There is a wealth of information within these pages. For better readability, we have presented somedata as tables and others as graphs. Between them, you will find how property markets haveperformed in the Jul-Sep 2011 quarter from many different perspectives – from a capitalappreciation perspective, from a rental/yield realization perspective & from a supply of propertiesperspective. We recommend that you evaluate the city report in its entirety – that will provide arounded perspective of the performance of the property market within each city. Here are details ofwhat you will find in each of the city reports enclosed within-

1. City Property Index – This is a composite index which is a function of supply of properties aswell as the average capital appreciation/drop in various localities of the city in the quarter. Thecity index is the weighted average of the average rate per square feet in that locality & thesupply of properties from that locality. Premium localities (with higher average rate per squarefeet) as well as localities with higher supply of properties will have a bigger impact on theIndex.E.g. if the supply of properties from a premium locality drops, that locality will end up havinga lower weightage in the index which in turn will push the Index downwards (and vice-versa).On the other hand, supply of properties remaining unchanged, the index will be influenced bycapital appreciation within the locality.

2. Price Monitor - This reflects the capital appreciation/drop within a locality. It is calculatedbasis a movement in the “average rate per square feet” within that locality. By and large, the movement in the “average rate per square feet” reflects capitalappreciation/drops. However, in a few selected cases, we have observed that the average rate persquare feet moves due to a change in mix of apartments within that locality (e.g. if the ratio ofpremium apartments, which command a higher per square feet rate, changes over the quarter).In these few circumstances, the Price Monitor will in turn depict reflect this input. Suchchanges have been explained in the text of the City reports.

3. Rent Monitor - This reflects the rental appreciation/drop within a locality. It is calculatedbasis a movement in the “average rent per square feet” within that locality. By and large, the movement in the “average rent per square feet” reflects rentalappreciation/drops. However, in a few selected cases, we have observed that the average rentper square feet moves due to a change in mix of apartments within that locality (e.g. if the ratioof premium apartments, which command a higher per square feet rent, changes over thequarter). In these few circumstances, the Rent Monitor will in turn depict reflect this input.Such changes have been explained in the text of the City reports.

4. Yield Meter – Yield is the annual rate of return earned on property. Yield meter depicts thegross yield percentages across the various localities. Gross yield is a ratio of average annualrental value to the average capital value of the property.

5. Capital Value Tables (given in Annexures) - This shows the actual range of Prices withinwhich properties were available in each locality. Prices are shown in rupees per square feetbasis; these are the prevailing rates for properties in each locality.

GLOSSARY & DEFINITIONS

MagicBricksPropIndex

MagicBricks PropIndex is atool which empowersproperty seekers andinvestors with detailedinformation on themovement of residentialapartment prices andsupply of properties inIndia. No credible propertyindex can be a function ofdirect values as the changesare governed by multiplefactors.

MagicBricks PropIndex hastaken this reality intoaccount and produced anindex based on listing ofapartments and theircapital and rental values onthe website.

Magicbricks.com has over 4 lakh active propertiesposted by more than 1,00,000active users in 300 cities and3,500 localities. Our usersinclude owners, brokers andbuilders.

Methodology

Apartment values andlistings form the basis ofthe MagicBricks PropIndex.These include multistoreyapartments and single unitson plotted developments,referred to as Builder Floorson MagicBricks.com.

The Index is structured insuch a way that Individualproperties are aggregatedinto respective localitieswhich in turn are weighted

to their respective citywhich in turn is weighted tothe National Index.Weightages for PropIndexare based on the supply ofproperties within thelocality/city. Based on thisstructure, PropIndex gives arealistic picture of trends inprice/supply acrossdifferent property marketsin each city. We have useddifferent weightages forPrice Monitor/RentMonitor. Therefore, read asa whole, PropIndex alongwith tables provided forPrice Monitor, Rent Monitor,Yield Monitor and Capitalvalues. PropIndex gives anexcellent perspective of theproperty marketperformance in the quarter.

While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.

The National PropertyIndex (NPI) is indicative ofthe extent of activity as well

as price movements acrosscities and localities in themajor cities active onMagicBricks.com. The indexincludes the top 11 cities(these have been chosenbased on their activitylevels) and has anindividual city report foreach of these cities. Whilethe NPI and its movementsare of interest to the expertcommunity of bankers,builders and investors, thePropIndex has also takencare to explain the nuancesof index movements at thelocality level that wouldhelp the huge base ofMagicBricks.com.consumers

The PropIndex has been puttogether throughmeticulous research at thelocality level and throughdetailed discussions withexperts who have regularlybeen offering market adviceand comments on variousforums in theMagicBricks.com’s offlineand online initiatives.

The real estate markets inIndia are dynamic and thePropIndex reflects thosechanges. Since it is derivedfrom a dynamic database,there will be some additionsand deletions of localitiesthat happen as a function of market dynamics. Thesewill be reflected in futureeditions of the Index. TheMagicBricks PropIndex is released on a quarterlybasis.

METHODOLOGY

JUL-SEP 2011

The National Property Index(NPI) went up by 4% in thequarter Jul-Sep 2011, compared toApr-Jun 2011.

The NPI is a weighted average ofsupply and prices across cities. Ofthe 11 cities covered in the IndiaApartment Index, 9 have risen atthe city level. These includeDelhi, Chennai and Ghaziabad(9%), followed by Noida (8%),Bangalore and Hyderabad (5-6%)and Mumbai, Gurgaon and Pune (1-2%).

Ahmedabad index value dropped5% on the back of falling valuesin some key locations whileKolkata remained stable duringthe Jul-Sep 2011 period.

The NPI is a weighted average ofcity indices. Mumbai, Gurgaon,Delhi and Bangalore were themajor contributors to the NPI.

The MagicBricks Propindex isbased on dynamic data minedfrom the portal to show the levels

of supply and the type ofproperty listed in each locality.These are cleaned with complexalgorithms to remove outliers andarrive at the index values forlocality, city and national levels.

The index is impacted by thenumber and the average price ofproperties in each locality and thelocality’s weightage in the city.This is based on its contributionto the city’s property databank.

Since the listings on the websiteare by end users and marketplayers, the index is based on amix of newly developing andestablished localities as well asnew and old construction.

The composite index value of acity draws from the changingindex values of differentlocalities. Localities that weremore active than others cancontribute significantly to theindex values of that city.

This index is reflective of trendsacross multistorey and singlefloor apartments.

n National Property Index(NPI) rose 4%

n Quoted prices remain highacross cities

n Maximum hike in values inlocalities adjoiningecnonomic corridors

n Rental values rise on backof improved transportcorridors and Metroconnectivity

n Demand and supply moveto the suburbs

JUL-SEP 2011

IN THIS REPORT:

National Property Index...............1Delhi.........................................4Gurgaon....................................7Noida & Ghaziabad................... 10Mumbai....................................13Pune........................................16Ahmedabad..............................19Kolkata...........,........................ 21Chennai....................................23Hyderabad................................26Bangalore.................................28Annexures.................................31

NATIONAL PROPERTY INDEX (NPI)

VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

Source: Magicbricks.com

NATIONAL PROPERTY INDEX

There have been certain commonthreads across different cities:

l Markets witnessed limitedsupply of new projects due totight monetary conditions

l Consumers displayed weaksentiments due to persistentlyrising home loan interest rates

l High quoted prices led users togo slow on investmentdecisions

l Suburban properties registeredbig hike in capital values onthe back of increasing supplyof affordable options, backedby robust demand

l Demand for low cost housingshifted to peripheral areas

l All major developments tookplace along transport spines

l Demand for residentialproperty focused on localitiesnear IT corridors andcommercial hubs

l Shifting commercial hubsdrove residential demand inthat direction

l Very high pricing in premiumlocalities drove supply anddemand of properties inneighbouring low-priced areas

l Increase in capital values inone locality due to economic or

local factors led to spillovereffect in capital values ofsurrounding areas

l Infrastructure development ledto rising number of propertylistings and values

The Ahmedabad index valuedropped 5%. Sharp fall in capitalvalues in Prahlad Nagar impactedthe city index value significantly.There has been a significant dropin the number of properties

coming up for transaction inpremium areas such as PrahladNagar, Satellite and Gurukul,which have pushed index valuesdownwards.

The Bangalore Index rose by 5%.Hike in capital values and thenumber of listings in heavyweightage localities such asWhitefield, Banerghatta Road andSarjapur Road tilted the indexupwards. In North Bangalore newinvestment destinations such as

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3VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

Hebbal and Yelahanka toocontinued to quote values 3-8%higher, which further pushed theindex upwards.

The Chennai Index posted 9%increase. Rise in values of 8-13%as also the number of listings inThiruvanmiyur and Ambatturwere major contributors to therising index values. Premiumlocalities such as Anna Nagar tooposted significant increase innumber of listings, pushing upindex values. However, there hasalso been a noticeable fall innumber of listings in localitiessuch as Medavakkam, Perungudi,Velacheri and Sriperumbudur,which arrested the increase inindex values.

Delhi city index rose by 9%primarily because of rise inaverage prices in majority oflocalities across the city. Averagecapital values rose significantly inDwarka, Chittranjan Park,Kalkaji, East of Kailash, MayurVihar Phase-1 and Paschim Vihar,followed by Rohini Sector -13 andAlaknanda. Also there was afluctuation in the number oflistings in most of the areas.However, fall in number of listingsand average capital values inPanchsheel Enclave impacted theindex adversely during the periodJul-Sep 2011.

Ghaziabad index rose 9% becauseof increase in average capitalvalues of properties across thecity from the previous quarter.However, significant increase innumber of listings in areas suchas Indirapuram and CrossingsRepublik helped to push the indexup further.

With no major supply posted inmajority of localities in the Jul-Sep 2011 quarter, the Gurgaonindex posted nominal increase of2%. Sohna Road was the onlylocality that registered significantincrease in listings, owing to anumber of projects which are atthe possession stage. Steadyincrease in values in mostlocalities held the city index up.

The Hyderabad city index rose by5% in the Jul-Sep quarter,indicating end-user activity.Values rose in about 60% of thelocalities. The localities nearcommercial districts or easilyaccessible from them have seen arise in capital as well as rentalvalues. As a result, city andsuburban areas witnessedsignificant price rise.

Rising values and increasingnumber of listings in developingareas such as Rajarhat, New Townand Gharia held the Kolkataindex unchanged. Due to pre-festive season slowdown across thecity, listings remained stable inmost areas.

Noida once again posted healthyincrease in index values of 8%.Increase in average capital valuesof the properties across the regionwas primarily attributed to thelegal battles in Noida Extensionbetween farmers and the Noidadevelopment authority. This hasbenefitted properties in thepossession as well as under-construction stage. Rise in listingsof ready-to-move-in and completedprojects has also helped pushindex values up. However, fall innumber of listings in under-construction sectors such as 74, 75,76 and 78 indicates that sellers areholding back for future gains.

Backed by a small rise in valuesacross the city, the Pune cityindex went up by a mere 1% in theJul-Sep 2011 quarter. The numberof listings remained largelyunchanged. Localities near or withgood transport links to IT parksremained the big drivers of theresidential space in the suburbanlocalities.

Mumbai index values rose 2%inthe Jul-Sep 2011 quarter. Nominalincrease in property values andnumber of listings in heavyweightage areas such as AndheriWest, Kharghar, Kandivali Eastand Mira Road held the city indexup. Only 37% of localitiesimpacted the city index positively.The rest remained weak.

TOP YIELD GROSSERS

Rental yield is a factor of the changes inrental values locality-wise vis-a-vis thechanges in capital values. Given beloware the top yield-grossing localities ineach city

Locality Gross yield

Bangalore, Marthahalli 5.29%

Kolkata, Narendrapur 4.99%

Chennai, Porur 4.77%

Hyderabad, Kondapur 4.76%

Mumbai, Powai 3.97%

Pune, Hadapasar 28 3.78%

Ahmedabad, Vejalpur 3.66%

Ghaziabad, Indirapuram 3.52%

Noida, Sector-62 3.34%

Gurgaon, Dlf City Phase II 2.89%

Delhi, Vasundhara Enclave 2.76%

CAPITAL GAINS

The table given below indicates maximum increase in capital values ineach city

Locality % Change

Delhi, Rohini Sector 13 24%

Mumbai, Bandra East 22%

Gurgaon, Palam Vihar 15%

Bangalore, Airport Road 17%

Hyderabad, Begumpet 16%

Pune, Pashan 14%

Chennai, Thiruvanmiyur 13%

Ghaziabad, Raj Nagar Extn 12%

Noida, Sector-93 11%

Kolkata, Narendrapur 10%

Ahmedabad, Bopal 6%

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CITY PROPERTY INDEX

The Bangalore City PropertyIndex rose by 5% compared tothe NPI that rose by 4% in theJul-Sep 2011 quarter ascompared to the Apr-Jun 2011quarter.

The Price Monitor maintainedaverage increase of 5% invalues quarter-over-quarter. Inthe Bangalore real estatemarket, capital and rentalvalues held steady in majorityof the localities in and aroundcommercial centres.

The MagicBricks Yield Meterranged from 2.94-5.40%.Hebbal, despite a fall in yieldfrom 6.5-5.4 % from theprevious quarter, remained thehighest yield generator in thecity. This was largely due tohigher percentage drop inrental values over capitalvalues.

PRICE MONITORSouth Bangalore: In SouthBangalore, majority oflocalities showed positivetrend in values. In premiumareas such as Koramangala,where values have remainedstable and high, adjoininglower priced markets havebeen active. These haveboosted the number of listingsin the locality and pushedaverage values down.

Localities which haveregistered maximum increasein values are Sarjapur Road,Kanakpura Road and

Electronic City, all in the range of 4-8%.

Properties located along theSarjapur Road witnessed 7-8% increase in values,primarily on account of largeIT workforce, goodconnectivity and availabilityof large number of options inboth affordable as well aspremium segments. PratapReddy of Hanu Reddy Realtysaid demand, mainly comingfrom IT and corporate sectoremployees in a big way, is themain reason for increasingvalues.

Electronic City, established asa technology hub, is nowbecoming a satellite town witha good number of hotels,restaurants, hospitals and

BANGALORE 28VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

PROPINDEX - BANGALORE QUICKSTATS

n Yield Meter: Yield ranges between 2.98% to 5.40%

n Capital values rose in 75% localities

n Rental values rose in 40% localities

n Property Index rose from 103 to 108

n Price Monitor rose from 105 to 110

+5%

Price Monitor indicates 5% increase in the average sale price

P R I C E M O N I T O R

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BANGALOREVOL 1, ISSUE 2; JUL-SEP, FY 2011-1229

residential housing around it.According to Shakkel Sait ofElite Corporation, capitalvalues of property remainedunchanged. But the increase inavailability of premiumoptions has pushed the averagevalues up.

Kanakpura Road, the hub ofeducation with variousmedical and engineeringcolleges on the stretch,registered 4-5% increase invalues. Improved connectivitywith the opening of the NiceRoad remained the mainreason for increase in values.

North Bangalore: NorthBangalore is considered asfuture commercial hub. At themoment, North Bangalore isundergoing rapidtransformation due tocommercialisation and it alsohas significant residential realestate activity.

The proposed infrastructuredevelopments such as newinternational airport, metroproject, flyovers, underpassesand road widening activitiesare encouraging developers aswell as investors. As a result

there has been a rise inaverage value of propertieslocalities such as Hebbal,Yelanka and Sahakar Nagar,with a rise of 3-13%.

According to Saqib Ilyas ofTrend Sheltors, “As of now,there is no direct trigger forincrease in values. Thereforeon-ground values haveremained fairly stable duringJul-Sep 2011. However,expectation about the futurepotential of the locality hasled to a rise in quoted saleprice in these localities.

East Bangalore: In EastBangalore most of thelocalities have posted increasein average value of properties.Marathahalli, Kasturi Nagar,CV Raman Nagar and Brookefield posted the highestincrease in values of 5-9%.

Proposed metro connectivitybetween the ByappanahalliTerminus and the CentralBusiness District andimproved infrastructure arepushing up values in andaround CV Raman Nagar,Kasturi Nagar and the OldMadras Road.

New companies setting uptheir base in Mayantha TechPark was the prime reason forincrease in demand in KasturiNagar, said Ayub Khan ofApex Real Estate.

Marathahalli posted increaseof 9%. Ilyas said the increasein demand of premiumproperties by well-knowndevelopers is pushing theaverage value of the propertiesup. However, the propertyprices had remained fairlystable during the quarter Jul-Sep 2011.

n Despite fall in yield from 6.2-5.4% Hebbal continued at thetop of the yield meter.

n With an increase of 4% incapital values and rentalvalues remaining unchangedKanakpura Road postedlowest yield.

JUL-SEP 2011

n Bangalore city index rose by9%

n Steady demand andcompletion of infrastructurework benefits IT corridor

n Metro connectivity pushedvalues in city areas

n Far-flung reasonably pricedlocalities registered steadyincrease in values

Y I E L D M E T E RGross Yield - Locality Wise

Source: Magicbricks.com

Brookefield is strategicallylocated between the twocommercial hubs -Marathahalli and Whitefield.Therefore, it helps to cater thedemand from both the markets.Khan said proximity to thecommercial hubs and gooddemand for rental propertycontinues to attract theinvestors.

The localities which havebucked the trend byregistering nominal fall invalues are Kundalahalli,Bellandur and K R Puram.

Magadi Road located in WestBangalore, enjoys easyaccessibility by road as well asrail network. The area alsoboasts of a metro line whichhas led to 13% increase invalues.

RENT MONITORMajorly, well established areasand the localities with goodaccessibility in South and EastBangalore witnessed uptrendin rental values.

In South Bangalore localitiesin proximity to IT hubs and

commercial sector such asElectronic City and SarjapurRoad witnessed maximumincrease in rental values.According to Mohammad AyasShaik of Emerald City Estate,the locality is witnessingconstant demand fromcorporate and IT sector mainlyon account of goodconnectivity and availabilityof all the basic infrastructurefacilities and amenities.Increase in capital values isanother important factor forhigh asking rental values.

JP Nagar registered anincrease of 8% in rentalvalues. According of ChandruKumar of Silicon Estate,presence of all the facilitiessuch as schools, educationalinstitutes and availability ofproperty on lease with allmodern facilities make thelocality one of the mostpreferred destinations to workand live in.

According to MK Khan ofMultispace Properties, drop inrental values registered inBanashankari stage 2 onaccount of its poor

connectivity to IT hubsresulting in fall in demand forproperties on lease.

Overall, East Bangalorerental markets have beenbetter off in the Jul-Sep 2011quarter over the Apr-Jun 2011quarter. A 6-8% increase inrental values have beenregistered in majority of thelocations such as Whitefield,HSR layout and CambridgeLayout. The only localitywhich showed stable rentalvalues is Marathahalli.

HSR Layout is a fastdeveloping locality inproximity to the neighbouringIT centres, NIFT and otherimportant places of the region.The locality comprises of goodeducational institutes,hospitals and shopping malls,making this area desirable toreside in.

Whitefield enjoys good demandand supply of properties.Increase in demand as well assupply of premium apartmentswith all the modern facilitiesand amenities on lease haspushed up the average rentalvalues.

In North Bangalore, newlocalities witnessed drop inrental values of 9-13% in areassuch as Yelahanka and Hebbal.Poor infrastructure andabsence of adequate facilitiesin these localities are the mainreason for the drop in rentalvalues, said Ilyas.

On the other hand,Malleshwaram and RT Nagar,which are relatively developedlocalities of north Bangalore,registered stable rental values.

INFRASTRUCTURE DRIVERSBangalore: Connectivity andemployment are drivingdevelopment in Bangalore. Thestarting of the BangaloreMetro has been a driver andits impact will be moredistinct in the next quarter.

30

Rent Price Percentage Change

RENT MONITOR

BANGALORE VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

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aNNexuRes

AECS Layout 2850 to 3100

Airport Road 4150 to 4950

Amruthahalli 3150 to 3600

Babu Sahib Palya 2700 to 3050

Banashankari 2950 to 3350

Banashankari Stage 3 4400 to 5150

Banaswadi 3150 to 3750

Bannerghatta Road 2950 to 3450

Basavanagudi 5750 to 6800

Begur Road 2150 to 2450

Bellandur 2850 to 3400

Benson Town 5650 to 7300

Brooke Field 3700 to 4450

BTM Layout 1600 to 2000

Chanda Pur 2150 to 2250

Cookes Town 5250 to 6500

Cox Town 4650 to 5800

Cunningham Road 8250 to 10400

CV Raman Nagar 2800 to 3250

Devanahalli 2450 to 2700

Domlur 5550 to 6400

Electronic City 2450 to 3050

Frazer Town 4550 to 5750

Hal 1-3 Stage 3750 to 4100

HBR Layout 2850 to 3200

Hebbal 2750 to 3250

Hennur Road 3550 to 4200

Hoodi village 2800 to 3200

Hormavu 2250 to 2800

Hosur Road 2200 to 2700

HRBR Layout 3900 to 4450

HSR Layout 3100 to 3650

Indira Nagar 4900 to 5650

ITPL 3050 to 3600

Jakkur 3150 to 3600

Jalahalli 3700 to 4300

Jayanagar 6450 to 7650

JP Nagar 3300 to 4200

JP Nagar Phase 7 4400 to 4900

K R Puram 2450 to 2750

Kaggadasapura 2900 to 3350

Kalyan Nagar 2600 to 2800

Kanakapura Road 3250 to 4000

Kasturi Nagar 2850 to 3350

Koramangala 4400 to 5200

Krishnarajapura 2250 to 2450

Kundalahalli 2750 to 2950

Lal Bahadur Shastri Nagar- Garkamantapalya 3100 to 3450

Lavelle Road 13050 to 15800

Mahadevpura 3400 to 4450

Malleshwaram 6450 to 7850

Marathahalli 2900 to 3450

MG Road Area 5800 to 7550

Nagwara 2350 to 2850

Old Madras Road 2650 to 2850

OMBR Layout 3200 to 3650

Rajarajeshwari Nagar 2500 to 2900

Ramamurthi Nagar 2950 to 3500

Richmond Town 7200 to 8450

RMV Stage 2 5600 to 6850

RT Nagar 2800 to 3050

Sahakar Nagar 3500 to 3950

Sanjay Nagar 5000 to 6150

Sarjapur 4350 to 5250

Sarjapur Road 3850 to 4700

Silk Board 2550 to 2900

Thanisandra 2750 to 3400

Ulsoor 4450 to 4950

Uttarahalli 2950 to 3300

Vidyaranyapura 2800 to 3050

Whitefield 3550 to 4250

Wilson Garden 3900 to 4200

Yelahanka 3200 to 3850

CAPITAL VALUES – LOCALITY WISE

Average Residential Apartment Prices

Locality Capital Values (Rs/Sq feet)

Locality Capital Values (Rs/Sq feet)

BANGALORE

BANGALORE41

VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

D I S C L A I M E REvery effort has been made to make this Index as complete and as accurate as possible. MagicBricksaccepts no responsibility for inaccuracies in the information/data contained in this book. It shall haveneither liability nor responsibility to any person or entity with respect to any loss or damage caused, oralleged to have been caused, directly or indirectly, by the information contained in this book. Theinformation/data in this book is subject to change from time to time due to market condition.

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PROPINDEX TEAM

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Kurup, Dipti Tandon, Rishab Jain,

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