Professional Documents
Culture Documents
PROPEQUITY
Tier I Cities
Residential Market
Dynamics
Oct 2013
PropEquity
PROPEQUITY
Index
SR. NO.
TOPIC
PAGE NO.
Glossary
Economic Snapshot
13
Bengaluru
17
Pune
21
Kolkata
25
Chennai
29
Hyderabad
33
12
37
13
Disclaimer
39
PROPEQUITY
Glossary
Acronym
Particulars
YTD
NCR
MMR
Sft
Square Feet
Y-o-Y
Year on Year
Q-o-Q
Quarter on Quarter
INR
Indian Rupees
Mn
Million
Times / Multiple
PROPEQUITY
PROPEQUITY
Creating Investor Intelligence
PROPEQUITY
10.00%
9.7%
9.4% 9.3%
8.6%
8.5%
7.8%
8.00%
7.5%
8.9%
8.3%
7.3%
6.1%
6.00%
5.8%
7.8% 7.7%
6.9%
6.3%
6.1%
4.7% 4.8%
4.4%
4.8%
4.00%
2.00%
0.00%
Q3
Q4
FY 08
Q1
Q2
Q3
FY 09
Q4
Q1
Q2
Q3
FY 10
Q4
Q1
Q2
Q3
FY 11
Q4
Q1
Q2
Q3
FY 12
Q4
Q1
Q2
Q3
FY 13
Q4
Q1
Q2
FY 14
Source: RBI
PROPEQUITY
7.0%
6.0%
6.40%
6.00%
5.0%
5.10%
4.0%
3.0%
4.60%
4.90%
3.30%
2.0%
2.60%
1.0%
0.0%
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
Percentage
9%
Inflation (%)
8.5%
7%
8.1%
8.0%
8%
7.2%
7.3%
6%
5%
7.5%
7.3%
6.5%
4.6%
4%
Jan-12
Mar-12
May-12
Jul-12
Sep-12
Nov-12
Jan-13
Mar-13
May-13
Jul-13
Sep-13
Source: MOSPI, Finance Ministry, RBI
PROPEQUITY
PROPEQUITY
Creating Investor Intelligence
PROPEQUITY
Oct
2013
KOLKATA
Oct
2012
Oct
2013
Supply Additions
(Units)
9,683
3,944
1,064
457
Absorption (Units)
9,033
4,966
Absorption (Units)
1,221
710
24,025
24,424
147,231
163,420
Weighted Average
Launch Price (INR/Sft)
2,987
3,962
Weighted Average
Launch Price (INR/Sft)
4,562
5,810
HYDERABAD
Oct
2012
Oct
2013
MMR
Oct
2012
Oct
2013
1,670
1,490
Supply Additions
(Units)
Absorption (Units)
1,465
1,051
11,492
6,361
37,486
38,811
Absorption (Units)
6,230
3,454
Weighted Average
Launch Price (INR/Sft)
2,939
4,210
152,886
166,945
BENGALURU
Weighted Average
Launch Price (INR/Sft)
Oct
2012
Oct
2013
6,802
6,303
5,301
2,628
Absorption (Units)
4,268
3,071
65,199
79,066
Weighted Average
Launch Price (INR/Sft)
3,777
4,259
NCR
Oct
2012
Oct
2013
Supply Additions
(Units)
3,458
4,409
Absorption (Units)
3,559
PUNE
CHENNAI
Oct
2012
Oct
2013
2,268
4,563
506
59,526
61,530
Absorption (Units)
2,505
1,588
3,825
4,682
41,814
42,857
Weighted Average
Launch Price (INR/Sft)
3,835
3,477
PROPEQUITY
National Capital
Region
NCR Delhi, Gurgaon, NOIDA, Greater
NOIDA, Ghaziabad, Faridabad
PROPEQUITY
10
30
22
30,000
11
15
15
21
19
18
25
21
17
17
20
15
10
10,000
3%
Q3
Average Quarterly
Value of Launches
INR 173 Bn
Q4
Q1
Q2
Q3
Q4
Q1
2012
Average Quarterly
Value of Launches
INR 184 Bn
Q2
Q3
2013
Average Quarterly
Value of Launches
INR 168 Bn
Despite Q3 being the beginning of festive season, Q3 2013 witnessed lukewarm real estate
activity, both in terms of launches & absorption
On Y-o-Y basis, supply additions in Q3 2013 declined by 47% and absorptions waned by 30% over
the corresponding time period of 2012
However, first ten months of 2013 and 2012 have witnessed comparable supply additions
and absorption
Jan-Oct
2013
Q4 YTD
Quarterly Absorptions
Y-o-Y Comparative
70,728
Q2
2011
Jan-Oct
2012
0
Q1
70,947
In Units
40,000
20,000
35
86,335
33
50,000
89,133
Absorption (LHS)
Months of Inventory
Supply (LHS)
Jan-Oct
2012
Jan-Oct
2013
Inventory build up has been persistently increasing and stood at 33 months as on end of
Oct 2013
Average quarterly value of launches of first three quarters of 2013 has declined by approx.
9% as compared to corresponding period of 2012
PROPEQUITY
11
Increase
23%
5,810
7,000
4,562
170
6,000
160
150
5,000
140
4,000
130
120
3,000
110
100
2,000
Q1
Q2
Q3
Q4
2011
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Oct
2012
Unsold Supply
Y-o-Y Comparative
Q4 YTD
2012
2013
Increased development
focus in high capital
value pockets of
Gurgaon, like Dwarka
Expressway, led to sharp
increase in weighted
average price of new
launches in 2013
Oct
2013
11%
163,420
Decrease
3%
27%
147,231
Increase
26%
180
Units In Thousands
Availability
Oct
2012
Oct
2013
PROPEQUITY
12
5.5x
Average Annual Delivered &
To Be Delivered Units
24,003
Total Units
96,012
96,679
131,928
96,679
97,777
527,715
4.0x
200,000
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
720,406 UNITS
192,691 UNITS
2010
2011
2012
2013
2014
2015
2016
2017
Years
PROPEQUITY
13
A
3%
2012
A
6%
2011
A
6%
0%
M
71%
L
26%
M
67%
M
74%
20%
40%
Luxury
24%
L
27%
Mid
71%
L
20%
60%
80%
Affordable
5%
100%
A
4%
2012
A
5%
2011
A
5%
0%
M
76%
L
21%
M
68%
M
76%
20%
40%
Mid
73%
L
27%
L
19%
60%
80%
100%
Luxury
22%
Affordable
5%
14
PROPEQUITY
Mumbai
Metropolitan
Region
MMR Mumbai, Navi Mumbai, Thane
PROPEQUITY
15
43
13
15
18
20
21
24
21
25
30
20
10,000
10
0
Q2
Q3
2011
Average Quarterly
Value of Launches
INR 165 Bn
Q4
Q1
Q2
Q3
Q4
Q1
2012
Average Quarterly
Value of Launches
INR 115 Bn
Q2
Q3
Jan-Oct
2013
Q4 YTD
2013
Average Quarterly
Value of Launches
INR 122 Bn
Thane & Navi Mumbai accounted for 75% of project launches in Q3 2013 in MMR, while
Mumbais share in new launches stood at 25%
On Y-o-Y basis, supply additions in Q3 2013 declined by 40% and absorptions waned by 39% over
the corresponding time period of 2012
First ten months of 2013, compared with corresponding period of 2012, also registered a
sharp drop in supply additions and absorptions
Jan-Oct
2012
0
Q1
30%
56%
Quarterly Absorptions
Y-o-Y Comparative
26%
Jan-Oct
2012
Jan-Oct
2013
49,440
20,000
25
50
40
32
30,000
60
66,922
In Units
40,000
48
60,878
50,000
87,509
Absorption (LHS)
Months of Inventory
Supply (LHS)
Significant decline in absorption levels led to sharp increase in inventory overhang which
stood at 48 months as on end of Oct 2013
Average quarterly value of launches of first three quarters of 2013 compared to 2012
registered a modest growth of 6%
PROPEQUITY
16
9,000
170
8,000
150
7,000
130
6,000
110
5,000
90
4,000
70
3,000
50
30
2,000
10
1,000
Q1
Q2
Q3
Q4
2011
Q1
Q2
Q3
Q4
2012
Q1
Q2
Q3
Q4 YTD
Oct
2012
Oct
2013
Unsold Supply
Y-o-Y Comparative
9%
2013
Approx. 8% increase in
unsold supply in tandem
with declining
absorption rates
Navi Mumbai & Thane
inhibiting capital value
accounted for 90% of new
escalations
supply additions
Q3 & Q4 witnessed higher Weighted average
concentration of new
capital values on launch
supply in Mumbai, approx.
basis exhibited a
20% ~ Resulting in
decrease of 8%
increased capital values
Oct
2012
166,945
-10
6,303
Decrease
8%
6,802
Increase
31%
7%
152,886
Increase
20%
190
Units In Thousands
Availability
Oct
2013
PROPEQUITY
17
Approx. 1.9 times average annual delivery commitments between 2014 2017 in MMR
Likely to meet future delivery commitments
However, Navi Mumbai may witness execution slippages due to large scale project launches
1.9x
Average Annual Delivered &
To Be Delivered Units
46,887
Total Units
187,550
96,050
88,360
96,050
97,777
353,441
2.0x
180,000
160,000
140,000
120,000
100,000
80,000
60,000
40,000
20,000
0
637,041 UNITS
283,600 UNITS
2010
2011
2012
2013
2014
2015
2016
2017
Years
PROPEQUITY
18
2013
M
47%
A
30%
2012
M
50%
A
28%
2011
0%
40%
Luxury
22%
L
21%
M
51%
20%
Mid
50%
L
28%
L
21%
60%
80%
Affordable
28%
100%
2013
M
53%
A
28%
2012
M
49%
A
24%
2011
0%
40%
Luxury
23%
L
22%
M
53%
20%
Mid
51%
L
24%
L
23%
60%
80%
100%
Affordable
26%
19
PROPEQUITY
Bengaluru
PROPEQUITY
20
In Units
20,000
15,000
26
24
18
15
15
18
25
18
15
15
15
30
20
15
15
12
10,000
10
5,000
12%
56%
51,961
25,000
46,341
Absorption (LHS)
Months of Inventory
Supply (LHS)
0
Q1
Q2
Q3
2011
Average Quarterly
Value of Launches
INR 90 Bn
Q4
Q1
Q2
Q3
Q4
Q1
2012
Average Quarterly
Value of Launches
INR 82 Bn
Q2
Q3
Q4 YTD
2013
Average Quarterly
Value of Launches
INR 102 Bn
Jan-Oct
2012
Jan-Oct
2013
Quarterly Absorptions
Y-o-Y Comparative
On Y-o-Y basis, supply additions in Q3 2013 declined by 14% and absorptions waned by 17% over
the corresponding time period of 2012
However, on comparison of first ten months of 2013 with the corresponding period of
2012, an increase in supply additions and absorptions was registered
Supply additions increased by 12%; Absorptions increased by 8%
37,595
Oct
2012
40,464
8%
Oct
2013
PROPEQUITY
21
5,000
80
4,500
70
4,000
4,259
Increase
6%
3,777
Increase
10%
90
13%
3,500
60
3,000
50
2,500
40
2,000
30
1,500
20
1,000
10
500
0
Q3
Q4
Q1
Q2
2011
Q3
Q4
Q1
Q2
2012
Modest increase in
capital values
attributable to
Q3
Oct
2013
Unsold Supply
Y-o-Y Comparative
Q4 YTD
21%
2013
Oct
2012
79,066
Q2
Oct
2012
65,199
Q1
Units In Thousands
Availability
Oct
2013
PROPEQUITY
22
2.0x
Average Annual Delivered &
To Be Delivered Units
21,370
Total Units
85,481
43,798
41,874
43,798
97,777
167,494
2.0x
90,000
80,000
70,000
60,000
50,000
40,000
30,000
296,773 UNITS
129,279 UNITS
20,000
10,000
0
2010
2011
2012
2013
2014
2015
2016
2017
Years
PROPEQUITY
23
2013
M
69%
A
13%
2012
M
66%
A
11%
2011
0%
L
23%
L
21%
M
67%
20%
Mid
67%
Luxury
22%
L
22%
40%
60%
80%
Affordable
11%
100%
A
13%
2012
A
14%
M
68%
M
64%
A
18%
2011
0%
L
18%
L
22%
M
66%
20%
40%
Mid
66%
L
16%
60%
80%
Luxury
19%
Affordable
15%
100%
24
PROPEQUITY
Pune
PROPEQUITY
25
25,000
27
24
In Units
20,000
15,000
25
21
18
15
12
15
15
18
20
15
12
30
15
12
10,000
10
5,000
30%
56%
Jan-Oct
2012
Jan-Oct
2013
30,146
Absorption (LHS)
Months of Inventory
Supply (LHS)
42,904
0
Q1
Q2
Q3
2011
Average Quarterly
Value of Launches
INR 52 Bn
Q4
Q1
Q2
Q3
Q4
Q1
2012
Average Quarterly
Value of Launches
INR 52 Bn
Q2
Q3
Q4 YTD
2013
Average Quarterly
Value of Launches
INR 35 Bn
Quarterly Absorptions
Y-o-Y Comparative
On Y-o-Y basis, supply additions in Q3 2013 declined by 35% and absorptions waned by 46% over
the corresponding time period of 2012
Decline in supply additions & absorptions over the first ten months of 2013 compared to the
corresponding period of 2012
27%
Jan-Oct
2012
Jan-Oct
2013
29,048
39,935
Q3 2013 witnessed muted real estate activity both in terms of launches & absorption
PROPEQUITY
26
5,000
3,825
4,500
60
4,000
55
3,500
50
3,000
45
2,000
2,500
1,500
40
1,000
35
500
30
0
Q2
Q3
Q4
2011
Q1
Q2
Q3
Q4
2012
Q1
Q2
Q3
Oct
2012
Oct
2013
Unsold Supply
Y-o-Y Comparative
Q4 YTD
3%
2013
59,526
Q1
4,682
Increase
7%
Oct
2012
61,530
Decrease
2%
65
22%
Units In Thousands
Availability
Oct
2013
PROPEQUITY
27
1.1x
Average Annual Delivered &
To Be Delivered Units
31,907
Total Units
127,627
49,512
34,092
49,512
97,777
136,370
1.6x
80,000
70,000
60,000
313,509UNITS
50,000
40,000
30,000
177,139 UNITS
20,000
10,000
0
2010
2011
2012
2013
2014
2015
2016
2017
Years
PROPEQUITY
28
Real estate activity picking up in the Luxury segment with considerable shrinkage in Affordable
budget segment
Segment Wise Supply Split 2011- 2013YTD
2013
M
70%
Mid
65%
L
14%
2012
A
24%
M
64%
L
12%
2011
A
25%
M
63%
L
12%
0%
20%
40%
60%
80%
Luxury
13%
Affordable
22%
100%
2013
M
70%
A
27%
2012
M
62%
A
20%
2011
0%
L
12%
L
11%
M
69%
20%
40%
L
11%
60%
80%
100%
Mid
67%
Luxury
11%
Affordable
22%
29
PROPEQUITY
Kolkata
PROPEQUITY
30
34
6,000
30
In Units
5,000
21
4,000
3,000
12
15
15
15
15
Q4
Q1
21
18
18
21
2,000
1,000
0
Q1
Q2
Q3
2011
Average Quarterly
Value of Launches
INR 16 Bn
Q2
Q3
2012
Average Quarterly
Value of Launches
INR 24 Bn
Q4
Q1
Q2
Q3
40
35
30
25
20
15
10
5
0
Jan-Oct
2012
Jan-Oct
2013
Q4 YTD
2013
Average Quarterly
Value of Launches
INR 15 Bn
Despite Q3 being the beginning of festive season, fewer new supply additions were
observed in Kolkata ~ Developers resorting to supply adjustment in the wake of mounting
inventory overhang
36%
56%
On Y-o-Y basis, supply additions in Q3 2013 declined by 53% and absorptions waned by 29% over
the corresponding time period of 2012
Quarterly Absorptions
Y-o-Y Comparative
12%
Jan-Oct
2012
Jan-Oct
2013
10,904
7,000
11,251
Months of Inventory
12,440
Absorption (LHS)
Months of Inventory
Supply (LHS)
17,461
PROPEQUITY
31
Increase
27%
4,500
3,962
Decrease
6%
30
33%
3,500
20
3,000
2,500
15
2,000
10
1,500
1,000
500
0
Q3
Q4
2011
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Unsold Supply
Y-o-Y Comparative
Q4 YTD
2012
2013
Build-up of unsold
supply led to a correction
in new launch project
pricing ~ 4% decrease
The sporadic movement
of price in Q2 2012 is
attributable to project
launches in higher
budget segment (P.S.
Magnum, Himadri,
Mandeville Garden, etc.)
Developers resorted to
adjusting new supply
additions inline with
absorption trend ~
Resulting in steady
absolute unsold supply
levels
High ticket price
launches witnessed in
micro markets of Topsia,
Rajarhat, etc. ~ Driving
up the average capital
values in the city
Oct
2013
2%
24,424
Q2
Oct
2012
24,025
Q1
2,987
4,000
25
Units In Thousands
Availability
Oct
2012
Oct
2013
PROPEQUITY
32
Approx. 1.9 times average annual delivery commitments between 2014 2017 in Kolkata
Relatively smaller market size of organized real estate development in Kolkata
Meeting delivery commitments might not be a challenge
1.9x
Average Annual Delivered &
To Be Delivered Units
8,063
Total Units
32,251
13,141
15,645
13,141
97,777
62,582
1.6x
30,000
25,000
20,000
15,000
10,000
5,000
0
107,974 UNITS
45,392 UNITS
2010
2011
2012
2013
2014
2015
2016
2017
Years
PROPEQUITY
33
2013
M
65%
L
12%
2012
A
35%
M
50%
L
15%
2011
A
35%
M
49%
L
16%
0%
20%
40%
60%
Mid
53%
80%
Luxury
15%
Affordable
32%
100%
2013
M
62%
A
31%
2012
M
50%
A
25%
2011
0%
40%
Luxury
18%
L
18%
M
54%
20%
Mid
55%
L
13%
L
20%
60%
80%
100%
Affordable
27%
34
PROPEQUITY
Chennai
PROPEQUITY
35
24
12,000
6,000
18
15
12
15
15
12
18
20
15
15
15
10
4,000
2,000
0
29%
56%
Jan-Oct
2012
Jan-Oct
2013
0
Q1
Q2
Q3
2011
Average Quarterly
Value of Launches
INR 52 Bn
Q4
Q1
Q2
Q3
Q4
Q1
2012
Average Quarterly
Value of Launches
INR 43 Bn
Q2
Q3
Q4 YTD
2013
Average Quarterly
Value of Launches
INR 35 Bn
Quarterly Absorptions
Y-o-Y Comparative
On Y-o-Y basis, supply additions in Q3 2013 declined by 47% and absorptions declined by 27%
over the corresponding time period of 2012
Supply additions & absorptions also declined over the first ten months of 2013 compared to
the corresponding period of 2012
17% drop in supply additions in the first three quarters of 2013 over the corresponding period of
2012 resulted in 19% drop in average quarterly value of launches
25,004
Q3 2013 witnessed muted real estate activity both in terms of launches & absorption,
however, absorptions outpacing supply additions indicate cleanup from old inventory
18%
20,391
In Units
8,000
25
21
10,000
30
20,416
14,000
28,616
Absorption (LHS)
Months of Inventory
Supply (LHS)
Jan-Oct
2013
PROPEQUITY
36
5,000
45
4,500
40
4,000
35
3,500
30
3,000
25
2,500
20
2,000
15
1,500
10
1,000
500
0
Q2
Q3
Q4
2011
Q1
Q2
Q3
Q4
2012
Q1
Q2
Q3
Oct
2012
Oct
2013
Unsold Supply
Y-o-Y Comparative
Q4 YTD
2%
2013
42,857
Q1
3,477
3,835
Decrease
8%
Decrease
2%
41,814
No
Change
50
9%
Units In Thousands
Availability
Oct
2012
Oct
2013
PROPEQUITY
37
Approx. 2.2 times average annual delivery commitments between 2014 2017 in Chennai
Lower average annual delivery commitments from 2014 onwards as compared to 2013 project
deliveries
2.2x
Average Annual Delivered &
To Be Delivered Units
11,293
Total Units
45,172
35,522
24,315
35,522
97,777
97,261
3.1x
50,000
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
177,955 UNITS
80,694 UNITS
2010
2011
2012
2013
2014
2015
2016
2017
Years
PROPEQUITY
38
2013
M
70%
A
14%
2012
M
71%
A
20%
2011
L
13%
20%
40%
Luxury
16%
L
14%
M
61%
0%
Mid
67%
L
18%
60%
80%
Affordable
17%
100%
A
20%
2012
A
20%
M
67%
M
64%
A
25%
2011
0%
40%
Luxury
17%
L
16%
M
56%
20%
Mid
61%
L
14%
L
19%
60%
80%
100%
Affordable
22%
39
PROPEQUITY
Hyderabad
PROPEQUITY
40
30
24
21
Q1
Q2
Q3
2011
Average Quarterly
Value of Launches
INR 27 Bn
Q4
27
24
24
Q1
Q2
Q3
24
24
Q4
Q1
2012
Average Quarterly
Value of Launches
INR 21 Bn
27
Q2
Q3
1%
Q4 YTD
2013
Average Quarterly
Value of Launches
INR 28 Bn
Jan-Oct
2012
Quarterly Absorptions
Y-o-Y Comparative
Persistent uncertainty over the fate of Hyderabad with regards to Telangana issue translated
into cautious approach from developers as reflected by fewer new launches in Q3 2013
On Y-o-Y basis, supply additions in Q3 2013 declined by 40% and absorptions waned by 16% over
the corresponding time period of 2012
However, marginal correction in supply additions & absorption has been witnessed over the
first ten months of 2013 compared to the corresponding period of 2012
6%
14,611
Jan-Oct
2013
13,679
30
40
35
30
25
20
15
10
5
0
14,246
37
33
14,407
10,000
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
Absorption (LHS)
Months of Inventory
In Units
Supply (LHS)
Since Q1 2013, Inventory has been on an increase, which stood at 37 months as on end of
October 2013
Average quarterly value of launches of first three quarters of 2013 has increased by approx.
33% as compared to corresponding period of 2012, primarily driven by low base effect
Jan-Oct
2012
Jan-Oct
2013
PROPEQUITY
41
39
4,000
38
3,500
37
3,000
36
2,500
35
2,000
34
1,500
33
32
1,000
31
500
30
4,210
4,500
0
Q2
Q3
2011
Q4
Q1
Q2
Q3
2012
Q4
Q1
Q2
Q3
Oct
2012
Oct
2013
Unsold Supply
Y-o-Y Comparative
Q4 YTD
4%
2013
Unsold supply in 2011 was fairly 2012 witnessed marginal Unsold supply level increases
marginally by 1.5%,
high in Hyderabad inhibiting
build-up in unsold supply
any capital value escalations
primarily driven by new However, declining absorption rate
leading to increase of months of inventory
activity in tandem with
Weighted average price of new
Weighted average Capital value on
increase in capital values
launches decreased by 7%
launch basis increase by 38% ~
Oct
2012
38,811
Q1
2,939
Increase
27%
37,486
Decrease
7%
40
43%
Units In Thousands
Availability
Oct
2013
PROPEQUITY
42
Approx. 1.3 times average annual delivery commitments between 2014 2017 in Hyderabad
Persistent overhang of Telangana issue compelled developers to adopt cautious approach
Changes in political environment may lead to execution challenges
1.3x
Average Annual Delivered &
To Be Delivered Units
13,921
Total Units
55,685
30,312
17,944
30,312
97,777
71,776
2.2x
45,000
40,000
35,000
30,000
25,000
20,000
15,000
10,000
5,000
0
157,773 UNITS
85,997 UNITS
2010
2011
2012
2013
2014
2015
2016
2017
Years
PROPEQUITY
43
A
4%
M
71%
L
25%
A
13%
2012
M
66%
A
11%
2011
0%
L
20%
M
71%
20%
40%
Mid
70%
Luxury
20%
L
18%
60%
80%
Affordable
10%
100%
A
8%
M
75%
2012
A
11%
M
69%
A
14%
2011
0%
L
17%
L
20%
M
66%
20%
40%
Mid
69%
L
21%
60%
80%
100%
Luxury
20%
Affordable
11%
PROPEQUITY
Snapshot -
PROPEQUITY
Creating Investor Intelligence
PROPEQUITY
45
NCR
MMR
Bengaluru
Pune
Kolkata
Chennai
Hyderabad
Supply Addition
Drop
-3%
Drop
-30%
Rise
+12%
Drop
-30%
Drop
-36%
Drop
-29%
Drop
-1%
Total Absorption
No
Change
Drop
-26%
Rise
+8%
Drop
-27%
Drop
-12%
Drop
-18%
Drop
-6%
Unsold Supply
Rise
+11%
Rise
+9%
Rise
+21%
Rise
+3%
Rise
+2%
Rise
+2%
Rise
+4%
Capital Values
(Oct 2013 vs Oct 2012)
Rise
+27%
Drop
-7%
Rise
+13%
Rise
+22%
Rise
+33%
Drop
-9%
Rise
+43%
5.5 x
1.9 x
2.0 x
1.1 x
1.9 x
2.2 x
1.3 x
Positive
Neutral
Negative
PROPEQUITY
46
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This report has been prepared for informational purposes and upon the understanding that it will
be used only for the purposes set forth above. Any projections of financial or operating results,
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Hence, there can be no assurance that such results will be realized.
In furnishing this report, PropEquity does not undertake any obligation to provide interested parties
with access to any additional information. This report shall not constitute an indication that there
has been no change in the business or affairs of the Company since the date hereof.
Inquiries and requests for more information relating to these materials should be directed to
PropEquity.
PROPEQUITY
Thank You
PROPEQUITY
Creating Investor Intelligence