UNIVERSITY OF CALCUTTA

Project Report
[Submitted for the Degree of B.Com Honours in
Accounting & Finance under the
University of Calcutta]

Title of the Project

“ANALYSIS OF INDIAN REAL ESTATE MARKET”

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Annexure-IA
Supervisor's Certificate

This is to certify that Mr. Swarnavo Pal a student of B.Com. Honours in Accounting &
Finance of The Bhawanipur Education Society College under the University of Calcutta has
worked under my supervision and guidance for his Project Work and prepared a Project
Report with the title “Analysis of Indian Real Estate Market” which he is submitting, is his
genuine and original work to the best of my knowledge.

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Annexure-IB

Student's Declaration
I hereby declare that the Project Work with the title “Analysis of Indian Real Estate
Market” submitted by me for the partial fulfillment of the degree of B.Com. Honours in
Accounting & Finance under the University of Calcutta is my original work and has not been
submitted earlier to any other University /Institution for the fulfillment of the requirement for
any course of study. I also declare that no chapter of this manuscript in whole or in part has
been incorporated in this report from any earlier work done by others or by me. However,
extracts of any literature which has been used for this report has been duly acknowledged
providing details of such literature in the references.

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 ACKNOWLEDGEMENT
“Acknowledgement is an art, one can write glib stanzas without meaning a word, on the
other hand one can make a simple expression of gratitude.”

I take the opportunity to express my gratitude to all of them who in some or other way
helped me to accomplish this challenging project in Real Estate Industry. No amount of
written expression is sufficient to show my deepest sense of gratitude to them.

I am very grateful to my supervisor Prof. for their everlasting support and guidance on
the ground of which I have acquired a new field of knowledge. The course structure
created for this curriculum has benefited with the inclusion of recent development in
the organizational and managerial aspects.

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 EXECUTIVE SUMMARY
Indian real estate has huge potential demand in almost every sector especially
commercial, residential, retail, industrial, hospitality, healthcare etc. Commercial office space
requirement is led by the burgeoning outsourcing and Information Technology Industry.
As per estimates, there is a pressing demand for 66 million square feet of IT (Information
Technology) space for the next few years. The number of Indians living in urban areas is
expected to reach increase by 46% by 2025.The increase in purchasing power and exposure
to organized retail formats has redefined the consumption pattern. As a result the country
has experienced mushrooming of retail projects across the cities. The main growth thrust is
coming due to the favourable demographics, increasing purchasing power, existence of
customer friendly banks & housing finance companies, professionalism in real estate and
favourable reforms initiated by the government to attract global investors.

India, like many other parts of the world is zooming away in the face of a real estate
boom in any direction you wish to see. Whether it is Bangalore, Pune, Kolkata, Chennai or
Hyderabad or even already sky high Mumbai and Delhi-the story is the same.

Along the length and breadth of India, there are many small and big Indian real estate
companies. Each has a geographical stronghold, but there are also bigger companies which
has a national presence. There are innumerable agents, brokers, architects, property
consultants and home finance companies in the metros and smaller cities. Indian real estate
companies have geared up to meet the high demand from domestic as well as international
buyers. The development of real estate in India focuses on two primary areas: retail and
residential.

This Project will help us to analyse the Real Estate Market of the Country.

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 Table of Contents

Chapter Particulars Page

Number Number
Executive Summary 5
1 Introduction 7-12
 Background of The Study 7-8
 Objectives of The Study 9
 Limitations of The Study 10
 Literature Review 11-12
 Research Methodology 12
2 Conceptual Framework 13-22
 National Scenario 13-21
 Global Scenario 21-22
3 Presentation of Data Analysis and Findings 23-55
 Segments in Indian Real Estate Market 23
 Analysis of Residential Segment 23-26
 Analysis of Commercial Segment 27-31
 Analysis of Retail Segment 32-35
 Analysis of Hospitality Segment 36-40
 Special Economic Zones Analysis 41-43
 Analysis of Private Equity and Venture 44-47
Capital Investments in The Industry
 Major Market Players 48
 Analysis of DLF Ltd. 49
 Impact of COVID-19 on The Real Estate 50-55
Market
4 Conclusion and Recommendations 56-57
 Conclusion 56-57
 Recommendations 57
5 Bibliography 58

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 CHAPTER:I
INTRODUCTION
BACKGROUND OF THE STUDY
What is Real Estate?
The most basic definition real estate is "an interest in land". Broadening that
definition somewhat, the word "interest" can mean either an ownership interest (also
known as a fee-simple interest) or a leasehold interest. In an ownership interest, the
investor is entitled to the full rights of ownership of the land (for example, to legally
use and transfer the title of the land/property), and must also assume the risks and
responsibilities of a landowner (for example, any losses as a result of natural disasters
and the obligation to pay property taxes). On the other side of the relationship, a
leasehold interest only exists when a landowner agrees to pass some of his rights on to a
tenant in exchange for a payment of rent. If you rent an apartment, you have a
leasehold interest in real estate. If you own a home, you have an ownership interest in
that home. Some jurisdictions recognize other interests beyond these two, such as a life
estate, but those interests are less common in the investment arena. About 250 ancillary
industries such as cement, steel, brick, timber, building material etc. are dependent on the
real estate industry.

As a real estate investor, you will most likely be purchasing ownership interests and
then earning a return on that investment by issuing leasehold interests to tenants, who
will in turn pay rent. It is also not uncommon for an investor to acquire a long-term
leasehold interest in land, which then has a building constructed upon it. At the end of
the land lease, the land and building become the property of the original land-owner.

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 Indian Real Estate Industry: An Insight
The size of the real estate industry in India is estimated to be around $1.72 billion. And it is
continuously growing at the rate of 30% for the last few years. Almost 80% of real estate
developed in India is residential space and the rest comprises of office, shopping malls, hotels
and Hospitals. The main reason for growth is mainly due to off-shoring business, including
high end technology consulting, call centers and software programming houses which covers
30 million square feet of real estate development.

With an ever increasing influx of funds, the real estate sector in India is growing bigger. In
the first half of 2020, there will be atleast 20 more funds making an entry in India while 35
big ticket foreign funds have already made their presence in India. Northbridge Research
expects that the Indian realty sector will grow from US$ 1 trillion by 2030 from US$ 120
billion in 2017. Global fund houses like Carlyle, Blackstone, Morgan Stanley, Trikona and
Warbus Pincus are sitting on a total corpus of US$ 20-30 billion. Even the most aggressive
retailers expands their business creates a huge demand for real estate.

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 OBJECTIVES OF THE
STUDY
The Objectives of the Study are as follows.
 To understand the opportunities present in Real Estate in India
 To analyze the future constraints of Real Estate in India.
 Legal frameworks regulating Real Estate Sector India.
 To analyse the segments of Indian Real Estate Market i.e. Residential, Commercial,
Retail, Hospitality.
 To analyse the Investments in the market.
 To analyse of Impact of COVID-19 on The Real Estate Market of India.

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 LIMITATIONS OF THE STUDY
The limitations of the study are as follows.
 Only some basic topics of Real Estate market are taken into consideration as it is a
vast topic.
 Primary Data could not be collected due to reliability of data and short duration for
preparation.
 The study is only for academic purpose.
 The recommendation made may not be a perfect prediction of the Real Estate Sector
is not an absolutely accurate practice.
 The analysis is made to get additional information related to the real estate sector in
India it’s trends, objectives, agencies, etc

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 LITERATURE REVIEW
Significant research has been conducted in the real estate field of both developed and
developing nations by many academics in order to study various factors. I attempt to cover
the relevant studies conducted in the past along with secondary research in order to obtain a
complete picture of the Indian real estate market and understand researcher views in this
market.

Singh Vandana et. al. (2009) concluded her research paper with the remark that the Real
Estate is a very wide concept and it is highly affected by the macro-economic factors like
GDP, FDI, per capital income, interest rates and employment in the nation. The most
important factor in the case of Real Estate is location which affects the value and returns from
the Real Estate. India needs a stronger capital market base for property financing. The
introduction of REIT s in 2007, will give international investors in particular a familiar
investment vehicle. Private investors could also enter into indirect investment in real estate.

CVR Murthy et. al. (2013) states that the real estate industry is the second largest industry
of the country after agriculture. It makes a significant contribution to the national economy
and provides employment to large number of people. The use of various new technologies
and deployment of project management strategies has made it possible to undertake projects
of mega scale. In its path of advancement, the industry has to overcome a number of
challenges.

R. Venkatesh (2018), in his article, “Recent Trends in Real Estate Marketing in India”,
writes about the contribution of IT Sector to fast growth of real estate sector in India. He
highlighted that the expansion of Indian IT industry impacted profoundly the real estate
industry. Highly paid young IT professionals led the boom by buying into high priced
apartments in major IT centers across the 79 country.

Joshi et. al. (2019) in the report “Report on Real Estate Sector in India” stated that The
market size of real estate in India is expected to increase at a CAGR of 15.2 per cent during
FY2009 – 2029E and is estimated to be worth US$ 982 billion by 2029. Mumbai and
Bengaluru have been rated as the top real investment destinations in Asia.

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 RESEARCH METHODOLOGY
The main sources of data are collected through:
 Websites
 Various publications
 Reports

The secondary data are those which have already been collected by someone else and which
have already been passed through the statistical process. The methods of collecting secondary
data are published data or unpublished data. The secondary data and the articles collected are
from the most visited site and mainly from the Internet.

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 CHAPTER:II
CONCEPTUAL FRAMEWORK
NATIONAL SCENARIO
Indian Real Estate Market
Indian Real estate is a large, growing market. Real estate sector in India is expected to reach
a market size of US$ 1 trillion by 2030 from US$ 120 billion in 2017. Indian real estate
increased by 19.5% CAGR from 2017 to 2028. By 2040, real estate market to grow to
Rs.65,000 crore (US$ 9.30 billion) from Rs.12,000 crore (US$ 1.72 billion) in 2019.
Increasing share of real estate in the GDP would be supported by increasing industrial
activity, improving income level and urbanization. In Q2 2019, all India housing price
increased by 2.8 per cent. The government also launched 10 key policies for real estate
sector, namely:
 Real Estate Regulatory Act
 Benami Transactions Act
 Boost to affordable housing construction
 Interest subsidy to home buyers
 Change in arbitration norms
 Service tax exemption
 Dividend Distribution Tax (DDT) exemption
 Goods and Services Tax
 Demonetization
 PR for foreign investors

The Indian real estate sector is one of the most globally recognized sectors. In the country, it
is the second largest employer after agriculture and is stated to grow at 30% over the next
decade. It has significant linkages with several other sectors and over 250 associated ancillary
industries. According to estimates, every rupee invested in this sector results in 78 paisa
being added to the GDP. The Indian realty sector would see unchanged interest from N R Is
aided by the relaxation in FDI norms in real estate. The government has also helped by

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permitting banks to advance home loans to N R Is. The report acknowledges that the
government had also played a pivotal role in the development of this sector.
In the last three years the Indian real estate sector has seen more regulatory and policy
reforms than what was ever witnessed in the last one decade. The year 2018-19 turned out to
be a period that saw the impact of these reforms come to fore gradually. The new regulations
and policies like affordable housing, Private equity, Land, RERA, IBC, Commercial real
estate, REITs, Hospitality, Retail and GST were effectively in operation.

There will be a huge scope for the commercial real estate due to the increasing number of
grade-A office spaces for start-ups, co-working places and e-commerce. IT parks in terms of
location and amenities will emerge as an exemplary trend for commercial real estate growth.
Rentals in commercial realty will catalyse growth as investors tend to rent a commercial
space rather than buying it. Also, the increase in educational institutions in metro cities will
drive student housing.

Another rising sector is organized warehousing, which has seen a sharp increase in demand
due to advancements in e-commerce. According to an industry report, India is set to witness
investments close to Rs.50,000 crore for creation of warehousing facilities across the country
between 2018 and 2020.

Home buying sentiments will shift towards homes with compelling prices over luxurious
spaces because of the additional charges that the luxury properties come with. Hence,
properties consisting of amenities and features of a premium project, which are also
affordable to a larger segment of the population, will be in huge demand. The year 2019
witnessed a fair revival in the residential market, primarily buoyed by new launches and sales
in the affordable housing sector which is projected to continue to drive the market growth in
the upcoming years, aided by the transparency brought about by policy implementation,
thereby augmenting buyer sentiments and bringing back investors into the fold.

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 Laws Regulating Real Estate Industry of India

1) Central Laws
 Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation
and Resettlement Act, 2013
 Benami Transactions (Prohibition) Amendment Act, 2016
 Real Estate (Regulation and Development) Act, (RERA, 2016)
 Transfer of Property Act, 1882
 Indian Contract Act,1872
 Registration Act, 1908
 The Indian Stamp Act, 1899
 The Easements Act, 1882

2) State Laws
 Urban development laws
 Agricultural development laws
 West Bengal Housing Industry Regulatory Act, (HIRA, 2017)

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 Projects Registered Under RERA (2016)
Source: The Times Of India

Present Scenario of Real Estate Development in India

The real sector in India today witnesses a wide spectrum of changes that slowly but surely is
expected to make India in to a preferred destination for real estate activity. The real estate
market in India is opening up. There are still some barriers to real estate development like
unclear titles, tenancy reforms and low property taxes. Now with reputed builders like DLF,
Godrej Properties etc and international property consultants joining the fray, this image has
strengthened and evolves into a professional corporate image. In the year 2018 Goverment
decided to relax FDI policies by permitting 100% FDI under the automatic route in the
construction development segment, which included townships, housing, built- up
infrastructure, and real-estate broking services while the urban infrastructure would comprise
roads and bridges mass rapid transit system and manufacture of building material. The
minimum capitalization norm shall be US$ 10 million for a wholly owned subsidiary and
US$ 5 million for joint ventures with Indian partner/s. The funds would have to be brought in
within six months of commencement of business of the company. FDI investments in real
estate is goverened by Foreign Exchange Management Act (1999) and Foreign Direct
Investment Policy(FDI Policy). Currently, real estate prices have stabilizes to a great deal as
a role played by speculation has started declining. There a lot of change being introduce in
the Indian real estate sector especially with the cheap labor, pool of people.

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The Indian version of REIT-REIS (Real estate investment scheme) enabled investment by
small investors in the real estate sector and thus earn dividends on the rental income being
paid. The credit of housing has gone up and interest rates have come down to 8-9% average.
With fiscal incentives and factoring inflation the real interest rates on housing loans is very
less. This has brought in a sea change in the profile of the home purchaser across the
spectrum. The average age of the home buying customer has been drastically reduced. It has
been found that young working people in early and mid 20 also buying residential flats.

Today real estate office market is booming IT AND ITE’s segment. With lower operating
costs being the driver office property have moved from Central Business Districts to suburbs
to Class I cities and this market is continue to expand in Tier II and tier III cities. Real estate
sector is still facing the main problem of high stamp duty in Indian states and liquidity crunch
after demonetization in 2016. As many as 16 types of taxes got subsumed in the Goods and
Services Tax (GST) in July 2017. However, stamp duty and registration charges continue to
remain in force even today. The additional burden on the real estate sector by way of stamp
duty averages 5%-10%. These rates are varying for different states. The sector represented
by real estate bodies such as NAREDCO and CREDAI expect this tax to be abolished and
included in GST. Stamp duty is a tax levied by state governments on property transactions
and may vary for different areas. It is payable under Section 3 of the Indian Stamp Act,
1899.

Future Scenario of Real Estate Development in India

While the traditional housing segment is struggling due to a funding crisis, alternate
commercial models like co-working spaces are gaining traction. But measures to boost
demand are needed to help the sector properly recover from the slowdown. The year 2019 has
been another difficult one for the real estate sector, which continues to struggle with a
funding crisis in the midst of issues plaguing the NBFC and banking sector. The situation has
been exacerbated by the economic slowdown resulting in poor housing demand. There have
also been structural changes in the industry, as a fall out of events like demonetization and
the introduction of the RERA and the GST in the last few years. The irony is that currently,
the real estate sector has huge unsold inventory of 4.5 lakh housing units, even while the
overall housing requirement in the country remains high. As we head towards the future,

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there are interesting trends that have emerged in the last few years that will be guiding the
outlook for the sector.

1) Housing Segment
Housing demand has moved to user segment as against investors. For cities like Delhi,
Mumbai the investor:end-user ratio was 60:40 around 6-7 years ago. However, with the
return on investment in real estate reducing and many big developers defaulting, investors
have moved out of real estate as an asset class. Investor participation in the overall demand
has fallen to as low as 5-10%. Even among the users, the demand is clearly for ready-to-
move-in projects, with buyers unwilling to take any risk. This trend of the user segment
dominating the housing demand is going to continue, at least for the next few years, even
with the economic outlook improving. Housing demand is going to continue, at least for the
next few years, even with the economic outlook improving.

2) Commercial Segment
Interestingly, even with the residential real estate sector struggling and the economy slowing,
the commercial real estate sector has been showing good traction. Total office transaction in
H1 2019 was a strong 28 million square feet on the back of an all-time high of 48 million
square feet in 2018. This spurt in office space demand is being led by the IT/ITES sector.
The IT sector in India is moving towards high value segments like artificial intelligence, data
analytics and product development, supporting the rise in demand. Rentals have also been
inching up with companies like Apple, Facebook expanding their presence in India. There is
large office supply lined up for upcoming years too, hence the rental growth may moderate in
upcoming years. While the commercial real estate is showing good growth, the rise of
Hyderabad as an office option is especially commendable. Bengaluru is known as India’s IT
hub. But with a huge pressure on Bengaluru’s infrastructure, Hyderabad is emerging as an
attractive alternative. In 2019, Hyderabad has been a close second to Bengaluru in terms of
office transactions. Given the pro-active State government and appropriate infrastructure,
Hyderabad’s growth will continue going forward.

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 3) Alternate models
The first REIT launched by Blackstone and the Embassy group in 2019 has given
phenomenal returns since listing. There are likely to be more REIT launches in upcoming
years as investors try to participate in the gains of the commercial real estate sector. Apart
from REIT, fractional ownership of commercial real estate is being taken to the masses
through block chain technology and the marketplace model. The fractional ownership model
is similar to a REIT, with certain differences in structuring of the transaction. Both fractional
ownership and REIT can emerge as a credible alternative for investing in commercial real
estate.

The growth of co-working spaces has been very sharp, with the segment accounting for
around 13% of the total office transactions in 2019 from 5% in 2017. Small start-ups as well
as large IT players are finding this an attractive model. The debacle of We Works’ listing has
failed to dampen sentiments of the co-working operators in India as they see good demand.
The co-living space is also emerging in the form of student living, senior citizen living and
similar options. Demand for shared spaces is likely to gather further momentum going
forward.

These trends are going to shape the future of real estate industry in India. However, the
immediate requirement for the industry survival is easing of the credit crunch. While
measures like AIF (Alternative Invest Fund) for completion of projects in the affordable
housing segment and partial credit guarantee for banks buying assets of NBFC will provide
some relief, it will only be able to solve a small percentage of the problem.

There is an urgent need for quick implementation of further credit-easing measures. If the
government comes up with meaningful stimulus to boost housing demand, it will help the
industry to recover from this prolonged slowdown. But any recovery in 2020 is going to be
slow and painful. But in the upcoming years it will pace up.

Real estate developers, in meeting the growing need for managing multiple projects across
cities, are also investing in centralised processes to source material and organise manpower
and hiring qualified professionals in areas like project management, architecture and
engineering.

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The growing flow of FDI into Indian real estate is encouraging increased transparency.
Developers, in order to attract funding, have revamped their accounting and management
systems to meet due diligence standards.

ADVANTAGES IN INDIA

A) Robust Demand:-
 Demand for residential properties has surged due to increased urbanisation and
rising household income. India is among the top 10 price appreciating housing
markets internationally.
 About 10 million people migrate to cities every year.
 35% of the population is in young age bracket (15-35 years).
 Growing economy driving demand for commercial and retail space.

B) Attractive Opportunities:-
 Growing requirements of space from sectors such as education and healthcare
 Growth in tourism providing opportunities in the hospitality sector
 In 2016, India secured 3rd position in the US Green Building Council
(USGBC) annual ranking of the top 10 countries for LEED (Leadership in
Energy and Environmental Design). This will generate attractive opportunities
for companies to expand their portfolio.

C) Increasing Investments:-
 During April 2000 to September 2017, FDI inflows in construction development
in India stood at US$ 24.66 billion and accounted for 7% of total FDI inflows
into the country.
 Private equity and debt investments in Indian real estate increased to US$ 4.18
billion in 2017, compared to US$ 3.73 billion 2016.

D) Policy Support:-
 The government has allowed FDI of up to 100% for townships and settlements
development projects.

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  Under the Housing for All Scheme, 60 million houses are to be built which
include 40 million in rural areas and 20 million in urban area by 2022.
 Real Estate Bill was passed in March 2016 to establish a real estate regulatory
authority for regulating and promoting the sector.

GLOBAL SCENARIO
In the global scenario high energy prices, climate change and government regulation are
already pushing sustainability up the real estate agenda, but by 2020, their impact will be far
greater. Technology is already disrupting real estate economics, but by 2020, it will have
reshaped entire sectors. And the real estate community will have taken a greater role in the
financial ecosystem, in part moving into the space left by banks.

In the new era of real estate investment, to 2020 and beyond, is the beginning of a time of
unprecedented opportunity for real estate investors and asset managers, although with greater
risk. The global stock of institutional-grade real estate will expand by more than 55% from
US$29.0 trillion in 2012, to US$45.3 trillion in 2020, according to our calculations. It may
then grow further to US$69.0 trillion in 2030. This huge expansion in investable real estate
will be greatest in the emerging economies, where economic development will lead to better
tenant quality and, in some countries, clearer property rights. And it will play out across
housing, commercial real estate and infrastructure. Indeed, as intense competition continues
to compress investment yields for core real estate, real estate managers will have every
incentive to search for higher yields elsewhere.

By 2020, the 21st century’s great migration to the cities will be well underway. Cities will be
swelling across the fast-growing countries in Asia, Africa, the Middle East and Latin
America. Even the developed Western nations will be urbanizing, albeit at a slower pace. But
not all cities will prosper.

The volume of building activity will be huge, expanding the world’s inventory of
institutional-grade real estate. Global construction output is expected to almost double to
US$15 trillion by 2025, up from US$8.7 trillion in 2012.

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Emerging markets in Asia will be the fastest growing region, but sub-Saharan Africa is
expected to be the second highest.

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 CHAPTER:III
PRESENTATION OF DATA,
ANALYSIS & FINDINGS
SEGMENTS IN THE INDIAN REAL ESTATE SECTOR

Residential
INDIAN REAL ESTATE

Segment

Commercial
SECTOR

Segment

Retail Segment

Hospitality
Segment

Analysis of Residential Segment

1) Scenario:
 A localized, fragmented market presents opportunities for consolidation with only
few large, pan-India players such as DLF.
 More foreign players might enter the market as FDI norms have eased.
 Furthermore, norms on land acquisitions is expected to be relaxed.

2) Key Drivers:
 Rapid urbanization.
 Growth in population. Rise in the number of nuclear families.

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  Easy availability of finance. Repatriation of NRIs and HNIs.
 Rise in disposable income.

3) Notable Trends:
 Housing sales are expected to increase by 6% year-on-year by 2019 end to reach 2.58
lakh units across seven major cities.
 NCR is expected to generate maximum demand in MIG and HIG category followed by
Bengaluru.
 Developers now focusing on affordable and midrange categories to meet the huge
demand.

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 Cumulative Housing Demand-Supply in Top 8 Cities
2016-2020
Table No.:- 1
Income Groups Demand Supply
2016-2020 2016-2020
(„000) („000)
High Income Group 717 351

Middle Income Group 1487 647

Low Income Group 1982 25

Data Presentation:-

Cumulative Housing Demand-Supply in Top 8

Cities ('000 Units) 2016-2020

High Income Group 717

351

Middle Income Group 1487 Demand

647 Supply

Low Income Group 1982

25
0 500 1000 1500 2000 2500

Data Source: Cushman and Wakefield, Anarock Property Consultants

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 India Housing Price Index

Table No.:- 2
Quarters Average Price Index Average Price Index
(Beginning) (End)
Jul'2017 98 96
Jan'2018 103 103
Jul'2018 104 107
Jan'2019 105 103
Jul'2019 105 114

Data Presentation:-

NHB India Housing Price Index

108 107
106 105
104
104 103 103 103
102
100
98
98
96
96
94
92
90
Jul'2017 Jan'2018 Jul'2018 Jan'2019

Data Source: National Housing Bank

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Findings:
 MIG or middle income group (Rs.15-70 lakh) accounts for 63% of the total housing
supply across eight cities between 2016 and 2020 at 647,000 units, the demand is
estimated to be a much higher at 14,57,000 units.
 LIG or low income group housing, below Rs.15 lakh, is the most under-serviced segment.
While the LIG is likely to generate demand of about 1.98 million units by 2020, supply
by private developers is going to be barely 25,000 units.
 Housing Index in India by taking the average of cities it has been identified that it
increased to 114 points in the third quarter of 2019 from 105 points in the second quarter
of 2019.

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 Analysis of Commercial Segment

1) Scenario:
 Few large developers with a pan-India presence dominate the market.
 Operating model has shifted from sales to a lease and maintenance.
 By 2023, commercial space is expected to reach at 50 million square ft. mainly
driven by sectors - IT-BPO, Pharma, engineering and manufacturing.

2) Key Drivers:
 Rapid growth in services sectors: IT, BFSI and Telecom.
 Rising demand from MNCs.
 Demand for office space in Tier-II cities.

3) Notable Trends:
 Developers now focusing on affordable and midrange categories to meet the huge
demand.
 In first nine month of 2019, the office sector demand with commercial leasing
activity reached 47 million square ft.
 Business activity shifting from Central Business Districts to Special Business
Districts, Tier I to Tier II cities
 Co-working space across top seven cities increased to reach 12 square ft. by the end
of 2019.

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Commercial Space Demand (million square ft.) 2013-18

Table No.:- 3
City Commercial Space Demand (million
square ft.) 2013-18
Pune 16
NCR 25
Mumbai 26
Kolkata 8
Hyderabad 15
Chennai 13
Bengaluru 32
Ahmedabad 4

Data Presentation:-
City-Wise Commercial Space Demand
(million square ft.) 2013-18
35 32
30
25 26
25
20
16 15
15 13

10 8
4
5
0

Data Source: Cushman and Wakefield (September 2019)

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 Net Office space leasing (million square ft.) 2019

Table No.:- 4
City Net Office space leasing (million square
ft.) 2019
Bengaluru 15.3
Mumbai 9.7
NCR 8.6
Chennai 5.2
Pune 0.8
Hyderabad 12.8
Kolkata 1.35
Ahmedabad 1.5

Data Presentation:-

Net Office Space Leasing in 2019 (million

square ft.)
18
16 15.3
14 12.8
12
9.7
10 8.6
8
6 5.2
4
1.35 1.5
2 0.8
0

Data Source: Knight frank JLL India (2019)

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Findings:
 According to the graph analysis Bengaluru has the highest commercial space demand of
32 million square ft. thus it dominated the market being the silicon valley of India and
tech boom followed by Mumbai 26 million square ft. and then NCR with 25 million
square ft.
 Demand for commercial space has also increased significantly in Hyderabad with 15
million square ft.
 Other Metros such as Kolkata with 8 million square ft. and Chennai 13 million square
ft. is also increasing day by day.
 Bengaluru, followed by Hyderabad, National Capital Region (NCR) and Mumbai
dominated office leasing on an annual basis, together accounting for almost 75% of the
overall leasing of office space.

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 Analysis of Retail Segment

1) Scenario:
 Currently, retail accounts for a small portion of the Indian real estate market.
 Organised retailers are few and the organised retail space is mostly developed by
residential/office space developers.

2) Key Drivers:
 Booming consumerism in India.
 Organised retail sector growing 25-30% annually
 Entry of MNC retailers.
 India’s population below 30 years of age having exposure to global retail are
expected to drive demand for organized retail.

3) Notable Trends:
 Around 32 new malls with area of 13.5 million square ft. are expected to start
operations in 2019.
 Mumbai, National Capital Region (NCR), Bengaluru and Kolkata witnessed highest
growth in retail real estate during 2019.
 Retail sector witnessed an annual rise of 170 per cent attracting US$ 1 billion in
2019.

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Number of Shopping Malls Across Top 8 Cities in India

Table No.:- 5
Year Number of Shopping Malls
2012 188
2013 203
2014 212
2015 219
2016 232
2017 246
2018 253
2019 268

Data Presentation:

Number of Shopping Malls Across Top 8

Cities in India
300
268
246 253
250 232
212 219
203
200 188

150

100

50

0
2012 2013 2014 2015 2016 2017 2018 2019

Data Source: JLL India Report (2019)

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 Shopping Mall Supply Across Top 8 Cities (2019)
Table No.:- 6

City Shopping Mall Supply

Hyderabad 25%
Chennai 24%
Mumbai 22%
Bengaluru 19%
Pune 4%
Kolkata 3%
NCR 2%
Ahmedabad 2%

Data Presentation:-
Shopping Mall supply across top 8 cities
(2019)
2% 2%
3%

4%
25%

19%

24%
22%

Hyderabad Chennai Mumbai Bengaluru

Pune Kolkata NCR Ahmedabad

Data Source: JLL India Report (2019)

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Findings:
 Shopping Malls across top 8 metropolitan cities have increased at a substantial rate.
 Demand for retail mall spaces have increased in Hyderabad the most and thus it occupies
25% of Indian retail shopping mall market.
 There is substantial demand in Chennai, Mumbai, NCR regions and in the near future it is
going to grow at a good pace.

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 Analysis of Hospitality Segment

1) Scenario: .
 NCR and Mumbai are by far the biggest hospitality markets in India, followed by
Bengaluru, Hyderabad and Chennai.
 Besides hotels, the hospitality market comprises serviced apartments and convention
centres

2) Key Drivers: .
 A robust domestic tourism industry.
 The increasingly global nature of Indian businesses boosting business travel.
 Tax incentives for hotels and higher FSI.

3) Notable Trends:
 Serviced apartments appear particularly attractive within the hospitality space.
 Government initiatives to promote tourism in Tier II and Tier III cities is generating
significant demand for hotels in such cities, especially for budget hotels.

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 Branded Hotel Rooms Inventory in Major Indian Cities

Table No.:- 6
City FY-19 ('000) FY-23 ('000)
Bengaluru 12.7 17.1
NCR 14.7 16
Mumbai 13.7 15.9
Chennai 9.2 10.1
Goa 6.7 8.5
Hyderabad 6.8 7.7
Gurugram 5.9 7.4
Pune 6.3 7.1
Jaipur 6.3 5.4
Kolkata 3.9 5.2
Ahmedabad 3.4 4.3
Agra 2.3 2.6
Noida 1.5 2

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 Data Presentation:-

Branded Hotel Rooms Inventory in Major Indian

Cities („000)
Bengaluru 12.7
17.1

NCR 14.7
16
13.7
Mumbai 15.9
9.2
Chennai 10.1

Goa 6.7
8.5

Hyderabad 6.8
7.7

Gurugram 5.9
7.4

Pune 6.3
7.1

Jaipur 5.4
6.3

Kolkata 3.9
5.2

Ahmedabad 3.4
4.3

Agra 2.3
2.6

Noida 1.5
2
0 2 4 6 8 10 12 14 16 18
FY19 FY23

Data Source: Cushman and Wakefield, Hotelivate (2018-19)

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 Hotel Rooms Occupancy Vs. Inventory (2020E)

Table No.:- 7
City Inventory („000) Occupancy
Bengaluru 19 67%
Chennai 12 63%
NCR 36 65%
Kolkata 7 67%
Hyderabad 11 65%
Pune 10 67%
Mumbai 20 69%
Ahmedabad 5 65%

Data Presentation:-
Occupancy % Vs. Inventory ('000) (2020E)
40 70%
36
69%
35
68%
30
67%
25 66%
19 20
20 65%
64%
15 12 11 10 63%
10 7
5 62%
5 61%
0 60%
Bengaluru Chennai NCR Kolkata Hyderabad Pune Mumbai Ahemdabad

Inventory ('000) Occupancy %

Data Source: Cushman and Wakefield (2018-19)

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Findings:
 As we can observe Hotel room inventory is going to increase across major Indian cities.
 Bengaluru going to have the highest demand being the upcoming IT enabled business
going to increase so it is evident in FY 19 there was enough inventory available and it’s
going to substantially increase in FY 23
 Mumbai, NCR, Goa, Chennai and Kolkata also have substantial inventory and it’s going
to increase in FY 23 all the cities are equally important venues for tourism and business.
 Occupancy of branded hotel rooms among major Indian cities are also high in
accordance to the inventory available.

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 Special Economic Zones (SEZs) Analysis

 SEZs continues to hold a consistent share in the India office stock with a long-term
 100% FDI permitted in real estate projects within Special Economic Zone (SEZ).
 100% FDI permitted for developing townships within SEZs with residential areas,
markets, playgrounds, clubs, recreation centres, etc.
 Exports from SEZs reached Rs. 7.01 lakh crore (US$ 100.30 billion) in FY19.
 Industry players, including realtors and property analysts, are rooting for the creation
of "Special Residential Zones" (SRZs), along the lines of SEZs.
 Minimum land requirement has been brought down from 1000 hectares to 500
hectares for multi-product SEZ and for sector-specific SEZs to 50 hectares.
 As of November 14, 2019, India had formally approved 417 SEZs, of which 238 were
in operation.
 Majority of the SEZs are in the IT sector.

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 City-Wise Distribution of SEZs in 2019
Table No.:- 8
City City-Wise Distribution of SEZs in 2019
Bengaluru 30%
Hyderabad 16%
NCR 15%
Chennai 15%
Pune 13%
Mumbai 8%

Data Presentation:-

City-Wise Distribution of SEZs in 2019

8%

13% 30%

15%

16%
15%

Bengaluru Hyderabad NCR Chennai Pune Mumbai

Data Source: Ministry of Commerce and Industry, SEZ website

42 | P a g e
Findings:
 As we can observe Special Economic Zones in 2019 have been established among all
major Indian Cities in India and created an opportunity for developers.
 Bengaluru has the highest share of SEZ with a share of 30%.
 Hyderabad emerged as the second most-preferred office destination, overtaking Mumbai.
 SEZs are a boon to real estate of India.

43 | P a g e
 Analysis of Private Equity and Venture Capital
Investments in The Industry
 RBI proposed to allow banks to invest in real estate investment trusts and
infrastructure investment trusts, attracting more institutional investors to such assets.
Indian Banks, which are allowed to invest about 20% of their net-owned funds in
equity-linked mutual funds, venture capital funds and stocks, could invest in these
trusts within this limit.
 Between 2009-18, Indian real estate sector attracted institutional investments worth
US$ 30 billion and received US$ 5.15 billion in 2019.
 Private Equity and Venture Capital investments in the sector reached US$ 4.47 billion
in 2018 and reached US$ 1.47 billion during January March 2019.
 Real estate attracted around US$ 14 billion of foreign private equity (PE) between
2015 and Q3 2019. In 2018, Indospace raised US$ 1.2 billion to build logistics parks,
the largest investment during the year.
 Blackstone crosses US$ 12 billion investment milestone in India.

Top Private Equity deals in Indian Real Estate Sector in 2019

Investor Investee Investment (US$ million)

KKR and Co. L.P. Sunteck Realty Ltd 22.4
Apollo Global Management Logix Group 59.5
Piramal Fund Management Pvt. Ltd . Lodha Group 63.2
KKR and Co. L.P. Mantri Developers Pvt Ltd 21.5
Goldman Sachs Piramal Enterprises Ltd 150
Government of Singapore Investment Corporation (GIC) Nirlon 328.3
The Blackstone Group 3C Company 104.2
Clearwater Capital Partners and SSG Capital Management Lotus Greens Developers Pvt Ltd 75
KKR and Co. LP Bhartiya City Developers Pvt Ltd; Signature Global; Prince Foundations Ltd 148.73
Cerestra Advisors Ltd Alexandria Knowledge Park at Genome Valley in Hyderabad 61.1
Source: Grant Thornton, Cushman and Wakefield

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 Private Equity/Venture Capital Investments in Indian
Real Estate (US$ million)
Table No.:- 10
Year PE/VC Investments in Indian Real Estate (US$ million)
2013 1,139
2014 2,117
2015 3,408
2016 3,178
2017 4,981
2018 4,467
2019 5,147

Data Presentation:-

Private Equity/Venture Capital Investments in

Indian Real Estate (US$ million)
6,000
4,981 5,147
5,000 4,467

4,000
3,408 3,178
3,000
2,117
2,000
1,139
1,000

0
2013 2014 2015 2016 2017 2018 2019

Data Source: EY, JLL India (2019)

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 Institutional Investments in India (2019)

Table No.:- 10

Segment Distribution of Institutional Investments in India

(2019)
Office 40%
Residential 37%
Entity Level 10%
Retail 8%
Mixed Use 3%
Other 2%

Data Presentation:-

Distribution of Institutional Investments in India

(2019)

2%
3%
8%

Office Space
10%
40% Residential Space

Entity Level

Retail Space

Mixed Use
37%
Other

Data Source: EY, JLL India (2019)

46 | P a g e
Findings:-
 As we can observe Private equity/Venture Capital investments have increased YoY.
 Investments by Private equity firms have rose from US$ 1,139 million to US$ 5,147
million.
 Major Institutional investments in the year 2019 have been done in the commercial/office
segment which accounts for 40% of the investments followed by residential segment
accounting 37%.
 Retail segment and entity spaces have also attracted investments in a significant
percentage.

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 MAJOR MARKET PLAYERS IN INDIA

COMPANY MARKET
NAME CAPITALISATION
(₹ in Crores)
DLF Ltd.(1946) 34,060.29
Godrej Properties Ltd.(1990) 17,309.00
Oberoi Realty Ltd.(1980) 11,235.31
Phoenix Mills Ltd.(1905) 8,210.24
Prestige Estates Projects Ltd.(1986) 7,188.11
NBCC(India) Ltd.(1960) 3,060.00
Sunteck Realty Ltd.(1980) 2,883.53
Omaxe Ltd.(1989) 2,824.90
Brigade Enterprises Ltd.(1986) 2,820.45
Dilip Buildcon Ltd.(1987) 2,798.31

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 Analysis Of DLF Ltd. (India‟s Largest Real Estate
Company)
DLF has nearly 70 years of track record of sustained growth, customer satisfaction, and
innovation. The company has 264 million square ft. of development potential with 22.5
million square ft. of projects under construction. DLF's primary business is development of
residential, commercial and retail properties. The company has a unique business model with
earnings arising from development and rentals. Its exposure across businesses, segments and
geographies, mitigates any down-cycles in the market. From developing 22 major colonies in
Delhi, DLF is now present across 15 states-24 cities in India.

Company‟s Journey:-
 1946 - DLF was founded by Chaudhary Raghvendra Singh
 1964 - Developed 22 urban colonies in Delhi
 1985 - Development of DLF city Gurgaon
 1996 - Ventured into group housing projects
 1999 - Ventured into Grade A Office Spaces
 2002 - Ventured into Retail complexes
 2006 - Development of DLF Cyber city Gurgaon, premium residential complexes, IT
Parks and next generation malls, hotels and large townships.
 2007 - Entered Capital Market with listing in BSE and NSE with largest IPO of US$
2.25 billion, largest of it’s time.
 2008 - Launched 8.3km expressway project in partnership with HUDA,
 2014 - First real estate company to set up 3 fire stations, Launched Cyber Hub- India's
first integrated Food-Entertainment destination.

49 | P a g e
 Impact of COVID-19 on The Real Estate Market

 Residential Segment
Residential segment will have a huge impact as project sites are shut, site visits have stopped,
and construction activity has come to a grinding halt, eventually impacting property sales.
Also, developers have deferred their new project launches for an unknown period.

Housing Sales Data (Quarter-on-Quarter)

Table No.:- 11
City Q1 2018 Q1 2019 Q1 2020
(Units) (Units) (Units)
Mumbai 7385 8449 6857
Pune 4126 4534 3728
Kolkata 1324 1947 1259
Hyderabad 1750 5089 3027
Delhi NCR 4621 7224 5941
Chennai 5071 2662 2453
Bengaluru 5927 8723 4186

Data Presentation:-

Housing Sales Data (Units) (Quarter-on-Quarter)

Mumbai 7385
8449
6857
4126
Pune 4534
3728
1324
Kolkata 1947
1259 Q1 2018

Hyderabad 1750 Q1 2019

5089
3027 Q1 2020
Delhi NCR 4621
7224
5941
Chennai 5071
2662
2453
Bengaluru 5927
8723
4126
0 2000 4000 6000 8000 10000
Data Source: ET Realty, JLL India (Q1 2020)

50 | P a g e
Findings:
 As we can observe sales have decreased drastically q-o-q basis due to covid-19 impact in
the country.
 Sales in Bengaluru have decreased the most by 52% (q-o-q), followed by Hyderabad
where sales decreased by 40.5% (q-o-q), followed by Kolkata where sales decreased by
35.3% (q-o-q).
 Sales in Mumbai decreased by 18.8% (q-o-q), sales in Pune and Delhi NCR also
decreased at the same rate of 17.8% (q-o-q).
 Sales in Chennai decreased by 7.9% (q-o-q).

 Commercial Segment
Commercial real estate is also not immune to the Covid-19 fallout. Corporate occupiers are
seen delaying their leasing decisions and still several MNCs and businesses are testing new
waters of the work from-home option. If proved successful, it could impact leasing activities
in the future.

Commercial Space Leasing Agreement (million sq. ft.)

(Quarter-on-Quarter)

Table No.:- 12

City Q1 2019 Q1 2020

(million sq. ft.) (million sq. ft.)
Mumbai 1.86 3.105
Delhi NCR 2.621 4.189
Bengaluru 4.624 3.74
Chennai 0.986 0.705
Pune 1.158 0.723
Hyderabad 1.606 1.799
Kolkata 0.358 0.268
Ahmedabad 0.539 0.3126

51 | P a g e
Data Presentation:-
Commercial Space Leasing (million sq. ft.)
(Quarter-on-Quarter)
5 4.624
4.5 4.189
4 3.74
3.5 3.105
3 2.621
2.5
2 1.86 1.799
1.606
1.5 1.158 Q1 2019
0.986
1 0.705 0.723 Q1 2020
0.3580.268 0.539
0.5 0.3126
0

Data Source: ET Realty

Findings:
 In India Mumbai and Delhi NCR recorded a rise in commercial space leasing despite
Covid-19 fallout by a rate of 66.9% (q-o-q) and 59.8% respectively.
 Bengaluru and Chennai being an IT hub faced a downfall in commercial space leasing by
a negative rate of 19.1% (q-o-q) and 28.5% (q-o-q).
 Hyderabad recorded an increase of 12% (q-o-q) in commercial space agreement
 There has been a downfall in Pune, Kolkata and Ahmedabad in commercial space leasing
q-o-q basis.

 Retail Segment
Retail real estate, highly dependent on consumer spending, are also witnessing a momentary
slowdown and reduced interest from global brands who may now consider revising their
expansion plans. Unfortunately, 2020 seems to be different. Country-wide lockdown has
halted all activities. Also, even after the lockdown ends, there might be restrictions on the
footfalls as the social distancing norms may extend for malls which have a high population
density. Amidst low footfalls, the leasing activity may continue be slow in 2020.

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Retail Space Completion and Absorption of Top 7 Cities (million
sq. ft.)

Table No.:- 13
Year Completion Absorption
(million sq. ft.) (million sq. ft.)
2015 3 3.3
2016 2.9 1
2017 2.9 1.5
2018 5.5 4.9
2019 8.5 8.5
2020E 8.4 4.3

Data Presentation:-
Retail Space Completion and absorption of Top 7 Cities
(million sq. ft.)

2015 3
3.3

2016 2.9
1

2017 2.9 Absorption

1.5
Completion
2018 5.5
4.9

2019 8.5
8.5
2020 4.3
E 8.4

0 2 4 6 8 10
Data Source: Anarock Property Consultants

53 | P a g e
Findings:
 As we can observe completion of retail spaces along top 7 cities in the country is high in
the market but due to covid-19 fallout there is very less absorption.
 According to Anarock Property Consultants in the year 2020 there will be completion of
8.4 million sq. ft. of retail spaces in top 7 cities but post covid-19 there will be an
expected absorption of only 4.3 million sq. ft. that indicates there will be huge unsold
inventory in retail segment.
 In the previous financial years absorptions were more than completion of retail spaces.

 Hospitality Segment
Hospitality segment will have the worst impact among all segments because May to June is
the time for vacations and usually during this time hotels have a spike in the sales but this
year after nationwide lockdown imposed from April and fear of going out affected the
hospitality industry. Even after lockdown ends hospitality industry will not be able to recover
because travelling will be impacted due to covid-19 so hospitality industry going to suffer.

Hospitality Momentum in India (Quarter 1, 2020)

Table No.:- 14
City Revenue Per Available Revenue Per Available
Room (RevPAR) Room (RevPAR)
Q1 2019 Q1 2020
Ahmedabad 3170 2865
Kolkata 4260 3555
Jaipur 4800 4000
Pune 3290 2900
Gurugram 4660 3900
Hyderabad 3948 3475
Goa 6341 5500
Chennai 3450 3000
Mumbai 7200 6000
NCR 6015 5165
Bengaluru 4380 3465

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Data Presentation:-

Revenue Per Available Room (RevPAR)

Q1 2019 and Q1 2020
8000
7200
7000
6341
6000 6015
6000 5500
5165
4800 4660
5000 4380
4260
4000 3900 3948
4000 3555 3475 3450 3465
3170 3290
2900 3000
3000 2865

2000

1000

RevPAR Q1 2019 RevPAR Q1 2020

Data Source: JLL India (Q1 2020)

Findings:
 All major 11 markets in India witnessed a decrease in Revenue Per Available Room
(RevPAR) performance in Q1 2020.
 Mumbai continues to be the RevPAR leader in absolute terms, despite the decline of
RevPAR by 20% in Q1 2020 as compared to Q1 2019.
 Bengaluru saw the sharpest decline in RevPar in Q12020 with a decline of almost 28%.

55 | P a g e
 CHAPTER:IV
CONCLUSION AND
RECOMMENDATION
 Conclusion
After studying all the factors of the real estate it can be concluded that the Real Estate is a
very wide concept and it is highly affected by the macro-economic factors like GDP, FDI, per
capital income, Interest rates and employment in the nation. Private equity and venture
capital investments have grown significantly and major investments have been done by
foreign companies in Indian Real Estate Projects and Companies developing them.

Introduction of RERA was a great move by the Government it protects the investments and
interests of Investors and thus the Residential real estate specially is going to get properly
regulated. Residential segment contributes 80% of the real estate sector. Housing launches
across top eight Indian cities increased 23% Year on Year in 2019. Emergence of nuclear
families and growing urbanization. The Residential segment in India can reach US$ 50
billion in size by 2030, according to a study by the Ministry of Commerce and Industry.
There has been a huge demand from the middle and lower income groups for properties in the
residential segment.

Retail Spaces though contributes very small portion in the market. New shopping malls are
coming up in Tier 2 and 3 cities. Entry of MNC retailers is another good sign for retail space.
Retail would add up more 39 million square feet of space by 2022.

Commercial space is expected to reach at 50 million square ft. mainly driven by sectors - IT-
BPO, Pharma, engineering and manufacturing. Upcoming office spaces likely to boost
hospitality segment. Hotel room supply in the country increased 5.4 Year on Year % in
FY19. Corporate clients expected to provide steady growth to room demand. Hotel room
inventories are growing at very high rate in all cities. Though there are very few developers
in commercial real estate development.

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Majority of the SEZs are in the IT/ ITes sector. So that’s driving the demand for commercial
real estate development in SEZs.

But Covid-19 made a negative impact on all the segments of the real estate market in the
country. All the segments of the market saw a heavy downfall due to the pandemic.

 Recommendations
After analyzing the entire study on Indian Real Estate Market with respect to secondary data
the following recommendations can be put forward-

1. Real Estate (Regulation and Development) Act, 2016 (RERA) is in effect but still in
some states and parts of India RERA is not properly implemented so interest of the
investors in those parts are not properly protected and frauds occur thus RERA must be
properly implemented to properly regulate the market.
2. At present in India there is only one Real Estate Investment Trust (REIT) listed in the
stock exchanges so more REITs must be launched by the real estate companies and list
them in the Indian stock exchanges.
3. Developers need to focus on the MIG (middle income group) and LIG (lower income
group) because in they have huge demand of housing but there aren’t enough supplies.
So developers need to focus on them.
4. Under Pradhan Mantri Awas Yojana(PMAY) more people needs to be included to
provide affordable housing to the Low income Group and due to covid-19 PMAY
should be made more effective by allocating more funds in the scheme.
5. There are few developers in the commercial space segment and commercial spaces are
set to rise because of our economy is growing at very high rate and many Indian and
foreign companies setting up offices and manufacturing units in the country so to satisfy
the demand of the space more developers need to come into the commercial segment.
6. Due to covid-19 there has been a huge unsold inventory so developers need to sell them
of by lowering the prices so that new cash flow can be generated in the economy.
Project completion time under RERA needs to be extended and exemption from penal
charges for a year. Healthcare facilities for construction workers need to be improved.

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 CHAPTER:V
BIBLIOGRAPHY
The websites used for this analysis are-
1) The Confederation of Real Estate Developers Associations of India (CREDAI),
https://credai.org/
2) Ministry of Commerce, https://commerce.gov.in/
3) Builders' Association of India (BAI), https://www.baionline.in/
4) Cushman and Wakefield India, https://www.cushmanwakefield.com/en/india
5) JLL India, https://www.jll.co.in/
6) Economic Times Realty, https://realty.economictimes.indiatimes.com/
7) CBRE India, https://www.cbre.co.in/en/about
8) DLF India, https://www.dlf.in/
9) Moneycontrol, https://www.moneycontrol.com/real-estate-property/
10) Ernst and Young, https://www.ey.com/en_in/real-estate-construction
11) Grant Thorton, https://www.ey.com/en_in/real-estate-hospitality-construction

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