Hyderabad- Achieving New

Milestones
August 2016
2 Hyderabad- Achieving New Milestones
 New

2016
Milestones
to Achieve
Reforms and
Onwards with Strong
Government
Policies Opening
new roads of
Apple,
development in
Google, real estate
Amazon, Uber
2014 - 2016 Hyderabad is one of most dynamic cities of India at current
and Ikea
times. Attracting the likes of Apple, Google, Amazon, Uber
invested in
and Ikea Hyderabad is rivalling against the top metro cities
Hyderabad in India in terms of investments. After being in the shadow
of political uncertainty for three to four years Hyderabad was
placed far beyond the radar of investors. But at the wake of the
new government Hyderabad revived in a very short time. The
Facebook and city was successful in bringing the top global firms to start or
JP Morgan expand their operations and find its place back and this time
2008 - 2010
Chase started more aggressively. Hyderabad was ranked 17th among top
20 global cities in JLL’s City Momentum Index (CMI) 2016 .
operations
Only two cities in India featured in the CMI, the other being
Bangalore ranked 4th. One of the key drivers for this resilience
of Hyderabad in last two years has definitely been the political
stability instilled by the newly formed Government of Telangana
and the pro-activeness of the government to make Hyderabad
Microsoft,
one of the top cities not just in India but globally. Though the
Google,
LATE 1990’S format of ORCs is currently a phenomenon seen only in the
Motorola major tier-I cities of India, we could soon witness the concept
& EARLY 2000
etc started mushrooming in other cities as well given its relevance and the
operations immense benefits it offers to retailers and the corporate crowd.
We make an attempt to introduce the concept, character and
status of this newest retail real estate format through this paper.

Hyderabad- Achieving New Milestones 3

 JLL CITY
MOMENTUM
INDEX 2016

What made Hyderabad TOP 20

Rank 17th Globally? LONDON 1 11 NAIROBI

SILICON VALLEY 2 12 SHENZHEN

DUBLIN 3 13 SEATTLE

Stable Government, State of the art Infrastructure, Business Friendly

BANGALORE 4 14 TOKYO

Policies and Reforms or all? Let’s find our answers as we map the BOSTON 5 15 NANJING
development of Hyderabad and zoom in closely to understand this
stable resilience of Hyderabad. Hyderabad, a city holding a rich culture
SHANGHAI 6 16 AUSTIN

and heritage and a city of historical importance in India, established NEW YORK 7 17 HYDERABAD
itself as one of the key IT hubs of India in late 1990’s. This was the
time when Hyderabad witnessed many business friendly policies
SYDNEY 8 18 MELBOURNE

and infrastructure development. These in turn surged the real estate BEIJING 9 19 SEOUL
development in the city and Hyderabad witnessed national and
international developers and investors starting their projects in the city
SAN FRANCISCO 10 20 AUCKLAND

along with the local developers. By the end of the decade Hyderabad
was competing with the top metro cities of India in terms of its business attractiveness and state of the art infrastructure. However after the
global financial crisis (GFC) the city faced immense political instability which shadowed the development of the city for few years. In the
meantime the city’s infrastructure developments continued and slowly the city was ready for taking up huge real estate developments, but with
least investor interest. The establishment of political stability in 2014 with the formation of the Government of Telangana, Hyderabad started
treading a new path towards development under the able leadership of the new government.

Aspects considered in CMI Hyderabad’s score factors

CMI tracks the
• speed of change of a city’s economic base
• commercial real estate market
• covers 120 major established and emerging
business hubs across the globe
The CMI gauges
• a city’s short-term socio-economic and commercial
real estate momentum (over a three-year horizon)
in combination with measures of ‘future-proofing’
• whether a city has the essential ingredients to
ensure longer-term sustainable momentum in
terms of education, innovation and environment.
The index is unique,
• in that it captures the dynamics of a city’s real
estate market
• its rates of construction and absorption, price
movement
• the attraction of a city’s built environment for cross-
border capital.
The government introduced
• Ti Pass and developed the THub which clearly indicated the intention of the
government to build a strong base for a high –tech economic development.
• The economic development is more focussed to attract not only the existing
business giants but at the same time embrace and encourage start-ups and
innovation.
• Hyderabad left many cities behind with its state of the art infrastructure
and policy changes and reforms which is etching the way forward for future
development.
• Hyderabad showed positive signs by witnessing significantly high absorption
levels of 5 million sq ft of office space in 2015 and increased interest of
investors on the city.
• Construction activity started increasing as occupancy levels started
increasing in buildings given the improved demand.
• Sales and launches in residential sector also witnessed a significant increase
during the same period as buyer’s confidence revived back on Hyderabad

4 Hyderabad- Achieving New Milestones

What went Right?

Pro–Active Government Support to

revive Business Sentiments

Government plays a key role in driving development

Key drivers for Hyderabad’s resilience
of any state or city especially in establishing investor’s
confidence. After establishment of political stability in State of
mid of 2014 the Government of Telangana aggressively the art Infra-
worked towards improving the business sentiments of the structure
city. The Government worked towards introducing new Pro-active People-
business friendly policies, policy reforms and infrastructure Government Availability and
development to bring back investor confidence in to the Support Retention of
work pool

40% state. These increased the state revenues by almost 40% in one year backed

growth in by a similar increase of more than 40% increase in stamps and registration
revenue receipts. The Government also took up many promotional events
revenues
and activities such as “Make in Telangana” to attract investment in the state.
INR Large international and national level conferences, expositions and concerts

68908.02 Cr and cultural festivals are being conducted to present Hyderabad as an event
destination and promote brand Hyderabad.
(2015-2016)

INR
48620.26 Cr
(2014-2015)

Hyderabad- Achieving New Milestones 5

 Few new policies and policy reforms which improved the business sentiments of Telangana or in turn for Hyderabad city and its real estate
sector are discussed in the following table
TS-iPASS
Part of the Industrial policy, it’s most significant feature is
TS-iPASS that promises 15 days’ clearance policy and penal
action against government officials as well as project being
deemed approved if there is any undue delay in processing
applications after 15 days.
ICT Policy:
Business Friendly Policies
• Development of Information and Technology Investment
Region (ITIR)
• New IT parks on PPP basis
• Special focus on SMEs and start-ups
• 2 Electronics Manufacturing Clusters (EMCs) at eCity
and Maheshwaram
• THub – start-up community ecosystem for tech based
entrepreneurship on PPP basis
• Focus on gaming, animation, data analytics, data
centres, Internet of
Life sciences Policy:
• Development of Pharma City
• Biologics and Bio-similars
• Life Sciences Knowledge Center
• Life Sciences sector to be classified as Industrial Sector
• To be designated as Industrial Area Local Authority.
• Life Sciences and Medical Devices Park
• Incubation and funding through Research And
Innovation Circle of Hyderabad (RICH)
• World Pharma Trade Centre
6 Hyderabad- Achieving New Milestones
These policies have added accountability,
transparency in the system and reduced
bureaucratic red tapes. It has encouraged investors
and has helped in converting successfully several
MoUs to project on ground. This has resulted in
spike in investments.
Sectors that directly influence the real estate market
like IT/ ITeS witnessed the likes of Amazon, Google,
Deloitte, JPMC expanding and Apple, Development
Bank of Singapore, etc
• Global players like Lonza, Novartis, Mylan,
DuPont, Sanofi, Merck and US Pharmacopeia are
located here along with Dr. Reddy’s, Aurobindo
Pharma, etc.
• While these directly increase ITeS service
opportunity in healthcare, these companies have
expanded further.
• Areas south of Hyderabad, especialy Shamsabad
and adjoining areas are to witness added impetus
as the new Pharma City takes shape.
Government support to revive Real Estate Sector

In addition to the above policies, the Government made amendments in the existing building rules of the state to encourage the growth
in real estate sector which is a significant contributor of the state’s GDP and employment. There were 21 amendments made to the
existing building rules (G.O. Ms. No 168, MD&UD, dt: 07.04.2012 and G.O. Ms. No 245, MD&UD, dt: 30.06.2012) as per the new
G.O. MS. No.4, 7, 8, 9 and 10, MA&UD, dt: 05.01.2016) in view of ease of doing business in real estate sector, provide employment
and promote economic growth .These amendments not only opened more opportunities for developers, but the same time made the
approval system accountable along with making concession system and provision of affordable housing more flexible for the developers.
Few significant amendments and their impacts on real estate sector have been discussed below

Amendment Impact on the sector

Amendment-12 in GO. MS No 7:
Introduction of Shelter fee instead of mandatory provision of
economically weaker section (EWS)/ Lower Income Group
(LIG) housing.
This has been one of the remarkable amendments made in
the building rules. This not only takes care of the provision
of affordable category housing which is aimed towards the
Government of India’s mission of Housing for all. But at the
same time enables the developers to develop products on the
land which are financially feasible and justify the land cost of
the project.

Amendment-1 in GO. MS No 9: The state government has understood that the impact fee in
Revision of impact fee the state for high rise buildings was not comparable to cities
like Mumbai and Bangalore. As such many developers were
unable to launch their high rise projects. As the government
understood that the development of high rise is not only
an identity of a growing economy but also lowers ground
coverage of the building which is beneficial in future and can
be used for green belt etc.

Impacts of the other amendments

• Opened more land for development and recreational purposes
• TDRs given at various cases which opened more opportunity for developmental activities for developers or landowners.
• Ease of doing business and approval time reduced. Therefore reduced impact on holding costs of land due to lengthy approval processes of
various institutions such as railways and defence.
• Parking provisions
• Opportunities for redevelopment in Old city areas, congested areas and slums
• Flexible concession options
• adhering to safety measures
• To reduce project delays and hold the sanctioning authorities accountable for the delay.

Hyderabad- Achieving New Milestones 7

State of the art City Infrastructure
One of the most attractive features of the Hyderabad is its
state of the art infrastructure. The high class infrastructure
development of the city can be experienced right from
landing on Rajiv Gandhi International Airport and driving
down to any part of the city through the 8-lane high speed
Nehru Outer Ring Road (ORR) or driving down into
the core areas of the city through the 11 kms elevated
express way. In addition to these the commute within
the city is enhanced with flyovers and wide roads to
reduce the travel time considerably when compared with
commuting within most metro cities of India.
Interestingly the Government has not just stopped at this
they are working progressively towards development of
the infrastructure further to improve the quality of life of
the citizens of Hyderabad city. Few noted developments
are mentioned as follows
• Strategic Road Development Plan (SRDP)
• Hyderabad Metro Rail development
• Two elevated corridors in Secunderabad area to
connect to ORR
• Completion of ORR.
These are aimed towards decongestion of city roads,
faster accessibility between East and West of Hyderabad
and ribbon developments of Chandanagar – Miyapur –
Kukatpally – Moosapet and Uppal - Ghatakesar stretches.
These developments will promote real estate activities
further in these areas which are already witnessing steady
demand in residential and retail due to good connectivity.
Hyderabad
17th among top
20 global cities
in JLL’s City Momentum Index
(CMI) in 2016
8 Hyderabad- Achieving New Milestones
Hyderabad: City with a rich repository and
evolving as a happening place
Every city that keeps it wheels of economic machinery moving needs to
be a repository of resources: social, cultural and human talent capital.
But beyond that what also keeps the momentum is it capacity to evolve
so that it retains these resources. Hyderabad has availability of rich
talent with line-up of national and internationally reputed educational
institutes. The city boasts of several such centres like ISB, IIT, IIIT, BITs
Pilani, XLRI, NIFT, NALSAR, etc. to name just a few some of them one
of their kind in the country. And to retain this talent the city also has a
very good quality of life to offer. The social structure which includes the
basics of education, civic services and healthcare are well established
in Hyderabad. Health care institutions with high class facilities such as
Apollo Hospitals, Continental Hospitals, Care Hospitals etc to name
a few are present in the city. The city boasts of a civic infrastructure
that too is among the best of the country with an all e-governance
compliant mee-seva services; a single window service portal for citizen
as consumer connects to government services – the first of its kind
in India. This reduces the many hassles of otherwise cumbersome
procedures one has to face for regular and basic service requests/
grievances and payments.
The city also has many entertainment options such as themed
restaurants to resorts and amusement parks in the likes of Ramoji
Film City or Wonderla. Adding to this entertainment structure, the
government too have been productive to promote Hyderabad as an
event friendly city. Thus we have seen, international music concerts,
dance festivals, tourism initiatives like adventure tourism, helicopter
rides, hot air ballooning, etc. The city has already been a hub of South
Indian movies and has a great influence in the entertainment scene
of this part of the country. All this have made Hyderabad a happening
place to be where the young and dynamic generation of employees
working in the different business sectors of the city unwind themselves
post their daily work hours. The diverse and myriad opportunities help
the city to bank on being more global and cosmopolitan and strengthen
its appeal. It is therefore no surprise that Mercer’s Liveability Report
– a report’s results which most corporates consider when deciding to
enter for business in the city, has consecutively ranked twice the city of
Hyderabad as the ‘Best City to Live in ‘India.
Real Estate Performance – Post formation
of Telangana State
Hyderabad real estate development is rising towards its next peak broaden the scope of interest for Hyderabad from IT/ ITeS and biotech
with the establishment of the new government after 2008. High to horizons of defence, aviation, banking and finance, gaming and
demand from corporates rising absorption levels to new heights, animation and new generation start-up revolution, the growth story of
increased retail activity on the high streets and malls along with the city will only grow from here going forward.
significant increase in residential sales and launches indicate that
Hyderabad is again moving up aggressively into the investment
radar in the real estate sector. A large part of this development has
Financial Indicators
been driven by the revival of business sentiments which was in turn
driven by the pro-active government support.

Office Space absorption again etches up

to 5 million sq ft in 2015
Among all sectors, it was the office space activity that reflected the
resurgence of Hyderabad. While even during the days of political
instability, Hyderabad managed to keep growing albeit slowly, rental Arrows indicate 12-month
growth in the city particularly in Hitec City and Gachibowli remained outlook
Index base: 1Q02 = 100
low. However, as the new government took position and introduced Source: JLL
its industrial policy with its stellar feature of T-iPASS, it marked Financial Indicators are
for the City Overall.
the beginning of a much awaited revival of the city’s economic
health. As the corporates who were already doing business in the
city started to expand (e.g.: Novartis, Deloitte, Accenture, etc.),
the government’s dedicated focus to bring in new players which
fructified as Uber, Google and Amazon and Apple investing in
Hyderabad. Over the last two years the office space absorption
almost doubled every year from 1.8 million sq ft absorbed in 2013
2-3% 5
to around 5 million sq ft absorbed in 2015. The developments have
vacancy in key million sq ft
IT hubs of absorption in 2015
picked momentum from there as the city witnessed both national
and international companies expand or debut their portfolio in the
city. As the demand grew, the existing stock got fast lapped up and
the city’s vacancy levels in key IT hubs dropped to as low as 2-3% Rents appreciate
in 2016 from 5-7% in 2013. This pushed the rentals in the city to by almost
new peaks and the rents appreciated by almost 8-10% y-o-y from
2013 onwards.
10%
Y-o-Y since 2013
To occupiers, Hyderabad with its extremely seamless ease of doing
business, a thriving ecosystem of great infrastructure, rich and
diverse talent pool and a pro-active government has and will be a
preferred choice for port of call as the city still has its competitive
edge in the office rentals with respect to cities such as Bengaluru,
Chennai and Pune. As the government starts to diversify and

Hyderabad- Achieving New Milestones 9

Residential Sales in Hyderabad grow by Financial Indicators
almost 50% in 2015

As the government policies spiked the real estate growth in office

sector in Hyderabad, it presented opportunities in the likes of
increased employment opportunities and attracting talent pool from
all parts of India and in all levels of the management. This opened
the scope for housing with the influx of new employees with various
income brackets and thus broadened the different residential Arrows indicate 12-month
outlook
segments. While affordable segment received the major boost, Index base: 4Q03 = 100
villas and high-end apartment residential demand too received a Source: JLL
Financial Indicators are
shot in the arm as businesses started basing their India operations for the City Overall.
in Hyderabad and thus bringing in employees in the higher income
segments with their set of choices and preferences of lifestyle.
Interestingly Hyderabad graduated from a purely end-user driven
market to a fairly larger share of investors driven market given the
opportunity for appreciation of property values and increasing rental
demand. Sales increase by Launches increase by

These developments are reflected as we witnessed rise in number 50% 65%

of project launches, the total number of unit launches and their in 2015 in 2015
corresponding sales conversions. Buoyed by the strong economic
activity and a string of infrastructural developments like Metrorail
construction, strategic road development and elevated corridors,
Prices appreciate by

10-12%
etc., the developers who were fence sitting earlier in ambiguity of
Hyderabad’s prospects, pre new state formation began accelerating
their project developments. This resulted in the number launches in 2015
growing by more than 40 – 50% y-o-y. In fact in the year 2013
– 2014 itself the market witnessed more than 65% rise in unit
launches. Following the developers’ sentiments looking up, even
sales picked up and we have witnessed it grow by almost 50%
in 2015 end since 2013. Consequently, both rentals and capital ResiDENTIAL CV Index
values in the market have witnessed an upward swing. Interestingly
Hyderabad did not witness an inflated speculation but a steady
growth that was backed by demand numbers. This thus kept a
significant inventory in the affordable bracket and perhaps makes
Hyderabad, a city which has very comfortably priced apartments,
villas and even plots at prominent locations which are within city
limits. The key locations in western side of the city which comprises
mostly Hitec City and Gachibowli and its adjoining areas witnessed
strong appreciation of capital values of as high as 10 – 15% y-o-y in
certain cases due to right project positioning. However Hyderabad
still continues to attract buyer’s interest as the prices are still much
affordable when compared to most metros given the quality of
infrastructure the city provides its residents. Despite of construction
costs and approval costs in Hyderabad being more or less similar to
other cities in India, we do not witness much speculative increase in
residential prices relative to other cities.

10 Hyderabad- Achieving New Milestones

Hyderabad now experience superior grade
of retail space amidst stable demand
As the two sectors office and residential market witness growth,
retail in Hyderabad too have now witnessed renewed interests by
developers. Hyderabad had not witnessed any retail developments
for a long time and the ones under construction were being delayed.
As the market started springing up and retail demand began
3 million
sq ft
of Mall space to be operational
in next two years
to grow to compliment the newer residential localities,
developers too have started witnessing surge in interest
from prospective tenants. As a result the city is witnessing
several small to medium sized mall formats opening and
the same is expected to continue going forward. Even
large scale projects too have accelerated and thanks to
the unique Transit Oriented Development project of the
Metrorail, Hyderabad will witness a new retail rise in the
form of malls adjacent to metro stations that help stretch the
consumer catchment further.
Retail in Hyderabad still remains a high street dominant
market and so rental appreciation has been steady in malls
with the superior ones trading at a higher market average
as they have very low vacancy. It is therefore time that
Hyderabad now experience superior grade if not essentially
larger format malls to welcome new retailers and the supply
pipeline looks promising going forward.
Hyderabad- Achieving New Milestones 11
And many more
new milestones to
achieve…
Hyderabad is already on the path to achieve new milestones. Few
noted projects such as Pharma City, Financial District II and Townships
along ORR proposed by the Government is likely to surge the
development even further. These projects along with projects such
as Aerospace SEZ, Alexandria Biotech Park etc which are already
operational in the city, Hyderabad is likely to witness overall integrated
economic development. The stable and pro-active government, further
improved infrastructure and talent pool will continue to remain the
drivers of this growth story further. But something more interesting
to look at will be how Hyderabad shapes itself into a new capital
which encourages and enhances innovation through opening new
opportunities for start-ups, tourism development, manufacturing etc.
All these will consecutively open up more opportunities in real estate
sector. Although there are few recommendations which are likely to
surge the development of real estate sector even further are mentioned
as follows

• Fast track approval for change of land use

• Online issue of Occupancy Certificate
• Tax or other incentives for green building construction practices

Revoke
• City Level Infrastructure Impact Fee
• Minimum 3% of built up space for common amenities

Faster Implementation of
• Approval for change of land use
• Issues of Occupancy Certificate

Introduce
• Online sanction of building plans
• Online payment and self-assessment of property tax
• Tax or other incentives for green building construction
practices

With all the factors discussed above we foresee that the

Government’s vision and continued support will engrave another
new growth story for Hyderabad in the years to come. And
Hyderabad will witness an integrated economic development
driven by innovation.

12 Hyderabad- Achieving New Milestones

Hyderabad- Achieving New Milestones 13
Authors
Trivita Roy
Associate Director, Research & REIS
trivita.roy@ap.jll.com
+91 98850 33850

Trivita Roy has joined JLL Research team in 2007.Based out of Bangalore, she manages the south India operations
for Research; she contributes to topical whitepapers, property market digest and research deliverables on industrial,
commercial, retail and residential real estate markets in India. She is also responsible for Indian real estate intelligence
service (REIS) Trivita is trained as City Planner from Indian Institute of Technology Kharagpur besides being an architect
and also holds a Diploma in
Executive Global Business Management from Indian Institute of Management Calcutta. She has ten years of experience
in real estate research.

Aritra Das
Analyst, Research & REIS
aritra.das@ap.jll.com
+91 95157 20645

Aritra Das manages the Research and Real Estate Intelligence Service (REIS) offerings for Hyderabad. He joined JLL
in 2015 and contributes to topical whitepapers, research deliverables on office, retail and residential real estate markets
and bespoke projects. Aritra holds a Master’s degree in city planning from Indian Institute of Technology, Kharagpur
besides being an architect from School of Planning and Architecture, Bhopal.

For information of Hyderabad For research enquiries,

please contact: please contact:

Sandip Patnaik Ashutosh Limaye

Managing Director, Hyderabad Head, Research and REIS
sandip.patnaik@ap.jll.com +91 22 3985 1319
+91 98851 84273 Ashutosh.Limaye@ap.jll.com

Acknowledgement
We would like the acknowledge the timely guidance and support rendered by Mr.G. Anand Reddy - Vice President CREDAI Hyderabad
and suggestions given by other members of CREDAI in developing the content of this publication.

14 Hyderabad- Achieving New Milestones

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by
owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more
than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides
management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in
sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate
assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com

JLL has over 50 years of experience in Asia Pacific, with over 33,000 employees operating in 92 offices in 16 countries across the region. The firm won 15
awards at the International Property Awards Asia Pacific in 2016 and was named number one real estate advisor in Asia at the 2015 Euromoney Real Estate
Awards. www.ap.jll.com

About JLL India

JLL is India’s premier and largest professional services firm specializing in real estate. With an extensive geographic footprint across 11 cities (Ahmedabad, Delhi,
Mumbai, Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore) and a staff strength of over 8500, the firm provides investors,
developers, local corporates and multinational companies with a comprehensive range of services including research, analytics, consultancy, transactions, project
and development services, integrated facility management, property and asset management, sustainability, industrial, capital markets, residential, hotels, health
care, senior living, education and retail advisory. The firm was awarded the Property Consultant of the Decade at the 10th CNBC-Awaaz Real Estate Awards
2015 and the Best Property Consultancy in India at the International Property Awards Asia Pacific 2016-17.
For further information, please visit www.joneslanglasalle.co.in

Confederation of Real Estate Developers’ Associations of India (CREDAI)

Established in 1999, the Confederation of Real Estate Developers’ Associations of India (CREDAI) brings together more than 11500 Real Estate Developers from
156 city chapters across 23 states of India
CREDAI Hyderabad is the Hyderabad chapter of CREDAI, promoting real estate development in Hyderabad with a national impetus. CREDAI Hyderabad
comprises a league of developers and builders who have over the years earned a reputation among buyers and investors.
Aiming at taking the realty sector of the state to higher standards, CREDAI Hyderabad constantly strives to bring in the best practices prevalent in the industry
nationwide in terms of innovative ideas, latest trends and standards in construction activities, and takes sincere efforts to maintain integrity and transparency in
the realty sector. As an integral part of CREDAI, the apex body of organized real estate developers across India, CREDAI Hyderabad will voice and represent
issues and proactive policies before the government and other concerned authorities. The association will seek to redress issues pertaining to taxation and stamp
duty, promulgate prudent strategies for affordable housing and to provide good return of investment for consumers.

Jones Lang LaSalle Property Consultants (India) Pvt Ltd © 2016. All rights reserved. All information contained herein is from sources deemed reliable; however, no representation or warranty is made to the
accuracy thereof.