India | May 2021

Research

Residential Market
Update: Q1 2021
India’s economic recovery to continue
The Indian economy was already in a difficult situation
prior to the start of 2020 because of slowing growth
and a tightening fiscal situation. Post subdued growth
in 2019, the economy had begun to regain momentum
in January 2020. But the COVID-19 pandemic stalled
this momentum. The pandemic and subsequent
containment measures to curb the spread of the virus
posed one of the most formidable economic challenges
to India and the world. The pandemic was a unique
shock in the sense that it triggered both demand and
supply side disruptions simultaneously. On the demand
side, increased uncertainty, loss of income, weaker
growth prospects and lower consumer confidence led
to a fall in consumption as well as investment levels. On
the supply side, restricted movement of labour and a
pause on economic activity during the stringent
nation-wide lockdown caused supply chain disruptions.
The result was an unprecedented 24.4% contraction
of GDP in the first quarter of fiscal 2020-21. But the
situation has improved since then, with the measured
opening up of the Indian economy and the timely
support provided by the Government and the Reserve
Bank of India (RBI). Growth improved to -7.3% in the
second quarter and to 0.4% in the third quarter of
2020-21. A sustained resurgence in high frequency
indicators such as power demand, GST collection,
E-way bills and steel consumption demonstrate that the
economy is in a V-shaped recovery. The rapid progress
in the rollout of vaccines will aid in improving consumer
sentiments and as optimism returns to households,
businesses, investors and markets, India is expected
to become the world’s fastest growing major
economy in 2021.
Residential Market Update: Q1 2021 | 2
Figure 1 Revival in economic activity to continue

10.5%
8.5%
7.7% 7.9% 8.0% 8.3%
7.4% 7.0%
6.4% 6.3%
5.2% 5.5%
4.0%

2021-22F
2020-21E
2007-08

2008-09

2009-10

2010-11

2011-12

2012-13

2013-14

2014-15

2015-16

2016-17

2017-18

2018-19

2019-20
-8.0%
10.5%

8.1%
7.0%
6.6%

5.1%
4.8% 4.5%
3.5%
3.1% 3.1%
2.7%

India China Malaysia Phillipines United Indonesia United Australia Japan South Thailand
States Kingdom Korea

Source: RBI; International Monetary Fund, World Economic Outlook Update, January 2021

Residential Market Update: Q1 2021 | 3

 Amid fears of a resurgence in COVID-19, RBI is likely to Following a series of rate cuts since February 2019, the
support economic growth by holding key policy rates repo rate currently stands at 4%, lower than the 4.75%
unchanged and maintaining its accommodative stance. observed during the Global Financial Crisis.

Figure 2 Repo rate likely to remain at historically low levels

7.8 6.5 4.8 6.5 5.2 4.4 4.0

Nov-07 Dec-08 Nov-09 Dec-18 Dec-19 Mar-20 Mar-21

Source: RBI

Since the peak of 7.6% in November 2020, retail inflation
has also remained within the target range of 2-6%. CPI
inflation eased to 4.6% in December 2020 and 4.1% in
January 2021. In February 2021, it increased to 5.0%,
mainly on account of higher food prices.
Moreover, consumer confidence has continued to
improve from its all-time low registered in September
2020. This bodes well for the sustained recovery of the
real estate sector in 2021.

Figure 3 Consumer confidence improving gradually

CSI1 83.7 85.6 63.7 53.8 49.9 52.3 55.5

Survey Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20 Jan-21
Round

Source: RBI

1
RBI’s Current Situation Index (CSI) is compiled on the basis of net responses on the economic situation, income, spending, employment and
the price level for the current period

Residential Market Update: Q1 2021 | 4

 Sustained recovery in residential real estate
The year 2020 was perfectly positioned for the
residential market to take flight. After three years of
disruptions in the form of demonetisation, GST, RERA,
and the NBFC crisis, transparency and efficiency were
slowly trickling into the system. But the pandemic and
the nationwide lockdown to curb the spread of the
virus threw markets into turmoil. Sales of residential
units plummeted in Q2 2020. However, a majority of
the markets showed signs of quick recovery. Once the
unlocking process was initiated in the July-Sep quarter
of 2020, GDP showed higher than expected recovery.
During the same quarter, the housing market showed
some initial signs of recovery with sales increasing by
34% on a sequential basis.
In the fourth quarter of the calendar year 2020, India’s
economy returned to the growth territory, recording a
0.4% rise in GDP.
Figure 4 Increased momentum in new launches
New 14,780 12,654
Launches
Q2 2020 Q3 2020
(units) (units)
Note: Figures indicate aggregate sales in the top 7 cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata Mumbai
includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Real Estate Intelligence Service (REIS), JLL Research
In tandem with the GDP growth, the pace of recovery in
the residential market intensified with sales increasing
by 51% compared to the previous quarter. In Q1 2021,
recovery in the residential market continued. On a
sequential basis, sales of residential units increased by
17% while new launches increased by 27% across the
seven key markets under consideration.
New launches scale up
The first quarter of 2021 witnessed new launches of
33,953 residential units, a jump of 27% over the last
quarter of 2020. This being said, it is important to note
that new launches are still at 84% when compared to
the pre-COVID levels of Q1 2020. Developers across the
markets under review remain focused on completion
of under construction projects and clearing their
existing inventory.
26,785 33,953 27%
Growth
Q4 2020 Q1 2021 Q1 2021
(units) (units) over Q4 2020
(units)
Residential Market Update: Q1 2021 | 5
 Moreover, new launches in Q1 2021 increased in all
the markets under review, except for Hyderabad and
Kolkata. Nevertheless, new launches in Hyderabad
continue to remain at levels higher than those
witnessed in the first three quarters of 2020. The city
continued to dominate new launches and accounted
for more than a quarter of the overall launches during
this period. Bengaluru, which formed more than 16% of
the new launches followed. The jump in new launches
was driven by the markets of Delhi NCR and Chennai,
which witnessed a substantial increase in launch activity
during the quarter.

Figure 5 Hyderabad and Bengaluru account for more than 40% of new launches

Chennai
12% 16%
14% Delhi NCR
16%
12% Hyderabad
11%
2% Q4 2020 14% Q1 2021 Kolkata
15%
2% Mumbai
8%
Pune
14% Bengaluru
39% 25%

Source: Real Estate Intelligence Service (REIS), JLL Research

Development focus on mid and affordable segments continued in Q1 2021 with nearly 70% of the new launches
in the sub INR 10 million category. Moving ahead, the focus on these price segments is expected to continue with
developers trying to reap the benefits of strong pent up demand in these segments.

Residential Market Update: Q1 2021 | 6

Figure 6 Sub INR 10 million apartments account for 69% of new launches

Q4 2020 Q1 2021
Bengaluru 100% 77%
Chennai 95% 57%
Delhi NCR 61% 27%
Hyderabad 80% 76%

Kolkata 49% 60%

Mumbai 42% 70%

Pune 82% 100%

India 81% 69%

Source: Real Estate Intelligence Service (REIS), JLL Research

The Government is also committed towards boosting affordable housing. The recent Union Budget has extended
the benefit of claiming additional interest deduction on home loans for first time home buyers in the affordable
segment. Further, there is a time extension to claim the tax holiday on profits from affordable housing projects until
March 2022.

Residential Market Update: Q1 2021 | 7

 Growth in sales continue unabated

In Q1 2021, sales of residential units continued on an
upward trajectory. Sales, at the overall level increased
by 17% on a sequential basis. The sustained growth
in sales presents clear signs of demand and buyer
confidence coming back to the market. This has been
on the back of historically low home loan interest
rates, stagnant residential prices, lucrative payment
plans and freebies from developers and government
incentives such as the reduction of stamp duty in
states like Maharashtra and Karnataka (for affordable
housing). The ease of lockdown restrictions and the
commencement of the vaccination drive have further
aided in bringing buyers back to the market.

Figure 7 Sales on a growth trajectory

10,753 14,415 21,832 25,583 17%

Sales Q2 2020 Q3 2020 Q4 2020 Q1 2021 Growth
(units) (units) (units) (units) Q1 2021 over
Q4 2020

Note: Figures indicate aggregate sales in the top 7 cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata Mumbai
includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Real Estate Intelligence Service (REIS), JLL Research

Importantly, sales of residential units improved in most The Delhi NCR market followed with a share of 21%.
of the residential markets under consideration. Mumbai Kolkata saw the maximum increase in sales activity in
has consistently been the largest contributor to sales in Q1 2021 in comparison with the fourth quarter of 2020.
the last four quarters.

Figure 8 Mumbai and Delhi NCR constitute nearly 45% of sales

Chennai
15% 12% 15% 9%
Delhi NCR
12% 13%
Hyderabad
23% Q4 2020 Q1 2021
23% Kolkata

20% Mumbai
21%
2% 5% Pune
16%
14% Bengaluru

Source: Real Estate Intelligence Service (REIS), JLL Research

Residential Market Update: Q1 2021 | 8
 Sales in Q1 2021 recovered to more than 90% of the volumes witnessed in Q1 2020 (pre-COVID) across the top seven
cities. Moreover, the markets of Chennai, Hyderabad, Kolkata and Pune surpassed the sales volumes of Q1 2020.

Figure 9 Residential market reached more than 90% of pre-Covid sales

Sales Q1 2020 Sales Q1 2021 Recovery

(in units) (in units) Sales in Q1 2021 as a
proportion of sales in Q1 2020

Bengaluru 4,186 2,382 57%

Chennai 2,453 3,200 130%

Delhi NCR 5,941 5,448 92%

Hyderabad 3,027 3,709 123%

Kolkata 1,259 1,320 105%

Mumbai 6,857 5,779 84%

Pune 3,728 3,745 100%

Total 27,451 25,583 93%

Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Real Estate Intelligence Service (REIS), JLL Research

The COVID-19 pandemic tilted the scale further in Ultimately, this will lead to greater transparency and
favour of established developers. As the sector shows improved consumer sentiments in the market.
signs of recovery, prominent developers are expected
RBI is leading the way to recovery by holding policy
to be at an advantage and capture a greater share of
rates at historically low levels to initiate a cycle of
the market. Homebuyers have become even more
consumption led growth. As concerns related to jobs
cautious in effecting their home purchase decisions.
and a stable flow of income are alleviated, buyers are
There is an increased preference for investing in projects
coming back to the market to make the most of this
by developers with an established track record. Only
‘great time to purchase a house’.
credible developers, who possess execution capability
as well as quality products, and conduct their business
in a transparent manner will be able to operate in the
post-covid era in a sustainable manner.

Residential Market Update: Q1 2021 | 9

 Unsold inventory increases marginally

As new launches outpaced sales, unsold inventory
at various stages of construction across the seven
markets under review increased marginally from
462,380 units to 470,750 units. Mumbai, Delhi NCR and
Bengaluru together account for 70% of the unsold
stock. An assessment of years to sell (YTS) reveal that
the expected time to liquidate this stock has increased
from 4.2 years in Q4 2020 to 4.6 years in Q1 2021. Sales
of residential units has been on an upward trajectory in
the last three quarters and, is projected to gain further
momentum. At the same time, supply over the next few
quarters is likely to be limited. Consequently, the market
is expected to gain with unsold inventory as well as YTS
likely to decline over the short to medium term.

Figure 10 Unsold inventory increases marginally

Q4 2020 Q1 2021 Growth

(in units) (in units) Q1 2021 over Q4 2020
Total 462,380 470,750 2%

Note: Figures indicate aggregate inventory in the top 7 cities of Delhi NCR, Mumbai, Bengaluru, Chennai, Hyderabad, Pune and Kolkata
Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai
Source: Real Estate Intelligence Service (REIS), JLL Research

Residential Market Update: Q1 2021 | 10

Prices continue to face downward pressure, markets
tilting towards buyers

Residential prices in a majority of India’s residential This rationalisation combined with reduced home loan
markets have remained more or less stagnant in the rates has further improved affordability in the residential
past few years. In Q1 2021, prices remained largely market. As developers continue to focus on recovering
stagnant compared to the previous quarter, across all the volumes lost amidst the pandemic and gaining
the seven markets under review. This being said, it is foothold in their respective markets, prices are expected
important to point out that few developers in certain to be largely range-bound across most of the markets in
markets are providing moderate price discounts to the short-term.
boost sales. Moreover, developers are offering attractive
freebies, including payment schemes such as no EMIs
for a year, no stamp duty etc. to attract homebuyers who
pressed ‘pause’ in the last few months. This has led to a
reduction in ‘effective prices’.

iStock-817688664

Residential Market Update: Q1 2021 | 11

Sustained growth of the sector expected in 2021
The affordable buoyancy in the market manifested in
the form of low mortgage rates and stagnant prices is
expected to continue and attract serious homebuyers.
Guided by the expected economic growth trajectory, the
uncertainty around stability of jobs and incomes is only
expected to reduce in the coming quarters.
This is likely to have a direct positive impact on the
housing sector with enhanced buyer confidence. The
housing market is set to chart a new chapter of growth,
fuelled by affordability, reinforced desire to own a house
and renewed interest from all buyer categories.
Residential Market Update: Q1 2021 | 12
City Trends - Bengaluru

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Growth

Q1 2021 over
Q4 2020

Launches (units) 6,135 1,074 4,335 5,469 26%

Sales (units) 1,977 1,742 2,535 2,382 -6%

Average Prices
5,112 5,116 5,110 5,144 1%
(INR/sqft)

Source: Real Estate Intelligence Service (REIS), JLL Research

Bengaluru saw a strong increase in new launches in Q1 2021 when compared to Q4 2020. Most of the new launches
during the quarter were by prominent developers like Prestige group, Shapoorji Pallonji, Sobha developers and
Brigade group. Whitefield accounted for 40% of the new launches during the quarter. This was followed by Hosur
Road and Bellary Road which accounted for 27% and 14% respectively. Nearly 80% of new launches were in the sub
INR 10 million category.
Residential sales in Q1 2021 decreased marginally by 6% q-o-q. In sync with new launches, sales during the quarter
were mostly concentrated in Whitefield, Hosur Road and Bellary Road, which together accounted for more than
75% of the overall sales. Consumers showed continued interest in buying properties on the back of attractive home
loan rates, incentives and offers provided by the developers, and lower registration costs (for affordable housing).
The quarter also witnessed demand driven by NRIs in the high end residential segment.
Residential property prices across all submarkets increased marginally in Q1 2021. However, select developers
continue to provide lucrative offers like flexi payment plans, free car parking, zero floor rise charges and free interior
design services to attract prospective homebuyers.

Residential Market Update: Q1 2021 | 13

City Trends - Chennai

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Growth

Q1 2021 over
Q4 2020

Launches (units) 182 1,487 2,892 5,036 74%

Sales (units) 460 1,570 2,500 3,200 28%

Average Prices
4,585 4,585 4,585 4,585 -
(INR/sqft)

Source: Real Estate Intelligence Service (REIS), JLL Research

Chennai witnessed a steep rise in new launches in Q1 2021 compared to the previous quarter. The quarter saw the
launch of large township projects as developers look to take advantage of the improving market conditions and
positive consumer sentiments. Nearly 84% of the new launches were concentrated in Western suburbs, particularly
in the Koyembedu, Thirumazhisai and Vanagram regions. With renewed interest in the housing segment from
investors and NRIs and the growing demand for larger sized homes, projects in the upper-mid segment (INR 10-15
million) accounted for 42% of the overall new launches in the city.
The strong sales momentum witnessed in the last two quarters of 2020 continued in Q1 2021. The unlocking of the
economy along with low interest rates, stable prices and positive consumer sentiments have led to the translation
of pent-up demand into sales. The Southern suburbs (Perumbakkam, Navalur, and Shollinganallur) continued
to dominate sales with a total share of 59%. Most of the sales was concentrated in the affordable and
mid-price segments.
The quoted residential prices across all submarkets continued to remain stable in Q1 2021, as developers focused
on offloading their unsold inventory. However, developers are offering lucrative financial schemes and other
freebies to fence-sitters and serious homebuyers.

Residential Market Update: Q1 2021 | 14

City Trends - Delhi NCR

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Growth

Q1 2021 over
Q4 2020

Launches (units) Negligible 699 2,244 4,734 111%

Sales (units) 2,250 3,112 4,440 5,448 23%

Average Prices
4,769 4,729 4,741 4,741 -
(INR/sqft)

Source: Real Estate Intelligence Service (REIS), JLL Research

Residential market in Delhi NCR gained further momentum in Q1 2021 with an increase in new launches as well
as sales. New launches in Q1 2021 more than doubled on a sequential basis. Majority (55%) of the launches were
witnessed in Noida with launches by reputed developers such as Godrej Properties and Prestige group. Gurugram
contributed 25% of the new launches. These were mainly concentrated in Golf Course Extension Road and Dwarka
Expressway. The Delhi market also saw the launch of a high-end project by DLF.
In this quarter, most of the new launches were in the upper mid (INR 10-15 million) and high-end (> INR 15 million)
price segments with projects in premium locations gaining traction.
In terms of demand, sales registered an uptick by 23% as compared to the last quarter. New project launches
during the quarter garnered good demand traction as buyers preferred projects by established developers with
proven execution capabilities. Noida accounted for nearly half (49%) of the units sold followed by Ghaziabad which
contributed 27% of the overall sales in Delhi NCR. With improved infrastructure and quality projects at attractive
prices, the submarket has emerged as a lucrative option for mid-segment homebuyers.
Prices remained range bound across all the submarkets as developers focus on offloading the unsold inventory and
drawing buyers with attractive payment terms.

Residential Market Update: Q1 2021 | 15

City Trends - Hyderabad

Q2 2020 Q3 2020 Q4 2020 Q1 2021 Growth

Q1 2021 over
Q4 2020

Launches (units) 5,034 5,396 10,313 8,591 -17%

Sales (units) 1,207 2,122 3,570 3,709 4%

Average Prices
5,333 5,333 5,383 5,433 1%
(INR/sqft)

Source: Real Estate Intelligence Service (REIS), JLL Research

In Hyderabad, new launches in Q1 2021 decreased marginally by 17% q-o-q. Nevertheless, the city has still recorded
a strong volume of quarterly launches which continue to remain at levels higher than those witnessed in the
first three quarters of 2020. With new launches concentrated in the Kondapur, Miyapur and Nallagandla regions,
Western suburbs continued to account for a majority share in new launches. This was followed by Northern suburbs
which contributed 43% to total launches in the city. New launches in the affordable segment (< INR 5 million)
increased significantly, accounting for 48% of the total new launches during the quarter.
The positive traction witnessed in sales in H2 2020 continued in the first quarter of this year. Sales of residential
units recorded a growth of 4%. But sales volume in the city is yet to reach the peak levels witnessed in 2019. As the
city has limited inventory in the ready-to-move-in category, homebuyers have shown interest in recently launched
projects by prominent developers. Along with prominent locations adjoining IT hubs in Western suburbs, Kompally
and Bachupally in the Northern suburbs have emerged as new destinations for homebuyers due to improvement in
infrastructure and connectivity to the established IT hubs in the city.
Improving levels of demand, along with low inventory in ready to move in projects have kept prices stable in the
city. With sales expected to improve further on return to normalcy, capital values improved marginally in the Prime
Secondary, Eastern and Northern suburbs submarkets in the city.

Residential Market Update: Q1 2021 | 16

City Trends - Kolkata

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over
Q4 2020

Launches (units) Negligible Negligible 638 583 -9%

Sales (units) 481 390 438 1,320 201%

Average Prices
4,331 4,330 4,313 4,304 -
(INR/sqft)

Source: Real Estate Intelligence Service (REIS), JLL Research

The Kolkata residential market witnessed new launches of 583 units in Q1 2021. New launches continued to remain
at subdued levels and are expected to revive post-elections in the State.
In terms of demand, sales activity improved significantly in the first quarter of 2021. Sales more than doubled
during the quarter when compared to Q4 2020. Moreover, sales surpassed the levels (1,259 units) witnessed in Q1
2020. The offtake of residential units in Q1 2021 was driven by South Suburbs (Joka, Kasba, Behala, Jadavpur, and
Tollygunje) and East Suburbs (EM Bypass, Rajarhat, Topsia) with a combined contribution of more than 70%.
As sales outpaced new launches, unsold inventory fell to the lowest levels in almost three years. At the same time,
residential prices remained stable during the quarter in all the sub markets.

Residential Market Update: Q1 2021 | 17

City Trends - Mumbai

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over
Q4 2020

Launches (units) 2,294 2,242 3,223 4,616 43%

Sales (units) 3,527 4,135 5,026 5,779 15%

Average Prices
11,152 11,159 11,188 11,221 -
(INR/sqft)

Source: Real Estate Intelligence Service (REIS), JLL Research

Note: Mumbai includes Mumbai city, Mumbai suburbs, Thane city and Navi Mumbai

New launches in the Mumbai residential market increased by 43%, from 3,223 units in Q4 2020 to 4,616 units in Q1
2021. The Western suburbs submarket accounted for the highest share of new launches at 31%. Additionally, more
than 67% of the new launches in Western suburbs were concentrated in Goregaon.
Sales momentum increased further as homebuyers looked to take advantage of reduced stamp duty during the
quarter. Additionally, developers continued to offer attractive payment schemes to lure homebuyers and in turn
increase the sales volume. The quarter registered a 15% q-o-q growth in sales. Thane sub-market witnessed
maximum traction in sales with a share of around 36% of the overall sales recorded during the quarter. Sales was
primarily driven by smaller configurations, especially in Thane and Navi Mumbai.
The unsold inventory in the Mumbai region declined by almost 3% as sales outpaced new launches during the last
few quarters. Residential prices in Q1 2021 remained stable across all the submarkets. However, developers are
offering discounts in the form of stamp duty waivers, zero GST coupled with flexible payment options such as bank
subvention schemes to increase the sales take up.

Residential Market Update: Q1 2021 | 18

City Trends - Pune

Growth
Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q1 2021 over
Q4 2020

Launches (units) 1,135 1,756 3,140 4,924 57%

Sales (units) 851 1,344 3,323 3,745 13%

Average Prices
6,652 6,643 6,637 6,633 -
(INR/sqft)

Source: Real Estate Intelligence Service (REIS), JLL Research

Pune witnessed new launches of 4,924 units in Q1 2021, an increase of 57% over the previous quarter. Locations
such as Hinjewadi, Tathawade and Mahalunge saw increased momentum and accounted for a majority of the new
launches during the quarter. It is relevant to note that developers continued to align new supply with demand;
more than 70% of the new launches were in the sub INR 5 million category.
After a massive dip in Q2 2020, sales volumes recovered in the third and fourth quarters. Q1 2021 witnessed sales
in the market surpassing sales of 3,728 units witnessed in Q1 2020. North East (Viman Nagar, Kharadi, Wagholi)
and North West (Hinjewadi, Wakad, Baner) accounted for 67% of the sales during the quarter. In addition to
attractive offers of developers, homebuyers rushed to avail the benefit of lower stamp duty resulting in higher sales
volumes. There was an increased preference for projects of developers with an established track record. Sales was
concentrated in completed projects or near completion projects.
Average prices remained at similar levels compared to the last quarter as developers continue to offer competitive
prices to attract homebuyers.

Residential Market Update: Q1 2021 | 19

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the
future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces
and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual
revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the
brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com

About JLL India

JLL is India’s premier and largest professional services firm specialising in real estate. With an unaudited revenue in excess of 4,900
crores for FY 2019-20, the Firm is growing from strength to strength in India for the past two decades. JLL India has an extensive
presence across 10 major cities (Mumbai, Delhi NCR, Bengaluru, Pune, Chennai, Hyderabad, Kolkata, Ahmedabad, Kochi and
Coimbatore) and over 130 tier II & III markets with a cumulative strength of close to 12,000 professionals.

The Firm provides investors, developers, local corporates and multinational companies with a comprehensive range of services.
This includes leasing, capital markets, research & advisory, transaction management, project development, facility management and
property & asset management. These services cover various asset classes such as commercial, industrial, warehouse and logistics,
data centres, residential, retail, hospitality, healthcare, senior living, and education. For further information, please visit jll.co.in

About JLL Research

JLL Research provides data analytics and insights through Real Estate Intelligence Services (REIS), thought leadership and bespoke
research. REIS is a subscription based research service designed to provide cutting edge insights into diverse and challenging real
estate markets through collation, analysis and forecasts of property market indicators across asset classes such as office, retail
and residential. Thought leadership focuses on providing independent insights, analysis and forecasts on key industry trends and
significant regulatory & economic developments impacting the real estate industry. Bespoke research aims to provide tailor-made
solutions to different stakeholders in the real estate sector and ancillary industries. Our capabilities include market assessment
studies, demand-supply analysis, catchment area analysis, and price benchmarking across asset classes.

Research Enquiries
Dr. Samantak Das Dr. Subash Bhola Vimal Nadar
Chief Economist and Head Director Director
Research & REIS Research and REIS Research and REIS
samantak.das@ap.jll.com subash.bhola@ap.jll.com vimal.nadar@ap.jll.com

Authors
Ankit Bhartiya Ponni Agilan Abhay Bembey Raghudeep Ganugu
Assistant Manager Research Analyst Research Analyst Research Analyst
Research and REIS Research and REIS Research and REIS Research and REIS
ankit.bhartiya@ap.jll.com ponni.agilan@ap.jll.com abhay.bembey@ap.jll.com raghudeep.ganugu@ap.jll.com

Shweta Kakkar Aditya Pai Ajay Barve Chaitanya Kamisetty

Director Research Analyst Manager Research Analyst
Research and REIS Research and REIS Research & REIS Research and REIS
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clients ranging from Individuals to Corporates, Investors to Expats and Developers, our team specialises in all kinds of real estate
requirements pertaining to housing. For those who want to identify new opportunities in residential and transform them into a
reality, we offer a complete end-to-end service. For others with specific requirements, our specialists can help you achieve the best
results. Unbiased advisory backed by real time research is our most invincible asset. Local market know-how combined with robust
processes, a strong in-house research team and excellent relationships with developers have kept us at the forefront in this segment.
Contact us to identify residential opportunities, simplify complexities, and deliver true success.

Business Enquiries
All India
Siva Krishnan
MD - Chennai & Coimbatore,
Head - Residential Services
Siva.krishnan@ap.jll.com

Mumbai and Pune Delhi NCR & Kolkata Hyderabad

Ritesh Mehta Navtej Singh Bhatia R Naveen Kumar
City Lead City Lead City Lead
Residential Services Residential Services Residential Services
99301 77978 90000 80005 99665 06767
ritesh.mehta@ap.jll.com navtej.bhatia@ap.jll.com rnaveen.kumar@ap.jll.com

Bengaluru Chennai
Vijay Murugan Rajeev Sreenivasa
City Lead City Lead
Residential Services Residential Services
99866 14147 98402 89998
vijay.murugan@ap.jll.com sreenivasarajeev.b@ap.jll.com

This report is published for general information only and not to be relied upon as a sole source for any investment decision. Although high standards have been used in
the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever shall be accepted by JLL for any loss or
damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of JLL
in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of JLL to the form and content
within which it appears.