Retrofitting

India’s Central
Business
Districts
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Executive Summary be overhauled and, in some case, be converted

to Grade A.
Retrofitting is usually preffered
option for quality improvement
● Central business districts, or CBDs, which were of buildings
● As Grade B rents are observed to be 20-
once the commercial hubs of India’s cities, are
38% less than Grade A rents in the CBDs
gradually losing their sheen as the development
of prime Indian cities, these properties are
is shifting towards alternate locations. It is
underperforming assets that are not fully
becoming critical for landlords to revitalize their
realizing the potential returns from the high
older buildings in order to sustain demand for
value land parcels that they are constructed
office space in CBDs.
on. Even if we assume that only 30% of the
● The majority of office buildings in India’s CBD
current Grade B stock in cities across India can
are at least three decades old with structures
potentially be retrofitted into Grade A space, an
that are worn out due to poor maintenance.
additional INR 2.9 billion of rental revenue can
With a severely limited supply of new office
potentially be generated.
space, tenants located in India’s CBDs have
● Retrofitting commercial office buildings
traditionally been forced to occupy buildings that
is a complex process as it involves many
are low on quality and high on operating costs.
stakeholders. It has financial and operational
● The recent global economic downturn has
risks which can be mitigated through proper
increased pressure on all businesses to reduce
planning and efficient project management.
costs. Indian businesses that are now growing
● The upfront capital investment in retrofitting
again find it difficult to implement expansion
projects depends on the level of retrofitting
plans in CBDs. In such a business climate, the
works done. Benefits from retrofitting can be
attractiveness of high-rent, low-quality space in
either immediate or long-term in nature.
CBDs across India is diminishing relative to that
● The payback period of investment ranges from
found in neighbouring micro-markets.
two to five years for minor retrofitting and six
● Vacancy levels in India’s CBDs have shown
to fifteen years for major retrofitting projects as
a slight increase starting in 2009, as tenants
observed in a study of retrofitted office buildings
increasingly opted for higher quality office space
conducted by Jones Lang LaSalle Research.
found in alternate micro-markets within the city.
● Landlords of CBD office and retail space have
The threat of sustained high vacancy rates
already capitalised, or are planning to capitalise,
should serve as a wake up call for property
on the impending office market recovery by
owners who are exploring quality improvement
retrofitting their property now as markets begin
options as a means to improve the competitive
to improve. A few landlords in prime retail
positioning of their properties.
markets have also retrofitted the ground floor
● Retrofitting is usually the preferred option
retail space in their building to accommodate
for quality improvement (as compared with
the needs of modern retailers. This trend will
redevelopment) to increase the attractiveness
accelerate in CBDs of cities like Mumbai and
and economic life of existing older buildings.
Delhi where there are limited options for new
● The current stock of older, lower-quality
development.
buildings in the CBDs of most Indian cities
has a huge potential in terms of retrofitting.
Retrofitted buildings will enjoy higher occupancy
due to increased tenant retention and increased
absorption due to their superior quality and
lower operational cost.
● Not only can Grade A properties be improved
through retrofitting but Grade B properties can
 Advance - Retrofitting India’s Central Business District

Introduction quality, lower cost office space found in alternate

locations within the city (Table 1).
As office space demand is
expected strengthen in 2011
and 2011, it is the right time
India’s CBDs proactive owners to invest
Table 1: Drivers of Tenant Exodus from India’s back into their property through
The CBDs of prime cities such as Delhi and CBDs retrofitting to command premium
Mumbai have been the hub of the nation’s 1. Higher rents rents in CBD
economic activity over the past few decades. 2. Higher operating costs
Some commercial buildings within India’s CBDs 3. Lack of suitable quality space
are centuries old and are considered to be 4. Lack of large, contiguous space to accommodate
heritage structures due to their historical and growth
architectural significance. These properties are
typically utilised as government offices or as the Quality Improvement Options
head office of large corporate occupiers from the As land parcels for developing new office space
shipping, manufacturing, banking and insurance are extremely rare in India’s CBDs, improving the
sectors. quality of existing office buildings is the only means
by which these real estate micro-markets can stay
A CBD is deemed as the most valuable business competitive. This can be achieved through two
location within a city and is characterised by methods – redevelopment or retrofitting.
high land and property prices. High demand for
Retrofitting is usually the preferred means between
CBD office locations arise from numerous factors
the two options to increase the economic life cycle
including established business ecosystems,
of existing older buildings. However, the choice
accessibility to services, superior infrastructure
between retrofitting and redevelopment is highly
and prestige of address. Residential and retail
locations within and bordering CBDs are often also Table 2: Redevelopment vs. Retrofitting
considered to be prime locations. Decision Factor Redevelopment Retrofitting
Capital Expenditure Higher Lower
A majority of office buildings in India’s CBDs are at
Payback Period Higher Lower
least three decades old with run down structures
Time Involved Higher Lower
arising from poor maintenance. The resulting poor
Environmental Impact Higher Lower
operational efficiency leads to higher operating
Extension of Higher Lower
costs for occupiers of these buildings. With a
Operational Life
severely limited supply of new office space,
tenants located in India’s CBDs have traditionally dependent on the quality of the structure, best use
been forced to occupy existing buildings that are of the building and other market dynamics (Table 2).
low on quality and high on operating costs.
Why Now?
The recent global economic downturn has
The threat of sustained high vacancy rates should
increased pressure on all businesses to reduce
serve as a wake up call for property owners who
costs. This remains true even as some business
are considering retrofitting as a means to improve
in India are showing signs of growth during a
their competitive positioning within the CBD
local economic recovery. In such a climate, the
market. A recovery in office space demand started
attractiveness of CBDs across India is diminishing
in 1Q10 and is expected to strengthen further in
relative to neighbouring micro-markets, which
2011 and 2012. As a result of this, quality office
can offer larger office spaces of higher quality
space in CBDs will once again be able to command
at comparatively lower costs. Indeed, vacancy
a premium. Therefore now is the right time for
levels in India’s CBDs have shown an increase as
proactive owners to invest back into their property
tenants continue to show a preference for higher
through retrofitting.
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According to a recent analysis by Jones Lang

Figure 1: Office Stock in CBDs of Major Cities in India.
LaSalle, owners and investors of CBD office

space have already capitalised, or are planning to

capitalise, on the market recovery by retrofitting


Million sq ft
their property now as markets are improving.

These owners and investors, three of whom 
have been profiled in this report, are attempting 1
to benefit from the recovering demand for office 0
space and thereby benefit from the ensuing higher Delhi Mumbai Chennai Hyderabad Kolkata

rental premiums expected post retrofitting. Total Grade A Stock Total Grade B Stock

Source: Jones Lang LaSalle Research

The Potential of
Retrofitting Indian
CBDs
The CBDs of most Indian cities have a huge
potential to retrofit their existing old stock. The
prime reasons for opting for this initiative are
lower grade stock and limited supply along with
unlocking inherent land value
Lower Grade Stock and Limited Supply
The existing building stock in any Indian CBD
is about three to four decades old. Most of
these buildings have small floor plates and are
not designed to accommodate newer building
operating equipment such as power generators,
modern fire safety equipment, and HVAC systems.
This reduces the building efficiency and increases
operational costs to occupiers (Table 3).
Table 4 : Office Building Grades
Grade Characteristics
Flexible and large floor plates; spacious, well-decorated lobbies and
circulation areas; effective central air-conditioning; professionally managed;
A
100% power back-up; parking facilities available in the basement; good
tenant profile; good facade.
Flexible and mid-sized floor plates; adequate lobbies; no central air-
B conditioning; less than 100% power back-up; adequate lift services;
average management; average tenant profile; average look/façade.
Plain with basic finishes; less flexible layout; small floor plates; basic
lobbies; no central air-conditioning; no power-up; barely adequate or
C
inadequate lift services; minimal to average management; barely adequate
or inadequate parking; average tenant profile; poor facade.

Table 3: Common Problems in Old Office

Building Stock
Deteriorated facades
Poorly maintained common areas such as lobbies
and corridors
Lack of 24/7 power back up and centralised air
conditioning
Outdated staircases and lifts/elevators, and a lack of
efficient mechanisms for modification of the same
Lack of new technology for building safety and
security
Poor mechanisms for energy efficiency

Cities have been selected based on the demand for Grade A office space in CBDs, availability of Grade A space in CBDs and high volume of Grade B buildings that can be retrofitted.
Stock as on 4Q10
 Advance - Retrofitting India’s Central Business District

Unlocking Inherent Land Value Figure 2: Rental Values For Grade A and Grade B Buildings Within India’s CBD
Land values are highest in CBD micro-markets
300
and tend to progressively decline as one moves
0

INR per sq ft per month

towards SBDs and then suburbs. During times
200
of strong economic growth, CBD land values in
150
India have soared as demand increased, vacancy
rates fell and leasing activity slowed considerably. 100

However, on the same high-priced land parcels, 50

Grade B and C office properties continued to 0

Delhi Mumbai Chennai Hyderabad Kolkata
fetch low rents. Landlords are unable to derive
Grade A Rents in INR p sqft pm Grade B Rents in INR p sqft pm
maximum rental incomes from their Grade B and
C properties because the bargaining power of Source: Jones Lang LaSalle Research

occupiers rises with diminishing building quality. Table 5: Potential Annual Revenue Gains From Retrofitting
Grade B rents are observed to be 20-38% less Revenue (INR million)
than Grade A rents in the CBDs of prime Indian City Conversion of All Grade B Office Conversion of Only 30% of Grade B
Space Office Space
cities (Figure 2). This highlights that poor building
Delhi 9,576 2,872
quality hinders the full realization of the high land
Mumbai 12,870 3,861
value found within CBDs. Yet, relatively lower
Chennai 3,469 1,040
rental values for Grade B buildings in CBDs are
Hyderabad 1,680 468
not enough to ensure high occupancy levels. Like
Kolkata 3,600 1,080
older Grade A CBD buildings, which are losing
tenants to cost-efficient, quality properties in other The full realization of high-priced CBD land value can be achieved through retrofitting
micro-markets, Grade B buildings are also seeing of existing Grade B office space into Grade A in order to increase the rents that a given
tenants leave due to a lack of quality space. property can command. Even if we conservatively assume that only 30% of the current
Collectively, this increases vacancy in the micro- Grade B stock in cities across India can potentially be retrofitted to Grade A space, an
market and increases pressure on rental values additional INR 2.9 billion of rental revenue can potentially be generated annually above
in CBDs. the current aggregate level of INR 6.4 billion, representing a nearly 45% increase.

Costs & Benefits of
Retrofitting
In the recent downturn, with restrictions on capital
expenditure and widespread predictions of sharp
increases in energy, water and waste disposal
costs, tenants are increasingly considering the
total cost of occupancy as a deciding factor before
signing or renewing a lease for office space. Along
with rents, the operational efficiency of a property
is becoming a key determinant of demand for
office space.
Along with occupiers, landlords stand to benefit
when lower grade office property is improved
through retrofitting, which provides an opportunity
to optimise the value of the properties without
the investment risks and costs that are normally
associated with a full-scale redevelopment (Table
6). Landlords of retrofitted buildings can have a
first mover advantage as real estate micro-markets
for office property are beginning to recover across
various Indian cities. Retrofitted buildings will enjoy
increased tenant retention and higher occupancy
due to their superior quality and lower operational
cost.
The upfront capital investment in retrofitting
projects depends on the level of retrofitting work
to be performed. From a strategic and operational
standpoint, landlords can opt for different
levels of retrofitting that vary in the quantum of
improvement and time required to execute. While
deteriorated properties will require a greater
amount of capital to be invested in retrofitting
projects, they will likely also derive greater benefit.
The benefits achieved from retrofitting can be
either immediate or long-term in nature. Immediate
benefits can be realised from the improved rents
that a property can command while long-term
benefits can be realised from the prolonged
operational life of the property. The combination
of increased revenues (through higher rents) and
lower expenses (through lower operational costs)
serve to enhance the market value of the property
in the long term.
Advance - Retrofitting India’s Central Business District 
Table 6: Benefits of Retrofitting
Beneficiary
Benefit
Landlords Tenants
Lower investment risk than redevelopment
Lower construction risk than redevelopment
Increased property value
Increased earnings from rentals
Increased occupancy levels
Increased economic life of property
Increased life of interior fit outs
Increased value for rent
Increased desirability of location
Improved indoor conditions leading to increased productivity
Lower recurring maintenance costs
Lower recurring operational costs
Retention of property’s architectural character
Table 7: Four Levels of Retrofitting
Level 1: Minor or Cosmetic Changes
Involves small repairs and maintenance work that is done once every five or more years
depending on the quality of the building. Includes exterior painting and repair, redesigning
and improving signage, and exterior lighting. Level 1 retrofitting usually takes 1–3 months to
complete.
Level 2: Interior or Shell Changes
Involves major improvement in building interiors such as lobby areas, corridors, new wall
finishes, painting, lighting fixtures, new carpeting or new flooring, false ceiling, fire fighting
systems and interior landscaping. Level 2 retrofitting usually takes 2–6 months to complete.
Level 3: Systems & Services
Involves upgrading or completely replacing HVAC, plumbing and electrical systems. HVAC
system upgrade or replacement may include the repair or replacement of pipe work, ducting,
terminal units, controls and insulation. Upgrading or replacement of plumbing includes
changing or repairing water pipes and drainage. Electrical systems replacement or repair
works include the installation of new wiring and electrical fixtures and appliances. Level 3
retrofitting takes about 3–6 months to complete.
Level 4: Major Structural or Core Changes
Involves larger renovations such as structural alterations to buildings, addition of new lift
shafts, demolition to create an atrium, addition of escalators, addition of floors, and reduction
of floor area. Level 4 retrofitting requires 6–18 months to complete.
The optimal level of retrofitting depends not only
on financial considerations but also the physical
attributes the payback period of investment ranges
from two to five years for minor retrofitting and six to
fifteen years for major retrofitting projects as observed
in a study of retrofitted office buildings conducted by
Jones Lang LaSalle.
 Advance - Retrofitting India’s Central Business District
Risks and Mitigation
Strategies
Retrofitting commercial office buildings is a
risky and complex process as it involves many
stakeholders and usually entails working in
existing buildings with a constrained budget.
This process becomes even more complex when
operating in multi-tenanted office buildings.
Retrofitting projects can be best implemented
when building occupancy is low and hence it is
preferred that way by property owners. However,
in cases where the buildings have a high
occupancy rate, the owner of such multi-tenanted
office buildings should undertake a comprehensive
audit of the building’s leases to determine the
barriers for executing the retrofit project. Mining
existing leases prior to announcing or commencing
a retrofit project offers the owner, an opportunity
to revise leases as the opportunity arises with
tenants and also understand what advantages
tenants have to impede the implementation
of the project. Other financial risks depend on
cost management for a retrofitting project as its
implementation is comparatively more risky than
developing new property.
A wide variety of implementation risks for
retrofitting projects need to be accounted for
through expert project planning and management.
These risks include schedule delays, most notably
in occupied buildings. Safety, an area of concern
with any development project, is a heightened
concern as the condition of older buildings can
also pose additional risk. Technical risks involved
with retrofitting include inadequate structural
load capacity along with redundant services
and a legacy of ad-hoc repair, maintenance and
alteration. Detailed site surveys by qualified
architects and contractors are often used as an
effective first step to assess overall project risk
and as a foundation for creating an initial project
design.
Our case studies mentioned later, illustrate that
proper planning and efficient project management
can effectively mitigate financial and operational
risks. Construction in a CBD is a concern, as the
A wide variety of implementation
risks for retrofitting projects need
area is densely developed, and requires proper
to be accounted for through
expert project planning and
planning. Express Tower in Mumbai was retrofitted management
without vacating the occupants by ensuring least
disturbance to their regular work. This was made
possible only through efficient project planning and
project management.
Retrofitting Case
Studies
To better understand the gamut of issues that
surround a retrofitting project, we undertook a brief
study of three notable office buildings that recently
underwent renovation. The three properties – the
landmark Empire State Building in New York City
along with Express Tower and the Hindustan
Unilever Limited (HUL) Building in Mumbai
– undertook retrofitting projects with disparate
goals in mind and faced challenges along the way
that were unique to their situation.
We discovered, however, that some common
techniques were employed to deal with the
challenges and risks that each project faced. The
key findings from our case studies include:
● Planned approach: each building were initially
studied and surveyed to strategise a master
retrofitting plan. This included an intensive
study of the property layout, performance and
equipment to better understand the areas that
need revitalisation.
● Financial implication: the market demand and
valuation of properties was studied to determine
their post-retrofitting financial feasibility. All three
retrofitting projects were found to be financially
feasible and all buildings are achieving,
or expected to achieve, higher rents post-
retrofitting.
● Risk mitigation: the risks faced and mitigation
strategies employed varied greatly for each
project. Broadly speaking, however, all three
projects had to account for operational,
technical and financial risks while ensuring that
existing tenants were not inconvenienced.
 Advance - Retrofitting India’s Central Business District 

Case Study - Empire State Building

Location New York City
Built-Up Area 2.7 mn sq ft
Vitals

Retrofitting Costs USD 550 mn

Expected Payback Period 3 years
● Sustain status as ‘the office address of New York’: The Empire State building is an iconic structure of New York City and being the ‘leading
address of the city’ attracts a large amount of occupier demand. Being one of the oldest skyscrapers of New York, it had to be refurbished to
sustain occupier interest and its status as an international landmark
Drivers

● Enhanced valuation: as one of the earliest skyscrapers of New York, the building was to be repositioned as a Grade A office property and a
leader in efficient and sustainable building operations, leading to major operational savings and increased rental rates
● Green building status: sustainability was a driver as energy-efficient projects are more attractive for corporate occupiers who increasingly
look for sustainable buildings
Benefits

● Decrease in operational cost leading to value for money to the occupiers

● Provide a competitive edge over other buildings in the same micro-market
● Increased rental value for refurbished interiors that will keep the owner’s cash flow healthy
Retrofits

● Replacement of existing 6,500 windows with suspended coated film and glass fill
Major

● Improving day-lighting by retrofitting lighting and electrical fit-outs

● Modifying chiller plant and VAV (Variable Air Volume) air handling units and updating DDC control

● Project implementation by three different stakeholders over a five-year period using various implementation mechanisms
● A collaborative team was formed to develop the optimal retrofit solution through an iterative process that requires experience, energy,
Method /
Process

financial modeling, ratings, metrics, and robust debate

● The project team included engineers, property managers, energy modelers, energy efficiency experts, architects, and building management
● The team narrowed 60+ ideas to a package of eight recommended projects and identified the optimal balance of financial and
environmental return on investment
● Project management services by Jones Lang LaSalle
Mitigation

● Financial risk has been mitigated by an ‘Energy Performance Contract’

Risk /

● Using energy performance contracting (EPC), a building retrofit generates guaranteed energy savings that, over a number of years, can be
equal to the cost of the project including financing costs
10 Advance - Retrofitting India’s Central Business District

Case Study - HUL Building

Location Mumbai
Built-Up Area 154,320 sq ft
Vitals

Retrofitting Costs INR 200 mn

Expected Payback Period 9 years

Revenue Generation: HUL will retrofit their self-owned building in the Mumbai CBD for further leasing to corporate clients for revenue
Drivers

generation. The mentioned building has been vacated as HUL has moved its operations to their new facility in northern suburbs
● Quality Upgrade: the building needs to be retrofitted to meet the quality and infrastructure expectations of prospective occupiers
Benefits

● Decrease in operational cost

● Increased rental value
● Provide a competitive edge over other buildings in the same micro-market

● Facade facelift
Retrofits

● Upgrading of HVAC (Heating and Ventilation Air Conditioning ) system

Major

● Upgrading of fire fighting and security systems

● Renovation of interiors and entrance lobby
● Upgrading of parking lots
Method /
Mitigation Process

● Studies were conducted to compare the building with surrounding buildings to understand the feasibility of the project
● Due consideration was given to international best practices, operational efficiency, amenities and services to ensure that the building is
better equipped to suit occupiers and beat the competition
Risk /

● Cumbersome construction work in a dense South Mumbai area amidst the presence of a high security state government headquarters
(Mantralaya) zone was a time-consuming process
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Case Study - Express Tower

Location Mumbai
Built-Up Area 400,000 sq ft
Vitals

Retrofitting Costs USD 20 mn

Expected Payback Period 9 years
● Revenue Generation: the building is of architectural importance and aims to maintain its status as a key office destination in Mumbai.
Drivers

Leasing to a good tenant mix for revenue generation purposes also remains a major objective.
● Understand profitability: to understand the profitability of retrofitting in India, as this was a new initiative by investors, so that it can be
replicated in other projects
● Good tenant mix, eying key corporate occupiers and brands
● Increase in rents on account of better quality facilities and services being offered to occupiers
Benefits

● Reduction in operational costs as energy efficient practices are implemented

● Increase in energy efficiency with an expected 20% reduction in the carbon footprint
● Architectural value of the building is restored
● Profitable returns with an expected IRR of 15% - 25%
● Façade facelift
Retrofits

● Ten new lifts installed

Major

● Air conditioning systems renovated

● Lighting and electrical systems Lobby and corridors renovated
● Fire fighting systems installed
● Due diligence and feasibility of the project was conducted to understand the profitability of the exercise. With an expertise to handle internal
Method /
Process

refurbishment, the developer planned the exercise in such a way that existing tenants did not have to vacate the premises during the
process.
● Parallel electrical systems and other technological support were used to allow existing tenants to continue to work in the building without
disturbing their businesses
Mitigation
Risk /

● Handling operational risk was a major challenge as the retrofitting works were being conducted while the building was occupied. However,
through efficient and planned project management this risk was mitigated and regular operations of the tenants were not affected
12 Advance - Retrofitting India’s Central Business District
An Idea Who’s Time
Has Come
While the quantum of retrofitting projects in
India is currently small, it is an effective solution
for revitalizing individual properties and re-
establishing the appeal of entire micro-markets. In
addition to Express Tower and the HUL Building,
other office buildings including One Forbes House
and Hoechst House in Mumbai’s CBD have been
retrofitted into Grade A properties and put up for
leasing. Similarly, in Delhi’s CBD, HT House on
Kasturba Gandhi Marg was retrofitted and leased
out as its market position has improved.
Connaught Place, Delhi
Connaught Place is a heritage site and the
prime retail precinct of Delhi. The market was
designed in British style architecture and laid
out in a pattern of concentric circles for ease of
shopping. This preferred shopping districts of
Delhi is home to many prominent retailers such
as United Colors of Benetton, Wills Lifestyle and
Van Heusen. It is always crowded by tourists and
the city dwellers as it has variety of restaurants
and shops. In Connaught Place retailers have
retrofitted existing older space into sophisticated
and stylish stores while retaining the original
architectural characteristics of the building. As
the area was developed in the early twentieth
century and needed an overall restoration, New
Delhi Municipal Corporation has started a project
to redevelop the entire precinct. NDMC is working
on facade restoration of the inner and outer circles
of Connaught Place and has planned to renovate
flooring and provide flood lighting to improve the
visual appeal of the market and improve facilities.
India’s retail sector has also been using retrofitting
as a means to avail space in prime locations.
In particular, heritage buildings in prime micro-
markets are preferred options for premium retail.
Connaught Place in Delhi and Kala Ghoda in
Mumbai are two such examples of districts where
older property was retrofitted to be suitable for
modern retail formats. Both of these precincts are
surrounded by an affluent catchment which drive
retail demand and benefit from the experience of
shopping in heritage buildings with their striking
architectural features.
Kala Ghoda, Mumbai
Kala Ghoda, Mumbai’s art district, has a skyline
that is dotted with gothic style buildings. The
precinct, famous for its art galleries and museums,
contains a large number of older Grade B office
buildings with retail space on the ground floor.
As the area witnesses strong demand for retail,
the ground floors of a few older buildings have
been renovated to accommodate modern retail
shops and restaurants. Major retailers such as
Globus, Westside and Planet Fashion currently
have operating stores in the precinct. The Kala
Ghoda area is ripe for further retrofitting projects
which will improve the economic life of existing
older buildings and provide prime retail space in
a district where there are limited opportunities for
development.
Mumbai and Delhi are bellwethers for India’s
commercial office and retail real estate markets.
As two of India’s largest and most dynamic
cities, they are often where new trends take
flight. Retrofitting, whether to improve Grade A
properties or promote from Grade B to Grade
A, is something that is being witnessed with an
increasing regularity, a trend we expect to continue
as landlords become cognizant of the benefits of
this quality improvement option.
 Advance - Retrofitting India’s Central Business District 13

Authors
Trivita Roy, Manager, Research & REIS
trivita.roy@ap.jll.com
+91 40 4040 9100

Trivita Roy has joined Jones Lang LaSalle Meghraj Research team in 2007.Based out of Hyderabad;
she contributes to topical whitepapers, property market digest and research deliverables on industrial,
commercial, retail , and sustainable real estate markets in India. She is also responsible for Indian real
estate intelligence service (REIS). Trivita is trained as City Planner from Indian Institute of Technology
Kharagpur and has more than three years of experience in real estate research.

Abhishek Kiran Gupta, Head of Research & REIS

abhishekkiran.gupta@ap.jll.com
+91 22 6141 6500

Abhishek Kiran Gupta leads the Jones Lang LaSalle India Research team and is based in Mumbai.
He manages research operations on a Pan-India level and is responsible for the team’s outputs,
including research reports such as topical white papers, property market digests and bespoke research
projects based on specific client requirements. Prior to joining Jones Lang LaSalle, he had seven
years of experience in market research, business analysis and market strategy consulting, servicing
diversified industries including pharmaceutical, software publishing and insurance.

Acknowlegement
We would like to acknowledge the support of ICICI Ventures and HUL. We would also like to acknowledge the contribution of
Jones Lang LaSalle New York and other team members.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by
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COIMBATORE HYDERABAD MUMBAI
tel +91 422 2544433 tel +91 40 40409100 tel +91 22 24828400
fax +91 422 2544422 fax +91 40 40409101 fax: +91 22 24941321
DELHI KOCHI
tel +91 22 66581000
tel +91 11 43317070 tel +91 484 3018652
fax+91 22 66581003
fax +91 11 43317071 fax +91 484 4029394

Real Estate Intelligence Service (REIS) India is a subscription based research service designed to provide you with cutting
edge insights into India’s diverse and challenging real estate markets through collation, analysis and forecasts of property market
indicators and trends across all major Indian markets across various real estate asset classes - office, retail, residential.

REIS empowers you with consistent and complete market data and analyses for all real estate indicators by specific micro markets.
It is supplemented by value added services including client briefings, presentations and rapid market updates.

For more details, contact, Abhishek Kiran Gupta - abhishekkiran.gupta@ap.jll.com

COPYRIGHT © JONES LANG LASALLE All rights reserved. No part of this publication may be published without prior written permission from Jones Lang LaSalle. The information in this
publication should be regarded solely as a general guide. Whilst care has been taken in its preparation no representation is made or responsibility accepted for the accuracy of the whole or
any part. We stress that forecasting is a problematical exercise which at best should be regarded as an indicative assessment of possibilities rather than absolute certainties. The process
of making forward projections involves assumptions regarding numerous variables which are acutely sensitive to changing conditions, variations in any one of which may significantly affect
the outcome, and we draw your attention to this factor.