1. March, 2011 Rajasthan Competitors Review By: Rahul Gaur (Asst. Manager – Marketing)

2. INDEX Acknowledgement ………………………………………………… 1 Bikaner Bikaner Market at Glance ………………………………………………… 2 Bikaner Analysis ………………………………………………… 3 Bikaner’s Dealer Bazaar ………………………………………………… 4 Executive Summary – Bikaner ………………………………………………… 5 Ajmer Ajmer Market at Glance ………………………………………………… 6 Ajmer Analysis ………………………………………………… 7 Ajmer’s Dealer Bazaar ………………………………………………… 8 Executive Summary – Ajmer ………………………………………………… 9 Jodhpur Jodhpur Market at Glance ………………………………………………… 10 Jodhpur Analysis ………………………………………………… 11 Jodhpur’s Dealer Bazaar ………………………………………………… 12 Executive Summary – Jodhpur ………………………………………………… 13 Bhilwara Bhilwara Market at Glance ………………………………………………… 14 Bhilwara Analysis ………………………………………………… 15 Bhilwara’s Dealer Bazaar ………………………………………………… 16 Executive Summary – Bhilwara ………………………………………………… 17 Jaipur Jaipur Market at Glance ………………………………………………… 18-19 Jaipur Analysis ………………………………………………… 20 Jaipur’s Dealer Bazaar ………………………………………………… 21 Executive Summary – Jaipur ………………………………………………… 22 Graphical Representations of projects used in this study only represent location of project on particular road, these Graphical presentations of projects are not to scale and does not reflect any directions.

3. ACKNOWLEDGEMENT Any piece of work is difficult to accomplish without the aid of others. A person needs the help of others in understanding a task successfully. The report bears the imprints of several helping hands to whom I owe my sense of gratitude like my colleagues in regional offices who collated data for this study. I am extremely grateful to my colleagues in Head Office who motivated me while preparing this report. I acknowledge the guidance & invaluable suggestions of Mr. P S Mehta (DGM – Sales & Marketing) during completion of this report. My thanks to Ansal API & Mr. Surajit Roy (COO-Rajasthan) for giving me this opportunity. My overriding debt to the Dealers & Channel partners of Ansal API who spared their valuable time by giving their inputs and useful information for this study. Rahul Gaur 1

5. In 2010 no new project has been executed on Jodhpur Road.

7. Soul Space has biggest project in Bikaner with 225 Acres more over within city limits.Mix Product Launch 2006 60 Acres 11 Km Company: Rephcons Dev. Graden City Only Plots Launch 2009 45 Acres 12 Km Company: Tirupati Baba Ram Dev Nagar Only Plots Graph -1 Bikaner 2

9. Most important point to be notice is that Mohan Developers has come up with 18 Acres project in 2010 on Gadisar Road the only project on this road 12 Km away from city centre has 33% of market appreciation in very short span of time.

10. It can be observe that our Villa price is maximum in Bikaner Market @ Rs. 29 Lac. This may be the reason why we were not able to generate demand & acceptability of Built-up units in our projects.

11. Out total 8 Bikaner Real Estate projects only three projects have around 80% Completion Stage, which includes our project but point to be observed that Jodhpur Road which has maximum presence of Real Estate Companies have around 30%-60% completion stage more over all these projects were launched more than two years ago. The inference can be drawn that may be these companies are not cash rich OR they are facing difficulty to liquidate there stock to maintain cash flow for their projects. Table No. 1 Table No. 2 Bikaner 3

13. AmarPratap Developers had launched 30 Acres project named SagarSetu in 2010 on Jaipur Road and it has been observed that construction pace of this project is very high and in a small span of time they have executed 40% of their project. This project has been highly rated for its Location, Quality & Price.

15. Mohan Developers the only developers who has taken chance on Gadisar Road has been ripening first mover advantage for its project and has been highly rated by dealers in comparison to Ansal API. One remarkable thing to be notice that the project was launched in 2010 and already executed 40% completion stage.

16. Although Market response for Tirupati Associates is Low but Bikaner Property Dealers are bullish on this project and rated above us. May be the developer is offering high commission structure but the point still need to be investigate why dealers are so bullish about this project when market response is Low. (See Table No. 3 & 4)

17. Most important point to be observe that Dealer Satisfaction Level is more on Jaipur Road Projects and at the same time Dealers have rated that they are less satisfied with Jodhpur Road projects. (See Table No. 3)Bikaner 4

19. Most important point to be notice is that Mohan Developers has come up with 18 Acres project in 2010 on Gadisar Road the only project on this road 12 Km away from city centre has 33% of market appreciation in very short span of time.

20. It can be observe that Ansal API’s Villa price is maximum in Bikaner Market @ Rs. 29 Lac. This may be the reason why we were not able to generate demand & acceptability of Built-up units in our projects.

21. Although Market response for Tirupati Associates is Low but Bikaner Property Dealers are bullish on this project and rated above us. May be the developer is offering high commission structure but the point still need to be investigate why dealers are so bullish about this project when market response is Low. (See Table No. 3 & 4)

22. Jodhpur Road has maximum Real Estate projects but market indications are flowing against these project due following reasons:

23. Bikaner Property dealers have rated low to Jodhpur Road projects in terms of dealer satisfaction level, although at the same time dealers are more bullish and satisfied with Jaipur Road Projects. (See Table No. 3)

24. Point to be observed that Jodhpur Road which has maximum presence of Real Estate Companies have around 30%-60% completion stage more over all these projects were launched more than two years ago. The inference can be drawn that may be these companies are not cash rich OR they are facing difficulty to liquidate there stock to maintain cash flow for their projects.Bikaner 5

26. Real Estate development in Ajmer is scattered on different locations but Jaipur-Kishangarh road seems to be more prominent.

27. Out of 7 developers 4 are offering only plots 2 are offering only apartments.

28. Total 7 developers are active in Ajmer market, 5 of them are newly launched or pre launched projects, which indicates there will be increase of supply in near future.Company:NuniaBuildtech Brindavan Enclave Jaipur Road 47Acres Plots Only Launch 2011 46 Acres 10 Km Company: ARG Developers ARG Township Group Housing Launch 2007 130 Acres 15 Km Mix Product 100 Acres Pre -Launch 22 Km Kishangarh Road Company: Mayura Group Mayura Township Jaipur Road Only Plots Graph -2 Ajmer 6

30. Most important point to be observed is newly presence of Ansal Housing project in Ajmer. Although this 100 Acres project is still under Pre-Launch stage but in near future this project can capture some of our built-up unit market share. It is prudent to launch & liquidate more built-up units in Ajmer before our competitors like Ansal Housing.

31. Out of 7 Ajmer Real Estate projects 5 of them are newly Launch or Pre-Launch project which indicates there will be increase of supply and competition is going to be stiffer in near future. One of the first indicator is ARG Developers who is executing their project 5Km before our project, this developer is creating maximum market hype (Table No. 5) in terms of Branding & Advertisement, at the same time dealers are also very bullish for this project.

32. Mayura Group’s project is the only project after Ansal API’s Sushant City in which market appreciation up to 40% is available to its investors. More over this project is still under pre-launch stage, the reason behind its success is its location, may be its seems that this project is 22 Km away from Ajmer City Centre but from other direction it is more closer to Kishangarh which makes this project exclusive to Kishangarh. (Refer to Graph No. 2)

33. It can be observed from table number 4 that only two developers are offering Group Housing projects in Ajmer and prices of ARG Developers are higher as compare to Maglam Group even when the distance of ARG Developer’s project is more from City Centre as compare to Manglam Group’s project. (Refer to Graph No. 2)Table No. 4 Table No. 5 Ajmer 7

35. Mayura Group township has been overall rated below Ansal API’s project but in terms of price dealers believe this project have an edge over Ansal API.

36. Yaduvanshi Developer’s 32 Acres project have been rated above Ansal API by dealers in comparison to location of project but at the same time they do not believe that this developer will provide more quality product to Ansal API and hence rated below us in terms of Quality of construction.

37. Manglam Group is the only developer in Ajmer who has been rated favorite of Ajmer dealers in respect to all the parameters as compare to Ansal API. More over this project has completion stage of 60%, the second best after Ansal API.

38. Brokers of Ajmer are more bullish on Ansal Housing & ARG Developer project. Both the projects have been rated much higher for its dealers satisfaction level as compare to Ansal API. The point to be observe that both of the companies are new entrant to Ajmer market and dealer satisfaction level shows that these companies are making desperate effort for setting up good dealers network.

39. It can be observed from above table that dealers have given low rating to ARG Developers on the parameter of price, as they don’t feel that Group Housing project should have such higher price 10 Km away from City Centre when other option for Group Housing like Manglam Group is available at much lower price just 6 Km away from City Centre (Also Refer Table Number 4). Secondly from above point it is clear why ARG Developer is creating maximum market hype in term of Branding & Advertising if we refer table number 5. This project is most important to watch at different level of time span, we can guided by this project for future of Group Housing schemes in Sushant City as this project is just 5 Km before our township. Ajmer 8

41. Out of 7 Ajmer Real Estate projects 5 of them are newly Launch or Pre-Launch project which indicates there will be increase of supply and competition is going to be stiffer in near future. One of the first indicator is ARG Developers who is executing their project 5Km before our project, this developer is creating maximum market hype (Table No. 14) in terms of Branding & Advertisement, at the same time dealers are also very bullish for this project.

42. Brokers of Ajmer are more bullish on Ansal Housing & ARG Developer project. Both the projects have been rated much higher for its dealers satisfaction level as compare to Ansal API. The point to be observe that both of the companies are new entrant to Ajmer market and dealer satisfaction level shows that these companies are making desperate effort for setting up good dealers network.

43. It can be observed from table no: 6 that dealers have given low rating to ARG Developers on the parameter of price, as they don’t feel that Group Housing project should have such higher price 10 Km away from City Centre when other option for Group Housing like Manglam Group is available at much lower price just 6 Km away from City Centre (Also Refer Table Number 4). Secondly from above point it is clear why ARG Developer is creating maximum market hype in term of Branding & Advertising if we refer table number 5. This project is most important to watch at different level of time span, we can guided by this project for future of Group Housing schemes in Sushant City as this project is just 5 Km before our township. Ajmer 9

45. Pali & Pal Roads are the most prominent Real Estate locations where developers are executing maximum projects.

46. Arihant Developer is an new entrant in Jodhpur market which has launched two Group Housing projects in 2011.

47. There is acceptability of Real Estate project within in the radius of up to 15 Km from Jodhpur City Centre.Launch 2008 111 Acres 15 Km Mix Product Launch 2007 70 Acres 20 Km Company: Prestige Dev. Prescon City Mix Product Jodhpur 10

49. Out 12 Real Estate projects of Jodhpur 7 of them are on completion stage of 70% or more, hence these are the projects which have completed certain life cycle and certainly these projects are creating less supply in the market. On the other hand for bridging the demand gap remaining 5 projects are competing most among each other and at present market conditions are favorable to Ansal API because out of these 5 projects 2 of them are Group Housing Projects, 1 is Umaid Heritage which has created Luxury Nish market for itself, 1 is NIHO’s project which is getting least market response due to its project’s past & goodwill and last one is AnandLok Jodhpur. The inference can be drawn that success of our project AnandLok Jodhpur has been achieved due to above said favorable market conditions and product pricing. We can still take advantage these market conditions by pushing our stock and repackaging them.

50. As said earlier Jodhpur market has good demand for built-up units but it can be noted from above table that as compare to plots built-up units have given moderate return, hence these built-up units are not very investor friendly. This indicate built-up units are more in demand by end users. Highest appreciation of up to 40% has been recorded in Ashiyana Housing & Parsavnath’s built-up projects. Hence it would be wiser to plan built-up units as per the taste, preference and pricing expectations of locals rather than importing new built-up concept from outside.

51. we can notice from table number 9 that new entrant in market Arihant Super Structure has created maximum market hype in terms of Branding, Advertising etc. along with Ansal API. Jodhpur 11

53. In comparison to Ansal API, Arihant & NIHO developers have been rated least by dealers with just 1 point on a scale of 10 but if we observe same projects with table number 9 it can be noted that Arihant Developer is creating maximum market hype in terms of Advertisement & Branding, which means being a new entrant in Jodhpur market this developer is trying to create trustworthiness but above low dealer’s rating just indicates that these developers still not have strong channel network.

54. We can observe from above table that Ashiyana’sAmarbagh & Parsavnath’sParsavnath City are one of the highest rated projects in overall project rating in comparison to Ansal API but at the same time we can observe that dealers are not stratified with these projects and they have rated both of the projects below us on the parameter of dealer satisfaction level.

55. UmaidHeritege by Esgee Real Estate has created Luxury Nish Market for its self and has been rated best located and quality product of Jodhpur. No one in the market is competing with Esgee Real Estate as the target segment is totally different. Dealers have rated high this project even in terms of pricing when lowest cost of one villa in this project is 2 cores.

56. Jodhpur is the only place where dealers are most satisfied with Ansal API and rated us above among all the real estate developers of jodhpur in terms of dealer satisfaction level. This is a significant point and we can capitalize on that, by motivating dealers more. So that this additional work force will always give us edge over our competitors. Jodhpur 12

58. As said earlier Jodhpur market has good demand for built-up units but it can be noted from above table that as compare to plots built-up units have given moderate return, hence these built-up units are not very investor friendly. This indicate built-up units are more in demand by end users. Highest appreciation of up to 40% has been recorded in Ashiyana Housing & Parsavnath’s built-up projects. Hence it would be wiser to plan built-up units as per the taste, preference and pricing expectations of locals rather than importing new built-up concept from outside.

59. It can be observed from Table No. 7 that developers other than Ansal API are offering more and more option in 3 BHK Villa accommodation where as Ansal API is focusing on 2 & 1 BHK options which give us edge in this category with competitive price advantage, as other developers are not very focused in this category.

60. Jodhpur is the only place where dealers are most satisfied with Ansal API and rated us above among all the real estate developers of jodhpur in terms of dealer satisfaction level (Table No. 8). This is a significant point and we can capitalize on that, by motivating dealers more. So that this additional work force will always give us edge over our competitors.Table No. 9 Jodhpur 13

62. Plots are only available on Gaurav Path.

63. All major projects on Chittor Road have been developed by Prabhat Automobiles.

64. Local Players are more active in Bhilwara market.Ajmer Launch 2010 18 Acres 7 Km Company: Ahinsa Infra. Navakar Greens Group Housing Chittor Road Launch 2006 65 Acres 7 Km 125 Acres Launch 2008 Company: Bharadwaj Gr. Madhav Nagar 6 Km BSL Road Company: Prabhat Auto. KamlaVihar Plots Only Built-Up Only Launch 2010 32 Acres 7 Km Company: Abhinav Int. Shree Satguru City Plots Only Launch 2008 20 Acres Launch 2008 6 Km 225 Acres Company: Prabhat Auto. Kamla Enclave 6 Km Built-Up Only Mix Product Launch 2008 20 Acres 6 Km Company: Prabhat Auto. KamlaNano Gaurav Path Built-Up Only 6 Km Launch 2010 City Centre Company: UB + Miraj Gr. Samanvay River View 11 Acres Built-up Only Graph -4 Bhilwara 14

66. Plots are only available on Gaurav Path and only three developers are offering plots in Bhilwara including Ansal API. We can observe from above table that maximum resale rates are in Ansal API’s project @ Rs. 7000/- PSY, where as we can also make out that appreciation in Bharadwaj Group’s project is more than Ansal API, the only reason may be behind this that Bharadwaj Group has launched their project way back in 2006 at the rate of Rs. 2250/- PSY where as Ansal API has launched its project in 2008 at the rate of Rs. 4275/- PSY. And close location proximity of Bharadwaj Group to Ansal API’s project has benefited them a lot.

67. Although Ansal API has good appreciation in plots and investors have been benefitted a lot in our project but customers are not getting returns in built-up units of Sushant City. Where as per above table there are moderate returns on built-up units in our competitor’s projects. This point simply indicates that slow pace of construction of built-up units in our project is hampering appreciation and transaction of these built-up units in market and at the same time our competitors who have launched project along with in 2008 have been achieved 100% construction stage.

68. Ahinsa Infrastructure is the only developers who has launched Group Housing project in Bhilwara. As per our perspective this project is most important to watch at different span of time, as response & market trends to this project can guide us while planning future Group Housing project in our township.

69. From below table we can observe all the projects of Chittor Road has created maximum market hype in terms of Advertising branding, where as Prabhat Auto’s projects are getting good response from market along with market hype. Table No. 11 Bhilwara 15

71. If we compare above rating table along with table number 11 we can find that Ahinsa Infrastructure has created high market hype and has been rated by dealers above Ansal API in overall rating but dealers have rated this project below Ansal API at the parameter of dealers satisfaction level. May be reason behind this point can be taken out that this is an Group Housing project and in secondary market this project is giving very nominal investment returns.

72. Bharadwaj Group the oldest Group in the market & Abhinav International who has launched its project behind Sushant City has been rated far behind Ansal API in major parameters but dealers are more bulish on Bharadwaj Group, as this is oldest project and in resale market this project has given appreciation up to 140%.

73. Prabhat Automobiles have been rated above us by dealers in all the parameters and this company has an edge over us in built-up units and even they have achieved advance construction stages, which makes this company more trustworthy in the Bhilwara Market. Bhilwara 16

75. Prabhat Automobiles who is only major developer on Chittor road offering only built-up units in all their projects and if we observe from table number 12 as per the dealers rating this developer is offering best quality product at very competitive prices in Bhilwara market. This can also be evident that out of three projects of this developer two projects have been achieved more than 85% completion stage.

76. Prabhat Automobiles have been rated above us by dealers in all the parameters and this company has an edge over us in built-up units and even they have achieved advance construction stages, which makes this company more trustworthy in the Bhilwara Market.

77. Ahinsa Infrastructure is the only developers who has launched Group Housing project in Bhilwara. As per our perspective this project is most important to watch at different span of time, as response & market trends to this project can guide us while planning future Group Housing project in our township.Bhilwara 17

78. Launch 2005 Launch 2010 Launch 2005 125 Acres 3 Acres 500 Acres 18 Km 18 Km 20 Km Company: AmrapaliGr Amarpali Hi-Tech City Company: UDB Eco Living Apt. Company: Omaxe Ltd. Omaxe City Ajmer Rd Ajmer Rd Plots Only Group Housing Mix Product Launch 2010 2.5 Acres Launch 2009 7 Acres 17 Km Company: RidhiSidhi SKY 25 20 Km Company: Mahima Gr. Desire Group Housing Group Housing Launch 2008 3 Acres Launch 2009 12 Acres 17 Km Company: UDB Harmoney 20 Km Company: Anukampa Gr. Hanging Garden Group Housing Group Housing Launch 2010 2.5 Acres Jaipur Market at a Glance Launch 2010 17 Km 21 Acres Company: UDB Orchid 20 Km Company: Manglam Gr. Aangan Group Housing Built-Up Only Launch 2009 155 Acres Ajmer Road 22 Km Company: Emaar MGF Jaipur Greens City Mix Product Launch 2010 28 Acres Sirsi Road 10 Km Company: Megha Colonizers Rangoli Garden Launch 2005 808 Acres Group Housing 22 Km Company: Vatika Vatika Info Tech City Sikar Road Mix Product Sirsi Road Launch 2007 7 Acres 14 Km Company: Manglam Grand Vista Launch 2005 400 Acres Group Housing 16 Km Company: Suncity Projects Suncity Ajmer Road Sirsi Road Mix Product Graph -5 Jaipur 18

79. Launch 2006 Launch 2006 Launch 2007 50 Acres 55 Acres 7.5 Acres 17 Km 18 Km 20 Km Company: Ganpati Enclave Ganpati Paradise Company: AshiyanaManglam Utsav II Mix Product Group Housing Mix Product Launch 2006 36 Acres Launch 2003 375 Acres 20 Km 17 Km Mix Product Mix Product Launch 2007 19 Acres Launch 2007 6 Acres 21 Km 15 Km Company: Squin Real Estate Star City Only Plots Mix Product Launch 2005 Kalwar Road 156 Acres 12 Km Company: Manglam Gr. Manglam City Plots Only Kalwar Road Centre Launch 2008 75 Acres Launch 2007 125 Acres 45 Km Tonk Road Company: Divinity Jaipur Ext Tonk Road 25 Km Company: Manglam Gr. KanakVatika Plots Only Plots Only Launch 2007 125 Acres Launch 2006 95 Acres 35 Km Company: Sanjeevni Sanjeevni City -II Tonk Road 30 Km Company: Bhaskar Gr. Bhaskar Enclave Plots Only Plots Only Launch 2006 220 Acres Launch 2009 Launch 2009 8 Acres 8 Acres 35 Km Company: Sanjeevni Sanjeevni City 30 Km 32 Km Company: Dream World InderprasthVihar Company: Ayesha Buildcon Celebrations Plots Only Plots Only Group Housing Jaipur 19

80. Table No. 12A Jaipur 20

82. We can observe from Table 12A that all the major competitors project on Kalwar Road including Ansal API’s project has achieved 70% or more completion stage, the point can be make out that all the projects at this location have attained certain life cycle where future supply in this location may slowly decrease and there is limited scope for any new project before Sushant City and probability of executing new project is after Sushant City is more and it also depends on the infrastructural development of this location.

83. Graph No: 5 shows that on Tonk Road availability of plots is more and developers are not offering built-up units there, where as only one Group Housing Project is under execution.

84. We can make out from Table Number 14 that Utsav, Vatika City, Grand Vista and Sushant City are the four projects which are getting maximum market response and only two companies Vatika & Ansal API have created high market hype in terms of Advertising & Branding.

85. On Ajmer Road all the competitors except RidhiSidhi Group are not focusing on affordability. RidhiSidhi’s SKY 25 project is the only project on Ajmer Road which is launched in 2010 in affordable category, this developer has reduced per unit built-up area for reducing unit price and has launched 2BHK unit in just 930 Sq Ft for making his product more affordable. Where as no other developer has reduced per unit built-up area for reducing cost on Ajmer Road.

86. We can observe from Graph No-5 that Ansal API’s project Sushant City is an oldest project in Jaipur which has recorded appreciation of 285% since its launch that is maximum in Jaipur. We can also observe from Table 12 A that built-up units in Jaipur are only generating moderate returns and maximum return on built-up units has been generated in Vatika & Ashiyana UTSAV which is next to Sushant City-II. Jaipur 21

87. Table No. 14 Table No. 15 Jaipur 22

89. Most important point to be noted from Table No: 15 that Jaipur dealers have rated Ansal API below 17 competitors projects out of total 25 competitors in terms of Quality of product and they have bad quality experience from Ansal API. We can make out from this point that market view in terms of quality product is against us and we should urgently take corrective action towards this issues.

90. Dealers have point of view that most trustworthy projects in terms of quality in comparison to Ansal API are Vatika City, Sun City and Utsav – the project next to Sushant City – II.

91. Jaipur is the most competitive market for us , we can make out from Table No. 15 that dealers have rated us very low in all the parameters in comparison to our competitors in Jaipur Market which includes local developers also but at the same time as per Table No. 14 they also think that our project Sushant City –I has receiving high market response . This point clearly indicates that our dealers network needs to re-work again. 1 2 3 4 5 6 7 8 9 10 Jaipur 23

93. Most important point to be noted from Table No: 15 that Jaipur dealers have rated Ansal API below 17 competitors projects out of total 25 competitors in terms of Quality of product and they have bad quality experience from Ansal API. We can make out from this point that market view in terms of quality product is against us and we should urgently take corrective action towards this issues.

94. On Ajmer Road all the competitors except RidhiSidhi Group are not focusing on affordability. RidhiSidhi’s SKY 25 project is the only project on Ajmer Road which is launched in 2010 in affordable category, this developer has reduced per unit built-up area for reducing unit price and has launched 2BHK unit in just 930 Sq Ft for making his product more affordable. Where as no other developer has reduced per unit built-up area for reducing cost on Ajmer Road.Jaipur 24