The document is a quarterly report on the Mumbai office market from Q4 2010. It provides the following key points: - The office market has responded favorably to corrections in rental values across Mumbai, with notable transactions and absorption of new stock. However, supply continues to outstrip demand. - Industries sensitive to real estate costs like retail have been actively looking to expand as rents and capital values have become more affordable. - The Central Business District continues to see movement of large occupiers to alternate business districts offering better infrastructure and amenities at lower prices. Rental values in the CBD remained stable between 220-250 INR/sqft/month over the past 6 quarters.

1. CITY REPORT
MUMBAI OFFICE MARKET
Q4 2010

2. BNP Paribas Real Estate - INDIA
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3. CONTENTS
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
Rental Values & Capital Values p. 12
Key Transactions p. 13
Key Projects p. 14
Glossary p. 15
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010

4. SUMMARY
Good market response due to correction in rentals
The office market has responded favorably to corrections in rental In recent past, a few developers have launched projects with small
values across the various markets in Mumbai city. The city office configurations and these projects have witnessed excellent
witnessed some notable transactions from Extended CBD to PBD demand. In other cases, some property owners have diluted partial
micro markets between Q3 2010 to Q4 2010. Significant absorption stock at very comparative rentals, in hope of averaging prices as
levels were witnessed across fresh stocks being launched in the markets improve in future. Innovative ideas like these, will help the
market. However, at the same time a significant amount of market sustain these times.
secondary supply is being created on account of this movement in
newer premises. Therefore, the supply continues to outstrip Industries whose businesses are very sensitive to high real estate
demand. As a development strategy it would be prudent to acquire costs like retail, have been actively looking at expansion as rental
quality tenants and right through these times of price corrections, and capital values are reasonably affordable.
where excessive supply is chasing limited demand.
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I4I

5. CRR & SLR MACROECONOMIC CONTEXT
35
GDP growth moderates on account of unanticipated
30
factors
25
Percent
20
The Indian economy, continued on the high growth path in 2010-11 despite
an uncertain global environment. Though the overall global outlook
15
suggested some moderation in growth in both advanced and emerging
10 economies in 2011, downside risks to India's growth momentum have
5 receded considerably. However, the GDP grew moderately at 8.2 % during the
quarter as compared to 8.8% during the previous two quarters. Significant
0
slowdown in the industrial sector along with marginal downward
Jan-09
Feb-09
Mar-09
Apr-09
May-09
Jun-09
Jul-09
Aug-09
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
movement in the services sector were primary factors that led to
moderation in the GDP growth, despite of sharp increase in agricultural
SLR CRR
growth.
Modest softening of manufactured products price and pressures aided by
Repo & Reverse Repo Rate past monetary tightening by RBI, led to moderation in Wholesale Price Index
(WPI) during August-November 2010 relative to double digit levels of 11%
7
experienced during March-July 2010. However, inflationary pressures
6
revived in December 2010 with WPI inflation increasing to 8.4 percent from
5 7.5 per cent in November 2010. These were attributed to unanticipated
Percent
4 factors such as unseasonal showers and supply chain factors affecting the
3 prices of essential commodities such as vegetables. New drivers such as
2 Fuel and non-fuel international commodity prices and demand-supply
1
imbalances in some food items emerged as factors impacting the inflation
rates.
0
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
20-May-10
20-Jun-10
2-Jul-10
27-Jul-10
20-Aug-10
16-Sep-10
2-Nov-10
Liquidity conditions remained tight during the third quarter of 2010-11,
prompting liquidity easing measures being adopted by the Reserve Bank.
Repo
Under the Liquidity Adjustment Facility (LAF), the RBI increased the repo rate
Reverse Repo
by 25 basis points from 6.0% to 6.25% and hiked the reverse repo rate by 25
basis points from 5.0% to 5.25%. Conditions for enhancing the efficiency of
monetary policy however, improved during the quarter with the tightness in
Gross Domestic Product (GDP) liquidity leading to competition among banks, resulting in higher deposit
10.00
8.80%
and lending rates.
9.00 8.60%
8.80%
7.90%
8.00 7.60%
8.80%
8.20%
Supported by a stable economy, India continued to be high on Global
7.90%
7.00 Investment radar. According to The World Prospectus Survey by the United
5.80% Nations Conference on Trade and Development (UNCTAD), in spite of a dip in
Percent
6.00 6.10% 6%
5.00 5.30%
the FDI Inflows, India continues to be the second best attractive destination
4.00 for FDI after China. India witnessed a total FDI inflow of USD 16,039 million
3.00 dollars (as on Dec 2010) followed by Singapore and USA at third and fourth
2.00
places.
1.00 Overall, robust and broad – based growth is expected to co-exist with
0.00 elevated inflation in the near term.
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010
Major Real Estate Sales (In INR / In million) Profits (In INR / In million)
Companies in Q on Q Q on Q
India Q4 2010 Q3 2010 Q4 2010 Q3 2010
Change % Change %
Wholesale Price Index (WPI) DLF Limited 24,799 23,690 5% 4,657 4,184 11%
18.00 Unitech 6,598 6,445 2% 1,113 1,740 -36%
16.00 India Bulls 5,962 5,414 10% 2,025 1,727 17%
14.00 Sobha Developers 3,629 4,257 -15% 490 589 -17%
12.00 Peninsula Land 1,178 1,226 -4% 621 638 -3%
Percent
10.00 Parsvnath
2,198 1,955 12% 314 498 -37%
8.00 Developers
6.00 Pheonix 451 443 2% 238 221 7%
4.00 Omaxe Limited 3,480 3,544 -2% 226 367 -39%
2.00 Mahindra
1,558 890 75% 334 247 36%
0.00 Lifespace
Mar-09
Jun-09
Sept-09
Dec-09
Mar-07
Jun-07
Sept-07
Dec-07
Mar-10
Jun-10
Sept-10
Dec-10
Sept-06
Dec-06
Mar-08
Jun-08
Sept-08
Dec-08
Anantraj 2 1.329 -100% 502 480 5%
Ackruti City 2,123 1,624 31% 678 557 31%
Source: Confederation of Indian Industries Ansal Properties 3,378 3,197 6% 324 199 63%
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I5I

6. MUMBAI MAP
N
ad
ab
ed
m
4 Ah
Sanjay Gandhi National Park
12
7
Tulsi
16 Lake 6 3
14 10
17
9
Vihar
Lake
1
10
3
Powai 13
1 Lake
25 19
4
S e a
PU
11 Sahar Airport 24
NE
(International Airport) 9
ay
w
igh
20 Domestic
sH
Airport
es
8
A r a b i a n
pr
23
Ex
4 15
er
n
st
Ea
15 13
16
2 3 5
1 6
2
k
22
lin
ndra Worli Sea
11
14 8 12
2
Ba
26
7 7
18
9
21
3
4
5 5 Butcher
1 8 Island
6 Elephanta
2 Island
1
7
8 2 Chatrapati Shivaji
Terminus (CST)
6
3
9
Periphery Business
5
District
4
1. Airoli
2. Belapur
3. Dombivali
Central Business 4. Ghansoli
District Extended Central Secondary Business 5. Jui Nagar
Business District District 6. Kalwa
1. Breach Candy 7. Kalyan
2. Chatrapati Shivaji
Alternate Central
1. Girgaon 1. Andheri 10. Jogeshwari 19. Powai 8. Kharghar
Terminus (CST) 2. Grant Road Business District 2. Bandra West 11. Juhu 20. Santacruz 9. Koper Khairne
3. Churchgate 3. Lower Parel 3. Bhandup 12. Kandivali 21. Sewri 10. Mumbra
4. Colaba 1. Bandra
4. Mahalakshmi 4. Borivali 13. Kanjurmarg 22. Sion 11. Nerul
5. Cuffe Parade 5. Mumbai Central 2. Bandra East 12. Panvel
5. Byculla 14. Kings Circle 23. Vidya Vihar
6. Fort 6. Pedder Road 3. Bandra Kurla 6. Chembur 15. Kurla 24. Vikhroli 13. Sanpada
7. Malabar Hill 7. Prabhadevi Complex 7. Dadar 16. Malad 25. Vile Parle 14. Thane
8. Marine Line 8. Tardeo 4. Santacruz East 8. Ghatkopar 17. Mulund 26. Wadala 15. Turbhe
9. Nariman Point 9. Worli (Kalina) 9. Goregaon 18. Parel 16. Vashi
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I6I

7. CENTRAL BUSINESS DISTRICT (CBD)
Movement continues to other business districts
CBD continues to see movement of large occupiers to alternate
locations which offer better infrastructure and amenities at
attractive rental and capital values.
Rental Values (INR / sq.ft / month)
350
300
250
The average headline rentals & capital values for the last 6 quarters
200
are as follows:-
150
100 AVERAGE RENTAL VALUES ( INR / SQ.FT / MONTH)
Q3 Q4 Q1 Q2 Q3 Q4
50 2009 2009 2010 2010 2010 2010
0 Ballard Estate 250 250 250 250 220 220
Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010 Cuffe Parade 200 200 200 200 200 200
Fort 150 150 150 150 150 150
Nariman Point Ballard Estate
Nariman Point 325 325 325 300 290 290
Cuffe Parade Fort Source: BNP Paribas Real Estate - Research, India
45,000
Capital Values (INR / sq.ft)
40,000
35,000
30,000
25,000
20,000
15,000
AVERAGE CAPITAL VALUES (INR / SQ.FT)
10,000
Q3 Q4 Q1 Q2 Q3 Q4
5,000 2009 2009 2010 2010 2010 2010
— Ballard Estate 35,000 35,000 35,000 35,000 35,000 35,000
Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010 Cuffe Parade 30,000 30,000 30,000 30,000 30,000 30,000
Fort 22,500 22,500 22,500 22,500 22,500 22,500
Nariman Point Ballard Estate
Nariman Point 40,000 40,000 40,000 40,000 40,000 40,000
Cuffe Parade Fort Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I7I

8. EXTENDED CENTRAL BUSINESS DISTRICT
(ECBD)
Pressure on rental values
Landmark developments by quality developers like, Penninsula
land, Indiabulls Real Estate and Lodha Developers have attracted
many high quality occupiers. This is primarily on account of the
value propositions that these projects offer vis a vis old stock
existing in CBD of Mumbai.
350 Extended CBD continues to witness excessive supply (both primary
Rental Values (INR / sq.ft / month)
and secondary), which will continue to exert pressure on rental and
300 capital values.
250
200 The average headline rentals & capital values for the last 6 quarters
are as follows:-
150
100
AVERAGE RENTAL VALUES ( INR / SQ.FT / MONTH)
Q3 Q4 Q1 Q2 Q3 Q4
50 2009 2009 2010 2010 2010 2010
Lower Parel 180 180 180 180 170 170
0
Q3 Q4 Q1 Q2 Q3 Q4 Mahalaxmi 150 150 150 150 150 150
2009 2009 2010 2010 2010 2010
Prabhadevi 250 250 225 225 220 220
Worli Prabhadevi Worli 300 300 275 275 250 250
Lower Parel Mahalaxmi Source: BNP Paribas Real Estate - Research, India
35,000
Capital Values (INR / sq.ft)
30,000
25,000
20,000
15,000
10,000 AVERAGE CAPITAL VALUES (INR / SQ.FT)
Q3 Q4 Q1 Q2 Q3 Q4
5,000 2009 2009 2010 2010 2010 2010
— Lower Parel 18,000 18,000 18,000 18,000 20,000 20,000
Q3 Q4 Q1 Q2 Q3 Q4
Mahalaxmi 15,000 15,000 15,000 15,000 15,000 15,000
2009 2009 2010 2010 2010 2010
Prabhadevi 25,000 25,000 25,000 25,000 25,000 25,000
Worli Prabhadevi Worli 30,000 30,000 30,000 30,000 30,000 30,000
Lower Parel Mahalaxmi Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I8I

9. ALTERNATE CENTRAL BUSINESS DISTRICT
(ALTERNATE CBD)
Good demand from corporate occupiers
Although the market has substantial supply available, most of the
options are in the form of small space options in the range of 5,000
400 sq.ft - 50,000 sq.ft. Tenants looking at larger contiguous floor plates
Rental Values (INR / sq.ft / month)
would have to wait till Q2 2011, wherein the market is likely to be
350 infused with fresh supplies from buildings such as The Capital, TCG
(FIFC).
300
Rental and Capital values are likely to remain under pressure, in the
250 micro market, however prime projects like Maker Maxity will
continue to command higher rental and capital values.
200
The average headline rentals & capital values for the last 6 quarters
150 are as follows:-
100 AVERAGE RENTAL VALUES ( INR / SQ.FT / MONTH)
50 Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010
0
Q3 Q4 Q1 Q2 Q3 Q4 Bandra - Kurla
2009 2009 2010 2010 2010 2010 250 250 300 325 350 350
Complex
Bandra - Kurla Complex Bandra East 175 175 175 175 175 175
Kalina Kalina 200 200 200 200 190 190
Bandra East Source: BNP Paribas Real Estate - Research, India
35,000
30,000
Capital Values (INR / sq.ft)
25,000
20,000
15,000
10,000 AVERAGE CAPITAL VALUES (INR / SQ.FT)
5,000 Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010
— Bandra - Kurla
Q3 Q4 Q1 Q2 Q3 Q4 25,000 25,000 30,000 30,000 32,000 32,000
Complex
2009 2009 2010 2010 2010 2010
Bandra East 17,500 17,500 20,000 20,000 20,000 20,000
Bandra - Kurla Complex
Kalina Kalina 20,000 20,000 22,500 22,500 22,500 22,500
Bandra East Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I9I

10. SECONDARY BUSINESS DISTRICT (SBD)
Pressure on rental and capital values
SBD continues to witness downward pressure on achievable values.
This area is already witnessing excessive supply (primary and
secondary) coupled with ongoing construction activities such as
metro rail resulting in heavy traffic congestion, which is acting as a
160 major deterrent.
Rental Values (INR / sq.ft / month)
140 SBD will continue to face challenges for next few quarters till the
infrastructure improves. Quality projects within SBD especially
120 those along with the Western Express highway will still command a
premium as compared to other projects.
100
80 The average headline rentals & capital values for the last 6 quarters
60 are as follows:-
40
AVERAGE RENTAL VALUES ( INR / SQ.FT / MONTH)
Q3 Q4 Q1 Q2 Q3 Q4
20 2009 2009 2010 2010 2010 2010
0 Andheri E 120 120 120 110 100 90
Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010 Andheri W 110 110 110 100 90 90
Borivali 50 50 60 60 60 60
Vile Parle Malad
Kurla 65 70 70 80 90 90
Andheri East Vikhroli
Malad 90 90 80 80 80 80
Andheri West Kurla
Powai 90 90 90 90 90 90
Powai Borivali
Vikhroli 65 65 75 75 70 70
Vile Parle 120 120 120 140 130 130
Source: BNP Paribas Real Estate - Research, India
16,000
14,000
Capital Values (INR / sq.ft)
12,000
10,000
AVERAGE CAPITAL VALUES (INR / SQ.FT)
8,000
Q3 Q4 Q1 Q2 Q3 Q4
6,000 2009 2009 2010 2010 2010 2010
4,000 Andheri E 12,000 12,000 12,000 12,000 13,000 12,500
Andheri W 11,000 11,000 11,000 11,000 12,000 12,000
2,000
Borivali 5,000 5,000 6,500 6,500 8,000 8,000
— Kurla 8,500 8,000 8,000 8,000 9,500 9,500
Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010 Malad 9,000 9,000 9,000 9,000 9,000 9,000
Powai 9,000 9,000 9,000 9,000 9,500 9,500
Vile Parle Malad
Vikhroli 6,500 6,500 7,500 7,500 8,000 8,000
Andheri East Kurla
Andheri West Vikhroli Vile Parle 12,000 12,000 12,000 13,000 13,500 13,500
Powai Borivali Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I10I

11. PERIPHERY BUSINESS DISTRICT (PBD)
Good demand for SEZ space
The PBD market witnessed maximum transactions in the SEZ
developments. Large IT parks in Thane, Navi Mumbai witnessed a
few transactions as compared to the SEZ space. IT office market has
witnessed corrections in rental values in the last few quarters and
are likely to remain under pressure.
The market also witnessed a few retail and hospitality transactions,
80 with Navi Mumbai re-enforcing its status as a self sustained market.
Rental Values (INR / sq.ft / month)
70
60
50
The average headline rentals & capital values for the last 6 quarters
40 are as follows:-
30 AVERAGE RENTAL VALUES ( INR / SQ.FT / MONTH)
20 Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010
10
Airoli 35 35 40 40 38 35
0
Q3 Q4 Q1 Q2 Q3 Q4 Thane 40 40 40 40 42 40
2009 2009 2010 2010 2010 2010
Vashi 60 60 60 60 70 70
Vashi Thane Airoli Source: BNP Paribas Real Estate - Research, India
8,000
Capital Values (INR / sq.ft)
7,000
6,000
5,000
4,000
3,000 AVERAGE CAPITAL VALUES (INR / SQ.FT)
2,000 Q3 Q4 Q1 Q2 Q3 Q4
2009 2009 2010 2010 2010 2010
1,000
— Airoli 3,500 3,500 4,000 4,000 4,500 4,500
Q3 Q4 Q1 Q2 Q3 Q4 Thane 4,000 4,000 4,500 4,500 5,000 4,700
2009 2009 2010 2010 2010 2010
Vashi 6,000 6,000 6,000 6,000 7,500 7,500
Vashi Thane Airoli Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I11I

12. RENTAL VALUES FOR Q4 2010 CAPITAL VALUES FOR Q4 2010
CBD CBD
Rent Q on Q Q on Q
Region Region INR / sq.ft
INR/ sq.ft/ month Change Change
Ballard Estate 220 0% Ballard Estate 35,000 0%
Cuffe Parade 200 0% Cuffe Parade 30,000 0%
Fort 150 0% Fort 22,500 0%
Nariman Point 290 0% Nariman Point 40,000 0%
Extended CBD Extended CBD
Rent Q on Q Q on Q
Region Region INR / sq.ft
INR/ sq.ft/ month Change Change
Lower Parel 170 0% Lower Parel 20,000 0%
Mahalaxmi 150 0% Mahalaxmi 15,000 0%
Prabhadevi 220 0% Prabhadevi 25,000 0%
Worli 250 0% Worli 30,000 0%
Alternate CBD Alternate CBD
Rent Q on Q Q on Q
Region Region INR / sq.ft
INR/ sq.ft/ month Change Change
Bandra - Kurla Bandra - Kurla
350 0% 32,000 0%
Complex Complex
Bandra East 175 0% Bandra East 20,000 0%
Kalina 190 0% Kalina 22,500 0%
SBD SBD
Rent Q on Q Q on Q
Region Region INR / sq.ft
INR/ sq.ft/ month Change Change
Andheri E 90 -10% Andheri E 12,500 -4%
Andheri W 90 0% Andheri W 12,000 0%
Borivali 60 0% Borivali 8,000 0%
Kurla 90 0% Kurla 9,500 0%
Malad 80 0% Malad 9,000 0%
Powai 90 0% Powai 9,500 0%
Vikhroli 70 0% Vikhroli 8,000 0%
Vile Parle 130 0% Vile Parle 13,500 0%
PBD PBD
Rent Q on Q Q on Q
Region Region INR / sq.ft
INR/ sq.ft/ month Change Change
Airoli 35 -8% Airoli 4,500 0%
Thane 40 -5% Thane 4,700 -6%
Vashi 70 0% Vashi 7,500 0%
Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I12I

13. KEY TRANSACTIONS
Q4 2010
Space Micro
Building Occupiers Location
(in sq.ft) Market
Cumbatta Building Warner Brothers 6,000 CBD Churchgate
Paragon Centre BBDO 8,000 Extended CBD Worli
Paragon Centre OMD 6,500 Extended CBD Worli
One Indiabulls Centre Bloomberg 25,000 Extended CBD Lower Parel
Windsor House Ciena Communications 4,500 Alternate CBD Kalina
Maker Maxity Mcquarie Capital 28,000 Alternate CBD Bandra Kurla Complex
ING Vysya Religare 28,000 Alternate CBD Bandra Kurla Complex
Naman Corporate Link Cholamandlam Insurance 10,000 Alternate CBD Bandra Kurla Complex
IL & FS IBM 62,000 Alternate CBD Bandra Kurla Complex
Grande Palladium DBM Giotech 15,000 Alternate CBD Kalina
Nomura - Hiranandani Teradata 30,000 SBD Powai
Windfall ATC Shipping 6,000 SBD Andheri (East)
Nirlon Citi Bank 77,000 SBD Goregaon
Equinox Business Park Vion Networks 18,000 SBD Kurla
Akruti Center point Diversey 21,000 SBD MIDC, Andheri
Godrej Collosium Powerica 9,000 SBD Sion - Wadala
Nomura Religare 23,000 SBD Powai
Minspace Cognizant 160,000 PBD Airoli
Minspace Globe Op 60,000 PBD Airoli
Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I13I

14. KEY PROJECTS
New Supply – Year 2010
Space (in Completion Date
Building Location Micro Market
sq.ft) (expected)
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
TCG Financial Centre Bandra Kurla Complex Alternate CBD 182,000 Q2 2011
Cresenzo Bandra Kurla Complex Alternate CBD 577,000 Q4 2010
Pooja Constructions Bandra Kurla Complex Alternate CBD 160,000 Ready
Silver Uthopia Andheri East SBD 400,000 Q1 2011
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
Times Square Andheri Kurla Road SBD 589,000 Q1 2011
Arena JVLR SBD 170,000 Q2 2011
Ruby Dadar SBD 1,000,000 Q1 2011
Viva Andheri SBD 160,000 Q1 2012
Wealth Space Vidya Vihar/Ghatkopar (W) SBD 150,000 Q4 2011
Futurex by Marathon Parel SBD 800,000 Q2 2011 (Phase I)
Reliable Tech Park Airoli PBD 1,000,000 Q1 2011
Mindspace SEZ Airoli PBD 600,000 Ready
Nitco Business Park Thane PBD 170,000 Ready
Source: BNP Paribas Real Estate - Research, India
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I14I

15. GLOSSARY
Q4: Quarter 4 of the financial year (October - November - December) CRR: Cash Reserve Ratio
Absorption: Occupied Stock (n) – Occupied Stock (n-1); Where “n” is the specified Major Refurbishment: Building which has undergone structural alteration less than 5
period (quarter, year etc.) years ago, subject to planning permission.
Bare Shell: Premises consisting of basic structure with lifts, power supply to junction Renovated: Building which has undergone renovation work not requiring for planning
box, water supply line, toilets permission less than 5 years ago.
BPO: Business Process Outsourcing Modern: High-performance building over 10 years old.
BUA: Built up area Old: Low-performance building over 10 years old.
CCI (Cost of construction index): Index that makes quarterly measurements of
Super Built-up Area (SBUA): Built-up area + common area including lifts area, common
construction prices for new house building. It is the price after VAT paid by the owner to
passages, utilities, terrace etc. & varies from building to building.
construction companies. It excludes land-related prices and costs (site development,
Carpet Area: Actual usable area, and does not include any common areas, area special foundations, etc.), fees and financial costs.
occupied by walls etc. Demand: A search for premises expressed to BNP Paribas Real Estate. The analysis
Completed Stock: Either the building has received occupancy certificate or the client pertains only to the flow of new demand expressed.
has moved in and occupied space and started working in a particular premises For the occupier: Operation undertaken by an occupier for its own purposes.
DU: Dwelling Unit New Supply: Any new building and/or heavily refurbished building that adds to the
EPIP: Export Promotion Industrial Park existing stocks. These are analysed according to progress.
FAR: Floor Area Ratio (BUA/ Plot Area) Completed new supply: Buildings on which construction work is finished.
Grade A Space: Office Space with efficiency in excess of 75%, floor plate in excess of Under construction: Buildings on which construction has effectively begun. Prior
15,000 sq. ft., Car Parking ratio of atleast 1 per 1000 sq. ft., Floor-to-ceiling height in demolition work is not taken into account.
excess of 3.75 m, Power provision of 1.25KVA per 100 sq. ft. with 100% power-backup Planning permission granted: Authorisation to build obtained, generally booked after
wherever applicable and professionally managed facilities settlement of third party claims.
Ground Coverage: It is the total covered area on ground by the built component and is Planning permission submitted: Planning permission requested, being processed.
expressed as a percentage of the plot area Pre-letting: Transaction by an occupier more than 6 months before the delivery of the
Hard Option: Real estate space reserved by the lessee for future occupation within a building.
particular time frame and at a pre-decided rental Headline rent: Monthly rent per square feet, charged on super built-up area basis,
INR: Indian National Rupees featured on the lease, and expressed excluding fitouts, taxes, deposits, advances,
maintenance charges and does not take into account building efficiency (super built up
Pre-lease: Space committed for lease before completion of construction area - carpet area ratio). Further it does not include attached premises such as parking
Speculative Stock: The stock which can be leased and excludes Built-to-Suit (BTS) and areas, archives, staff canteens, etc. If the rental is progressive, the value applied is the
Campus facilities. average for the first 3 years or the fixed term of the lease.
Stock: Cumulative Supply Average headline rent: Weighted average of rented area. The average featured is a
moving average over the quarter, to smooth out the changes, exclusive of all taxes,
Supply: New construction in a particular specified period deposits, advances & maintenance charges..
Transaction Volumes: Total number of transaction in a particular specified period Underlying rent: Annual rent per square meter expressed free of tax and charges and
Vacancy: Total vacant space in the completed stock excluding advantages agreed by the owners (rent incentive building works, etc).
Warm Shell: Premises consisting of power backup, high side A.C., common area fit outs Prime rents: Represents the top headline rent (excluding non significant transactions)
and fitted out toilets for an office unit:- of standard size, of the highest quality and specification, in the best
location in each market.
Q on Q: Quarter on Quarter
Top rent: Represents the top headline rent for an office unit. It is not necessarily a prime
y-o-y: year-on-year (All growth figures in this report are y-o-y unless otherwise rent.
mentioned
Second hand premises: Premises that have been previously occupied by an occupier for
IT: Information Technology vacant for more than 5 years.
ITES: Information Technology Enabled Services (includes various services ranging from Very good condition: High-performance premises of high quality.
call centres, claims processing, medical transcription, e-CRM, SCM to back-office Existing state of repair: Low-performance premises that can be rented as they are.
operations such as accounting, data processing, and data mining)
To be renovated: Low performance premises that need renovation.
Repo Rate: Rate that an eligible depository institution (such as a bank) is charged to
Supply available within 1 year: All premises and buildings available within 1 year
borrow short term funds directly from the central bank through the discount window
including the supply available immediately, new supply that has not been pre-let and
Reverse Repo Rate: Interest rate that a bank earns for lending money to the Reserve second hand supply that will be vacated definitively (notable terminated leases).
Bank of India in exchange for government securities Take-up: Rental or sale of a property asset, finalised by the signature of a lease or a bill
SEC A, B, C & D Socio: Economic Classification; SEC A represents the highest propensity of sale including turnkey transactions and owner-occupier. The transaction is only
to spend and SEC D represents the lowest propensity to spend. taken into account once any existing conditional clauses have been lifted.
Sq.ft: Square Feet Vacancy rate: Ratio measuring the relationship between the supply immediately
available and the existing stock.
Sq.mt: Square Meter
Mn: Million
Disclaimer: This report is released by BNP Paribas Real Estate & Infrastructure Advisory
Stamp Duty: Form of tax charged on instruments (written documents) requiring a Services and the information in it is dedicated to the exclusive use of its clients. The
physical stamp (for government legality) to be attached to or impressed. report and the information contained in it should not be copied or reproduced without
New: Building built within the last 5 years. 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
Recent: Building less than 10 years old. be guaranteed. Please note the findings, projections, conclusions and
SEZ: Special Economic Zone having special tax exemptions / incentives to corporate recommendations are based on information gathered in good faith from both primary
occupiers 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
BFSI: Banking & Financial Services Industry
if, despite it's best efforts, the information contained in the present report turns out to
SLR: Statutory Liquidity Ratio be inaccurate or incomplete.
FSI: Floor Space Index
MMRDA: Mumbai Metropolitan Region Development Authority
CITY REPORT
MUMBAI OFFICE MARKET - Q4 2010 I15I