Mahaveergroup galaxy offmysoreroad Residential Rs2.9mnonwards

Mahaveergroup Maple Kundalahallijn.,varthurmainroad

Residential 3BHKandduplex Rs8.3mnonwards

Mahaveergroup Jonquil J.P.Nagar,6thPhase Residential Rs6.2mnonwards

Mahaveergroup Oberon JPnagar5thphase Residential Rs5.7mnonwards

Mahaveergroup Willet KumbenaAgrahara Residential Rs3.2mnonwards

Mahaveergroup Amaze Kadugodi,Whitefield Residential 23BHK Rs4.5mnonwards

Mahaveergroup Ranches OffSarjapurRoad Residential 122.53BHKSLSdevelopers Sunnygardens Doddanakundi Residential 23BHK Rs4.1mn

onwardsSLSdevelopers Sapphire marathahallisarjapurouter

ringResidential 22.53BHK Rs3.7mn

onwardsSLSdevelopers Spencer Horamavu Residential 4BHK Rs15.3mn

onwardsHexabuilders Devarachikkanahalli offBannerghattaRoad Residential 23BHKGoldenGate GoldenHomesIII OffSarjapurRoad Residential Villas(17954055sqft) Rs6.45mn

onwardsGoldenGate Panorama Jayanagar Residential 23BHK Rs5.1mn

onwardsGoldenGate GoldenGrandPhase

IYeshwanthpurStation Residential 23BHK Rs8.120mn

onwardsReady

PossessionAzvenRealtyPvt.Ltd. Breathe NexttoIndusInternational

School,SarjapurResidential 200HamletVillas

Fireluxurdeveloperspvt.Ltd.

TheEmpyrean NH207 Residential Villa Rs6.6mnonwards

MJR MJRClique ElectronicscityphaseI Residential 22.5BHKArthaBuildingHomes Junan offBannerghattaRoad Residential Villas Rs6.0mn

onwardsMahaveergroup Zephyr Kodichikkanahalli Residential 23BHK Rs4.6mn

onwardsUniworthFinvestPvt.Ltd.

UniworthTranquil MysoreRoad Residential Villas Rs6.0mnonwards

ArunShelters ArunAuroville OffjakkurMainRoad Residential 34BHK Rs20.0mn Mar15

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onwardsPrishaPropertiesIndiaPvt.Ltd.

HangingGardens NearHebbal Residential 34BHK(18604355Sqft.)

Rs11.0mnonwards

PrishaPropertiesIndiaPvt.Ltd.

Greens OffSarajapurRoad Residential 23BHK Rs7.1mnonwards

DSR DSRWhiteWaters OffSarajapurRoad Residential 23BHKFortunaConstructions FortunaWhiteWingsOffHALAirportRoad Residential Possessionin

2monthsFortunaConstructions FortunaKrrish HoramavuOffBanasawadi

RingRoadResidential Construction

inFullswingFortunaUrbanscapePvt.Ltd.

FortunaWindFlowerSahakarnagar Residential 234BHK Rs8.0mnonwards

DSMaxPropertiesPvt.Ltd.

Attible E.City Residential Rs1.4443.680mn


Peenya Opp.RockLineStudio Residential Rs2.6274.271mn


Opp.Manyata TechPark Residential Rs4.35.772mn

Keerthi Royalpalms Hosurroad Residential 2BHK1250;3BHK14651745

Rs4.56mnonwards


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Chennai

Affordable housing to get a boost in Chennai: The Chennai MetropolitanDevelopmentAuthority(CMDA)hastakenaboldinitiativetoinvitethelandownersowning 50 acres and above to join the governments initiative in improving theaffordablehousingstock inthestate.AccordingtoseniorofficialswithCMDA,theincentiveforsuchprojects is50percentadditionalFSI inthebuiltupareafortheproject.ChennaisVGNDevelopershasalreadyavailedofthisoptionbutnotonalargerplotsizeandsoldalltheunits.

Sheltrex moves housing project to Oragadam: Sheltrex Developers Pvt Ltd, ahousingventurepromotedbyrealestate investmentcompanyBrickEagleCapital,has shifted its affordable housing project to a new location near Oragadam,following a dispute among the land owners at the previous site. TheBrick Eagleincubated Sheltrex had a plan for developing an affordable homes project inMaraimalaiNagar.Thereweresomedisputeamongthelandownersandwhentheissuewas about to affect around 300 customers,we stepped in and bought theentirestakeinSheltrex,andwewereabletotieupwithJarviniaforthissite.

GMRannouncescompletionofChennaiOuterRingRoadproj:GMRInfrastructuretannouncedcompletionofChennaiOuterRingRoadPhase1projectinTamilNadu,sayingthiswilladdRs1.18bneveryyeartothecashflowofthecompany.GMRhaswonthe29.65kmprojectthroughinternationalcompetitivebidding.

CLBstaysArunaHotelsChennaipropertydevelopment:TheCompanyLawBoardhas grantedan interim stayon theproposed jointdevelopmentofArunaHotelsproperty in theheartofChennai, after a stakeholder challenged theplan. In theinterimorderonApril9, theCLBadvised the respondents, includingMShivaram,Chairman and Managing Director of Aruna Hotels; Kartick Shivaram, ExecutiveDirector; and the Directors S Kalyanam, CL Ravichandran, and Kamal Babbar, torefrainfromsellingorcreatinganythirdpartyinterestintheproperty.

ResidentialProjectsRecentandNewLaunchesinChennaiDeveloper Nameofthe

ProjectLocation 20/80

schemeSize(InSqft) Price/unit Possession

IntouchConstruction&InfrastructurePvt.Ltd.

Amora Manapakkam 23BHK Rs5.59.5mnonwards Constructioninfullswing

Steppingstone Stepsstone Kattupakkam 11.523BHK Rs3190/sqftonwards Constructioninfullswing

Steppingstone Akshara's Perumbakkam 22.53BHK(8211306sqft)

Rs3490/sqftonwards Constructioninfullswing

MettupakkamFoundationspvt.Ltd.

Vruksha Nanmangalam 123BHK4401240sqft


Orchid Keezhkattalai 22.53BHK8331637sqft


Jayaramenclave Madipakkam 23BHK7861291sqft

Shantiniketan Altair Kelambakkam 12BHK Rs1.5891.901mn ColourHomes KanchiPattinam Chennai

BangaloreHighway

Villas/Villasplot Rs3.45.5mnonwardsandRs1.2mnonwards

plots

Sumantha&co. Sreshta Kolapakkam 221/23BHK(11501571sqft)

constructioninfullswing(May2014)

Unitech Uniworldcity Nallambakkam 23BHKUnihomes,Palmvillasandaspengreens

Unihomes:Rs2.3mn;Aspengardens:Rs5.1mn

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11of16


onwards;Palmpremiere:Rs7.66mn

onwardsAshokGroup NandaVanam NearPorur VillaPlots Rs4.0mnonwards SSMBuilders&Promoters SSMNagar Perungalathur 1BR/23BR Rs30003500/sqft ABSEstates SaiVigneshNagar SingaperumalKoil ResidentialPlots RajkhamBuilders AkashGanga Pallikaranai Noregistration

andfreemodularkitchen

23BHK9431668sqft NearingCompletion

RajkhamBuilders RajkhamOrchid PorurNearAyyapanthangal

23BHK(735939)/1436sqft

SVVDgreenhousing SilverBloom MogappairWest 2BHK(740808sqft) Rs2.5mnonwards Nov14SVVDgreenhousing Thistle MogappairWest 12BHK Rs1.6mnonwards Nov14VVBEstates ArthaMeadows OffGSTRoad 2BHK Rs1.995mnonwards VVBEstates ArthaPristine

avenueThirumangalam 23BHK Rs3.5954.995mn

onwards

Landmarkconstruction Orlando Korattur 3BHK(16001805sqft) Landmarkconstruction Aspects Korattur 3BHK(16601674sqft) RubyBuildingFuture RubyElite Santhoshapuram Rs6.17mnonwards RubyBuildingFuture RubyLandmark Vandalur Rs4.124mnonwards RubyBuildingFuture RubyResidency Irumbuliyur Rs2.26mnonwards RubyBuildingFuture RubyPride Pallikaranai Rs4.874onwards RubyBuildingFuture RubyHomes Rajkilpakkam Rs3.95mnonwards RubyBuildingFuture RubyDeluxe Mannivakkam Rs2.77mnonwards Greata MaskenHeights Velachery Rs8500/sqft JainHousingandConstructionLtd.

InseliPark OMRPadur Pay10%andbalanceonpossession

Rs4.5mnonwards Nearingcompletion

JainHousingandConstructionLtd.

AlpineMeadows Pallavaram Pay10%andbalanceonpossession

Rs4.2mnonwards PhaseIhandover


PebbleBrook Thoraipakkam Pay10%andbalanceonpossession

234BHK9962523sqft nopreemi200/sqftdiscount


LaVerdeMare Perungudi Pay10%andbalanceonpossession

launchingshortly


ARJGardens MogappairWest Apartments5061572sqft


AvalonSprings PotheriOffGSTRoad

23BHK(8151258sqft)


JainsWestminster Saligramam

Avignaproperties Avigna Annanagar Apartments/Villas Rs2.0mn/Rs4.0mnonwards

ShriramProperties ShriramOnecity Valarpuram Villas Rs5.0mnonwards Unitech UnitechGardens Nallambakkam 23BHK Rs3.606mnonwards IshaHomes Isha'sPoriyagham Alwarpet 3BHK(15202233sqft) ColourHomes ColorBerry Padur,OMR 23BHK(9731276sqft) Rs2950/sqft ShriramProperties ShriramShankari Guduvancheri 123BHK Rs1.7mnonwards Dec14Northtownestatespvtltd. NorthTown Perambur 123BHK6501396sqft Constructioninfull

swingArinhant/unitech Greenwoodcity PlotsonOmr 18003500sqftplots Arinhant/unitech Greenwoodcity Perambur 123BHK6501396sqft Constructioninfull

swing

Source:Mediasources,PhillipCapitalIndiaResearch


Commercial

Officespaceleasingfallsby5%,supplydown34%inJanuaryMarch:Officespaceabsorptionfellby5percent,whilesupplydeclinedby34percentduringJanuaryMarchperiodascorporatescontinuetoremaincautiousaboutexpansion,accordingto global property consultant CBRE. About 6.6million sq ft of office spacewascompleted inthefirstquarterof2014calendaryearcomparedtoabout10millionsqftinQ12013.Leadingcitiescontinuedtoseeheightenedcautionfromcorporateoccupiers,resultinginsubduedleasingactivityduringthefirstthreemonthsoftheyear.Themajorityofthesedealclosurestookplaceforsmalltomediumsizedofficespaces.

FundFlows/LandDeals/Infrastructureannouncements

IndiaHomes raises Rs 1.5bn from venture capital companies : IndiaHomes, apropertybrokingportal, raisedRs1.5bn fromUSbased venture capital firmNewEnterpriseAssociates (NEA)and twoexisting investors.Present inDelhi,Gurgaon,Noida,Mumbai,BangaloreandKolkata,IndiaHomesplanstoexpanditspresenceinothermajorcities.Formed in2009,this isthesecondroundofprivateequityfundraisingbythecompany. IthadearlierraisedRs1.2bnfromHelionVentureCapitalandFoundationCapital.

XanderGroupinvestsRs3.7bninRustomjee:RustomjeereceivedaninvestmentofRs 3.7bnor $61.5million inoneof its group companies, KapstoneConstructions(KCPL)fromtheprivateequityrealestatearmoftheglobalinvestmentfirm,XanderGroup Inc. The capital receivedwill be utilised for reducingdebt and for furthergrowthoftheRustomjeegroup.KCPLiscurrentlydevelopingRustomjeeUrbania,anIGBCcertified,127acretownshipinThaneareanearMumbai.Theprojectisunderajoint development pact between the company,which operates under the brandnameRustomjeeGroup,andafewlandowners.

Milestone Capital sells Rs 1.45bn Pune property to HNI : Milestone CapitalAdvisorshassolda0.25mnsqftcommercialpropertyinPuneforaboutRs1.45bntoa (HNI),markingapotentialrenewalof interestamongsuch investors inassetsthatofferstablerentalreturnsinadditiontocapitalappreciation.

ACMEgetsordertoconstructnationalgamesvillageinKerala:Thecompanyhasbagged the "order for constructing the 'Games Village' at XXXVNational GamesKerala.ACME.won thebidatRs366mn.Besidesensuring lessoperational costs,prefabricatedvillage canbe relocated toanyother sitewithonly1015per centcostfordismantlinganexistingstructureandreassemblingit.

KoltePatilDevelopersbuys30acresoflandinPuneforRs1.6bn:Thecompanyhasbought 30 acres of land in Pune for Rs 1.6bn to develop a housing project. Thecompanywoulddeveloparesidentialhousingprojectonthisland.

MotilalOswalinvestsRs10bninrealtyprojects:MotilalOswalhasmadeitsmaideninvestmentfromIREFIIwithAhujaDevelopersintheirupcomingresidentialprojectPrasadamatAmbernath(E)ontheoutskirtsofMumbai.InBangaloretheFundhasinvestedwithMahaveerGroupintworesidentialprojectslocatedinYelahankaandBommanahalli. Yelahanka, in north Bangalore. The second project is located atBommanahalli in southBangalore,which isanestablishedmidincome residentiallocationwithsocial infrastructure inplace.Both the transactionsare in linewiththeFunds strategyofdoingMezzanine structureswithdevelopershavingproventrack record. We are glad to associate with credible names like Ahuja and

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Mahaveer, said SharadMittal,Director&HeadReal Estate Investments,MotilalOswalRealEstate(MORE).

Property funds sharpen focusonbiggercities:Realestatefocusedprivateequity(PE) fundsare turning theirattention tobigger cities.Reason: Lackof investmentopportunities in TierII and III cities andhigher returnpossibilities in largeones.Accordingto industryestimates,sincePE investmentsstarted in2005,asmuchas$14billionhasbeeninvestedinabout700transactionswitharound300developersacross33cities inIndia.From33cities, largePE investors'focus isnowonly inthetopthreeorsixmarkets.

DLFtoraiseRs9bnviaCMBS;Crisilgivesstablerating:Thecreditratingagencyhasassigned'AA(SO)/Stable'ratingtotheDLF'sCMBSindicatinghighsafetywithstableoutlook. InOctober lastyear,DLFhadannounced itsplan to raiseaboutRs10bnthrough issue of securities backed by mortgage of two retail assets as part ofstrategytoreplacecostlierdebt,whichstoodatRs174bntwomonthsback.

ShriramPropertiestoraiseuptoRs15bnequity:Thecompanyhasattracted$300million(Rs18bn)fromsevenPEfundstillnow.thefundsarereadytoinvest,giventhemarketsentimentandpoorreturns,Muralisaidthecompanyhaddemonstrateditwas a good investmentopportunity. ICICI Prudential exitedwith a27per centinternal rate of return. Another 12 million sq.ft, including 500,000 sq ft incommercialspace,areunderconstruction,atacostofRs26bn.Muralisaidonly20percentofthespacewasinstock,theresthavingbeensold.Thecompanywillstartdelivering from the next six months to three years. He said there were 1520midsizePEfundsreadyto investRs5001000mn inadeal,40fundswerereadytoinvestuptoRs2bnandsixwereonlylookingforinvestmentaboveRs2bn.

SingaporebasedrealtortoinvestRs2bninLucknowproject:SingaporebasedrealestatedeveloperAzeaProperty Investment (API)announced to investRs2bn inahousingproject in Lucknow.Theproject 'AzeaBotanica' spreadover6.5 acresoflandwouldbecompletedby2016.Itwouldconstruct630premiumhousingunitsintheproject,butkeepourflatpricesaffordabletobuyers.AzeaGaiaisajointventurebetweenAPIandGlobalAssets&InvestmentAlliances.Theprojectwouldoffer2/3BHKapartmentswithpricetagsstartingupwardsofRs5mn.

Regulatory/NationalTrends

Investmentinrealtysectordips65%in2013at$1.2bn:InvestmentinIndianrealestatedeclinedby65percentto$1.2billionduring2013butthecountrywasabletoretain10thrankinAsiaPacific,globalpropertyconsultantCushman&Wakefield.InvestmentinrealestatesectorinIndiastoodat$3.4billionduring2012.Accordingto the report, investment in landwashighest in Indiaat$838million followedbyoffice($247million)inIndiaduring2013.Investmentinlandsufferedadeclineof61percentwhileofficesawadeclineof77percent.

Newhomelaunchesupby43%inJanMarch:Cushman:Over55,000housingunitswerelaunchedinJanuaryMarchperiodintopeightcitiesofthecountry,upby43percentfromthepreviousquarter.AccordingtoCushman&Wakefieldreportthat55,438unitswere launched in the firstquarterof2014calendaryear in theeightmajorcitiesof thecountryagainst38,898units in thepreviousquarter.The totalestimatedunit launcheswererecordedat55,500unitsacrossmajoreightcitiesofIndiawithBengalururecordingthelargestnumberofunitslaunched,anincreaseof22percentfromthepreviousquarter.MumbaiandBengalurutogetherconstitutedaround 50 per cent of the total unit launches in Q1 2014. Barring NCR and

13of16


Ahmedabad,allothercitiessawarise intotalunits launched inQ12014overthepreviousquarter.NCRsawthesharpestdeclineinlaunchesofnewresidentialunitswithadropof18percentoverthepreviousquarter.

Indiamustadoptsinglewindowclearanceforhousing:C&W:Therealtyfirmhasrecommended a singlewindow clearance for housing projects to tackle rapidurbanisation.ExecutionofprojectsisoneofIndia'smainweakness;ittrulyfuelstheculture of slower implementation. India must move towards a single windowclearancesothat1824monthsarenotspentongettingpermissions.

11millionhomesvacantagainstshortageofupto25millionunits:Amidhousingshortage of up to 25million units in the country, National Urban DevelopmentSecretarySudhirKrishnasaidthereare11millionhomesthatarevacantasperthelatestcensusfigureandoutofthat10percentliesinthenationalcapitalregion.

Hircotowriteoff350millionpoundPanvel,Chennaitownshipinvestment:HircoPlc,the investmentcompany listedonLondon'sStockExchange'ssubmarketAIM,decided towrite down its assetsworth 350million pounds (Rs 35bn) followingforeclosureof its residential townships inChennai andPanvelnearMumbai. Thecompany has alleged that these assets are being auctioned and picked up byNiranjanHiranandani"foralotlessthantheirlastappraisedvalue."

NHBto launchratings forhousingprojectssoon:RVVerma,Chairman :NationalHousing Bank said it will soon come up with a rating for housing projects inassociationwithbanks, tohelpbuyersmake informeddecisions.Using the ratingranging from17 (sevenbeing thebestone) for aproject, apotentialbuyer canmakeamoreinformeddecisionandgoforthebestproject.

Belownormalmonsoon to spur labour flight to construction: The availabilityofunskilledandsemiskilled labour forconstructionand realestatesector is likely toincrease if the prediction of belownormal monsoon by India MeteorologicalDepartment(IMD)thisyearcomestrue.Anyshortfall inmonsoonwouldadverselyaffectfarmincomeandpushmarginalfarmersandlabourseekalternativeavenuesof earning.While agriculture supports over 50% of theUttar Pradesh population,monsoonisthemainsourceofirrigationinagriculture.Almost84%and70%oflandholdingineasternandwesternUPregionsisbelowonehectarerespectively,whichimplieslargenumberofmarginalfarmers.

RBIasksbankstodrawuppolicyforpropertydealsabroad:TheReserveBankofIndiahasaskedbankswithofficesabroad to formulateapolicy foroverseas realestate transactions. It asked banks to ensure that all realestate and propertytransactionsatoverseascentresareundertakenaspertheboardapprovedpolicy.The RBI said it has come to its notice that some Indian banks have committedcertain lapseswhilebuyingorsellingrealestateandtakingor lettingoutpropertyonleaseorrentalsinsomeplacesinforeigncountries.

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Management

(9122)23002999(9122)66679735

ResearchPharma

DeepakJain (9122)66679758 AnjaliVerma (9122)66679969 SuryaPatra (9122)66679768PriyaRanjan (9122)66679965

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VibhorSinghal (9122)66679949 SubodhGupta,CMT (9122)66679762VarunVijayan (9122)66679992

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Economics

Consumer,Media,Telecom

VineetBhatnagar(ManagingDirector)JigneshShah(HeadEquityDerivatives)

Automobiles

Banking,NBFCs

ContactInformation(RegionalMemberCompanies)

SINGAPORE

PhillipSecuritiesPteLtd250NorthBridgeRoad,#0600RafflesCityTower,

Singapore179101Tel:(65)65336001Fax:(65)65353834

www.phillip.com.sg

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No.12,JalanYapKwanSeng,50450KualaLumpurTel(60)321628841Fax(60)321665099

www.poems.com.my

HONGKONGPhillipSecurities(HK)Ltd

11/FUnitedCentre95QueenswayHongKongTel(852)22776600Fax:(852)28685307

www.phillip.com.hk

JAPANPhillipSecuritiesJapan,Ltd

42NihonbashiKabutocho,ChuokuTokyo1030026

Tel:(81)336662101Fax:(81)336640141www.phillip.co.jp

INDONESIAPTPhillipSecuritiesIndonesia

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Tel(62)2157900800Fax:(62)2157900809www.phillip.co.id

CHINAPhillipFinancialAdvisory(Shanghai)Co.Ltd.

No550YanAnEastRoad,OceanTowerUnit2318Shanghai200001

Tel(86)2151699200Fax:(86)2163512940www.phillip.com.cn

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3rdFloor,35RuedelaBienfaisance75008ParisFrance

Tel(33)145633100Fax:(33)145636017www.kingandshaxson.com

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SRILANKAAshaPhillipSecuritiesLimited

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