jll report aug13

Monthly Real Estate Monitor – August 2013

The Curious Case of Costly and Short-supplied Land in Urban India The price of any human-made commodity depends on the cost of its raw materials, labour, technology and energy needed for the production, the cost of capital and the anticipated profit for the producer. The price of real estate as a product is governed in the same way, and in the urban centres of India, the cost of land as the principal raw material influences the price the most. Because of its scarcity, urban land in India is a precious resource and is often responsible for the perennially rising real estate costs—if one discards the odd occurrences of falling prices.

What makes urban land in particular and land in general so highly undersupplied and hence costly? Policymakers and administrators have met only limited success in unlocking the land in cities and on their fringes. The provision of infrastructure ahead of real estate development remains a utopian concept, and the shortage of serviced land puts a land bestowed with infrastructure in much demand, making it very costly. Because even an efficient transportation system, uninterrupted power and modern drainage and sewage systems cannot be assumed to be available on the fringes of metro cities and rapidly swelling smaller towns, one can imagine how underserviced land could be, regarding other physical and social infrastructure. Unless such land is unlocked with a provision for infrastructure, the high price of urban land is unlikely to decline.

The long time that is required to transact land also makes the holding cost high. We have several factors making land acquisition complex, risky and a drawn-out affair. Land ownership in India is highly fragmented, with joint ownership and small per capita land holdings common. This means multiple minds to convince, often leading to offers, counteroffers and owners often declining to accept offers for the sake of giving it a shot for obtaining a higher offer. With no insurance facility against faulty land title, buyers must undertake a thorough and legal due diligence, which consumes time and adds to the acquisition cost. Differences in the laws and development regulations of the various states do not make the process any simpler.

Another factor for the high land cost is the uniform distribution of floor area ratio (FAR) across the cities. The FAR that defines the buildable area over the land area is almost always constant within the cities, thus robbing developers of the possibility of creating high-density and moderate-density submarkets within the city, which can yield higher land prices and moderate ones, respectively. By introducing a range of FAR, policymakers could facilitate reasonable land valuations to large parts of the city while inducing high land valuations in high density submarkets best suited for commercial development.

Deal of the Month

Our Land Services team facilitated the purchase of 25-acre prime land in

Bangalore. The land was bought by L&W

Construction Pvt Ltd at INR 1 bn.

What’s New!! Donald Trump, America's

real estate business tycoon, announced the launch of his company’s first real estate project in Pune, India. The

project comprises residential twin towers of 22 stories

having 44 luxurious apartments.

Green Wall Installation of solar panels on new buildings is made mandatory in Madurai by the municipal corporation to reduce the burden of power

supply on Tamil Nadu Generation and Distribution

Corporation

Pulse •Research Dynamics•2012

Policymakers seem to have realised the gravity of the situation and are trying to find measures acceptable to all the stakeholders. The Real Estate (Regulation and Development) Bill and the Land Acquisition Rehabilitation and Resettlement Bill are in process—the first one was passed by the Parliament last month, thus paving the way for the states to make their own bills. There is hope that policies will be introduced to unlock land, giving the much-needed access to reasonably priced raw material for the real estate industry in India.

Grade A Capital ValueOffice Retail Residential

Delhi NCR

Mumbai

Bangalore

Chennai

Pune

Hyderabad

Kolkata

Rental ValueFigure 1: Financial Indicators


Bangalore With modest absorption, the transaction activity in Bangalore office market was moderate during the month of July. The city continued to perform with very low vacancy on the back of steady demand and

restricted supply. The IT/ITES sector continued to be the major sector accounted for leasing. Major transactions during the month included the leasing activities of EMC, McKinsey and Regus. There were no new completions after an active previous month. Rents continued to remain stable across the city. Meanwhile, improved demand and investor sentiments resulted in marginal appreciation of capital values.

The retail market of Bangalore continued to witness steady consumer demand. Vacancy in the malls was stable during July, while the high streets continued to observe modest activities. Major transactions during

the month included the leasing activities of Starbucks and Airtel. Rents continued to remain stable over the month. Interestingly, capital values remained unchanged on the back of poor investor sentiments toward the purchase of retail properties.

Bangalore witnessed improvement in the number of launches during July. Meanwhile, the absorption of residential units also remained modest. The landmark projects launched during July included

Sobha Concordia by Sobha Developers, Mantri Blossom by Mantri Developers and Hoysala Ambience by Hoysala Projects. Rents remained stable over the month. Interestingly, the increase in sales volumes and prices at most projects that are nearing completion helped the capital values to appreciate marginally across various submarkets.

Office Rents Capital Value

Key Precincts INR per sq ft per

month INR per sq ft CBD 80–130 10,000–20,000 Old Airport Road 60–75 7,000–10,000 Outer Ring Road (Eastern) 48–55 5,500–6,500 Old Madras Road 45–60 5,000–6,500 Electronic City 26–28 2,800–3,200

Retail Rents Capital Value


month INR per sq ft Koramangala 80–150 9,000–16,000 Indiranagar 90–180 10,000–16,000 New BEL Road 50–80 6,000–10,000 Commercial Street 175–250 16,000–20,000 Jayanagar 80–120 7,000–15,000

Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK apartment INR per sq ft

Old Madras Road 15,000–25,000 5,000– 6,000 Indiranagar 20,000–30,000 10,000–25,000 Bellary Road 12,000–18,000 4,500–9,000 Hosur Road 10,000–14,000 3,000–6,500 Whitefield 18,000–25,000 4,500–8,000 Tumkur Road 8,000–12,000 3,000–5,000 Kanakapura Road 8,000–12,000 3,000–5,500 Mysore Road 8,000–10,000 3,000–4,000

INFRASTRUCTURE ONGOING >> The government has finally decided to take up the long-awaited 65 km Peripheral Ring Road (PRR) on the outskirts of Bangalore. As per the revised plan, the PRR connects Tumkur Road to the Hosur Road junction that links Doddaballapur Road, Bellary Road, Old Madras Road (OMR) and Sarjapur Road. According to the CM, the farmers from whom the 1,810 acres had been acquired for the project will be given the option of either financial compensation or sites. The proposed road width has been scaled down with the provision to have sites in the cut-out 25 m stretch.

Japan International Cooperation Agency (JICA) has agreed to provide financial aid to the INR 43.6 billion project, which includes land acquisition and construction costs besides an intelligent transport system.

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Chennai

Guindy’s submarket in Chennai was active with steady leasing during the month of July. Some of the major transactions in this submarket were concluded by occupiers including National Contracting

Company, Qway, Bioline and Elico Healthcare. In addition, Amazon committed for taking up space in pre-toll OMR sub-market, supporting the occupancy rate in the city. Rents and capital values both remained stable in the city over the month.

Both high streets and organised malls saw healthy retail activity supported by the annual stock clearance sales that happened during the Aadi month of Tamil. With the new malls operating with nearly 100%

occupancy, retailers continued to take up spaces in the high streets. In July, Megamart opened its new anchor store in Pallavaram and Nathella Jewellery leased space in Tambaram. Rents and capital values were unchanged across all the submarkets in the city.

In July, developers also joined the ranks of the retailers announcing ‘Aadi offers’ in a move to clear the excess in their inventory of residential stock. No major residential projects were launched during the

month. Moreover, absorption continued to remain restricted. Capital values remained stagnant as developers choose to clear excess inventory, while properties closer to the city recorded marginal increase in rents.



month INR per sq ft Mount Road 60–90 9,000–15,000 RK Salai 70–100 10,000–15,000 Pre-toll OMR 40–62 5,000–6,500 Post-toll OMR 25–35 3,500–5,000 Guindy 40–60 6,000–9,000 Ambattur 20–32 3,250–4,300

Retail Rents

(High Streets) Capital Value


month INR per sq ft T. Nagar 120–180 12,000–15,000 Nungambakkam 130–150 13,000–16,000 Velachery 80–120 10,000–12,000 Pre-toll OMR 50–70 8,000–11,000 Anna Nagar 110–140 11,000–13,000 LB Road (Adyar) 110–130 10,500–13,500


Key Precincts

INR per month for a 1,000 sq ft

two-BHK apartment INR per sq ft

Adyar 20,000–30,000 12,000–17,000 Medavakkam 7,000–14,000 3,600–5,250 Tambaram 6,000–12,000 3,500–4,500 Anna Nagar 15,000–25,000 9,000–14,000 Porur 5,000–10,000 3,800–6,200 Sholinganallur 9,000–12,000 4,250–5,800

INFRASTRUCTURE ONGOING >> The Tamil Nadu government has allocated INR 12.6 billion for the construction of 60,000 solar-powered houses for the underprivileged people. The latest allocation is for Phase III of the project. In Phase I, 60,000 housing units were already completed while in Phase II, 60,000 housing units are under construction. The cost of this 300 sq ft built-up area houses are estimated to be INR 0.21 million, including INR 0.03 million for the installation of solar panels.


Delhi The occupier focus in Delhi remained on consolidation and relocation of office spaces. Office space demand continued to show signs of improvement with occupiers looking to conclude

their transactions on July. Major transactions during the month included Shaklee renting space in Cybercity–Gurgaon, NEC leasing space in Noida Expressway and VFS Global taking up space in Delhi Aerocity. No new projects commenced operation in July. Meanwhile, rents and capital values both remained stable across all the submarkets of Delhi.

Retail demand remained sluggish in July because of the constraints in the availability of good space. Retailers continued to be active mostly in pre-committing spaces in the upcoming malls with the

promise of locational advantage, better design and good branding, as well as business growth potentials. Major transactions in July included Elle Fashionwear leasing space in the Gurgaon suburbs, Uniqlo renting space in the Noida suburbs and Louis Philippe taking up space in the Prime Others. Vacancy remained stable during the month on the back of slow transaction and the absence of new completions. Rents and capital values both remained stable across all the submarkets of the city.

Overall, the residential sales in Delhi observed signs of slowing down. Major projects launched during July included Coban Residences by Pareena Infrastructure, in Gurgaon; Pedestal@70A by BPTP,

in Gurgaon; and Valenova Park by Hawelia Builders, in the Noida extension. In addition, Gaursons Realty launched Gaur Sports Woods in Noida. Rents continued to remain unaltered during the month. In addition, capital values also remained stable after marginal increases in growth corridors in the previous month.



month INR per sq ft Barakhamba Road 170-400 28,000-35,000 Jasola 110-170 17,000-21,000 DLF Cybercity 75-78 NA MG Road 115-140 17,000-19,000 Golf Course Road 85-98 12,500-15,000 Sohna Road 47-55 6,500-8,000

Retail Rents Capital Value


month INR per sq ft South Delhi 180-300 24,000-32,000 West and North Delhi 140-230 15,000-23,000 Gurgaon-MG Road 140-270 17,500-23,000 Rest of Gurgaon 60-100 8,000-14,000 Noida 130-220 14,000-25,000 Ghaziabad 90-150 10,500-16,000


Key Precincts

INR per month for a 1000 sq ft 2BHK

apartment INR per sq ft Golf Course Road 22,000-32,000 12,000-16,000 Sohna Road 15,000-20,000 5,800-7,500 Golf Course Extension Road 16,000-22,000 8,000-9,500 NH 8 14,000-19,000 4,500-6,500 Dwarka Expressway NA 5,500-7,500 Noida- Greater Noida Expressway 12,000-14,000 4,000-6,100 Noida City 12,000-14,500 4,700-6,000 Indirapuram 10,000-12,000 4,200-5,000 NH 24 7,000-9,000 2,400-3,200

POLICY UPDATE >> Expanding the coverage of districts under the National Capital Region (NCR), the government has decided to include three more districts to the area. Bhiwani and Mahendragarh districts of Haryana, as well as Bharatpur in Rajasthan will now be part of the NCR. The decision, however, will go to the Cabinet for final approval. The NCR has now included nine Haryana districts, five Uttar Pradesh districts, Alwar in Rajasthan and the National Capital Territory (NCT). >> Circle rates for the land and the registration of properties have been hiked in both Noida and Ghaziabad. >> After receiving approval for its ambitious land pooling policy, the Delhi Development Authority (DDA) is gearing up to come up with a dedicated cell to cater to projects that would be developed as part of the new norms. This would allow the landowners to consolidate privately owned land by pooling and then surrendering them to the Land Development Authority.

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Hyderabad Leasing volumes improved further in July. Leasing activities not only remained strong in Hitec City and Gachibowli, but also improved in suburban locations. Few of the key transactions in July included AT&T,

Net.Orange and Innovapptive leasing space in Hitec City; Berkadia taking space in Gachibowli; and Kantra Perra securing space in the SBD. There was no major office building completion in July. Occupiers continued to remain cost-cautious and therefore, they continued to consolidate or relocate. Thus, average market rents and capital values remained stable over the month.

The high streets continued to witness good leasing activities in July, which included More Mega Store opening in Banjara Hills, CMR opening in Punjagutta and Malabar Gold expanding its footprint to the high

street of Dr AS Rao Nagar. Other leases were Reebok, Manyavar and Bang’s Restaurant taking space on high street Dilsuknagar. Pre-leasing continued in few upcoming malls. Rents and capital values remained stable over the month.

Residential sales remained stable in July. New launches also remained stable over the month. The projects launched were a villa project called Pranav Valley by Praneeth Group, in Bachupally and

apartment projects called Jyothi Cosmos by Vamsiram Builders, in H City; Empire Meadows in Miyapur; Sri Sairam Towers at Hafeezpet by Sri Sairam Group and Ace Atlantis by Ace Constructions, in Khajaguda. Rents and capital values continued to increase marginally across all the submarkets as newly launched residential projects got sold at a price higher than the average market price over the month.



month INR per sq ft Begumpet 45–55 4,500–6,500

Banjara Hills 50–60 4,500–7,500 Hitec City 36–42 4,000–5,200

Gachibowli 36–40 4,000–5,000 Uppal 25–35 3,000–4,000

Shamshabad 20–25 3,000–4,000 Retail Rents Capital Value


month INR per sq ft Banjara Hills 100–130 10,000–13,000

Jubilee Hills 110–140 11,000–14,000 Secunderabad 80–100 8,000–10,000

Hitec City 100–130 10,000–13,000 Kukatpally 100–120 10,000–12,000

Dilsukhnagar 100–120 10,000–12,000 Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK

apartment INR per sq ft Banjara Hills 20,000–25,000 7,500–14,000 Begumpet 12,000–16,000 4,000–5,500 Kondapur 8,000–16,000 3,200–5,000 Tellapur 6,000–12,000 2,800–3,500

Kukatpally 7,000–10,000 3,500–3,800 Miyapur 5,000–8,000 2,400–3,500

INFRASTRUCTURE ONGOING >> Hyderabad Metro Rail updates in July: As part of the pedestrian-friendly initiatives, non-motorised transport zones will be created along all Hyderabad metro stations, similar to Bangkok metro rail.


Kolkata Kolkata office market witnessed subdued transaction activity during July after some of the long-active deals concluded in the previous month. Vacancy levels remained almost stable on the back of the

absence of new completions and the city’s slow leasing scenario. Major transaction in the month included IKF Technologies taking up space in Salt Lake City. Rents were under downward pressure in Salt Lake City with high vacancy levels in the projects of this submarket. Meanwhile, capital values remained unaltered in the city amid the less downward pressure of investor sentiment in select submarkets.

The retail scenario in Kolkata was slow during July. As a result, vacancy levels continued to remain low in the organised retail stocks of the city. Interestingly, Lake Mall would likely commence

operation after a long delay next month. Major retail activities during the month included Levi’s and famous designer Manish Arora both pre-committing space in Spencers Galleria and Delsey commencing operation on the high streets of Park Street. Meanwhile, rents continued to remain stable in most parts of the city amid the marginal appreciation in select precincts. Capital values behaved in the same way as rents.

The city’s overall residential demand was restricted with slow absorption observed in luxury and high-category projects. Notable launches in July included Merlin Crest by Merlin Group in Behala and Ananda

by BBA Developers in Nagerbazar. Capital values remained stagnant with developers providing discounts on the earlier quoted prices. Meanwhile, rents remained unaltered on the back of slow demand for rental units.



month INR per sq ft Park Street 110–145 13,500–22,000 Topsia 75–90 9,000–11,000 Kasba 70–90 9,000–11,500 Salt Lake Sector V 40–47 4,400–5,300 Rajarhat & New Town 32–40 3,500–4,500 Retail Rents Capital Value


month INR per sq ft Elgin Road 275–325 24,000–30,000 Park Street (high street) 300–350 24,000–34,000 Salt Lake 175–225 15,000–20,000 Prince Anwar Shah Road 120–150 12,000–15,000 Rajarhat & New Town 50–80 6,000–8,000 Gariahat (high street) 200–250 18,000–22,000 Residential Rents Capital Value

Key Precincts

INR per month for a 1,000 sq ft 2BHK apartment INR per sq ft

Alipore 43,000–52,000 14,000–23,000 Prince Anwar Shah Road 18,000–30,000 7,000–14,000 EM Bypass 14,000–22,000 4,000–10,000 Lake Town 11,000–17,000 3,500–7,000 Behala 8,000–14,000 3,000–5,500 Howrah 7,000–9,500 2,700–5,000 New Town (AA I, II & III) 10,000–16,000 3,300–6,200 Rajarhat 8,000–14,000 2,500–4,700

INFRASTRUCTURE ONGOING >>The state’s transport department and the Housing Infrastructure Development Corporation (HIDCO) have come up with a plan to jointly set up a plush international bus terminus at Rajarhat New Town, which would be the first of its kind in the state. A 10 acre plot off Rajarhat’s main arterial road in Action Area-II has been identified for the purpose. The plot has a location advantage since it is close to the city airport, the IT hub and the CBD of Rajarhat.

>> The state’s transport department issued two new bus route permits a few months ago for the township in which HIDCO will run 20 buses.


Mumbai The office demand in Mumbai was moderate during July. Projects in the submarkets such as SBD Bandra Kurla Complex (BKC) and Navi Mumbai witnessed notable transaction activities. Important to mention,

the CBD submarket saw several deal closures with the transactions of small office spaces. Banking, financial services and insurance (BFSI), media and manufacturing industries continued to perform as the driving force behind these transaction activities as companies continued to consider corporate real estate strategies such as consolidation and relocation over expansion. Vacancy rates in the city remained unchanged, except for a minimal decline in the CBD and SBD BKC submarkets. Major transactions over the month included Discovery Communications leasing space in SBD BKC and VIL India taking up space in CBD. Meanwhile, Cyber One in Navi Mumbai submarket got operational during July. Rents and capital values remained unaltered across all the submarkets of the city, except for a marginal appreciation of rents in the SBD north submarket.

The demand for organised retail space remained low in the month of July. More traction was seen in the demand for retail spaces on high streets such as Colaba and Chembur. Select categories such as

accessories and lifestyle remained to be the driving force behind demand generation. Vacancy levels remained unchanged in retail projects across the submarkets with no new projects getting operational during the month. Notable transactions in July included Tresmode leasing space on the high street along Colaba Causeway and Jashn renting space in Chembur. Rents and capital values remained unaltered during the month.

Residential sales remained subdued in the month of July primarily because of the budgetary constraints of home buyers along with the gloomy macroeconomic conditions. The preference of

buying smaller residential units increased as it suited the buyers’ budget. Few projects offered attractive schemes to offload the unsold inventory. Brillante by Callista Realty in Panvel was a major launch in July. Rents remained stable during the month. Meanwhile,

most of the submarkets in the city witnessed no change in the capital values other than the marginal appreciation in few precincts.



month INR per sq ft Lower Parel 155–185 19,000–23,000 BKC 260–360 25,000–35,000 Andheri 105–150 9,000–15,000 Goregaon-Malad 85–105 8,100–10,000 Wagle Estate 50–65 5,000–6,000 Thane-Belapur Road 45–60 5,100–6,000

Retail Rents

(mall space) Capital Value


month INR per sq ft Lower Parel 260–380 22,000–32,000

Malad 165–250 12,500–20,000

Ghatkopar 140–225 10,100–18,000

Mulund 125–200 10,000–16,000

Thane 100–170 8,000–14,000 Navi Mumbai 75–150 7,000–12,000 Residential Rents Capital Value

Key Precincts INR per month for a

1,000 sq ft 2BHK apartment

INR per sq ft

Lower Parel 87,000–95,000 24,000–35,000

Wadala 40,000–55,000 15,000–19,500

Andheri 35,000–53,000 12,000–21,000 Ghatkopar 35,000–48,000 9,500–15,000

Ghodbunder Road 12,000–22,000 5,500–9,000

Kharghar 12,000–22,000 4,800–8,000

INFRASTRUCTURE ONGOING >> The Phase III of Mumbai Metro Rail required construction work for a car depot, which would be built on 30 hectares in Aarey Colony. The project should be carried out in an eco-friendly way. The route is 33.5 km long, connecting the Colaba-Bandra-SEEPZ corridor. POLICY UPDATE >> The Maharashtra state government has announced floor space index (FSI) of 3 for pre-1969 cessed buildings in Mumbai.

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Pune

Pune office market witnessed an improvement in leasing activity during July. Vacancy rates declined in July on the back of the combination of modest demand and restricted ready supply. Major

transactions over the month included Markets and Markets and ZS Associates both leasing space in Hadapsar and Nuance Technology renting space in Yerwada. The IITP Phase I was ready for fit-out and would likely be operational by next month. Rents and capital values rose marginally in select submarkets such as Kharadi and Hadapsar. Important to mention, these submarkets witnessed very low vacancy in most buildings.

Slow leasing activity was prevalent in Pune’s malls. The absence of new completions had kept the city’s organised retail stock unaltered. Interestingly, Seasons Mall in Hadapsar and Prime Mall in Pimpri

would likely be operational by the 2H13. Meanwhile, rents and capital values both continued to remain unchanged across the city.

Pune witnessed continued stable demand for residential units in July. Major launches during the month included Western Hills by Atul Enterprises in Banner Annexe and Majestic Tower by Jairaj Group

in Bibvewadi. Rents and capital values both remained stable during the month.



month INR per sq ft Hinjewadi 34–40 4,000–5,500 Hadapsar 40–50 5,000–6,000 Bund Garden Road 60–70 6,500–7,500 Viman Nagar 50–60 6,000–7,000 SB Road 55–75 6,500–7,500 Koregaon Park 60–70 6,500–7,500

Retail Rents

(High Streets) Capital Value


month INR per sq ft MG Road 100–150 10,000–15,000 Bund Garden Road 90–130 9,000–13,000 FC Road 100–150 10,000–15,000 JM Road 100–150 10,000–15,000 DP Road 90–130 9,000–11,000 SB Road 80–130 8,000–11,000


Key Precincts

INR per month for a 1,000 sq ft two-BHK apartment INR per sq ft

Wakad 10,000–12,000 4,500–5,500 Kharadi 11,000–15,000 4,800–5,800 Hadapsar 12,000–16,000 5,000–6,000 Hinjewadi 9,000–11,000 4.000–5,500 Undri 9,000–12,000 3,800–4,800 Pimpri–Chinchwad 8,000–12,000 4,000–5,000

INFRASTRUCTURE ONGOING >> Pimpri Chinchwad Municipal Corporation (PCMC) has given an ultimatum to the contractors to complete the long-pending work of Empire Estate flyover. The construction of the bridge started nearly two and a half years ago, but only about 30% of it has been completed so far. The slow-paced work of the flyover at Chinchwad on the old Pune–Mumbai Highway is causing a lot of inconvenience to the local residents. This flyover, funded by the World Bank, is part of the 11.2 km Kalewadi to Dehu-Alandi BRTS corridor.

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About Jones Lang LaSalle 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 $3.9 billion, Jones Lang LaSalle 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 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 25,400 employees operating in 76 offices in 14 countries across the region. The firm was named ‘Best Property Consultancy’ in nine Asia Pacific countries at the International Property Awards Asia Pacific 2012, in association with HSBC, and was named the number one real estate advisory firm in Asia Pacific in the Euromoney Real Estate Awards 2012. For further information, please visit our website, www.ap.joneslanglasalle.com About Jones Lang LaSalle India Jones Lang LaSalle 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 6100, 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 2012-13. For further information, please visit www.joneslanglasalle.co.in

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Research Dynamics 2013 Pulse reports from Jones Lang LaSalle are frequent updates on real estate market dynamics.

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jll report aug13

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