o Ascending corporate occupier demand o Surge in demand for land in Mumbai o Upcoming commercial projects to be mixed use development or residential development. o Creation of Mumbai Development Fund (MDF) to finance mega infrastructure projects in the city.

1. CITY REPORT
MUMBAI OFFICE MARKET
Q3 2010

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3. CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Summary p. 4
Macroeconomic Context p. 5
Mumbai Map p. 6
Central Business District (CBD) p. 7
Extended Central Business District (Extended CBD) p. 8
Alternate Central Business District (Alternate CBD) p. 9
Secondary Business District (SBD) p. 10
Periphery Business District (PBD) p. 11
Glossary
p. 13Key Transactions
p. 14Key Projects
p. 15
CONTENTS
Rental Values & Capital Values p. 12

4. 4I I
SUMMARY
The Mumbai Metropolitan Region (MMR) witnessed strong demand
from corporate end users in Q3 of 2010. There is an increase in
absorption of commercial real estate and IT/SEZ real estate space in
the city and in the suburbs. The absorption is mainly led by banking
and financial services companies and also by telecom and IT
services companies. Further, there is also a good amount of uptake
of space by pharma, shipping and logistics companies especially in
the SBD of Andheri. The Bandra Kurla Complex remains the most
favourable location for the high end corporate occupier. This district
is also the most preferred area for investment by the corporate and
retail investors. Many commercial properties were launched as an
“off plan offer” and attracted attention largely form retail investors
and also from some corporate investors. Over all the construction
activity has picked up and it is expected that approximately 3 mn.
sq.ft. of new supply will be added by the end of the year.
On the development side, there are many new projects being
announced in all parts of Mumbai. At the same time, many
developers especially in the suburbs plan to convert their upcoming
commercial projects into either mixed use development or
residential development. There has been a surge in demand for
land in Mumbai as all major land auctions were successfully sold at
a premium. Some of the land transactions announced in this
quarter includes Indiabulls Real Estate buying Poddar Mill land (2.3
acre) for USD 105 mn. approx and Bharat Mills land ( 8.37 acres) for
USD 326 mn. , both in Worli area, Sheth group buying 18 acres of
Borosil land at Andheri for USD 185 mn. and Suntech buying 6 acres
of land at Goregaon for USD 34 mn. In the SBD of Borivili, an existing
building complex (Mangal Kunj) of over 100,000 sq.ft. consisting of
5 building s and 100 shops got sold at a record price of Rs. 100,000
per sq.ft. Though most of these lands will be converted into
residential developments or mixed use developments, it will have a
positive impact on nearby commercial developments.
The real estate stocks of real estate companies or companies which
announced real estate projects in this quarter saw a high upward
movement in their stock prices. Some of the key stocks include
Indiabulls Real Estate and Supreme Industries, which saw a major
jump over the last quarter.
On the Government side, The Maharashtra government has
decided to create a Mumbai Development Fund (MDF) to finance
mega infrastructure projects in the city. The fund will be created by
imposing new levies and charges on big construction schemes and,
possibly, on users of the new metro and monorail projects. The
levies will also include part of the money received from charging a
premium for the grant of additional FSI and TDR (Transfer of
Development Rights). While USD 150 mn. is expected from
additional FSI premia, additional funds will be generated by
imposing a development surcharge on construction projects above
10,000 sq ft. Further, as per the draft CRZ (Coastal Regulation Zone)
notification 2010, the environment ministry has announced that it
will allow redevelopment on Mumbai coastal slums. This may give
scope for some new hotel developments to come up on the coastal
line, however it is too soon to make such an assumption.
Another major development in this quarter is launch of real estate
ratings by CRISIL ( a standard and poor company). The ratings are
expected to bring greater transparency to assessing real estate
projects. The ratings given would be city-specific and based on five
parameters – the quality of legal documentation, construction-
related risks, the financial flexibility of the project, and the
background and track record of the project sponsor.
The rental and capital values for commercial real estate in MMR
are expected to remain stable, albeit certain vibrant districts like
Bandra Kurla Complex, where there can be further increase in the
prices.
Strong corporate occupier demand. Frenzy land buying by developers
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010

5. Repo Reverse Repo
Repo & Reverse Repo Rate
7
6
3
Percent
1
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
MACROECONOMIC CONTEXT
The Central Bank takes a more sophisticated approach:
maintains status quo on CRR & SLR
5I I
SLR CRR
CRR & SLR
30
20
10
5
Percent
0
May-08
Jul-08
Sep-08
Nov-08
Jan-09
Mar-09
May-09
Jul-09
Sep-09
Mar-08
Nov-09
Jan-10
Mar-10
Gross Domestic Product (GDP)
Q1
2008
Q2
2008
Q3
2008
Q4
2008
Q1
2009
Q2
2009
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
9.30%
8.80%
8.80%
7.90%
7.60%
5.30%
5.80%
6.10%
Q3
2007
Q4
2007
Q3
2009
7.90%
Q4
2009
6.00%
Wholesale Price Index (WPI)
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
12.00%
14.00%
16.00%
18.00%
Apr-06
Jul-06
Oct-06
Jan-07
Apr-07
Jul-07
Oct-07
Jan-08
Apr-08
Jul-08
Oct-08
Jan-09
Apr-09
Jul-09
Oct-09
Jan-10
Source: Confederation of Indian Industries
Q1
2010
8.60%
Apr-10
May-10
Jul-10
22-May-09
22-Jun-09
23-Jul-09
23-Aug-09
23-Sep-09
24-Oct-09
24-Nov-09
25-Dec-09
25-Jan-10
25-Feb-10
19-Mar-10
20-Apr-10
Sep-10
15
25
20-May-10
20-Jun-10
27-Jul-10
20-Aug-10
16-Sep-10
2
4
5
0
Jul-10
Q2
2010
8.80%
2-Jul-10
The Reserve Bank's Review of Monetary Policy on July 27, 2010 expressed
concerns over the global outlook. Indicators of economic activity in
advanced economies continue to suggest that the recovery is slowing and
that the second half of 2010 will post slower growth than the first, although
expectations have generally not been revised downwards since end-July.
Under the Liquidity Adjustment Facility (LAF), the RBI has increased the repo
rate by 25 basis points from 5.75% to 6.0% and also hiked the reverse repo
rate by 50 basis points from 4.5% to 5.0% with immediate effect. This will
help maintain financial conditions conducive to sustaining growth,
according to the RBI.
India’s GDP during the quarter starting July 2010, rose to 8.8%. Although
some of this is attributable to a favourable base effect, the growth rate
indicates that the recovery is consolidating and the economy is rapidly
converging to its trend rate of growth. Inflation remains the dominant
concern in macroeconomic management. The main priority of the Reserve
Bank is to curb the ongoing inflation, which peaked at 11% in the month of
August. Interest rates have been increased by the banks to contain the
inflation, but it could slow down the growth of the Indian economy in the
coming months. But even though there has been a rise in the interest rates,
there hasn't been much change in the distribution of loans, the Indian
customer is hardly affected with the hiked interest rates. Overall, even as the
global environment continues to be a cause for caution, the big picture has
not worsened significantly since July.
India has replaced the US as the second most important Foreign Directive
Investment (FDI) destination for transnational corporations during 2010-
2012, according to a survey conducted UNCTAD. In its latest 'World
Investment Prospects Survey 2010-2012', the United Nations Conference on
Trade and Development said transnational corporations remain buoyant
about investment prospects in China, India and Brazil. According to the
survey, India is the most important FDI destination next only to China.
DLF Limited 20,285 17% 4,110 2%
Major Real Estate
Companies in
India
Sales (In INR / In million) Profits (In INR / In million)
Q3 2010 Q2 2010
Q on Q
Change %
Q3 2010 Q2 2010
Q on Q
Change %
Unitech 8,286 -22% 1,800 -3%
India Bulls 4,337 25% 1,336 31%
Sobha Developers 3,156 35% 343 72%
Peninsula Land 1,483 -17% 500 28%
Parsvnath
Developers
2,528 -23% 318 82%
Pheonix 404 10% 183 21%
Omaxe Limited 2,529 40% 217 69%
Mahindra
Lifespace
679 31% 145 70%
Anantraj 1,034 28% 459 5%
Ackruti City 1,765 -8% 421 31%
Ansal Properties 2,508 27% 369 -38%
5,414 1,745
4,257 589
1,226 638
443
890 247
1,624 550
3,197 228
221
23,690 4,186
3,544 368
1.329 480
6,445 1,740
1,955 579

6. MUMBAI MAP
6I I
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Elephanta
Island
Butcher
Island
N
Tulsi
Lake
Vihar
Lake
Powai
Lake
Domestic
Airport
Sahar Airport
(International Airport)
Sanjay Gandhi National Park
knilaeSilroWardnaB
ArabianSea
4
5
9
3
6
28
7
1
2
5
8
4
1
3
9
7
5
21
18
7
26
14
2
20
11
25
1
10
9
6
16
12
4
17
3
13
19
24
8
15
6
22
14
6
1
4
9
15
13
16
5
11
2
8 12
10
3
7
1
2 3
4
yawhgiHsserpxE
n
retsaE
Chatrapati Shivaji
Terminus (CST)
PUNE
Ahm
edabad
23
1. Girgaon
2. Grant Road
3.
4.
5.
6.
7.
8.
9.
Lower Parel
Mahalakshmi
Mumbai Central
Pedder Road
Prabhadevi
Tardeo
Worli
Extended Central
Business District
Alternate Central
Business District
1. Bandra
2. Bandra East
3. Bandra Kurla
Complex
4. Santacruz East
(Kalina)
Periphery Business
District
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
Airoli
Belapur
Dombivali
Ghansoli
Jui Nagar
Kalwa
Kalyan
Kharghar
Koper Khairne
Mumbra
Nerul
Panvel
Sanpada
Thane
Turbhe
Vashi
Central Business
District
1.
2.
3.
4.
5.
6.
7.
8.
9.
Breach Candy
Chatrapati Shivaji
Terminus (CST)
Churchgate
Colaba
Cuffe Parade
Fort
Malabar Hill
Marine Line
Nariman Point
Secondary
District
Business
1.
2.
3.
4.
5.
6.
7.
8.
9.
Andheri
Bandra West
Bhandup
Borivali
Byculla
Chembur
Dadar
Ghatkopar
Goregaon
19. Powai
20. Santacruz
21. Sewri
22. Sion
23. Vidya Vihar
24. Vikhroli
25. Vile Parle
26. Wadala
10.
11.
12.
13.
Jogeshwari
Juhu
Kandivali
Kanjurmarg
14. Kings Circle
15. Kurla
16. Malad
17. Mulund
18. Parel

7. 7I I
CENTRAL BUSINESS DISTRICT (CBD)
Due to attractive leasing rates, the CBD of Mumbai is witnessing
some renewed interest especially from small size corporate
tenants. However, the medium and large format corporate occupiers
(5,000 sq.mts and above) still prefer to move to ECBD and to ACBD.
The vacancy rate is increasing and therefore, there is a downward
pressure on leasing and capital values.
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Stable occupier demand
Source: BNP Paribas Real Estate, India
Ballard Estate 250
Nariman Point 325
Fort 150
Cuffe Parade 200
Q2
2009
RENTAL VALUES ( INR / SQ.FT / MONTH)
Q3
2009
Q4
2009
250
325
150
200
250
325
150
200
Q2
2010
Q1
2010
250
200
150
325
Source: BNP Paribas Real Estate, India
Q2
2009
Ballard Estate 35,000
Nariman Point 40,000
Fort 22,500
Cuffe Parade 30,000
CAPITAL VALUES (INR / SQ.FT)
Q3
2009
Q4
2009
35,000
40,000
22,500
30,000
35,000
40,000
22,500
30,000
Q1
2010
Q2
2010
35,000
30,000
22,500
40,000
The average headline rentals & capital values for the last 6 quarters
are as follows:-
250
200
150
300
35,000
30,000
22,500
40,000
Nariman Point Ballard Estate
Cuffe Parade Fort
RentalValues(INR/sq.ft/month)
0
50
100
150
200
250
300
350
400
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Q2
2009
Q3
2009
Nariman Point Ballard Estate
Cuffe Parade Fort
CapitalValues(INR/sq.ft)
Q4
2009
Q1
2010
Q2
2010
—
10,000
20,000
30,000
40,000
50,000
Q3
2010
Q3
2010
Q3
2010
Q3
2010
220
200
150
290
35,000
30,000
22,500
40,000

8. EXTENDED CENTRAL BUSINESS DISTRICT
(ECBD)
This district is vibrant in terms of number of enquiries from
corporate occupiers and investors. However, very few transactions
have been reported. It is expected that there will be a downward
pressure on rental and capital values owing to increase in upcoming
new supply in this district.
8I I
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Many enquiries, less conversions
Q2
2009
Mahalaxmi
Lower Parel
Worli 30,000
Prabhadevi 25,000
15,000
18,000
Source: BNP Paribas Real Estate, India
Q3
2009
Q4
2009
30,000
25,000
15,000
18,000
30,000
25,000
15,000
18,000
Q2
2010
Q1
2010
Mahalaxmi
Lower Parel
Worli 300
Prabhadevi 250
150
180
Q2
2009
Source: BNP Paribas Real Estate, India
Q3
2009
Q4
2009
300
250
150
180
300
250
150
180
Q2
2010
Q1
2010
180
150
225
275
18,000
15,000
25,000
30,000
The average headline rentals & capital values for the last 6 quarters
are as follows:-
RENTAL VALUES ( INR / SQ.FT / MONTH)
CAPITAL VALUES (INR / SQ.FT)
180
150
225
275
18,000
15,000
25,000
30,000
RentalValues(INR/sq.ft/month)
0
50
100
150
200
250
300
350
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
Worli Prabhadevi
Lower Parel Mahalaxmi
CapitalValues(INR/sq.ft)
Q2
2009
Q3
2009
—
5,000
30,000
Worli Prabhadevi
Lower Parel Mahalaxmi
20,000
Q4
2009
Q1
2010
Q2
2010
10,000
15,000
25,000
35,000
Q3
2010
Q3
2010
Q3
2010
Q3
2010
170
150
220
250
20,000
15,000
25,000
30,000

9. ALTERNATE CENTRAL BUSINESS DISTRICT
(ALTERNATE CBD)
There is high investor demand to buy commercial office space in this
district. Most of the properties offered on sale are selling briskly on
off plan basis. The new project announcement, especially in Bandra
Kurla Complex have generated lot of interest from corporate and
rental investors. The lease rental and capital values have again
appreciated in this district. It is expected that the activity in this
district will remain buyout and there can be another 5-10%
appreciation in the next 3-6 months.
9I I
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Good investor damand
Source: BNP Paribas Real Estate, India
Source: BNP Paribas Real Estate, India
Q2
2009
Bandra - Kurla
Complex
250
Bandra East 175
Kalina 200
Q3
2009
Q4
2009
250
175
200
250
175
200
Bandra - Kurla
Complex
25,000
Bandra East 17,500
Kalina 20,000
Q2
2009
Q3
2009
Q4
2009
25,000
17,500
20,000
25,000
17,500
20,000
Q2
2010
Q1
2010
Q2
2010
Q1
2010
300
175
200
30,000
20,000
22,500
The average headline rentals & capital values for the last 6 quarters
are as follows:-
RENTAL VALUES ( INR / SQ.FT / MONTH)
CAPITAL VALUES (INR / SQ.FT)
325
175
200
30,000
20,000
22,500
Bandra - Kurla Complex
Kalina
Bandra East
RentalValues(INR/sq.ft/month)
0
50
100
150
200
250
300
350
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
CapitalValues(INR/sq.ft)
Q2
2009
Q3
2009
—
5,000
20,000
25,000
10,000
15,000
30,000
35,000
Bandra - Kurla Complex
Kalina
Bandra East
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q3
2010
Q3
2010
Q3
2010
350
175
190
32,000
20,000
22,500
400

10. SECONDARY BUSINESS DISTRICT (SBD)
There is a good demand from existing corporate occupiers to
upgrade to upcoming new and modern buildings in this district. This
district, today has approximately 60% of the entire supply of Mumbai
metropolitan region. There is a good investor demand for projects
abutting the Western Express Highway. Powai continues to attract
attention from corporate occupiers.
10I I
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Renewed interest from corporate occupiers
Source: BNP Paribas Real Estate, India
Source: BNP Paribas Real Estate, India
Q2
2009
Vile Parle 120
Andheri W 110
Andheri E 120
Powai 90
Vikhroli
Malad
Borivali
65
90
50
Q3
2009
Q4
2009
120
110
120
90
65
90
50
120
110
120
90
65
90
50
Vile Parle 12,000
Andheri W 11,000
Andheri E 12,000
Powai 9,000
Vikhroli 6,500
Malad 9,000
Borivali 5,000
Q2
2009
Q3
2009
Q4
2009
12,000
11,000
12,000
9,000
6,500
9,000
5,000
12,000
11,000
12,000
9,000
6,500
9,000
5,000
Q2
2010
Q1
2010
Q2
2010
Q1
2010
120
110
60
80
90
75
120
12,000
11,000
6,500
9,000
9,000
7,500
12,000
The average headline rentals & capital values for the last 6 quarters
are as follows:-
Kurla 60 65 70 70
Kurla 8,500 8,500 8,000 8,000
RENTAL VALUES ( INR / SQ.FT / MONTH)
CAPITAL VALUES (INR / SQ.FT)
110
100
60
80
90
75
140
80
12,000
11,000
6,500
9,000
9,000
7,500
13,000
8,000
RentalValues(INR/sq.ft/month)
Q2
2009
Q3
2009
0
100
Vile Parle
Andheri East
Andheri West
Powai
Malad
Vikhroli
Borivali
40
Q4
2009
Q1
2010
Q2
2010
20
60
80
120
140
160
Kurla
CapitalValues(INR/sq.ft)
—
4,000
Vile Parle
Andheri East
Andheri West
Powai
Malad
Vikhroli
Borivali
8,000
10,000
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Q2
2010
2,000
6,000
12,000
14,000
16,000
Kurla
Q3
2010
Q3
2010
Q3
2010
Q3
2010
100
90
60
80
90
70
130
90
13,000
12,000
8,000
9,000
9,500
8,000
13,500
9,500

11. PERIPHERY BUSINESS DISTRICT (PBD)
There is a increase in activity in the SEZ space in this district as there
is a lot of new demand from software companies. However, the IT
real estate space has few takers and a lot of ready space is available
to lease sell. The capital values have improved
significantly owing to investor demand. It is expected that this
district will remain active and some more leasing and sale activity
will be reported for the remaining year.
as well as to
11I I
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
High demand for SEZ space
Thane 4,000
Airoli 3,500
Vashi 6,000
Q2
2009
Source: BNP Paribas Real Estate, India
Source: BNP Paribas Real Estate, India
Q3
2009
Q4
2009
4,000
3,500
6,000
Thane 40
Airoli 35
Vashi 60
Q2
2009
Q3
2009
Q4
2009
40
35
60
40
35
60
4,000
3,500
6,000
Q2
2010
Q1
2010
Q2
2010
Q1
2010
40
40
60
4,500
4,000
6,000
The average headline rentals & capital values for the last 6 quarters
are as follows:-
RENTAL VALUES ( INR / SQ.FT / MONTH)
CAPITAL VALUES (INR / SQ.FT)
40
40
60
4,500
4,000
6,000
Q2
2009
Q3
2009
0
10
20
30
40
50
60
70
80
Vashi Thane Airoli
RentalValues(INR/sq.ft/month)
Q4
2009
Q1
2010
Q2
2010
Q2
2009
Q3
2009
—
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
CapitalValues(INR/sq.ft)
Vashi Thane Airoli
Q4
2009
Q1
2010
Q2
2010
Q3
2010
Q3
2010
Q3
2010
Q3
2010
38
42
70
5,000
4,500
7,500

12. RENTAL VALUES FOR Q3 2010
12I I
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Source: BNP Paribas Real Estate, India
CAPITAL VALUES FOR Q3 2010
Rent
INR/ sq.ft/ month
Ballard Estate
Nariman Point
Fort
Cuffe Parade
Region
Q on Q
Change
220
290
150
200 0%
0%
-12%
-3%
Ballard Estate
Nariman Point
Fort
Cuffe Parade
Region INR / sq.ft
Q on Q
Change
0%
0%
0%
0%
Mahalaxmi
Lower Parel
Worli
Prabhadevi
Region
Rent
INR/ sq.ft/ month
Q on Q
Change
150
170
250
220
0%
-2%
-6%
-9%
Mahalaxmi
Lower Parel
Worli
Prabhadevi
Region
Q on Q
Change
INR / sq.ft
15,000
20,000
30,000
25,000
0%
0%
11%
0%
Thane
Airoli
Vashi
Region
Rent
INR/ sq.ft/ month
Q on Q
Change
42
38
70
5%
-5%
17%
Thane
Airoli
Vashi
Region
Q on Q
Change
INR / sq.ft
5,000
4,500
7,500
Vile Parle
Andheri W
Andheri E
Powai
Region
Vikhroli
Malad
Borivali
Rent
INR/ sq.ft/ month
Q on Q
Change
130
90
100
90
70
80
60
-7%
-10%
-9%
-7%
0%
0%
0%
Kurla 90 13%
Vile Parle
Andheri W
Andheri E
Powai
Vikhroli
Malad
Borivali
Region
Q on Q
Change
INR / sq.ft
13,500
12,000
13,000
9,500
8,000
9,000
8,000
4%
9%
8%
7%
0%
23%
6%
Kurla 9,500 19%
Bandra - Kurla
Complex
Bandra East
Kalina
Region
Rent
INR/ sq.ft/ month
Q on Q
Change
350
175
190
8%
0%
-5%
Bandra - Kurla
Complex
Bandra East
Kalina
Region
Q on Q
Change
INR / sq.ft
32,000
20,000
22,500
7%
0%
0%
CBD CBD
Extended CBD Extended CBD
Alternate CBD Alternate CBD
SBD SBD
PBD PBD
11%
13%
25%
35,000
30,000
22,500
40,000

13. 13I I
KEY TRANSACTIONS
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
Q3 2010
Building Occupiers
Space
(in sq.ft)
Micro
Market
Location
Lodha Excelus, Mahalaxmi HDFC Standard Life Insurance 95,013 Extended CBD Mahalaxmi
Trade View NYK Logistics 21,000 Extended CBD Lower Parel
Peninsula Tower Walt Disney 7,000 Extended CBD Lower Parel
Fortune 2000 Global Bio Care 8,000 Alternate CBD Bandra Kurla Complex
Raheja Towers Gartner 18,500 Alternate CBD Bandra Kurla Complex
Platina AIG Real Estate 3,000 Alternate CBD Bandra Kurla Complex
Kohinoor City IIBF 50,000 SBD Kurla - West
Nomura Bldg Religare 25,000 SBD Powai
Supreme Business Park Fullerton 60,000 SBD Powai
Credit Suisse Bldg Credit Suisse 40,000 SBD Powai
Kohinoor City ALD Automotive 10,000 SBD Kurla - West
DLH Park Max Mobile 45,000 SBD Goregaon West
Kaledonia State Bank of India 20,000 SBD Andheri
Rustomjee Nataraj Amway 15,000 SBD Andheri
Mind Space First Source 100,000 PBD Airoli
Reliable Tech Park Spanco 70,000 PBD Airoli
Vishwaroop IT Park IBM 7,000 PBD Vashi
iThink, Thane FLSmidth 38,133 PBD Thane
iThink, Thane Pan Gulf Technologies 34,623 PBD Thane
iThink, Thane Tata Capital 128,394 PBD Thane
Kesar Solitaire Danfoss 8,800 PBD Sanpada
Sun Infotech Park India Infoline 115,000 PBD Thane
Source: BNP Paribas Real Estate, India

14. 14I I
KEY PROJECTS
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
New Supply – Year 2010
Building Location Micro Market
Space (in
sq.ft)
Completion Date
(expected)
One India Bulls Centre Lower Parel Extended CBD 700,000 Ready
India Bulls Financial Centre Lower Parel Extended CBD 500,000 Ready
Cynergy Prabhadevi Extended CBD 400,000 Q4 2010
Peninsula Business Park Lower Parel Extended CBD 1,300,000 Q4 2010
Wadia Plaza Worli Extended CBD 400,000 Q4 2010
Cresenzo Bandra Kurla Complex Alternate CBD 577,000 Q4 2010
Grande Palladium Kalina Alternate CBD 150,000 Ready
Supreme Chambers Andheri West Alternate CBD 275,000 Ready
Pooja Constructions Bandra Kurla Complex Alternate CBD 160,000 Ready
Rustomjee Natraj Andheri East SBD 286,000 Ready
Silver Uthopia Andheri East SBD 400,000 Q4 2010
Rustomjee Aspire Sion SBD 124,000 Ready
IT Park, Ajmera Andheri East SBD 1,100,000 Q4 2010
Supreme Chambers Andheri West SBD 240,000 Ready
Ackruti Star Andheri East (MIDC) SBD 400,000 Ready
Boomerang Chandivali SBD 1,000,000 Ready
Western Edge Borivali SBD 400,000 Ready
Ruby Dadar SBD 1,000,000 Q4 2010
Reliable Tech Park Airoli PBD 1,000,000 Q4 2010
Amruta Thane PBD 42,000 Ready
G Corp Tech Park Thane PBD 700,000 Ready
Mindspace SEZ Airoli PBD 600,000 Ready
Gigaplex Airoli PBD 300,000 Ready
Nitco Business Park Thane PBD 170,000 Ready
Source: BNP Paribas Real Estate, India

15. 15I I
CITY REPORT
MUMBAI OFFICE MARKET - Q3 2010
GLOSSARY
Q3:
Super Built-up Area (SBUA):
Carpet Area:
Sq.mt:
Mn:
New:
Recent:
SEZ:
BFSI:
SLR:
FSI:
MMRDA:
Quarter 3 of the financial year (July - August - September)
Built-up area + common area including lifts area, common
passages, utilities, terrace etc. & varies from building to building.
Actual usable area, and does not include any common areas, area
occupied by walls etc.
Square Meter
Million
Building built within the last 5 years.
Building less than 10 years old.
Special Economic Zone having special tax exemptions / incentives to corporate
occupiers
Banking & Financial Services Industry
Statutory Liquidity Ratio
Floor Space Index
Mumbai Metropolitan Region Development Authority
Absorption:
Bare Shell:
BPO:
BUA:
Completed Stock:
DU:
EPIP:
FAR:
Grade A Space:
Ground Coverage:
Hard Option:
INR:
Pre-lease:
Speculative Stock:
Stock:
Supply:
Transaction Volumes:
Vacancy:
Warm Shell:
Q on Q:
y-o-y:
IT:
ITES:
Repo Rate:
Reverse Repo Rate:
SEC A, B, C & D Socio:
Sq.ft:
Stamp Duty:
Occupied Stock (n) – Occupied Stock (n-1); Where “n” is the specified
period (quarter, year etc.)
Premises consisting of basic structure with lifts, power supply to junction
box, water supply line, toilets
Business Process Outsourcing
Built up area
Either the building has received occupancy certificate or the client
has moved in and occupied space and started working in a particular premises
Dwelling Unit
Export Promotion Industrial Park
Floor Area Ratio (BUA/ Plot Area)
Office Space with efficiency in excess of 75%, floor plate in excess of
15,000 sq. ft., Car Parking ratio of atleast 1 per 1000 sq. ft., Floor-to-ceiling height in
excess of 3.75 m, Power provision of 1.25KVA per 100 sq. ft. with 100% power-backup
wherever applicable and professionally managed facilities
It is the total covered area on ground by the built component and is
expressed as a percentage of the plot area
Real estate space reserved by the lessee for future occupation within a
particular time frame and at a pre-decided rental
Indian National Rupees
Space committed for lease before completion of construction
The stock which can be leased and excludes Built-to-Suit (BTS) and
Campus facilities.
Cumulative Supply
New construction in a particular specified period
Total number of transaction in a particular specified period
Total vacant space in the completed stock
Premises consisting of power backup, high side A.C., common area fit outs
and fitted out toilets
Quarter on Quarter
year-on-year (All growth figures in this report are y-o-y unless otherwise
mentioned
Information Technology
Information Technology Enabled Services (includes various services ranging from
call centres, claims processing, medical transcription, e-CRM, SCM to back-office
operations such as accounting, data processing, and data mining)
Rate that an eligible depository institution (such as a bank) is charged to
borrow short term funds directly from the central bank through the discount window
Interest rate that a bank earns for lending money to the Reserve
Bank of India in exchange for government securities
Economic Classification; SEC A represents the highest propensity
to spend and SEC D represents the lowest propensity to spend.
Square Feet
Form of tax charged on instruments (written documents) requiring a
physical stamp (for government legality) to be attached to or impressed.
CRR:
Headline rent:
Average headline rent:
Disclaimer:
Cash Reserve Ratio
Monthly rent per square feet, charged on super built-up area basis,
featured on the lease, and expressed excluding fitouts, taxes, deposits, advances,
maintenance charges and does not take into account building efficiency (super built up
area - carpet area ratio). Further it does not include attached premises such as parking
areas, archives, staff canteens, etc. If the rental is progressive, the value applied is the
average for the first 3 years or the fixed term of the lease.
Weighted average of rented area. The average featured is a
moving average over the quarter, to smooth out the changes, exclusive of all taxes,
deposits, advances & maintenance charges.
Major Refurbishment:
Renovated:
Modern:
Old:
CCI (Cost of construction index):
Demand:
For the occupier:
New Supply:
Completed new supply:
Under construction:
Planning permission granted:
Planning permission submitted:
Pre-letting:
Underlying rent:
Prime rents:
Top rent:
Second hand premises:
Very good condition:
Existing state of repair:
To be renovated:
Supply available within 1 year:
Take-up:
Vacancy rate:
Building which has undergone structural alteration less than 5
years ago, subject to planning permission.
.
Building which has undergone renovation work not requiring for planning
permission less than 5 years ago.
High-performance building over 10 years old.
Low-performance building over 10 years old.
Index that makes quarterly measurements of
construction prices for new house building. It is the price after VAT paid by the owner to
construction companies. It excludes land-related prices and costs (site development,
special foundations, etc.), fees and financial costs.
A search for premises expressed to BNP Paribas Real Estate. The analysis
pertains only to the flow of new demand expressed.
Operation undertaken by an occupier for its own purposes.
Any new building and/or heavily refurbished building that adds to the
existing stocks. These are analysed according to progress.
Buildings on which construction work is finished.
Buildings on which construction has effectively begun. Prior
demolition work is not taken into account.
Authorisation to build obtained, generally booked after
settlement of third party claims.
Planning permission requested, being processed.
Transaction by an occupier more than 6 months before the delivery of the
building.
Annual rent per square meter expressed free of tax and charges and
excluding advantages agreed by the owners (rent incentive building works, etc).
Represents the top headline rent (excluding non significant transactions)
for an office unit:- of standard size, of the highest quality and specification, in the best
location in each market.
Represents the top headline rent for an office unit. It is not necessarily a prime
rent.
Premises that have been previously occupied by an occupier for
vacant for more than 5 years.
High-performance premises of high quality.
Low-performance premises that can be rented as they are.
Low performance premises that need renovation.
All premises and buildings available within 1 year
including the supply available immediately, new supply that has not been pre-let and
second hand supply that will be vacated definitively (notable terminated leases).
Rental or sale of a property asset, finalised by the signature of a lease or a bill
of sale including turnkey transactions and owner-occupier. The transaction is only
taken into account once any existing conditional clauses have been lifted.
Ratio measuring the relationship between the supply immediately
available and the existing stock.
This report is released by BNP Paribas Real Estate & Infrastructure Advisory
Services and the information in it is dedicated to the exclusive use of its clients. The
report and the information contained in it should not be copied or reproduced without
prior permission from BNP Paribas Real Estate and Infrastructure Advisory Services.
The facts of these reports are believed to be correct at the time of it's release but cannot
be guaranteed. Please note the findings, projections, conclusions and
recommendations are based on information gathered in good faith from both primary
and secondary sources, whose accuracy we are not always in a position to guarantee.
BNP Paribas Real Estate & Infrastructure Advisory Services cannot be held responsible
if, despite it's best efforts, the information contained in the present report turns out to
be inaccurate or incomplete.

16. www.realestate.bnpparibas.com
.
Noncontractualdocument-Researchdepartment-Publishedby:RajaKaushal-ManagingDirector,BNPParibasRealEstate&InfrastructureAdvisoryServicesPvt.Ltd.
Photocourtesy:IndiabullsRealEstate-November2010-BNPPARIBASREALESTATE:HeadquartersofParentCompany:13,boulevardduFortdeVaux-75017Paris-692012180RCSParis
ALBANIA*
Danos & Associates
Blvd. Deshmoret e Kombit
Twin Towers - Building 2
11th Floor
Tirana
Tel.: +355-4-2280488
Fax: +355-4-2280192
AUSTRIA*
Dr. Max Huber & Partner
Dr. Karl-Lueger-Platz 5
1010 Vienna
Tel: +43-1-513 29 39 0
Fax: +43-1-513 29 39 14
BULGARIA*
28, Hristo Botev Boulevard
Sofia
Tel: +359-2-9532314
Fax: +359-2-9532399
CANADA*
Cresa Partners
Tel.: +1-617-758 6000
Fax: +1-617-742 0643
CYPRUS*
Danos & Associates
35, I. Hatziosif Ave
2027, Nicosia
Tel.: +357-22 31 70 31
Fax: +357-22 31 70 11
Danos & Associates
GREECE*
Danos & Associates
1, Eratosthenous Str.
11635 Athens
Tel: +30-210 7 567 567
Fax: +30-210 7 567 267
JAPAN*
RISA Partners
5F Akasaka Intercity 1-11-44
Akasaka, Minato-ku
107-0052 Tokyo
Tel: +81-3-5573 8011
Fax: +81-3-5573 8012
RUSSIA*
Astera
10, b.2 Nikolskaya Str.
Moscow, 109012
Tel/Fax: +7-495-925 00 05
NETHERLANDS*
Holland Realty Partners
J.J. Viottastraat 33,
1071 JP
Amsterdam,
Tel: +31-20-305 97 20
Fax: +31-20-305 97 21
NORTHERN IRELAND*
Whelan Property Consultants
44 Upper Arthur Street
Belfast Bt1 4GJ
Tel: +44-28-9044 1000
Fax: +44-28-9033 2266
POLAND*
Brittain Hadley Europa
Warsaw Financial Centre
13th floor
Emilii Plater 53
00-113 Warsaw
Tel.: +48-22-586 31 00
Fax: +48-22-586 31 16
SERBIA*
6, Vladimira Popovica Street
Office B31
11000 Belgrade
Tel.: +381-11-2600 603
Fax: +381-11-2601 571
SLOVAKIA*
Modesta (Dr. Max Huber &
Partner Group)
Heydukova 12-14
811 08 Bratislava
Tel.: +421-2-3240 8888
Fax: +421-2-3214 4777
SWITZERLAND*
Naef
Avenue Eugène-Pittard 14-16
Case Postale 30
1211 Geneva 17
Tel.: +41-22 839 39 39
Fax: +41-22 839 38 38
UKRAINE*
Astera
2a Konstantinovskaya Street
04071, Kiev
Tel: +38-044-501 50 10
Fax: +38-044-501 50 11
USA*
Cresa Partners
200 State Street
13th Floor
Boston, Massachusetts 02109
Tel.: +1-617-758 6000
Fax: +1-617-742 0643
Falcon Real Estate
570 Lexington Avenue
32nd Floor
New York, NY 10022
Tel.: +1-212 271-5445
Fax: +1-212 271-5588
ABU DHABI
Al Bateen Area
Plot No. 144, W-11
New Al Bateen Municipality
Street 32
P.O. Box 2742
Abu Dhabi, UAE
Tel.: +971-505 573 055
Fax: +971-44 257 817
BELGIUM
Blue Tower
Avenue Louise 326
B14 Louizalaan
1050 Brussels
Tel: +32-2-646 49 49
Fax: +32-2-646 46 50
DUBAI
Emmar Square
Building No. 1, 7th Floor
P.O. Box 7233
Dubai, UAE
Tel: +971-505 573 055
Fax: +971-44 257 817
FRANCE
13 boulevard du Fort de Vaux
75017 Paris
Tel: +33-1-55 65 20 04
Fax: +33-1-55 65 20 00
GERMANY
Goetheplatz 4
60311 Frankfurt
Tel.: +49-69-2 98 99 0
Fax: +49-69-2 92 91 4
IRELAND
40 Fitzwilliam Place
Dublin 2
Tel: +353-1-66 11 233
Fax: +353-1-67 89 981
JERSEY
4th Floor, Conway House
Conway Street
St Helier
Jersey Je2 3NT
Tel: +44-15 34-62 90 01
Fax: +44-15 34-62 90 11
ITALY
Corsa Italia, 15/A
20122 Milan
Tel: +39-02-58 33 141
Fax: +39-02-58 33 14 39
LUXEMBOURG
Axento Building
Avenue J.F. Kennedy 44
1855 Luxembourg
Tel.: +352-34 94 84
Fax: +352-34 94 73
ROMANIA
Union International Center
11 Ion Campineanu Street
Sector 1
Bucharest 010031
Tel: +40-21-312 7000
Fax: +40-21-312 7001
SPAIN
María de Molina, 54
28006 Madrid
Tel: +34-91-454 96 00
Fax: +34-91-454 97 65
UNITED KINGDOM
90 Chancery Lane
London WC2A 1EU
Tel: +44-20-7338 4000
Fax: +44-20-7430 2628
*Alliances
Bangalore (Regd. Office)
Level 15, Concorde Block,
UB City, Vittal Mallya Road,
Bangalore – 560001
Tel: +91 80 4030 0334
Fax: +91 80 4030 0400
Delhi
Upper ground floor, Unit No 7,
Mercantile House, 15 KG Marg,
New Delhi 110001
Tel: +91 11 4959 8800
Fax: +91 11 4959 8818
INDIA
For Queries / Comments:
Tasneem Gandhi at
+91 9930141009 or email at
tasneem.gandhi@bnpparibas.com
BNP PARIBAS REAL ESTATE
& INFRASTRUCTURE ADVISORY
SERVICES PVT. LTD.
Mumbai (Head Office)
704, Level 7, MMTC House, C-22,
Bandra Kurla Complex, Bandra (E),
Mumbai - 400 051
Tel: +91 22 6138 8088
Fax: +91 22 6138 8089