Domestic News - January 2011 Rewind 2011 Rewind 2011: Agriculture Newsletter Rewind 2011: Automobile Newsletter Rewind 2011: Aviation Newsletter Rewind 2011: Banking Newsletter Rewind 2011: Hotels & Tourism Newsletter Rewind 2011: Information Technology Newsletter Rewind 2011: Infrastructure Newsletter Rewind 2011: M&A Newsletter Rewind 2011: Metal & Mining Newsletter Rewind 2011: Oil & Gas Newsletter Rewind 2011: Real Estate Newsletter Rewind 2011: Retail Newsletter Rewind 2011: Telecom Newsletter

SEBI can seek fund details from Sahara group: report The Supreme Court said that SEBI was entitled to seek all necessary information from two Sahara group firms on how resources were being raised. The apex court was hearing the market regulator’s petition against an Allahabad High Court order staying SEBI’s ban on two Sahara group firms - Sahara India Real Estate Corporation and Sahara Housing Investment Corporation. Chief Justice, S.H. Kapadia, stated that SEBI can call for information from the two Sahara group firms regarding their investors. The Supreme Court also asked the registrar of companies to appear before the Allahabad High Court and file its reply in this matter. SEBI had moved the Supreme Court against a High Court order staying the market regulator’s ban on a Sahara group firm to raise funds from the public. The Supreme Court declined the securities market regulator's plea to stop two firms that are part of the Sahara Group from continuing to raise money from investors. Lavasa slammed for green violation but gets reprieve Lavasa Corp. violated environmental laws while building its hill station near Pune, the Union ministry for Environment & Forests said in its report submitted to the Bombay high court. However, the ministry did not order demolition of the township. It suggested a hefty penalty and creation of a fund to restore the damage done. The penalty should be in proportion to the size of the project and the revenue generated and should be in excess of Rs. 1bn, according to reports. The Environment Ministry said that the construction at Lavasa near Pune was unauthorised but added that the project would be considered on merits if certain conditions are met. The MoEF expressed readiness to consider the project taking into account all the facts and circumstances of the case, particularly the submissions made with regard to the investments already incurred, third party rights which are accrued, the various steps taken for establishment for a comprehensive hill station development, the employment generated and the claimed upliftment of the area under consideration. Work on the Lavasa project would remain suspended till the matter is finally resolved, the MoEF said. Sahara India clarifies on Delhi courts summons In the year 2003, Sahara India Commercial Corporation Ltd (SICCL) launched a scheme - Sahara Swarn Yojna / Sahara Rajat Yojna, which entitled the subscribers to secure a credit value, at the rate of 10% per annum on the advance amount, which could be applied and adjusted towards the purchase of the products / services / immovable property belonging to the company or its associates.Neeraj Pandey and his brother who is an ACMM in Tis Hazari Courts invested a sum of Rs. 1,00,000/- each in the said scheme. SICCL had never offered to provide a house / flat / immoveable property in Delhi under the said Scheme. However Pandey wanted a housing unit, to be provided in Delhi. His Principal amount along with the accrued credit value being for a total sum of Rs. 158,567/- in each account was therefore sent by the concerned branch office, on 6.4.2009, by registered post/ speed post, through account payee cheque, in full and final settlement of their account. The Complainant however, refused to encash the cheque and demanded that unless one flat each is offered to the complainant and his brother, he would take Sahara to task. Neeraj Pandey along with his colleagues came at Noida office, threatened and abused to the officer in charge and demanded payment of Rs. 50 lacs, towards the settlement of his account, failing which he further threatened to subject the company and its directors etc. to be ready to face its dire consequences. An FIR in this regard has been lodged before the police station Sector 24, Noida, Gautam Budh Nagar, UP. Neeraj Pandey filed a petition in Allahabad High Court for quashing of the FIR. However upon hearing, Allahabad High Court dismissed his petition.

Yearly Industry Newsletter

1 of 34

Donald Trump plans to enter Indian property market: report U.S. billionaire real-estate developer Donald Trump is planning to enter the Indian property market with a luxury residential tower in Mumbai, according to a report.The report stated that Trump, who has joined with Mumbai developer Rohan Lifescapes Pvt. for his first venture in the country, expects to start marketing the project by March.Earlier in a July 2008 Donald Trump’s son reportedly said that he planned to set up a fund of as much as $1 bn to buy property in India. Sale of Mafatlal Industries Byculla land hits roadblock: report Mafatlal Industries seven land acre land in Mumbai hasa run into roadbloack due to lack of clarity from the State Government on continuation of the policy for allotment of extra floor space index (FSI), according to a report.The report stated that Lodha Developers was the front runner to bag the land parcel woth Rs12bn bid against the reserve price of Rs10bn.Earlier bids for Mafatlal's Byculla land were completely based on the math of parking FSI, adds report.There are reports that apart from Lodha Developers, two other real estate develoeprs were in the race to buy the price-land parcel that was lease for 99 years in 1913 to Mafatlal Industries. Jairam Ramesh unveils new CRZ and IPZ norms The Minister of State for Environment & Forests, Independent Charge Jairam Ramesh issued the following statement in a Press Conference in New Delhi. In the Press Conference, he announced Coastal Regulation Zone (CRZ) Notification, 2011 and Island Protection Zone (IPZ) Notification, 2011. After a eighteen-month long process, the CRZ Notification, 2011 is being formally notified and published today. This replaces the CRZ Notification, 1991. In addition, for the very first time an Island Protection Zone Notification, 2011 is being notified and published covering Andaman and Nicobar Islands and Lakshadweep. Both these new Notifications reconcile three objectives: (i) protection of livelihoods of traditional fisherfolk communities; (ii) preservation of coastal ecology; and (iii) promotion of economic activity that have necessarily to be located in coastal regions. RBI warns public on Sahara deposit schemes The Reserve Bank of India (RBI) has warned investors against putting money in Sahara Group Companies deposits, according to a report.The report stated that RBI came out with the notice after it received complaints from investors that the Sahara Group has been mobilising deposits from the public under the generic name of "Sahara Pariwar/ Sahara India Pariwar. The regulator has reportedly said that citizens should verify the name of the company which issues the deposit receipt and whether the said company is authorised by the Reserve Bank to accept deposits from the public. MCHI receives record footfall for first Suburban Property 2011 Expos (MCHI) organized their first ever suburban property expo for its two units: Mira-Virar City and Kalyan-Dombivli. The Mira-Virar City expo at Bhayander and Kalyan-Dombivli expo in Kalyan received overwhelming response from home buyers. The twin expo met with a highly favorable response, seeing an influx of visitors at the exhibition and witnessing a total of more than 20,000 footfalls at each venue respectively. The virtual expo too recorded over 4000 hits. All Developers, Banks and HFI’s who have participated in the twin expo are also participating in MCHI Twin suburban property’s Online Exhibition in association with iProperty.com. For those home buyers who missed the chance of visiting the expo can log on to www.mchi.net .This virtual online expo is open from 14th January, 2011 till 31st January, 2011 . NTC raises Rs1.46bn via land sale in Gujarat: report National Textile Corporation has raised Rs1.46 bn ($32.46 mn) by selling two of its surplus mill lands in the western Indian city of Gujarat via e-auctions as against a total reserve price of Rs. 687.4mn, according to a report.. The

Yearly Industry Newsletter

2 of 34

report stated that NTC had initiated a three-day e-auction on December 29, 2010 of a 33,222 sq mts plot of New Manekchowk Textile Mills in Ahmedabad and 61,040 sq mts of land belonging to the closed Mahalaxmi Textile Mills at Bhavnagar.There are reports that is the third auction by the NTC after it took the trend-setting e-route to sell of the surplus lands.There were various bidders for the Ahmedabad plot were Ajmera Realty (Rs 118.30 crore), Vastavik Realty Pvt Ltd (Rs 1.15bn), Suyog Buildcon (Rs 1.13bn) and Mudra Finvest (Gujarat) Ltd (Rs 1.11bn).

Yearly Industry Newsletter

3 of 34

International News - January 2011 China city plans new tax on residential properties: report One of China's biggest cities is planning for a new tax on high-end residential real estate, according to a report.The report stated that the mayor of Chongqing, Huang Qifan, has recommended approval of the tax by the municipal legislature, and the Chinese Ministry of Finance has approved the tax in principle.China currently levies a real-estate tax only on commercial properties, says report.There are reports that discussion has intensified over the last year about adding a similar tax for residential property. Property asking prices rise in January: Rightmove Property website Rightmove has reportedly said that a drop in the number of new homes coming onto the market helped property asking prices rise in January for the first time in three months. The report stated that asking prices fell 3.0 percent in the month of December and 3.2 percent in November. House prices surge in China's major cities: report Hong Kong is the world’s most expensive place: Savills AMB Property, ProLogis in merger talks: report

Yearly Industry Newsletter

4 of 34

Domestic News - February 2011 Delhi HC stays warrant on Sahara chief The Chief Metropolitan Magistrate Tees Hazari Courts, New Delhi on the complaint of Neeraj Pandey who is the brother of Ajay Pandey, Add. Chief Metropolitan Magistrate, Tees Hazari Courts, while carrying out proceedings in undue haste, issued bailable warrants against the Sahara Company and its 3 Directors amongst others on 24th January 2011.To which Sahara Group preferred a Criminal Miscellaneous Petition against the said order, which was listed today for hearing before Justice Ajit Vharioke. Dr. Abhishek Manu Singhvi and Siddharth Luthra, Sr. Advocate Assisted by K K Khurana and Keshav Mohan appeared on behalf of the company. During the course of the arguments, apart from other arguments, it was also argued on behalf of the company that there are several Judicial Strictures which has been passed against Ajay Pandey, ACMM, by the Court and this complain is nothing but a malafide attempt to pressurise the company to succumb to their terms. In a hotly contested litigation, initiated by Neeraj Pandy, who is brother of a local ACMM in Tees Hazari Court, New Delhi, the SICCL challenged the summoning order and the order of straight away issuing bailable warrants, in the Hon’ble High Court at New Delhi CBI registers FIR in Adarsh Housing scam: report The Central Bureau of Investigation (CBI) has registered a first information report (FIR) in the Adarsh Housing Society case naming 13 people, including former Maharashtra chief minister Ashok Chavan and some retired senior Army officials, according to a report.The Adarsh society building was meant to be a six-storeyed structure to house Kargil war heroes but was later extended to 31 floors allegedly without mandatory permission. The report stated that RC Thakur, Wanchoo and Gidwani were allegedly the prime movers in building the society. There are reports that the FIR also names retired Lt General PK Rampal, Major Generals AR Kumar and TK Kaul, the then principal secretary (urban development) Ramanand Tiwari, who was suspended by Maharashtra government as information commissioner, Subash Lala, the then principal secretary to the chief minister and Brig (retd) RC Sharma.The FIR has been filed under various sections of IPC including cheating, forgery and showing forged document,adds report. DB Realty Shahid Balwa custody ends on 18 February DB Realty Managing director and Swan Telecom promoter Shahid Usman Balwa, who was arrested for his alleged involvement in the 2G spectrum scam, was sent to Tihar jail. Balwa was arrested on February 8 in Mumbai and was sent to Delhi on a transit remand. The court considered CBI counsel Akhilesh's submission that he is no longer required for interrogation but he may be remanded in judicial custody, as the probe is still incomplete. CBI Judge O P Saini remanded Balwa in judicial custody a day after Raja was sent to Tihar Jail till March 3. The court has directed Tihar authorities to consider Balwa's plea to have home-made food and special orthopedic mattress and pillows in jail as his counsel requested for special privilege for his client, saying he is suffering from acute back pain. Balwa is the fourth person to be arrested for his alleged involvement in the 2G scam. The investigating agency is examining the transactions in allocation for 2G licences in which over Rs. 2bn was transferred from DB group to Kalaignar TV, a broadcaster majority-owned by family members of DMK party chief M Karunanidhi. The Central Bureau of Investigation (CBI) also questioned Sanjay Chandra, Unitech Managing Director. ''The CBI questioned Unitech MD Sanjay Chandra in relation with the 2G Spectrum scam,'' a CBI official said. Unitech, which was allotted 2G licences for 22 circles for Rs. 16.58bn, sold 60% of its shares

Yearly Industry Newsletter

5 of 34

to Telenor of Norway for Rs. 61bn even before the rollout, causing a loss to the exchequer. DLF gets additional tax demand worth Rs. 11.8bn: reports DLF Ltd has reportedly said that the company and its 22 subsidiaries has received an additional tax demand of Rs. 11.8bn from Income-Tax authorities for the assessment year 2009-10. The report stated that the group, which has filed an appeal with the appropriate appellate authorities, has not made any provision toward this demand in DLF’s third quarter result. DLF has reportedly said that the company has made a significant investment in acquiring fresh land that has resulted in exceeding the capital expenditure by Rs. 5bn for the third quarter. Donald Trump to develop 60-storey tall condo in Mumbai: report US billionaire real-estate developer Donald Trump is planning to develop a super luxury 60-storey tall “condo” in south Mumbai, according to a report. The Trump Tower is expected to be launched next month and is believed to have 45 flats across 60 floors, adds report.Trump, who has joined with Mumbai developer Rohan Lifescapes is planning to invest US$500 mn, adds report. Earlier, a report stated that Trump was planning to enter the Indian property market with a luxury residential tower in Mumbai. DLF to launch luxury residential projects in Delhi: report DLF Ltd is planning to launch super luxury residential project 'King's Court' in South Delhi, according to a report. The report stated that the price range will be for about Rs. 15 crore to Rs. 25 crore and project cost is estimated at Rs. 7bn. The company has reportedly said that these project is s spread over 2.3 acres of land at Greater Kailash-II in South Delhi. Mumbai ranks 6th most expensive city for office space: report Property services firm Cushman & Wakefield has reportedly said that Mumbai has been ranked as the sixth-most expensive office market in the world. The report stated that Mumbai ranks behind Hong Kong, London, Tokyo, Rio de Janiero and New York in terms of office rentals. Rentals for Class A space at the Nariman Point area in south Mumbai range between Rs300 to 400 per square foot per month, adds report.

Yearly Industry Newsletter

6 of 34

International News - February 2011 UK house prices fall 0.1% in January: Nationwide UK house prices fell in January as accelerating inflation squeezed consumers and uncertainty about the economic recovery curbed property demand, according to Nationwide survey.Nationwide has reportedly said house prices were down 0.1% on the month in January and fell 1.1% on the year.U.K. inflation accelerated to 3.7% in December, adds report.In the three months through January, house prices were down 0.5%, compared to a 1.0% fall in the three months through December, adds report. CB Richard Ellis plans to acquire majority of ING Real Estate Unit: report CB Richard Ellis Group Inc is planning to buy the majority of ING Groep NV’s global real estate investment management unit for about US$940 mn, according to a report. The report stated that CB Richard Ellis will purchase businesses from ING Real Estate Investment Management, or REIM, with 44.7 bn euros ($60.5 billion) in assets. ING also agreed to sell $100 mn in equity stakes in REIM funds and the real estate investment management firm Clarion Partners, adds report. China’s home prices rise 0.5% in February: report China’s home prices rose 0.5% in February, the slowest monthly gain since August, according to a report. The report stated that the Residential prices rose in 80 out of 100 cities tracked by SouFun from January, with average home values nationwide climbing to 8,686 yuan ($1,322) a square meter (10.76 square feet).

Yearly Industry Newsletter

7 of 34

Domestic News - March 2011 What's in the Budget for the Real Estate sector? The announcements made for the Real Estate sector are: Increase in home loan size to Rs2.5mn, to be characterised as priority sector loan. Implementation of MAT on SEZ developers and units operating in those areas IIFL ‘India Private Clients’ research group says: The announcement of increase in home loan size to Rs. 2.5mn will be marginally positive for regional players like Purvankara, Unitech, HDIL, Sobha Developers .Though, implementation of MAT on SEZ developers and units will be negative impact on DLF. FM has presented balanced budget: Niranjan Hirnandani The finance minister has presented a balanced budget to the country. It would seem that some of important issues affecting the Indian real estate sector at this sensitive stage have been missed. Budget observations by Niranjan Hiranandani: Primarily he has tried to bring down the fiscal deficit to 4.6% of the GDP.Huge emphasis has been done on agriculture sector and development of collateral infrastructure like warehousing and cold storage. Also, importance has been given to infrastructure, including metro trains in Mumbai; FM has allocated Rs. 40,000 crore for infrastructure bonds, including Rs. 5000 crore for Hudco.The priority sector lending has been increased from Rs. 20 Lakhs to Rs. 25 Lakhs and interest subvention of 1% on loans up to Rs. 15 Lakhs for home not exceeding Rs. 25 Lakhs. Jones Lang donates 100mn Yen to Red Cross for Japan quake Global commercial real estate firm Jones Lang LaSalle has announced the firm is donating 100 mn yen (approximately $1.25 mn) to the Japanese Red Cross to provide aid and relief directly to those most in need following the Japan earthquake and Pacific Tsunami that have left a path of destruction in their wake. “Our donation is meant as an earnest statement of concern for and support of the people of Japan including our 600 employees and thousands of clients in the country,” said Colin Dyer, Chief Executive Officer, Jones Lang LaSalle. “We’re providing this donation to the Red Cross as the most effective means of delivering immediate aid to those people and areas in greatest need. We encourage other organizations to join us and pledge their support to the Japanese relief efforts.”Jones Lang LaSalle operates offices in Tokyo, Osaka, Sapporo and Fukuoka. “Following a series of natural disasters and now nuclear disasters, there are mounting risks facing our country and there remains a substantial and ongoing need for humanitarian assistance for the families affected,” said Yoichiro Hamaoka, Jones Lang LaSalle’s Managing Director for Japan. Yasuo Nakashima, CEO of LaSalle Investment Management in Japan added, “Our social responsibility to the community is an important cultural value for our global company and this is one way we can contribute to the recovery and help our community.” Shahid Balwa resigns as MD, Director of DB Realty D B Realty Ltd has announced that the Board of Directors of the Company on March 05, 2011 has noted and accepted the resignations of (i) Shahid U. Balwa, as Managing Director and also as Director of the Company With effect from February 09, 2011 in view of his preoccupations relating to certain investigations as per his letter of the same date and (ii) Chandan Bhattacharya as Director of the Company w.e.f. February 18, 2011 as per his letter of the same date. As already stated in the Company's Press Release

Yearly Industry Newsletter

8 of 34

dated February 09, the Company continues its business in the normal course under Managing Director, Vinod K. Goenka with the guidance of the Board Raheja Developers in talks with Saudi Arabia developer: report Realty firm Raheja Developers is in talks with a Saudi Arab-based developer to form a joint venture for mainly constructing housing properties, according to a report. The report stated that Raheja Developers is talking to 'Abdulhadi A Al Qahtani Sons Group' and a delegation is likely to visit the Arab nation within this month for the joint venture agreement. Lavasa gets conditional permission to complete pending project: report Emaar MGF partially redeems secured NCDs Budget has been fairly positive for real estate sector: Sachin Sandhir Ansal API launches Plots and Group Housing in Sushant Megapolis, Greatert Noida

Yearly Industry Newsletter

9 of 34

International News - March 2011 Lehman Bros seeks partners for realty projects: report Lehman Brothers Holdings Inc is seeking partners for 75 real estate projects in 19 states, according to report. The report stated that Homebuilders PulteGroup Inc., Standard Pacific Corp. (SPF) and Toll Brothers Inc. (TOL), along with developers DMB Associates Inc., FivePoint Communities Inc. and Newland Communities received proposals. Lehman is seeking to bring “strategic projects involving some very high-quality assets” to market in 2011 as property values rise, says report. UK property asking prices up 0.9% in March: report Asking prices for houses in England and Wales are 0.9% higher than a year earlier, according to property website Rightmove said reportedly.The report stated that March's annual rate of growth in asking prices picked up from a reading of 0.3% in February.Rightmove saw some grounds for optimism for estate agents, as higher levels of enquiries and viewings in January and February appeared to be converting into sales, says report. China Overseas Land to set up real estate fund: report China Overseas Land & Investment Ltd is planning to set up a real-estate fund of $300 mn to $500 mn, according to a report. The report stated that the fund, which will invest in commercial and residential properties in China, may be ready in the first half.Chairman Kong Qingping has reportedly said that China Overseas has not been affected by property curbs imposed by the government yet. Barclays plans to sell $586 mn of commercial real estate loans: report

Yearly Industry Newsletter

10 of 34

Domestic News - April 2011 Mumbai, Shanghai and Sao Paolo named future cities: Knight Frank The 2011 edition of The Wealth Report, launched on April 6 by Knight Frank and Citi Private Bank, shows that prime property remains incredibly important to the world’s wealthiest people. On average, property accounts for 35% of UHNWI investment portfolios, second in importance only to investing in their own businesses. Almost 40% of the 85 prime city and second-home locations in 40 countries that were analyzed by the report’s Prime International Index (Piri) rose in value during 2010, 17 of them by 10% or more. A number of locations, however, saw values fall significantly. These include Dublin (-25%) and Dubai (- 10%). Six of the 10 biggest risers were in Asia, highlighting the region’s continuing economic surge, but established centres such as London and New York also performed strongly. According to the report’s unique Attitudes Survey*, lifestyle and investment are the key drivers for luxury Second-home purchases, but education is of growing importance, especially among Asian UHNWIs. For those UHNWIs who change their main country of residence, tax is the biggest motivator. New York and London remain at the head of The Wealth Report’s Global Cities Index, but respondents to the Attitudes Survey predict that Asian cities such as Shanghai and Mumbai will start to close the gap over the next 10 years. DLF plans to develop Rs10bn Infopark project: report DLF is planning to develop its Rs. 10bn Infopark project spread over 54 acres in the city in phases, according to a report.The report stated company intends to develop one-tenth of the plot (5.4 acres) and has sought the building plan approval of the Bhubaneswar Development Authority (BDA) in this connection.There are reports that DLF Infopark project which was to come up in three phases, comprises an IT block, a luxury hotel, a retail chain, service apartments and recreational facilities with a total built-up space of about 5.5 million sq ft.The developer was keen on areas for non-processing facilities like shopping malls and multiplexes. Unitech receives overwhelming response for Unitech South Park: report

Yearly Industry Newsletter

11 of 34

International News - April 2011 Indian investors look to capitalize on 60% savings per sft in Dubai: DAMAC Properties DAMAC Properties, the Middle East’s leading independent real estate company, has announced that a growing number of investors from India are showing interest in Dubai, as they look to capitalize on 60% savings per square foot in the Dubai property market.At an average price per square foot of $264 in Dubai according to Colliers International, property is now 60% less expensive than in central Mumbai, where the price per square foot is $664 according to Jones Lang LaSalle. In addition to the price disparity, Dubai’s property market is becoming increasingly attractive to foreign investors due to the implementation of a raft of new regulations, such as the new Strata law, which favours home owners. As these new tougher and more stringent regulations take hold, Indian investors are looking to take advantage of the plethora of investment opportunities that exist within the emirate’s real estate market.Niall McLoughlin, Senior Vice President DAMAC Properties said: “At DAMAC Properties, we have seen a marked rise in interest across our Dubai portfolio from Indian investors; in January 2011 we had double digit growth in enquiries on the same period last year. Qatari Diar Real Estate makes investment in US property market: report Qatari Diar Real Estate has made investment in the US property market with a deal to build a US$700mn development in Washington DC’s city centre, according to a report. The report stated that Qatari Diar will be the cornerstone investor in a fund set up to finance the development of a 10-acre mixed-use development overseen by Hines.

Yearly Industry Newsletter

12 of 34

Domestic News - May 2011 PVR announces sale and leaseback of Phoenix Mills property PVR Limited has entered into an arrangement with Infinite India Investment Management (“Infinite India”) for the sale and leaseback of its multiplex property at Phoenix Mills Compound, Mumbai. Infinite India is the investment manager for real estate funds sponsored by the JM Financial Group.The seven screen multiplex property at Phoenix Mills, Lower Parel, Mumbai is one of the premier flagship properties of PVR and is amongst the highest grossing multiplexes in India. Under the arrangement, JM Financial Group, on behalf of its newly launched JM Financial Real Estate Income Fund, managed by Infinite India, has agreed to purchase the share capital of CR Retail Malls (India) Limited (“CR Retail”), the wholly owned subsidiary of PVR that owns the multiplex at Phoenix Mills. PVR shall receive a sum of Rs.1bn pursuant to the transaction, in the form of refund of existing loans made to CR Retail and consideration against sale of equity shares of CR Retail. EmaarMGF to sell Gurgaon property to Tishman Speyer: report Delhi-based builder Emaar MGF is planning tosell five acres in its 104-acre Emerald Hills Township in Gurgaon to globalproperty developer Tishman Speyer for $50 mn ( Rs. 220 crore), according to areport.The report stated that the deal is in its final stages of closure.Tishman Speyer is one of the leading owners, developers, operators, andmanagers of first-class real estate in the world, having managed a portfolio ofassets since its inception of over 116 million square feet and more than 92,000residential units in major metropolitan areas across the United States, Europe,Latin America and Asia.The company had filed for an IPO thrice already, in 2008, 2009 and in 2010. HDIL confident of winning case on BKC project Housing Development and Infrastructure Ltd has announced that this is with respect to certain articles appearing in the newspapers with regards to the filing of the FIR against the Company and its Directors. The Company would like to state that an investigation has been ordered against the Company and its Directors, subsequent to the directions by the Court, by a private party under Section 156(3) of CR,P.C. to be conducted by Anti Corruption Bureau (ACB), without notice to the Company with regards to our project under-development at Bandra Kurla Complex which has been duly approved by MHADA under the SRA scheme. The case has been filed with malicious intent and the Company has all the requisite approvals issued by Statutory Authorities. The company is in the process of seeking remedy from the Honorable Courts and are confident that the false claim against us will be disposed off. DLF slips on disappointing Q4 earnings The stock of DLF declined by as much as 5% on May 25 after the company's Q4 earnings fell short of consensus analyst estimate. DLF's Q4 net profit dropped by 19% and the company warned that series of monetary tightening by the RBI will hurt the growth of the real estate industry. DLF said its consolidated net profit fell to Rs. 3.45bn in the quarter ended March. DLF also took a one-time charge due to price inflation. Revenue in the quarter rose 34% to Rs. 28.7bn.DLF had net debt of about Rs. 214bn at the end of March and the company said it had raised its overall target for non-core asset divestments to Rs. 100bn from Rs. 45bn earlier.DLF also plans to divest assets worth Rs. 60bn to Rs. 70bn over the next two to three years as it looks to reduce debt, the company said. The company's Board of Directors at its meeting held on May 24, inter alia, recommended a dividend of Rs. 2 per share of Rs. 2 each subject to the shareholders approval. Ajay Piramal Co plans to develop Mafatlal property in Mumbai: report

Yearly Industry Newsletter

13 of 34

Ajay Piramal-owned Gliders Buildcon is planning to develop Mafatlal Industries 7.6 acre lease hold property near Byculla zoo in central Mumbai, according to a report.The report stated that Gliders will pay Rs6.05bn for development rights and construct a spinning mill for Mafatlal. I-T officials orders Lodha Group to pay Rs600mn in taxes: report Income Tax department officials has ordered Lodha Group to pay Rs600mn in taxes, according to a report. Earlier, I-T department had raided about 20 premises of Lodha Group in Mumbai and Hyderabad on alleged misreporting of income, says report. The report stated that the raid had covered group chairman Mangal Prabhat Lodha and his two sons who are directors of the company.Additional Rs. 15mn were found in the offices and residential premises of the company's owners. DLF to raise Rs. 70bn from sale of non-core assets IT Dept issues notices to DLF: report Lodha Developers launches new project, Lodha Fiorenza Unitech plans to invest Rs20bn in new projects: report Mantri Developers launches new residential project - Mantri Serenity at Bangalore

Yearly Industry Newsletter

14 of 34

International News - May 2011 Emaar plans to develop five-year action plan: report Dubai-based Emaar Properties is planning core management team to develop a five-year action plan, according to a report. Emaarchairman Mohamed Alabbar has reportedly said that it would focus on "strengthening theresilience of the organisation in the wake of recent social, political andeconomic changes in its regional and global markets. Last month, Emaar posted a45% drop in profits in the first quarter to $115 mn, with revenues falling by31 per cent to $540 mn, says report. UK House prices dip in April: report UK House prices were 3.3% lower in April, according to housing intelligence group Hometrack. The report stated that the volume of sales agreed rose 8.0% after a 12.6% increase over March. The proportion of sales meeting asking prices came in at 92.6%, says report. U.K. Home Prices stop falling for first time in 10 Months: Hometrack US housing starts fall 10.6% in April Donald Trump says he won’t run for president

Yearly Industry Newsletter

15 of 34

Domestic News - June 2011 DLF launches ‘Garden City’ Phase II at Indore DLF Ltd has launched integrated township, Garden City at Indore, according to a report.The report stated this project is spread over 192 acres and expects sales realisation of about Rs. 3bn from the project.In the first phase, it had launched 500 plots and 117 houses, generating Rs. 1.8bn, adds report.The company is expecting a sales realisation of about Rs. 3bn from the second phase of the project. Omaxe expects infra order book rising to Rs18-19bn: report Omaxe Ltd has reportedly said that it expects infrastructure order book growing to Rs18-19 bn in FY12. The report stated that it an order book of about Rs14.40 bn as on date. The company expects its gross debt to fall to Rs12.50 bn this year as compared to Rs15.52 bn for FY11, says report. Unitech launches Gardens Galleria, Bangalore Unitech has conducted a Bhumi Puja in its retail project site of Gardens Galleria in Bangalore. The Puja was performed with full religious rights and rituals. Gardens Galleria, located in the well developed area of South Bangalore, is spread over an area of 3.98 acres. It has been strategically positioned adjacent to Kanakapura Main Road and the Outer Ring Road so that it can be easily accessed from areas like Jayanagar, JP Nagar, Benerghatta Road, Padamanabha Nagar, BTM Layout, Basavanagudi, Kumaraswamy, etc. It is the only retail destination in the neighbourhood. Gardens Galleria in Bangalore, a retail mall with a combination of shopping and entertainment that matches the best in the world, is offering ground plus six floors of shopping experience filled with fun, entertainment and joy. It comprises of more than 150 stores, 6 screen multiplex, multi-cuisine food court and various bars and restaurants, etc. It is also offering facilities like parking, statutory green belt and service road around the mall, central air condition systems, fire protection system, etc. Mantri Developers launches Mantri Navaratna Mantri Developers has announced the launch of their new project Mantri Navaratna. Located at Chromepet, Mantri Navaratna comprises of nine aesthetically designed apartment towers planned in accordance to principles of contemporary architecture that endeavor to be a reflection of a modern lifestyle. Mantri Navaratna offers a diverse choice of apartments in the range of 1BHK, 1.5BHK, 2BHK, 2.5BHK and 3BHK with each unit designed to receive maximum sunlight and ventilation. The project offers a total no of 272 apartments with stilt + 4 floors with a price starting from Rs. 22 lacs onwards. Lang LaSalle effectuated land deal worth Rs6.05bn at Byculla In continuing our efforts to facilitate the most distinguished real estate transactions in the country, Jones Lang LaSalle has effectuated a land deal worth Rs6.05bn at Byculla near South Mumbai – the largest on a single invoice, against the backdrop of Mumbai’s curtailed land scenario. This is also one of the biggest land transactions enabled by an International Property Consultancy in India. The 30,910 sq m of land, owned by textile major Maftalal Industries has been purchased by Gliders Buildcon LLP, a subsidiary of Piramal Realty. Located in close proximity to prime areas like Bandra Kurla Complex, Mumbai Central and the Race Course, this land parcel has an inherent advantage of being apposite for a mixed use development – including hospitality and retail.It also serves as a high potential premium residential area given its green surroundings and a panoramic sea-view. Unitech to launch ‘Uniworld Resorts’

Yearly Industry Newsletter

16 of 34

International News - June 2011 Tax-free returns enticing Indian investors to Dubai property market: DAMAC Properties Tax-free returns are enticing an increasing number of Indian investors into Dubai’s property market according to the Middle East’s leading independent real estate company, DAMAC Properties. Attracted by Dubai’s world-class infrastructure, secure investment environment, tax-free returns and tightly regulated property market, Indian investors are increasingly looking to invest in Dubai’s prime real estate market. With potential capital appreciation and tax-free rental yields ranging from 7- 12%, according to CBRE, premium properties in Dubai offer a safe and lucrative long-term investment. Niall McLoughlin, Senior Vice President DAMAC Properties said: “At DAMAC Properties, we have witnessed a significant increase in enquiries about our Dubai portfolio from Indian investors looking to capitalise on favourable conditions in a secure market. Indian investors are weighing up the impact of property taxes at home, and deciding that Dubai is a more attractive market for sustainable long term investment.” Dubai’s property market appeals to Indian investors because there is zero tax on rental returns, and no capital gains tax. This is compared to India which demands tax on rental income as well as capital gains tax of about 20 per cent. UK builder bags 128mn pound London property deal: report British homebuilder Barratt Developments has bagged a 128 million pound ($207 million) deal with partner London& Quadrant to build 375 new homes near the Arsenal football stadium in north London, according to a report. The company has reportedly said that the site would comprise three residential towers, and would expand Barratt's position in the lucrative London market. The site is part of a redevelopment around the 390 million pound Emirates Stadium project which opened in July 2006, says report.

Yearly Industry Newsletter

17 of 34

Domestic News - July 2011 SC pulls up Mayawati Govt over land acquisitions The Supreme Court has reportedly warned the Mayawati government, saying it would step in if the state government continued acquiring agricultural land to benefit builders. The Supreme Court bench of justice was quoted as saying that, "We do not want more Nandigrams in all states." Last month, the Allahabad high court had reportedly overturned the acquisition of about 400 hectares of land by the Greater Noida Industrial Development Authority (GNIDA) in the villages of Sahberi, Surajpur and Gulistaanpur based on the contention that the initially the agricultural land was acquired at a low price for industrial purpose but was later transferred to builders for residential use. Following which, the developers and GNIDA approached the Supreme Court last week against the Allahabad high court order. DLF to sell stake in IT SEZs in Pune and Noida: report DLF Ltd is planning to sell stake in two IT SEZs in Pune and Noida, for a combined value of Rs13bn , according to a report. The report stated that two partners, Ackruti City and The 3C Company, will also exit. There are reports that Blackstone is likely to buy the IT SEZ in Pune for Rs9bn, while a high net worth investor will buy the Noida IT Park for Rs4bn. Ackruti City is a co-promoter in the Pune venture, while The 3C Company is a partner in the Noida IT park both with 30% each, adds report. Sajjan Jindal buys house on Nepean Sea Road: report Sajjan Jindal, the owner of India's third-largest steel company has acquired three-storey bungalow on south Mumbai's Nepean Sea Road, according to a report. The report stated that it is spread over an acre for Rs. 4bn. The three-storey bungalow, Maheshwari House, is close to Consulate General of the Russian Federation, says report. There are reports that it belongs to a second-generation business family, the Maheshwaris, which includes brothers Manoj, Kamal and Vivek, and their niece. Jindal, who is vice-chairman and managing director of JSW Steel , will renovate the bungalow for personal use. Peninsula Land to develop 300-acre plot in Thane: report Peninsula Land is planning to develop a 300-acre plot in Thane, according to a report. The report stated that the total development potential of the plot is around 6 million sq ft. Peninsula is currently in the process of getting requisite approvals for the proposed township, and is planning to start construction in the next one year, says report. Two realty deals cancelled in 2 weeks Two Real estate companies deal have been cancelled. Firstly, Oberoi Constructions, a wholly owned subsidiary of Oberoi Realty Ltd has terminated the Juhu centaur hotel deal. The company’s arm Oberoi Constructions Ltd is a 50% joint venture in Siddhivinayak Realties Private Ltd. SRPL had entered into an agreement with V Hotels for purchase of a hotel property, namely , Centaur Hotel located at Juhu beach. The deal was under negotiation following a dispute between the parties. Following the termination of the deal, V Hotels is liable for a refund of about Rs. 730 mn. Another deal includes the DB Realty’s multi-crore township project in Pune has been scrapped.According to reports, Pimpri-Chinchwad New Town Development Authority (PCNTDA), a local government body in Pune, has canceled the project of saying it had negated “bidding for the selection of the developer”. The authority has refunded the deposit of Rs. 50 crore to the developer for the project that was to come up at Bhosari, 14 km from Pune, reports added. Mahindra to acquire Mumbai's Nepean Sea Road bungalow: report The Mahindra Group's real estate arm is planning to pay Rs. 2.7bn to acquire a three-storey bungalow on south Mumbai's Nepean Sea Road, according to a

Yearly Industry Newsletter

18 of 34

report.The report stated that the bungalow, named Gulistan, occupies around 13,000 square feet of land opposite Priyadarshini Park and is owned by a special purpose vehicle set up by one of Mumbai's top builders, Orbit Corporation.Arun K Nanda, chairman of Mahindra Lifespace, the real estate arm has reportedly said that it has signed a term sheet, or a preliminary agreement, with the current owners and made an advance payment of Rs. 110mn. If the deal went through, the Mahindras would continue to be a tenant, paying rent to Lifespace, says report. JP Iscon to set up 1 mn sqft mega mall in Ahmedabad Godrej Properties Q1 net profit at Rs100.6mn

Yearly Industry Newsletter

19 of 34

International News - July 2011 Delek Real Estate to sell off properties in Canada: report Delek Real Estate Ltd is planning to sell off all its properties in Canada, according to a report. The report stated that Delek has been selling Canadian properties since late last year as it works to repay some 1.7 bn shekels ($494 million) of outstanding debt. Delek operates primarily in the U.K. and Europe and holds the Canadian assets through Delek Global Real Estate Ltd., says report. Mitsubishi, Blackstone to join US$1.7bn bid: report Mitsubishi Corp, Kenedix Inc and Blackstone Group LP have joined Global Logistic Properties Ltd in submitting bids for 140 bn yen ($1.7 billion) of properties in Japan. The report stated that the properties held by LaSalle Investment Management Inc., include 24 warehouses in cities such as Tokyo and Osaka. Partners Real Estate plans to acquire Place Desormeaux: report Partners Real Estate Investment Trust will pay about $35.8 mn to acquire Place Desormeaux, a Montreal-area enclosed shopping centre in Longueuil, Que, according to a report. The report stated that the property will cost $32.2 mn and the real-estate investment trust will incure $3.6 mn in acquisition and capital improvement costs. The transaction will be funded with a $23-million mortgage with a 58-month term and a variable interest rate, says report. UK house prices fall for third month in July: Hometrack Property researcher Hometrack Ltd has reportedly said that U.K. house prices fell for a third month in July and are likely to continue on a “downward trend. The report stated that the average cost of a home slipped 0.1% from June and was down 3.9 percent from a year earlier. London prices increased 0.3% on the month, says report.

Yearly Industry Newsletter

20 of 34

Domestic News - August 2011 Godrej Properties signs agreement with Jet Airways for BKC plot Godrej Properties Limited, the real estate development arm of the Godrej Group has entered into an agreement with Jet Airways Limited (Jet) to develop the latter’s property, C-68, G Block, Bandra-Kurla Complex (BKC), in Mumbai.GPL will develop an approximately 1 million square feet, of saleable area, office building that will be completed in a three year period. GPL will take on the 360crore debt obligation Jet Airways has on the property and will also pay Jet Airways 1.35bn to compensate them for expenses that have already been incurred. GPL has agreed to sell 161,460 square feet of carpet area to Jet Airways at development cost. This space will be used as the state-of-the-art new headquarters for Jet Airways. Godrej Properties and Jet Airways will share the profits from the development in a 50:50 ratio. Godrej Properties to develop group housing project in Gurgaon Godrej Properties Ltd has signed a development agreement with Magic Info Solutions Pvt. Ltd. to develop a residential group housing project in Gurgaon. Situated in the upcoming area of Sector 104 in Gurgaon, the project will be spread over 22 acres of land and will have a total saleable area of approximately 2 million sq. ft. The location offers excellent connectivity and is close to the proposed 150 m wide Dwarka Expressway. The site is strategically located in the Gurgaon urban area and is also well connected to the Airport, Railway Station, NH8 and Gurgaon Central Business District. DLF exploring all options on CCI order DLF Ltd. said that it has received an order from the Competition Commission of India (CCI) in connection with a complaint filed by Belaire Owner's Association. Further, the Company said that it is perusing the CCI order and will examine all options in consultation with legal experts. The options include but are not limited to appealing against the CCI order at the Competition Appellate Tribunal. The Company continues to believe that it has a strong case, DLF said. CBI raids Emaar MGF office in Hyderabad: report Central Bureau of Investigation has raided Emaar MGF office in Hyderabad, according to a report. The report stated that CBI files FIR against Emaar Properties Dubai and Emaar MGF. The reports stated that the raids were conducted in seven cities including Hyderabad and Bengaluru. Unitech receives strong response for Kochi project Unitech, India's leading business group and an integrated developer of large-scale real estate projects, receives a good buyer response from its project, Great India Place (GIP), in Kochi. The project is a combination of Shopping mall, Hotel and Office complex. Great India Place, designed by Callison Inc., is strategically located on NH-Bypass, which provides an excellent connectivity. It is in close vicinity to the colonies like Panampilly Nagar, Jaya Nagar, Maradu, Chelavannnur, Kundanoor, Chacola’s colony and Thevara, that have luxury condominiums and low rise high density bungalows.The shopping mall, a combination of shopping & entertainment that matches the best in the world, in GIP Kochi will have a good mix of Hypermarkets, Department stores, Multiplex, Food and Fun joints. The mall will cover an area of 4.15 lakh sq. ft. of the project. It comprises of over 150 outlets in sizes ranging from 800 sq. ft. to 3500 sq. ft. The Hotel will cover an area of 1.45 lakh sq. ft and the Office complex will cover an area of 1.69 lakh sq. ft. Gautam Adani acquires 50% stake in Mumbai plot from DB Realty: report HDIL board approves allotment of 40,00,000 convertible warrants

Yearly Industry Newsletter

21 of 34

International News - August 2011 World’s tallest tower coming up in Jeddah Chairman of the Kingdom Holding Company, Prince Alwaleed bin Talal bin Abdulaziz Alsaud has reportedly said that the Construction work will soon commence on the world's tallest tower, with a height of over 1,000 metres, in Jeddah. The report stated that the Kingdom Tower will be the centerpiece and the first construction phase of Kingdom City, Jeddah Economic Company's (JEC) new urban development of more than 5.3 million square meters of land in the north of Jeddah. The Five contractors were invited to offer proposals for Kingdom Tower and a short-list of three firms submitted final offers for the tower construction, says report. There are reports that the overall construction cost of the tower is $1.2 bin (and the overall estimated cost of the entire Kingdom City project is anticipated to be $20 bn. BofA may sell Merrill Lynch property for US$1bn Bank of America Corp is in talks to sell real estate investments held by its Merrill Lynch unit to Blackstone Group LP for as much as $1 bn, according to a report. The report stated that the assets include properties in Europe, the U.S. and South America. Bank of America in July 2010 hired Blackstone to manage Merrill’s Asian real estate investments, says report. Mountain Real Estate acquires Riverwalk Vista Masterplan in California: report Mountain Real Estate Capital (MREC) has announced the acquisition of Village III within the Riverwalk Vista master plan in Riverside, Calif, according to a report. The report stated that the MREC acquired the asset directly from Bank of the West and will be retaining Artisan Communities to complete the remaining development work and ultimately build out the project. The acquisition consists of three model homes, 14 partially complete production homes and 42 substantially finished lots, says report. Washington Real Estate plans to sell Industrial Portfolio for $350mn: report Washington Real Estate Investment Trust (WRE) has entered into contracts to sell its entire industrial portfolio as well as two office buildings for $350 million, according to a report. The report stated that Shares were down 3.8% to $27 in premarket trading. The portfolio consists of 16 industrial assets along with the Crescent and Albemarle office buildings, says report. The report also stated that the contracts consist of five separate purchase and sale agreements and three of the contracts are expected to close Sept. 1, with two other contracts expected to close in October and November.

Yearly Industry Newsletter

22 of 34

Domestic News - September 2011 Govt introduces Land Acquisition Bill in parliament The Government introduced the Land Acquisition Rehabilitation and Resettlement Bill, 2011 in the Lok Sabha. The Land Acquisition Bill was introduced by the Rural Development Minister, Jairam Ramesh, after making some changes in its earlier draft. The proposed legislation will replace a more than 100-years-old act. Ramesh said that the adverse impact on affected families must be assessed in a participatory and transparent manner. The bill clearly states that multi-crop irrigated land could be acquired "as a last resort measure’’. The first draft had said that the Government did not envisage acquiring "any multi-crop irrigated land" for public purposes. Godrej Properties launches Godrej Platinum at Bengaluru Godrej Properties Ltd has announced the launch of its premium residential project Godrej Platinum at Hebbal, Bengaluru on Airport road. This modern tower offers spacious 3 and 4 BHK apartments and penthouses ranging from 2,914 sq. ft to 6,320 sq. ft. Godrej Platinum offers a range of luxurious amenities to its residents, including a state-of-the-art club house which comprises of a high-tech gymnasium, steam & sauna, a temperature controlled swimming pool, squash court, indoor games, billiards and a yoga room. GPL has also included several thoughtful facilities such as a dedicated crèche space, special service apartments for guests, dedicated dormitories for servants, drivers with attached toilets and a convenience store. DLF to move CAT to appeal against CCI order: report DLF Ltd is planning to move the Competition Appellate Tribunal to appeal against the Competition Commission of India’s order imposing a Rs. 6.3bn penalty on the firm, according to a report. The report stated that the company is in the process of engaging its counsel. The developer may try to defend itself against the observation made by CCI, says report. There are reports that in 2010, Emaar MGF had the highest market share of 8% and DLF was ranked 20 with 1.64% market share in Gurgaon. DLF, 3C to sell IT Park to IDFC: report Infrastructure Development Finance Corporation (IDFC) will acquire an IT park jointly owned by DLF and The 3C Company in Noida for Rs. 5.12bn, according to a report. The report stated that the 1.36 million sq ft IT park, partly occupied by Computer Sciences Corp, is one of the non-core assets DLF was planning to monetise to reduce its growing debt. DLF is selling assets to mobilise fresh resources to repay debt of over Rs. 210bn, says report. Unitech shareholders reject dividend payout Unitech Ltd has announced that the shareholders of the Company at the 40th Annual General Meeting (AGM) held on September 29, 2011, by way of show of hands, passed all the resolutions (as given in the notice dated August 18, 2011), except the resolution for dividend. The shareholders did not approve the payment of dividend and the resolution for declaration of dividend on Equity Shares for the financial year ended March 31, 2011 Tata Housing unveils residential township in Thane Tata Housing Development Company Limited has announced the launch of ‘Amantra’, an exclusive luxury residential township with 14, 24, 29 and 34 storey towers. Designed by world renowned architectural firm HOK of USA, Amantra is no ordinary address. Spread majestically over 22 acres of sprawling land, the master plan is envisioned in a way where nature’s boundless beauty meets every luxury one can imagine. Amantra will be the tallest residential structure in Kalyan and is also a green haven with 80% open areas. It offers an elevated jogging track on the 14th floor. The lush green landscaped gardens ensure design excellence in its functionality and

Yearly Industry Newsletter

23 of 34

aesthetics, making it the best in class. Amantra offers approximately 2,500 apartments including 2 BHK and 3 BHK homes starting at a budget of approx. Rs. 40/- Lakhs with a minimum size of 927sq.ft.TATA Housing offers homes at “Amantra” starting from approx. Rs. 40 lakhs to Rs. 65 lakhs Oberoi Realty in talks to acquire stake in south Mumbai project:report Shares of Oberoi Realty Ltd have gone up 1% after reports stated that the company in talks to buy the 50% stake held by ICICI Venture in a residential project in south Mumbai.The stock is currently trading at Rs228, up Rs2.95. The stock has hit a high of Rs. 228 and a low of Rs221. Total traded quantity on the counter stood at over 759 shares.The report stated that the company is expected to pay 3bn for the stake. Parsvnath to raise up to Rs. 20bn through QIP DB Realty in talks with real estate Cos for joint developments:report Rustomjee partners with Don Bosco Dunlop India clarifies reports on property sale plan

Yearly Industry Newsletter

24 of 34

International News - September 2011 Singapore realty firm plans IPO in Japan: report Global Logistic Properties, which is partly owned by Government of Singapore Investment Corp., is planning to list its Japanese assets through a real estate investment trust in an initial public offering in Japan, according to a report. The report stated that the company plans to raise at least 100 bn yen. GLP, which listed on the Singapore Exchange late last year, has hired Citigroup, Goldman Sachs and Nomura Holdings as the main underwriters for the IPO, says report. US housing starts fall 5% to three-month low Housing starts in the US fell 5% to a three-month low 571,000 annual rate, according to a report. The report stated that Construction in the Northeast slumped in August when Hurricane Irene hit the region while building permits. Tighter lending standards and reductions in homeowner equity mean fewer buyers are able to take advantage of mortgage rates at record lows, says report. Ranieri Real Estate, WL Ross to acquire Deutsche Bank unit: report Ranieri Real Estate Partners LP and private-equity funds affiliated with WL Ross & Co. is planning to buy Deutsche Bank Berkshire Mortgage, an originator of multifamily loans, from Deutsche Bank AG, according to a report. The report stated that the acquisition is expected to be completed by the end of this year. Ranieri Real Estate Partners LP is part of Ranieri Partners that was founded by mortgage veteran Lewis Ranieri, says report.

Yearly Industry Newsletter

25 of 34

Domestic News - October 2011 SEBI to probe allegations against DLF, Sudipti Estates: report Securities and Exchange Board of India (SEBI) has reportedly said that it will probe allegations by a Delhi-based businessman that he was duped of Rs. 340mn by DLF Limited and Sudipti Estates.The report stated it is alleged that Sudipti along with its directors/agents compelled the complainant to transfer a part of his land and then failed to develop the same and generate higher returns, as promised.The report stated that the probe order follows a Delhi High Court ruling on a complaint filed by Kimsuk Krishna Sinha in 2007 against the DLF Group and Sudipti Estates. The Delhi High Court had in July directed the regulator to look into the complaint and pass an order within three months, says report SAT tells Sahara firms to pay Rs. 240.29bn: report The Securities Appellate Tribunal has directed two Sahara group firms to refund a sum of Rs. 240.29bn to 29.6 million investors who had subscribed to its optionally fully convertible debentures (OFCDs), according to a report.The report stated that the tribunal gave six weeks to the companies to complete the unprecedented, massive refund operation.The tribunal also rapped the registrar of companies (RoC), who allowed these issues without proper scrutiny, says report.There are reports that the Securities and Exchange Board of India (Sebi) had found the OFCD issues by Sahara India Real Estate Corp (SIRECL) and Sahara Housing Invest Corp (SHICL) short of compliance of public issue norms earlier in June. Sebi whole-time member K M Abraham also directed the two firms to refund the OFCD money, with an interest of 15 per cent to investors through demand drafts or pay orders, says report. Bishopsgate property sold for Rs2.72bn to Peninsula Land: report Bishopsgate, a five-storey residential building co-owned by Standard Chartered and the Hongkong and Shanghai Banking Corporation Ltd in upscale Breach Candy, was sold for Rs. 2.72bn to Peninsula Land Ltd, according to a report. The report stated that Peninsula was declared the winning bidder among four other competitors at an auction by Jones Lang Laselle, a global property firm. Peninsula Land will demolish the building and replace it with a luxury residential tower, says report. There are reports that there were others in the bid which include Wadhwa Group, Mahindra Lifespaces, Gammon India Ltd and industrialist D P Jindal, who apparently wanted the property for personal use. The property falls under coastal regulation zone 2 and has a built-up area of 40,000 sq ft. Property rates in Breach Candy are Rs. 50,000 a sq ft and above, adds report. DLF to challenge CCI's order for Rs6.30bn penalty: report DLF Ltd has appealed to the Competition Appellate Tribunal, challenging an order by CCI to pay a Rs. 6.3bn penalty for “abuse” of its market position in the real estate business, according to a report. The report stated that the company had started the process related to the move, and would be moving the apex tribual. DLF had prepared a document, totaling around 350 pages, which mainly argues on three major areas, says report. There are report that the first one is seeking relevant market share in the National Capital Region instead of narrowing it down to just Gurgaon. Lodha Group launches New Cuffe Parade The Lodha Group, one of India's largest real estate developers, has announced the launch of New Cuffe Parade. Located in the new MMRDA development near IMAX Dome on the Eastern Freeway, it will redefine urban luxe living, while also addressing its responsibilities towards the fabric of the ecosystem around.The development will be part of the 250-acre land bank being honed into a definitive city centre, post rigorous planning by MMRDA, the apex body that has given Mumbai the Bandra-Kurla Complex, India's

Yearly Industry Newsletter

26 of 34

finest business district. Interestingly, this is also the last major undeveloped piece of land, located virtually in the geographical centre of the island city, which is about to be transformed into a world-class destination. AIG-Ambuja Realty deal to boost office space values at Rajarhat With the recent sale of their 1 million square foot asset at Rajarhat, Kolkata to Ambuja Realty, AIG Global Real Estate has performed a textbook real estate asset exit by a Private Equity fund. The property was recently acquired by Ambuja Realty for the enhancement of an existing business park. Jones Lang LaSalle India, the country’s largest and leading international property consultancy, had facilitated the sale of this extremely valuable commercial property to Ambuja Realty. Almost 2.21 Lakh square feet of the property held by AIG Global Real Estate had already been leased out to top-notch corporate occupiers. The newly enhanced business park is expected to be completed by Q3 2012. Tata Housing unveils luxury project in Bangalore JLL facilitates Kolkata's Commercial Property acquisition for Ambuja Realty Ashok Piramal Group pledges 14.9% equity of Peninsula Land: report HDFC India Real Estate plans to invest US$90mn in Embassy IT park: report Further rise in interest rate will further cripple real estate sector: Omkar Realtors

Yearly Industry Newsletter

27 of 34

International News - October 2011 Buffett's HomeServices acquires Real Estate Firm in Alabama: report Warren Buffett’s Berkshire Hathaway Inc has acquired a residential-real estate firm in Mobile, Alabama, through its HomeServices of America Inc. unit, according to a report. The report stated that Dauphin Realty, with four branches and 85 agents, will merge with an existing Berkshire-owned firm in Alabama. The terms were not disclosed yet, says report. UK Property Asking Prices rises in October: report Asking prices for property for sale in the U.K. rose sharply in the first weeks of October compared with September, Rightmove reportedly said.The report stated that house prices in mid-October jumped 2.8% on the month and were 1.2% higher from a year earlier. Rightmove's director Miles Shipside reportedly said that the headline increase masked a widening gap between the north and south of England. RioCan Real, KingSett Capital plans to acquire Sheppard Centre in north Toronto: report RioCan Real Estate Investment Trust and partner KingSett Capital is planning to buy the Sheppard Centre in north Toronto from Standard Life for $218 mn, according to a report. The report stated that this acquisition represents an exciting opportunity to revamp one of Toronto's important corners at the intersection of two subway lines," REIT president Edward Sonshine said in a statement.The 673,000 square foot Sheppard Centre is occupied by major tenants including Cineplex, Winners, Shoppers Drug Mart, Bank of Montreal, CIBC and TD Canada Trust, says report.

Yearly Industry Newsletter

28 of 34

Domestic News - November 2011 Lavasa gets clearance from Environment Ministry Ministry of Environment and Forest has given the clearance for Lavasa Project, according to reports.The report stated that all the conditions by the project proponent have been met. The ministry has fulfilled the deadline imposed by Bombay High Court,says report. DLF gets stay on CCI's Rs 6.3bn penalty: reports The Competition Appellate Tribunal () has granted stay on the Rs. 6.30bn penaltyimposed by fair trade watchdog Competition Commission of India (CCI) on realtymajor DLF over alleged abuse of dominant market position, according to reports.The report stated that the three-member bench headed by Justice Arijit Pasayatstayed the operation of the CCI order imposing the penalty.The tribunal clarified in an interim order that if DLF loses its case, the companywill have to deposit the entire amount along with 9% interest, says report. RICS unveils Real Estate and Construction Professionals in India by 2020' report RICS unveiled its research report ‘Real Estate and Construction Professionals in India by 2020’. Given the potential future growth of the real estate, construction and infrastructure sectors, the industry is believed to be facing a considerable shortage of manpower, which may impede India’s growth aspirations. With this background, RICS commissioned this research to study the demand of real estate and construction professionals over the next decade, in light of the current supply of skilled professionals employed in these sectors, and resulting gap if any, both in quantitative as well as qualitative terms.The research analyses the future contribution of built environment in India’s economic growth, population trends and corresponding potential demand for real estate space and infrastructure. It further analyses the types of professionals and the skills that will be required which is covered as demand and supply of core professions of civil engineering, architecture and planning; non core professions and new specialized professions that are emerging in the fast paced and increasingly complex built environment. DLF moves Delhi HC against SEBI order: reports DLF Limited has moved the Delhi High Court challenging the order of market regulator SEBI to probe accusations by a Delhi-based businessman, according to reports.The report stated that Delhi-based businessman was duped of Rs. 340mn by the realty major and its alleged associate firm Sudipti Estates.Justice Vipin Sanghi has fixed the DLF petition for hearing on November 22, says report. KEC International sells Vashi land for Rs. 725mn KEC International Ltd has sold the leasehold rights on its land to Vodafone Shared Services Limited for the consideration of Rs. 725mn. The land is located at Trans Thane Creek Industrial Area, between Thane-Navi Mumbai, Near to Vashi, Mumbai. Total Area of the land is 30,881 square meters (i.e. 7.63 Acres).The Company had taken this land on 95 years lease from Maharashtra Industrial Development Corporation (MIDC). On this land, The Company was operating tower testing station which was already decommissioned. Tata Sons plans to infuse Rs5bn in Tata Housing: reports Tata Sons is planning to infuse Rs. 5bn into the group's real estate arm, Tata Housing Development Company, through a fresh issue of equity shares. The report stated that the process is expected to start in the next couple of weeks with an aim to complete it by the end of current fiscal year. This was the decision that was taken at board meeting of the company, which

Yearly Industry Newsletter

29 of 34

appointed Cyrus P Mistry as the deputy chairman and a successor to chairman Ratan Tata, says report.The report also stated that Tata Sons holds 99.78% of equity share capital of Tata Housing that was set up in 1984. International News - November 2011 UK house prices to fall 11% by 2016: Savills House prices will fall by 11% over the next five years, back toprice levels seen nearly a decade earlier, property broker Savills reportedlysaid.The report stated that low interest rates will keep repossessionsdown and head of a house price crash, but weak economic growth and difficultiesaccessing mortgage finance will keep prices low.House prices were at their peak in 2007, when the average pricewas £184,000, compared with the average property price of today, at £161,000.,said property broker Savills said reportedly. China property prices set for 15-month drop: UBS UBS has reportedly said.Residential property prices in China's top cities are likely to decline 20% by the end of next year, UBS reportedly said.The report stated that China's secondary cities would see softer declines of about 10% during the same period, while smaller cities could see marginal declines of about 5%. Developers have already started to cut prices in new launches, UBS reportedly said Hong Kong residential property prices to fall: reports New World Development Co. Managing Director Henry Cheng reportedly said that Hong Kong residential property prices could decline 8% to 10% in a short period of time. The report stated that the decline of such magnitude would be in keeping with supplies of new land being brought to market by the government.

Yearly Industry Newsletter

30 of 34

Domestic News - December 2011 DLF to divest its stake in Galaxy Mercantile DLF Ltd has signed an agreement to divest all its stake in Galaxy Mercantile Ltd, a joint venture company between DLF Home Developers Ltd and Infrastructure Development Finance Company Ltd (IDFC), according to reports. The report stated that latter will buy the entire stake, for a total of Rs. 4.50bn. DLF Home Developers is a wholly-owned subsidiary of DLF and had 71% equity stake in Galaxy, says report. There are reports that IDFC will buy the entire stake of DLF over the next 12 to 18 months. Draft Regulatory Bill needs in-depth study: MCHI We may be looking at a return to ‘License Raj’ if the draft Real Estate Regulation and Development Bill is passed, said Paras Gundecha, President, Maharashtra Chamber of Housing Industry (MCHI). “The Government of India realized the havoc played by the License Raj and therefore boldly took steps to eradicate the License Raj hampering the growth of India. The Draft Regulatory Bill will see a return to ‘License Raj’.” He added that it was not just the developer/ builder who should be held responsible in case of delays in completing projects, as there are multiple factors which are beyond the control of the developer. The Government of India, Ministry of Housing and Urban Poverty Alleviation, has proposed a Regulatory Bill to regulate the Real Estate Industry in the country. The Ministry has uploaded the said draft bill on their website on 9th November 2011 and has asked for suggestions within 30 days. Indiabulls Real Estate Board approves share buy back Indiabulls Real Estate Ltd has said that with a view to enhance overall shareholder value in an investor friendly manner and as an efficient mechanism for providing an exit opportunity to the willing shareholders, and to enhance, the earnings per share of the Company and create long term shareholders value, the Board of Directors of the Company has, at its meeting held on December 15, 2011, approved Buy- back of the Company’s fully paid-up equity shares of Rs. 2/- each from the open market through the Stock Exchange mechanism. The proposed Buy Back shall be in accordance with the provisions contained in SEBI (Buy Back of Securities) Regulations, 1998 and shall be for an amount not exceeding Rs. 4.50bn. at prevailing market price on Stock Exchanges but subject to a price not exceeding Rs. 75/- per equity share. DLF plans to sign Pune SEZ deal with Blackstone: reports DLF is planning to sign a deal with private equity major Blackstone, according to reports.The reports stated that the company is planning to offload its entire stake in the special economic zone (SEZ) in Pune.The real estate firm is targeting this deal for 2012 and the announcement is likely to come within days, says reports.There are reports that the deal size is pegged at around Rs. 9bn. Dunlop India clarifies reports on Worli Property Dunlop India Ltd has clarified that Dunlop House Worli Property is not owned by the Company.Earlier the news item was appeared in leading financial daily titled "Worli's Dunlop House up for sale for Rs. 400 cr",The reports stated that the building located in a prime area, near Podar hospital, was put on the block two months ago. The one acre plot has a development potential of close to 80,000 sq ft (super built up area), says reports.There are reports that in 2010-11, the company declared an income of Rs. 1.74bn and a profit after tax of Rs. 2 crore. Godrej Properties signs MOU with ICICI Bank

Godrej Properties Ltd and ICICI Bank, India‟s largest private sector bank, signed a Memorandum of Understanding (MOU) on extending their projects

Yearly Industry Newsletter

31 of 34

and financial services to customers in various geographies. Under this tie-up both entities will host various co-promotional activities for customers in India as well as for NRI's in UAE, Singapore, USA & UK. GPL will showcase their sustainable homes while the ICICI Bank offering is designed to provide an attractive proposition for home loans. DLF, Hubtown sell Pune IT SEZ for Rs8.10bn DLF Ltd has announced that the Company along with its joint venture partner Hubtown Limited ('Hubtown'), have sold 100% of their respective shareholding in DLF Ackruti Info Parks (Pune) Limited ('DLF Ackruti'), for an aggregate consideration of Rs. 8.10bn to an entity controlled by real estate fund affiliated with The Blackstone Group, BRE/Mauritius Investments II, after obtaining all necessary approvals. Prior to the sale of their respective shareholding, the Company and Hubtown held 67% and 33% equity shares in 'DLF Ackruti', respectively. 'DLF Ackruti' owns a notified IT/ITES SEZ located in Pune, Maharashtra.The above transaction is in line with the DLF's objective of divesting its non-strategic assets Ajmera Realty acquires stake in Ajmera Biofuel Knight Frank join hands with Ballymore Unitech board withdraws Scheme of Arrangement Lodha Group partners with Philippe Starck Partners Godrej Properties assigns development rights to Subsidiary

Yearly Industry Newsletter

32 of 34

International News - December 2011 Brookfield Residential Property announces acquisition of Prudential Financial Brookfield Residential Property Services (Brookfield), a Brookfield Asset Management Inc. affiliate, announced that it has purchased Prudential Financial, Inc.’s (PFI) real estate and relocation services business (PRERS), a recognized leader in employee relocation and real estate franchising from U.S.-headquartered PFI. PRERS operates as Pricoa Relocation in Asia and Europe. The addition of PRERS to Brookfield’s existing residential real estate franchising and employee relocation services businesses, which already includes offices in India, establishes Brookfield as the world’s second largest employee relocation services provider and the third largest residential real estate franchising business. Under a licensing agreement, PRERS real estate brokerage affiliates will be able to continue using PFI’s existing brand based on the terms of their franchise agreements. Fewer homes sold in US over past 5 years: reports National Association of Realtors reportedly said that Far fewer homes have been sold over the past five years than previously estimated.NAR plans to downwardly revise sales of previously-owned homes going back to 2007 during the release of its next existing home sales report on Dec. 21, says report. US existing home sales revised down 14% Homebuilder Lennar to enter Pacific NW markets: reports

Yearly Industry Newsletter

33 of 34

Notes

34

Published in 2011. © India Infoline Ltd 2011 This report is for the personal information of the authorised recipient and is not for public distribution and should not be reproduced or redistributed without prior permission. The information provided in the document is from publicly available data and other sources, which we believe, are reliable. Efforts are made to try and ensure accuracy of data however, India Infoline and/or any of its affiliates and/or employees shall not be liable for loss or damage that may arise from use of this document. India Infoline and/or any of its affiliates and/or employees may or may not hold positions in any of the securities mentioned in the document. The report also includes analysis and views expressed by our research team. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The recipients of this material should take their own professional advice before acting on this information. India Infoline and/or its affiliate companies may deal in the securities mentioned herein as a broker or for any other transaction as a Market Maker, Investment Advisor, etc. to the issuer company or its connected persons.

India Infoline Ltd. IIFL Centre, Kamala City, Senapati Bapat Marg, Lower Parel (W), Mumbai 400 013.

For any content related queries, write to: The Editor at editor@indiainfoline.com

Yearly Industry Newsletter

of 34