Realty Decoded Q 4 FY 19 April 2019

Realty Decoded – Q 4 FY’ 19 April 2019

Executive Summary – Q 4 FY’ 19 • New supply further declined by 32% over last year. In the recent quarter except Chennai, Gurugram and Pune all other cities witnessed the reduction in new launches • Total sales of top 9 cities decreased marginally by 5% over last year, impacted by GST transition rules. Hyderabad realty was an exception to national trend and witnessed significant improvement in sales over last year. • Unsold inventory of top 9 cities further reduced 10% year on year and overall inventory overhang reduced marginally to 30 months. Hyderabad has the lowest inventory overhang of 17 months whereas Ahmedabad has the highest of 40 months • Hyderabad continued its price rally whereas prices in NCR and Ahmedabad witnessed correction • Affordable housing continued to dominate the supply and launches across cities. Ahmedabad & Kolkata having maximum unsold inventory in less than Rs. 25 Lakhs segment Source: Prop. Tiger Data. Labs Mar’ 19

Residential Landscape: Top-9 cities as of Q 4 FY’ 19 over last year AHMEDABAD BENGALURU Y-o-Y (%) Launches Sales BSP Inventory Overhang GURUGRAM Launches Sales Inventory Overhang BSP Inventory Overhang Launches Sales -54% 4% 3% (9, 295) -47% (33) Launches Sales Inventory Overhang BSP Inventory Overhang Y-o-Y (%) Launches Sales -28% -50% -1% (3, 885) -69% (34) -76% 15% 1% (3, 889) 40% (38) BSP Inventory Overhang PUNE Y-o-Y (%) Launches Sales 115% -13% 0% (5, 116) -19% (25) BSP -3% 26% 14% (4, 902) -14% (17) BSP Y-o-Y (%) KOLKATA Y-o-Y (%) NOIDA Y-o-Y (%) Launches Sales Inventory Overhang 5% 10% -4% (4, 950) 4% (32) BSP -54% -23% 3% (5, 114) 5% (25) BSP HYDERABAD Y-o-Y (%) MMR Launches Sales -97% -10% -1% (2, 825) 70% (40) CHENNAI Y-o-Y (%) Launches Sales BSP Inventory Overhang 21% 5% 2% (4, 795) -48% (27) Notes: 1. Y-o-Y is comparison between the corresponding quarter of the previous year and the current quarter 2. BSP is represented in Rs. /sq. ft. over super area 3. Inventory overhang is represented in months. 4. MMR is Mumbai Metropolitan Region which includes Navi Mumbai and Thane Source: Prop. Tiger Data. Labs Mar’ 19

Sales declined by 10% whereas inventory overhang improved by 3% over last quarter Residential trends in top-9 cities* Q-o-Q Launches Sales Price Trend Inventory Overhang 41% 2% -21% 25% - 32% 36% -3% 8% 1% -10% 1% 1% 1% 0% 1% -6% - 4% -10% -3% Q 2 FY’ 19 Q 3 FY’ 19 Q 4 FY’ 18 / Q 1 FY’ 19 Strong/Marginal Decline Stable Strong/Marginal Increase Notes: * Top 9 Cities are MMR (Mumbai, Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

1…………. . . Launches Struggling : Source: Prop. Tiger Data. Labs Mar’ 19

Severe slowdown in launches, 32% decline over last year # of units 110 000 Total units of launches in top-9 cities* 108 925 87 080 90 000 78 460 87 386 78 698 66 411 70 000 66 019 67 203 60 728 65 841 32% 52 876 46 955 50 000 44 834 30 000 10 000 Q 4 FY'16 Q 1 FY'17 Q 2 FY'17 Q 3 FY'17 Q 4 FY'17 Q 1 FY'18 Q 2 FY'18 Q 3 FY'18 Q 4 FY'18 Q 1 FY'19 Q 2 FY'19 Q 3 FY'19 Q 4 FY'19 Notes: * Top 9 Cities are MMR (Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19 32%

Launches picked up only in Chennai, Pune and marginally in Gurugram Total unit launches – Q 4 FY’ 18 vs Q 4 FY’ 19 Q 4 FY'18 16 097 # of units 18 000 Q 4 FY'19 10 561 1 528 2 124 1 273 232 3 000 8 695 7 352 5 366 6 066 4 929 4 705 7 867 6 000 3 661 5 026 9 000 8 122 12 000 6 285 10 964 15 000 0 Ahmedabad Bengaluru Chennai Gurugram^ Notes: * Noida includes Greater Noida and Yamuna Expressway. ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane) ^ Gurugram includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments and villas across the regions. Hyderabad Kolkata MMR** Noida* Pune Source: Prop. Tiger Data. Labs Mar’ 19

Affordable housing with <60 sq mts carpet area contributed ~58% of new units launched Q-o-Q size-wise unit launches in top-9* cities % of units 100% 80% 38% 41% 42% 56% 47% 44% 41% 42% 40% 44% 50% 13% 12% 9% 8% Q 3 FY'19 Q 4 FY'19 60% 43% 47% 49% 46% 38% 20% 19% 0% Q 4 FY'17 12% 10% 12% 6% Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 FY'18 FY'19 Carpet Area <30 sq mts Carpet Area 30 -60 sq mts Carpet Area >60 sq mts Notes: * Top 9 Cities are MMR (Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

~60% of new units launched were priced below <Rs. 50 Lakhs budget 1 Q-o-Q budget-wise unit launches in top-92 cities % of units 100% 80% 14% 15% 11% 6% 7% 9% 7% 15% 20% 14% 60% 40% 20% 10% 5% 11% 8% 18% 19% 7% 7% 16% 11% 8% 19% 8% 5% 21% 12% 8% 20% 28% 31% 29% Q 4 FY'16 35% 33% 40% 42% 28% 30% 28% Q 1 FY'17 Q 2 FY'17 Q 3 FY'17 33% 27% 33% 35% 30% 31% 29% 31% Q 1 FY'18 Q 2 FY'18 Q 3 FY'18 Q 4 FY'18 Q 1 FY'19 10% 6% 11% 12% 17% 20% 28% 34% 39% 23% 22% 0% < Rs. 25 Lakhs Q 4 FY'17 Rs. 25 -50 Lakhs Rs. 50 -75 Lakhs Rs. 75 -100 Lakhs Q 2 FY'19 Q 3 FY'19 > Rs. 1 Crore Notes: 1. Budget is based on basic price and does not include additional costs as well as taxes, stamp duty and registration costs 2. Top 9 Cities are MMR (Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

2……Consumer & Demand : Sales Momentum Subdued Source: Prop. Tiger Data. Labs Mar’ 19

Marginal decline in sales, only 5% over last year Sales trend in top-9 cities* # of units 90 000 80 230 79 420 72 581 67 866 70 000 79 601 77 096 Q 4 FY'18 Q 1 FY'19 83 005 83 838 75 706 70 362 62 711 60 049 58 504 50 000 30 000 10 000 Q 4 FY'16 Q 1 FY'17 Q 2 FY'17 Q 3 FY'17 Q 4 FY'17 Q 1 FY'18 Q 2 FY'18 Q 3 FY'18 Q 2 FY'19 Q 3 FY'19 Q 4 FY'19 Notes: * Top 9 Cities are MMR( Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19 5%

Total unit sales – Q 4 FY’ 18 vs Q 4 FY’ 19 22 904 # of units 25 000 23 718 Hyderabad followed by Gurugram witnessed significant improvement in sales over last year Q 4 FY'18 Q 4 FY'19 14 348 7 718 3 856 3 623 3 352 7 059 5 618 5 764 5 220 4 197 4 819 5 000 4 739 5 289 10 000 8 402 10 969 15 000 13 712 20 000 0 Ahmedabad Bengaluru Chennai Gurugram^ Notes: * Noida includes Greater Noida and Yamuna Expressway. ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane) ^ Gurugram includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments and villas across the regions. Hyderabad Kolkata MMR** Noida* Pune Source: Prop. Tiger Data. Labs Mar’ 19

Severe decline seen in sales of under-construction units Sales in top-9* cities: Completed vs Under-Construction projects # of units 80 000 72 183 71 441 70 000 64 212 58 885 60 000 65 102 60 511 54 310 53 206 65 804 70 763 69 984 62 002 CAGR (12 qtrs) - 4. 9% 51 349 50 000 40 000 30 000 20 000 10 000 8 047 7 979 8 369 6 843 Q 4 FY'16 Q 1 FY'17 Q 2 FY'17 Q 3 FY'17 8 981 9 851 14 499 8 401 7 155 11 292 12 242 13 854 13 704 Q 1 FY'19 Q 2 FY'19 Q 3 FY'19 Q 4 FY'19 0 Q 4 Q 1 FY'17 FY'18 Completed Q 2 Q 3 Q 4 FY'18 Under Construction Notes: * Top 9 Cities are MMR (Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19 19%

<Rs. 50 Lakhs budget 1 segment continued to contribute >55% to sales Sales in top-92 cities by budget segment % of units 100% 80% 15% 16% 15% 15% 17% 16% 15% 16% 8% 8% 9% 8% 7% 8% 9% 8% 8% 7% 9% 9% 11% 18% 18% 18% 17% 19% 20% 19% 18% 33% 34% 35% 34% 33% 31% 33% 33% 34% 32% 30% 26% 23% 24% 26% 26% 23% 25% Q 4 Q 1 FY'16 FY'17 < Rs. 25 Lakhs Q 2 FY'17 Q 4 Q 1 FY'18 FY'19 Rs. 75 -100 Lakhs Q 2 FY'19 60% 40% 20% 0% Q 3 Q 4 FY'17 Rs. 25 -50 Lakhs Q 1 Q 2 FY'18 Rs. 50 -75 Lakhs Q 3 FY'18 Q 3 Q 4 FY'19 > Rs. 1 Crore Notes: 1. Budget is based on basic price and does not include additional costs as well as taxes, stamp duty and registration costs 2. Top 9 Cities are MMR (Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

Units with carpet area <60 sq mts contributed 49% to sales Q-o-Q size-wise unit sales in top-9* cities % of units 100% 80% 56% 54% 55% 33% 35% 39% 40% 37% 11% 9% 7% 5% 5% 58% 53% 52% 49% 51% 40% 43% 41% 7% 8% 8% 8% Q 3 FY'19 Q 4 FY'19 60% 40% 20% 0% Q 4 FY'17 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 FY'18 FY'19 Carpet Area <30 sq mts Carpet Area 30 -60 sq mts Carpet Area >60 sq mts Notes: * Top 9 Cities are MMR(Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

Gurugram followed by Ahmedabad leads in affordable housing with more than one-third of the sales in < Rs. 25 Lakhs budget 1 segment % of units 100% 80% Budget-wise sales in top-9* cities – Q 4 FY’ 19 9% 3% 18% 13% 9% 18% 16% 18% 60% 14% 32% 33% 12% 29% Bengaluru < Rs. 25 Lakhs 7% 9% 19% 6% 4% 17% 14% 43% 22% 26% 43% 22% 6% Ahmedabad 25% 39% 21% 0% 11% 16% 39% 40% 22% 15% 28% 37% 16% 7% 8% 30% 17% 1% Chennai Rs. 25 -50 Lakhs Gurugram^ Hyderabad Rs. 50 -75 Lakhs 30% Kolkata MMR** Rs. 75 -100 Lakhs Notes: 1. Budget is based on basic price and does not include additional costs as well as taxes, stamp duty and registration costs * Noida includes Greater Noida and Yamuna Expressway. ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane) ^ Gurugram includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments and villas across the regions. Noida* Pune > Rs. 1 Crore Source: Prop. Tiger Data. Labs Mar’ 19

Over 600, 000 units are expected to be delivered in next 12 months Units Delivered in Top – 9 cities # of units Expected Delivery 700 000 606 125 600 000 500 000 447 385 354 353 400 000 300 000 248 518 316 049 401 077 313 981 272 908 200 000 100 0 FY'14 FY'15 FY'16 FY'17 Units Delivered FY'18 FY'19 Expected Deliveries FY'20 FY'21 Note: Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

3………Inventory: Reduced Inventory Overhang Source: Prop. Tiger Data. Labs Mar’ 19

Inventory overhang improves, reached at less than 3 years of sales velocity Q-o-Q overall inventory overhang in top-9* cities # of months 45 37 34 34 40 41 42 42 39 38 34 34 31 30 Q 3 FY'19 Q 4 FY'19 30 15 0 Q 4 FY'16 Q 1 FY'17 Q 2 FY'17 Q 3 FY'17 Q 4 FY'17 Q 1 FY'18 Q 2 FY'18 Q 3 FY'18 Q 4 FY'18 Q 1 FY'19 Q 2 FY'19 Notes: * Top 9 Cities are MMR( Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

Unsold inventory lowest in last 3 years 800 000 800 438 832 371 850 368 880 762 890 719 904 875 916 432 918 875 923 831 905 023 887 596 882 552 # of units 1 000 875 222 Unsold inventory in top-9* cities as on quarter end 600 000 400 000 200 000 Q 4 FY'16 Q 1 FY'17 Q 2 FY'17 Q 3 FY'17 Q 4 FY'17 Q 1 FY'18 Q 2 FY'18 Q 3 FY'18 Q 4 FY'18 Q 1 FY'19 Q 2 FY'19 Q 3 FY'19 Q 4 FY'19 Notes: * Top 9 Cities are MMR (Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19 10%

NCR holds the highest share of unsold inventory aged above 3 years Age of unsold inventory in top-9 cities (Mar’ 19) % of units 100% 80% 60% 40% 28% 36% 48% 41% 42% 58% 39% 51% 18% 17% 11% 14% 20% 27% 8% 10% 28% 8% 23% 10% 39% 24% 76% 17% 13% 31% 20% 24% 22% 16% 19% 13% 7% 8% 25% MMR** Noida* Pune 0% Ahmedabad Bengaluru Chennai ≤ 1 Yr Gurugram^ 1 to 2 Yrs Notes: * Noida includes Greater Noida and Yamuna Expressway. ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane. ) ^ Gurugram includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments and villas across the regions. Hyderabad 2 to 3 Yrs Kolkata 9% > 3 Yrs Source: Prop. Tiger Data. Labs Mar’ 19

Hyderabad has the best inventory profile (lowest age as well as lowest overhang) Age of unsold inventory vs inventory overhang in top-9* cities (Mar’ 19) Age of unsold inventory (months) 70 Noida 60 50 MMR Chennai 40 Gurugram 30 Bengaluru Pune Kolkata Hyderabad Ahmedabad 20 15 20 25 30 35 Inventory overhang (months) 40 45 50 Notes: * Top 9 Cities are MMR (Mumbai including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19 Size of the bubble indicates total inventory in units.

Almost half of unsold units are sized below <60 sq mts carpet area Q-o-Q size-wise unsold inventory in top-9* cities % of units 100% 80% 57% 56% 55% 54% 54% 52% 51% 36% 37% 38% 38% 39% 7% 7% 7% 8% 8% 8% 9% 10% Q 3 FY'19 Q 4 FY'19 60% 40% 20% 0% Q 4 FY'17 Q 1 Q 2 Q 3 Q 4 Q 1 Q 2 FY'18 FY'19 Carpet Area <30 sq mts Carpet Area 30 -60 sq mts Carpet Area >60 sq mts Notes: * Top 9 Cities are Mumbai (including Navi Mumbai & Thane), Pune, Noida (including Greater Noida & Yamuna Expressway), Gurugram (including Bhiwadi, Dharuhera & Sohna), Bengaluru, Chennai, Hyderabad, Kolkata and Ahmedabad. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

Ahmedabad, Pune and Kolkata have more than 75% of the unsold inventory in the <Rs. 50 Lakhs segment % of units 100% 80% 60% Budget 1 breakup of unsold inventory (Mar’ 19) 10% 4% 9% 17% 14% 34% 11% 6% 3% 15% 19% 8% 13% 24% 34% 13% 36% 20% 40% 7% 7% 27% 13% 12% 19% 33% 22% 6% 6% 41% 20% 39% 54% 25% 20% 44% 30% 5% 0% Ahmedabad Bengaluru < Rs. 25 Lakhs 39% 33% 17% 15% Chennai 2% Hyderabad Gurugram^ Rs. 25 -50 Lakhs Rs. 50 -75 Lakhs 35% 32% 13% Kolkata MMR** Rs. 75 -100 Lakhs Noida* Pune > Rs. 1 Crore Notes: 1. Budget is based on basic price and does not include additional costs as well as taxes, stamp duty and registration costs * Noida includes Greater Noida and Yamuna Expressway. ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane) ^ Gurugram includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments and villas across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

Ahmedabad and Chennai have the highest share of completed units in unsold inventory Unsold inventory as on Mar’ 19 – Completed Vs Under-Construction % of units 100% 86% 79% 90% 83% 90% 81% 74% 77% 60% 71% 80% Ahmedabad Gurugram^ Hyderabad Completed Under Construction Notes: * Noida includes Greater Noida and Yamuna Expressway. ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane) ^ Gurugram includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments and villas across the regions. Kolkata MMR** Noida* 14% 21% 10% 17% Chennai 0% 10% 26% Bengaluru 19% 23% 20% 29% 40% Pune Source: Prop. Tiger Data. Labs Mar’ 19

4………Pricing: Positive Changes Source: Prop. Tiger Data. Labs Mar’ 19

Hyderabad continued its price rally whereas prices in NCR corrected marginally Weighted average^^ BSP (Rs. /sq. ft. ) of apartment units as at the end of quarter City Q 4 FY’ 18 Q 4 FY’ 19 Price Change (Y-o-Y) Ahmedabad 2, 843 2, 825 -1% Bengaluru 4, 989 5, 114 3% Chennai 5, 123 5, 116 0% Gurugram^ 5, 130 4, 950 -4% Hyderabad 4, 317 4, 902 14% Kolkata 3, 831 3, 889 1% MMR** 9, 020 9, 295 3% Noida* 3, 906 3, 866 -1% Pune 4, 720 4, 795 2% Notes: ^^ Price weighted on number of units supply in respective projects in a city. * Noida includes Greater Noida and Yamuna Expressway. ** MMR – Mumbai Metropolitan Region (Mumbai includes Navi Mumbai and Thane) ^ Gurugram includes Bhiwadi, Dharuhera and Sohna. Analysis includes apartments across the regions. Source: Prop. Tiger Data. Labs Mar’ 19

5………Macro Indicators Source: Prop. Tiger Data. Labs Mar’ 19

Key Developments Policy Changes • The GST Council has notified formation of a ministerial panel which will study problems plaguing the real estate sector under the indirect tax regime and suggest remedial measures. • The Goods and Service Tax Council approved the transition plan to move towards new tax rates for the real estate sector by giving builder an option to levy the old tax rate if they want. Choosing the old tax rates for projects, construction for which was started before March 31, will help builders to avail their accumulated input tax credit. New projects starting from April 1 will have the new tax rates of 1 percent for affordable housing projects, and 5 percent for other housing projects without the benefit of input tax credit. • Realty sector hope for revival in housing sales after RBI decision to cut Repo Rate by 25 bps to 6. 25 per cent, which would make home loans easier and cheaper for the home buyers provided the public sector banks and other lending institutions pass on the benefit to their customers. Infrastructure Developments • Maharashtra clears phase II of Nagpur metro worth Rs 11, 216 crore. • The Delhi Metro Rail Corporation (DMRC) has submitted a revised detailed project report (DPR) for a further extension of the Blue Line — the metro phase 3 corridor (Noida Electronic City-Mohan Nagar). • The improved connectivity by the Aqua Line may encourage fence sitters looking for an affordable, ready-to-move-in units to take a call on purchasing a house, but there may not be a massive price appreciation due to oversupply in the market. Source: Prop. Tiger Data. Labs Mar’ 19

Key transactions of last quarter Land Deals Buyer Seller Size (Acres) Amount (Rs. crore) Location Deal Status Godrej Properties Rail Land Development Authority 27. 0 1, 100 Ashok Vihar, New Delhi Done TVS Emerald Housing SNP Infrastructure 6. 5 150 Chennai Done Ascendas-Singbridge Group GSquare Group 12. 2 175 Pallavaram–Thoraipakkam Road, Chennai Done Commercial Space Buyouts Buyer Seller Property Amount (Rs. crore) Location Deal Status Blackstone Group LLP and Salarpuria Sattva group Tanglin Developments Global Village Tech Park 2, 800 Bengaluru Ongoing Discussion Leasing Deals Tenant Property Area (lakh sq. ft. ) Location Lease Type Bank of America DLF Cyber Park 5. 0 Gurgaon Fresh Lease Samsung R&D Institute Bagmane Goldstone 4. 0 Bengaluru Fresh Lease WPP India ORB complex 3. 0 Mumbai Fresh Lease We. Work Vijay Diamond 1. 0 Mumbai Fresh Lease Source: Prop. Tiger Data. Labs Mar’ 19

Outlook for Q 1 FY’ 20 • New transition rules of GST might create confusion in the minds of buyers. Developer’s have time till 10 th May to decide on final rates for their projects and this will have impact on sales in next quarter • Launches will continue to stay low in next quarter impacted primarily by election results • New GST rates for affordable housing has brought cheer to this segment as definition of affordable housing has been expanded • We expect prices to start moving up in most cities as developers adjust their pricing to include impact of lack of input tax credits Source: Prop. Tiger Data. Labs Mar’ 19

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