REALTY DECODED Q2 FY’17 - d27p8o2qkwv41j.cloudfront.net...Page 05 REALTY DECODED Q2 FY’17 Outlook International Monetary Fund revised India's GDP forecast to 7.6% in FY’17, up

REALTY DECODED Q2 FY’17OCTOBER 2016

REALTY DECODED Q2 FY’17Page 01

NEW LAUNCHES

INVENTORY SCENARIO

INSIGHTS

CONSUMER CALLING

PRICE TRENDS

POLICY DEVELOPMENTS AND KEY TRANSACTIONS

Structure

1

2 3

4

56

Source: PropTiger DataLabs Sep’16

Page 02 REALTY DECODED Q2 FY’17

Key Insights And Outlook



Key Insights

Residential market conditions across top-9 cities of India in Q2 FY’17 were largely similar to the previous quarter with sales during the Q2 FY’17 witnessed at 54,721 units compared to 55,550 units in Q1 FY’17. The repo rate cut by the Reserve Bank of India (RBI), discounts and schemes offered by developers and the Real Estate (Regulation And Development) Act (RERA) are expected to lead to higher sales in subsequent quarters

Ahmedabad, Chennai, Hyderabad, Kolkata and Pune noted an uptick in housing sales during Q2 FY’17, even as most other cities witnessed subdued sales. Sales in Kolkata and Hyderabad increased by 35% and 24% respectively over the previous quarter

Mumbai, Pune and Bengaluru contributed nearly 58% to the total absorption witnessed in Q2 FY’17. Mumbai contributed the most to sales, accounting for 21% of total sales during the quarter followed by Pune and Bengaluru at 19% and 17% respectively, during Q2 FY’ 17

Sales in under construction projects continued to account for nearly 70% of the absorption. However, around 15% of the sales across top-9 cities was witnessed in completed projects, marginally up compared to the previous quarter. Past delays in completion of projects by developers has led some section of buyers to opt for completed projects

Buyers inclination continues to be higher towards projects which are showing visible construction progress. 60% of the sales during the quarter were witnessed in such projects launched more than 12 months ago



During Q2 FY’17, the top-9 cities of India witnessed launches of about 47,000 new residential units compared with 41,000 units in Q1 FY’17 at a quarterly growth of 14%. We anticipate an increase in new launches in Q3 FY’17, as many developers are looking forward to the festive season to launch their projects

Affordable segment accounted for nearly 61% of the total launches in Q2 FY’17. This could be attributed to the sops offered by the Government for development of affordable housing

Inventory overhang remained unchanged at 35 months, indicating the demand is moving in tandem with the supply. Unsold inventory across the top-9 cities declined barring Ahmedabad, Kolkata and Pune

Developers across top-9 cities of India have been reluctant to reduce residential prices and have instead been offering deferred and flexible payment schemes to entice buyers. Thus, overall prices across the cities remained range-bound during the quarter


Key Insights


OutlookInternational Monetary Fund revised India's GDP forecast to 7.6% in FY’17, up from its previous forecast of 7.4%. The prospect of above-normal rainfall in the country is likely to keep the Consumer Price Index under control and further help to maintain inflation within the favorable target band. This might possibly lead to further repo-rate cuts by Reserve Bank of India over the medium term, which will help in furthering of positive sentiments for the residential real estate

The impact of recent repo rate cut by RBI, the Real Estate (Regulation And Development) Act and GST Bill implementation, relaxation of rules for REITs, implementation of the 7th Pay Commission recommendations to increase Central Government employees’ wages is expected to positively impact the sector over the next few quarters

From spot discounts, flexible payment plans, waiver of registration, stamp duty and other charges to free whitegoods, gold coins, luxury cars, buyers across the country, are spoilt for choices this festive season. This is coupled with developers focus on execution and launches only with approvals is expected to bring the fence-sitters into market



Notes: BSP is represented in Rs./sq.ft. Inventory overhang is represented in months

Residential Landscape: Top-9 cities as of Q2 FY’17

Q-o-Q (%)

Launches +57%

Sales +7%

BSP 2,912(-2%)

Inventory Overhang

29

Q-o-Q (%)

Launches -13%

Sales -8%

BSP 4,811 (+1%)

Inventory Overhang

31

Q-o-Q (%)

Launches +15%

Sales +2%

BSP 4,988(+1%)

Inventory Overhang

38

Q-o-Q (%)

Launches -34%

Sales -28%

BSP 5,525 (+1%)

Inventory Overhang

66

Q-o-Q (%)

Launches +20%

Sales +24%

BSP 3,991 (+3%)

Inventory Overhang

21

Q-o-Q (%)

Launches +480%

Sales +35%

BSP 3,879(-1%)

Inventory Overhang

31

Q-o-Q (%)

Launches -33%

Sales -10%

BSP 8,349(+1%)

Inventory Overhang

43

Q-o-Q (%)

Launches +25%

Sales -2%

BSP 3,987(-1%)

Inventory Overhang

53

Q-o-Q (%)

Launches +8%

Sales 0%

BSP 4,981(0%)

Inventory Overhang

23

GURGAON

MUMBAI NOIDA

HYDERABAD

BENGALURU CHENNAI

KOLKATA

PUNE

AHMEDABAD

Most cities witnessed increase in Launches over pervious quarter. Prices are largely range bound,with exception of Hyderabad at 3% increase over previous quarter


Key performance indicators depicts stable outlook

* Top 9 Cities are Mumbai (including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurgaon (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.Analysis includes apartments and villas across the regions.

Notes:

Q2 FY’16 Q4 FY’16 Q1 FY’17 Q2 FY’17 Q3 FY’16

-27% -14% 14% 14% 15%

-14% -4% 8% -1% 9%

0% 0% 1% 0% 0%

14% 9% -9% 0% -6%

Residential Trends in top-9 cities*

Inventory Overhang

Price Trend

Sales

Launches

Strong/Marginal Decline Stable Strong/Marginal Increase//




Launches: Increased Momentum tocapitalize on Festive season


Launches increased by 14% quarterly; paced up to capitalize on thefestive season momentum

116,402108,226

78,075 75,35779,343

73,433

50,594

36,77442,269

36,27541,313

47,032

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Q1FY'17

Q2FY'17

Total number of launches in top - 9 cities*

# of units

28%

-51%

Q2 FY’17 witnessed the highest volumeof launches in last 5 quarters

140,000

120,000

100,000

80,000

60,000

40,000

20,000

0



Notes:



Launches in Ahmedabad and Kolkata increased significantly Y-o-Y1,

24

8

9,6

02

2,6

40

2,9

98

2,1

60

2,6

15

7,4

41

5,9

76

2,0

94

6,7

52

5,6

47

4,1

92

3,4

92

8,0

27

2,1

92

7,3

15

8,0

84

1,3

31

0

5,000

10,000

15,000

20,000

Ahmedabad Bengaluru Chennai Hyderabad Kolkata Noida* Pune Mumbai** Gurgaon^

Q2 FY'16

Q2 FY'17

# of units

Brigade 7 Gardens and Excel Group

Codename Five Rings

Apartment have launched >600

units each

Lodha Codename Golden Tomorrow

has launched 2,500 units

B Kesar Gold City and Keval

Vision Corp Ashray 10 have launched 2,500 and 800 units respectively

Vyom ProbuildOrganic Golf Homes has

launched >500 units

SumadhuraAcropolis and Rajapushpa

Properties Atria have launched >550 and >450

units respectively

Meridian Group Aamar Bari and

Aspirana InfraventureMalabar Residency

have launched >1,600 units each

MKS Venture County has

launched >700 units

Total unit launches - Q2 FY’16 vs Q2 FY’17


* Noida includes Greater Noida and Yamuna Expressway.** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna.Analysis includes apartments and villas across the regions.

Notes:

Mumbai and Chennai accounted for 50% and 59% of the launches respectively in <Rs. 50 Lac segment


Share of affordable segment in total launches at 61% during thequarter; after a gap of 10 straight quarters


Notes:

22% 20%12%

20% 22% 23% 20% 16% 14% 18% 20% 23%

40% 39%42%

36% 30% 35%33% 41%

32% 27%33%

38%

16% 19%20% 19% 23% 16% 25% 21%

17% 24%21%

17%

7% 7%8% 10% 8% 8% 8% 10%

12%11%

8%9%

15% 15% 18% 15% 17% 18% 14% 12%25% 20% 18% 13%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

FY'14Q4

FY'14Q1

FY'15Q2

FY'15Q3

FY'15Q4

FY'15Q1

FY'16Q2

FY'16Q3

FY'16Q4

FY'16Q1

FY'17Q2

FY'17

< Rs.25 Lakhs Rs.25-50 Lakhs Rs.50-75 Lakhs Rs.75-100 Lakhs > Rs.1 Crore

% of units

Government incentives to developers in the affordable

segment continues to provide the necessary momentum for the

segment

Q3

Q-o-Q budget-wise unit launches in top-9* cities



Consumer & Demand: Stagnant Sales

Sales witnessed annual growth of 12%; stable on quarterlybasis though



Notes:

114,302107,013

92,725

80,36676,739

65,789

57,24548,976

53,457 51,550 55,500 54,721

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Q1FY'17

Q2FY'17

-39%

12%

Sales increased by 12% in Q2 FY’17 as compared to the same

quarter last year with major contribution from Mumbai and Pune

Sales trend in top - 9 cities*

150,000

# of units

120,000

90,000

60,000

30,000

0


60% of the sales being witnessed in projects launched more than12 months ago

50,14047,351

37,413

30,25028,894

25,83220,978

14,32317,655 16,676 17,529 15,510

27,200

20,90816,093

13,79511,497

8,075 7,207 6,636 6,531 6,025 6,272 6,116

36,962 38,754 39,219 36,321 36,34831,882

29,060 28,017 29,271 28,84931,699 33,095

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Q1FY'17

Q2FY'17

Age% Change

(Q-o-Q)

Units Launched in ≤ 6 months -12%

Units Launched in 7 -12 months -2%

Units Launched in > 12 months 4%

# of units

60,000

50,000

40,000

30,000

20,000

10,000

0



Notes:

Units Launched in ≤ 6 months Units Launched in 7-12 months Units Launched in > 12 months

Sales in top - 9* cities: New launches vs old projects



Kolkata and Hyderabad emerged as top selling cities, while sales in Gurgaon declined by 28%

158169

116

9393

105

81 83

118

85

120

143 148

183

115

106

139

97 85102

100100

115115

50

70

90

110

130

150

170

190

Q2FY'16

Q3FY'16

Q4FY'16

Q1FY'17

Q2FY'17

Ahmedabad Bengaluru Chennai Gurgaon^ Hyderabad Kolkata Mumbai** Noida* Pune

)0

01

=6

1’Y

F 2

Q :e

sa

B( e

ulav

xe

dnI

Q-o-Q Sales Index (base: Q2 FY’16)

Q-o-Q sales in Kolkata increased by 35% and in Hyderabad by 24%



Notes:

Mumbai, Pune and Bengaluru commands lion’s share at around57% of absorption in Q2 FY’17


7%

19%

7%

5%

6%5%

23%

9%

19%

8%

17%

7%

4%

8%

7%

21%

9%

19%Ahmedabad

Bangalore

Chennai

Gurgaon

Hyderabad

Kolkata

Mumbai

Noida

Pune

City -wise split of total absorption in Q2 FY’17

Inner Pie – Q1 FY’17 Outer Pie – Q2 FY’17

Mumbai, being the largest contributor in total absorption, saw a decline of its contribution from 23% on Q1 FY’17 to

21% in Q2 FY’17


Affordable segment continued to dominate the sales trend;Pune’s share at 25%


1: Affordable segment: Units within < Rs.50 lakh budget2: Mid-segment: Units within Rs.50-75 lakh budget3: Luxury segment: Units in > Rs.75 lakh budgetAnalysis includes apartments and villas across the regions.

Notes:

23%

22%

5%

6%6%

5%4%59% 59% 57% 56% 56% 56% 52% 52% 52% 52% 52% 51%

18% 18% 19% 20% 21% 19% 23% 21% 19% 20% 21% 21%

23% 23% 24% 24% 23% 25% 25% 27% 29% 28% 27% 28%

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Q1FY'17

Q2FY'17

100%

% of sales

90%

80%

70%

60%

50%

40%

30%

20%

10%

0%


Affordable Segment Mid Segment Luxury Segment 321

Sales in top - 9* cities by budget segment

Demand for affordable segment is predominant in Ahmedabad, Noida and Pune


* Noida includes Greater Noida and Yamuna Expressway.** Mumbai includes Navi Mumbai and Thane.^ Gurgaon includes Bhiwadi, Dharuhera and Sohna.^^ Based on survey of enquiries received by PropTIger.com.Analysis includes apartments and villas across the regions.

Notes:

23%

22%

5%

6%6%

5%4%

15%1%

12%1% 3% 8% 1% 7%

53%

37%

30%

8%21%

34% 20%

59% 49%

27%

36% 33%

20%

42%

34%

18%

26% 32%

2%

14% 16%

39%

18%11%

13%

11% 8%

3%12% 9%

33%

18% 18%

41%

3% 4%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

> Rs.1 Crore

Rs.75-100 Lakhs

Rs.50-75 Lakhs

Rs.25-50 Lakhs

< Rs.25 Lakhs

% of demand Budget - wise real estate end - user demand^^ - Q2 FY’17



22%

6%6%

Inventory: Reading Between The Lines



Six cities, barring Ahmedabad, Kolkata and Pune have witnessed adecline in inventory levels



Notes:

1718

20

2325

29

33

3735

38

35 35

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Q1FY'17

Q2FY'17

Q-o-Q overall inventory overhang in top - 9* cities

Range bound# of months

Inventory overhang for Q2 FY’17 across cities excluding Gurgaon stands at 33 months

0

5

10

15

20

25

30

35

40

Hyderabad is emerging as preferred city on liquidity front withdeclining inventory and inventory overhang

22%

6%6%

Ahmedabad39,772

Bengaluru99,334

Chennai48,184 Gurgaon

45,748

Hyderabad28.838

Kolkata38,535

Mumbai165,984

Noida90,547

Pune80,109

15

20

25

30

35

40

45

15 25 35 45 55 65

Age of unsoldinventory (months)

Age of unsold inventory vs inventory overhang in top - 9* cities (Sep‘16)

Inventory overhang (months)


* Top 9 Cities are Mumbai (including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurgaon (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad.Analysis includes apartments and villas across the regions.Size of the bubble indicates total inventory in units.

Notes:


Pune and Ahmedabad have around 37% of unsold inventory aged over 2 years, lowest across all 9 cities


22%

6%6%41%

31% 28%

15%

40%36%

27%

12%

35%

23%

23%19%

17%

12% 22%

23%

14%

28%

14%

21%

16%

27%

16%

21%

17%

17%

18%

22% 25%

37%41%

32%

21%

33%

57%

19%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Ahmedabad Bengaluru Chennai Gurgaon^ Hyderabad Kolkata Mumbai** Noida* Pune

% of inventory Age of unsold inventory in top - 9 cities (Sep’16)

≤ 1 Yr

1 to 2 Yrs

2 to 3 Yrs

> 3 Yrs


Notes:


Around 25% of unsold inventory in Bengaluru, Hyderabad and Chennai continue to be in the mid segment


22%

6%6%

35%

6%12%

18%

3%

26%21%

9%20%

35%

32%

43% 27%

32%

42%

25%55%

44%

12%

29%

23%

14%26%

17%

13%

20% 20%

5%

14%

9%

11%12%

6%

9%

8% 8%13%

19%13%

30%27%

9%

32%

8% 8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

> Rs.1 Crore

Rs.75-100 Lakhs

Rs.50-75 Lakhs

Rs.25-50 Lakhs

< Rs.25 Lakhs

% of inventory Budget breakup of unsold inventory (Sep’16)


Notes:


Increased focus on deliveries across the segments


22%

6%6%

Completions as % of inventory

1: Affordable segment: Units within < Rs.50 lakh budget2: Mid-segment: Units within Rs.50-75 lakh budget3: Luxury segment: Units in > Rs.75 lakh budgetAnalysis includes apartments and villas across the regions.

Notes:


3%

7%

8%9%

10%

3%4%

4%

9%

11%

0%

2%

4%

6%

8%

10%

12%

14%

Affordable Segment Mid Segment Luxury Segment Overall

Q3FY'14

Q4 FY'14

Q1 FY'15

Q2 FY'15

Q3 FY'15

Q4 FY'15

Q1 FY'16

Q2 FY'16

Q3 FY'16

Q4 FY'16

Q1 FY'17

Q2 FY'17

13%

Completions as % of inventory across segments in top - 9 cities

* Inventory includes only under-construction units

3%5%

5%5%

5%

6%

8%

12%

11%

9%

8%

12%

12%


22%

6%6%

Pricing: Largely Range-Bound


Prices have remained range-bound across the cities except Hyderabad with 11% annual appreciation

Weighted average^^ BSP (Rs./sq.ft.) of apartment units as at the end of quarter

City Q2 FY’16 Q2 FY’17Price Change

(Y-o-Y)

Ahmedabad 3%

Bengaluru 4%

Chennai 4%

Gurgaon^ -2%

Hyderabad 11%

Kolkata -2%

Mumbai** 3%

Noida* -4%

Pune -1%

Notes: ^^ Price weighted on number of units supply in respective projects in a city. * Noida includes Greater Noida and Yamuna Expressway. ** Mumbai includes Navi Mumbai and Thane. ^ Gurgaon includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments across the regions.

22%


2,912

4,811

4,998

5,525

3,991

3,879

8,349

3,987

4,8914,938

4,155

8,117

3,946

3,602

5,618

4,827

4,633

2,827




Notes:

Weighted average price index of residential units in top - 9* cities

100 102 102

104 104105

108109

107

101 101103

104106

107 107108

109110 111

101101

102 101102 102 103 104

105105

100 100 99 99 9998

95

9798

103

106 106109

111 115

118

103 104

106107

99 9897 96

96 95

103 103

103103

90

95

100

105

110

115

120

Q3FY'14

Q4FY'14

Q1FY'15

Q2FY'15

Q3FY'15

Q4FY'15

Q1FY'16

Q2FY'16

Q3FY'16

Q4FY'16

Q1FY'17

Q2FY'17

Ahmedabad Bengaluru Chennai Gurgaon Hyderabad Kolkata Mumbai Noida Pune

Ind

ex v

alu

e (

Ba

se: Q

3 F

Y’1

4=10

0)


22%

6%

Hyderabad and Bengaluru witnessed maximum price increasesinceQ3 FY’14

Notes: *Affordable Segment : Units within < 50 lacs budget range.

**Mid Segment : Units within 50-75 lacs budget range.

***Luxury Segment : Units in > 75 lacs budget range. Source: PropTiger DataLabs Sep’16

Price trend map for prominent suburbs for Q2 FY’17

Q-o

-)

%( e

gn

ah

C e

cirP

Q

Affordable Segment* Mid Segment** Luxury Segment***

< 1%

1% t

o 2

%A

bo

ve2

%

Greater Noida Central (1%)

Mysore Road, Bengaluru (2%)

Kolkata West (1%)

Beyond Panvel, Mumbai (1%)

Gandhinagar South,Ahmedabad (2%)

Navi Mumbai(1%)

Kolkata Central (7%)

Bengaluru North (1%) Hyderabad

East (1%)

Outer Ring Road, Bengaluru (1%)

Noida Expressway

(< 1%)

Sohna Road, Gurgaon (1%)EM Bypass,

Kolkata (< 1%) Chennai Central (< 1%)

Bengaluru South (2%)

New Gurgaon (4%)

Whitefield, Bengaluru (2%)

Pune Solapur Highway (3%)

OMR, Chennai (1%)

Mumbai Pune Bypass, Pune (1%)

ORR West , Hyderabad (2%)

Hyderabad West (2%)

Central Mumbai(1%) Kolkata East (1%)

ORR South, Hyderabad (5%)

Secunderabad, Hyderabad (2%)

Old Airport Road, Bengaluru (3%)

Prices remained range-bound in the luxury and mid segments,appreciated in the affordable segment


Policy Developments & Key Transactions



22%

6%

Major policy developments during the quarter

National Haryana KarnatakaMaharashtra

The Cabinet Committee on Economic Affairs (CCEA) has approved a proposal by Niti Aayog to boost construction sectors and restart stalled infrastructure projects

Central Government is all set to impose a “betterment charge” on land sale in the areas where the prices have appreciated due to infrastructure development

Central Government has allocated Rs.18 Lac Crore for improving urban infrastructure

Haryana Urban Development Authority (HUDA) to spend Rs.700 Crore to acquire nearly 102 acres of land for the construction of the Central Peripheral Road (CPR) to connect Dwarka Expressway with the Southern Peripheral Road (SPR) and NH-8

Haryana Government to build a new 4.5 Km long 4-lane-road from Bajghera in Gurgaon to Bijwasan in Delhi

Bengaluru Development Authority (BDA), which has been developing and allotting plots and low-cost housing units, has entered into the premium segment of housing with high-end facilities

The Urban Development Department (UDD) has agreed to increase the FSI to 2.95 in Nagpur

Stamp duty in Nagpur Metro Rail corridor has been hiked by 1% to 7.5%. However, it remained unchanged for the rest of the city

Maharashtra Government has extended the redevelopment policy bonanza for old and dilapidated buildings to the suburbs

The Maharashtra state cabinet approved the construction of two new metro lines - Metro line 2B from DN Nagar, in Andheri West, to Mandala in the eastern suburbs and Metro line 4 is proposed from Wadala to Kasarvadavali, expected to be operational by 2022



22%

6%

Major policy developments during the quarter

Andhra Pradesh Other StatesUttar Pradesh

Government panel clears three new airports in Andhra Pradesh at Bhogapuram and Dagadarthi in Nellore district, and Orvakallu in Kurnool district

House allotment process goes online in Bhopal

The Kerala Government has envisaged a complete rehabilitation package for the homeless and landless in the next five years through a comprehensive housing scheme, expected to directly benefit over 4.70 lac families

The proposed airport at Jewar, Greater Noida has got the no-objection certificate from the Ministry of Defence

Ghaziabad to get a direct Metro link with Noida, with the extension of the Blue Line of the Delhi Metro

Noida Authority has decided not to increase the FAR in under-construction projects


22%

6%


Key transactions during the quarter

Other States Uttar Pradesh

Bengaluru Chennai MumbaiGurgaon

Total Environment Building Systems has raised Rs .300 Crore in theform of equity from HDFC Capital to fast-track its 5 ongoing residentialprojects

Piramal Fund Management has invested Rs .520 Crore in the form ofstructured debt and construction finance to Bengaluru baseddeveloper Century Real Estate

Kotak Realty Fund has invested Rs .155 Crore in a residential projectof Alliance Infrastructure

Piramal Fund Management has invested Rs .100 Crore inAhuja Constructions' premium residential project Altus inWorli

Vipul Ltd. has raised Rs .275 Crore from PNB Housing Finance for itsluxury project Aarohan

M3M India has signed an agreement with Tata Realty andInfrastructure to sell its proposed IT-SEZ in Gurgaon. The deal size isestimated to be Rs .500Crore

Signature Global is likely to invest around Rs .950 Crore to develop5,000 low-cost homes under the Haryana Government's affordablehousing policy

IREO Management, a private equity development fund, plans to build11 million sq.ft. IT-SEZ on 67 acres of land parcel in Gurgaon over thenext 5 to 7 years

Lodha Group has raised Rs .2,320 Crore in a debt transactionfrom Piramal Fund Management for the development of itsprojects in south and central Mumbai

Piramal Fund Management and Shapoorji Pallonji Real EstateDevelopment jointly invested Rs .300 Crore in a residentialproject launched by Ornate Spaces at Oshiwara in suburbanMumbai

Sethia Group has raised debt worth Rs .115 Crore fromEdelweiss Group to finance the development of two of itsnewly launched projects in western suburbs of Mumbai

Kotak Investment Advisors has partly exited its investment inMumbai-based builder Sunteck Realty, reportedly at a loss



22%

6%

Key transactions during the quarter

Noida Other StatesPune

Kautilya Finance has invested Rs .160 Crore in aresidential project of Noida-based developer SAHAInfratech

Altico Capital has invested Rs .300 Crore in KUL Ecoloch, a townshipproject of Kumar Urban Ltd. in Hinjewadi

The Blackstone Group L.P., in a joint venture with Embassy OfficeParks, will invest Rs .5,000 Crore in the next 3 years to build over 16million sq.ft. of office space in Bengaluru, Hyderabad, Chennai andPune

Salarpuria Sattva Group and Apollo Global Management LLC haveentered into a joint venture to buy two under construction residentialprojects from a group of offshore investors in Bengaluru andVadodara for Rs . 275 Crore

Altico Capital, the non-banking financial wing of Clearwater CapitalPartners, has invested Rs .180 Crore in Pharande Group’s tworesidential projects

Apollo Global Management LLC has invested Rs .400Crore in Logix Group to fund the completion of four ofits ongoing residential projects and a commercialproject



22%

6%

ANURAG JHANWAR, MRICSHead – Consulting and Data Insights [email protected]+91 - 99678 49666

SUNIL MISHRAChief Business Officer - Primary Business & Developer [email protected]+91 - 90044 40011

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REALTY DECODED Q2 FY’17 - d27p8o2qkwv41j.cloudfront.net...Page 05 REALTY DECODED Q2 FY’17 Outlook International Monetary Fund revised India's GDP forecast to 7.6% in FY’17, up