pune residential real estate 2015

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PUNEPUNEPUNEPUNE RESIDENTIAL REAL ESTATE RESIDENTIAL REAL ESTATE RESIDENTIAL REAL ESTATE RESIDENTIAL REAL ESTATE OVERVOVERVOVERVOVERVIEW IEW IEW IEW

MARCHMARCHMARCHMARCH 2015201520152015

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TABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTSTABLE OF CONTENTS

1. Executive Summary 3

2. City Fact File 4

3. Real Estate Overview 6

5. Central Pune 12

4. North Pune 14

5. East Pune 16

6. West Pune 19

7. South Pune 22

8. Location Attractiveness Index 24

9. Disclaimer 25

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The Pune Real Estate Overview March 2015 takes a look at the key micro-markets and the growth

stimulators from a residential perspective. The report highlights the key findings of a week long

survey of the residential market conducted by the ICICI PSG Team.

• Residential real estate prices in Pune are expected to see a 10 - 12% appreciation in the

long run owing to increasing input costs to the developers, coupled with increased

demand from cities nearby Pune and NRIs.

• Growth in real estate prices in Pune is expected to be positive as it continues to be an IT,

education and manufacturing hub, which will offer significant employment opportunities

and keep the end user demand ticking in this city.

• During the current survey, real estate prices emerging in Pune residential markets

showcased that the markets are at over-bought levels. The prices have gone past the

affordability levels of end-users in the city. The major factors being increase in cost of land

and construction for the developers.

• Pune real estate market witnesses an end user to investor ratio of 60:40. The market sees

a considerable demand from Mumbai, NRI’s and buyers from cities nearby Pune such as

Ahmednagar, Nashik, Kolhapur, Solapur, Satara and Karad.

• Apartments in Pune have witnessed a contraction in the configuration sizes, to match the

budget of end-users.

• East and West Pune continue to be the investor favorite destinations. East Pune is being

driven by a mix of BFSI, IT and BPO industries in Kharadi, Viman Nagar, Magarpatta Cyber

City and Kalyani Nagar and manufacturing hub of Ranjangaon, while West Pune is being

largely driven by the demand emerging from the IT hub and SEZ’s concentrated in

Hinjewadi.

• Developers have increasingly started tapping the investor demand from NRI buyers and

are running road shows and marketing campaigns in countries like Singapore, Australia,

Hong Kong, Middle East and as far as the United States. Developers are exploring

innovative digital marketing platforms such as designing apps while also focusing on their

product strategy to offer right-sized and right-priced products.

• The government has taken numerous initiatives with respect to infrastructure

development to decongest Pune traffic and provide easy accessibility to various areas and

cities. Plans are underway for construction of Pune’s Ring Road, Pune Metro, new airport,

numerous subways and flyovers.

• Overall, the sector is expected to register a positive growth over the long run driven by

favorable reforms by the new single majority government at the Centre and commercial

growth potential of this city into an IT, education, automobile and manufacturing hub.

EXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARYEXECUTIVE SUMMARY

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Overview:Overview:Overview:Overview:

Pune has been known by a plethora of sobriquets. Popular among them: Queen of the Deccan,

cultural capital of Maharashtra, pensioner's paradise and Oxford of the East. Pune is one of the

historical cities of India with a glorious past, an innovative present and a promising future.

Human civilisations have prospered on the banks of rivers; Pune city too has flowered on the

banks of the Mutha river originating from the Sahyadri range of mountains. Researchers have

found evidence of human civilisations that existed 100,000 years ago along the Mutha river.

Down the centuries, Pune has been ruled by several dynasties. The earliest evidence found

(copper plates of 758 A. D. and of 768 A. D.) reveals that the Rashtrakootas ruled this region then.

At that time, Pune was referred to as Punaka Vishaya and Punya Vishaya. Copper plates of 960 A.

D. and 963 A. D. refer to it as Punaka Wadi and Punaka Desha. Here Vishaya means region. Later

on, the city has been mentioned as Kasabe Pune. The Pune Gazetteer explains the term Pune as

Punya - a holy place. In Hindu tradition, a confluence of two rivers is sacred. Hence, this city,

where there is a confluence of two rivers (Mula & Mutha), is Punyanagari. After the Rashtrakootas,

Pune was ruled by the Yadava dynasty. After the fall of this dynasty, it came under Muslim

dominance till the middle of the seventeenth century. The great Maratha leader Shivaji later made

Pune the capital of the Maratha Empire - he established in the 17th century. After Shivaji’s death,

his heirs could not hold his empire together and so their dynasty declined and power passed to

the Peshwa, the first of a long line of professional administrators. Under the Peshwas, Pune

acquired great political importance and became well known as a centre of learning and culture.

Pune remained the seat of the Maratha fiefdom till the British ousted them in 1817 after the

historic third battle of Panipat.

Over the years, Pune developed into a major industrial centre with defence, automobile and

engineering giants and other factories and corporations making it their base. Pune is also among

the greenest urban areas in the country with more than 40 per cent of its area under green cover.

Òxford of Òxford of Òxford of Òxford of the Eastthe Eastthe Eastthe East’ to `Detroit of India’’ to `Detroit of India’’ to `Detroit of India’’ to `Detroit of India’

Known as the ‘Oxford of the East’, Pune is home to a large number of well-known educational

institutes, among them are the prestigious Pune University with its affiliated colleges such as

Fergusson College and College of Engineering. In recent years several deemed universities have

also come up, and the number of colleges continues to grow. The SNDT University for Women

was established in 1916. The Bhandarkar Oriental Research Institute, established in 1917, is now

famous for its research on the Prakrit and Sanskrit languages; over 20,000 ancient manuscripts

are housed at this institute. In the latter half of the 20th century, the National Defence Academy

and the National Chemical Laboratory were established in the city.

Over the years, the automobile industry has gained prominence in Pune, giving it the title of the

`Detroit of India’. Among the automobile companies that operate out of Pune are Bajaj Auto, Tata

Motors, Daimler Chrysler (Mercedes Benz), Kinetic Engineering and Force Motors Ltd. In addition

the city witnesses a dominant presence of IT and software companies, primarily operating out of

Hinjewadi.

CITY FACT FILECITY FACT FILECITY FACT FILECITY FACT FILE

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Administration:Administration:Administration:Administration:

The administration of Pune is divided into 14 “talukas” or territories. Except for the Pune city, the

other 13 talukas are under 11 “Nagarpalikas” or Municipal Corporations and 13 “Panchayat

Samitis”. Pune is divided into two “Mahanagarpalikas”, viz Pimpri-Chinchwad Municipal

Corporation, and Pune Municipal Corporation; and three cantonment boards, viz Pune

Cantonment Board, Khadki Cantonment Board and the Dehu Road Cantonment Board.

Census 2011 Key HighlightsCensus 2011 Key HighlightsCensus 2011 Key HighlightsCensus 2011 Key Highlights

Source: Census 2011

Description 2011 2001

Actual Population 9,426,959 7,232,555

Male 4,936,362 3,769,128

Female 4,490,597 3,463,427

Population Growth 30.34% 30.73%

Area Square Km 15,643 15,643

Density/Square Km 603 462

Proportion to Maharashtra Population 8.39% 7.47%

Sex Ratio (females per 1000 males) 910 919

Average Literacy Rate 87.19% 80.45%

Male Literacy Rate 92.72% 88.34%

Female Literacy Rate 81.13% 71.89%

CITY FACT FILECITY FACT FILECITY FACT FILECITY FACT FILE

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Short TermShort TermShort TermShort Term

10101010----12 12 12 12

monthsmonthsmonthsmonths

5555----7% appreciation in capital value with steady absorption of units7% appreciation in capital value with steady absorption of units7% appreciation in capital value with steady absorption of units7% appreciation in capital value with steady absorption of units

Long TermLong TermLong TermLong Term 50505050----60 60 60 60

monthsmonthsmonthsmonths

10101010----12% Y12% Y12% Y12% Y----oooo----Y appreciation in capiY appreciation in capiY appreciation in capiY appreciation in capital value with an upward bias on a tal value with an upward bias on a tal value with an upward bias on a tal value with an upward bias on a

conservative noteconservative noteconservative noteconservative note

Pune’s residential real estate market showed strong signs of revival post the slowdown period of

2008 - 10 and the total absorption has remained steady over 2011 - 2014 with highest absorption

in the mid end segment. However, new supply addition decreased significantly (~60%) in Q4 of

CY2014 as compared to Q4 of CY2013 as inventory overhang increased during this period.

(Source: PropEquity)

Residential real estate prices in Pune are expected to see a 10 - 12% appreciation in the long run

owing to increasing input costs to the developers, coupled with increased demand from the

peripheral cities of Pune and from the NRIs. Average capital values in the city (on basis of

weighted average of new launch prices) increased by 10% y-o-y in December 2014 (Source:

PropEquity). However, the prices have gone past the affordability levels of the Pune end-users.

This is expected to have a softening impact on the upward momentum in prices. In the long run,

growth in real estate prices in Pune is likely to be positive as it continues to be an IT, education

and manufacturing hub, which will offer huge employment opportunities and keep the end user

demand ticking in this city.

Demand demographics in the Pune real estate marDemand demographics in the Pune real estate marDemand demographics in the Pune real estate marDemand demographics in the Pune real estate marketketketket

The Pune real estate market witnesses an end user to investor ratio of 60:40. This market has

huge retail investor presence and lacks the presence of underwriters, as is the case of certain

other markets such as Noida. Moreover, an interesting observation, which emerged in our

survey, was that in the buyer space, 50% of the participants were from Pune, 30% from Mumbai

and 20% comprised of the demand emerging from NRIs and from cities within the radius of

approximately 300 - 350 kms from Pune. The reason for such significant presence of investors

from Mumbai is that Pune is in close vicinity to this region, holds a high employment growth

potential and demands lower capital requirements relative to Mumbai.

Demand and Supply of Units (Based on Ticket Size)Demand and Supply of Units (Based on Ticket Size)Demand and Supply of Units (Based on Ticket Size)Demand and Supply of Units (Based on Ticket Size)

INR 1.5 – 4.5 mn INR 4.5 – 7.5 mn INR 7.5 – 10 mn INR >10 mn

Absorption (as a % of total sales)

54% 31% 8% 7%

New Launches (as a % of total supply)

49% 31% 10% 10%

Source: PropEquity Note: Sales and supply figures are for CY2014

The above table indicates that maximum demand was for up to INR 4.5 mn category homes in

Pune. While the demand for >10 million homes has not increased significantly over the years,

the market is witnessing a trend of increasing supply in this category.

PUNPUNPUNPUNE REAL ESTATEE REAL ESTATEE REAL ESTATEE REAL ESTATE

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2 BHK’s remain a popul2 BHK’s remain a popul2 BHK’s remain a popul2 BHK’s remain a popular ar ar ar buy buy buy buy over other configurationsover other configurationsover other configurationsover other configurations

As Pune is emerging as an IT hub, most of the working crowd is predominantly in the age group

of 25 - 35 years. 2 BHK’s are being preferred by working professionals supported by the double

family income of the husband and wife employed in these IT-BPO companies; thus making this

configuration affordable. Approximately 52% of total residential sales in CY2014 comprised of

2 BHK units. (Source: PropEquity)

Pune continues to appeal as a weekend getaway for Mumbaikars owing Pune continues to appeal as a weekend getaway for Mumbaikars owing Pune continues to appeal as a weekend getaway for Mumbaikars owing Pune continues to appeal as a weekend getaway for Mumbaikars owing to the pleasant climateto the pleasant climateto the pleasant climateto the pleasant climate

Pune scores over Mumbai, as the climate in the former is more pleasant, as it is situated on the

leeward side of the Western Ghats. The climate in Mumbai is humid throughout the year, as it

rests in the tropical zone and is closer to the sea. Owing to the above two factors, Pune has

famously become a `weekend getaway’ for Mumbaikars who want to retire over the weekend in

spacious homes and enjoy a cool, pleasant climate. Moreover, Pune is just 3 - 4 hour drive away

from Mumbai and is connected by the NH 4 highway.

Many developers are taking a note of this trend and introducing projects at the foothills, in

vicinity of a forest land and natural water bodies. Developers such as Paranjpe Schemes, Skyi,

Marvel Group, Gera are building such landmark properties and villas to attract the above

customer segment.

Apartments in Pune continue to be more spacious relative to Mumbai Apartments in Pune continue to be more spacious relative to Mumbai Apartments in Pune continue to be more spacious relative to Mumbai Apartments in Pune continue to be more spacious relative to Mumbai

Pune offers more spacious apartment configurations relative to Mumbai, at much affordable

prices. Pune has abundant land thus making it possible for developers to offer bigger apartments

and more open spaces at attractive ticket sizes. These factors are attracting a lot of investor

interest from Mumbai and cities nearby Pune.

Chakan on the PuneChakan on the PuneChakan on the PuneChakan on the Pune----Nasik highway and TaleNasik highway and TaleNasik highway and TaleNasik highway and Talegaon on the Punegaon on the Punegaon on the Punegaon on the Pune----Mumbai highway contributing Mumbai highway contributing Mumbai highway contributing Mumbai highway contributing

towards Pune emerging as the `Detroit of India’towards Pune emerging as the `Detroit of India’towards Pune emerging as the `Detroit of India’towards Pune emerging as the `Detroit of India’

Chakan and Talegaon have emerged as the new auto hubs with presence of global automobile

companies like General Motors, Mercedes Benz and Volkswagen. Companies already present in

Pimpri-Chinchwad are also looking to expand operations in Chakan and Talegaon; as land rates

in Pimpri - Chinchwad belt have gone up considerably. Thus, residential development in Chakan

predominantly attracts the LIG segment employed in the nearby industrial zone. Whereas,

Talegaon has recently attracted a mix of LIG and MIG segment as it boasts of a very pleasant

climate, proximity to Mumbai – Pune Expressway and themed residential developments such as

the Esapana Sojourn by TATA Housing.

A high level of employment due to ever increasing number of auto companies in the vicinity has

pushed residential development in nearby areas of Moshi and Chikli which are fast getting

transformed from a LIG segment market to MIG segment. Of late, many category A developers

have entered Moshi and Chikli. These areas have improved infrastructure and are strategically

located between Bhosari MIDC, Chakan MIDC and PCMC MIDC; thus, enabling better

connectivity to PCMC and Bhosari.

PUNE REAL ESTATEPUNE REAL ESTATEPUNE REAL ESTATEPUNE REAL ESTATE

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EEEEast and ast and ast and ast and WWWWest Puneest Puneest Puneest Pune continue continue continue continue to be favoriteto be favoriteto be favoriteto be favoritessss amongst investorsamongst investorsamongst investorsamongst investors

Currently, East and West Pune are proving to be the major investor crowd pullers.

East Pune remains the most developed area of Pune and is being largely driven by the CBDs in

Kharadi, Viman Nagar, Magarpatta Cyber City and Kalyani Nagar. A mix of BFSI, IT and BPO

companies is present in this section of the city in addition to major retail stores, all leading malls

and hospitals. East Pune is currently seeing a demand flowing in from the nearby manufacturing

hubs like Shikrapur and Ranjangaon which houses companies such as LG, Whirlpool, 3M, etc.

Hence, this manufacturing hub has generated investor interest in nearby Wagholi area which also

has an added advantage of being connected to the proposed new Pune Airport.

West Pune is being largely driven by demand emerging from the IT hub and SEZ’s concentrated

in Hinjewadi. Six townships are under construction in and around this area; namely, Megapolis

(150 acre township), KUL Ecoloch (110 acres township), Kolte Patil Life Republic (421 acres

township), Paranjape Blue Ridge (140 acres township), Lodha Belmondo (108 acre township) and

Xrbia (200 acres township). Investors from Mumbai and peripheral cities are attracted to West

Pune primarily due to higher probability of good capital gains, easy rental yields, and easy access

from Mumbai-Pune Expressway for personal ‘weekend getaway’ use. These factors have led to a

higher residential uptake in West Pune (Hinjewadi/Wakad/Pimple-Saudagar/Ravet) as compared

to East Pune (Kharadi, Wagholi, Hadapsar, etc).

Pune Pune Pune Pune developersdevelopersdevelopersdevelopers trying to tap demand from trying to tap demand from trying to tap demand from trying to tap demand from nearbynearbynearbynearby cities and NRIscities and NRIscities and NRIscities and NRIs

During the current survey, the real estate prices emerging in the Pune residential markets

showcase that the markets are at over-bought levels. The prices have gone past the affordability

levels of the end-users in the city. The predominant reasons are the increase in the land costs

and construction cost to the developers (cost push factor) coupled with the investor demand

emerging from Mumbai and other nearby cities within approximately 300-350 kms radius of Pune

namely Ahmednagar, Nashik, Kolhapur, Solapur, Satara and Karad (demand pull factor). This has

led to higher residential prices in Pune.

Developers have increasingly started tapping the investor demand from NRI investors and have

launched road shows and marketing campaigns in countries such as Singapore, Australia, Hong

Kong, Middle East and as far as the United States. In addition, developers have realized the

importance of channel partners and web presence to boost their sales. Developers in Pune are

exploring innovative digital marketing platforms such as designing apps that enable a live chat

with the sales team without having a customer to be physically present to see/book a property.

Further, some developers in Pune are offering branded properties (first Trump Tower and Yoo

residences of India were introduced in Pune) that have an aspirational value which attract the

who’s who of the industry. Thus, developers in Pune are experimenting with their offerings to

test customer preferences and cater to a wider range of customers.

All the above factors are contributing to an increased investor demand from outside Pune while

demand from Pune end users has stagnated owing to a price demand mismatch (investor

demand pull factor). This is reflected in the conversion-inquiry ratio, which has dipped as an

increase in inquiries was eclipsed by a dip in conversions over the last year. Thus to be able to

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match the budget of end-users and maintain sales, Pune residential apartments have witnessed a

contraction in the configuration sizes.

Short term speculation Short term speculation Short term speculation Short term speculation is is is is discouraged in the real estate projectsdiscouraged in the real estate projectsdiscouraged in the real estate projectsdiscouraged in the real estate projects

Developers in Pune tend to discourage any short-term speculation in real estate projects. Buyers

are requested to register their units within 15 - 60 days of making a payment towards the token

amount. Investors are generally allowed to exit their units, only after the builder has transferred

the possession. The pre-dominant reason is to avoid unwanted confusion in the real estate

market with regards to prices.

Planned Infrastructure development in Pune Planned Infrastructure development in Pune Planned Infrastructure development in Pune Planned Infrastructure development in Pune

The government has taken numerous initiatives with respect to infrastructure development to

decongest Pune traffic and provide easy accessibility to various areas and cities.

Ring Road:Ring Road:Ring Road:Ring Road: Pune Ring Road is a circular road for Pune city proposed by Chief Minister of

Maharashtra in 2007 to avoid traffic congestion in the city of Pune. The PCMC and PMC are

responsible to make necessary provisions for this plan. This proposed Ring Road is ~170 Km

road long and is divided in 4 parts to divert ehicular traffic from Mumbai-Pune-Solapur highway

and roads like Pune-Nashik, Pune-Ahmednagar and Pune-Satara otherwise passing through the

city. This project is currently facing major land acquisition issues.

PunPunPunPune Metro Project:e Metro Project:e Metro Project:e Metro Project: Pune Municipal Corporation (PMC) has submitted the proposal to the Union

government to make provisions in the annual budget for the Metro project under which a special

purpose vehicle (SPV) - Pune Metro Rail Corporation (PMRC) will be formed, to execute the

project. It will be executed in form of 4 lines running across north-south and east-west of the city.

New Proposed Airport:New Proposed Airport:New Proposed Airport:New Proposed Airport: Pune airport has seen ~50% increase in the number of passengers as

well as air traffic movement in the past five years. The state government allocated Rs. 2 billion

(US $31 million) in August 2012 to acquire 1,800 hectares of land for the airport. The proposed

airport will be located near Rajgurunagar, in Khed District and will be accessible from Chakan.

PCMC IPCMC IPCMC IPCMC Infrastnfrastnfrastnfrastructure:ructure:ructure:ructure: Pimpri-Chinchwad area is already known to have world-class infrastructure

with respect to the road network which provides uninhibited access to various areas in this

region. Efforts are in place to replicate this model in the upcoming areas of Pune.

CCCConnectivity to onnectivity to onnectivity to onnectivity to Hinjewadi:Hinjewadi:Hinjewadi:Hinjewadi: Plans are upbeat to connect Hinjewadi via Baner-Balewadi road and

from Sus to improve the existing accessibility to Hinjewadi which will benefit all those who travel

to the three phases of the IT Park.

In addition to above developments, real estate dynamics of the city have improved owing to

numerous flyovers and subways being constructed in different parts of the city such as

Shivajinagar and PCMC. Widening of roads particularly around Wakad, Pimple Saudagar

Hinjewadi and other prime locations has been taken up to rid the city of all possible bottlenecks.

With the above initiatives to improve external accessibility, each micro-market in Pune is also in

the process of becoming self-sufficient internally too. All the micro-markets are witnessing set up

of all major retail outlets, entertainment destinations, restaurants, etc. which is likely to eliminate


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the need to move to the CBD’s in the long run.

Pune remains a robust real estate marketPune remains a robust real estate marketPune remains a robust real estate marketPune remains a robust real estate market

The real estate market in Pune has matured post the slow-down of 2008 - 10 and has become

more robust in the recent past. Real estate prices have recovered and prices of new launches

increased by 10% y-o-y in December 2014. During our survey, one of the key points observed

was that of a cautionary stance on part of both buyers and developers to avoid any hasty

decisions. Developers are trying to venture into projects only after factoring in their capacity to

deliver. Also, they are releasing supply into the market after gauging the demand for units; thus,

building a higher holding capacity. Likewise, buyers have resorted to doing a detailed research of

available options, due diligence of the builder and the project, before booking any property.

Therefore, absorption of units was seen at average levels.

A new noticeable feature of the market is that of developers launching products of right-size and

right-price to maintain sustained cash-flows by focusing on volume sales. At the same time,

developers have introduced many offers in conjunction with home finance companies and banks

to cater to the customer who wants a flexible payment scheme to buy a property with minimum

or maximum own contribution. These strategies are aimed at boosting the sales volume.

Overall, the sector is expected to register a positive growth over the long run driven by favorable

reforms by the new single majority government at the Centre and commercial growth potential of

this city. This is because the industry is expected to be fuelled by the growth momentum in the IT

industry supported by the automobile industry also as they look to expand their manufacturing

operations in Chakan and Talegaon and the city grows into an IT, automobile and manufacturing

hub. In addition, demand from Mumbai, NRI’s and nearby cities of Pune is expected to keep the

demand buoyant in this market.


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Major Locations within PuneMajor Locations within PuneMajor Locations within PuneMajor Locations within Pune

We have classified the real estate space in Pune into five distinct zones – Central Pune, North

Pune, East Pune, West Pune and South Pune.

Central Pune:Central Pune:Central Pune:Central Pune: Apte Road, Bhosale Nagar, Deccan, Model Colony, Prabhat Road, Shivaji

Shivaji Nagar

North Pune:North Pune:North Pune:North Pune: Akurdi, Bhosari, Chakan, Chinchwad, Moshi, Pimpri, Pradhikaran, Talegaon

East Pune:East Pune:East Pune:East Pune: Hadapsar, Kalyani Nagar, Kharadi, Koregaon Park, Manjri, Wagholi, Viman

Nagar

West Pune:West Pune:West Pune:West Pune: Aundh, Balewadi, Baner, Bavdhan, Hinjewadi, Kothrud, Pashan, Pimple-

Saudagar, Wakad

South Pune:South Pune:South Pune:South Pune: Ambegaon, Katraj, Kondhwa Budruk, Mohammadwadi Road, NIBM, Parvati,

Salisbury Park, Sinhagad Road, Warje, Wanowrie

MAJOR LOCATIONS IN PUNEMAJOR LOCATIONS IN PUNEMAJOR LOCATIONS IN PUNEMAJOR LOCATIONS IN PUNE

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Major Locations:Major Locations:Major Locations:Major Locations: Apte Apte Apte Apte Road, Road, Road, Road, Bhosale NagarBhosale NagarBhosale NagarBhosale Nagar, , , , Deccan,Deccan,Deccan,Deccan, ModelModelModelModel Colony, Prabhat RoadColony, Prabhat RoadColony, Prabhat RoadColony, Prabhat Road, Shivaji Nagar, Shivaji Nagar, Shivaji Nagar, Shivaji Nagar

Key Highlights:Key Highlights:Key Highlights:Key Highlights:

• Central Pune is classified as the Central Business District of the city having a presence of number

of offices and traditional residential areas such as Prabhat Road and Bhandarkar Road.

• The area is one of the prime residential locations of Pune and is home to the famous Pune Law

College and Fergusson College (FC), Sancheti Hospital and many Government offices and courts.

• Land availability in the central city is limited and there are no major residential developments

taking place in this part of Pune.

• The area, however, continues to witness some redevelopment projects at Prabhat Road and

Model Colony and commands a premium over other residential locations in Pune.

• Redevelopment projects by Paranjpe Schemes, Amar Developers and Nimhan Group are some

of the residential projects coming up in the area while Pinnacle Group, Alliance Group, Rachana

developers, Javadekar developers and Oxford Properties are some of the prominent developers

in Central Pune.

Growth Stimulators:Growth Stimulators:Growth Stimulators:Growth Stimulators:

• Deccan is a cultural district and houses many art galleries, theaters and cinema halls. Deccan also

an educational hub of Pune, comprises of the areas of J.M. Road, F.C.Road, University Road, Law

College Road and Senapati Bapat Road.

• Shivaji Nagar is close to Pune Railway Station and houses corporates like L & T Infotech and

institutes like Indian Institute of Planning and Management, FC & Modern College, etc.

• J.M. Road and F.C. Road are the most prominent high streets of Pune having all major retail

outlets. Prominent retail players such as Central and Shoppers Stop are also located here.

• Residential areas in Central Pune still attract a premium as the location has an age old charm and

has always remained the most desirable residential address.

Price Trends in Central Pune Price Trends in Central Pune Price Trends in Central Pune Price Trends in Central Pune

Source: PropEquity Note: Graph represents weighted average price of residential units available in the primary market. Missing line segments indicate unavailability of residential units in the primary markets during the specified time frame.

CENTRAL PUNECENTRAL PUNECENTRAL PUNECENTRAL PUNE

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Property rates of 'Property rates of 'Property rates of 'Property rates of 'readyreadyreadyready----totototo----move in' in prime residential markets of Central Pune**move in' in prime residential markets of Central Pune**move in' in prime residential markets of Central Pune**move in' in prime residential markets of Central Pune**

Location Average Capital Values

(Rs./sq.ft) Rentals for 2 BHK (Rs./month)

Model Colony 17,000 – 20,000 25,000 - 30,000

Prabhat Road, Deccan Area, Apte Road

17,000 – 20,000 25,000 - 30,000

Bhosale Nagar 12,000 – 15,000 20,000 - 25,000

Source: ICICI Property Services Group

Fergusson College

CENTRALCENTRALCENTRALCENTRAL PUNEPUNEPUNEPUNE

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Major Locations: Major Locations: Major Locations: Major Locations: Akurdi, Bhosari, ChAkurdi, Bhosari, ChAkurdi, Bhosari, ChAkurdi, Bhosari, Chakan, Chinchwad, Moshi, Pimpri, Pradhikaran, Talegaonakan, Chinchwad, Moshi, Pimpri, Pradhikaran, Talegaonakan, Chinchwad, Moshi, Pimpri, Pradhikaran, Talegaonakan, Chinchwad, Moshi, Pimpri, Pradhikaran, Talegaon


• North Pune lies on the Pune – Mumbai highway (NH-4) and Nashik Highway. It is one of the

biggest industrial zones in Asia.

• The main localities in this micro-market are Pimpri, Chinchwad, Akurdi, Nigdi, Pradhikaran and

Bhosari.

• Pimpri – Chinchwad houses many auto, food & pharma machinery manufacturing and

engineering companies in addition to a number of SME’s while Chakan & Talegaon are home to

global automotive and construction equipment manufacturers. The development of Chakan and

Talegaon is promoted by the Maharashtra Industrial Development Corporation (MIDC).

• Talegaon & Chakan have evolved into a major automobile & manufacturing hub and host

production plants for General Motors, JCB, John Deere and the Volkswagen Group, Mercedes,

Mahindra & Mahindra, Bajaj Auto, Bridgestone respectively. Over 750 large and small industries,

including a number of automobile component manufacturers are based in this area.

• Residential development in Chakan predominantly attracts the LIG segment employed in the

nearby industrial zone. Whereas, Talegaon houses a mix of LIG and MIG segment as it boasts of

a very pleasant climate, proximity to Mumbai – Pune Expressway and themed residential

developments.

• A high level of employment due to ever increasing number of auto companies in the vicinity has

pushed residential development in nearby areas of Moshi and Chikli which are fast getting

transformed from a LIG segment market to MIG segment. Of late, many category A developers

have entered Moshi and Chikli. These areas have excellent infrastructure and are strategically

located between Bhosari MIDC, Chakan MIDC and PCMC MIDC; thus, enabling excellent

connectivity to PCMC and Bhosari.

• Pradhikaran in Nigdi suburb of Pune is a planned township mostly comprising of luxury

residential projects, bungalows and plots. Pradhikaran comes under the P.C.N.T.D.A. (Pimpri

Chinchwad New Township Development Area) and is divided into several sectors. This area

attracts interest from the HIG segment particularly from those people having businesses in

nearby vicinity of Pimpri – Chinchwad.

• Nigdi is well connected to rest of Pune via Akurdi and Chinchwad railway station of Pune

Suburban Railway and PMPML bus services plying across Pune.

• Contributing to the residential supply on the other side of North Pune are the Charoli and Dhanori

areas which are witnessing a number of township projects by Category A developers. The

development in this area is trying to bank on the location’s excellent connectivity to Central and

West Pune and proposed Pune Ring Road.

• Some of the new projects in North Pune are being built by Nyati Group, Pharande Spaces,

Kohinoor Group and Kumar Properties while Mindspace Realty, Naiknavare, Namrata Group and

Goel Ganga are some of the prominent developers in this micromaket.

NORTH PUNENORTH PUNENORTH PUNENORTH PUNE

15


• Nearby industrial zone and automobile hub in Chakan and Talegaon is expected to raise the

employment levels in this region further boosting the residential demand.

• Excellent infrastructure and connectivity to Central and West Pune are the key positives of this

area.

• Accessibility to the Technology Park (Talawade), IT sector (Hinjewadi) and other industrial areas

(Talegaon, PCMC) is likely to propel the real estate growth in Pimpri-Chinchwad and nearby

areas.

• Proposed international airport near Chakan is expected to be a major driving factor for industry /

real estate market in the coming years.

• Talawade has IT companies like Syntel, Canbay Software which is recently connected to Chakan.

• Bhosari and Moshi are likely to benefit from the demand flowing in from the working population

in Chakan and Talegon. The region is further expected to develop due the improved North –

West connectivity due to a direct flyover connecting Bhosari to Pimple Nilakh in West Pune.

Price Trends in North Pune * Price Trends in North Pune * Price Trends in North Pune * Price Trends in North Pune *

Source: PropEquity Note: Graph represents weighted average price of residential units available in the primary market.

Property rates of 'Property rates of 'Property rates of 'Property rates of 'readyreadyreadyready----totototo----move in' imove in' imove in' imove in' in prime residential markets of n prime residential markets of n prime residential markets of n prime residential markets of North North North North Pune**Pune**Pune**Pune**

Location Average Capital Values (Rs./sq.

ft) Rentals for 2 BHK (Rs./month)

Pimpri – Chinchwad 5,500-5,800 12,000 - 15,000

Bhosari 4,500 8,000 - 10,000

Moshi 3,800-4,500 8,000

Talegaon 3,500-5,000 8,000 - 10,000

Source: ICICI Property Services Group **indicative mid market segment

NORTHNORTHNORTHNORTH PUNEPUNEPUNEPUNE

16

Major Locations: Boat Club, Bund Garden Road, Hadapsar, Kalyani Nagar, Kharadi, Koregaon Park, Major Locations: Boat Club, Bund Garden Road, Hadapsar, Kalyani Nagar, Kharadi, Koregaon Park, Major Locations: Boat Club, Bund Garden Road, Hadapsar, Kalyani Nagar, Kharadi, Koregaon Park, Major Locations: Boat Club, Bund Garden Road, Hadapsar, Kalyani Nagar, Kharadi, Koregaon Park, Manjri, Wagholi, Viman NagarManjri, Wagholi, Viman NagarManjri, Wagholi, Viman NagarManjri, Wagholi, Viman Nagar


• East Pune is one of the most developed and sought after micro-markets of Pune having a good

blend of residential, commercial and retail real estate segments.

• This part of city is home to many exclusive and luxurious residential projects, IT Parks, Pune

airport, 5-Star hotels and all leading malls.

• Koregaon Park along with Boat Club Road and Bund Garden, are considered to be the most up-

market residential areas of Pune.

• Kalyaninagar, near Koregaon Park is another important locality in East Pune providing

commercial spaces to Major IT companies such as TCS and HSBC, some major retail outlets

(Shoppers Stop), hotels (The Westin) and restaurants. The first Trump Tower of India in

association with Panchshil Developers in also being developed at Kalyaninagar.

• Over the last few years Viman Nagar has become a prominent location in Pune with many

exclusive and luxurious residential projects (such as the upcoming Lunkad Group and Phoenix

Group’s Fountainhead), commercial spaces & IT parks (Mantri Commercial and Panchshil

Chambers), hotels (Novotel, The Hyatt), leading malls (Phoenix Market City, In Orbit Mall) and

educational institutes. It is well connected to the central area of Pune and the airport.

• In recent years, Hadapsar and Kharadi have emerged as preferred locations for the IT/ITES

sector. These locations serve not only as hubs for IT activities but are also preferred residential

destinations promoting the 'walk to work' culture which is fast becoming popular.

• Hadapsar area has Cyber City IT Park and SEZ in Magarpatta City which has companies like

Accenture, Amdcos, Mphasis, Red Hat, John Deere, Etc and commercial office space Pentagon

while Kharadi boasts of EON Free Zone – a large commercial IT SEZ and World Trade Center.

Hadapsar has also witnessed major retail development with presence of landmark malls such as

Amanora and Magarpatta Seasons Mall.

• Wagholi is witnessing a spurt in development of new residential zones owing to availability of

large land parcels and affordable housing. The uptake in this region is driven by employees

working in the nearby warehousing and industrial hub of Ranjangaon which houses reputed

companies like LG, Whirlpool, Tata Fiat, 3M, etc as well as the IT crowd from Kharadi IT hub.

• Due to its proximity to Koregaon Park, Kalyani Nagar and Hadapsar, Mundhwa and Manjri have

also experienced development in the last few years and with expected conversion of large parcel

into non – agricultural land, this area will witness further development in real estate in years to

come.

• Prominent developers in this region include Marvel, Kolte Patil, Goel Ganga, Kumar Builders,

Panchshil, Nyati, Vascon and Brahma while category A developers such as Godrej and

Purvankara are close to launching their products soon. DSK Group has launched the DSK Dream

City in Phursungi which promises to offer the most exclusive features in a single township.


• The major stimulus for growth in East Pune is on account of penetrating IT/ITeS sector and

burgeoning industrial sector on the outskirts of Pune.

EAST PUNEEAST PUNEEAST PUNEEAST PUNE

17

• Widening of Nagar Road has improved the connectivity and led to higher office space demand in

the Eastern Corridor.

• Presence of major IT companies such as TCS (Hadapsar, Kalyani Nagar), Zensar (Kharadi), HSBC

Software (Kalyani Nagar) etc has increased demand for residential real estate in these areas.

• Kharadi is already witnessing an increased demand from mid to high end segments due to its

proximity to Koregaon Park and Kalyani Nagar.

- This area is experiencing major IT & Non IT development with EON Free Zone – IT SEZ

and World Trade Center which would add to the employment in this area. Eon Free Zone

is also adding more IT space to cater to IT firms’ expansion plans. Currently, ~25000

employees are working in EON IT SEZ.

- HSBC Software and Deutsche Bank are expanding in Pune with Panchshil developers

project (Business Bay) in Yerwada which has added to the inflow of manpower and is

expected to further fuel growth in Kharadi.

• In addition, Kharadi and Hadapsar, are strategically located towards the east of the city close to

the airport and railway station, are also a gateway to Pune via the Nagar Road and Solapur Road

respectively.

• Proximity to Kharadi and the industrial hub at Ranjangaon, clubbed with the unaffordability factor

at Kharadi is driving end-user demand in Wagholi. Wagholi is connected to Viman Nagar and

Kalyani Nagar via Lohegaon making it accessible from different parts of the city.

• Demand in Mundhwa is being driven by its proximity to Hadapsar, Koregaon park and M G Road

in Camp.

Price Trends in East Pune Price Trends in East Pune Price Trends in East Pune Price Trends in East Pune



18

Property rates of 'Property rates of 'Property rates of 'Property rates of 'readyreadyreadyready----totototo----move in' in prime residential markets of East Pune**move in' in prime residential markets of East Pune**move in' in prime residential markets of East Pune**move in' in prime residential markets of East Pune**



Koregaon Park 15,000 - 20,000 30,000 - 40,000

Boat Club 17,000 - 20,000 20,000 - 30,000

Kalyani Nagar 9,000 - 12,000 20,000 - 25,000

Viman Nagar 7,500 - 10,000 18,000 - 22,000

Vishrantwadi 5,500 - 6,000 14,000 - 17,000

Kharadi 5,500 - 7,000 14,000 - 15,000

Hadapsar 5,000 - 7,000 12,000 - 15,000

Phursungi 4,000 - 4,500 10,000

Handewadi 3,800 - 4,200 10,000

Wagholi 3,600 - 4,300 10,000

Source: ICICI Property Services Group **indicative mid market and new supply segment

Phoenix Market City - Pune


19

Major Locations: Aundh, Balewadi, Baner, Bavdhan, Hinjewadi, Kothrud, Pashan, Major Locations: Aundh, Balewadi, Baner, Bavdhan, Hinjewadi, Kothrud, Pashan, Major Locations: Aundh, Balewadi, Baner, Bavdhan, Hinjewadi, Kothrud, Pashan, Major Locations: Aundh, Balewadi, Baner, Bavdhan, Hinjewadi, Kothrud, Pashan, PimplePimplePimplePimple---- Saudagar, Saudagar, Saudagar, Saudagar, WakadWakadWakadWakad Key Highlights:Key Highlights:Key Highlights:Key Highlights:

� Aundh, Baner and Kothrud on one side of Mumbai-Pune Expressway and Hinjewadi on the

other side of the highway are the most popular areas in West Pune.

� Aundh with its famous localities such as Sindh Society, National Society, Parihar Chowk, Anand

Park, Ashiyana Park, etc. is a bustling location and is one of Pune’s up-market areas. The area is

a well-developed residential location dotted with bungalows; and most sought after location of

the affluent but has limited space for further development.

� Space limitation in Aundh led to its extension into Baner which is now a popular destination

amongst those who desire to be near Aundh. Baner now boasts of some premium projects by

developers such as Supreme Universal, Kalpataru, Kasturi Housing, Amar Builders, etc. It also

has an added advantage of being nearer to Mumbai – Pune Highway and having access to

Hinjewadi on the other side of the highway.

� Originally a small village, Hinjewadi, has ushered the IT growth and is now known as the IT

village of Pune and it is this region of West Pune that draws tremendous investor interest. Home

to Rajiv Gandhi Infotech Park and prominent IT players like Infosys, TCS, Wipro, IBM, Tech

Mahindra, Cognizant; it is one of the growth corridors of the west region of Pune.

- Hinjewadi, aided by MIDC, is being developed in phases and has successfully completed

development of 1st and 2nd phases with 3rd phase under speedy development.

Development of Phase 4 and 5 of Hinjewadi is expected to commence soon.

- It houses four prominent private SEZ’s namely Ascendas, Blue Ridge, Embassy and

Quadron which are already partially occupied by some IT players while some part of

these SEZ’s is under construction.

- To keep pace with the growing commercial real estate in Hinjewadi, a number of

residential projects have also been launched by Category A developers such as Kumar

Properties (Megapolis), Kolte-Patil (Life Republic), etc. thus making the walk-to-work

culture possible.

- Hinjewadi is witnessing quick retail growth with D Mart, Reliance Digital etc. already

operational while planned infrastructure development in this region is underway. Further

plans to enhance this region’s connectivity with rest of Pune are likely to boost the real

estate market in Hinjewadi.

� Enormous employment and growth opportunites at Hinjewadi has also provided a stimulus to

areas such as Chandni Chowk in Paud Road, Warje, Wakad, Ravet and Pimple-Saudagar.

� Gera, Kumar Properties, Kolte Patil, Aditya Builders, GK Developers, Nyati, Paranjpe, Pride

Purple, Supreme, Kalapatru, Marvel Group and Wadhwani Constructions are some of the

prominent developers in West Pune.


� Proximity to Rajiv Gandhi Infotech Park in Hinjewadi and the Mumbai – Pune bypass has

boosted real estate activity in this area, seen by many as one of the future key growth areas.

�

WEST PUNEWEST PUNEWEST PUNEWEST PUNE

20

� Over 2 lakh employees working in Hinjewadi area are propelling growth in outskirt areas like

Wakad, Tathawade, Ravet, Pimple-Saudagar, etc. while some IT majors such as Tech Mahindra,

TCS and Congnizant continues to add office space to increase employment.

� In addition, Pune - Mumbai Highway houses almost all the car showrooms/service centers

(Nissan, Audi, Mercedes-Benz, etc.) and many leading educational institutes (Indira Institute,

Symbiosis, NICMAR, etc). Employees and students, working and studying here are one of the

major factors of real estate absorption.

� A huge proportion of absorption of real estate in West Pune (Hinjewadi/Wakad/Ravet) can be

attributed to investors from Mumbai on account of easy access from the Mumbai-Pune

Expressway. Investors and some end-users from nearby cities of Kolhapur, Solapur,

Ahmednagar also add to the figures.

� Likewise, Baner and Aundh, being easily accessible from industrial areas in Pimpri Chinchwad,

are getting developed as preferred residential location for senior executives of these industries.

- Real Estate growth in Baner has been positive on the back of recent development of its

neigbourhood Aundh which now has large number of shopping centers and supermarkets

like Ozone Reliance Mart, Croma etc. Baner also boasts of famous restaurants and lounges.

- The locality is well serviced and connected by public transport and has all the necessary

amenities such as banks, shopping centers and schools.

� Kothrud and its neighbouring areas of Paud Road, Warje, Bhugaon collectively being termed as

New Kothrud are seeing a rising demand spilling from Kothrud, good infrastructure and

proximity to Deccan.

- Kothrud has always seen a favorable demand with small projects that primarily attract the

local community.

- Bhugaon is gaining popularity for residential development due its scenic appeal.

Price Trends in West Pune Price Trends in West Pune Price Trends in West Pune Price Trends in West Pune

Source: PropEquity Note: Graph represents weighted average price of residential units available in the primary market.


21

Property rates of 'Property rates of 'Property rates of 'Property rates of 'readyreadyreadyready----totototo----move in' in prime residential markets of West Pune**move in' in prime residential markets of West Pune**move in' in prime residential markets of West Pune**move in' in prime residential markets of West Pune**

Location Capital Values (INR/sq.ft.) Rental Values for 2 BHK

(INR/sq.ft./month)

Aundh 9,000 - 12,000 20,000 - 22,000

Kothrud 8,500 - 11,000 14,000 - 20,000

Baner* 6,800 - 9,000 15,000 - 20,000

Pashan 6,000 - 7,000 14,000 - 16,000

Bavdhan 6,000 - 6,500 14,000 - 16,000

Pimple Saudagar 6,000 - 6,300 14,000 - 16,000

Pimple Nilakh 5,500 - 7,000 14,000 - 15,000

Balewadi 5,800 - 6,500 14,000

Warje 5,500 - 6,200 12,000 - 14,000

Wakad 5,500 - 6,000 14,000

Hinjewadi 4,800 - 6,200 11,000 - 14,000 Source: ICICI Property Services Group *Price range is for all premium properties in Baner **Indicative mid market segment

Infosys Campus, Hinjewadi


22

Major Locations: Ambegaon, Katraj, Kondhwa Budruk, Mohammadwadi Road, NIBM, Parvati, Major Locations: Ambegaon, Katraj, Kondhwa Budruk, Mohammadwadi Road, NIBM, Parvati, Major Locations: Ambegaon, Katraj, Kondhwa Budruk, Mohammadwadi Road, NIBM, Parvati, Major Locations: Ambegaon, Katraj, Kondhwa Budruk, Mohammadwadi Road, NIBM, Parvati, Salisbury Park, Sinhagad Road, Warje, WanowrieSalisbury Park, Sinhagad Road, Warje, WanowrieSalisbury Park, Sinhagad Road, Warje, WanowrieSalisbury Park, Sinhagad Road, Warje, Wanowrie


• South Pune is being characterized as a pure residential area. Proximity to Magarpatta IT Hub,

Camp, MG Road and Pune Railway Station make Undri, Pisoli, Mohammadwadi very convenient

residing locations having access to all important areas in Pune. While, Warje and Ambegaon offer

affordable housing options and excellent connectivity to Mumbai-Pune expressway and

Hinjwadi.

• Undri, Pisoli, Mohammadwadi and Katraj – Kondhwa Road have been witnessing major real

estate activity owing to availability of large land parcels, nearby reputed schools and International

Institutions (DPS, Vibgyor, Bishops, RIMs etc), Corinthians Club and hospitals (Inamdar Hospital ,

Ruby Hall).

• Mohammadwadi, surrounded by hills with scenic beauty, has beautiful bungalows.

• Warje and Ambegaon offer an affordable option to home buyers interested in Kothrud and

Sinhagad Road areas though in the recent past capital values in this area have appreciated

considerably. These locations also offer excellent connectivity to Mumbai Expressway and IT hub

at Hinjewadi.

• Kondhwa has evolved as an important residential area in the recent past. The area towards

Wanowrie and NIBM is a preferred location for premium housing whereas, the area away from

Wanowrie and NIBM, has more budget housing development.

• Nanded City, a township project on 700 acre land close to Khadakwasla dam has fueled the

growth in terms of transactions as well as capital appreciation in Sinhagad Road/Ambegaon area.

• D.S.K, Nyati, Kumar Properties, Clover, Marvel, Kolte Patil, Amit Enterprises, Goel Ganga and

Mittal Group are some of the prominent developers in South Pune. Godrej Properties and TATA

Housing have also forayed into this micromarket.


• The real estate market in this region is being driven primarily by the end-user demand.

• Sinhagad Road, Warje and Ambegaon, have been witnessing an increasing end-user demand

spilling from Kothrud which is a premium location and has scarcity of land parcels. Thus, these

locations are expected to see a positive residential uptake being strategically located and having

excellent accessibility from the Mumbai – Pune Expressway, Katraj and Kothrud.

• The real estate demand in Undri, Pisoli, Mohammadwadi and Katraj – Kondhwa Road is expected

to continue to see a surge due to availability of affordable housing alternatives to home seekers

as compared to NIBM, Wanowrie.

- Planned development by category A developers, availability of open land, excellent

connectivity to MG Road and Magarpatta City and reputed educational institutions in the

vicinity are attracting end-users to this micro- market.

SOUTH PUNESOUTH PUNESOUTH PUNESOUTH PUNE

23

PPPPrice rice rice rice TrendTrendTrendTrends in South Punes in South Punes in South Punes in South Pune


Property rates of 'Property rates of 'Property rates of 'Property rates of 'readyreadyreadyready----totototo----move in' in prime residential markets of move in' in prime residential markets of move in' in prime residential markets of move in' in prime residential markets of South South South South Pune**Pune**Pune**Pune**



Salisbury Park 12,000-15,000 20,000 - 25,000

Wanowrie 7,000-9,000 15,000 - 17,000

Sinhagad Road (Close to Karvenagar, Kothrud)

7,000-8,000 14,000

Kondhwa NIBM 5,500-7,000 14,000

Katraj 5,500-6,500 12,000 - 14,000

Ambegaon 5,500-6,500 10,000 - 12,000

Kondhwa Khurd 4,500-5,500 10,000

Undri 4,200-5,000 10,000

Source: ICICI Property Services Group **indicative mid market segment

SOUTHSOUTHSOUTHSOUTH PUNEPUNEPUNEPUNE

24

Location Attractiveness Index Location Attractiveness Index Location Attractiveness Index Location Attractiveness Index ---- PunePunePunePune

A comparative study of different locations within Pune shows Hinjewadi as having an edge over

other locations. With Phase 2 and 3 of Hinjewadi already complete and plans for its future

infrastructure development along with commercial and residential development; Hinjewadi is

expected to see a surge in employment generation. Its proximity to Mumbai-Pune expressway

also makes it a very good investment option. Thus, Hinjewadi ranks the highest in Location

Attractiveness Index.

Aundh Baner Hinjewadi Kalyaninagar

Katraj -

Kondhwa

Road Kharadi Moshi Undri Wagholi

Infrastructure

(connectivity, roads,

schools, markets)

Residential Cost

Proximity to Organised

Retail

Proximity to

Commercial

Development

Future Infrastructure

Development

Future Employment

Generation

Good / Low cost

Above Average

Average / Medium cost

Below Average

Bad / High cost Source: ICICI Property Services Group

LOLOLOLOCATION ATTRACTIVENESS INDEX CATION ATTRACTIVENESS INDEX CATION ATTRACTIVENESS INDEX CATION ATTRACTIVENESS INDEX ---- PUNEPUNEPUNEPUNE

25

ANALYSTSANALYSTSANALYSTSANALYSTS

Sachin BhandariSachin BhandariSachin BhandariSachin Bhandari

Regional Head – (West)

ICICI Home Finance Company Ltd.

[email protected]

Priya BhatiaPriya BhatiaPriya BhatiaPriya Bhatia

Manager, Structured Finance Group

ICICI Home Finance Company Ltd.

[email protected]

We acknowledge Mr. Gaurav Maheshwari, Manager, ICICI Bank for his contribution towards this report.

For any further queries, please e–mail us at [email protected] or For more on our research reports & periodicals please log on to www.icicihomesearch.com

ICICI HFC DISCLAIMERS & DISCLOSURESICICI HFC DISCLAIMERS & DISCLOSURESICICI HFC DISCLAIMERS & DISCLOSURESICICI HFC DISCLAIMERS & DISCLOSURES

The information set out in this document has been prepared by ICICI HFC Ltd. based upon

projections which have been determined in good faith by ICICI HFC Ltd. There can be no

assurance that such projections will prove to be accurate. Past performance cannot be a guide

to future performance.

The information in this document reflects prevailing conditions and our views as of this date,

all of which are subject to change. In preparing this document we have relied upon and

assumed, without independent verification, the accuracy and completeness of all information

available from public sources or which was provided to us or which was otherwise reviewed

by us. ICICI HFC Ltd. does not accept any responsibility for any errors whether caused by

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set out in this document. No reliance may be placed for any purpose whatsoever on the

information contained in this document or on its completeness

The product(s)/service(s)/offer(s) as contained herein are provided /offered by third party and

are subject to their respective terms and conditions and not intended to create any rights or

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The information set out in this document may be subject to change and such information may change materially.

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