Delhi - Monthly Real Estate Monitor - December 2012 by JLL India

Office Space ..!

In November, 2012 as the enquiries of office space occupiers increased, demand improved. Prospective tenants that were timid before were keen to close transactions and contributed to sustaining demand.

In addition, vacancy remained stable. The key transactions in November included Discovery Communications India leasing space in Gurgaon, Oil India Ltd leasing space in Noida City and the International AIDS Vaccination Initiative leasing space in the SBD.

Rents and capital values remained stable in every submarket except the SBD, where they marginally increased over the month.

Retail Space..!

Demand for retail space remained stable, and retailers continued to prefer space in quality malls. However, the lack of quality mall space led them to seek locations on high streets.

Demand on high streets rose, and preleasing was healthy in certain upcoming malls in the suburbs submarket. Vacancy remained stable in November, 2012. One key transaction during the month was RBS leasing space on Noida High Street. No new completions were recorded during the month. Rents remained stable, while capital values increased marginally on high streets and in select malls.

Residential..!

Healthy demand was seen for the projects by reputed developers in November, 2012. Notably, developers used celebrities to market their projects. The Noida Extension has now been renamed Greater Noida West to create renewed buyer interest. However, sales have been sluggish, and the construction activities on these precincts are yet to gain momentum.

The new launches over the month included Godrej Properties launching Godrej Summit Phase II in Gurgaon, Wave Infratech launching Eminence in Noida and Supertech launching two projects, Albaria and ECO Lofts, in Noida. Rents remained stable, while capital values slightly increased in Gurgaon and Ghaziabad.

 INFRASTRUCTURE ..!

>> In accordance with the Faridabad Master Plan 2031, three bridges will be built over the river Yamuna to connect Faridabad with Noida and Greater Noida.

>> Haryana’s government gave notice of the Final Development Plan 2031 for the Gurgaon Manesar Urban Complex, which will have a total area of 32,988 ha (About 329 million sq meter) that can be urbanised to cater to a population of 4.25 million by 2031.

Residential	Rents	Capital Value
Key Precincts	INR per month for a 1,000 sq ft 2BHK apartment	INR per sq ft
Golf Course Road	19,000 to 23,000	12,000 to 16,000
Sohna Road	10,000 to 11,500	5,300 to 7,500
Golf Course Extension Road	10,000 to 13,000	6,800 to 8,500
Noida-Greater Noida Expressway	12,000 to 14,000	4,000 to 5,500
Noida City	12,000 to 15,500	4,200 to 6,000
Indirapuram	10,000 to 11,500	3,500 to 4,000

Office	Rents	Capital Value
Key Areas	Rs. per sq ft per month	Rs. per sq ft
Barakhamba Road	170 to 400	26,000 to 33,000
Jasola	110 to 170	16,000 to 21,000
DLF Cybercity	67 to 72	NA
MG Road	114 to 130	16,000 to 18,500
Golf Course Road	85 to 95	12,000 to 15,000
Sohna Road	45 to 55	6,500 to 8,000
Retail	Rents	Capital Value
Key Precincts	INR per sq ft per month	INR per sq ft
South Delhi	180 to 240	21,000 to 30,000
West and North Delhi	140 to 220	14,000 to 23,000
Gurgaon-MG Road	150 to 280	15,000 to 20,000
Rest of Gurgaon	60 to 100	8,000 to 14,000
Noida	130 to 220	14,000 to 25,000
Ghaziabad	90 to 150	10,500 to 16,000

For more information about  research

JLL India

Ashutosh Limaye

Head, Research and REIS

ashutosh.limaye@ap.jll.com

+91 98211 07054

Trivita Roy

Assistant Vice President, Research

trivita.roy@ap.jll.com

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