India's Commercial Market: Q2 2022

Commercial
Real Estate
Tier 1 Cities | Quarterly Overview

Note : Data Includes commercial office spaces including offices,

IT Parks and IT SEZs
Excludes retail spaces like Malls
 Foreword

Samir Jasuja
Founder and CEO
PropEquity
[email protected]

P.E. Analytics owns and operates PropEquity which is an online subscription based real estate data and
analytics platform covering over 1,41,327 projects of 44,967 developers across over 44 cities in India. “We aim for improving real estate
We add approximately 300 projects every month. It is a premier Business Intelligence product- a first of
its kind in India in the Realty space. P.E. Analytics is a company that is built on pure innovation. The
business intelligence, through
products created by the company are unique in the Indian context and which have been validated strong data backed decisions .”
through the market and with marquee customers. With these future plans already underway, PropEquity
is poised for growth.

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 2

Content table
A brief look at what we will discuss on this report

Introduction 04

Pan India Analysis 06

City-wise Analysis 12

About U s 24

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 3

Introduction
Tier I Cities: Commercial Real
Estate Trends

Real Estate Trends ~

Calendar Year January 2021 onwards

Data updated till June 2022

Note:
Commercial data includes commercial office spaces
including offices, IT Parks and IT SEZs.
Excludes retail spaces like Malls
Pan India
Introduction
Delhi NCR

This report represents the current

Commercial Real Estate scenario in India
with focus on key influence cities (Tier-I) of
India.
MMR

The following cities comprise the key regions: Hyderabad

Pune

• North- Delhi NCR (including Delhi, Gurugram,

Faridabad, Noida and Greater Noida)
• South- Bengaluru, Hyderabad and Chennai Bengaluru
Chennai
• West- Pune and MMR (including Mumbai,
Thane and Navi Mumbai)

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 5

Pan India
Trend Analysis | Market Indicators

Market Indicators- Tier 1 Cities (Commercial)

Supply and Occupancy on an Q-o-Q Y-o-Y

Indicators Q2 2021 Q1 2022 Q2 2022
uptrend on Y-o-Y basis: Q2 2022 (in %) (in %)

New Launches
7.80 14.32 12.11 -15% 55%
(Mnsft)
Due to the presence of significant vacant stock from previous
quarters, the gross occupancy has witnessed a growth of 70% Gross Occupancy
13.38 25.29 22.70 -10% 70%
on Y-o-Y basis, whereas the supply has witnessed 55% (Mnsft)
growth on Y-o-Y basis. The significant increase in gross and
Net Occupancy
net occupancy on Y-o-Y basis have resulted in marginal 3.73 12.66 13.11 4% 251%
(Mnsft)
decrease in vacant stock in this quarter.
Vacant Stock
The supply has seen a significant decline of approx. 15% 129.56 140.06 139.03 -1% 7%
(Mnsft)
while gross occupancy shrunk by 10% on Q-o-Q basis.
Q-o-Q: January-March 2022 Vs April-June 2022;
Y-o-Y: April-June 2021 Vs April-June 2022

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 6

New Supply 12.1
Q2 2022
15%

Supply
(in Mnsft)
Total
Q -o- Q
55%
Pan India | Trend Analysis
Y -o- Y

South India leading in supply of new Pan India New Supply (in Mnsft) : Q2 2022

commercial spaces in

4.13
Q2 2022

2.74
Q2-2022 saw a total supply of 12.11 Mnsft across top Tier-1 cities in

Area (in Mnsft)

India, out of which the largest share was of Hyderabad about 34% (4.13

2.06

1.82
Mnsft), followed by Bengaluru with 23% (2.74 Mnsft) and then Pune and
Chennai with 17% and 15% share respectively.

1.05
The maximum new supply was witnessed in Hyderabad, Bengaluru and
Chennai primarily because of major expansion of IT sector in these cities

0.31
with new IT Parks and IT SEZ coming up in these cities post COVID.
Increased hiring and back to office in IT sector justifies these trends.
Hyderabad Bengaluru Pune Chennai NCR MMR

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 7

Gross Occupancy Q2 2022

Occupancy
22.7

(in Mnsft)
10%

Gross
Total
Q -o- Q
70%
Pan India | Trend Analysis
Y -o- Y

Pan India Gross Occupancy (in Mnsft) : Q2 2022

Gross Occupancy in Bengaluru nearly

doubled (increase of 97%) on Y-o-Y

7.91
basis

Area (in Mnsft)

4.61

3.87
Q2-2022 saw a total gross occupancy of 22.7 Mnsft across top Tier-1
cities in India, out of which the largest share was of Bengaluru about

2.69
35% (7.9 Mnsft), followed by Delhi-NCR with 20% (4.61 Mnsft) and then

2.05

1.57
Hyderabad with 17%, followed by other cities with a combined share of
28% of gross occupancy in this quarter.

Bengaluru NCR Hyderabad MMR Chennai Pune

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 8

Net Occupancy Q2 2022

Occupancy
13.1

(in Mnsft)
4%

Total
Net
Q -o- Q
251%
Pan India | Trend Analysis
Y -o- Y

Pan India Net Occupancy (in Mnsft) : Q2 2022

Net Occupancy in Bengaluru nearly twice

3.74
as in Chennai:
Q2 2022

2.84

2.24
Area (in Mnsft)

1.88

1.66
The Net Occupancy is 13.11 Mnsft across top Tier-1 cities in India, out
of which the largest share was of Bengaluru about 29% (3.74 Mnsft),
followed by Hyderabad with 22% (2.84 Mnsft) and then Delhi-NCR with

0.75
17% (2.24 Mnsft). The net occupancy in Bengaluru is nearly twice as
when compared to Chennai in Q2 2022. Leasing activity in Delhi-NCR
was 2.24 MnSft with employees returning to offices post COVID.
Bengaluru Hyderabad NCR Chennai MMR Pune

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 9

Vacancy Stock 139.03
Q2 2022
1%

Vacant

(in Mnsft)
Stock
Total
Q -o- Q
7%
Pan India | Trend Analysis
Y -o- Y

Pan India Vacant Stock (in Mnsft) : Q2 2022

Delhi-NCR with the maximum

54.73
commercial vacant stock in Q2 2022

The total vacant stock in Q2 2022 is 139.03 Mnsft across top Tier-1

Area (in Mnsft)

27.36
cities in India, out of which the largest share was of Delhi-NCR with 39%

23.9
(54.73 Mnsft), because of high vacancy percentage of the previous
quarters and supply outgrowing the occupancy by significant margins in

15.13
the earlier quarters of 2021. It is followed by MMR with 20% (27.36

10.2

7.71
Mnsft) and then Bengaluru and Hyderabad with 17% and 11% share
respectively.

NCR MMR Bengaluru Hyderabad Pune Chennai

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 10

Cities Overview
Supply & Occupancy Breakup | Q2 2022
Delhi-NCR Hyderabad
Indicators Q2 2022 Q-o-Q Indicators Q2 2022 Q-o-Q

Supply 1.05 -60% Supply 4.13 410%

Occupancy 4.61 -23% Occupancy 3.87 -13%

MMR Bengaluru
Indicators Q2 2022 Q-o-Q Indicators Q2 2022 Q-o-Q

Supply 0.31 -85% Supply 2.74 -52%

Occupancy 2.69 -5% Occupancy 7.91 8%

Pune Chennai
Indicators Q2 2022 Q-o-Q Indicators Q2 2022 Q-o-Q

Supply 2.06 -28% Supply 1.82 858%

Occupancy 1.57 -41% Occupancy 2.05 1%

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 11

Bengaluru Q2 2022 | April ‘22 to June ‘22
Supply, Occupancy and Rental Dynamics Occupied Carpet Area Rental Range of Key Micro-markets*
(in INR/Sft per month)
NEW SUPPLY GROSS OCCUPANCY VACANCY (Based on Transaction Data)

2.74 7.31 23.9

52% 8% 4%
Q -o- Q Q -o- Q Q -o- Q
16% 97% 3%
Mnsft Y -o- Y Mnsft Y -o- Y Mnsft Y -o- Y
52 119 199
UPCOMING SUPPLY(H2 ‘22) NET OCCUPANCY AVERAGE RENTAL PRICE

11.3 3.74 119

(In Carpet Area)
34% 15%
H -o- H Q -o- Q
91% 263%
Mnsft Y -o- Y Mnsft Y -o- Y INR/Sft per month
30 80 130 180 230

Supply and Occupancy Dynamics Occupied Carpet Area Ranges of Key Micro-markets* (in Sft)
(Based on Transaction Data)
New Stock Added Gross Occupancy Vacancy (in %)

9 11.2 3%
8 11.0
11.1
11.0 Less than 1000 Key Micro-markets:
10.9
7 10.8 21% For Transaction Data
Area (in Mnsft)

6 10.6 1000-5000
10.5 • Whitefield
5 10.4 45%
10.2 5001-10000
4 10.2 • Outer Ring Road-NE
3 10.0 10.0
10001-20000 16%
2 9.8 • Outer Ring Road-SE
1 9.6 More than 20000
15% • Electronic City
0 9.4
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) *Note: Data includes transactions occurred in key micro-markets Page 12
in the city, based on highest occupancy
Bengaluru Q2 2022 | April ‘22 to June ‘22
Overview of Key Micro-markets and Key Transactions
Key Micro-markets basis Supply in Q2 2022

New Supply Net Occupancy Gross Occupancy Total Vacancy Planned & U/C (Mnsf)
Micro-market
(Mnsf) (Mnsf) (Mnsf) (Mnsf) (till Q2 2023)
Marathahalli 1.3 1.55 1.79 0.77 1.17
Brookefield 0.53 1.27 1.27 1.52 1.06
Mahadevapura 0.5 -0.06 0.05 2.21 -
Hoodi 0.18 0.00 0.002 0.42 -

Key transactions in Q2 2022 Key Takeaways

• Bengaluru has witnessed a new supply of approx. 2.4 MnSft which has dropped
Super Unit Area by 52% on Q-o-Q basis and 16% on Y-o-Y basis.
S. No Property Name Location
(sq. ft.)
• The Gross Occupancy on the other hand was 7.31 MnSft which increased by 97%
on Y-o-Y basis.
1 Divyasree Technopolis 7,43,800 Marathahalli
• Whitefield, Outer Ring Road and Electronic city continue to be on the top based
2 Bagmane Capital 2,64,525 Outer Ring Road-NE on occupancy, and micromarkets such as Maratahalli and Brookefield received
maximum supply during the quarter.
3 Vaishnavi Sovereign 1,05,221 Bellandur
• As per the transaction data of key micromarkets, a majority (about 45%) of
Primeco Towers(SJR
4 80,270 Bannerghatta Road tenants leased more than 20000 Sft, where the average carpet rental price is
Spectrum Tower B)
119 INR/Sft per month. This signifies a higher area requirement in the city. These
5 Prestige Technostar 4,87,100 Brookfield are majorly large IT companies and MNCs that contribute heavily to this share.

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 13

 Chennai Q2 2022 | April ‘22 to June ‘22
Supply, Occupancy and Rental Dynamics Occupied Carpet Area Rental Range of Key Micro-markets*
(in INR/Sft per month)
NEW SUPPLY GROSS OCCUPANCY VACANCY (Based on Transaction Data)

1.82 2.05 7.71

850% 1% 1%
Q -o- Q Q -o- Q Q -o- Q
2175% 144% 12%
Mnsft Y -o- Y Mnsft Y -o- Y Mnsft Y -o- Y
88 110 150
UPCOMING SUPPLY(H2 ‘22) NET OCCUPANCY AVERAGE RENTAL PRICE

1.51 1.88 110

(In Carpet Area)
25% 169%
H -o- H Q -o- Q
1% 955%
Mnsft Y -o- Y Mnsft Y -o- Y INR/Sft per month
80 110 140 170

Supply and Occupancy Dynamics Occupied Carpet Area Ranges of Key Micro-markets* (in Sft)
(Based on Transaction Data)
New Stock Added Gross Occupancy Vacancy (in %)

2.5 14.0
11% Key Micro-markets:
12.0 Less than 1000
11.7
2
10.6 11.0 10.6
For Transaction Data
10.0 10.0
Area (in Mnsft)

9.5 1000-5000
1.5 8.0 22%
• Perungudi (OMR)
5001-10000
1 6.0 56% • karapakkam (OMR)
4.0 10001-20000
0.5 • Navalur (OMR)
2.0 11%
More than 20000
• Thoraipakkam (OMR)
0 0.0
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) *Note: Data includes transactions occurred in key micro-markets Page 14
in the city, based on highest occupancy
Chennai Q2 2022 | April ‘22 to June ‘22
Overview of Key Micro-markets and Key Transactions
Key Micro-markets basis Supply in Q2 2022

New Supply Net Occupancy Gross Occupancy Total Vacancy Planned & U/C (Mnsf)
Micro-market
(Mnsf) (Mnsf) (Mnsf) (Mnsf) (till Q2 2023)
Porur 0.88 0.81 0.81 1 0.88
Pallavaram 0.55 -0.01 0.00 0.62 -
Anna Salai 0.39 -0.01 0.04 0.87 -
Guindy 0.04 0.13 0.13 0.22 1.60

Key transactions in Q2 2022 Key Takeaways

• Chennai has witnessed the highest new supply since last 4 quarters with approx.
Super Unit Area 1.82 Mn Sft which has increased significantly on Q-o-Q basis. This is due to the
S. No Property Name Location
(sq. ft.) completion of six new projects in Chennai, out of which 5 are IT Parks, with One
Paramount (Phase 2) developed by RMZ Corp leading with 8,81,000 Sft area
completed in April 2022.
1 Chennai One 90,000 Porur
• The Absorption levels are 13% higher than the Supply, therefore indicating lower
IT SEZ Phase I Mt. Poonamallee vacancy levels to 10.6%.
2 43,810
(Block - 1,5) Road
• Perungundi, Karapakkam and Navalur are the top micromarkets based on
3 Tek Meadows 41,250 Sholinganallur (OMR) occupancy, whereas, Porur, Pallavarum Anna Sali and Guindy are the top micro
markets based on the supply in Chennai.
4 World Trade Center 43,477 Perungudi (OMR)

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 15

 Hyderabad Q2 2022 | April ‘22 to June ‘22
Supply, Occupancy and Rental Dynamics Occupied Carpet Area Rental Range of Key Micro-markets*
(in INR/Sft per month)
NEW SUPPLY GROSS OCCUPANCY VACANCY (Based on Transaction Data)

4.13 3.87 15.1

410% 13% 9%
Q -o- Q Q -o- Q Q -o- Q
313% 23% 7%
Mnsft Y -o- Y Mnsft Y -o- Y Mnsft Y -o- Y
84 108 142

UPCOMING SUPPLY(H2 ‘22) NET OCCUPANCY AVERAGE RENTAL PRICE

20.8 2.84 108

(In Carpet Area)
321% 23%
H -o- H Q -o- Q
262% 37%
Mnsft Y -o- Y Mnsft Y -o- Y INR/Sft per month 80 110 140

Supply and Occupancy Dynamics Occupied Carpet Area Ranges of Key Micro-markets* (in Sft)
(Based on Transaction Data)
New Stock Added Gross Occupancy Vacancy (in %)

6 15.5
3%
14.9 15.0 Less than 1000 Key Micro-markets:
5
14.5 14.5 For Transaction Data
26%
Area (in Mnsft)

4 14.2 1000-5000
14.0 • Hitech City
13.8
3 13.4 13.5 5001-10000
13.0 • Madhapur
2 12.7
12.5 10001-20000
71%
• Kondapur
1
12.0
More than 20000
0 11.5
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) *Note: Data includes transactions occurred in key micro-markets Page 16
in the city, based on highest occupancy
Hyderabad Q2 2022 | April ‘22 to June ‘22
Overview of Key Micro-markets and Key Transactions
Key Micro-markets basis Supply in Q2 2022

New Supply Net Occupancy Gross Occupancy Total Vacancy Planned & U/C (Mnsf)
Micro-market
(Mnsf) (Mnsf) (Mnsf) (Mnsf) (till Q2 2023)
Nanakramaguda 3.02 1.36 1.36 3.46 5.91
Manikonda 0.37 0.00 0.00 0.37 2.78
Gachibowli 0.32 0.25 0.32 1.51 5.78
Kondapur 0.25 0.15 0.15 0.83 0.37

Key transactions in Q2 2022 Key Takeaways

• Hyderabad has witnessed the highest new supply since last 4 quarters with
Super Unit Area approx. 4.13 MnSft which has increased significantly on Y-o-Y basis. About 73%
S. No Property Name Location
(sq. ft.) of the supply is witnessed in Nanakramaguda Micromarket with two new projects
completed in this quarter.
1 My Home Twitza 350000 Madhapur
• The Gross Occupancy on the other hand was 3.87 MnSft which dropped by 13%
2 Avance Business Hub 286379 Hitech City on Q-o-Q and increased by 23% on Y-o-Y basis. The Supply is 7% higher than
(H09)
the Absorption, therefore indicating higher vacancy levels to 13.4%.
3 Meenakshi Tech Park 105000 Hitech City • Hitech city, Madhapur, Kondapur continues to be the top micromarkets based on
4 Mindspace 85128 Hitech City occupancy. And, as per the transaction data, majority (about 71%) of tenants
(Building No 12D) leased more than 20000 Sft, where the average carpet rental price is 108 INR/Sft
5 Arena Town Center 63928 Uppal per month.

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 17

 Pune Q2 2022 | April ‘22 to June ‘22
Supply, Occupancy and Rental Dynamics Occupied Carpet Area Rental Range of Key Micro-markets*
(in INR/Sft per month)
NEW SUPPLY GROSS OCCUPANCY VACANCY (Based on Transaction Data)

2.06 1.57 10.2

28% 41% 15%
Q -o- Q Q -o- Q Q -o- Q
758% 27% 23%
Mnsft Y -o- Y Mnsft Y -o- Y Mnsft Y -o- Y
50 103 160
UPCOMING SUPPLY(H2 ‘22) NET OCCUPANCY AVERAGE RENTAL PRICE

6.41 0.75 103

(In Carpet Area)
30% 66%
H -o- H Q -o- Q
230% 36%
Mnsft Y -o- Y Mnsft Y -o- Y INR/Sft per month 30 80 130 180

Supply and Occupancy Dynamics Occupied Carpet Area Ranges of Key Micro-markets* (in Sft)
(Based on Transaction Data)
Net Occupancy Gross Occupancy Vacancy (in %)

3.5 11.5
11.3
3 Less than 1000 7%
Key Micro-markets:
11.0
22% For Transaction Data
2.5 11%
Area (in Mnsft)

10.5 1000-5000
10.3 10.3 • Kharadi
2
10.0 10.0
9.9
1.5 5001-10000 • Magarpatta City
9.6
9.5 22%
1
10001-20000 • Hinjewadi
0.5 9.0
37% • Baner
0 8.5 More than 20000
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) *Note: Data includes transactions occurred in key micro-markets Page 18
in the city, based on highest occupancy
Pune Q2 2022 | April ‘22 to June ‘22
Overview of Key Micro-markets and Key Transactions
Key Micro-markets basis Supply in Q2 2022

New Supply Net Occupancy Gross Occupancy Total Vacancy Planned & U/C (Mnsf)
Micro-market
(Mnsf) (Mnsf) (Mnsf) (Mnsf) (till Q2 2023)
Hinjewadi 1.91 0.12 0.67 3.95 1.19
Kharadi 0.12 0.05 0.05 1.18 0.41
Bhosari 0.07 0.01 0.01 0.2 -
Lohegaon 0.04 0.00 0.00 0.04 -

Key transactions in Q2 2022 Key Takeaways

• Pune has witnessed a new supply of 2.06 MnSft which has dropped by 28% on
Super Unit Area Q-o-Q basis, but increased significantly on Y-o-Y basis. More than 92% of this
S. No Property Name Location
(sq. ft.) supply is witnessed in the Hinjewadi micromarket with major IT SEZ & IT Parks
completed in this quarter.
1 CapitaLand ITPP 2,41,000 Kharadi
• The Gross Occupancy on the other hand was 1.57 MnSft which dropped by 66%
Amar Madhuban Tech on Q-o-Q and increased by 36% on Y-o-Y basis.
2 1,20,000 Baner
Park
• The Supply is 31% higher than the Absorption, therefore taking vacancy levels to
3 WTC- (Tower E) 55,900 Kharadi 11.3%.
4 Cybercity Tower 43,664 Magarpatta City • As per the transaction data of key micromarkets in Pune, the majority of area
leased by tenants (about 59%) is more than 10,000 Sft, where the average carpet
5 Tech Park One 35,521 Yerawada rental price is 103 INR/Sft per month.

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 19

 MMR (Mumbai Metropolitan Region)
Q2 2022 | April ‘22 to June ‘22
Supply, Occupancy and Rental Dynamics Occupied Carpet Area Rental Range of Key Micro-markets*
(in INR/Sft per month)
NEW SUPPLY GROSS OCCUPANCY VACANCY (Based on Transaction Data)

0.31 2.69 27.4

85% 5% 5%
Q -o- Q Q -o- Q Q -o- Q
933% 78% 11%
Mnsft Y -o- Y Mnsft Y -o- Y Mnsft Y -o- Y

112 262 497

UPCOMING SUPPLY(H2 ‘22) NET OCCUPANCY AVERAGE RENTAL PRICE

2.03 1.66 262

(In Carpet Area)
15% 20%
H -o- H Q -o- Q
58% 693%
Mnsft Y -o- Y Mnsft Y -o- Y INR/Sft per month 30 80 130 180 230 280 330 380 430 480 530

Supply and Occupancy Dynamics Occupied Carpet Area Ranges of Key Micro-markets* (in Sft)
(Based on Transaction Data)
New Stock Added Gross Occupancy Vacancy (in %)

4 18.0% Key Micro-markets:

3.5 17.6% Less than 1000 For Transaction Data
17.4% 17.5% 12% 0%
3 17.0% • Kurla (W)
Area (in Mnsft)

1000-5000 30%
2.5 16.7% 16.7%
16.5%
2 21% • Bandra Kurla Complex
16.0% 5001-10000
1.5 15.7%
15.5% 15.5%
• Andheri(E)
1 10001-20000
0.5 15.0% • Vikhroli(W)
0 14.5% More than 20000 37%
• Lower Parel
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) *Note: Data includes transactions occurred in key micro-markets Page 20
in the city, based on highest occupancy
MMR (Mumbai Metropolitan Region)
Q2 2022 | April ‘22 to June ‘22
Overview of Key Micro-markets and Key Transactions
Key Micro-markets basis Supply in Q2 2022

New Supply Net Occupancy Gross Occupancy Total Vacancy Planned & U/C (Mnsf)
Micro-market
(Mnsf) (Mnsf) (Mnsf) (Mnsf) (till Q2 2023)
Wadala 0.15 0.00 0.00 0.54 -
Jogeshwari(E) 0.1 0.00 0.00 0.31 -
Andheri(W) 0.06 0.21 0.21 0.46 0.75
Ghatkopar(W) 0.06 0.01 0.02 0.08 0.14

Key transactions in Q2 2022 Key Takeaways

Super Unit Area • MMR has witnessed the lowest new supply since last 3 quarters with Approx. 0.31
S. No Property Name Location MnSft which has dropped by 85% on Q-o-Q basis. The Gross Occupancy on the
(sq. ft.)
other hand was 2.69 MnSft which dropped by 5% on Q-o-Q and increased by
Bandra Kurla 78% on Y-o-Y basis.
1 ONE BKC (Wing B & C) 1,04,883
Complex
• And, as per the transaction data of key micromarkets in MMR, about 30% of the
Bandra Kurla
2 Adani Inspire 85,711 leased area is ranging from 1,000-5,000 Sft, and another 37% of tenants leased
Complex
area ranging from 5,001-10,000 Sft. These are comparatively smaller area
3 R Tech Park 79,923 Goregaon(E) leases when compared to Bengaluru and Hyderabad, due to space constraints.
4 One International Center 29,032 Lower Parel • Also, the carpet rental price per month in the MMR region has a wide range of
(Tower 2&3-IFC)
prices, ranging from 112-497 INR/Sft per month, varying with location and
5 Ashar IT Park 16,000 Wagle Estate availability of area for leasing.

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 21

 Delhi-NCR (National Capital Region)
Q2 2022 | April ‘22 to June ‘22
Supply, Occupancy and Rental Dynamics Occupied Carpet Area Rental Range of Key Micro-markets in Gurugram*
(in INR/Sft per month)
NEW SUPPLY GROSS OCCUPANCY VACANCY (Based on Transaction Data)

1.05 4.61 54.7

60% 23% 2%
Q -o- Q Q -o- Q Q -o- Q
67% 75% 4%
Mnsft Y -o- Y Mnsft Y -o- Y Mnsft Y -o- Y

50 117 208
UPCOMING SUPPLY(H2 ‘22) NET OCCUPANCY AVERAGE RENTAL PRICE

15.2 2.24 117

(Gurugram only)
317% 20% *in Carpet Area
H -o- H Q -o- Q
160% 293%
Mnsft Y -o- Y Mnsft Y -o- Y INR/Sft per month
30 80 130 180 230

Supply and Occupancy Dynamics Occupied Carpet Area Ranges of Key Micro-markets in Gurugram*
New Stock Added Gross Occupancy Vacancy (in %) (in Sft) (Based on Transaction Data)
7 32.5% Less than 1000 Key Micro-markets of
32.2%
6 32.1%
32.0% 16% Gurugram for Transaction
5 31.5% 31.5% 1000-5000 Data
Area (in Mnsft)

34%
4 31.0% 31.0% • Cyber City
30.7% 5001-10000
3 30.5%
28% • Sector 16
2 30.1% 30.0%
10001-20000
• GCR Extension
1 29.5%
22%
0 29.0% More than 20000 • M.G. Road
Q1-2021 Q2-2021 Q3-2021 Q4-2021 Q1-2022 Q2-2022

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) *Note: Data includes transactions occurred in key micro-markets Page 22
in the Gurugram city only, based on highest occupancy
Delhi-NCR (National Capital Region)
Q2 2022 | April ‘22 to June ‘22
Overview of Key Micro-markets and Key Transactions
Key Micro-markets basis Supply in Q2 2022

New Supply Net Occupancy Gross Occupancy Total Vacancy Planned & U/C (Mnsf)
Micro-market
(Mnsf) (Mnsf) (Mnsf) (Mnsf) (till Q2 2023)

Sector 90 (Noida) 0.70 0.00 0.00 2.1 0.7

Sector 129 (Noida) 0.00 0.00 0.3 0.64

0.20

Sector 135 (Noida) 0.16 0.19 0.77 0.37

0.15

Key transactions in Q2 2022 Key Takeaways

• NCR has witnessed the lowest new supply since last 5 quarters with approx. 1.05
Super Unit Area MnSft which has dropped by 60% on Q-o-Q basis and by 67% on Y-o-Y basis.
S. No Property Name Location
(sq. ft.) • The Gross Occupancy on the other hand was 4.61 MnSft which dropped by 23%
on Q-o-Q but saw an increase by 75% on Y-o-Y basis.
1 Pioneer Square 3,50,000 GCR Extension
• The Absorption in Delhi-NCR is significantly higher than the Supply, therefore
2 Vatika One on One 1,54,000 Sector-16
(Gurugram)
lowering vacancy levels.
3 Empire Square 24,001 M.G. Road • Cyber City, Sector 16, GCR Extension & M.G. Road continues to be the top
micromarket in Gurugram based on occupancy levels. As per the traction data of
4 Magnum Tower 18,089 GCR Extension these micromarkets, a majority (about 58%) of the tenants leased area more than
10,000 Sft.
5 Vipul Plaza 17,614 Golf Course Road

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 23

 PropEquity
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[email protected] [email protected] [email protected]

PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 24

Thankyou We look forward to hear from you

F e e l fr e e to c o n t a c t u s f o r a n y q u e r i e s o r
s u g g e s t io n s !

Contact Us
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PROPEQUITY | COMMERCIAL REAL-ESTATE UPDATE | Q2 2022 (April 2022-June 2022) Page 25