Will INR Depreciation Lead to Homecoming of NRI Real Estate Investors?

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1 Will INR Depreciation Lead to Homecoming of NRI Real Estate Investors? Dubai is touted as the world-class property investment destination in the Middle East. In 2012, real estate prices witnessed a 10% growth y-o-y, as per the Dubai Land Development (DLD) authority s data. Also, the real estate transactions increased by 8% to AED 154 million. Interestingly, this recovery is backed by huge investments by expatriates, particularly from India as nonresident Indians (NRIs) are amongst the top five investors in the Middle East. However, with the natural affinity towards home-biasness for India, and against the recent depreciation of the Indian rupee (INR) against the US dollar (USD), could the real estate investment decisions of the NRI community be changed in favour of India? Indian real estate prices have increased dramatically over the last few years. Immediately following the global financial crisis (GFC), Indian property prices witnessed a significant rise averaging 40 42% across all major markets, as per the database of Real Estate Intelligence Services (REIS), Jones Lang LaSalle (refer to Figure 1). Even in cities like Mumbai, where capital values were already high, returns stood at 66% during the same period. Contrary to this, DLD s data for Dubai suggests property prices witnessed a 65% slump in the four-year period before 2012, thereby enabling us to suspiciously ask whether a 10% rally in 2012 is all that startling. Figure 1: Returns from Indian Residential Market 80% 70% 60% 50% 40% 30% 20% 10% 0% Returns from Indian residential market in last four years Capital Value % change during 2Q09-1Q13 More recently, INR has witnessed a significant 12% depreciation against USD since the start of May 2013 until the end of June 2013, thereby forcing its value down against all other currencies that are pegged to USD, including the UAE dirham (AED). As a consequence, INR has also depreciated against the AED by 12% during the same period. A simple back-of-envelope calculation suggests that for instance, if a Dubai-based NRI invests AED 10 million in the Indian real estate now (INR/AED at 16.4), and assuming only a conservative 15% returns from the Indian real estate in the near term for key markets, he could expect repatriated returns of over 27% (15% of returns from real estate market plus 12% of currency appreciation), assuming that the INR returns to its pre-may mean of 14.8/AED (refer to diagram). Merely the incremental return of 12%, owing to exchange rate fluctuation, is comparable to the 10 12% of total returns expected by DLD in the near term from the investment in Dubai real estate. Similar incremental returns can be expected from investments made by NRIs from other parts of the Middle East where the local currency is mostly pegged to USD (refer to Table-1). Table-1: Incremental gains from INR exchange rate UAE (Dirhams) 12.5% Saudi Arabia (Rial) 12.4% Oman (Rial) 11.8% Kuwait* (Dinnar) 12.0% *Partially pegged to the USD Source: Real Estate Intelligence Services, Jones Lang LaSalle, India

2 Pulse Research Dynamics 2012 It could be argued that expat-indians may be favouring Dubai over the Indian real estate on the basis of socio-economic Monthly and Real other Estate Monitor - July 2013 factors. According to media sources, Indian investors were buying What s New!! properties in Dubai as it offers relative political stability, world class The Union Cabinet of India cleared the Real Estate infrastructure, tax benefits, attractive prices and geographical (Regulatory & Development) proximity. Bill during the first week of June The bill aims to instill However, a recent survey conducted by Sumansa Exhibitions, the transparency and maturity into the residential sector that has organiser of the Indian Property Show in UAE, portrays a different been so far unregulated. picture. The survey reveals that NRIs place a higher intrinsic value to property owned in India over that owned in Dubai or elsewhere. Apart from strict visa rules in the Middle East region along with certain regulatory obstacles in buying a property in the Emirates, Green Wall critical triggers that could help sustain their interest in Indian Surat is moving towards property market include higher economic growth in India, improving becoming the first city in India to have a green building infrastructure, renewed political focus on timelines for new council (GBC) that would infrastructure initiatives, rising demand for commercial space in the ensure that the new buildings coming up will follow a green market (leading to job creation), social infrastructure and price building code. trends. Putting these things into perspective, the recent fall of INR could potentially act as a trigger amongst the NRI community in the Middle East to switch their focus towards the properties back in India. Deal of the Month Jones Lang LaSalle s Capital Markets team has sold a 100% equity stake in the holding firm of BlueRidge Special Economic Zone (SEZ) Phase I in Pune for INR 4,500 million to IDFC Figure 1: Financial Indicators Grade A Rental Value Capital Value Office Retail Residential Delhi NCR Mumbai Bangalore Chennai Pune Hyderabad Kolkata

3 Bangalore Bangalore office market saw improvement in transaction activity during June compared with the previous. The combination of stable demand and restricted supply kept the city s overall vacancy rate low during the. Interestingly, the IT/ITES sector accounted for the majority of leasing, with major companies taking up space in the quarter including Disney, Amazon, Honeywell, Synergy and TP Vision. The city witnessed the completion of Global Village Technology Park Phase III Tower 3, Kalyani Platina Oak, Kalyani Platina Crystal and Nagarjuna Garnet. Rents continued to remain stable across the city. However, capital values marginally appreciated because of improved demand and investor sentiments. Bangalore s retail market saw continued steady consumer demand in June. As a result, the vacancy in malls reduced marginally. In addition, the high streets continued to see modest absorption in the. Some of the major transactions in the city included leasing by Starke s, FabIndia, McDonald s, KFC and Pepe Jeans. Rents continued to remain stable over the. Capital values also remain unchanged because of poor investor sentiments towards buying retail property. Residential market saw modest absorption during June in Bangalore. The city also witnessed an increased number of launches over the, with the notable ones including Prestige IVY Terraces by Prestige Group, Sobha Santorini by Sobha Developers and DNR Atmosphere by DNR Corp. Rents remained stable over the. However, capital values appreciated marginally across various submarkets because of increased sales volumes and marginal upsurge in price at most projects that are nearing completion. per CBD ,000-20,000 Old Airport Road ,000-10,000 Outer Ring Road (East) ,500-6,500 Old Madras Road ,000-6,500 Electronic City ,800-3,200 Retail Rents Capital Value per Koramangala ,000 16,000 Indiranagar ,000 16,000 New BEL Road ,000 10,000 Commercial Street ,000 20,000 Jayanagar ,000 15,000 INR per for a 1,000 sq ft two-bhk apartment Old Madras Road 15,000 25,000 5,000 6,000 Indiranagar 20,000 30,000 10,000 20,000 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 >> Having achieved considerable progress in Phase I and ready to execute Phase II of Namma Metro, Bangalore Metro Rail Corporation Ltd (BMRCL) is preparing to take up Phases II-A and III. After completion, the proposed new network of 150 km will virtually throw a metro grid around Bangalore City besides connecting key points such as the Bengaluru International Airport, Hebbal and Magadi Road. After the completion of all the three phases, Bangalore will have a respectable 265 km of metro network. The state government s high-power committee has already cleared a pre-feasibility study on the proposed network, said a BMRCL statement.

4 Chennai After a few s of slowdown, office leasing gained momentum during the of June. The majority of supply in 2013 would be coming from the most preferred office locations of pre-toll Old Mahabalipuram Road (OMR). Important to mention, the new office supplies such as Ramanujan IT City and SP Infocity are gaining steady demand from the occupiers. Apart from the OMR, SBD locations such as Guindy and Mount-Poonamallee Road (MPR) also witnessed healthy demand in June. Notable new occupiers in this submarket included Visionary RCM, Solartis and igold Technologies. Average office rents in Chennai saw marginal increase on the back of improving demand. The high streets of Chennai continued to witness healthy leasing activity with electronics showrooms such as Poorvika and Samsung, as well as several quick serving resturant brands that opened in June. The city also witnessed the opening of Spencer s hypermarket in Velachery. With the new malls operating with nearly full occupancy, retailers are chasing potential properties in the high street locations such as T Nagar, Adyar and Velachery, supporting the rental growth in the high streets. Residential sales remained restricted in Chennai. However, the number of new launches improved during the of June. Some of the prominent launches during the were Prince Highlands in Iyyapanthangal, Kgeyes Samyuktha in Madambakkam and VGN Dynasty in Melapakkam. In addition, Marutham Group launched two new projects near Tambaram and Casa Grande and added one more villa project named Avalon in Perumbakkam. Capital values and rents remained largely unaltered during the. per Mount Road ,000 15,000 RK Salai ,000 15,000 Pre-toll OMR ,000 6,500 Post-toll OMR ,500 5,000 Guindy ,000 9,000 Ambattur ,250 4,300 Retail Rents (High Streets) Capital Value per T. Nagar ,000 15,000 Nungambakkam ,000 16,000 Velachery ,000 12,000 Pre-toll OMR ,000 11,000 Anna Nagar ,000 13,000 LB Road (Adyar) ,500 13,500 INR per for a 1,000 sq ft two-bhk apartment Adyar 20,000 30,000 11,000 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 >> Thirumazhisai, located along the Chennai-Bangalore Highway, will soon get a multistoreyed industrial estate at a cost of INR 200 million. In addition, the state government has also planned to create a land bank of 2,000 acres to promote the micro-industries in the state.

5 Delhi The demand for office space was showing signs of improvement in June with occupiers looking to close the transactions. The major transactions during the included GroupM Media and Manpower leasing space in Cyber City-Gurgaon, Samsung taking up space in Noida Expressway and SYSTRA renting space in the SBD. Unitech Infospace, Sec 48, Block 4 in Gurgaon (Sohna Road); Unitech Infospace, Gurgaon Phase II, Building Six on National Highway 8, Dundahera; and Ascendas OneHub Phase I commenced operation in June with moderate to low occupancy. Rents increased in DLF Cyber City, MG Road and Golf Course Road within the given range. However, capital values remained unaltered across all the submarkets. The retail demand in Delhi was sluggish because of the constraints in the availability of good space. Retailers were mostly active with the precommitment of space in the upcoming malls that would offer the promise of good location, design, branding and business potential. Some of the major transactions in June included Yauatcha and Burberry Brit both leasing space in Prime South, Starbucks renting space in Prime Others and Croma taking up space in the Noida suburbs. TDI Town Square Mall at Nehru Place Metro Station in Prime Others submarket commenced operation with high occupancy. On the contrary, I Mall in the Greater Noida suburbs started with moderate occupancy in June. Rents increased marginally in Prime South and Prime Others submarkets. Interestingly, capital values continued to remain stable throughout the city. The residential demand witnessed signs of slowdown. Meanwhile, studio apartments performed well because of the low ticket size being associated with it. Over the, new launches were noted only in Noida, Ghaziabad and Faridabad, while the prominent launches included ATS Pristine by ATS Infrastructure in Noida, Palm Resort by MR JKG in Ghaziabad and Aravali One by Maxheights Infrastructure in Faridabad. Rents remained stable in June. Meanwhile, capital values increased in growth corridors and the rise in values varies with projects. per Barakhamba Road ,000-35,000 Jasola ,000-21,000 DLF Cybercity NA MG Road ,000-19,000 Golf Course Road ,500-15,000 Sohna Road ,500-8,000 Retail Rents Capital Value per South Delhi ,000-32,000 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 INR per for a 1000 sq ft 2BHK apartment 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 >> The fate of the proposed metro link between the Noida City Centre and the Greater Noida Bodaki is still hanging in balance nearly after two years of its conception. With two industrial development authorities, Noida and Greater Noida are struggling to raise about INR 50 billion required to build the 29 km metro project. Important to mention that once built, this project would also be beneficial for the centres ambitious Delhi-Mumbai Industrial Corridor (DMIC) project.

6 Hyderabad Leasing volumes improved in June. Again most leases were focused on Hitec City where good quality leasable space is fast reducing. Leasing activity was more focussed in Hitec in June was followed by CBD submarket. There were also a few leases closed in Gachibowli submarket. Interestingly, the Pocharam submarket again witnessed a marginal leasing activity as SDG Software leased space. Key transactions in June included Cytel, WHISHWORKS, Apps Associates, QSSI and PARAXEL leasing space at Hitec City, Adap.TV, NetElixir, Centrica and Metlife taking space in the CBD; and IL&FS and Biological E securing space in SBD. Salarpuria Cyber Park, which is almost fully occupied, commenced operations in June. There were many occupiers who vacated spaces either to consolidate or to relocate, increasing the overall vacancy in the city. Therefore, average market rents and capital values remained stable over the. Retailers continued to focus on leasing high street space for ready-to-move-in spaces while precommitting spaces in the upcoming malls. Key transactions in June included Chhabra 555 and Axis Bank leasing space in Banjara Hills; F Studio taking space at Nagarjuna Circle; and Pai Electronics, W, Khazana and Malabar Gold renting in Dilshuknagar. Pre-leasing continued in few upcoming malls. Rents and capital values remained stable over the. Residential sales remained stable in June. New launches also remained stable over the, with projects including a villa project by Sri Srinivasa Constructions called Esmeralda Fortune in Kondapur and an apartment project by PNR Infra called High Nest in Kukatpally. Rents and capital values continued to increase marginally across all the submarkets as newly launched residential projects were sold at a price higher than the market average over the. per Begumpet ,500 6,500 Banjara Hills ,500 7,500 Hitec City ,000 5,200 Gachibowli ,000 5,000 Uppal ,000 4,000 Shamshabad ,000 4,000 Retail Rents Capital Value per Banjara Hills ,000 13,000 Jubilee Hills ,000 14,000 Secunderabad ,000 10,000 Hitec City ,000 13,000 Kukatpally ,000 12,000 Dilshuknagar ,000 12,000 INR per for a 1,000 sq ft 2BHK apartment 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 >> Hyderabad Metro Rail (HMR) update in June: 28 traffic junctions will be involved in situ construction of girders to cover large spans which are more than 112 ft.

7 Kolkata Kolkata office market witnessed moderate activity as transactions which were going on for a long time concluded during June. The vacancy increased marginally on the back of new completions. Infinity IT Lagoon and Ecostation, both at Salt Lake, commenced operations in June. The major transactions in the included Jacobs Engineering Group and Reliance, both leasing space in Salt Lake City. Rents were under pressure amidst large amount vacancy across the peripheral submarkets of the city. Capital values appreciated marginally in the select precincts of CBD. However, they remained unaltered across all other submarkets in the city. Retail activity in the malls of the city continued to remain sluggish. As a result, vacancy levels remained unchanged in the organised retail stocks of the city. Important to mention, Spencers Galleria would become operational in the coming s with good precommitments from national and international retailers. Meanwhile, the high streets of the city witnessed moderate demand for retail space with the absence of quality spaces in organised malls. Reliance 4G expanded its outlets in various parts of the city. Rents continued to remain stable in most parts of the city amidst marginal appreciation in select precincts. Capital values inclined in select precincts of the CBD. Residential demand in the city was stable in June for mid and low segments. However, the luxury category witnessed a dip in absorption. The notable launches in June included South Winds by Srijan Group at Rajpur; Mounthill Essence and Mounthill Fusion by Mounthill Group, both at Rajarhat; and Godrej Prakriti Phases III and IV by Godrej Properties near Barrackpore. Rents and capital values both remained unchanged in the city. per Park Street ,500 23,000 Topsia ,000 11,000 Kasba ,000 11,500 Salt Lake Sector V ,400 5,400 Rajarhat & New Town ,500 4,800 Retail Rents Capital Value per Elgin Road ,000 30,000 Park Street (high street) ,000 34,000 Salt Lake City ,000 20,000 Prince Anwar Shah Road ,000 15,000 Rajarhat & New Town ,000 8,000 Gariahat (high street) ,000 22,000 INR per for a 1,000 sq ft 2BHK apartment Alipore 43,000 50,000 14,000 23,500 Prince Anwar Shah Road 18,000 30,000 7,000 14,000 EM Bypass 15,000 25,000 5,000 11,000 Lake Town 12,000 19,000 3,500 7,500 Behala 8,000 14,000 3,000 5,500 Howrah 7,000 9,500 2,700 5,000 New Town (AA I, II & III) 11,000 18,000 3,300 6,300 Rajarhat 9,000 15,000 2,500 4,900 >> The Calcutta high court approved the land acquisition for the East-West Metro at Bow Bazar, doing away with the need for a route realignment that threatened to further delay the project and push up costs. >> With the Civil Aviation Ministry fast-tracking the management privatisation of Kolkata and Chennai airports, the Airports Authority of India (AAI) has set up a cell to execute Public Private Partivipation (PPP) process to operate and maintain these and other aerodromes. The Key Infrastructure Development (KID) cell that was in existence during the privatisation of Delhi and Mumbai airports would handle the public-private partnership process for Kolkata and Chennai airports, which are currently owned and managed by the AAI, official sources said.

8 Mumbai Office leasing continued exhibiting improvement over the of June. Projects in the advanced stage of construction recorded moderate pre-commitments. Companies were opting for consolidation and relocation, over the expansion. Banking, financial services and insurance (BFSI) and IT industries remained the driving force behind the robust transactions in the. Vacancy rates reduced minimally in June across select submarkets, except in the eastern suburbs. Important to mention, eastern suburbs submarket witnessed a few tenants relocating to relatively cheaper submarkets to avail lower cost advantage. Major transactions included Apple Inc leasing space in SBD Bandra Kurla Complex (BKC) and Tata AIA renting space in SBD Central. Kalpataru Prime at Thane submarket commenced operation in June. Rents and capital values in the western suburbs submarket rose slightly. However, other submarkets saw no change in either rents or capital values over the. Organised retailing continued to witness moderate demand over the. Categories such as clothing and F&B remained to be the driving force behind demand generation. Interestingly, high street retail space in the suburbs, especially in Borivali and Ghatkopar saw moderate transaction activities. A select pool of occupiers has started considering mixed-use project to open up the outlets. However, vacancy in the malls remained stable across the. Major transactions in June included Cottonworld renting space at Oberoi Mall in the suburbs and Reliance Digital leasing space at Viva City Mall in Thane. Meanwhile, Viva City Mall commenced operation in the with healthy pre-commitment levels. It houses high-profile tenants from all the retail categories. Rents and capital values in the submarkets, such as the Prime North and the suburbs, increased marginally. In June, the residential sector in Mumbai witnessed sluggish demand primarily because of significant increase in prices. Hence, most of the projects that were launched during the saw smaller configurations to improve the offtake in sales. New launches included Acme Boulevard in Andheri by Acme Group, Bougainvillea in Kalina and Happy Homes in Vile Parle by Richa Realtors. Rents continued to remain stagnant during the. In addition, capital values remained stable as the sales activity witnessed a slowdown with the start of the monsoon season. per Lower Parel ,000 23,000 BKC ,000 35,000 Andheri ,000 15,000 Goregaon-Malad ,000 10,000 Wagle Estate ,000 6,000 Thane-Belapur Road ,100 6,000 Retail Rents (mall space) Capital Value per Lower Parel ,000 32,000 Malad ,500 20,000 Ghatkopar ,100 18,000 Mulund ,000 16,000 Thane ,000 14,000 Navi Mumbai ,000 12,000 INR per for a 1,000 sq ft 2BHK apartment Lower Parel 87,000 95,000 24,000 35,000 Wadala 40,000 55,000 14,500 19,100 Andheri 35,000 50,000 11,500 21,000 Ghatkopar 35,000 48,000 9,500 15,000 Ghodbunder Road 12,000 21,000 5,500 9,000 Kharghar 12,000 20,000 4,800 8,000 >> A signal-free drive between Chembur and South Mumbai was made possible as 14 km of the long-awaited Eastern Freeway was opened to traffic. The traffic police would have little supervision over the 17 km long bridge (3 km to be opened in December 2013) and the freeway s feeder and arrival routes, include roads leading to the main entrance and exit points.

9 Pune The office leasing activity in Pune increased in June, decreasing the vacancy levels marginally. Major transactions over the included LSI Logic leasing space in Yerwada, Bajaj Finance renting space in Viman Nagar and Amdocs taking up space in Hadapsar. The IITP Phase I located in Hinjewadi is likely to be operational in the next two three s with good pre-commitments. Rents and capital values rose marginally in select submarkets, such as Kharadi and Hadapsar, both of which witnessed very low vacancy in most of the buildings. However, both rents and capital values remained unchanged in other parts of the city. Leasing activity continued to be sluggish in the malls in Pune. The city s organised retail stock also remained unchanged on the back of absence of new completions. Rents and capital values both were stable during the of June. It is noteworthy to mention, Season's Mall in Hadapsar and Prime Mall in Pimpri would likely to be operational by 2H13. Demand for residential units in Pune continued to be stable in June. Major launches during the included Kumar Pinakin by KUL Group in Baner and Ayaan by Gandhi Bafna Constructions in Wagholi. Rents and capital values both remained stable during the of June. per Hinjewadi ,000 5,500 Hadapsar ,000 6,000 Bund Garden Road ,500 7,500 Viman Nagar ,000 7,000 SB Road ,500 7,500 Koregaon Park ,500 7,500 Retail Rents (High Streets) Capital Value per MG Road ,000 15,000 Bund Garden Road ,000 13,000 FC Road ,000 15,000 JM Road ,000 15,000 DP Road ,000 11,000 SB Road ,000 11,000 INR per for a 1,000 sq ft two- BHK apartment 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, ,500 Undri 9,000 12,000 3,800 4,800 Pimpri-Chinchwad 8,000 12,000 4,000 5,000 >> The civic administration of Pimpri Chinchwad Municipal Corporation (PCMC) would start major construction works from November onwards, while ward-level projects would begin from October onwards. The implementation of small development works in wards, such as laying drainage lines, laying footpaths and tarring of internal roads, has not started yet, despite the PCMC making budgetary provision for it.

10 About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2011 global revenue of $3.6 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 2.1 billion square feet worldwide. LaSalle Investment Management, the company s investment management business, is one of the world s largest and most diverse in real estate with $47 billion of assets under management. Jones Lang LaSalle has over 50 years of experience in Asia Pacific, with over 22,200 employees operating in 79 offices in 14 countries across the region. The firm was named the Best Property Consultancy in Asia Pacific at The Asia Pacific Property Awards 2012 in association with Bloomberg Television. For further information, please visit our website, 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 eleven cities (Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 5400, 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. For further information, please visit For more information about our research Ashutosh Limaye Trivita Roy Head, Research and REIS Assistant Vice President, Research ashutosh.limaye@ap.jll.com trivita.roy@ap.jll.com About Bajaj Finserv Lending Bajaj Finserv Lending is one of the most diversified NBFCs in the Indian market catering to more than 5 million customers across the country. Headquartered in Pune, the company s product offering includes Consumer Durable Loans, Personal Loans, Loan against Property, Small Business Loans, Home loans, Credit Cards, Two-wheeler and Three-wheeler Loans, Construction Equipment Loans, Loan against Securities and the recently introduced Lifestyle Finance. Bajaj Finserv Lending prides itself for holding the highest credit rating of FAAA/Stable for any NBFC in the country today. To know more please visit or send an to pss@bajajfinserv.in Research Dynamics 2013 Pulse reports from Jones Lang LaSalle are frequent updates on real estatemarket dynamics. COPYRIGHT JONES LANG LASALLE IP, INC All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without prior written consent of Jones Lang LaSalle. It is based on material that we believe to be reliable. Whilst every effort has been made to ensure its accuracy, we cannot offer any warranty that it contains no factual errors. We would like to be told of any such errors in order to correct them.