• Developers are upbeat because of increasing demand for Grade \'A\' office space from the IT/ITeS sector in the SBD and PBD • Vacancy levels in PBD expected to rise due to increase in the stock by around 5 million. • Vacancy in CBD and SBD expected to decrease due to lack of supply

1. CITY REPORT
BANGALORE OFFICE MARKET
Q3 2010

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

4. 4I I
SUMMARY
The rental and capital values remained stable during Q3
2010 mainly due to the absorption of second generation
spaces and lack of completion of projects in all the three
micro markets. The total area leased during the third quarter
was around 3.7 million sq ft which is around 3% more than
the previous quarter. Given this performance, the first 3
quarters have witnessed transaction volumes of 9.2 million
sq ft. Major portions of the transactions took place in the
Tech parks and SEZs located in the Outer Ring Road and
Whitefield precincts. The vacancy levels in the PBD region
remained high due to availability of large SEZ spaces across
the city which the developers are providing at competitive
rentals in the micro markets.
The vacancy levels are expected to decrease in the next few
quarters as the number of enquiries from reputed blue-chip
companies are on the rise and the developers are confident
of closing large transactions due to the increasing demand
and lack of new completions in the different micromarkets.
The rental values in the CBD may see an increase in the
coming months as the availability of large grade A
commercial office space is less in comparison to the other
micro markets and there is substantial enquires from
organizations. Some of the developers are experiencing
vacancies in their properties as the rentals quoted by them
are far above the market levels.
The rental values in the SEZs are expected to rise marginally
as there is lack of sufficient supply to match the current
demand for SEZ. The rental values are expected to witness a
correction during the second half of 2011 when substantial
amount of inventory would be added to the current stock.
The Bangalore Metro Rail Project is on track as the testing of
the railway line from Byappanahalli to MG road section has
commenced. Other infrastructure projects such as
construction of Flyovers and subways on the Outer Ring road
are on full swing and expected to get completed on time. Soil
testing for the Elevated Expressway from Hebbal to the New
International Airport is underway and the construction is
expected to commence in early 2011.
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010

5. 5I I
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010
Repo Reverse Repo
Repo & Reverse Repo Rate
7
6
3
Percent
1
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
MACROECONOMIC CONTEXT
The Central Bank takes a more sophisticated approach:
maintains status quo on CRR & SLR
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. 6I I
BANGALORE MAP
Coce urs ad
a e Ro
R Race
Course
Raj
Bhavan
Vidhan
Soudha
High
Court
Cubbon
ParkChikpete Rd
Kasturba
Rd
nroa
y
h
o
MR
R
d
BrigadeRd
WHITEFIELD
Hoodi
Brigade Tech
Park
Whitefield
Whitefield Rd
Rd
BelaturRd
Belatur
Kodugodi
Whitefield
Kodugodi Rd
Station Rd
Bhattarahalli
Rd
Domsandra
Sadarmangal
1MainRd
2 Main Rd
Borewell Rd
Vartur Rd
Vartur
Kere
Vartur
Adarsh Palm
Retreat
VarturRd
Channapanhalli
SouthernRailway
Vartur Rd
Marattahalli
Innovative
Multiplex
Soul Space
Bellandur
Bellandur
Tank
Salarpuria Softzone
Vimanpura
HAL
LB Shastri
Nagar
SuranjaindasRd
OuterRingRoad
Dodda
Nekkundi
Old Madras Rd
KodihalliVictoria dR
Cantonment
Cubbon Rd
Chinnaswamy
Cricket
StadiumSeshadri Rd
KSRTC
Bus Terminal
Majestic
Chikpete
Elevated Rd
Victoria
Urvashi
Albert Victor Rd
KRRoad
BullTempleRd
Basavangudi
Lal
Bagh
Lal Bagh Fort Rd
Ulsoor
Lake
Wheeler
Rd
Munireddypalya
Mattadahalli
RamanamaharishiRd
Nagavara
NagavaraMainRd
Hennuru
M
ain
Rd
Hennuru
Krishnarajapura
Ramamurthy
Nagar
Yellarnallappachetty
Kere
Chikkabanhalli
Old Madras Rd
Whitefield Rd
Devasandra
Bhattarahalli
Anandapuram
Bangalore
HAL
Airport
Golf
Course
Chamarajpet
Sarjapur Rd
Outer Ring Road
HSR Layout
South End Rd
Banashankari
dRarupkanaK
Uttarahalli
li RdlaharattU
Malleshvaram
ChordRd
West of
Chord Rd
Pineline Rd
Magadi Rd
ChordRd
Link Rd
Magadi Rd
UniversityRd
Hegganahalli
dRillahanag
ge
H
Bangalore City
Railway Station
Lottegollahalli
Lottegollahalli
Mattikere
Yeshvantpur
BelRoad
Hebbal
Kere
Esteem Mall
Nagavara
Kere
Cox
Town
HosurRd
KanakpuraRd
Chandrapura
Madurai
Begur
BegurRd
Kudlu
KudluRd
NH-7
Bannerghatta
JP
Nagar
Mandivala
Tank
Mandivala
Agara
Kere
adoR
erosyM
ChordRd
Magadi Rd
Bangalore
Palace
Bommanahalli
Marigowda
Rd
Hosakerehalli
Kere
dRillU ahattar
V
asantpura Rd
Dodda
Kalsandra
Kanakpura
daoRattaghcnuhC
ElectronicCity
KambipuraRd
Southern Railway
Bangalore
University
UniversityRd
Taj
Westend
Jayamahal
Palace
Karirobanhalli Rd
Peenya
Yeshvantpur
Suburb
Tumkur Road
NH-4
C
V Ram
an
R
d
OldTumkurRd
Bupasandra Rd
Jalahalli
K
odi
gehalli Rd
BELDefence
Colony
Byatarayanapura Rachana
Halli
Kere
BellaryRd
Agrahara
BellaryRd
Yelahanka
New Town
DodBallapurRdHindupurSouthernRailway
Yelahanka
Kere
Bangalore
International
Airport
Hyderabad
Harohalli
dRurtpnvahYes
NH-7
Chikka
Bommasandra
Rajiv Gandhi
Nagar
Kodigehalli
Kere
Kodigehalli
Southern
Railway
Banaswadi idawsanaB
B Channasandra
NH-4
Krishnaraja
Puram
Channasandra
Baiyyappana
Halli
RillahanammaK
d
dR
illahalaJ
ChikkaBana
v
arRd
Southern Railway
Bagalakunte
NH-4
Sarjapur Rd
Chikka
Nayakamahalli
Salem
Anekal
NH-4
NH-4
Bangalore
East
Major Roads
Roads
River / Water Bodies
Park / Green Area
Railway Station CBD
SBD
PBD
Airport
Outer /
Ring Road
Inner
1
4
5 6
1
3
8
6
9
13
15
16
4
1
2
3
Rajaji
Nagar
Vijay
Nagar
16
16
16
2
5
7
10
11
12
14
17
18
2
7
8 9
10
11
3
N
403, The Estate,
121, Dickenson Road
Central Business District Secondary Business District Periphery Business District
1. Electronic City
2. Mysore Road
3. Whitefield
1. Cunningham Road
2. Langford Road
3. Lavelle Road
4. MG Road
5. Residency Road
6. Richmond Road
7. Richmond Town
1. Airport Road
2. Adugodi
3. Banerghatta Road
4. Bellary Road
5. BTM Layout
6. CV Raman Nagar
7. Domlur
8. Hebbal
9. Indiranagar
10. Jaya Nagar
11. Jayamahal Rd
12. Kammanahalli
13. Koramangala
14. Mekhri Circle
15. Old Madras Road
16. Outer Ring Road
17. R T Nagar
18. Shanti Nagar
8. St Marks Road
9. Ulsoor
10. Vasanth Nagar
11. Vitthal Malya
Road
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010

7. 7I I
CENTRAL BUSINESS DISTRICT (CBD)
Supply & Vacancy Trend
The total transaction volume recorded in the CBD during Q3 2010
was around 0.48 million sq ft. This was mainly due to the movement
of organizations towards the Peripheral Business District and
availability of vacant stock in the CBD. There was an addition of 0.16
million sq ft to the stock which currently stands at 6.2 million sq ft.
Approximately 0.45 million sq ft of commercial office space is under
construction in this micromarket, most of which is expected to be
completed by Q2 2011. The under construction buildings are
distributed across 4 buildings ranging between 30,000 and 250,000
sq ft.
Many developers like Nitesh Estates, Raheja Group etc are in the
process of developing star rated hotels to help bridge the demand-
supply gap for hotel rooms.
Limited supply expected to keep upward pressure
on rentals
Rental & Capital Values
55
60
65
70
75
80
5,500
6,000
6,500
7,000
7,500
8,000
Q2
2009
Q3
2009
Q4
2009
Q1
2010
CapitalValue(INR/sq.ft)
RentalValue(INR/sq.ft/month)
Q2
2010
2,500
3,000
3,500
0.0%
0.5%
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Supply & Vacancy Trend
Stock(’000sq.ft)
VacancyRate
4,000
Q2
2010
Rental & Capital Values
There was no change in the rental and capital values in the CBD
over Q2 2010 values. This was mainly due to balance in the
absorption and supply of stock during Q3 2010. The rentals are
expected to rise during the next quarter as the number of enquires
for large grade 'A' commercial office space from large
multinationals are increasing and a substantial amount of leasing
activity is taking place in this micro market.
Source: BNP Paribas Real Estate, India
Q3 2009 5,651 1.6%
Q2 2009 5,651 1.6%
Stock
('000 sq ft)
Vacancy
Supply & Vacancy Trend for the past 6 Quarters
Q4 2009 5,933 2.7%
Source: BNP Paribas Real Estate, India
Q3 2009 70 7,200
Q2 2009 70 7,200
Rental Values
(INR / sq. ft / month)
Capital Values
(INR / sq. ft)
Rental & Capital Values over the Past 6 Quarters
Q4 2009 73 7,508
Major areas that constitute CBD include:-
• MG Road
• Residency Road
• Richmond Road
• Cunningham Road
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4,500
5,000
5,500
6,000
6,500
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010
The average headline rentals & capital values for the last 6 quarters
are as follows:-
Q2 2010
Q1 2010 75 8,333
Q2 2010
Q1 2010 6,050 3.6%
75 8,333
6,050 3.8%
85
90
8,500
9,000
Stock Vacancy Rate
Capital Value Rental Value
Q3
2010
Q3
2010
Q3 2010
Q3 2010
6,243 3.6%
75 8,333

8. 8I I
Supply & Vacancy Trend
SBD witnessed a completion of 0.12 million sq ft of grade A office
space during Q3 2010. The vacancy level in the SBD increased to
4.8% from the previous quarter's 3.7% as many of the occupiers who
had occupied large spaces in this micromarket have migrated to the
peripheral areas due to competitive rentals and also availability of
SEZ and built-to-Suit options. Currently the total stock in SBD is
estimated to be around 28.3 million. SBD witnessed leasing of
around 2.1 million sq ft in Q3 2010 and most of the occupiers
occupied the 2nd generation spaces and SEZ spaces in areas like
Outer Ring road and Koramangala.
Preference for SEZ as a space option on the rise
SECONDARY BUSINESS DISTRICT (SBD)
Rental & Capital Values
The rental and capital values have remained stable during Q3 2010
as compared to the previous quarter. Every year the rentals have
increased by around 22.5%. The rental and capital values are
expected to remain stable during the next quarter as there is
substantial demand in the market and there also is supply to
sustain that demand. Of the total 2.1 million sq ft, 1.7 million sq ft
was leased in SEZ and the rest in STPI and other commercial
developments. The capital value remained stable at INR 4,450 per
sq ft.
Source: BNP Paribas Real Estate, India
Q3 2009 24,904 7.8%
Q2 2009 24,794 7.8%
Stock
('000 sq ft)
Vacancy
Supply & Vacancy Trend for the past 6 Quarters
Q4 2009 25,899 7.5%
Source: BNP Paribas Real Estate, India
Q3 2009 40 4,000
Q2 2009 40 4,000
Rentals
(INR / sq. ft / month)
Capital Values
(INR / sq. ft)
Rental & Capital Values over the Past 6 Quarters
Q4 2009 45 4,409
Major areas that constitute SBD include:-
• Koramangala
• Indiranagar and CV Raman Nagar
• Old Madras Road
• Airport Road
• Banerghatta Road
• Outer Ring Road
• Hebbal
• Bellary Road
10,000
12,000
14,000
16,000
18,000
20,000
22,000
24,000
26,000
0%
1%
2%
3%
4%
5%
6%
7%
8%
Stock(’000sq.ft)
VacancyRate
Q2
2009
Q3
2009
Q4
2009
Q1
2010
Supply & Vacancy Trend
Q2
2010
9%28,000
Stock Vacancy Rate
3,700
3,900
4,100
4,300
4,500
37
39
41
43
45
RentalValue(INR/sq.ft/month)
CapitalValue(INR/sq.ft)
Rental & Capital Values
Q2
2009
Q3
2009
Q4
2009
Q1
2010
35
47
Q2
2010
49
3,500
4,700
4,900
Capital Value Rental Value
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010
The average headline rentals & capital values for the last 6 quarters
are as follows:-
Q2 2010
Q1 2010 26,419 6.1%
Q2 2010
Q1 2010 47 4,250
27,333 3.7%
49 4,450
Q3
2010
Q3
2010
Q3 2010
Q3 2010
27,445 3.7%
49 4,450
51 5,100

9. 9I I
Competitive rentals in comparison to other
business districts is translating into large space
requirement from occupiers
Supply & Vacancy Trend
The PBD market witnessed a total leasing of around 0.8 million sq ft
during the third quarter of 2010. Medium to large sized spaces were
absorbed ranging between 5,000 and 400,000 sq ft. Significant
amount of stock is under development in this micro market and is
expected to be completed by the end of 2011. The total addition to
stock in this region was around 1.1 million sq ft.
There was an increase of around 1.4% in the vacancy levels over the
previous quarter. This was mainly because of the addition of 1.1
million sq ft to the existing stock. The vacancy levels are expected to
subside over the next few quarters as there is significant demand
for grade A office space in this micro market and there is no major
completion expected till end of 2011.
PERIPHERY BUSINESS DISTRICT (PBD)
500
1,000
1,500
2,000
2,500
3,000
3,500
Q2
2009
Q3
2009
Q4
2009
Q1
2010
RentalValue(INR/sq.ft/month)
CapitalValue(INR/sq.ft)
Rental & Capital Values
5
10
15
20
25
30
35
Q2
2010
0
5%
10%
15%
20%
Stock(’000sq.ft)
VacancyRate
Supply & Vacancy Trend
Q2
2009
Q3
2009
Q4
2009
Q1
2010
5,000
Q2
2010
Rental & Capital Values
The rental value marginally rose by around 2% from Q2 2010 and is
currently stable at INR 28 per sq ft per month. The increase in the
rentals can be attributed to the rise in demand for grade 'A'
commercial office space in the region.
The capital values too increased marginally on account of
increasing demand for grade A office space in the region. The capital
value currently stands at INR 2,350 per sq ft
Source: BNP Paribas Real Estate, India
Q3 2009 16,680 16.2%
Q2 2009 16,680 16.2%
Stock
('000 sq ft)
Vacancy
Supply & Vacancy Trend for the past 6 Quarters
Q4 2009 17,280 17.3%
Major areas that constitute PBD include:-
• Whitefield
• Electronic City
• Mysore Road
Source: BNP Paribas Real Estate, India
Q3 2009 25 2,150
Q2 2009 25 2,200
Rentals
(INR / sq. ft / month)
Capital Values
(INR / sq. ft)
Rental & Capital Values over the Past 6 Quarters
Q4 2009 26.5 2,328
10,000
25,000
15,000
20,000
0%
25%
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010
The average headline rentals & capital values for the last 6 quarters
are as follows:-
Q2 2010
Q1 2010 17,752 19.5%
Q2 2010
Q1 2010 27.5 2,300
19,221 22.14%
27.5 2,300
Capital Value Rental Value
Stock Vacancy Rate
Q3
2010
Q3
2010
Q3 2010
Q3 2010
20,416 23.50%
28 2,350

10. 10I I
RENTAL VALUES FOR Q3 2010
Rent
INR/ sq.ft/ month
CBD
PBD
SBD
Micro
Market
Q on Q
Change
75
28
49 0%
2%
0%
CAPITAL VALUES FOR Q3 2010
SBD
CBD
PBD
Micro
Market
Q on Q
Change
INR / sq.ft
4,450
8,333
2,350
0%
2%
0%
KEY PROJECTS
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010
New Supply – Year 2010
Property Location
Micro
Market
Total built up
area (sq ft)
Completion Date
(expected)
Prestige Shanthiniketan Whitefield PBD 3,100,000 Q4 2010
Bearys Global Research Triangle Whitefield PBD 1,250,000 Q4 2010
Brigade World Trade Centre
(North Star)
Yeshwantpur SBD 1,100,000 Q4 2010
Bhoruka IT Park Phase II Whitefield PBD 423,000 Q4 2010
GVR Tech Park Whitefield PBD 480,000 Q4 2010
Salrpuria Symphony Hosur Road PBD 160,000 Q4 2010
Source: BNP Paribas Real Estate, India

11. KEY TRANSACTIONS
11I I
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010
Source: BNP Paribas Real Estate, India
Q3 2010
Building Occupiers
Space
(sq.ft)
Micro
Market
Location
Divyashree Chambers Vatika 25,000 CBD Langford Road
Embassy Icon Sunguard 25,774 CBD Infantry Road
Salarpuria Cambridge Mall Autonomy 26,000 CBD Cambridge Layout
Brigade South Parade Quintiles 29,800 CBD MG Road
Salarpuria Cambridge ACI Global 45,000 CBD Cambridge Layout
Vaswani Centropolis Swiss Re 116,162 CBD Langford Road
Corniche Al Latheef Inatech Info. Solutions Pvt. Ltd 18,000 CBD Cunningham Road
ACR Towers Mott Macdonald 12,403 CBD Residency Road
Prestige Nebula Cenduit 17,000 CBD Cubbon Road
HM Towers
Omnicare Clinical Research
India Pvt. Ltd.
19,900 CBD Brigade Road
Vrindavan Tech Village Brocade 90,000 SBD Outer Ring Road
Vrindavan Tech Village Altisource 100,000 SBD Outer Ring Road
IBC Golf View Homes Volvo 100,000 SBD Wind Tunnel Road
Vrindavan Tech Village Nokia 126,000 SBD Outer Ring Road
Pritech Park Hewlett Packard (hp) 170,000 SBD Outer Ring Road
Pritech Park Accenture 200,000 SBD Outer Ring Road
Kalyani Magnum Oracle 285,000 SBD Bannerghatta Road
Bagmane World Trade
Center
Emphasis 85,000 SBD Outer Ring Road
Mallikarjuna Building Cross Domain 50,000 SBD Yeshwanthpur
Pritech Park Nous System 43,000 SBD Outer Ring Road
Adarsh Eco Place Infinite 30,000 PBD Whitefield
Kalyani Platina APC 35,000 PBD Whitefield
Salarpuria GR Tech Park Sapient 65,000 PBD Whitefield
Kalyani Platina EFI 70,000 PBD Whitefield
Prateek Tech Park HP 71,000 PBD Electronic City
Global Axis TCS 400,000 PBD Whitefield
First Technology Place JP Morgan Chase 26,340 PBD Whitefield
RMZ Centennial O&M 21,380 PBD Whitefield
Ozone Manay Tech Park ACS 17,200 PBD Hosur Road

12. 12I I
CITY REPORT
BANGALORE OFFICE MARKET - Q3 2010
GLOSSARY
Q3:
Super Built-up Area (SBUA):
Carpet Area:
Sq.mt:
Mn:
New:
Recent:
SEZ:
BFSI:
SLR:
CRR:
FSI:
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
Cash Reserve Ratio
Floor Space Index
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.
ORR:
Headline rent:
Average headline rent:
Disclaimer:
Outer Ring Road
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.

13. www.realestate.bnpparibas.com
.
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
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
email at:
info.india@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
Noncontractualdocument-Researchdepartment-Publishedby:RajaKaushal-ManagingDirector,BNPParibasRealEstate&InfrastructureAdvisoryServicesPvt.Ltd.
Photocourtesy:VaishnaviGroup-BNPPARIBASREALESTATE:HeadquartersofParentCompany:13,boulevardduFortdeVaux-75017Paris-692012180RCSParis
-November2010