Pulse. Market Highlights March Get city Pulse by clicking below. Monthly Real Estate Monitor

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1 Market Highlights March 2016 Office space demand continued to increase across all cities barring Ahmedabad and Kolkata. Get city Pulse by clicking below Retail space demand improved in Chennai, Delhi NCR, Bangalore and Mumbai. Residential demand improved in Chennai and Pune.

2 Union Budget : Below Expectations, But With Some Major Positives The Finance Minister has definitely tried to manage expectations by having a balanced budget. While major expectations i.e. increase in HRA deduction, removal of Dividend Distribution Tax (DDT) from REITs and boost to affordable housing by allowing 100% deduction on profits made by entities constructing them have been addressed, no financial protection was offered to buyers from project delays. Real Estate Investment Trusts (REITs) could become a reality soon - The DDT got exempted, clearing a final hurdle on the way of the successful listing of REITs in India. Boost to affordable housing developers - 100% tax deduction has been announced for developers building houses up to 30 sq m in four metro cities and 60 sq m in other cities, for projects approved between June 2016 and March 2019 and is completed within 3 years of the approval. Digitisation of land records - There is a clear emphasis to make land records more transparent and this is an important parameter that contributes towards the overall transparency in real estate sector in India. Road infrastructure and new land opening up - Budget has adopted measures to significantly step up NHAI capabilities. Infrastructure creation - The Budget has outlined revival plans for nonfunctional airports in partnership with state governments, with a vision to spend around INR crore on each airport. This will boost the infrastructure in many tier-ii and tier-iii cities. Release of land - Going by today s Budget announcements, Central PSUs are going to be encouraged to reduce their exposure to excess land holdings. Retail sector - Unorganised retail could receive a fillip, as smaller shops will now also be given the option of remaining open for all 7 days of the week, like organised malls. Office occupancy perspective - The Budget made a strong case for promoting start-ups in India with 100% tax rebate on profits announced for them for three years. Anuj Puri, Chairman & Country Head, JLL India For further reading, please refer to the following link: Market Sentiment Deal of the month Think About it!! The government allocated INR 7,296 crore for two central schemes -- Atal Mission for Rejuvenation and Urban Transformation (AMRUT) and 'Smart Cities' Mission in the general budget of An amount of INR 3,205 crore was allocated for the development of 100 smart cities across the country by 2020, while INR 4,091 crore for AMRUT was earmarked. The focus of the missions includes providing basic services, including water supply, sewerage, setting up of sanitation and solid waste management systems, efficient mobility and public transportation, affordable housing and building of amenities in cities to improve the quality of life. Investment sentiment improving Ford inks INR 800 crore Chennai office deal. The move is aimed at consolidating its multiple tech offices into one campus, besides accommodating growth plans. The sunset date for exemption of fiscal incentives to Special Economic Zone (SEZ) occupiers has been pushed forward from March 2017 to March Green Wall Noida adds a new 'green' clause in tender documents to curb pollution. The new condition in the bidding document will make it mandatory for all agencies and contractors to comply with the green court's orders as specified in the 2010 guidelines of the Ministry of Environment and Forests. Legend: Market Sentiment Favourable Neutral Unfavourable Next

Weather Map Cities Office Rental Value Retail Rental Value Residential Capital values AHMEDABAD DELHI MUMBAI DELHI PUNE BANGALORE AHMEDABAD KOLKATA CHENNAI MUMBAI PUNE HYDERABAD HYDERABAD KOLKATA

3 Weather Map Cities Office Rental Value Retail Rental Value Residential Capital values AHMEDABAD DELHI MUMBAI DELHI PUNE BANGALORE AHMEDABAD KOLKATA CHENNAI MUMBAI PUNE HYDERABAD HYDERABAD KOLKATA Legend Growing Stabilise Stagnate Falling BANGALORE CHENNAI For more information about our research, contact Ashutosh Limaye National Director, Research and REIS Alok Jha Manager, Research and REIS Research Dynamics 2016 Pulse reports from JLL are frequent updates on real estate market dynamics.

Ahmedabad RESIDENTIAL Launches The office space transactions in Ahmedabad remained moderate during the month. Select pockets such as SG Highway showed some traction.

Select fashion brands & Quick Service Restaurants (QSR) sectors preferred spaces on high streets to increase the footprint. The residential sector in Ahmedabad witnessed stable demand over the month.

build and operate the 505 km Mumbai-Ahmedabad high - speed corridor.

4 Ahmedabad RESIDENTIAL Launches The office space transactions in Ahmedabad remained moderate during the month. Select pockets such as SG Highway showed some traction. Large office units were transacted the most. Elite Core Technology in SBD submarket The retail market witnessed notable transaction activity in the month. Select fashion brands & Quick Service Restaurants (QSR) sectors preferred spaces on high streets to increase the footprint. The residential sector in Ahmedabad witnessed stable demand over the month. New launches: Pacifica North Enclave in the Suburbs sub - market Railway minister Suresh Prabhu announced the setting up of National High Speed Corporation Limited (NHSCL), a new company that will build and operate the 505 km Mumbai-Ahmedabad high - speed corridor. Prahlad Nagar S G Highway Ashram Road Navarangpura Koba CG Road SG Highway Ashram Road Chandkheda Koba Naroda Gota Navrangpura SG Highway Satellite South Bopal / () / s ()

5 Bangalore Leasing activity remained strong, especially in the Whitefield sub-market. Meanwhile, limited availability of space in key sub-markets of Bangalore is pushing rents upwards. Accenture, Persistent Systems, FNF, Lithium Technologies, HP and NTTData on the S-E stretch of ORR HP at Electronic City While popular brands are expanding in emerging locations in the suburbs, local restaurant brands with regional cuisines are clustering in kiosk formats in food courts of malls. Chumbak and Lime Twist in Garuda Mall at Brigade Road Soch at Indira Nagar, Wrogn in Phoenix Market City and Frankie in RMZ Eco World at Whitefield Devanahalli is creating a lot of scope for residential development as a few RESIDENTIAL integrated township projects and an ITIR are proposed. Key launches: Launches Brigade Atmosphere at Devanahalli Vajram Esteva at Marathahalli Godrej Avenues at Yelahanka Prestige Fairfield at Dollars Colony Brigade Buena Vista at Budigere Cross The City Development Minister, K.J. George announced that the government is considering the development of two metro lines - one between K.R. Puram and Silk Board, and the other to connect the airport to Nagavara. CBD ,000 22,000 Old Airport Road ,000 12,000 Outer Ring Road (Eastern) ,500 7,500 Old Madras Road ,000 8,500 Electronic City ,500 4,500 Koramangala ,000 18,000 Indiranagar ,000 18,000 New BEL Road ,000 12,000 Commercial Street ,000 20,000 Jayanagar ,000 18,000 Old Madras Road Indiranagar Bellary Road Hosur Road Whitefield Tumkur Road Kanakapura Road Mysore Road / () / s ()

6 Chennai The office market continued to remain stable. HTMT at Ambattur Virtusa at OMR Thoraipakkam Mount Road ,000 16,500 RK Salai ,000 15,000 Pre-toll OMR ,000 6,500 Post-toll OMR ,000 6,000 Guindy ,500 9,000 Mall leasing activity showed a good increase this month. Godrej Nature Basket at Express Avenue O2 Spa at Express Avenue De Mora at Market City FCUK at Market City T. Nagar ,000 15,000 Nungambakkam ,000 16,000 Velachery ,000 12,000 Pre-toll OMR ,000 11,000 RESIDENTIAL Launches India's first rail auto hub to be developed in Chennai. The improvement in business sentiment is prompting developers to build fresh supply. Key launches: One 74 at MRC Nagar by Ceebros Jayanthi Residences at Adyar by Olympia and Arjun Garden at Gerugambakkam by the Kochar Group Pelican Heights at Jamin Pallavaram by Agni Estates and Foundation Aristo Walk at Alandur by Casa Grande Anna Nagar ,000 13,000 LB Road (Adyar) ,500 13,500 Adyar 20,000 30,000 18,000 22,000 Medavakkam 11,000 14,000 4,000 6,000 Tambaram 8,000 15,000 4,000 6,000 Anna Nagar 18,000 25,000 10,000 15,000 Porur 7,000 12,000 4,200 6,200 Sholinganallur 9,000 12,000 4,500 6,000 / () / s ()

7 Delhi NCR mostly driven by expansions. Upcoming projects in emerging locations finding greater traction. BAE Systems in CBD and Thai Airways in SBD-Aerocity BHP Billiton on Golf Course Road and NDTV Global on Golf Course Extension Road in Gurgaon New Completions: Nimitaya 108 in Gurgaon remains restricted largely to the prime, operational retail properties with global retailers making a beeline for available space in such developments. New Balance opened its first India store in Pacific Mall - Prime Others and Mall of India-Noida Bose leased space in Shipra Mall in Ghaziabad New launches are largely being seen in low ticket sizes. Inaugural discounts from RESIDENTIAL developers remain the trend to gain sales traction. Sales volumes and investor activity in new launches are extremely Launches slow, causing volumes to remain lukewarm. New Launches: Antriksh Golf Address in Noida Ajnara Sports City in Noida Extension Central Park-The Room and Mahindra Luminaire-Phase II, both in Gurgaon HUDA planning the end point location of Dwarka Expressway with NH- 8 on the Gurgaon side to allow connectivity to opposite sectors of NH-8 and to meet the 2017 completion deadline. Registration charges increased in Noida to bring them on par with other cities in the state. Haryana announced the TOD Policy and offers higher to projects within 800 m of existing and upcoming mass rapid transit corridors. Barakhamba Road ,000 35,000 Jasola ,000 21,000 DLF Cybercity NA MG Road ,000 19,000 Golf Course Road ,500 15,000 South Delhi ,000 40,000 West and North Delhi ,000 23,000 Gurgaon MG Road ,500 23,000 Rest of Gurgaon ,000 14,000 Noida ,000 25,000 Ghaziabad ,500 16,000 Golf Course Road 27,000 32,000 13,000 19,000 Sohna Road 17,000 20,000 5,800 7,500 Golf Course Extension Road 19,000 22,000 8,500 11,000 Dwarka Expressway NA 5,500 7,500 Noida Greater Noida Expressway 13,000 15,000 4,300 6,500 Noida City 12,000 14,500 4,700 6,000 Indirapuram 11,000 12,000 4,500 5,300 / () / s ()

8 Hyderabad RESIDENTIAL Launches The city s Western sub market witnessed good leasing. However, with supply becoming limited, Hitec City, Gachibowli and adjoining areas might witness rate appreciation. Genpact in Hitec City SHS in Gachibowli Retail leases remained confined to high streets as the retail market in the city was short of space in malls. Aptronix in Jubilee Hills Road No. 92 Biba in Lingampally The residential sector has started to show improvements. started to improve. New Launches: My Home Avatar in Puppalaguda by My Home constructions Metro service in Hyderabad to be ready in June. Prime Minister Narendra Modi is likely to be present when the first rapid mass transport system opens for Hyderabadis For the second time in a row, Hyderabad has been ranked as the best Indian city to live in by the Mercer's Quality of Living rankings Begumpet ,500 6,500 Banjara Hills ,000 8,000 Hitec City ,000 7,000 Gachibowli ,500 6,000 Uppal ,000 5,000 Banjara Hills - Jubilee Hills ,500 16,000 Secunderabad ,000 13,000 Hitec City ,000 14,000 Kukatpally ,000 11,500 Himayatnagar ,000 17,000 Banjara Hills 25,000 35,000 7,000 15,000 Begumpet 17,500 25,000 4,500 5,500 Kondapur 11,000 20,000 3,800 5,000 Gachibowli 11,000 20,000 3,500 4,800 Tellapur 7,000 12,500 3,000 3,800 Kukatpally 15,000 20,000 4,000 5,000 / () / s ()

9 Kolkata Overall demand of the city started witnessing traction through increased occupier enquires. We expect many of these enquires to be converted into completed leases, going forward. Park Street ,000 20,000 Topsia ,500 10,000 Kasba ,000 11,000 Salt Lake Sector V ,000 4,800 New Town and Rajarhat ,200 4,100 remained stable over the month. Many retailers were looking for expansion opportunities. RESIDENTIAL Launches Residential demand in the city continued to be stable in the affordable and mid-end categories. New Launches: Shapoorji Pallonji launched Phase VI of Sukhobrishti in New Town Action Area III Hiland launched Hiland Riverfront at Maheshtala The State Urban Development Minister inaugurated a new sewage system with five sewage pumps for Bidhannagar Municipal Corporation that will benefit a huge area covering sq km falling under the corporation's jurisdiction. The project has been implemented by the Kolkata Metropolitan Development Authority (KMDA) under the Centre's previous JNNURM scheme. Elgin Road ,000 28,000 Park Street (high street) ,000 31,000 Prince Anwar Shah Road ,000 18,000 Salt Lake ,000 20,000 New Town and Rajarhat ,500 8,000 Gariahat (high street) ,000 22,000 Alipore 50,000 70,000 15,000 22,000 Prince Anwar Shah Road 20,000 35,000 7,000 14,000 EM Bypass (Topsia) 15,000 25,000 6,000 10,000 Lake Town 10,000 16,000 4,000 7,500 New Town (AA- I, II & III) 9,000 15,000 3,500 6,000 Rajarhat 7,000 14,000 3,000 4,500 Behala 7,000 14,000 3,000 5,500 / () / s ()

10 Mumbai The month witnessed robust transaction activity in the Mumbai office market. Companies, especially from the technology and BFSI sectors, were seen executing lease transactions. Hitachi Limited & EMC Corporation, both in SBD BKC Lower Parel ,500-22,000 BKC ,500-34,000 Andheri - Kurla Road ,000-16,000 Goregaon-Malad ,500-12,500 RESIDENTIAL Launches Retail sentiment continues to remain positive, with a good number of leases been carried out across all sub - markets. Go Colors (women s wear) leased space in the Suburbs sub - market Arrow (apparel) leased space in the Suburbs sub - market The demand for residential units recorded a fall in February compared with January mainly due to the poor market sentiment. The supply witnessed a fall in February over the previous month. New launches were seen in the affordable to mid-end category in the city suburbs. New Launches: Dosti The Majesta and Lodha Codename Fortune Forever at Thane Ruparel Elara Phase II at Kandivali City and Industrial Development Corporation of Maharashtra (CIDCO) inked 11 Memorandums of Understandings (MoUs) worth INR 30,000 crore for the development of Navi Mumbai Airport Influence Notified Area (NAINA) projects, including Khalapur Smart City, during the just concluded Make In India Week during 13 to 18 February Wagle Estate ,200-6,900 Lower Parel ,000-32,300 Malad ,500-20,000 Ghatkopar ,100-18,300 Mulund ,500-15,500 Thane ,000-14,500 Navi Mumbai ,000-12,000 Lower Parel 65,000-1,10,000 25,000 40,000 Wadala 36,000-60,000 15,000 23,000 Andheri 32,000-55,000 12,500 21,500 Ghatkopar 30,000-46,000 11,500 17,000 Ghodbunder Road 12,000 25, ,500 Kharghar 10,000 18,000 6,000 9,000 / () / s ()

11 Pune for office space in Pune remained stable in February. The vacancy rate witnessed a marginal dip during the month. The western part of the city and Hinjewadi continued to remain favourable among occupiers. Nuance India leased in Commerzone Access Healthcare leased in Embassy Techzone Leasing activity in malls remained stable. With no new completions recorded, Pune s organised retail stock remains unchanged. Rents and capital values remained stable over the month. Sales improved marginally on the back of attractive pre-launch offers, down payment RESIDENTIAL flexibility schemes and attractive rate offers. Also, launches by prominent developers witnessed good demand Launches during the month. New launches: Citrine and Neeti Heritage launched in the North East Corridor Mantra Divine launched in the North West Corridor There will be a geographical information system for property tax management in Pune by November. The system will help the Pune Municipal Corporation (PMC) bring unregistered buildings under the tax ambit, which will increase property tax revenue. Hadapsar ,500-9,000 Kharadi ,500-9,500 Hinjewadi ,000 7,000 Viman Nagar ,000 10,000 SB Road ,000 12,000 MG Road ,000 30,000 Bund Garden Road ,000-25,000 FC Road ,000-30,000 JM Road ,000-30,000 DP Road ,000 26,000 SB Road ,000-25,000 Wakad 10,000 13,000 5,000 6,500 Hinjewadi 9,000 11,000 4,800 6,500 Kharadi 11,000 15,000 5,000 7,200 Hadapsar 13,000 18,000 5,500 7,500 Undri 8,000 12,000 4,000 5,500 Pimri-Chinchwad 8,000 15,000 4,500 6,000 / () / s ()

About JLL Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and

12 About JLL Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4 billion, JLL operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. JLL has over 50 years of experience in Asia Pacific, with over 27,500 employees operating in 80 offices in 15 countries across the region. The firm was named Best Property Consultancy in three Asia Pacific countries at the International Property Awards Asia Pacific 2013, and won nine Asia Pacific Awards in the Euromoney Real Estate Awards For further information, please visit our website, About JLL India JLL is India s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 6800, the firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health care, senior living, education and retail advisory. The firm was named the Best Property Consultancy in India (5 Star Winner) at the International Property Awards Asia Pacific for For further information, please visit For more information about our research, contact Ashutosh Limaye National Director, Research and REIS ashutosh.limaye@ap.jll.com Alok Jha Manager, Research alok.jha@ap.jll.com Research Dynamics 2016 Pulse reports from JLL are frequent updates on real estate market dynamics.

Pulse. Market Highlights OCTOBER Get city Pulse by clicking below. Monthly Real Estate Monitor November 2014

Pulse. Market Highlights OCTOBER Get city Pulse by clicking below. Monthly Real Estate Monitor November 2014 Market Highlights OCTOBER 2014 Office space leasing activity remained upbeat across cities Get city Pulse by clicking below remained stable across all cities except for Delhi. remained stable except for