indian real estate transparency by 2014 · pdf filestarted as a pilot project in eight talukas...

Monthly Real Estate Monitor - May 2013Monthly Real Estate Monitor – May 2013

Indian Real Estate Transparency by 2014The Jones Lang LaSalle 2012 Global Real Estate Transparency Index1 revealed renewed impetus in transparency across the world’s real estate markets. India, although, improved its overall transparency rating, its Tier I cities (Delhi NCR, Mumbai and Bangalore) were ranked lower at 48 in 2012, compared to 41 in 2010. The tier II cities (Chennai, Hyderabad, Kolkata and Pune) were stable at the 49th place globally, and tier III cities (Ahmedabad, Coimbatore, Kochi, Bhubaneswar and Visakhapatnam) improved their ranking to 50 in 2012 compared to 55 in 2010. As against this, the tier I & II cities of both China and Philippines moved ahead of India. Under such circumstances, what is India planning to do to improve its real estate transparency in the coming years?

Real estate transparency is one of the key criteria for investment decisions, which is why India's government and regulatory authorities are working to improve the investment climate through market transparency, albeit at a slow pace. The relaxation of FDI laws, an improvement in the availability of data and the strengthening of regulations in the real estate sector are a few of their initiatives. The Real Estate Regulation Bill is a key policy that is expected to improve India's transparency score; it is likely to be tabled in the upcoming winter session of the parliament in 2013. Some more aspects that are expected to make India more transparent by 2014 are noted below:

Performance Measurement - The availability of time series data and indices on real estate returns will improve with the increase in the number of listed real estate companies and institutional investors in India.

Transparency scores and ranks of Indian citiesTier I - Rank

(Score)Tier II - Score

(Rank)Tier III - Score

(Rank)

2008 50(3.34)

52(3.38)

62(3.65)

2010 41(3.11)

49(3.17)

55(3.39)

2012 48(3.07)

49(3.08)

50(3.15)

Grade A Capital ValueOffice Retail Residential

Delhi NCR

Mumbai

Bangalore

Chennai

Pune

Hyderabad

Kolkata

Rental ValueFigure 1: Financial Indicators

Deal of the MonthIFCI Infrastructure Developers sold their one acre prime land located in the heart of Chennai to the Chennai-based Akshaya

Ltd.at INR 940 million.

What’s New!!E-Mutation of land records are to

be launched in the entire district of Nashik in Maharashtra by June.The e-mutation programme was started as a pilot project in eight

talukas of six districts in the state.As many as 15,179 mutations have

already been updated.

Green WallThe Government of Kerela has taken a decision to adopt green

building policies in the construction of government buildings to

overcome the energy crisis and the shortage of drinking water. The

policy will be made applicable to all new government buildings.

Monthly Real Estate Monitor - May 2013

Pulse •Research Dynamics•2012

Market Fundamentals - The availability of accurate time series data on market fundamentals (demand, supply and real estate prices) for the office, retail and residential sectors is expected to improve. Data availability on the industrial and hotel sectors is still opaque but is expected to improve marginally over the next few years.

Regulatory and Legal - The introduction of GAAR (General Anti-Avoidance Rule) & CLR (Computerisation of Land Records), and further strengthening of real estate regulations is expected to improve transparency in the application of tax & building codes, as well as the availability of title records.

Transaction Process - With an increase in the number ofmultinational occupiers in India, the clarity of contracts in occupier services is expected to improve further. The presence of international property consultants is also improving the professional and ethical standards of property agents in India. Therefore, transparency scores in this sub-index are expected to increase as well.

As both international and national developers in India are penetrating deep into cities, transparency scores are expected to improve further. By 2014, India's Tier I cities are likely to be close to transparent2, with the availability of more accurate data on returns and market fundamentals. Tier II and III cities will continue to be lower down the semi-transparent tier, albeit with higher transparency scores.

1. Jones Lang LaSalle’s Global Real Estate Transparency Index is a unique survey that quantifies real estate transparency across 97 markets worldwide. The Index is updated every two years.

2. The cities are scored at a scale of 5 where 1.00-2.59 is transparent, 2.60-3.76 is semi-transparent and 3.77-5 is opaque.


BangaloreBangalore office market witnessed moderate transaction activity in April after the healthy activityin March. The city vacancy rate decreased on the back of steady demand and absence of new

completions. The major transactions in the month included leasing by Alstom, Matteo’s, Logitech, and Ocwen Financial. Rents remained stable across all the submarkets because of the stable demand and restricted supply. However, the capital values rose marginally across all submarkets.

The retail sector witnessed steady demand in April.The vacancy levels declined slightly in comparison tothe previous month as there was no supply of fresh retail mall space in the city over the month. Nike and

Kotak Mahindra leased space in Bangalore. Rents and capital values both remained stable across all submarkets of the city during April.

Bangalore’s residential market continued to witness a healthy number of new launches in April. The major projects launched included Adarsh Premia by Adarsh Developers, Shriram Sameeksha by Shriram

Properties, Brigade Begonia by Brigade Group and Gopalan Heightsby Gopalan Enterprises. Rents and capital values marginally increased across the submarkets over the month. However, the prices in projects nearing completion were increased. The values are forecast to stabilise, and rents for residential properties in the city are predicted to record marginal growth during 2013.

Office Rents Capital Value

Key PrecinctsINR per sq ft per

month INR per sq ftCBD 70 – 120 9,000 – 15,000Old Airport Road 60 – 65 6,000 – 7,000Outer Ring Road (Eastern) 46 – 52 4,700 – 6,000Old Madras Road 30 – 34 3,000 – 3,500Electronic City 26 – 28 2,500 – 3,000

Retail Rents Capital Value


month INR per sq ftKoramangala 80 – 150 9,000 – 16,000Indiranagar 90 – 180 12,000 – 18,000New BEL Road 50 – 80 6,000 – 10,000Commercial Street 175 – 250 16,000 – 20,000Jayanagar 80 – 120 7,000 – 15,000

Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK apartment INR per sq ft

Old Madras Road 12,000–16,000 5,000 – 6,000Indiranagar 18,000–20,000 10,000 – 20,000Bellary Road 10,000–14,000 3,000 – 7,000Hosur Road 10,000–14,000 3,000 – 5,500Whitefield 13,000–16,000 3,000 – 7,000Tumkur Road 7,000–11,000 3,000 – 5,000Kanakapura Road 8,000–12,000 3,000 – 5,500Mysore Road 8,000–10,000 2,800 – 3,500

INFRASTRUCTURE ONGOING

>> The KSIIDC (Karnataka State Industrial and Infrastructure Development Corporation) and GAIL (Gas Authority of India Limited) have signed a joint venture (JV) agreement to form acompany for the distribution of gas to consumers in the state. The roll-out of CNG infrastructure in Bangalore can be carried out by the proposed JV company of KSIIDC and GAIL. As said by the Chief Minister, the availability of CNG in Bangalore will provide an option of clean fuel to the city’s transport sector and lead to reduced pollution levels.


ChennaiOffice space leasing continued to remain subdued, capping rents and capital values during the month of April. Chennai continued to record few small-sized office transactions that included Zafin Labs, Vestige

Marketing and Caravel Logistics leasing space. Rents and capital values remained stable across all the submarkets.

Prestige's Forum Vijaya Mall opened recently, the second major mall to become operational during this year. Over a hundred international, national and local brands are expected to open their showrooms in this

mall, which is spread over 0.6 millon sq ft. Apart from the malls, the high streets of Chennai witnessed Yamaha and Fiat opening their showrooms in Kottivakkam and CIT Nagar, respectively, whilst eat-outs and restaurants such as Wang's Kitchen, Buhari and Donut House expanded their presence in the city. Rents and capital values were stable in April.

Capital values remained stable, as housing sales witnessed marginal decline during the month. OMR continued to remain the preferred destination for developers. Some of the prominent projects launched

along this corridor included KG Chandra Vista in Semmencherry, Land Marvel Solaray in Perumbakkam, Mantri Signature Villas onECR Link Road, MMRF Sai Enclave in Arasankazhani and Vista Oceana in Padur.



month INR per sq ftMount Road 60–90 9,000–15,000RK Salai 70–100 10,000–15,000Pre-toll OMR 40–62 5,000–6,500Post-toll OMR 25–35 3,500–5,000Guindy 40–60 6,000–9,000Ambattur 20–32 3,250–4,300

RetailRents

(High Streets) Capital Value


month INR per sq ftT. Nagar 120–180 12,000–15,000Nungambakkam 130–150 13,000–16,000Velachery 80–120 10,000–12,000Pre-toll OMR 50–70 8,000–11,000Anna Nagar 110–140 11,000–13,000LB Road (Adyar) 110–130 10,500–13,500


Key Precincts

INR per month for a 1,000 sq ft

two-BHK apartment INR per sq ft

Adyar 20,000–30,000 10,000–17,000Medavakkam 7,000–14,000 3,600–5,250Tambaram 6,000–12,000 3,500–4,500Anna Nagar 15,000–25,000 9,000–14,000Porur 5,000–10,000 3,800–6,200Sholinganallur 9,000–12,000 4,250–5,800

INFRASTRUCTURE ONGOING>> The Tamil Nadu Government confirmed the setting up of a new bus terminus in a 65-acre land parcel on GST Road,Vandalur. The work is likely to begin soon.


DelhiDelhi continued to witness moderate demand for office spaces in April. Oxygen SEZ Tower E in Noida commenced operations with about 60% occupancy. Subsequently, the vacancy in the city

remained stable in April. The major transactions in the month included Keane and Convergys both leasing space in Gurgaon, and Alstom renting space in Noida. Rents remained stable in the city. In addition, capital values remained unchanged.

Demand for retail space in Delhi continued to focus on high street and select quality malls of Prime South submarket. The vacancy continued to decrease in the absence of new completions. Some

of the major transactions in April included Colorbar leasing space in Moments Mall in Kirti Nagar, Turquoise & Gold renting space in DLF Emporio Mall in Vasant Kunj and B:Blunt taking up space in DLFSouthpoint Mall in Gurgaon. Rents and capital values continued to remain stable across the city, with the exception of Prime South submarket, where rents increased on the back of low vacancy.

Residential demand in Delhi continued to remain range bound in April. Some of the major launches during the month of April included Godrej Summit Phase III by Godrej Properties in Gurgaon, The

Golden Palm Village by Nimbus/IITL Group in Greater Noida andBuddh Circuit Studios by Jaypee Group in Greater Noida. Rentscontinued to remain stable across all the submarkets in the city. In addition, capital values remained stable in the city.



month INR per sq ftBarakhamba Road 170-400 28,000-35,000Jasola 110-170 17,000-21,000DLF Cybercity 72-75 NAMG Road 114-140 17,000-19,000Golf Course Road 85-95 12,000-15,000Sohna Road 47-55 6,500-8,000

Retail Rents Capital Value


month INR per sq ftSouth Delhi 180-280 24,000-32,000West and North Delhi 140-220 15,000-23,000Gurgaon-MG Road 140-270 17,500-23,000Rest of Gurgaon 60-100 8,000-14,000Noida 130-220 14,000-25,000Ghaziabad 90-150 10,500-16,000


Key Precincts

INR per month for a 1000 sq ft 2BHK

apartment INR per sq ftGolf Course Road 22,000-32,000 12,000-16,000Sohna Road 15,000-20,000 5,800-7,500Golf Course Extension Road 16,000-22,000 8,000-9,500NH 8 14,000-19,000 4,500-6,000Dwarka Expressway NA 5,500-7,000Noida- Greater Noida Expressway 12,000-14,000 4,000-6,100Noida City 12,000-14,500 4,700-6,000Indirapuram 10,000-12,000 4,200-5,000NH 24 7,000-9,000 2,400-3,200

INFRASTRUCTURE ONGOING>> The Noida Authority is planning to benefit thousands of commuters who face traffic jam daily travelling between Noida, Ghaziabad and Faridabad with two proposed bridges across the Yamuna River, both of which will improve connectivity between Noida and Faridabad. POLICY ONGOING>> HUDA has raised the upper limit of the time for completion of ‘the minimum required construction’ on residential and commercial plots (sized more than 100 sqm) beyond the stipulated period of two years. The extension fee beyond the initial period has been fixed. After expiry, further extension would be allowed on the payment of extension fee at double the rates of the previous year.


HyderabadLeasing volumes continued to remain modest in April. Occupiers preferred to lease space in Hitec City and Gachibowli over the month. The key transactions in April were Vatika Business Center

leasing space in Hitec City and Aveva renting space inNanakramguda. There were no major new completions over the month. As the availability of good quality office space has been fast reducing in the key locations such as Hitec City, few buildingscontinued to be leased at a premium. However, market average rents and capital values remained stable over the month.

In April, retail leasing continued to remain upbeat in high streets as compared to the malls. The key transactions over the month included: Ratnadeep Super Market leasing space in Bowenpally and

Towlichowki; Pai Electronics leasing space in Attapur and Kompally;and Supreme Electronics and Docomo leasing space at Banjara Hills Road No 1. Rents and capital values remained stable over the month.

In April, residential sales improved compared to the preceding month. New launches improved over the month, with few projects at soft launch stage (yet to be launched formally in the market, but bookings

has started). Few projects that are in the soft launch stage include:My Home Vihanga by My Home near Wipro Junction in Gachibowli;and Mantri Euphoria, a villa development and the second project of Mantri Developers, in Narsingi. In addition, Rajapushpa Properties launched Atria in Gachibowli. Over the month, rents and capital values continued to increase marginally across all submarkets as newly launched residential projects got sold at a price higher than the market average.



month INR per sq ftBegumpet 45–55 4,500–6,500

Banjara Hills 50–60 4,500–7,500Hitec City 36–42 4,000–5,200

Gachibowli 36–40 4,000–5,000Uppal 25–35 3,000–4,000

Shamshabad 20–25 3,000–4,000Retail Rents Capital Value


month INR per sq ftBanjara Hills 100–130 10,000–13,000Jubilee Hills 110–140 11,000–14,000

Secunderabad 80–100 8,000–10,000Hitec City 100–130 10,000–13,000Kukatpally 100–120 10,000–12,000

Dilshuknagar 100–120 10,000–12,000Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK

apartment INR per sq ftBanjara Hills 17,000–22,000 7,500–14,000Begumpet 12,000–16,000 4,000–5,500Kondapur 12,000–16,000 3,200–5,000Tellapur 8,000–12,000 2,800–3,500

Kukatpally 7,000–10,000 3,500–3,800Miyapur 5,000–6,000 2,400–3,500

INFRASTRUCTURE ONGOING>>The Hyderabad Metro Rail Project is progressing at a fast pace. Work on piers has started along the stretch from Rasoolpura to Begumpet, one of the key stretches on the arterial road connecting the eastern residential locations to the IT hubs in the western part of Hyderabad. This stretch experiences heavy flow of traffic during peak hours.

.


KolkataIn April, office leasing activity continued to remain sluggish in Kolkata. There were also no new completions during this month. Consequently, the vacancy remained unchanged in the city. Marico

taking up space in the Salt Lake sub-market was the major transaction during the month. Rents remained stable in all the sub-markets of the city. Meanwhile, capital values also remained unchanged in all the sub-markets of the city except marginal appreciation in select precincts of the central business district (CBD).

Retail activity was moderate in April. Select malls and high streets in the city continued to remain as the preffered destinations for retailers. The vacancy level, which is already low, remained unchanged as

retailers looked for available spaces in the high street due toabsence of quality spaces in organised malls. The notabletransactions in April included Pizza Hut leasing space on the high-street destination of Park Street and Pepe Jeans leasing space in Avani Riverside Mall. In addition, the value retail chain Spencershas taken up space at Rajarhat. Rents increased in select precincts of Prime City sub-market, and remained stable elsewhere. Capital values also appreciated in select precincts.

Rents and capital values remained steady across all sub-markets except for a few select precincts of the city due to moderate absorption experienced by the Kolkata residential market for the month of April.

Interestingly, some of the new projects launched, like the previous projects, used local movie stars and cricket athletes to promote the projects. GreenTech City by Vedic Realty at Rajarhat and Ideal Unique Residency by Ideal Group at Hatibagan were some of the major launches in the city. In addition, Godrej Properties launched Godrej Platinum, a premium quality luxury residential project, at Alipore.



month INR per sq ftPark Street 115–150 13,000–23,000Topsia 75–90 9,000–11,000Kasba 70–90 9,000–11,500Salt Lake, Sector V 42–50 4,400–5,400Rajarhat & New Town 32–40 3,500–4,800Retail Rents Capital Value


month INR per sq ftElgin Road 250–300 24,000–29,000Park Street (high street) 275–350 23,000–34,000Salt Lake 175–225 15,000–20,000Prince Anwar Shah Road 120–150 12,000–15,000Rajarhat & New Town 60–80 6,000–8,000Gariahat (high street) 200–250 18,000–22,000Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK apartment INR per sq ft

Alipore 43,000–50,000 14,000–23,500Prince Anwar Shah Road 18,000–30,000 7,000–14,000Eastern MetropolitanBypass 15,000–25,000 5,000–11,000Lake Town 12,000–19,000 3,800–7,500Behala 8,000–14,000 3,200–5,500Howrah 7,000–9,500 2,700–5,000New Town (AA I, II andIII) 11,000–18,000 3,300–6,300Rajarhat 9,000–15,000 2,500–5,300

INFRASTRUCTURE ONGOING>> On the backdrop of the increasing traffic flow from the Science City junction to Rajarhat New Town, the Housing Infrastructure Development Corporation (HIDCO) has come up with a plan to set up a 5.5-km partly elevated four-lane corridor to connect Eastern Metropolitan Bypass with Rajarhat New Town. The corridor is likely to start in and around Dhapa lid waste dumping ground and end near the Hidco Bhavan on Action Area 1D, shortening the distance to about 7–8 km. As per the HIDCO chairman-cum-managing director, the plan is in a preliminary stage and expressions of interests have been invited to prepare a detailed project report (DPR) for the proposed elevated corridor. However, the decision regarding funding of the project will be taken later on.


MumbaiMumbai continued to witness moderate demand for office space in April. Meanwhile, a select pool of projects in the secondary business district (SBD)central and eastern suburbs sub-markets continued

to witness improved pre-commitment levels. Occupiers took the advantage of stagnated real estate rental values and were seen taking up space in projects with larger floor plates. Projects that became operational in April witnessed lukewarm pre-commitments. However, healthy transaction activity in recent completions helped the vacancy rates to be stable. The major transactions during the month included Oracle leasing space at SBD BKC, Saint Gobaintaking up space at SBD North and Cognizant renting space at Airoli, Navi Mumbai sub-markets. Raheja Xion in SBD central and Kamla Spaces in SBD BKC were the two projects that became operational in the month of April. Rents and capital values both continued toremain stable during April.

Retail demand continued to remain strong in the high streets of Mumbai. However, occupiers were seen considering the options in good-quality malls and standalone mixed-use projects. Strong demand

was seen from food joints and consumer-durable retail chains.Vacancy in malls remained stable in the month of April. Major transactions in April included Vijay Sales renting space at Suburbsand Pizza Express leasing space at Prime North. There were no new completions during this month. Rents and capital values bothremained unaltered in April.

The demand for residential market remained sub-dued during the month of April mainly due to unaffordability which hampered buyer sentiments. Select precincts witnessed healthy demand where

the ongoing infrastructure projects are nearing completion. It was observed that most buyers were looking for smaller configurations rather than bigger apartment sizes. Aveza, a joint venture of Tata Housing and Richa Realtors was launched at Mulund, Kalpataru Radience was launched by Kalpataru Group at Goregaon and New Era was launched as a joint venture of Ravi Group and HDIL at

Kandivali in the month of April. Rents continued to remain stable over the month. However, the capital values inched up marginally in April. The new projects that launched during the month were charging a premium over the average capital values in the corresponding precinct.



month INR per sq ftLower Parel 155–185 19,000–23,000BKC 260–360 25,000–35,000Andheri 100–150 9,000–15,000Goregaon-Malad 80–100 8,000–10,000Wagle Estate 50–65 5,000–6,000Thane-Belapur Road 45–60 5,100–6,000

RetailRents

(mall space) Capital Value


month INR per sq ftLower Parel 250–375 22,000–32,000Malad 160–250 12,000–20,000Ghatkopar 140–220 10,000–18,000

Mulund 120–200 10,000–16,000

Thane 100–160 8,000–14,000Navi Mumbai 70–150 7,000–12,000Residential Rents Capital Value

Key PrecinctsINR per month for a

1,000 sq ft 2BHK apartment

INR per sq ft

Lower Parel 87,000–95,000 23,000–35,000

Wadala 40,000–55,000 14,500–19,100

Andheri 35,000–50,000 11,500–21,000Ghatkopar 35,000–48,000 9,500–15,000Ghodbunder Road 12,000–21,000 5,500–9,000

Kharghar 12,000–20,000 4,800–8,000

INFRASTRUCTURE ONGOING>> The Railway Minister inaugurated the first local train between Churchgate and Dahanu Road stations in April. There are 20shuttle services daily between these stations, and this will improve the connectivity of extended western suburbs.POLICY UPDATE>> The Government of Maharashtra has lowered the floor space index (FSI) for rental housing scheme in the Mumbai metropolitan region (MMR) in April. The FSI has been revised from four to three. Developers and MMRDA will share the FSI in the 2:1 ratio under the new model.


PuneDemand for office space in Pune remained buoyant in April. Transactions were dominated by IT/ITeSfirms, which accounted for most of the gross leasing volume. As a result, vacancy rate witnessed

marginal dip in the month of April. Western part of the city continued to remain favourable among occupiers. Major transactions over the month included Synechron leasing space at Hinjewadi, KBR leasing space at Hadapsar and BNYM leasing space at Yerwada. In addition, a sale transaction was recorded at Yerwada during the month. Rents and capital values rose marginally in select submarkets such as Hinjewadi and Hadapsar, which witnessed very low vacancy in most buildings.

Leasing activity in malls remained sluggish. With no new completions recorded, Pune’s organised retail stock remains unchanged. Rents and capital values remained stable over the month. However, Season's

mall located in Hadapsar and Prime Mall located in Pimpri are likely to hit the market in the coming 2–3 months. Arezzo leasing space inPhoenix Market City was a major transaction during April.

Demand for residential units in Pune continued to remain stable. Major launches in the month of April included Empire Square by Empire Properties at Chinchwad and One Nation by Mittal Brothers at

Pimple Saudagar. In addition, Marvel launched eight projects during the month including three at Koregaon Park, one at Boat Club Road, one at Shanker Seth Road, one at Salisbury Park, one at Bhosale Nagar and another one at Prabhat Road.



month INR per sq ftHinjewadi 32–40 4,000–5,500Hadapsar 40–50 5,000–6,000Bund Garden Road 60–70 6,500–7,500Viman Nagar 50–60 6,000–7,000S.B. Road 55–75 6,500–7,500Koregaon Park 60–70 6,500–7,500

RetailRents

(High Streets) Capital Value


month INR per sq ftMG Road 100–150 10,000–15,000Bund Garden Road 90–130 9,000–13,000F.C. Road 100–150 10,000–15,000J.M. Road 100–150 10,000–15,000D.P. Road 90–130 9,000–11,000S.B. Road 80–130 8,000–11,000


Key Precincts

INR per month for a 1,000 sq ft two-BHK apartment INR per sq ft

Wakad 10,000–12,000 4,000–5,000Kharadi 11,000–15,000 4,500–5,500Hadapsar 12,000–16,000 4,800–6,000Hinjewadi 9,000–11,000 4.000–5,500Undri 9,000–12,000 3,500–4,500Pimpri-Chinchwad 8,000–12,000 3,800–4,800

INFRASTRUCTURE ONGOING>> Central government has released INR 566 million to the Pune Municipal Corporation (PMC) for executing infrastructure projects under the Jawaharlal Nehru National Urban Renewal Mission (JNNURM). The Municipal Corporation can use the fund for restoration as well as construction and development of heritage sites along the Mula-Mutha river projects, implementing the Bus Rapid Transit System (BRTS) project, improvement of drains, underground sewerage projects etc.

Monthly Real Estate Monitor - May 2013

About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expertteams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones LangLaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property andcorporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company’sinvestment management business, is one of the world’s largest and most diverse in real estate with $47 billion of assets under management.Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across theregion. The firm was named the Best Property Consultancy in Asia Pacific at ‘The Asia Pacific Property Awards 2012 in association with BloombergTelevision’. For further information, please visit our website, www.ap.joneslanglasalle.com

About Jones Lang LaSalle IndiaJones Lang LaSalle is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across elevencities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 5400,the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics,consultancy, transactions, project and developmentservices, integrated facility management, property and asset management, sustainability, Industrial, capital markets, residential, hotels, health care,senior living, education and retail advisory. For further information, please visit www.joneslanglasalle.co.in

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indian real estate transparency by 2014 · pdf filestarted as a pilot project in eight talukas...

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