There is a wealth of information within these pages. For better readability, we have presented somedata as tables and others as graphs. Between them, you will find how property markets haveperformed in the Jul-Sep 2011 quarter from many different perspectives – from a capitalappreciation perspective, from a rental/yield realization perspective & from a supply of propertiesperspective. We recommend that you evaluate the city report in its entirety – that will provide arounded perspective of the performance of the property market within each city. Here are details ofwhat you will find in each of the city reports enclosed within-

1. City Property Index – This is a composite index which is a function of supply of properties aswell as the average capital appreciation/drop in various localities of the city in the quarter. Thecity index is the weighted average of the average rate per square feet in that locality & thesupply of properties from that locality. Premium localities (with higher average rate per squarefeet) as well as localities with higher supply of properties will have a bigger impact on theIndex.E.g. if the supply of properties from a premium locality drops, that locality will end up havinga lower weightage in the index which in turn will push the Index downwards (and vice-versa).On the other hand, supply of properties remaining unchanged, the index will be influenced bycapital appreciation within the locality.

2. Price Monitor - This reflects the capital appreciation/drop within a locality. It is calculatedbasis a movement in the “average rate per square feet” within that locality. By and large, the movement in the “average rate per square feet” reflects capitalappreciation/drops. However, in a few selected cases, we have observed that the average rate persquare feet moves due to a change in mix of apartments within that locality (e.g. if the ratio ofpremium apartments, which command a higher per square feet rate, changes over the quarter).In these few circumstances, the Price Monitor will in turn depict reflect this input. Suchchanges have been explained in the text of the City reports.

3. Rent Monitor - This reflects the rental appreciation/drop within a locality. It is calculatedbasis a movement in the “average rent per square feet” within that locality. By and large, the movement in the “average rent per square feet” reflects rentalappreciation/drops. However, in a few selected cases, we have observed that the average rentper square feet moves due to a change in mix of apartments within that locality (e.g. if the ratioof premium apartments, which command a higher per square feet rent, changes over thequarter). In these few circumstances, the Rent Monitor will in turn depict reflect this input.Such changes have been explained in the text of the City reports.

4. Yield Meter – Yield is the annual rate of return earned on property. Yield meter depicts thegross yield percentages across the various localities. Gross yield is a ratio of average annualrental value to the average capital value of the property.

5. Capital Value Tables (given in Annexures) - This shows the actual range of Prices withinwhich properties were available in each locality. Prices are shown in rupees per square feetbasis; these are the prevailing rates for properties in each locality.

GLOSSARY & DEFINITIONS

MagicBricksPropIndex

MagicBricks PropIndex is atool which empowersproperty seekers andinvestors with detailedinformation on themovement of residentialapartment prices andsupply of properties inIndia. No credible propertyindex can be a function ofdirect values as the changesare governed by multiplefactors.

MagicBricks PropIndex hastaken this reality intoaccount and produced anindex based on listing ofapartments and theircapital and rental values onthe website.

Magicbricks.com has over 4 lakh active propertiesposted by more than 1,00,000active users in 300 cities and3,500 localities. Our usersinclude owners, brokers andbuilders.

Methodology

Apartment values andlistings form the basis ofthe MagicBricks PropIndex.These include multistoreyapartments and single unitson plotted developments,referred to as Builder Floorson MagicBricks.com.

The Index is structured insuch a way that Individualproperties are aggregatedinto respective localitieswhich in turn are weighted

to their respective citywhich in turn is weighted tothe National Index.Weightages for PropIndexare based on the supply ofproperties within thelocality/city. Based on thisstructure, PropIndex gives arealistic picture of trends inprice/supply acrossdifferent property marketsin each city. We have useddifferent weightages forPrice Monitor/RentMonitor. Therefore, read asa whole, PropIndex alongwith tables provided forPrice Monitor, Rent Monitor,Yield Monitor and Capitalvalues. PropIndex gives anexcellent perspective of theproperty marketperformance in the quarter.

While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.While listing and itsvalues/supply provide alevel of understanding intothe market, there aremeticulous data checks toprevent aberrationscreeping into the Index.These are based onstatistical calculations andlogical interpretations.

The National PropertyIndex (NPI) is indicative ofthe extent of activity as well

as price movements acrosscities and localities in themajor cities active onMagicBricks.com. The indexincludes the top 11 cities(these have been chosenbased on their activitylevels) and has anindividual city report foreach of these cities. Whilethe NPI and its movementsare of interest to the expertcommunity of bankers,builders and investors, thePropIndex has also takencare to explain the nuancesof index movements at thelocality level that wouldhelp the huge base ofMagicBricks.com.consumers

The PropIndex has been puttogether throughmeticulous research at thelocality level and throughdetailed discussions withexperts who have regularlybeen offering market adviceand comments on variousforums in theMagicBricks.com’s offlineand online initiatives.

The real estate markets inIndia are dynamic and thePropIndex reflects thosechanges. Since it is derivedfrom a dynamic database,there will be some additionsand deletions of localitiesthat happen as a function of market dynamics. Thesewill be reflected in futureeditions of the Index. TheMagicBricks PropIndex is released on a quarterlybasis.

METHODOLOGY

JUL-SEP 2011

The National Property Index(NPI) went up by 4% in thequarter Jul-Sep 2011, compared toApr-Jun 2011.

The NPI is a weighted average ofsupply and prices across cities. Ofthe 11 cities covered in the IndiaApartment Index, 9 have risen atthe city level. These includeDelhi, Chennai and Ghaziabad(9%), followed by Noida (8%),Bangalore and Hyderabad (5-6%)and Mumbai, Gurgaon and Pune (1-2%).

Ahmedabad index value dropped5% on the back of falling valuesin some key locations whileKolkata remained stable duringthe Jul-Sep 2011 period.

The NPI is a weighted average ofcity indices. Mumbai, Gurgaon,Delhi and Bangalore were themajor contributors to the NPI.

The MagicBricks Propindex isbased on dynamic data minedfrom the portal to show the levels

of supply and the type ofproperty listed in each locality.These are cleaned with complexalgorithms to remove outliers andarrive at the index values forlocality, city and national levels.

The index is impacted by thenumber and the average price ofproperties in each locality and thelocality’s weightage in the city.This is based on its contributionto the city’s property databank.

Since the listings on the websiteare by end users and marketplayers, the index is based on amix of newly developing andestablished localities as well asnew and old construction.

The composite index value of acity draws from the changingindex values of differentlocalities. Localities that weremore active than others cancontribute significantly to theindex values of that city.

This index is reflective of trendsacross multistorey and singlefloor apartments.

n National Property Index(NPI) rose 4%

n Quoted prices remain highacross cities

n Maximum hike in values inlocalities adjoiningecnonomic corridors

n Rental values rise on backof improved transportcorridors and Metroconnectivity

n Demand and supply moveto the suburbs

JUL-SEP 2011

IN THIS REPORT:

National Property Index...............1Delhi.........................................4Gurgaon....................................7Noida & Ghaziabad................... 10Mumbai....................................13Pune........................................16Ahmedabad..............................19Kolkata...........,........................ 21Chennai....................................23Hyderabad................................26Bangalore.................................28Annexures.................................31

NATIONAL PROPERTY INDEX (NPI)

VOL 1, ISSUE 2; JUL-SEP, FY 2011-12

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NATIONAL PROPERTY INDEX

There have been certain commonthreads across different cities:

l Markets witnessed limitedsupply of new projects due totight monetary conditions

l Consumers displayed weaksentiments due to persistentlyrising home loan interest rates

l High quoted prices led users togo slow on investmentdecisions

l Suburban properties registeredbig hike in capital values onthe back of increasing supplyof affordable options, backedby robust demand

l Demand for low cost housingshifted to peripheral areas

l All major developments tookplace along transport spines

l Demand for residentialproperty focused on localitiesnear IT corridors andcommercial hubs

l Shifting commercial hubsdrove residential demand inthat direction

l Very high pricing in premiumlocalities drove supply anddemand of properties inneighbouring low-priced areas

l Increase in capital values inone locality due to economic or

local factors led to spillovereffect in capital values ofsurrounding areas

l Infrastructure development ledto rising number of propertylistings and values

The Ahmedabad index valuedropped 5%. Sharp fall in capitalvalues in Prahlad Nagar impactedthe city index value significantly.There has been a significant dropin the number of properties

coming up for transaction inpremium areas such as PrahladNagar, Satellite and Gurukul,which have pushed index valuesdownwards.

The Bangalore Index rose by 5%.Hike in capital values and thenumber of listings in heavyweightage localities such asWhitefield, Banerghatta Road andSarjapur Road tilted the indexupwards. In North Bangalore newinvestment destinations such as

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Hebbal and Yelahanka toocontinued to quote values 3-8%higher, which further pushed theindex upwards.

The Chennai Index posted 9%increase. Rise in values of 8-13%as also the number of listings inThiruvanmiyur and Ambatturwere major contributors to therising index values. Premiumlocalities such as Anna Nagar tooposted significant increase innumber of listings, pushing upindex values. However, there hasalso been a noticeable fall innumber of listings in localitiessuch as Medavakkam, Perungudi,Velacheri and Sriperumbudur,which arrested the increase inindex values.

Delhi city index rose by 9%primarily because of rise inaverage prices in majority oflocalities across the city. Averagecapital values rose significantly inDwarka, Chittranjan Park,Kalkaji, East of Kailash, MayurVihar Phase-1 and Paschim Vihar,followed by Rohini Sector -13 andAlaknanda. Also there was afluctuation in the number oflistings in most of the areas.However, fall in number of listingsand average capital values inPanchsheel Enclave impacted theindex adversely during the periodJul-Sep 2011.

Ghaziabad index rose 9% becauseof increase in average capitalvalues of properties across thecity from the previous quarter.However, significant increase innumber of listings in areas suchas Indirapuram and CrossingsRepublik helped to push the indexup further.

With no major supply posted inmajority of localities in the Jul-Sep 2011 quarter, the Gurgaonindex posted nominal increase of2%. Sohna Road was the onlylocality that registered significantincrease in listings, owing to anumber of projects which are atthe possession stage. Steadyincrease in values in mostlocalities held the city index up.

The Hyderabad city index rose by5% in the Jul-Sep quarter,indicating end-user activity.Values rose in about 60% of thelocalities. The localities nearcommercial districts or easilyaccessible from them have seen arise in capital as well as rentalvalues. As a result, city andsuburban areas witnessedsignificant price rise.

Rising values and increasingnumber of listings in developingareas such as Rajarhat, New Townand Gharia held the Kolkataindex unchanged. Due to pre-festive season slowdown across thecity, listings remained stable inmost areas.

Noida once again posted healthyincrease in index values of 8%.Increase in average capital valuesof the properties across the regionwas primarily attributed to thelegal battles in Noida Extensionbetween farmers and the Noidadevelopment authority. This hasbenefitted properties in thepossession as well as under-construction stage. Rise in listingsof ready-to-move-in and completedprojects has also helped pushindex values up. However, fall innumber of listings in under-construction sectors such as 74, 75,76 and 78 indicates that sellers areholding back for future gains.

Backed by a small rise in valuesacross the city, the Pune cityindex went up by a mere 1% in theJul-Sep 2011 quarter. The numberof listings remained largelyunchanged. Localities near or withgood transport links to IT parksremained the big drivers of theresidential space in the suburbanlocalities.

Mumbai index values rose 2%inthe Jul-Sep 2011 quarter. Nominalincrease in property values andnumber of listings in heavyweightage areas such as AndheriWest, Kharghar, Kandivali Eastand Mira Road held the city indexup. Only 37% of localitiesimpacted the city index positively.The rest remained weak.

TOP YIELD GROSSERS

Rental yield is a factor of the changes inrental values locality-wise vis-a-vis thechanges in capital values. Given beloware the top yield-grossing localities ineach city

Locality Gross yield

Bangalore, Marthahalli 5.29%

Kolkata, Narendrapur 4.99%

Chennai, Porur 4.77%

Hyderabad, Kondapur 4.76%

Mumbai, Powai 3.97%

Pune, Hadapasar 28 3.78%

Ahmedabad, Vejalpur 3.66%

Ghaziabad, Indirapuram 3.52%

Noida, Sector-62 3.34%

Gurgaon, Dlf City Phase II 2.89%

Delhi, Vasundhara Enclave 2.76%

CAPITAL GAINS

The table given below indicates maximum increase in capital values ineach city

Locality % Change

Delhi, Rohini Sector 13 24%

Mumbai, Bandra East 22%

Gurgaon, Palam Vihar 15%

Bangalore, Airport Road 17%

Hyderabad, Begumpet 16%

Pune, Pashan 14%

Chennai, Thiruvanmiyur 13%

Ghaziabad, Raj Nagar Extn 12%

Noida, Sector-93 11%

Kolkata, Narendrapur 10%

Ahmedabad, Bopal 6%

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NOIDA INDEX

The Noida Property Index rose by8%, well above the NPI that roseby 4% in the Jul-Sep 2011 quarteras compared to the Apr-Jun 2011quarter.

The Noida Price Monitor rose by8% in line with the City Index.New developing sectors and thoselocated along the Noida-GreaterNoida Expressway impacted thePrice Monitor significantly.

The Magicbricks Yield Meterposted returns of 2.85-3.34%. Theyield meter revealed theresidential developments inproximity to commercial officesgive maximum returns.

GHAZIABAD INDEX

The Ghaziabad Property Indexrose over 9% compared to the NPIthat rose by 4% in the Jul-Sep2011 quarter compared to the Apr-Jun 2011 quarter.

The Ghaziabad Price Monitor toorose by 6-7%. Ready-to-move-inproperties commanded a 5-10%premium.

The MagicBricks Yield Meterranged between 2.61-3.52%.Indirapuram continued to yieldmaximum return on investment.The yield remained lowest inVaishali with capital and rentalvalues rising in tandem.

NOIDA PRICE MONITORValues rose in Sectors 82, 93, 93B,100 and110, located along theNoida-Greater Noida Expressway.

According to Manvir Singh ofARC Realty, limited availability ofready-to-move-in properties, withno new project expected to handover possession in the near futurewere the prime reasons forincrease in values.

“Sector 82, where most projectswere relatively weaker in lifestylefeatures and so were priced lowerthan the adjoining sectors of 93,93B, 100 and 110, witnessed aspurt in demand. This interestfrom investors and end-users ledto rising values in the quarter. Onthe other hand, Sectors 137, 143and 148, which have only under-construction properties,registered marginal increase invalues,” said Singh.

PROPINDEX - NOIDA-GHAZIABAD QUICKSTATS - Noida

n Yield Meter: Yield ranges between 2.85 to 3.34%

n Capital values rose in 89% localities

n Rental values rose in 40% localities

n Property Index rose from 113 to 122

n Price Monitor rose from 103 to 110

P R I C E M O N I T O R

VOL 1, ISSUE 2; JUL-SEP, FY 2011-1210NOIDA-GHAZIABAD

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New developing localities ofNoida such as Sectors 74, 75, 76and 78 registered up to 7%increase in values. All thesesectors are witnessing large-scaledevelopments, mainly of multi-storey apartments. These areexpected to be completed in thenext 18 to 24 months. VikramjeetSingh of Plus Infratech said, “The

proposed metro connectivity andrelatively lower value of propertyin these sectors compared toSectors 50 and 51, located justacross the road, is pushingdemand in these sectors.”

GHAZIABAD PRICE MONITORIn the Jul-Sep 2011 quarter, theoverall Ghaziabad market had

benefited the most primarily onaccount of land problems alongNoida Extension and improvedmetro connectivity.

Localities close to Delhi such asVaishali, Vasundhara andIndirapuram continued to be thefirst choice of investors and endusers.

Vaishali, one of the developedlocalities in Ghaziabad posted11% increase, the highest in thecity. Nishant Sharma of HallmarkHomez attributed this increase invalues to commencement ofmetro rail. “After completion ofthe Ramprastha project, manynew ready-to-move-in propertieshave come into the market,leading to rise in values,” addedSharma.

Vasundhara, which comprises

RENT MONITOR Rent Price Percentage Change

Y I E L D M E T E RGross Yield - Locality Wise NOIDA

n Rental values went up by 17%with a nominal increase incapital values. This led tomaximum yield in this locality

n Sectors 82 and 50 posted averageyields of 2.8-2.9%

GHAZIABAD

n Indirapuram topped the yieldchart with over 3.5% yield.

n Sharp increase in capital valuesover rental values in Vaishali ledto lowest yield of 2.6%.

QUICKSTATS - Ghaziabad

n Yield Meter: Yield ranges between 2.61 to 3.52%

n Capital values rose in 100% localities

n Rental values rose in 75% localities

n Property Index rose from 107 to 116

n Price Monitor rose from 100 to 107

VOL 1, ISSUE 2; JUL-SEP, FY 2011-1211 NOIDA-GHAZIABAD

Source: Magicbricks.com

Source: Magicbricks.com

government-led Awas VikasYojana developments and merely8-10 projects by privatedevelopers, posted nominalincrease in values. According toSunil Rawat of Six SenseRealtors, “Private developers’projects have witnessed increasein values up to 10%. However,values remained stable inGhaziabad DevelopmentAuthority (GDA) projects. Thusthe overall price monitor rose byonly about 6%. ”

Values rose in upcoming areas ofGhaziabad such as Raj NagarExtension and CrossingsRepublik in the quarter Jul-Sep2011. In Raj Nagar Extension,average value of properties roseby 12%, largely in ready-to-move-in properties, said RahulChaudhary of Neelam Infratech.

Crossings Republik, located nearwell developing areas ofGhaziabad and Noida, posted 9%increase in values. Unlike theNoida Extension, land is freeholdand directly acquired fromsellers/farmers. Thus there arefew chances of dispute in thefuture. This had led to enhancedconsumer interest in the locality.

Sumit Singh of AtoZ PropertiesPvt Ltd, said that land problemsin Noida Extension forcedconsumers to look for options inCrossings Republik. There ismaximum demand for 2 BHkapartments. It also helped thatsome developers announced thatprojects would be handed over forpossession in the next twomonths.

NOIDA RENT MONITORExcept in Sectors 92 and 62,rental values of properties inother sectors remained stable inthe Jul-Sep 2011 quarter.

Rental values in Sector-92 went up9%. Vishal Singh of VishalProperties attributes this to thefact that the premium OmaxeForest is available for lease,which has led to increase inrental values.

Rental values in Sector 62 went upby 15% in the Jul-Sep 2011quarter. Dinesh Kumar of LodhiEstate attributes this to risingdemand from IT professionalsworking in the vicinity. Lack ofavailability of enough 2BHKapartments on lease is the primereason for increase in rentalvalues,” he added.

GHAZIABAD RENT MONITORImproved connectivity after thecommencement of the metro railservices to Vaishali has led tospurt in demand for properties onlease primarily in Indirapuramand Vishali. Rental values rose by8 to 10%.

The only locality in proximity toa metro station that posted a dipin rental values is Vasundhra.Rawat said rental values mainlyin GDA developments have beenweak due to a shift in consumerpreference to privatedevelopments with lifestylefeatures such as water and powerback-up, security and commonarea maintenance. The absence ofthese in GDA developments hasled to a dip in rental values.

Rental values in CrossingsRepublik has risen. Singhattruibutes this 10% rise to lowexisting rental values and fully-furnished fresh housing stock inthe market in the last quarter.

INFRASTRUCTURE DRIVERS NOIDA: According to the currentplan submitted by the DelhiMetro, the Metro rail will go up toPari Chowk in Greater Noida.

“Since it is a joint venture, theinfrastructure development willtake place as decided,” saidRajeev Rai, COO (HospitalityDiv), Assotech Limited.

GHAZIABAD: Transportconnectivity is Ghaziabad’sbiggest boon and driver today.According to Manu Garg,Director, Landcraft DevelopersPvt. Ltd, Ghaziabad market is at atipping point at the moment.Vaishali, Mohan Nagar, Raj NagarExtension are all seeing a lot ofinfrastructure developments andmight see price appreciation incoming months.

Saurabh Jindal, JMD, SVP GroupIndia Ltd, also anticipates theproposed widening of NH 24 toMeerut expressway, to ease trafficflow from Hindon and Meerut.This can lead to priceappreciation in all the townships,and projects, including CrossingsRepublik.

With a surfeit of choices, therental market of Ghaziabad isexpected to evolve further. Easyconnectivity and lifestyle featureswill be game-changers.

JUL-SEP 2011

n City index rose by 8%

n Rental values remained up inIT/ITeS dominated localities

n Buyers continues interest inunder-constructed properties

n Ready-to-move-in propertiesalong the Noida Expresswaywitnessed maximum hike

n Ghaziabad index rose by 9%

n Metro connected regionscontinued to see rise in values

n Noida Extension doldrumsbenefitted the Ghaziabadmarket

n 10-15% hike in values ofready-to-move-in properties innew developing areas

Noida

Ghaziabad

VOL 1, ISSUE 2; JUL-SEP, FY 2011-1212NOIDA-GHAZIABAD

aNNexuRes

CAPITAL VALUES – LOCALITY WISE

Average Residential Apartment Prices

NOIDASector-100 3950 to 4450

Sector-105 3850 to 4400

Sector-107 2950 to 3300

Sector-110 3950 to 4400

Sector-119 3450 to 4000

Sector-120 2750 to 3050

Sector-121 3250 to 3450

Sector-128 4650 to 6000

Sector-129 3800 to 4200

Sector-131 3750 to 4250

Sector-134 3200 to 3700

Sector-135 3100 to 3300

Sector-137 3150 to 3500

Sector-143 2800 to 3100

Sector-151 2750 to 3100

Sector-168 3000 to 3500

Sector-25 5100 to 5300

Sector-29 5050 to 5750

Sector-34 4600 to 5350

Sector-37 4700 to 5400

Sector-44 9800 to 11700

Sector-45 3800 to 4400

Sector-50 5650 to 6550

Sector-51 4800 to 5450

Sector-61 5200 to 6050

Sector-62 4650 to 5400

Sector-70 3500 to 3850

Sector-74 3150 to 3450

Sector-75 3000 to 3250

Sector-76 2900 to 3150

Sector-77 3150 to 3350

Sector-78 3050 to 3400

Sector-82 4300 to 4800

Sector-92 5700 to 6650

Sector-93 5050 to 6000

Sector-93A 4850 to 5800

Sector-93B 4750 to 5350

Taj Expressway 3200 to 3800

GHAZIABADAnkur Vihar 2000 to 2200

Bhopura 2300 to 2650

Crossings Republik 2200 to 2450

Govindpuram 2400 to 2600

Gyan Khand 2850 to 3150

Indirapuram 3400 to 4100

Kaushambi 4200 to 4900

Mohan Nagar 2650 to 2950

Neeti Khand 1 3100 to 3550

NH-24 1800 to 2200

NH-58 1900 to 2050

Pratap Vihar 2500 to 2900

Raj Nagar 1950 to 2200

Raj Nagar Extension 1750 to 2000

Ramprastha 4450 to 5350

Sahibabad 2500 to 2900

Shakti Khand 3100 to 3450

Shalimar Garden 2450 to 2950

Shalimar Garden Extn-1 2350 to 2750

Shalimar Garden Extn-2 2500 to 2800

Vaishali 4300 to 4900

Vasundhara 3450 to 3900

Locality Capital Values (Rs/Sq feet)

Locality Capital Values (Rs/Sq feet)

NOIDA - GHAZIABAD

VOL 1, ISSUE 2; JUL-SEP, FY 2011-12NOIDA-GHAZIABAD 34

D I S C L A I M E REvery effort has been made to make this Index as complete and as accurate as possible. MagicBricksaccepts no responsibility for inaccuracies in the information/data contained in this book. It shall haveneither liability nor responsibility to any person or entity with respect to any loss or damage caused, oralleged to have been caused, directly or indirectly, by the information contained in this book. Theinformation/data in this book is subject to change from time to time due to market condition.

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