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YOUR FAST TRACKTO RESIDENTIALPROPERTY IN MUMBAI.

September 2009

Introducing the frantic melange of India's extreme

city. As India's financial powerhouse and home to

glistening skyscrapers and malls, Mumbai today

marches towards a progressive world. And in

vogue of bringing you the best of real estate

opportunities, is

proud to bring you the metropolis, bare, in the

2009 In the

pages that follow, allow us to show you the City of

Dreams in all her expansive potential.

ICICI Home Finance Company

Mumbai Residential Property Report.

MUMBAI.

Mumbai Fact File

Mumbai, which was previously known as Bombay, is a major metropolitan city of India. It is the state capital of

Maharashtra. Mumbai city is known as the business capital of India. It is the country's principal financial and

communications centre. The city has the largest and the busiest port handling India's foreign trade. It also has

a major international airport. India's largest Stock Exchange, which ranks the third largest in the world, is

situated in Mumbai.

Mumbai contributes 10% of all factory employment, 40% of income tax collections, 60% of custom duty

collections, 20% of central excise tax collections and 40% of India's foreign trade.

Description about Mumbai/Bombay cannot be complete without the mention of Bollywood, the biggest

Indian film industry, which churns out hundreds of Hindi blockbusters every year.

Location

Mumbai lies on the western coast of India, spread across 437.77 sq. kms. The population of Mumbai, as per

Census 2001, was 11.98 million. Mumbai is a group of seven islands in the Arabian Sea which lies off the

northern Konkan coast on the west of the state of Maharashtra in India. These seven islands, which were once

separated by creeks and channels were filled and bridged over the years by the inhabitants.

Climate of Mumbai

Most of the year, Mumbai's climate is warm and humid. Between November and February, the skies are clear

and the temperature is cooler. From March, the temperature becomes warm and humid till mid June which is

the beginning of the monsoon. During monsoon, there are torrential rains which sometimes cause flooding of

major roads and streets of Mumbai. The average rainfall which is brought by the south-west monsoon winds

in Mumbai is 180 cms. Monsoon ends by the end of September. October is comparatively hot and humid.

History of Mumbai

In 1661, King Charles II of England married Princess Catherine de Braganza of Portugal, and as part of the

dowry he received "Bombay" which is today known as Mumbai. Later in 1668, it was handed over to the East

India Company.

In 1858, the administration of the country was taken over by the Queen of England, Queen Victoria, from the

East India Company. A Viceroy was appointed to rule India in the name of the Queen.

Bombay came under the direct rule of the British in 1861.

The first railway line in India was started between Mumbai (CST) and Thane in 1861.

In 1864, modern water supply was started in Mumbai and in 1885, Mumbai was lit with gas.

A number of Indian financial institutions have headquarters in downtown Mumbai, including the Stock

Exchange, the Reserve Bank of India, the National Stock Exchange of India and numerous conglomerates (the

Tata Group, Reliance, etc.). Many foreign banks and financial institutions also have branches in this area.

The property prices as well as the increase in rental values in Mumbai owe much of its credit to large scale

investments in the commercial sector. Mumbai has always been the hot favourite for most of the corporate

houses to have their headquarters. And with increasing investments by MNCs in the finance, media and the

BPO sectors, there has been a growing demand for office as well as residential space.

Administrative Framework

Mumbai consists of two distinct regions - the city (South Mumbai) and the suburbs. The city is usually referred

to as the Island City while the suburbs could be divided into the central and the western suburbs.

This region is administered by the Brihanmumbai Municipal Corporation (BMC), formerly known as the

Bombay Municipal Corporation.

Navi Mumbai (stretching from Airoli to Uran) and Thane city, which have been covered as separate retail

districts in this report, are otherwise a part of the Thane district.

Pockets beyond CBD Belapur are a part of the Raigad district and fall under the Panvel Municipal Council.

The remaining parts of Navi Mumbai are under the jurisdiction of the NMMC (Navi Mumbai Municipal

Corporation).

Thane city is under the administration of the Thane Municipal Corporation.

Mumbai: Transport

Most of Mumbai's inhabitants rely on the following public transport to travel to and from their workplace:

– The Mumbai Suburban Railway

– State-run BEST buses

– Taxis, autorickshaws

The city is headquarter to two railway zones: the Central Railway (CR) headquartered at Chatrapati Shivaji

Terminus (CST), and the Western Railway (WR) headquartered near Churchgate.

Infrastructure

Bandra-Worli Sea Link

According to the original plan of the state government, the Bandra-Worli Sea Link (roadway) was to be completed by 2003, but the project has been embroiled in various issues such as logistical, environmental clearance and public interest litigation leading to its delay and subsequent cost escalation.

However, the sea link is now operational since July 1, 2009. Construction of the sea link has provided an additional fast moving outlet from South Mumbai to the western suburbs & thereby providing much needed relief to the congested Mahim Causeway. This link will also form a part of the western freeway as it starts with the Western Express Highway and Swami Vivekanand Road at Bandra and connects to Worli with an overall length of 5.6 kms.

Mumbai Trans Harbour Link

The proposed project links Sewri (South Mumbai) with Nhava Sheva (Navi Mumbai) with a 22 km road bridge

over the sea. The project consists of construction of an 8-lane bridge across the deep sea through the Mumbai

Harbour and connects it to local road networks through approaches / interchanges at both ends.

The proposed Mumbai Trans Harbour Link (MTHL) connecting Sewri to Nhava Sheva is expected to be a

catalyst to the development of Navi Mumbai, by promoting horizontal growth as against the vertical growth

experienced over the past few years. The link will help reduce problems of congestion and pollution in

Mumbai and improve the connectivity between Navi Mumbai and South Mumbai. The project is currently in

the bidding stages.

Proposed schemes under MUIP

The Master Plan of proposed schemes under the MUIP (Maharashtra Urban Infrastructure Project) for the

eastern and the western suburbs and for the Island City includes improvements/provision of D P Roads

(Development Plan Roads), Elevated Roads, Flyovers, ROBs (Road Over Bridge), Vehicular Subways,

Pedestrian Subways, Station Area Improvement Schemes (SAIS), high capacity bus corridors, etc.

The Government of Maharashtra, vide its Cabinet Resolution of November 1, 2003, sanctioned the Master

Plan for MUIP as indicated below:

Source: MMRDA

Mumbai Metro

Master Plan

The main objective is to provide a rail-based mass transit connectivity to people within an approach distance

of 1 to 2 km to serve the areas not connected by the existing Suburban Rail System and to provide proper

interchange facilities for connectivity to neighbouring areas like Thane, Navi Mumbai, Vasai, Virar, etc.

Phase I (2006 – 2011)

Versova – Andheri – Ghatkopar - 11.07 km

Colaba – Bandra – Charkop - 38.24 km

Bandra – Kurla – Mankhurd - 13.37 km

Total - 62.68 km

Phase II (2011 – 2016)

Charkop – Dahisar - 7.5 km

Ghatkopar – Mulund - 12.4 km

Phase III ( 2016 – 2021)

BKC – Kanjur Marg via Airport - 19.5 km

Andheri(E) – Dahisar(E) - 18 km

Hutatma Chowk – Ghatkopar - 21.8 km

Sewri – Prabhadevi - 3.5 km

Total length 146.5 km

Eastern Western South Schemes Suburbs Suburbs Mumbai OverallD P Roads (no.) 52 60 22 134

D P Roads (kms.) 195 150 116 462

Elevated Roads 6 - 4 10

Flyovers 10 17 14 41

ROBs 1 7 8 16

Vehicular Subways 8 1 1 10

Pedestrian Subways 27 5 24 56

Versova – Andheri Ghatkopar corridor

Work on the Versova-Andheri-Ghatkopar corridor of the Mumbai Metro rail has already started.

üIt provides East-West rail-based connectivity to the central and western suburbs

üFacilitates smooth and efficient interchange between suburban rail system and MRT system

at Andheri and Ghatkopar stations

üReduces the journey time from 71 minutes to 21 minutes between Versova and Ghatkopar

üProvides rail-based access to the MIDC, SEEPZ and commercial developments

Source: MMRDA

SEZs Update

There are 18 notified SEZs in and around Mumbai as of August 2009 spread across 2045 hectares. Most of

them are concentrated in Thane & Panvel. Majority of the SEZs belong to IT/ITES.

–

SEZ Classification as per Usage

Bio-technology

11%

Multi-services

6%Multi Product

6%Gems &

Jewellery

6%

IT/ITES

71%

A detailed list of all notified SEZs in Mumbai is , 2009 tabulated below as on August

Name Location Type

Area (in

hectares) Status

Gitanjali Gems Limited Panvel Gems & Jewellery 10 Under-construction

K Raheja Universal Pvt. Ltd. Thane, Navi Mumbai IT/ITES 20.65 Under-construction

K Raheja Universal Pvt. Ltd. Thane IT/ITES 13.07 Under-construction

Lodha Dwellers Pvt. Ltd. Thane IT/ITES 32.67 N.A.

M/s Hiranandani Builders Powai IT/ITES 12.58 Operational

Mahindra & Mahindra Ltd Thane Bio-technology 22.32 Under-construction

Navi Mumbai SEZ Pvt. Ltd. Dronagiri, Navi Mumbai Multi Product 1223.68 Under-construction

Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 38.28 Under-construction

Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 21.13 Under-construction

Navi Mumbai SEZ Pvt. Ltd. Kalamboli, Navi Mumbai IT/ITES 103.07 Under-construction

Navi Mumbai SEZ Pvt. Ltd. Kalamboli, Navi Mumbai Multi-services 176.71 Under-construction

Navi Mumbai SEZ Pvt. Ltd. Panvel IT/ITES 10.77 N.A.New Found Properties and Leasing Pvt. Ltd. Thane IT/ITES 21.26 Under-construction

Saloni Business Park Pvt. Ltd Thane Bio-technology 34 N.A.

Sanvo Resorts(P) Panvel IT/ITES 10.69 N.A.

Serene Properties Pvt. Ltd. Thane IT/ITES 19.34 N.A.

Sr.

No.

1

2

3

4

5

6

7

8

9

10

11

12

13

Royal Palms Goregaon(E) IT/ITES 218 Under-construction14

15

16

17

18 Zeus Infrastructure Pvt. Ltd. Thane IT/ITES 57.1 N.A.

Source: Ministry of Commerce & Industry, Dept. of Commerce

FDI

The Mumbai Real Estate space has witnessed FDI investments over USD 700 mn. in the last one year.

Major Locations within Mumbai

We have classified the real estate space in Mumbai into five distinct zones – Central Suburbs, Western Suburbs, Navi Mumbai, South Mumbai and Thane. The major locations in each of these zones have been presented in the diagram below:

Navi Mumbai

Western Suburbs

Central Suburbs

Thane

South Mumbai

M U M B A ICity

Wadala

Sewri

Mahim

DadarPrabhadevi

Worli

Lower Parel

Mahalaxmi

Colaba

Malabar Hill

Kandivali

Borivali

Dahisar

Mira Road

Bandra

Khar

Santacruz

Vile Parle

Andheri

Goregaon

Malad

Thane

Ghatkopar

Kurla

Mulund

Bhandup

Chembur

Vikhroli Koparkhairane

Vashi

Nerul

Panvel

Kharghar

Organised Retail Development

Mumbai has around 38 operational malls spread over 100 lakhs sq. ft. with majority mall space concentrated in the Western suburbs. Central suburbs would also witness a huge influx of mall space in coming years.

Detailed list of malls in Mumbai is belowas

Total Area S. in lakhs sq. ft.

No. Project Name Location Zone (Approx.) Status

1 Atria Mall Worli South Mumbai 2.5 Operational

2 Bandra Drive In Bandra Western Suburbs 4 Under Construction

3 Big Shopping Center Thane Thane 2.4 Under Construction

4 Center One Vashi Navi Mumbai 1.3 Operational

5 Centurion Mall Vashi Navi Mumbai 4 Under Construction

6 Citi Mall Andheri Western Suburbs 1 Operational

7 City Centre Vashi Navi Mumbai 2.5 Operational

8 CR2 Nariman Point South Mumbai 0.6 Operational

9 Crystal Point Andheri Western Suburbs 2.5 Operational

10 Dreams Mall Bhandup (W) Central Suburbs 10 Under Construction

11 Dreams Mall Vashi Navi Mumbai 5 Under Construction

12 Eastern Mall Malad Western Suburbs 1 Operational

13 Eternity Mall Thane Thane 2.5 Operational

14 Evershine Mall Malad Western Suburbs 1.3 Operational

15 Express Zone Goregaon (E) Western Suburbs 2.5 Under Construction

16 Fantasia Vashi Navi Mumbai 6 Under Construction

17 Full Stop Palm Beach Road Navi Mumbai 1.5 Under Construction

18 G7 Mall Andheri Western Suburbs 2.5 Under Construction

19 Glomax Kharghar Navi Mumbai 2 Under Construction

20 Growel 101 Kandivali Western Suburbs 4.3 Operational

21 High Street Phoenix Lower Parel South Mumbai 7 Operational

Mumbai Mall Space Distribution

0.0

10.0

20.0

30.0

40.0

50.0

60.0

70.0

Central Suburbs Navi Mumbai South Mumbai Thane Western Suburbs

Operational Under Construction

Source: ICICI Property Services Group

22 Hi-Life Santacruz Western Suburbs 2.5 Operational

23 Huma Mall Kanjurmarg Central Suburbs 1.5 Operational

24 Infinity Andheri Western Suburbs 2 Operational

25 Inorbit Malad Western Suburbs 5 Operational

26 Inorbit Vashi Navi Mumbai 5.5 Operational

27 K Star Chembur Central Suburbs 1.5 Operational

28 Kohinoor City Mall Vidyavihar Central Suburbs 3 Under Construction

29 Lake City Mall Thane Thane 6 Operational

30 Leo Mall Bhandup (W) Central Suburbs 2 Under Construction

31 Little World Mall Kharghar Navi Mumbai 2.5 Operational

32 Magnet Bhandup (W) Central Suburbs 7 Under Construction

33 Maxus Mall Bhyander Western Suburbs 2 Operational

34 Mega Mall Andheri Western Suburbs 3.6 Operational

35 Megapolis Mall Thane Thane 5 Under Construction

36 Metro Junction Kalyan Thane 8 Operational

37 Milan Mall Santacruz Western Suburbs 1 Operational

38 Moksha Plaza Borivali Western Suburbs 2 Under Construction

39 Mumbai Mills Lower Parel South Mumbai 10 Under Construction

40 Nakshatra Dadar South Mumbai 0.3 Operational

41 Nirmal Life Style Mall Mulund Central Suburbs 7.5 Under Construction(Phase II)

42 Nirmal Life Style Mall Mulund Central Suburbs 5 Operational(Phase I)

43 Oberoi Goregaon (E) Western Suburbs 4.5 Operational

44 Orchid City Centre Mumbai Central South Mumbai 2.5 Operational

45 Palm Beach Galleria Vashi Navi Mumbai 2.5 Operational

46 Phoenix Market City Kurla Central Suburbs 16.6 Under Construction

47 Platinum Ghatkopar Central Suburbs 1.3 Operational

48 Prime Mall Vile Parle Western Suburbs 1.3 Operational

49 Prime Mall Kharghar Navi Mumbai 0.4 Under Construction

50 R City Centre Ghatkopar Central Suburbs 6.5 Operational

51 R Mall Thane Thane 2.5 Under Construction

52 Raghuleela Mall Kandivali Western Suburbs 4 Operational

53 Raghuleela Mall Vashi Navi Mumbai 3 Operational

54 Raj Mall Thane Thane 4.5 Under Construction

55 Ripplez Mall Airoli Navi Mumbai 0.6 Under Construction

56 R-Mall Mulund Central Suburbs 2.8 Operational

57 R-Mall Odeon Ghatkopar Central Suburbs 0.7 Under Construction

58 RNA Mall Mira Road Western Suburbs 3 Under Construction

59 Thakur Mall Dahisar Western Suburbs 1.5 Operational

60 The Hub Goregaon (E) Western Suburbs 1.5 Operational

61 V Mall Kandivali Western Suburbs 1.7 Operational

62 Viva City Thane Thane 10 Under Construction

63 Wonder Mall Thane Thane 2 Operational

Distribution of residential supply (no. of units) in the pipeline across Mumbai

Central Suburbs

Navi Mumbai

South Mumbai

Western Suburbs

Thane

Distribution of Residential Supply

35%

10%

4%

10%

41%

Supply of Residential Units coming up by December 2012


Zone Apartment Size Avg Area of flat (in Sq. ft.) No. of Units Total Area (Mn Sq. Ft.)

Total Residential Supply in Mumbai by Dec 2012 29.12

1 BHK 640 24 0.02

2 BHK 1014 1200 1.22

3 BHK 1249 910 1.14

Central Suburbs Total supply 2.38

1 BHK 590 200 0.12

2 BHK 1249 303 0.38

2.5 BHK 1498 159 0.24

3 BHK 1844 180 0.33

4 BHK 2846 94 0.27

Navi Mumbai Total supply 1.34

2BHK 1285 825 1.06

3 BHK 1830 1023 1.87

4 BHK 3329 270 0.9

5 BHK 5162 71 0.37

South Mumbai Total supply 4.2

1 BHK 645 290 0.19

2 BHK 1029 2936 3.02

2.5 BHK 1254 4016 5.04

3 BHK 1539 1444 2.22

4 BHK 2635 57 0.15

Western Suburbs Total supply 10.62

1 BHK 622 1300 0.81

1.5 BHK 701 30 0.02

2 BHK 1239 4518 5.6

2.5 BHK 1121 400 0.45

3 BHK 2722 1360 3.7

Thane Total supply 10.58

Central Suburbs

Major Locations

Ghatkopar, Kurla, Mulund, Bhandup, Chembur, Vikhroli

üCentral suburbs, till recently, were not considered as premium locations but now with retaildevelopments like Nirmal Lifestyle and R Mall, several premium residential projects havesprung up in this part of the city

üMajor builders in the central suburbs include Runwal, Nirmal Lifestyle, Ackruti Nirman Ltd.,Sheth Developers, Neptune, Kukreja Builders, K Raheja Universal, Neelkanth Group, DamjiShamji & Co., Godrej Properties Ltd., Mayfair Housing and Rajesh Builders

üBhandup (W) is characterised as an industrial suburb while Bhandup (E) is considered to beresidential

üIncreasing population density and property prices have forced the development of Nahur, astation which was recently constructed between Mulund and Bhandup

üMajor arteries originate at Chembur and lead to Navi Mumbai (New Bombay), Ghatkopar,Sion, Kurla and Mulund-Thane

üStarting out as an industrial area, Chembur is now a largely residential suburb. Oldbungalows and villas are making way for high-rise apartments

üGhatkopar is one of the most crowded but developed locations in Mumbai

üPeople from all strata reside here, but it is mostly dominated by rich businessmen and traders

üJogeshwari-Vikhroli Link Road has improved the connectivity between the central and thewestern suburbs, thus acting as one of the growth stimulators for residential real estate in this area

üThe old Fiat factory has given way to a township and mall in Kurla

Growth Stimulatorsü Affordability and saturation of markets in the western suburbs and south Mumbai are driving

the residential markets in the central suburbs

ü Residential developments are seen only on one side of the highway, thus maintaining smooth flow of traffic

ü Good connectivity and well-developed infrastructure in terms of flyovers and highways, e.g. LBS Marg runs from Sion to Mulund, the Eastern Express Highway connects Dadar to Thane and beyond JVLR (Jogeshwari-Vikhroli Link Road), Chembur-Santacruz Link Road connects the Eastern Express Highway to the Western Express Highway

ü The proposed Ghatkopar–Versova Link Road is on the cards. It will give residents an easy and convenient access to Andheri, resolving the present problem of traffic hazards

ü There is a presence of organised retail developments in the face of Nirmal Lifestyle, R Mall in Mulund and Dreams right outside Bhandup station, Shopper's Stop at Ghatkopar and R City Centre. Commercial development of approximately 3.5 million sq. ft. is expected to enter the central suburbs over the next 2 years. This translates into 0.03 million new employment opportunities.

Residential Market in Central Suburbs

Average apartment size of 1 BHK in sq. ft. 640

Average apartment size of 2 BHK in sq. ft. 1014

Minimum supply (in mn. sq. ft.) by Dec 2012 2.37

Total supply (in no. of units) by Dec 2012 2134Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas

Distribution of 1, 2 and 3 BHK apartments in the pipeline (by Category A, B and Cdevelopers) in the central suburbs

Distribution of Apartment Type: Central Suburbs

1 BHK1%

3 BHK43%

2 BHK56%


Some of the residential projects in Central Suburbs

ApproximateName of the Capital Values No. of Date of

Project Developer per sq. ft. (in Rs) Units Completion

M/s Runwal Capital and DecemberThe Orchard India Pvt. Ltd. 7500 280 2009

DecemberKalpataru Aura M/s Kalpataru Ltd. 6800 315 2009

DecemberKohinoor City Kohinoor Planet Construction 8800 24 2009

Mahendra Splendour Mahindra Lifespace 6300 160 Mar 2011

Nirmal Galaxy Nirmal Lifestyle 5650 72 2011

Gundecha Altura Gundecha Builders 7800 on carpet 80 June 2010Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

Property Price Movement I (Q4-2004 – Q3-2008) – Central Suburbs

Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4-2004)

Outlook k R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengtheney:

Residential Property Rates in prime residential markets of Central Suburbs

Source: ICICI Property Services Group*Rates mentioned are based on built-up areas and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

Ghatkopar 6000 30000 F

Mulund 7000 32000 F

Bhandup 5500 20000 F

Vikhroli 6500 22000 F

Powai 7500 25000 F

Chembur 7000 35000 SW

LocationAverage Capital

Values (Rs./sq. ft.)

Average Rentals for 2 BHK

(Rs./month)

MarketOutlook

Central Suburbs

0

50

100

150

200

250

300

Q4-

2004

Q4-

2005

Q4-

2006

Q1-

2007

Q2-

2007

Q3-

2007

Q4-

2007

Q1-

2008

Q2-

2008

Q3-

2008

Q4-

2008

Q1-

2009

Ghatkopar Mulund Bhandup Chembur Vikhroli

Comparison of actual (A) and real & logical (R&L) price movement

The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Central suburbs. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.

The residential property prices in Central suburbs have increased at a pace almost double that of the general price rise as is evident from the above chart.

Mumbai - Central Suburbs

0

50

100

150

200

250

300

Mar2005

Mar2006

Mar2007

Jun2007

Sept2007

Dec2007

Mar2008

Jun2008

Sept2008

Dec2008

Mar2009

Jun2009

Central Suburbs (A) Central Suburbs (R&L)

Western Suburbs

Major Locations

Bandra, Khar, Santacruz, Vile Parle, Andheri, Goregaon, Malad, Kandivali, Borivali, Dahisar, Mira Road

üWestern Mumbai has been the commercial market of Mumbai and has witnessed some mega

residential and commercial projects

üGeneral attraction towards luxurious lifestyle has resulted in major development of shopping

malls and luxurious residential complexes

üBandra boasts of one of Mumbai's most popular shopping destinations and millions of people

troop to Linking Road. Over the years, Bandra has also gained the title of the "Queen of

Suburbs"

üSome developers prefer a leasing model for high-end residential flats in this suburb

üMajor builders in the western suburbs include Lokhandwala, Mayfair Housing, RNA (A.A.),

Raheja Universal, K. Raheja Group, Ackruti Nirman Ltd., Oberoi Constructions, Kalpataru,

Gundecha, Rustomjee, Dynamix, Bhoomi, Ekta, and Kanakia

üAndheri has always been a centre of attraction, be it for the mushrooming film studios in

Andheri or for the commercial spaces of Andheri (E)

üThe entry of several leading developers who have invested in this belt has led to the changing

profile of these suburbs

üAmenities include a health club with sauna, steam, well-equipped gymnasium, swimming

pool, children's park and jogging track

üKandivali-Malad and Goregaon has seen major development in the western suburbs

üGoregaon and Malad are well-developed with respect to roads and infrastructure. Also, with

the Jogeshwari-Vikhroli Link Road nearing completion, these suburbs are easily accessible to

the eastern suburbs as well

üOwing to the residential and commercial growth, the retail sector has also flourished in the

form of swanky malls and good shopping conveniences

üA new residential paradise has evolved in the Mira Road-Virar belt

üThis belt, which comprises Mira Road, Naigaon, Bhayendar, Nalasopara, Vasai and Virar,

has seen a population influx over the years

üSome big names in the industry such as Kalpataru, Rustomjee, RNA, Kanakia, Dynamix, etc.

have launched a number of quality residential complexes in Mira Road and Bhayendar.

Growth Stimulators

Bandra, Khar, Santacruz

ü

middle to senior management employees to upgrade their lifestyle and move into homes

valued in excess of Rs.1.75 crore in Bandra

üWith the diamond market shortly shifting to BKC, the rates have seen an upward movement in

this belt

üDevelopment of CBD in the Bandra Kurla Complex has influenced property growth rates of

both residential and commercial spaces in and around Bandra

üThe Bandra-Worli Sea Link Road project by MMRDA has added to the value in the market in

Bandra (W)

üLinking Road has emerged as a commercial centre for Khar, Bandra and Santacruz

Andheri, Jogeshwari

üConnectivity to the airport and to any part of the city through rail and road

üWith the Vikhroli-Jogeshwari Link Road nearing completion, Andheri's connectivity to the

eastern suburbs will improve further

üMumbai Urban Infrastructure Projects has already started work on the Metro link from

Ghatkopar to Versova

üWith the construction of malls (Citimall, Crystal Point, Mega Mall and G7 Mall), people have a

wide array of shopping options

üUpgrade of lifestyle, thanks to premium properties, swanky malls and multiplexes

Goregaon, Malad and Kandivali

Premium properties are greatly in demand, with buyers looking for spacious commercial interiors and

amenities that offer luxurious lifestyles.

üAlso the quality being offered in these locations plays a major role in attracting high networth

individuals

üThe surrounding captive catchment area, a ready market for buyers and availability of

organised shopping under one roof are among the reasons why the suburb is gaining

popularity

üPopulation has also considerably increased in size and density

üNew malls and residential projects in surrounding areas are fuelling this growth

üCall centres in Goregaon and Malad are also driving the market in this area

üNewly married couples who cannot afford properties in Bandra and Andheri but want to be

Double income, coupled with assistance from banks, has made it possible for well-placed

close to these locations prefer Goregaon and Malad

üEasy accessibility to the Western Expressway and link roads like the Vikhroli-Jogeshwari Link

Road, the proposed Goregaon-Mulund Link Road and the MUIP's (Mumbai Urban

Infrastructure Project) plan to start a Metro link (Charkop to Colaba) which will give this area a

bright future

üWidening and concretisation of the Western Express Highway up to Mira Road is on the

cards. This would reduce travel time to a great extent

üAnother significant point is the demand for residential leasing in this belt

üThe growth in the capital and rental values is mainly due to the lack of space and the high

demand of these locations

üKandivali's speedy growth is due to several reasons - its proximity to Borivali, a well

developed suburb and a major railway junction

üThe fact that being a part of Greater Bombay (the third suburb from the northern end) which

has good infrastructure of water/rail, electricity, roads, temples, schools, colleges, hospitals,

and shopping complexes is a big advantage

Borivali, Dahisar

üThe connectivity of railways – Borivali being a train terminal for long distance trains, makes

these areas quite accessible

üCommunity affection in Borivali drives the residential market here. There is a huge demand in

Borivali by the Gujarati business community who prefer to be closer to their workplace

üBorivali, with a cosmopolitan population, has clean and green surroundings

üQuick access to the Western Express Highway and proximity to Sanjay Gandhi National Park

makes these upcoming properties extremely popular

üHospitals and academic institutions like St. Francis, plus good connectivity through buses,

have developed Dahisar considerably

Mira Road, Bhayendar

üA 1-2 BHK in this patch can range from anything between Rs.10-35 lac, which satisfies the

budget of an average middle class family

üThis market is driven by sheer affordability factor

üMost of the new projects offer facilities like gyms and gardens, A-grade fixtures and fittings

and modular kitchens

üPeaceful and verdant surroundings, as compared to the hustle-bustle of Mumbai

üThe number of residential complexes has grown, with ultra modern projects from RNA,

Evershine Builders, Kanakia Constructions, RNA (AA) and so on

Residential Market in Western Suburbs

Average Apartment size of 1 BHK in sq. ft. 645


Average Apartment size of 2 1/2 BHK in sq. ft. 1254



Total supply (in mn. sq. ft.) by Dec 2012 10.62

Total supply (in no. of units) by Dec 2012 8743

Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas

Distribution of 1, 2, 2.5, 3 and 4 BHK apartments in the pipeline (by Category A, B and C developers) in the western suburbs

Distribution of Apartment Type: Western Suburbs


1 BHK

3%

2 BHK

34%

2.5 BHK

45%

3 BHK

17%

4 BHK

1%

üAlso with the four-track railway, Mira Road having its own significance for middle class

housing, the demand for residential premises is greater

üWith the launch of malls and multiplexes, the demand for residential premises in Mira Road

increased further

üCommercial development of approximately 6 million sq. ft. is expected to enter the western

suburbs over the next two years. This translates into over 0.05 million new employment

opportunities.

Some of the residential projects in Western Suburbs

ApproximateCapital Valuesper sq ft (in Rs)

No. ofUnits

Madhuvan Harsiddh Group 8500 120 Ready

Orchid Suburbia DB Realty 5600 600 June 2011

Royale Park RNA Group 7100 400 Ready

Kalpataru Tower M/s Kalpataru Ltd 6500 200 December 2009

Elanza Keystone Realtors 9000 270 August 2010

Interface Heights K. Raheja Constructions 7500 150 Ready

RNA NG Sun City RNA Group 5500 500 Ready

Name of the Project Developer Date of

Completion(Approx.)

Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and may vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

Residential Property Rates in prime residential markets of Western Suburbs

Bandra 18000 65000 S

Khar 16000 50000 S

Santacruz 16000 50000 S

Andheri 10000 40000 S

Jogeshwari 8500 35000 S

Goregaon 6500 22000 S

Malad 6000 20000 S

Vile Parle 13000 45000 S

Kandivali 5500 15000 S

Borivali 6500 17000 S

Dahisar 5000 11000 S

Mira Road 2800 8000 S

Location

AverageCapital Values

(Rs. /sq. ft.)


(Rs. /month)MarketOutlook



Since 2006, there has been a widening gap between the residential property prices and the logical price levels, and by 2008, the property prices have increased at almost double the rate as compared with the real & logical price points.


The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Western suburbs. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.


Property Price Movements (Q4-2004 – Q3-2008) – Western Suburbs

Western suburbs

0

50

100

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350

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Q4-2005

Q4-2006

Q1-2007

Q2-2007

Q3-2007

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Q2-2008

Q3-2008

Q4-2008

Q1-2009

Bandra Santacruz KharAndheri, Jogeshwari Kandivili Goregaon, Malad Borivali, Dahisar Mira Road, Bhayendar Virar, Vasai

Mumbai - Western Suburbs

0

50

100

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300

Mar2005

Mar2006

Mar2007

Jun2007

Sept2007

Dec2007

Mar2008

Jun2008

Sept2008

Dec2008

Mar2009

Jun2009

Western Suburbs (A) Western Suburbs (R&L)

Thane

Major Locationsü

massive scope for development of residential projects

üMajor Builders: Hiranandani, Kalpataru, Raheja, Dynamix, Vijay Group, Soham Group,Neptune, Cosmos Group, Kabra, Dosti Group, Natu-Paranjape, Puranik Builders, Neelkanth,Raunak Enterprises, Lodha and Ackruti.

Growth Stimulators

üThane is well-connected to Mumbai by road (Eastern Express Highway) and by railway

üAnother water project of 100 MLD (Million Litres Per Day) is under process near Shahpur. Thiswater supply scheme would cater to the water supply needs for a predictable next 20 years.This project would bring in the much-needed relief of water requirements and catalyse therate appreciation in the near future

üGhodbunder Road gives easy access to Thane Railway Station, Mira Road as well as to theWestern Express Highway

üCommercial activity has also boosted on Ghodbunder Road with a number of malls comingup in this area

üGood connectivity to Mumbai, excellent shopping malls within Thane and in Mulund, goodeducational institutes, close proximity to Mulund, and above all, surrounded by beautiful hillsof Sanjay Gandhi National Park amidst plenty of lakes, have propelled the real estate market in Thane

üPatni Computers has procured 8 acres of land on the Thane–Belapur Road opposite MukundSteel, to set up an Information Technology development centre

üCommercial development of approximately 0.53 million sq. ft. is expected to enter Thaneover the next two years. This translates into 4,700 new employment opportunities

Ghodbunder Road in Thane, due to availability of land and existing premium projects, has a

Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas

Residential Market in Thane

Average Apartment size of 1 BHK 622





Distribution of 1, 2, 2.5, 3 BHK apartments in the pipeline (by Category A, B and C developers) in Thane

Distribution of Apartment Type: Thane

1 BHK17%

1.5 BHK0%

2 BHK60%

2.5 BHK5%

3 BHK18%


Some of the residential projects in Thane

Kalpataru Kamdhenu Kalpataru 4500 20 Ready Possession

Vraj Global Enterprises October 2009

March 2011

December 2009

December 2012

Ready

Approximate

Capital Values

per sq ft

(in Rs)Name of the Project DeveloperNo. of Units

(Approx.)Date of

Completion

Runwal Garden City Runwal 4000 375 Ready

Raunak 4250 200

Vraj Green Valley 4100 70

Lodha Luxuria Lodha Developers 4300 200

Hiranandani Estate Hiranandani 5300 700

Park Wood DB Realty 3500 450

Casa Univis Lodha Developers 3035 600 March 2012

Neelkanth Green Neelkanth 4000 200 December 2010

Laxmi NarayanResidency

Source: ICICI Property Services Group* Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

0

50

100

150

200

250

300

Mar2005

Mar2006

Mar2007

Jun2007

Sept2007

Dec2007

Mar2008

Jun2008

Sept2008

Dec2008

Mar2009

Jun2009

Residential Property Rates in prime residential markets of Thane

Average Capital Values

Location

(Rs./ sq. ft.)


(Rs.

/ month)

Market Outlook

Ghodbunder Road

3000

7000

S

Rest of Thane (Panchpakhadi, Eastern Express Highway)

5500

14000

S

Teen Haath Naka

6000

15000

S

Vasant Vihar

4500

12000

S

Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.

As is apparent from the above chart, there has been disproportionate rise in residential property prices as compared to the Real & Logical prices in Thane. This gap had reduced to certain extent in Dec 2008; however the gap has widened further in recent quarters.

Comparison of actual (A) and real & logical (R&L) price movementThe real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for Thane. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.

Property Price Movements (Q4-2004 – Q3 2008) - Thane-


Ghodbunder Road

Rest of Thane

Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Q4 2004)

Thane (A)

Thane (R&L)

Thane

0

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Q4-2004

Q4-2005

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Q3-2007

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Q2-2008

Q3-2008

Q4-2008

Q1-2009

Thane

Navi Mumbai

Major LocationsPalm Beach Road, Kharghar, Koparkhairane, Panvel

üNavi Mumbai spreads over parts of two districts of Maharashtra - Thane and Raigad. Theregion is hilly in some parts

üNavi Mumbai lies on the mainland on the eastern seaboard of the Thane Creek. The citylimit stretches from Airoli near Thane in the north, to Uran in the south. The length of thecity is almost the same as Mumbai. The Vashi and Airoli bridges connect Navi Mumbai to Mumbai

üNavi Mumbai is organised as many nodes. Some of the old and more populated nodesare Vashi, Nerul and Belapur

üSome of the more recent node developments include Kharghar, New Panvel,Khandeshwar

üKey Builders: Adhiraj Developers, Kesar Sons, Haware Builders & Developers, BhoomiDevelopers, Shah Group and Sai Developers.

Growth StimulatorsüDhirubhai Ambani Knowledge City (DAKC), located at Koparkhairane, has propelled the

real estate market in Navi Mumbai üMost of the software companies in Maharashtra have their offices in Navi Mumbai üThe Government of Maharashtra has also set up software parks to cater to the growing

demand from the IT sector üInternational Infotech Park at Navi Mumbai has been designed with an infrastructure for the

needs of the technology-driven companies in Electronics, Information Technology,Telecommunications and related industries

üDue to the presence of existing IT parks, shopping malls, good infrastructure, goodeducational institutes, and more importantly the proposition of SEZ in Navi Mumbai, areaslike Vashi, Kharghar, Koperkhairane are on a rapid growth trajectory

ü6-Lane Road-cum-Rail bridge between the Sewri–Nhava Sheva link of about 22 km. isexpected to reduce the travel time between Navi Mumbai and Mumbai to about 30 minutes

üCommuter railway systems at Navi Mumbai (including those planned) include MankhurdBelapur-Panvel rail corridor, Thane-Vashi-Juinagar-Uran rail corridor, Ring railway aroundCBD, Manasarovar-Taloja, Thane-Kalwa-Juinagar-Nerul rail corridor, Panvel-Uran rail corridor and an Intercity Railway Terminal

üCIDCO has plans to concretise some of the major roads like the Vashi Highway toKoperkhairane, the Sion Panvel Marg to Nerul Railway Station, the Vashi Shivaji Chowk toPalm Beach Road and Airoli to the Mulund Bridge

üPalm Beach Road, now known as the Queen's Necklace of Navi Mumbai, has contributed tosignificant rise in property prices in Navi Mumbai

üDue to this road facing the creek, most of the units in a building are so designed that they face

the creek, thus demanding the highest rates in Navi Mumbai üKoperkhairane, again due to its excellent accessibility to Vashi and Thane has boosted the real

estate prices üThe Thane–Vashi rail line and the connectivity to the central line through the Airoli– Mulund

Bridge has pushed the real estate market furtherüExcellent infrastructure development, potential for the International Airport in the vicinity, has

given Kharghar an edge over other nodes of Navi Mumbai üWith the increasing number of trains, Panvel has grown noticeablyüCommercial development of approximately 6.6 million sq. ft. is expected to enter Navi

Mumbai over the next two years. This translates into 0.06 million new employmentopportunities.

Residential Market in Navi Mumbai




Total supply (in no.of units) by Dec 2012 936Source: ICICI Property Services GroupNote: The areas mentioned are built-up areas

Distribution of 1, 2, 2.5, 3 and 4 BHK apartments in the pipeline (by Category A, B and C developers) in Navi Mumbai

Distribution of Apartment Type: Navi Mumbai

1 BHK21%

2 BHK33%

2.5 BHK17%

3 BHK19%

4 BHK10%


Residential Property Rates in prime residential markets of Navi Mumbai

Kharghar 3500 8500 SW

Koperkhairane 3500 8500 SW

Palm Beach Road 5500 14000 SW

Panvel 2500 8000 SW

Location

Average CapitalValues (Rs./sq. ft.)

Average Rentalsfor 2 BHK

(Rs./month)MarketOutlook


Some of the residential projects in Navi Mumbai

Goodwill Harmony Goodwill Developers 4000

50

Sai Ansh

Paradise Group

4500 60

Palm Beach Residency

Wadhawa Developers

5500

100

Kesar Exotica

Kesar Group

3850

40

Kalpataru Riverside Kalpataru Builders

3800

120

Edward, Cleremont, Wingfield

HIRCO 3600 282

Arham

Arihant Developers

1950

200

Ready

Ready

December 2010

April 2012

August 2010

December 2010

June 2011

Source: ICICI Property Services Group*Rates mentioned are based on built-up area and are subject to amenities, upkeep and vary from apartment to apartment within the same building. Rates mentioned above are subject to change at any given point of time.


No. of Units(Approx.)Name of the Project Developer

Date of Completion

ApproximateCapital Values

per sq ft(in Rs)

Even though the disparity between the actual property prices and the real & logical price points had reduced in Dec 2008 to a certain extent, the gap seems to be maintained in last few quarters.

Property Price Movements (Q4-2004 – Q3 2008) – Navi Mumbai-

Navi Mumbai

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300

Mar

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Mar

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Sept

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Dec

2007

Mar

2008

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2008

Sept

2008

Dec

2008

Mar

2009

Jun

2009

Navi Mumbai (A) Navi Mumbai (R&L)


The real & logical (R&L) price is considered to move in line with the consumer price index. Below chartbrings out a comparison between quarterly property price movements and changes in consumer priceindex for Navi Mumbai. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.

Navi Mumbai

0

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150

200

250

300

350

Q4-

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Q4-

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Q1-

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Q2-

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Q1-

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2009

Kharghar Koperkhairane Palm Beach Road Panvel


South Mumbai

Major Locations

Mahim, Dadar, Prabhadevi, Worli, Lower Parel, Mahalaxmi, Mumbai Central, Mazgaon, Byculla, Colaba, Peddar Road, Altamont Road, Walkeshwar, Malabar Hill, Napean Sea Road, Wadala, Sewri, Sion

üSouth Mumbai is the premium residential market of the city

üThe property rates are the highest here ranging from Rs. 12000-50000 per sq. ft.

üIn the last one year, the property prices have grown by almost 50%

üEnd-users have been driving the market in South Mumbai recently

üThere are very few projects in the pipeline in South Mumbai, which is further boosting theprice rise in this part of the city

Growth Stimulators

üBandra-Worli Sea Link and the Nhava Sheva-Sewri Link Road will reduce the trafficcongestion to a great extent

üHuge commercial developments are also coming up in Worli, Prabhadevi and Lower Parel,thus fuelling the residential property prices in and around these areas

üHigh-end amenities like sensor lighting, C.C.T.V., bio-metric entries are being provided bydevelopers apart from the club house and swimming pool

üSmall screens with a seating capacity of 10-15 , wi-fi connection, 24–hour coffee shops arealso being provided within the complex

Residential Market in South Mumbai







Source: ICICI Property Services GroupNote: The areas mentioned are built-up area

Distribution of 2, 3, 4 and 5 BHK apartments in the pipeline (by Category A, B and C developers) in South Mumbai

Distribution of Apartment Type: South Mumbai

2 BHK38%

3 BHK47%

4 BHK12%

5 BHK3%



Name of theProject

No. of Units(Approx.)

ApproximateCapital Values

per sq ft(in Rs)Developer

Date ofCompletion

Ashok Tower Piramal Holdings Ltd. 20000 250 July 2009

Ashoka Garden Piramal Holdings Ltd. 13000 375 December 2009

Dosti Flamingos Dosti Group 13000 300 Ready

Marathon Era I & II Marathon Builders 25000 444 Ready

Raheja Atlantis K. Raheja Universal 31000 96 December 2009

Godrej Properties Godrej 25000 200 Ready

Casa Grande Ashford Corporation 31000 108 Ready

Orbit Arya Orbit Corporation Ltd 50000 45 April 2009

Raheja Viveria K Raheja Corp 27500 400 Dec 2010

Palais Royale Sri Ram Infrastructure 50 crores onwards 100 May 2011

Some of the residential projects in South Mumbai

Residential Property Rates in prime residential markets of South Mumbai

Average Rentals

Average Capital for 2 BHK Market

Location Values (Rs./sq. ft.) (Rs./month) Outlook

Mahim 16000 70000 SW

Dadar (E) 15000 60000 SW

Prabhadevi 25000 90000 SW

Worli 30000 90000 SW

Parel 18000 60000 SW

Mahalaxmi 20000 80000 SW

Mumbai Central 16000 55000 SW

Mazgaon 12000 40000 SW

Byculla 12000 40000 SW

Colaba 35000 100000 S

Peddar Road 45000 125000 S

Walkeshwar 50000 150000 S

Malabar Hill 50000 150000 S

Napean Sea Road 45000 120000 S

Wadala 12000 30000 SW

Sewri 15000 35000 SW

Sion 16000 35000 SW


Outlook k R – Rising • F – Falling • S – Stagnant • SW – Stagnant but likely to weaken • SS – Stagnant but likely to strengthen

ey:

Property Price Movements (Q4-2004 – Q3 2008) – South Mumbai-

Comparison of actual (A) and real & logical (R&L) price movement -

The real & logical (R&L) price is considered to move in line with the consumer price index. Below chart brings out a comparison between quarterly property price movements and changes in consumer price index for South Mumbai. Since zone wise inflation data is not available we have substituted the Mumbai inflation figures for each zone.

South Mumbai


0

50

100

150

200

250

Q4-

2004

Q4-

2005

Q4-

2006

Q1-

2007

Q2-

2007

Q3-

2007

Q4-

2007

Q1-

2008

Q2-

2008

Q3-

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Q1-

2009

South Mumbai

Mahim To Churchgate

South Mumbai

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Dec

2007

Mar

2008

Jun

2008

Sept

2008

Dec

2008

Mar

2009

Jun

2009

Island City (R&L)Island City (A)

The actual property prices have consistently increased more than proportionately than the real & logical

prices in South Mumbai.

Mumbai Absorption Index

As is evident from the chart given below, the absorption of residential properties in Mumbai has been on a

consistent decline since the start of FY 2008-09. The market did pick up sharply in November mainly due to

positive sentiments in the festival season. However, the levels were not sustained in the coming months and

the transactions dropped again. Overall, residential property transactions in April 2009 have nearly halved

from that of the same month in 2008.

Mumbai Residential Real Estate: Absorption Index

0

20

40

60

80

100

120

Apr-

08

May-

08

Jun-

08

Jul-

08

Aug-

08

Sep-

08

Oct-

08

Nov-

08

Dec-

08

Jan-

09

Feb-

09

Mar-

09

Apr-

09

Source: ICICI HFC Mortgage Valuation Group (Assuming 100 as a base reference no. for Apr-08)

Redevelopment Market

üRedevelopment market is witnessed primarily where the developer gets a higher FSI (Floor

Space Index)

üSouth Mumbai is typically seen as a redevelopment market in MumbaiüAreas like Lower Parel, Bandra, Mahim, Sion, Kurla, Five Gardens are characterised by these

redevelopment marketsüA few examples would be the Kohinoor City at Vidyavihar, numerous redevelopment projects

at Tilak Nagar (Chembur), New Era at Cadell Road and the Raheja Brookeville at Matunga.

Location Attractiveness Index

We have short-listed below, seven prime locations within Mumbai and have critically examined them on various parameters like infrastructure, residential costs in the region, future employment prospects, etc. as detailed in the matrix below. Kharghar appears to be scoring above other locations due to the reasonable residential costs, coupled with proximity to commercial and retail development as well as future infrastructure and commercial developments.

Good / Low CostAbove Average

Average / Medium CostBelow AverageBad / High Cost

Infrastructure (connectivity, roads,

proximity to markets, schools)

Residential Cost

Proximity to/Presence of

organised retail

Proximity to Commercial

Development

Future Infrastructure Development

Future Employment Generation

Borivali /

KandivaliJVLR

Bandra

East

Lower

Parel

Ghodbunder

Road Kharghar Panvel

About Research & Consultancy

ICICI Property Services is a division of ICICI Home Finance Company Limited, a 100% subsidiary of ICICI Bank. ICICI PSG provides real estate solutions to home seekers, corporate investors, space occupiers and developers /landlords. ICICI Property Services addresses the entire bandwidth of a real estate deal from concept to conclusion. Research & Consultancy (R&C), a specialised group within ICICI PSG, offers both real estate advisory and consumer demographic analysis backed by both primary & secondary research. The following chart explains in brief the various services offered by R&C.

• Optimum Land Use

Analysis

• Site Analysis &

SWOT

• Catchment Analysis

• Trade & Tenant Mix

• Land Valuation

• Entry Strategy

• Pricing Strategy

• City and Region

Prioritisation and

Expansion Strategy

• Supply Estimation

• Demand Projections

• Expected Absorption

Trends

• Demographic Analysis

• Consumer Trends

• Consumer Behaviour

Analysis

Feasibility Studies Asset Advisory Strategic Advisory Market Research

• Location Analysis

• Market Analysis

• Size, Pricing, Phasing and Positioning

(Space Programming

& Demarcation for

optimum Utilisation

of space)

• Financial Analysis

DISCLAIMER

This document is being communicated to you solely for the purposes of providing our views on current market trends.

This document is being communicated to you on a confidential basis and does not carry any right of publication or disclosure to any third

party. By accepting delivery of this document, each recipient undertakes not to reproduce or distribute this presentation in whole or in

part, nor to disclose any of its contents (except to its professional advisers) without the prior written consent of ICICI HFC Ltd., who the

recipient agrees has the benefit of this undertaking. The recipient and its professional advisers will keep permanently confidential

information contained herein and not already in the public domain.

This document is not an offer, invitation or solicitation of any kind to buy or sell any security and is not intended to create any rights or

obligations. Nothing in this document is intended to constitute legal, tax, securities or investment advice, or opinion regarding the

appropriateness of any investment, or a solicitation for any product or service. The use of any information set out in this document is

entirely at the recipient's own risk.

The information set out in this document has been prepared by ICICI HFC Ltd. based on 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. ICICI HFC Ltd. does not accept any

responsibility for any errors whether caused by negligence or otherwise or for any loss or damage incurred by anyone in reliance on

anything set out in this document. The information in this document reflects the 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. Past performance cannot be a guide to future performance.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. The

information set out herein may be subject to updating, completion, revision, verification and amendment and such information may

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