R E A L E S TAT E

November 2010
REAL ESTATE November 2010

Contents

 Advantage India

 Market overview

 Industry infrastructure

 Investments

 Policy and regulatory framework

 Opportunities

 Industry associations

2
ADVANTAGE INDIA
Real Estate November 2010

Advantage India
The Indian real estate industry is expected to be valued at US$ 180 billion (INR 8,640 billion) by 2020.

The real estate sector in India is on a

• India has a young population. High growth rapid growth trajectory. In a short span
• Urbanisation is increasing of time, the industry has evolved from
projections
steadily. a highly fragmented and unorganised
• Growth in the services market into a semi-organised market,
sector — telecom, financial with a large number of listed
Multiple growth Rapid evolution
services and IT & ITeS — has companies.
been significant.
drivers of the sector
• Household income is rising.
Advantage
India
There is a significant shortage of low-
Increased Demand for cost and affordable housing in the
FDI of up to 100 per cent is foreign affordable country. The Government of India
allowed under the automatic investments housing (GoI) has announced low interest rates
route in most asset classes. for home loans up to INR 2 million.
Well-defined Meanwhile, several developers,
regulatory attracted by the opportunity in this
framework segment, have launched affordable
housing projects.
The GoI has well-drafted national- and state-level regulations for the Indian real estate sector.
Some old laws are either being amended or repealed to introduce reforms to the industry.

Sources: Confederation of Real Estate Developers’ Association of India (CREDAI) website, accessed 12 March 2010; Ernst & Young-FICCI Real
Estate Report 2009; Eleventh Five-Year Plan (2007–2012).

3
REAL ESTATE November 2010

Contents

 Advantage India

 Market overview

 Industry infrastructure

 Investments

 Policy and regulatory framework

 Opportunities

 Industry associations

4
MARKET OVERVIEW
Real Estate November 2010

Market overview
• The real estate sector is a key growth driver of the country’s economy. The contribution of the
residential segment alone to India’s GDP is around 5 to 6 per cent.

• The real estate sector is one of the highest FDI-attracting sectors in India, with recorded FDI inflow of
more than US$ 8.9 billion (INR 403 billion) between April 2000 and September 2010.

• Favourable demographics (a young population and increasing urbanisation) and growth in the services
sector, especially the IT & ITeS sector, have primarily driven growth in the real estate industry.

• DLF, Unitech, Ansal Properties, K. Raheja Corporation and Parsvnath Developers are among the major
Indian players in the sector.

• In the last decade, FDI in real estate has increased due to the growing interest of foreign players in the
Indian market. Over the last decade, many international players, including developers such as Emaar,
Ascendas, Keppel Land, Tishman Speyer and Nakheel Group, and investors such as Morgan Stanley, Och-
Ziff Capital, Citigroup, Goldman Sachs, JP Morgan, Warburg Pincus and Deutsche Bank, have entered the
Indian real estate market.
Sources: Confederation of Real Estate Developers’ Association of India (CREDAI) website, accessed 23 March 2010; Ernst & Young-FICCI Real
Estate Report 2009; Eleventh Five-Year Plan (2007–2012).

5
MARKET OVERVIEW
Real Estate November 2010

Market segments
Real estate
sector

Commercial Special economic

Residential space Retail space Hospitality space
(office) space zones (SEZs)

• In recent years, the industry has evolved from a highly fragmented and unorganised market into a semi-
organised market.

• The sector can be divided into residential, commercial, retail and hospitality asset classes.

6
MARKET OVERVIEW
Real Estate November 2010

Residential space … (1/2)

The residential segment constitutes the bulk of the real estate market.

• Rapid urbanisation — the urban population is estimated to reach 590 million by 2030.
• Decreasing household size — growth in the number of nuclear families is leading to an
increase in the number of households, especially middle-class households. India is expected
to be home to 91 million middle-class households by 2030.
Growth drivers
• The growing working age population in the 15–60 age group is expected to reach 918
million, or 64 per cent, of the population by 2025.
• The demand for affordable housing is growing, which is a priority segment for both the
government and developers.
• The market is highly fragmented and unorganised.
Market structure
• Regional players are expanding to achieve a pan-India presence.
Segmentation • Broad categories include low-cost housing, mid-market housing and premium housing.
• The country’s housing shortage in 2007 totalled 24 million units, and this is expected to
increase to more than 26 million units by 2012.
Outlook • While the GoI has announced reduced interest rates for home loans up to US$ 41,667
(INR 2 million), developers have announced the launch of affordable housing projects,
which are expected to mostly be developed in the suburbs of large cities and tier-I and
tier-II cities.

Sources: Ernst & Young-FICCI Real Estate Report – 2009; ―World Urbanisation Prospects: The 2009 Revision Population Database,‖ United
Nations Department of Economic and Social Affairs Population Division website, http://esa.un.org/wup2009/unup/p2k0data.asp, accessed 6
December 2010; ―India’s Urban Future,‖ Resource Investor website, www.resourceinvestor.com/News/2010/5/Pages/Indias-Urban-
Future.aspx, accessed 6 December 2010; ―World Urbanisation Prospects: The 2008 Revision Population Database,‖ United Nations
Department of Economic and Social Affairs Population Division website, http://esa.un.org/unpp/p2k0data.asp, accessed 6 December 2010.
.

7
MARKET OVERVIEW
Real Estate November 2010

Residential space … (2/2)

Growing urbanisation in India

60

50

40

30

20

10

0
1970 1980 1990 2000 2010E 2015E

Urban population (in per cent) Cities with population more than 1 million (no of cities)

Source: ―World Urbanisation Prospects: The 2009 Revision Population Database,‖ United Nations
Department of Economic and Social Affairs Population Division website, http://esa.un.org/unpp/p2k0data.asp,
accessed 6 December 2010.

8
MARKET OVERVIEW
Real Estate November 2010

Commercial office space

• The commercial real estate (CRE) segment (primarily office space) has expanded on the back
of growth in the Indian economy.
• The influx of multinational companies (MNCs) and the growth of the services sector have
Growth drivers driven the demand for office space.
• Progressive liberalisation and the relaxation of FDI norms in various sectors have paved the
way for growth in FDI in the real estate sector. This, in turn, has led to a burgeoning demand
for office space from MNCs and other foreign investors.
• A few large national developers with a pan-India presence dominate the market.
• Regional players are expanding aggressively to achieve a pan-India presence.
Market structure
• The operational model has witnessed a shift, from a sale model to a lease-and-maintenance
model.

• Business activity is shifting from central business district (CBD) to the special business district
Segmentation (SBD) and from tier-I cities to tier-II cities.

• The demand for office space is expected to increase driven by the growth in the services
Outlook industry, which includes telecom, financial services and IT & ITeS, which accounts for the
maximum demand of commercial office space in the country.

9
MARKET OVERVIEW
Real Estate November 2010

Retail space

• Consumerism is increasing on the back of rising disposable income.

• Organised retailing has grown.
Growth drivers
• The entry of international retailers has boosted industry growth.
• Expansion by domestic retailers has also given impetus to the industry.
• The retail segment constitutes a small proportion of the total real estate industry in India.
• Unorganised retail space providers dominate the segment.
Market structure • In the organised retailing segment, the demand for quality mall space has increased with the
entry of international retailers in India.
• International retail brands are collaborating with Indian partners.
• Contribution of organised retail to the retail industry increased from 2 per cent in 2003 to
Segmentation 4–5 per cent in 2009.
• International retailers are present through the franchisee route.
• The Ministry of Commerce and Industry has proposed 100 per cent FDI for multi–brand
retail outlets, the approval for which is awaited.
Outlook
• The share of organised retail in the total Indian retail trade pie is projected to grow at 40 per
cent per annum.

10
MARKET OVERVIEW
Real Estate November 2010

Hospitality space
• The hospitality segment has witnessed robust demand growth, primarily due to strong growth in
tourism, including both business and leisure travel.
• India is becoming increasingly popular as a medical tourism destination.
Growth drivers • International sporting events such as the Cricket World Cup and Formula 1 in 2011 are expected to
drive growth.
• According to a research by the World Travel & Tourism Council, travel and tourism demand in India is
expected to grow at 11.8 per cent between 2005 and 2010.

• Existing hotel operators are scaling up their operations.

• International hotel chains are entering India.
Market structure
• Developers are tying up with major domestic and international chains.
• Hospitality players are diversifying into budget hotels and service apartments.

• The industry is classified on the basis of star ratings — one-star to five-star deluxe.
Segments
• Number of approved hotel rooms has been estimated at 100,000.

• A significant demand-supply gap characterises the segment. The demand for hotel rooms is around
240,000 rooms, while the current supply of hotel rooms caters to approximately100,000.
Outlook • This gap is expected to reduce in future, as several hotel projects are in the pipeline. More than 15,600
rooms are expected to be added in 2010.
• The potential for budget hotels, service apartments, spas and other niche products is significant.

Sources, ―Statistics,‖ Ministry of Tourism (Government of India) website, http://tourism.gov.in, accessed 21 September 2010; ―Hotel industry in
India to see addition of 15,600 rooms in 2010,‖ HospitalitybizIndia.com website,
http://www.hospitalitybizindia.com/detailNews.aspx?aid=7110&sid=1, accessed 29 January 2010.; ―Travel and tourism economic impact: India,
2010,‖ World Travel and Tourism Council website, www.wttc.org, accessed 2 December 2010.

11
MARKET OVERVIEW
Real Estate November 2010

Growth drivers
Demand pull factors Supply push factors
Robust and sustained macroeconomic Policy and regulatory reforms (100 per cent
growth. FDI relaxation).
Upsurge in industrial and business
Positive outlook of global investors.
activity, especially in new economy
sectors. Fiscal incentives to developers.

Favourable demographic parameters.

Growing Indian real Simplification of urban development guidelines.
Significant rise in consumerism. estate Infrastructure support and development
Rapid urbanisation. initiatives from the GoI.

Availability of a range of financing Impact

options at affordable interest rates.
Entry of several domestic and foreign players;
Impact increasing competition and consumer
affordability.
Increasing occupier base.
Easy access to project-financing options.
Significant rise in demand for Increased developers’ risk appetite and large-
office/industrial space. scale development.

Demand for new avenues for Improved quality of real estate assets.

entertainment, leisure and shopping. Development of new urban areas and effective
utilisation of prime land parcels in large cities.
Creation of demand for new housing.

12
MARKET OVERVIEW
Real Estate November 2010

Key trends … (1/2)

• Real estate activity is becoming geographically de-concentrated from large metros — Bengaluru,
Geographic de- Chennai, Mumbai and NCR — to tier-II and tier-III cities (cities such as Chandigarh, Chennai, Jaipur,
concentration of Pune, Hyderabad, Kochi and Visakhapatnam).
real estate activity
from large metros • The shift of IT-BPO companies toward tier-II and tier-III cities, which has increased the demand for
commercial and hospitality real estate, has primarily driven this transition.

• The concept of green buildings has gained popularity over the past five years.

• The number of registered green buildings in the country has increased from 1 in 2000 to 80 in 2009.

Green buildings are • Many real estate projects in India have acquired Leadership in Energy and Environmental Design
gaining popularity (LEEDS) certification, which certifies that a building has been designed and developed using strategies
that ensure the conservation of material and the optimum use of resources.

• Further, several real estate developers are using this concept as an opportunity to differentiate
themselves in the competitive real estate market.

13
MARKET OVERVIEW
Real Estate November 2010

Key trends … (2/2)

• Realizing the acute shortage of affordable housing, this segment became a priority for both the GoI
and developers.

• While the GoI announced low interest rate for home loans up to INR2 million, developers announced
the launch of affordable housing projects, most of which are expected to be developed in the suburbs
Affordable housing is of large cities and tier-I and tier-II cities.
still the buzzword
• Integrated townships also gained popularity, as they are attractive for both buyers and developers.
These projects offer value for money and better lifestyle to consumers and enable the ―walk-to-
work‖ environment by providing residential areas and other facilities close to workplaces. These
projects allow developers to diversify their risks and achieve high margins.

• With the recovery in the economy, demand for luxury residential segment has also picked up.

• Demand in this segment is driven by HNIs and NRIs.

Recovery in demand
for luxury projects • In the past few months, developers have launched luxury projects especially in metros.

• For instance, Emaar MGF launched a luxury residential project, Marbella, in Gurgaon in December
2010.

14
MARKET OVERVIEW
Real Estate November 2010
Key players — Indian … (1/2)
Unitech
• Unitech operates in various asset
classes in the residential, commercial
and retail segments.
• Unitech has developed more than 24
million sq ft of property, with six
townships.
• Eleven hospitality projects are under
development across India.
• Unitech is currently developing five IT
& ITeS SEZs and one IT Park spread
across Gurgaon, Noida, Greater
Noida and Kolkata, with potential
leasable area of 21.4 million sq ft
• The company has strong presence in
the National Capital Region (NCR)
and other cities such as Kolkata,
Chennai and Hyderabad.
DLF
• DLF is the largest real estate developer
in India.
• DLF developed Asia's largest private
township, DLF City in Gurgaon,
Haryana, spread across 3,000 acres.
• The company is present across all asset
classes — residential, commercial and
retail.
• The group has developed more than
220 million sq ft of built-up area (BUA).
• DLF specialises in planning hotels,
infrastructure and SEZs.
• DLF has enhanced its focus on
affordable housing.
• DLF has a pan-India footprint, with a
major presence in Gurgaon and
Kolkata.
15
Ansal Properties
• Ansal Properties operates primarily in
residential and commercial asset
classes.
• The company has developed on more
than 2,850 acres in Gurgaon and
Delhi.
• Ansal Properties is currently
developing integrated townships, malls,
hotels IT parks and SEZs.
• The company plans to construct 157.6
million sq ft of BUA.
• Ansal Properties has a pan-India
footprint, with a major presence in 16
North Indian cities across 4 states.
MARKET OVERVIEW
Real Estate November 2010
Key players — Indian … (2/2)
K. Raheja Corporation
• The company is present in
commercial, retail and residential
asset classes.
• The company has developed more
than 5 million sq ft of BUA to date.
• K. Raheja Corporation is currently
developing 15 self-contained
townships and 10 hotels.
• The company has a strong presence
in Mumbai, with operations in
Bengaluru, Ahmedabad, Goa, Pune
and Hyderabad.
Sobha Developers Parsvnath Developers
• Sobha Developers operates in residential and • The company has a presence
commercial asset classes. It also develops plots in residential, retail,
and contractual projects. commercial and SEZ asset
classes.
• The company completed 60 residential projects
and 166 contractual projects covering around • Parsvnath has around193
36.34 million sq ft of area as of March 31, 2010 in million sq ft under
18 cities across India. development.
• The company currently has 27 residential projects, • The company has 98 ongoing
aggregating 9.08 million sq ft, at the development projects.
stage and 4.24 million sq ft in ongoing contractual
• It has a strong presence in the
projects.
NCR.
• Sobha Developers is primarily concentrated in
• The company, active in more
Bengaluru, but it also has a presence in other cities
than 45 cities across 16 states,
such as Cochin, Chennai and Pune.
is strengthening its pan-India
footprint.
16
REAL ESTATE November 2010

Contents

 Advantage India

 Market overview

 Industry infrastructure

 Investments

 Policy and regulatory framework

 Opportunities

 Industry associations

17
INDUSTRY INFRASTRUCTURE
Real Estate November 2010

Industry infrastructure — SEZs

• The GoI introduced the SEZ Act, 2005, to generate Industry-wise classification of formally approved SEZs
additional economic activity, promote exports and
create employment opportunities in the country.
6 per cent IT/ITES
4 per cent
• Developing an SEZ is approximately 15 to 20 per 3 per cent Others
cent less expensive than developing non-SEZ 4 per cent
commercial space, given the various fiscal benefits Multi-product
available to SEZ developers. Several real estate
developers have been attracted to these projects. 22 per cent Textile
62 per cent
Pharma
• Under the new SEZ Policy, formal approvals have
been granted to 579 SEZ proposals as of November Biotech
2010.

• As of November 2010, there were 367 notified

SEZs, and 155 have received in-principle approval. Source: SEZ India website, www.sezindia.nic.in, accessed
6 December 2010.

• The SEZ Policy allows the use of as much as 50 per

cent of the SEZ area as a non-processing zone,
offering significant potential for residential and
support infrastructure.

Source: SEZ India website, www.sezindia.nic.in, accessed 6 December 2010.

18
REAL ESTATE November 2010

Contents

 Advantage India

 Market overview

 Industry infrastructure

 Investments

 Policy and regulatory framework

 Opportunities

 Industry associations

19
INESTMENTS
Real Estate November 2010

Investments
FDI in Indian real estate

• Over the years, FDI in real estate has increased due to growing interest among foreign players in the
Indian market.

• FDI inflow to the sector from April 2000 to September 2010 was US$ 8.9 billion, of which US$ 2.8
billion was invested in 2009–2010 alone.

• The majority of FDI is from West Asia and investors from the US and Europe, who have shown keen
interest in the launch of several real estate funds.

Source: ―FDI statistics,‖ Department of Industrial Policy and Promotion website, www.dipp.nic.in/fdi_statistics/indian_FDI_September2010.pdf,
accessed 6 December 2010.

20
REAL ESTATE November 2010

Contents

 Advantage India

 Market overview

 Industry infrastructure

 Investments

 Policy and regulatory framework

 Opportunities

 Industry associations

21
POLICY AND REGULATORY FRAMEWORK
Real Estate November 2010
Policy and regulatory framework … (1/2)
Conditions for development
• A minimum of 10 hectares must be
developed for serviced housing plots.
• For construction-development
projects, a minimum BUA of 50,000 sq
m has been prescribed.
• In case of a combination project, any
one of the two conditions mentioned
above should be met.
• At least 50 per cent of the project
must be developed within five years
from the date of statutory clearances.
Source: India Foreign Direct Investment Policy
Guidelines for FDI in real estate in India
Conditions for investment
• Minimum capitalisation of US$ 10
million for wholly owned subsidiaries
and US$ 5 million for JVs with Indian
partners.
• Funds must be infused within six
months of business commencing.
• Original investment cannot be
repatriated before a period of three
years from the completion of minimum
capitalisation.
• The investor may be permitted to exit
earlier with prior government
approval.
22
Other conditions
• The investor is not permitted to sell
undeveloped plots.
• The project must conform to norms
and standards laid down by respective
state authorities.
• The investor is responsible for
obtaining all necessary approvals as
prescribed under applicable state
rules/bye-Iaws/regulations.
• A designated authority must monitor
developer’s compliance of the
conditions mentioned above.
POLICY AND REGULATORY FRAMEWORK
Real Estate November 2010
Policy and regulatory framework … (2/2)
Budget analysis
Policy impact
• The Finance Minister announced a
scheme of interest subvention on
housing loans in the Union Budget
2009–2010. The scheme allows
interest subvention of 1 per cent
on housing loans of up to US$
20,833 (INR 1 million), provided
the cost of a house does not
exceed US$ 41,666 (INR 2
million). This scheme has now
been extended up to March 31,
2011.
• Allocation for housing and urban
poverty alleviation has been raised
from US$ 177 million (INR 8.5
billion) to US$ 208 million (INR
10 billion) for 2010–11.
Source: Ernst & Young India Budget 2010
Union Budget 2010 — impact on real estate
Direct tax impact
• Threshold slabs for individual taxation
have broadened, which is expected to
result in more disposable income for
consumers.
• Corporate tax rates remain
unchanged. However, the surcharge in
the case of a domestic company with
income of more than INR 10 million
has been reduced from 10 per cent to
7.5 per cent.
• Minimum alternate tax (MAT) has
been increased from 15 per cent to 18
per cent.
• The turnover threshold limit for
auditing accounts (under Section
44AB) has been relaxed to US$ 12,500
(INR 6 million) from the existing limit
of US$ 83,333 (INR 4 million).
23
Indirect tax impact
• Service tax rate has been maintained at 10.3
per cent.
• The relevant definition of taxable service,
provided in relation to renting immovable
property, has been amended with
retrospective effect from June 2007 to
clarify that renting immovable property will
constitute a taxable service.
• Service tax will be levied on the lease of
vacant land if the lessor undertakes
construction on such land to further their
business or commerce during the tenure of
lease.
• Peak excise duty rate has been increased
from 8 per cent to 10 per cent.
Accordingly, peak effective customs duty
has been increased from 24.42 per cent to
26.85 per cent.
REAL ESTATE November 2010

Contents

 Advantage India

 Market overview

 Industry infrastructure

 Investments

 Policy and regulatory framework

 Opportunities

 Industry associations

24
OPPORTUNITIES
Real Estate November 2010

Opportunities
The long-term view on the Indian real estate industry is positive, as fundamental demand drivers such as
increasing urbanisation, favourable demographics, growth of the services sector and rising incomes are still
intact.

• According to the Eleventh Five Year Plan (2007–2012), the housing shortage in urban areas was
estimated at 24.7 million units in 2007, of which more than 88 per cent was in the economically
weaker section (EWS). Meanwhile, the housing shortage in rural areas was estimated at 47.4 million
Major housing units in 2007. For the Plan period, the total housing requirement (including backlog) is estimated at
shortage 26.5 million units.

• This provides real estate developers with ample growth opportunities, as unmet demand remains
significant.

• Growth of the services sector and organised retail, increasing urbanisation, rising income levels,
contracting household sizes and the easy availability of home loans are key growth drivers of the
industry.
Retail space
• India has one of the largest number of retail outlets in the world. In the past few years, retail
expected to increase
development has been taking place not only in major cities and metros, but also in tier-II and tier-III
in rural markets
cities.
• Going forward, companies are expected to tap rural markets as their key growth drivers. This is
expected to increase the demand for retail outlets in rural areas.

25
OPPORTUNITIES
Real Estate November 2010

Opportunities — emerging asset classes and formats

Logistics and warehousing Healthcare infrastructure Education infrastructure

• Trade, both international and
domestic, is booming.
• MNCs are increasingly establishing
Indian operations.
• Agricultural logistics require the
creation of cold-chain
infrastructure.
• Logistics are required for large
infrastructure and engineering
projects.
• Consolidation of warehousing, if
uniform tax regime is applied.
• The healthcare industry is expected
to grow at 23 per cent per annum to
become a US$ 77-billion industry by
2012.
• Healthcare BPO is another growing
segment.
• With India emerging as a preferred
destination for medical treatment,
medical tourism in the country is
expected to grow at 29 per cent to
reach US$ 2.4 billion by 2012.
• The market is large, with significant
untapped potential and low competition.
• Developing more world-class educational
institutions is the need of the hour.
• Driven by knowledge-based industries, the
demand for qualified engineers is significant.
• Research laboratories are adding value to
global outsourcing.
• Interest among global educational
institutions to set up institutions in India is
growing.

Sources: ―India’s Healthcare Sector To Touch $77 Billion By 2012, Says Report,‖ Indiaserver.com website, www.india-server.com/news/indias-
healthcare-sector-to-touch-77-16742.html, accessed 6 December 2010; India real estate - shifting gears, Ernst & Young, 2008.

26
REAL ESTATE November 2010

Contents

 Advantage India

 Market overview

 Industry infrastructure

 Investments

 Policy and regulatory framework

 Opportunities

 Industry associations

27
INDUSTRY ASSOCIATIONS
Real Estate November 2010

Industry associations
The Confederation of Real Estate Developers’ Associations of India (CREDAI)

National Secretariat, 703, Ansal Bhawan,

16, Kasturba Gandhi Marg, New Delhi – 110 001
Tel: (011) 43126262/43126200
Fax: 91 11 43126211
E-mail: info@credai.org
Website: www.credai.org

Builders' Association of India (BAI)

G-1/G-20, Commerce Centre, J. Dadajee Road,
Tardeo, Mumbai – 400034
Tel: 91 22 23514134, 23514802, 23520507
Fax : 91 22 23521328
E-mail: bai@vsnl.com, baihq.mumbai@gmail.com
Website: www.baionline.in

28
NOTE
Real Estate November 2010

Note
Wherever applicable, numbers in the report have been rounded off to the nearest whole number.
Conversion rate used: US$ 1= INR 48

29
REAL ESTATE November 2010
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