residential property market overview 3q 2011
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Residential Property Market Overview 3Q 2011- Covers Pan India MarketTRANSCRIPT
Accelerating success.
Residential Property Market OverviewINDIA
QUARTERLY UPDATE | OCTOBER | 2011
www.colliers.com
MACRO ECONOMIC OVERVIEW
The Reserve Bank of India (RBI) has tightened liquidity again this quarter by increasing the repo •rate from 7.25 percent to 8.5 percent by October 2011. Following the Reserve Bank’s increase in repo rates, most of the banks increased their home loan interest rates.
The current high interest rate and high input cost adversely impacted the Indian real estate •sector, as well the overall market momentum slowed down as compared to previous quarter. The higher cost of debt compelled a few developers to look for options to liquidate their land banks and existing projects.
Inflation was recorded at 8.40 percent this quarter as compared to 9.44 percent during 2Q 2011. •The prime minister’s economic advisory council estimate that headline WPI will remain elevated till Nov’ 11 at 9% or even higher and will soften only from Dec’ 11 onwards.
The Reserve Bank of India further-reduced the GDP growth estimate for 3Q 2011 to 8.0 percent •as compared to previous quarter GDP of 8.3 percent. This was primarily due to downgrade revision of GDP estimate for the agriculture and industry sectors from the previous round of surveys.
In a major development for real estate sector, draft land acquisition policy was finalized by law •commission this quarter. This policy is an amendment to the Land Acquisition Act, 1894, which will ensure owner friendly acquisition of land and will enable the government to frame a land acquisition policy from time to time.
ReseARch & FORecAsT RePORTSYDNEY CENTRAL BUSINESS DISTRICT
3Q 2011 | ThE kNOwLEDgE
* SBI Home Loan Rate for Loan upto INR 50 Lakhs.
ECONOMIC BAROMETER
RETURN ON ALTERNATIVE INVESTMENTS
Sep-10 Sep-11
RePO RATe 6.0% 8.5%
ReVeRse RePO RATe 5.25% 7.0%
cRR 6.00% 6.0%
INFLATION 9.8% 8.4%
hOme LOAN RATe* 8% 11%
Sep-10 Sep-11 YoY %
Change
GOLD 19,087 27,856 45.94%
sILVeR 32,592 64,550 98.05%
FIxeD DePOsIT
(< 1yeAR) 7.25% 9.25% 27.59%
sILVeR 7.25% 64,550 9.25%
eQUITy 19,208 16,467 -14.27%
ReALTy INDex 3.627 1.721 -52.53%
Repo Rate Reverse Repop Rate cash Reserve Ratio WPI
ECONOMIC INDICATORS
4.0
6.0
8.0
10.0
12.0
In P
erce
ntag
e
Jan
‘08
Jan
‘09
Jan
‘10
Jan
‘11
mar
‘08
mar
‘09
mar
‘10
mar
‘11
may
‘08
may
‘09
may
‘10
may
‘11
Jul ‘
08
Jul ‘
09
Jul ‘
10
Jul ‘
11
sep‘
08
sep‘
09
sep‘
10
sep‘
11
Nov
‘08
Nov
‘09
Nov
‘10
2.0
-
(2.0)
Source: Colliers International India Research
INDIA ResIDeNTIAL mARKeT RESEARCh REpORT
3Q 2011 | THE KNOWLEDGE
CApITAL VALUE TRENDS
PROJecT NAme LOcATION
Aether Goregaon east
Darshan Ricco Lower Parel
elanza santacruz east
Grandeur Goregaon east
Jayshree malad West
KUL elegance Juhu
Rustomjee Paramount
Khar West
Zeon Wadala
pROJECT LAUNChED IN 3Q 2011
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
3Q20
11
2Q20
11
1Q20
11
4Q20
10
3Q20
10
2Q20
08
1Q20
08
INR
per
sq ft
75000
5000
25000
35000
15000
45000
65000
55000
3Q20
08
malabar hill, Altamount Road, carmichael Road
santacruz
Breach candy, Napeansea Road, Peddar Road
Khar
Prabhadevi
colaba, cuffe ParadeBandra
Andheri
Worli
Juhu
p. 4 | COLLIERS INTERNATIONAL
MARKET TRANSACTIONScLIeNT PROPeRTy
cLAssIFIcATIONAReA (sQ. FT.)
LOcATION TRANsAcTION TyPe
Bharati Axa Apartment 3,200 Prabhadevi Lease
Individual Duplex Penthouse 2,500 Juhu sale
Individual Apartment 2,150 Worli Lease
Individual Apartment 3,300 Nepeansea Road Lease
Individual Apartment 6,000 Khar sale
MUMBAI
A number of premium residential projects were •launched in mumbai this quarter including “Zeon” by Ajmera Developer, “Aether” and “Grandeur” by Romell Group, “Jayshree” by Arkade Developer, “elanza” by shamik Group, “elegance” by KUL Group, “Paramount by Rustomjee Developers and “Darshan Ricco” by Darshan Group. most of these new launches were located in western suburbs and were priced in range of INR 10,000 to 20,000 per sq.ft. depending upon locations and amenities provided in the project.
capital values for prime residential properties •recorded an increase in the range of 2 to 9 percent in western suburbs such as Worli, Prabhadevi, Bandra, santacruz, Andheri, Khar and Juhu. however, properties in south central locations observed pressure on capital values and saw a marginal correction in the range of 1 to 4 percent quarter-on-quarter.
Overall volume of sale transactions remained •low but few big ticket deals were recorded in the city. A premium apartment at Powai was sold for approximately INR 7.0 crore at approximately 23,000 a sq ft.
Rentals values for prime residential properties •continued to show an upward trend. An increase in the range of 1 to 5 percent quarter-on-quarter was witnessed in most of the micro markets except for a few locations such as Andheri and Powai where rental values remained stable on account of demand supply equilibrium.
CITY RESIDENTIAL BAROMETER
mUmBAI
2Q 2011 3Q 2011
RENTAL VALUE
CApITAL VALUE
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | MUMBAI
3Q 2011 pREMIUM RESIDENTIAL AVERAgE CApITAL VALUE
cola
ba, c
uffe
Para
de
INR
per
sq ft
mal
abar
hill
, Alta
mou
nt
Road
, car
mic
hael
Roa
d
Wor
li
Brea
ch c
andy
, Nap
eans
eaRo
ad, P
edda
r Ro
ad
Prab
hade
vi
Band
ra
sant
acru
z
Andh
eri
Khar
Juhu
0
10000
20000
30000
40000
50000
60000
70000
3Q 2011 pREMIUM RESIDENTIAL AVERAgE RENTAL VALUE
INR
per
sq ft
Per
mon
th
Prabhadevi
colaba, cuffe Parade
Breach candy, Napeansea Rd.,
Peddar rd.
malabar hill, Altamount Road, carmichael Road
200
150
100
50
0
Powai
Andheri
Juhu
Khar
santacruz Worli
Bandra
Source: Colliers International India Research
COLLIERS INTERNATIONAL | p. 5 COLLIERS INTERNATIONAL | p. 5
DELhI
In 3Q 2011, a number of small premium •projects were initiated by local developers such as salcon Group, Uppal Group and sanskar homes in Vasant Vihar, West end, Jorbagh and shanti Niketan. All of these were redevelopment projects where developers rebuild the existing properties under a joint development agreement with the owners.
capital values of prime residential properties •appreciated in the range of 4 to 6 percent quarter-on-quarter across all the micro markets in 3Q 2011.
Due to sustained demand from expatriates •and officials of top Indian and multinational companies, rentals values for prime residential properties witnessed an increase in the range of 2 to 8 percent in almost all micro markets except chanakya Puri, Anandlok, Niti Bagh and sDA locations where a marginal correction in the range of 1 to 3 percent was observed.
To improve the connectivity of Delhi with •other parts of the National capital Region (NcR) the local authorities have decided to build new metro line connecting Janakpuri West (Delhi) with Botanical Garden (NOIDA) which will cater to the commuting needs of around 40,000 students of four prominent universities in the NcR. The 36-km-proposed corridor will be built under Phase – 3 of the metro project and it is expected to become operational by 2016.
CITY RESIDENTIAL BAROMETER
2Q 2011 3Q 2011
RENTAL VALUE
CApITAL VALUE
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | DELhI
3Q 2011 pREMIUM RESIDENTIAL AVERAgE RENTAL VALUE
CApITAL VALUE TRENDS
3Q 2011 pREMIUM RESIDENTIAL AVERAgE CApITAL VALUE
DeLhI
MARKET TRANSACTIONScLIeNT PROPeRTy
cLAssIFIcATIONAReA (sQ. FT.)
LOcATION TRANsAcTION TyPe
Adani Group Independent house 12,000 Golf Link sale
eicher motors Independent house 5,500 Golf Link Lease
Japan Foundation Apartment 2,800 Vasant Vihar Lease
LG Apartment 2,000 Defence colony Lease
michelin Apartment 4,500 maharani Bagh Lease
mohan export Independent house 9,000 Golf Link sale
Source: Colliers International India Research
0
10000
20000
30000
40000
50000
60000
70000
90000
80000
Anan
d Ni
keta
n,
Vasa
nt V
ihar
Panc
hash
ila, A
nand
lok,
Niti
Bagh
, sDA
Frie
nds
colo
ny,
mah
aran
i Ba
gh
shan
ti Ni
keta
n,
Wes
tend
Grea
ter
Kaila
sh
I & II
, sou
th
exte
nsio
n
Golf
Link
s, J
or B
agh,
su
nder
Nag
ar
chan
akya
Pur
i
Prith
vira
j Roa
d,
Aura
ngze
b Ro
ad
INR
per
sq F
t
10000
0
20000
30000
40000
50000
60000
70000
80000
90000
1Q20
08
2Q20
08
1Q20
09
2Q20
09
3Q20
09
1Q20
10
3Q20
08
4Q20
08
4Q20
09
2Q20
10
3Q20
10
4Q20
10
3Q20
11
1Q20
11
2Q20
11
Golf Links, Jor Bagh, sunder Nagar
shanti Niketan, Westend
Friends colony, maharani BaghPanchashila, Anandlok, Niti Bagh, sDA
Greater Kailash I & II, south extension
chanakya Puri
Prithviraj Road, Aurangzeb Road
Anand Niketan, Vasant Vihar
INR
per
sq F
t
Golf Links, Jor Bagh, sunder Nagar
chanakya Puri
Prithviraj Road, Aurangzeb Road
Anand Niketan, Vasant Vihar
Greater Kailash I
& II, south extension
Friends colony, maharani Bagh
shanti Niketan, Westend
Panchashila, Anandlok, Niti Bagh, sDA
160 140120100806040200
INR
per
sq F
t per
mon
th
CApITAL VALUE TRENDS
PROJecT NAme LOcATION
estella sec-103, Dwarka express way
headway sec-103, Dwarka express way
Palm Garden sec-83, Dwarka express way
Paradiso sec-109,Dwarka express way
sahara cityDwarka express way
skyzsec-37D Dwarka express way
p. 6 | COLLIERS INTERNATIONAL COLLIERS INTERNATIONAL | p. 6
3Q 2011 pREMIUM RESIDENTIAL AVERAgE RENTAL VALUE
Source: Colliers International India Research
MARKET TRANSACTIONScLIeNT PROPeRTy
cLAssIFIcATIONAReA (sQ. FT.)
LOcATION TRANsAcTION TyPe
BmW Apartment 3,600 Golf course Road Lease
carin energy Apartment 5,800 Golf course Road Lease
carin energy Apartment 4,200 N h - 8 Lease
Daikin Apartment 2,311 N h - 8 Lease
honda Apartment 3,600 Golf course Road Lease
honda Apartment 4,000 Golf course Road Lease
gURgAON
In 3Q 2011 projects launched include “Palm •Garden” by emaar mGF, “skyz” by Ramprastha Group, “sahara city” by sahara Group, “eatilla” by sidhartha Group, “headay” by era Group, and “Paradiso”by chintels India Ltd. All of these projects were located in the sector adjoining Dwarka express highway and were launched in a price band of INR 2,645- 5,800 per sq ft.
construction activities remained slow and •none of the major projects/phases of the project were offered for possession during the quarter.
capital values for prime residential properties •recorded an increase in the range of 2 to 4 percent across all micro markets, except in DLF Phase-1 and Nh-8 where capital values remained stable quarter-on-quarter.
Rental values for prime residential properties •increased in the range of 2 to 9 per cent quarter-on-quarter in locations such as DLF Phase 1, Golf course Road, sohna Road & extension and sushant Lok. Due to the increased commercial leasing in the nearby areas increase in the demand of residential properties for rent was observed.
In 3Q 2011 “Gurgaon-manesar Urban •Plan 2025” was notified by the haryana Government. According to the plan the commercial Business District (cBD) has been planned in sector 74. In the new master plan the haryana Government has started that commercial license will not be permitted in residential zones.
CITY RESIDENTIAL BAROMETER
2Q 2011 3Q 2011
RENTAL VALUE
CApITAL VALUE
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | gURgAON
pROJECT LAUNChED IN 3Q2011
3Q 2011 pREMIUM RESIDENTIAL AVERAgE CApITAL VALUE
GURGAON
sohna Road & ext
Golf course Road
Nh-8
sushant LokDLF Phase I
50
40
30
20
10
0
INR
per
sq ft
Per
mon
th
4Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
1Q20
11
2Q20
11
3Q20
11
4Q20
10
3Q20
10
14000
2000
4000
8000
6000
10000
12000
3Q20
08
Golf course Road
DLF Phase I
Nh-8
sushant Lok
sohna Road & ext
INR
per
sq ft
Golf
cour
se R
oad
sohn
a Ro
ad &
ext
DLF
Phas
e I
sush
ant L
ok
Nh -
8
0
3000
6000
9000
12000
15000
INR
per
sq ft
COLLIERS INTERNATIONAL | p. 7
Source: Colliers International India Research
MARKET TRANSACTIONScLIeNT PROPeRTy
cLAssIFIcATIONAReA (sQ. FT.)
LOcATION TRANsAcTION TyPe
Individual Apartment 1,800 sector 93A sale
Individual Apartment 1,450 sector 50 sale
Individual Apartment 1,500 sector 25 Lease
mNc Apartment 3,000 sector 93 Lease
NOIDA
During 3Q 2011 NOIDA witnessed fewer •launches of new projects compared to the previous two quarters. Project launched this quarter were “Amrapali hanging Garden” by Amrapali Group, “Logix Zest” by Logix Group and “Urbtech xavier’s” by Urbtech India Developers (P) Ltd. All these projects were located in sectors adjoining the NOIDA expressway.
No major underconstruction projects/phases •of the project witnessed completion this quarter although, in 4Q 2011 phase 1 of “Lotus Boulevard” by 3c in sector 100 is expected to be ready for possession.
This festive season an increase in enquires •was recorded for new bookings as developers were providing incentives like discount on basic sale prices, LcD TVs, free club membership and a free one year maintenance after possession etc. to attract customers. however, due to prevailing land issues in the neighbouring location, NOIDA extension, buyers remained cautious and defered purchase plans.
capital values witnessed an increase in the •range of 3 to 6 percent quarter-on-quarter in almost all of the prime residential sectors such as sector 28-30, 44, 50, 92, 93 and 61-62.
In 3Q 2011, rental values in NOIDA was •increased in the range of 3 to 7 percent quarter-on-quarter, due to improved demand and limited supply of premium properties.
The NOIDA authority has started construction •work in this quarter of the city’s first elevated road, with an estimated project cost of INR 415 crore.
CITY OFFICE BAROMETER
2Q 2011 3Q 2011
RENTAL VALUE
CApITAL VALUE
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | NOIDA
PROJecT NAme LOcATION
Amrapali hanging Garden
sector 107
Logix Zest sector 143
Urbtech xaviers sector 168
pROJECT LAUNChED IN 3Q 2011
NOIDA
3Q 2011 pREMIUM RESIDENTIAL AVERAgE RENTAL VALUE
3Q 2011 pREMIUM RESIDENTIAL AVERAgE CApITAL VALUE
0
1000
2000
3000
4000
5000
6000
7000
8000
9000
sect
or 2
8, 2
9, 3
0
sect
or 9
2/93
sect
or 6
1, 62
., 63
sect
or 5
0
sect
or 4
4
INR
per
sq F
t
3Q20
09
3000
3500
4000
4500
5000
5500
6000
7000
6500
7500
8000
1Q20
10
2Q20
10
3Q20
10
4Q20
09
1Q20
11
2Q20
11
3Q20
11
4Q20
10
sector 92/93
sector 61,62,63
sector 44
sector 28,29,30
sector 50
INR
per
sq F
t
sector 50
sector 44
sector 28,29,30
sector 92/93 sector 61,62,63
25
20
15
10
5
0
INR
per
sq F
t per
mon
th
CApITAL VALUE TRENDS
CApITAL VALUE TRENDS
p. 8 | COLLIERS INTERNATIONAL
Source: Colliers International India Research
CITY RESIDENTIAL BAROMETER
2Q 2011 3Q 2011
RENTAL VALUE
CApITAL VALUE
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | ChENNAI
MARKET TRANSACTIONScLIeNT PROPeRTy
cLAssIFIcATIONAReA (sQ. FT.)
LOcATION TRANsAcTION TyPe
Danieli Apartment 4,000 Boat club Lease
ericsson Beach house 4,500 Akkarai Lease
hilton Beach house 4,500 Akkarai Lease
Individual Beach house 4,000 shastri Nagar sale
singapore Airlines Apartment 1,800 Thiruvanmiyur Lease
Woori Bank Apartment 3,000 mRc Nagar Lease
3Q 2011 pREMIUM RESIDENTIAL AVERAgE RENTAL VALUE
ChENNAI
In 3Q 2011 the chennai residential market has •seen completion of various premium projects/phases of the projects like “Golden homes” by Golden Vista in Anna Nagar, “Tejashree Aishwaryam” by himabindhu Infra in Porur, “Urban Ville” by Bhagyam constrns in OmR and “Visalakshi enclave“ by mukundan Projects. In addition, two premium properties were also offered for possession in Boat club and Gandhi Nagar area by a Private Developers.
In 3Q 2011 Golden homes launched “Golden •Aura” in Anna Nagar and “Golden crocus” in Kilpauk . Both of these projects were luxury projects priced in the range of INR 9,000 to 11,000 per sq.ft. Another luxury project comprising 25 exclusive luxury villas was launched by casa Grande in Perungudi.
Projects launched in mid range were “mantri •Navratna” by mantri Group and “silent Valley” by Vijay shanthi Builders in chromepet and Tambaram, respectively. These projects were priced between INR 3,500 to 4,000 per sq.ft.
capital values remained stable in almost all of •the micro markets in chennai. Despite large supply, continued demand for middle and high end housing has helped to stabilise prices in the suburbs. Increased activity was observed in OmR, GsT, Oragadam and sriperumbudur but capital value stayed in the affordable range of INR 3,000 to 3,500 per sq ft in these areas.
Rental market remained active and demand •for high end smaller units with 3 BhK denominations were on rise. Rental values in Boat club, one of the most sought after locations in prime residential properties has appreciated by approximately 7 percent quarter-on-quarter due to limited supply. however, all other micro -markets showed a stable trend in rental values.
3Q 2011 pREMIUM RESIDENTIAL AVERAgE CApITAL VALUE
PROJecT NAme LOcATION
Golden crocus Kilpauk
Golden Aura Anna Nagar
mantri Navratna chromepet
silent Valley Tambaram
pROJECT LAUNChED IN 3Q 2011
cheNNAI
Adyar
Anna Nagar
Nungambakkam
Boat club
siruseri/ Kazipattur
sholinganallur
Velachery
Alwarpet / R A Puram Beasant Nagar
T Nagar
65
55
45
35
25
15
5
-5
INR
per
sq ft
Per
mon
th
3Q20
08
4Q20
08
2Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
2Q20
10
3Q20
11
2Q20
11
1Q20
11
4Q20
10
3Q20
10
21000
3000
1000
5000
7000
9000
13000
15000
11000
18000
19000
1Q20
08
Boat clubBeasant Nagar
VelacheryAlwarpet / R A Puram
siruseri/ Kazipattur
AdyarNungambakkam
Anna Nagar
T Nagarsholinganallur
INR
per
sq ft
Boat
clu
b
Nung
amba
kkam
Anna
Nag
ar
T Na
gar
Beas
ant N
agar
Adya
r
shol
inga
nallu
r
Alw
arpe
t / R
A P
uram
Vela
cher
y
siru
seri/
Kaz
ipat
tur0
2000
4000
6000
8000
10000
12000
14000
16000
18000
20000
INR
per
sq ft
COLLIERS INTERNATIONAL | p. 9
Source: Colliers International India Research
MARKET TRANSACTIONScLIeNT PROPeRTy
cLAssIFIcATIONAReA (sQ. FT.)
LOcATION TRANsAcTION TyPe
Boeing Villa 3,400 White Field Lease
Bosch Villa 3,500 sarjapur Rd Lease
cavin Kare Apartment 1,600 Jayanagar Lease
hP Apartment 2,200 White Field Lease
BENgALURU
Projects or part of the projects completed •this quarter were “Venezia” developed by Puravankara Group and “Almond Tree” developed by edifice Group. Both of these projects were located in yelahanka. Another project witnessed completion this quarter was “hm World city” developed by hm Group in JP Nagar.
Projects launched in the luxury segment this •quarter were “Brigade Rhapsody” by Brigade Group located at Palace Road and “27 Park Avenue” by Asset homes located at hsR Layout. Both of these projects are expected to complete by the end of year 2013. Prestige Group has also launched two mid-range projects “Prestige sunny side” and “Prestige Tranquillity” at ORR and Budigere cross Road respectively.
Average capital values for prime residential •properties remained stable quarter-on-quarter in most of the micro markets. The transaction volumes were low as compared to previous quarter primarily due to macro economic factors such as increasing inflation and interest rates.
Rental values remained stable during the •quarter in most of the micro-markets barring Whitefield, where an increase in the range of 10 to 12 percent was observed quarter on quarter. This increase can be attributed to the high demand from officials of Indian corporations and mNcs.
The first line of the Bangalore metro from •Baiyappanahalli to mahatma Gandhi Road (also called Reach-1) is expected to start operating from 4Q 2011.
CITY RESIDENTIAL BAROMETER
2Q 2011 3Q 2011
RENTAL VALUE
CApITAL VALUE
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | BENgALURU
3Q 2011 pREMIUM RESIDENTIAL AVERAgE CApITAL VALUE
0
2000
4000
8000
6000
10000
14000
16000
12000
yela
hank
a
Whi
tefie
ld (A
ppts
)
Kora
man
gala
Bann
ergh
atta
Ro
ad
Indi
rana
gar
Airp
ort R
oad
Pala
ce O
rcha
rd
Jaya
naga
r
cook
e To
wn
INR
per
sq F
t
cent
ral
1Q20
08
2Q20
08
3Q20
08
INR
per
sq F
t
1000
3000
5000
7000
9000
11000
15000
13000
17000
2Q20
10
4Q20
09
1Q20
10
4Q20
08
1Q20
09
2Q20
09
3Q20
09
3Q20
10
4Q20
10
1Q20
11
2Q20
11
3Q20
11
central
Bannerghatta Road
yelahanka
Palace Orchard
cooke Town Jayanagar
Indiranagar
Whitefield (Appts)
Airport Road
Koramangala
CApITAL VALUE TRENDS
3Q 2011 pREMIUM RESIDENTIAL AVERAgE RENTAL VALUE
PROJecT NAme LOcATION
27 Park Avenue hsR Layout
Brigade Rhapsody Palace Road
Prestige sunny side ORR
Prestige Tranquility Budigere cross Road
pROJECT LAUNChED IN 3Q 2011
Palace Orchard
Jayanagar
cooke Town
central
yelahanka
Whitefield (Appts)
Koramangala
Bannerghatta Road Airport Road
Indiranagar
65
55
45
35
25
15
5
-5
INR
per
sq F
t per
mon
th
BeNGALURU
p. 10 | COLLIERS INTERNATIONAL
Source: Colliers International India Research
MARKET TRANSACTIONScLIeNT PROPeRTy
cLAssIFIcATIONAReA (sQ. FT.)
LOcATION TRANsAcTION TyPe
Individual Apartment 1,234 Bansdroni sale
Individual Apartment 1,188 Baguihati sale
Individual Apartment 1,100 Rajarhat, hatiara sale
Individual Apartment 863 Dum Dum sale
Individual Apartment 820 Jadavpur sale
Individual Apartment 918 Baranagar sale
KOLKATA
Projects/phases of the projects ready •for possession this quarter include “Ideal Lakeview” developed by Ideal Real estates at Topsia, “Purty Utsav” developed by Purti Realty and “Rishi enclave” by mittal Group & swarna Infrastructure in Rajarhat.
A number of projects were launched in •Kolkata during this festive season; “Ps mahagun” by Ps Group, “ sampoorna” by Bengal DcL “harmony” by Aster Group, “mount hill Breeze” by mount hill Realty and “Pather Panchali” by Realtech Nirman. All of these projects are expected to be ready for possession by the end of year 2013 or early 2014. All of these projects were launched in price band of INR 2,000 to 3,400 except Ps mahagun project which was launched above INR 5,000 per sq ft.
capital values in the city have shown •an upward trend in micro markets like Bhawanipur, Alipore, Behela, Loudon street, Ballygunge, salt Lake, em Bypass, VIP Road and New Town –Rajarhat; appreciation in these micro markets was in the range of 6 to 12 percent quarter-on-quarter. This can be attributed to the fact that in south west and central Kolkata availability of new projects is limited and a sturdy demand has been seen. similarly in New Town –Rajarhat various new projects have seen robust demand which led to rise in capital values.
Rental values on the other hand in 3Q 2011 •remained stable in almost all the major micro markets except Tollygunge and Behela where rental values were appreciated in the range of 3 to 8 percent as compared to 2Q 2011.
The state Government has proposed to •build a 40km ‘half-ring road’ from Diamond harbour Road, near the ekbalpore crossing, to Barasat. This road will facilitate uninterrupted, congestion-free flow of traffic from Diamond harbour Road to Barasat.
CITY RESIDENTIAL BAROMETER
2Q 2011 3Q 2011
RENTAL VALUE
CApITAL VALUE
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | kOLkATA
3Q 2011 pREMIUM RESIDENTIAL AVERAgE CApITAL VALUE
CApITAL VALUE TRENDS
3Q 2011 pREMIUM RESIDENTIAL AVERAgE RENTAL VALUE
pROJECT LAUNChED IN 3Q2010
KOLKATA
PROJecT NAme LOcATION
harmony Rajarhat
mount hill Breeze Jessore Road
Pather Panchali Garia
Ps magnum VIP Road
sampoorna New Town
pROJECT LAUNChED IN 3Q 2011
Alipore
Tollygunge
PA shah Road
Bhawanipur
New Town Rarhat
VIP Road
em Bypass
Ballygunge
salt Lake Behela
Loudon street
35
30
25
15
10
5
0
INR
per
sq ft
Per
mon
th
3Q20
08
4Q20
08
2Q20
08
1Q20
09
2Q20
09
3Q20
09
4Q20
09
1Q20
10
1Q20
10
2Q20
10
2Q20
10
3Q20
1
3Q20
1
4Q20
09
1Q20
11
2Q20
11
3Q20
11
4Q20
10
3Q20
10
14000
2000
1000
4000
8000
6000
10000
12000
1Q20
08
Bhawanipur
em BypassAlipore salt Lake
Behela
PA shah Road Tollygunge
BallygungeNew Town - Rajarhat
Loudon streetVIP Road
INR
per
sq ft
Bhaw
anip
ur
PA s
hah
Road
Tolly
gung
e
Loud
on s
tree
t
Behe
la
Alip
ore
em B
ypas
s
Bally
gung
e
salt
Lake
VIP
Road
New
Tow
n Ra
jarh
at
0
2000
4000
6000
8000
10000
12000
INR
per
sq ft
COLLIERS INTERNATIONAL | p. 11
THE KNOWLEDGE REPORT | 3Q 2011 | REsIDENTIAL | sUBMARkETs
MumbaiThe high-end residential real estate markets in mumbai include malabar hill, Altamount Road, carmichael Road, Napean sea Road, Breach candy, colaba, cuffe Parade, Prabhadevi, Worli, Bandra, Khar, santacruz, Juhu and Powai.
DelhiThe prime residential areas in Delhi are in the south region and comprise Vasant Vihar, Westend, shanti Niketan, Anand Niketan and central Delhi locations. These areas enjoy proximity to embassies, the airport and central commercial areas - connaught Place.
GurgaonThe prime residential locations of Gurgaon include Golf course Road, DLF Phase I, sushant Lok and sohna Road. The Delhi- Jaipur highway (Nh-8) is also emerging as a preferred residential location owing to its proximity to the national capital.
NoidaNoida premium residential market is comprised of sectors 44, 50, 92, 61, 62, 63 , 28, 29, 30 and Taj express highway.
ChennaiThe prime residential areas in chennai include Thiruvanmiyur, Valmiki Nagar and Besant Nagar, R.A Puram, mylapore and Adyar in south chennai, Nungambakkam, chetpet, Poes Garden, egmore, Alwarpet, T. Nagar in central chennai; and Anna Nagar, Kilpauk in North West chennai.
BengaluruThe residential market of Bengaluru comprises both apartments and independent residences. currently, high-end residential developments are mainly concentrated along the cBD, and eastern and south precincts of the city. Recently, Northern Bengaluru has also witnessed a spree of realty activity facilitated by the new International Airport at Devanhalli.
KolkataThe prime residential areas in Kolkata include PA shah Road, Tollygunge and Bhawanipur in south Kolkata, Alipore and Behala in south-west Kolkata, Loudon street and Ballygunge in central Kolkata; and salt Lake, em Bypass and VIP Road in North Kolkata.
RESIDENTIAL SUBMARKETS
CITY BAROMETER
Increasing as compared to previous quarter
Decreasing as compared to previous quarter
Remained stable from previous quarter
Accelerating success.
Accelerating success.
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Chennai : Kaushik Reddy, Office Director [email protected] heavitree complex, Unit 1c, 1st floor, 23,spurtank Road, chetpet, chennai - 600 031. Tel : 91 44 2836 1064 Fax : 91 44 2836 1377
Kolkata : Joe Verghese, managing Director [email protected] Infinity Business centre, Infinity Benchmark, Room No 13, Level 18, Plot G - 1, Block eP & GP, salt Lake sector V, Kolkata - 700 091. West Bengal, India. Tel : 91 33 2357 6501 extn : 206, Fax : 91 33 2357 6502
Recent Reports :
- India Office Property market Overview - 3Q 2011- Asia Pac Office market Overview - 3Q 2011- Global Office market highlights - First half 2011- Global Industrial market highlights - First half 2011
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THE KNOWLEDGE REPORT | 3Q 2011
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This report and other research materials may be found on our website at www.colliers.com/India. Questions related to information herein should be directed to the Research Department at the number indicated above. This document has been prepared by colliers International for advertising and general information only. colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from.
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AUTHORS
Amit Oberoi MRICSNational Director, Valuation & Advisory; Researchemail: [email protected]
Surabhi Arora MRICSAssociate Director, Researchemail: [email protected]
Sachin SharmaAssistant manager, Researchemail: [email protected]
For general queries and feedback :[email protected] Tel: 91 11 4360 7542
For Press enquiries:Poonam MahtaniNational Director, Knowledge systememail: [email protected]
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