Professional Documents
Culture Documents
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Contents
1
2
3
4
Introduction
4Ps of real estate
the pillars of transition
Players
Process
Product
Places
5
6
7
8
Conclusion
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Introduction
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
2.1 Players
The real estate industry has been a highly localised industry in India
with each city being dominated by a select few developers. However,
in the post-global financial crisis (GFC) era, several developers started
to expand their footprint to newer geographies. For example K
Raheja Corporation, dominant in Mumbai, forayed into the Hyderabad
IT office segment through its Mindspace park in 2004, Godrej
Properties dominant in Mumbai, forayed into Ahmedabad through its
Garden City project in 2013 and entered the Pune market by way of its
Horizon project at Undri in 2012. A recent entrant in the Indian realty
space and primarily on the retail segment is the Xander group, which
is establishing a pan-India portfolio of properties spanning diverse
asset types starting with its VR Mall at Surat, (completed in 2013).
It is highly likely that the trend of large and well capitalized developers
Dominant
City
Expansion
City
Project Name
Asset
Type
Godrej Properties
Mumbai
Kolkata
Waterside
Office
Godrej Properties
Mumbai
Gurgaon
Godrej Summit
Residential
Tata Housing
Mumbai
Bangalore
Casacades
Residential
Tata Housing
Mumbai
Gurgaon
Louvre
Residential
DLF
Delhi
NCR
Bangalore
Westend Heights
Residential
DLF
Delhi
NCR
Chennai
Commanders court
Residential
K Raheja Corp
Mumbai
Hyderabad
Inorbit Mall
Retail
K Raheja Corp
Mumbai
Bangalore
Vivarea
Residential
Source: JLL-REIS
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
2.2 ProcessES
While the property market slowdown in India since 2011 has hurt many,
one positive thing that has happened is the consistent fall in cash
component (source of black money) in property purchases. Over the
last five years, property prices have almost stagnated against inflation
across major real estate markets. As a result, majority buyers who are
currently active in the market are salaried people who can support
a loan but cannot afford cash payments. Today, as much as 80% of
buyers in top cities such as Mumbai, Delhi, Bangalore, Chennai, Pune,
Hyderabad and Kolkata are salaried employees. On the contrary,
businessmen and speculative investors were dominating the market
prior to the slowdown when real estate boom was at pinnacle. Today,
almost all newly developed residential properties can be bought with
100% white money. Many resale properties too are available without
the cash component.
Governments recent budgetary measures to
encourage or incentivise electronic payment
for large transactions such as property
purchase, and simultaneously raise
punitive action against illegal transaction,
will further help reduce cash dealings.
Interiors
Landscape
HOK
Kelly Hoppen
Allan Wyatt
Woha Singapore
Yoo
Belt Collin
Callison
Jade Jagger
Design Concepts
Casa /
Armani
Sitectonics
HB Design
Philippe
Starck
Studio Steed
Source: JLL-REIS
Examples of public portals that are rich with real estate information
http://www.archive.india.gov.in
10
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
2.3 ProDUCTS
11
2.4 PLACES
Post the beginning of IT boom in India around the year 2000, large IT
companies and other MNCs who wanted to enter India in a big way,
expressed their desire to occupy space in modern offices. These
factors led to Indian developers delivering superior construction quality
that fulfils the requirement of MNCs & IT companies. Developers
across India implemented various advanced construction techniques
and innovative designs to improve the quality of projects through which
they have attracted more IT & MNC occupiers into their projects.
PRE 2000
POST 2000
No Green Building
No air-conditioning
Examples
No power backup
Property markets are evolving at every stage, starting from tier-I cities
since liberalisation days to tier-II cities post the IT-ITES boom in India
during the late 1990s. Driven by rapid pace of growth of the services
sector, office market strengthened in the tier-I cities, which were
predominantly occupied by sectors such as BFSI, Pharmaceuticals,
FMCG and Media. However, in the IT era post 2000, offshoring of
business received a major fillip after the global Y2K problem as well as
favourable IT policies of the Indian government. Because location was
less of a concern for the offshoring companies, they preferred to enter
tier-II cities Bangalore, Hyderabad, and Pune. These markets had
some inherent qualities such as good number of technical education
centres, low property prices / rentals, vast availability of space to
accommodate campus-style offices, and pleasant weather.
Today, cities such as Bangalore and Pune are dotted with presence
of large IT multinationals and the incremental space for new entrants
is getting limited. Additionally, developments witnessed over the last
decade or so have resulted in a steep rise in prime property prices
that may not be comforting to few existing IT companies planning to
expand operations. Simultaneously, there is a wave of infrastructure
improvements happening in tier-II and tier-III cities, which are fast
getting connected with todays major metros.
IT sector has dominated office space occupancy for almost a decade
and is now exploring new cities for expansion or creation of new
bases. The necessity to exert tight control on occupancy cost, to
maintain cost-competitiveness, prompt IT/ITES firms to scout for
alternate destinations that have an abundance of skilled manpower.
This is resulting into the emergence of new cities such as Chandigarh,
Visakhapatnam, Vijayawada, Mysore, Kochi, Coimbatore,Tiruchi,
Bhubaneswar, Ahmedabad & Gandhinagar, Jaipur as the new centres
of choice for setting up large scale IT office infrastructure.
12
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
All figures in %
Note: Some percentage totals may not
add-up due to rounding off.
Source: JLL-REIS
13
14
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Real estate in India has seen rising participation by private equity (PE)
funds over the last decade. After the election of the new government
in 2014, PE deals gathered further momentum as investments
accelerated sharply in the first half of 2015. Global funds have made a
strong comeback investing in affordable housing developments, office
parks and mixed-use projects.
Source: JLL-REIS
Source: JLL-REIS
15
16
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Sector-wise share of
leased area, 2005-1H2015
17
18
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
The retail real estate sector has become one of the most dynamic
sectors in India as consumer preferences change at a rapid pace.
Frequency with which new brands enter the markets, older brands shift
base, and malls reorient themselves is breath-taking.
Other brands
2002-2003
18-20 yrs
9-10 yrs
2010-2011
12-15 yrs
5-6 yrs
2014-2015
9-10 yrs
2-3 yrs
19
Many experts believe that most of the poorly designed malls that are
shutting down or converting into Grade-B office spaces are those
constructed in the early years and have become old. This is at best
a misconception, because market examples suggests that many old
malls still find relevance in a market that rewards better design and
mall management.
In the near future, we expect more malls to withdraw from the
retail realty business as a result of which, the business of average
and good performing malls will improve. This is a much-needed
course correction, which will continue to happen for some time. At
JLL research, we estimate around 14 malls to withdraw from retail
operations, having a combined mall space of 3.5-4.5 million sq ft.
Source: JLL-REIS
Source: JLL-REIS
20
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
21
First store
opening (year)
Existing Store
count (nos.)
ASICS shoes
2015
G-Star Raw
2015
GAP
2015
H&M
2015
Uniqlo
2015
Burger King
2014
20
Harrys Bar
2013
Pizza Express
2013
Kidzania
2013
Increasingly, online retailers are beginning to foray into offline/physical store stores format of retailing. While this may be surprising for many,
it is a way for these brands to differentiate themselves amongst the clutter of wannabe online brands. Lenskart, a well-known Indian eyewear
brand that started online, has lately opened up stores in retail malls to directly connect with customers. Another brand called Freecultr, which is
a fashion apparel brand created online, has been swiftly moving onto the offline space in order to give their customers a chance to touch and
feel their merchandise. The brand is using its offline space to better understand the needs of their customers by collecting feedback, providing
alternate payment options, using the store as a pick-up point, etc. Interestingly, Freecultr has a question posted on their website asking patrons to
vote for a preferable city for their next installation, indicating that the company is planning to roll out more stores.
According to market sources, in 2014, over 70% of traffic on eCommerce websites came from the top-10 cities of India. This means that a vast
majority of transactions, particularly in cities within tier-II and beyond, happens in physical stores. The Indian Railway Catering and Tourism
Corporations (IRCTC) growth in rural India, through ticketing kiosks is a proof that rural India is offline savvy. For online brands to exploit the
rising spending power that exists in Indias rural market, it is important to make their presence felt in such places. Paytm, an online payment
solutions company, has already moved offline with over 50,000 kiosks for loading its e-wallet. By being offline, the company has built trust with
customers who would otherwise feel lost in the already significant online presence of other brands.
So strong is the urge to move offline globally that for the first time ever, Amazon US has opened a physical store in the US in early 2015, and
it plans to open more such stores by mid-2015. The biggest nightmare for every online seller is to deal with a shopping cart abandonment rate
of 70-80%. The sweet spot is to be in a middle zone where online sellers connect with the actual customers and also promote their products in
multiple avenues.
22
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Just like retail, residential real estate sector too is getting influenced
by the rapidly changing consumer preferences. Developers operating
in the residential space are ensuring they leave nothing to chance and
have been toying with many ideas to keep the customer engaged.
In the process, recent years have seen few transitions falling
apartment sizes, more lifestyle amenities, entry of branded apartments,
and introduction of new concepts such as senior living, serviced
apartments etc. These transitions have caught the fancy of Indian
homebuyers and they are likely to become a trend that will sustain the
test of time.
23
Decreasing
apartment sizes
across Indian cities
Source: JLL-REIS
24
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
City
Year
Mumbai
2011
Delhi NCR
2012
Pune
2010
Bangalore
2013
houses such as Armani and Swarovski, which lend their names while
designing the interiors.
From the above table, it can be seen that Indian developers have
started to tie-up with international brand names from early 2010 and
the trend of partnership with such brand names is increasing by the
year. Typically, projects in this category, to maintain exclusivity, resort
to less number of units. Also, developers prefer to choose prime
residential locations, preferably in tier-I cities. Also, such projects have
a tendency to command 25-30% higher prices than the average for the
sub-market, depending upon the branding and facilities.
The table below shows the year in which first branded projects were
launched in different cities.
Location
Lodha Group
Mumbai
A & O Realty
F.TV
Mumbai
Suntech Realty
Homestead
Disney
Michael Schumacher, Maria Sharapova
Mumbai
Delhi NCR
Brys
Supertech
Prestige Group
Equinox Realty
Delhi NCR
Delhi NCR
Bangalore
Bangalore
Bramha Corp
F.TV
Pune
Panchshil
Pune
City Corp
Swarovski
Pune
Source: JLL-REIS
[1] Wealth Index by New World Wealth, June 2014 has ranked India eighth and home to 14,800 multi-millionaires (an individual with net assets of at least USD 10 million), below countries such as the US,
China, Germany and the UK, but above Singapore and Canada.
25
26
Following are examples of mid & upper-mid segment projects with lifestyle amenities
Clubhouses, gymnasium, swimming / toddlers pool, luxurious spa / steam /
massage rooms / jacuzzi, multi-functional lounge, Indoor games / yoga room,
squash / tennis / half-basketball court, mini-theatre / amphitheatre, landscaped
garden / childrens play area
Mumbai
90 - 95
33
Lodha Splendora
Thane
95 - 100
Indiabulls Greens
Navi
Mumbai
95 - 100
Godrej Summit
Gurgaon
95 - 100
Noida
Prestige Tranquility
Whitefield
Tumkur
Road
Pune
Hinjewadi
Akshaya Homes
Today
OMR
95 - 100
95 - 100
65 - 70
cricket pitch, jogging track, auditorium, amphitheatre, caf, party hall, library
23
No. of Quarter sinch Project Launch
3C Lotus Boulevard
% Units Sold
Kalpataru Aura
CITY
PROJECT NAME
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
85 - 90
85 - 90
60 - 65
Club-house, swimming and toddlers pool, gymnasium, health club with steam
/sauna room, jacuzzi, badminton court, indoor games, landscaped pathways
around jogging circuits, cycling tracks and childrens play area
Multi-purpose hall, fitness centre, amphitheatre, meditation / yoga arena,
14 skating rink, swimming pool, indoor / outdoor games, kids play area
16 Gymnasium, party hall, indoor / outdoor games, swimming pool, kids play
area, yoga terrace, health club, amphitheatre, jogging Track
Childrens play area, indor / outdoor games, skating rink, green landscaped
area, walking pathways, swimming pool, gymnasium, multipurpose hall
19 Large central park with botanical garden, clubhouse with swimming pool,
gymnasium, retail mall, hospital, jogging track, cafeteria
14
10 games, mini theatre, party lawns, jogging track, childrens play area
Source: JLL-REIS
27
Project Name
Developer Name
Year of
Launch
Location
Ashiana Utsav
Ashiana Housing
2011
Pune
Athashri
Paranjape Schemes
Construction Ltd
2010
Pune
2014
Pune
Ashiana Nirmay
Ashiana Housing
2014
Bhiwadi
The Nest
Aakriti Group
2014
Bhopal
Primus Eden
Mantri Primus
Lifespaces Pvt. Ltd
2014
Bangalore
Riva
Tata Housing
2013
Bangalore
Antara
2013
Dehradun
2nd Innings
2013
Surat
Ashiana Shubham
Ashiana Housing
2015
Chennai
Source: JLL-REIS
28
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
29
2. Serviced Apartments
3. Studio Apartments
Project Name
Developer Name
Year of
Launch
City
Lalco Residency
Lalco Group
2011
Mumbai
Oberoi Oasis
Oberoi Realty
2014
Mumbai
Oh My God
Baya Weaver
2014
Delhi NCR
3C Company
2013
Delhi NCR
Ireo
2013
Delhi NCR
Vice Royale
Ajnara Group
2012
Delhi NCR
Homestead Service
Residences
Brigade Group
2008
Bangalore
Triangle Skypark
Apartment
Anish Projcts
2013
Bangalore
Oakwood Premier
Panchshil Realty
2009
Pune
Seasons
Naiknavare
Developers
2009
Pune
Developer Name
Launch
Year
City
Callista
Joy Group
2012
Mumbai
Hiranandani
Solitaire
Hiranandani Constructions
Pvt. Ltd.
2014
Mumbai
Supertech
Upcountry
(Safari Studio)
Supertech
2010
Delhi NCR
Earth Studios
Earth Infra
2012
Delhi NCR
Rohan Iksha
Rohan Builders
2015
Bangalore
Esperanza
2011
Bangalore
Blue Ridge
Paranjape Schemes
2010
Pune
Megapolis
Pegasus Properties
2009
Pune
Ekanta
Unitech Group
2013
Chennai
Xanadu
Siddha Group
2008
Kolkata
30
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Industrial and
Warehousing sector
Modern warehouse
Typical area
Under 50,000 sq ft
1 million sq ft or more
Typical rents
Cost of
construction
Typical
clients
Companies seeking
makeshift arrangement
Companies seeking
long-term partnerships
Typical
design
Built-to-suit structure
Contract
9-12 months
period / terms
Source: JLL Research
31
Ongoing/Future development
Large warehouses
32
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Current
ranking
Availability of labour
Likely shift in
rank
33
Current innovations
lay foundation for
future transitions
34
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
USP
Examples
Presence across
value-luxury spectrum
Lodha, Kalpataru
Expertise in SRA
Expertise in Redevelopment
Online sales
Source: JLL-REIS
35
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Being the fastest growing nation in the world, India also faces the
challenge of balancing between industrial advancement and rising
levels of pollution / depleting natural resources. Needless to say,
sustainable development will be increasingly sought to effectively
address these concerns. Real estate, on its part, can help by
designing and constructing buildings that conserve resources such
as water and electricity, and increase usage of recycled materials.
Considering the top cities (tier-I) in India, their ranking has significantly
improved from 50th position in 2008 to 40th position as of latest 2014
study. As per the report, the improvement was largely made on the
back of advancement in market data availability. However, in the past,
India has been subject to drop in ranking (in 2008 and 2012) owing to
reasons such as lack of transparency in its transaction processes, high
costs of investment transactions, and weak professional standards of
local agents. Given that many APAC cities are moving fast in terms
of improving their transparency quotient, thereby becoming more
attractive to global investors; Indian cities must make faster progress.
Source: IGBC
Source: IGBC
India crosses 2
billion sq. ft. of green
building footprint
2008
Rajiv Gandhi
International
Airport, Hyderabad:
First green airport
facilitated by IGBC
2015
Police Bhavan at
Gulbarga, Karnataka:
Indias first green
building
2008
2014
2012
Green building
registrations on a
steady rise in India
2001
2011
36
India crosses 3
billion sq. ft. of green
building footprint
37
38
I s I n d ia n r e a l e stat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
I s I n d ia n r e a l e s tat e h e a d i n g t owa r d s a t e c t o n ic sh i f t ?
Authors
Suvishesh Valsan
Assistant Vice President, Research
Conclusion
The on-going transition in the Indian real estate sector is interesting
and acts as a reflection of what lies ahead. As India narrows its gap
with real estate trends and practices of more advanced nations in
the West and APAC, everyone from local developers, government,
institutional investors and occupiers / homebuyers have got things
to look up to. The relationship between developers and investors
is poised to become more synchronised, enabling transition from
family-driven real estate business towards a more institutionalised
set-up. This will be a big positive for market transparency, as domestic
real estate sectors will criss-cross to new heights. On the other hand,
occupiers and consumers will have a variety of options of choose
from, given the market segregation and growth of niche segments,
which will enable choice on the basis of corporate/individual profile.
The governments role as an enabler for smooth sailing through this
new course of transition will be keenly watched by domestic and
international stakeholders.
suvishesh.valsan@ap.jll.com
+91 22 3985 1309
Suvishesh joined JLL in 2013 and is responsible for driving thought leadership and research publications, been part
of the Research & Real Estate Intelligence Service (REIS) team. Based in Mumbai, he also contributes to bespoke
research publications for all sectors of the real estate. In his over six years career prior to joining Jones Lang LaSalle,
he has served in financial institutions and research consultancy firms, specialising in macroeconomics, asset allocation
strategy and business research. Suvishesh holds a Masters degree in Economics from the Gokhale Institute of Politics
& Economics, Pune.
Vinay Upponi
Assistant Manager, Research
vinay.upponi@ap.jll.com
+91 99302 05302
Vinay is responsible for Real Estate Intelligence Service (REIS) analytics, bespoke assignments, and research
whitepapers. He has extensive background, spanning over 6 years, in business research having worked at Shoppers
Stop, CRISIL, and Emirates Group. He has worked on consumer demographics and real estate research with particular
focus on commercial real estate. He has passed 2 Levels of the CFA (AIMR US) programme and is a Bachelor of
Commerce from University of Mumbai.
Ketan Bhingarde
Analyst, Research & REIS
ketan.bhingarde@ap.jll.com
t: +91 22 39851310
Ketan Bhingarde joined JLL Research team in 2013. Based out of Mumbai; he leads the Mumbai residential market
towards research and REIS and contributes to the quarterly reports on Mumbai residential market along with the monthly
newsletters and bespoke research assignments. Ketan is a MBA in Urban Infrastructure & Real Estate Management
from Amity University and Bachelor in Mechanical Engineering from Mumbai University having more than 2 years of
experience in Research & REIS within JLL.
39
About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased
value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of
$5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf
of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million
square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle
Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones
Lang LaSalle Incorporated. For further information, visit www.jll.com
JLL has over 50 years of experience in Asia Pacific, with over 30,000 employees operating in 80 offices in 16 countries across the region. The
firm was named Best Property Consultancy in seven Asia Pacific countries at the International Property Awards Asia Pacific 2014 and won nine
Asia Pacific awards in the Euromoney Real Estate Awards 2013. www.jll.com/asiapacific
About JLL India
JLL is Indias premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities
(Ahmedabad, Delhi, Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over
7500, the firm provides investors,
developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy,
transactions, project and development services, integrated facility management, property and asset management, sustainability, industrial, capital
markets, residential, hotels, health care, senior living, education and retail advisory. The firm was named the Best Property Consultancy in India
at the International Property Awards Asia Pacific 2014-15. For further information, please visit www.joneslanglasalle.co.in
Chennai
tel +91 44 42993000
Gurgaon
tel +91 124 4605000
Kolkata
tel +91 33 22273294
Bangalore
tel +91 80 41182900
Coimbatore
tel +91 422 2544433
Hyderabad
tel +91 40 40409100
Mumbai
tel +91 22 66207575
Chandigarh
tel +91 172 3047651
Delhi
tel +91 11 33141000
Kochi
tel +91 484 3018652
Pune
tel +91 20 40196100
Jones Lang LaSalle Property Consultants (India) Pvt Ltd 2015. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or
warranty is made to the accuracy thereof.