NK Mid Yr Review 2008

							MID - YEAR MARKET REVIEW
KOLKATA, June - 2008

CORPORATE SERVICES

RETAIL

RESIDENTIAL

LAND

INVESTMENT

HOSPITALITY

2008, Mid Year Market Review

DEAR CLIENTS: NAI NK Realtors is pleased to present the 2008 Mid Year Kolkata Market Overview. Kolkata real estate market is still on the growth path despite the recent economic downturn owing to sub-prime crisis, volatile equity market, rising inflation, soaring commodity and crude price. Office market showed some signs of slow growth due to the economic downturn. However, Kolkata office market has all the ability to sustain in this situation with the availability of large state of the art plug & play facilities and lowest quoted rentals among the metro cities. The retail boom in Kolkata, backed by its large growing middle class population and their rising disposable income which has attracted the leading national and international retail brands and the subsequent retail real estate developments will be continued and can't be scaled down by the recent economic downturn. Residential property sales that had been growing at about (3040) % in 2007 have declined considerably by (10-15) % in 2008. We expect the residential market should continue to grow and the growth will likely to be more in the MIG sector. Although Kolkata real estate market is showing some signs of sluggish market situation but the overall real estate demand across sectors will remain strong for the next two quarters.

Pawan Agarwal Director

2008, Mid Year Market Review

MID YEAR REVIEW OF
values, trends & opportunities
IN THE KOLKATA REAL ESTATE MARKET

CONTENTS
Office Retail Residential Land Hospitality

2008, Mid Year Market Review - OFFICE
KOLKATA OFFICE MARKET
Kolkata office market is still on the growth path despite the recent economic downturn owing to sub-prime crisis, weakening of the Dollar, volatile equity market, rising inflation, soaring commodity and crude price. Growing IT & ITeS sector, availability of large plug & play facility and lowest quoted rentals among the metro cities have all lead to this growth.

Supply in kolkata:
The first six months of 2008 saw the completion of approximately 10, 83,200 sq.ft. office space in office Kolkata market. CBD area witnessed only the completion of AVANI SIGNATURE a 84,766 sq.ft. notable office building by Avani Group at Park Street. Salt Lake Sector-V and Rajarhat continue to remain most active office development zone. Around 9, 98,500 sq.ft. of new supply has been added in the first two quarters.

Vacancy in Kolkata office market
During the first two quarters, average Grade-A space vacancy across all the office locations in the CBD area were at around 3.75% while average Grade-B space vacancy were at around 8%. Vacancy increased from 22% to 25% in Grade-A space and from 16% to 17% in Grade-B space in the up coming office areas like Topsia and Kasba from first quarter. This is due to the fresh supply that has been added to the existing stocks in this emerging area. During the first six months of 2008, overall vacancy rates for the Salt Lake Sector-V office market were at around 38.75%. GradeA space vacancy rates increased from 1st quarter from 41% to 45% and Grade-B space decreased from first quarter from 36% to 33%. In Rajarhat, there were high vacancy rates in Grade-A office space at around 65.5% over the last quarters. This is due in part to the amount of construction of new built-to-suit developments.
Park Street Camac Street Dalhousie Square A.J.C. Bose Rd. Topsia Road Salt Lake (Sec-V) Rajarhat 4% 1% 10% 22% 41% 66% 70% 60% 50% 40% 30% 20% 10% 0% Q-1 Grade-A 4% 11% 25% 45% 65% 6% 1% 10% 15% 16% 36% Q-2 Q-1 Grade-B 6% 1% 9% 17% 17% 33% Q-2

Lease Rates and Capital Values in Kolkata
Annual rental growth in the CBD area which was around 40% to 50% in 2007 due to strong corporate demand and shortage of Grade-A office space have registered slow growth in the 1st and 2nd quarters. This is reflection of weak demands from corporate sectors affected by the onset of current market slow down. CBD area registered only 10% growth in Grade-A space and 11% in Grade-B space over the last two quarters. At year end, rentals in Park Street for Grade-A office space were at around Rs. 150 per sq.ft. per month. At mid year rentals in the same area reached to Rs. 165.00 per sq.ft. per month.
40 80 160 120 8,000 200

Grade-A & Grade-B Office Rentals & Capital Values
Grade-A
16,000

Grade-B
120 100
12,000

12,000 10,000 8,000 6,000 4,000 2,000 0
Rajarhat

80 60 40
4,000

20
0
Rajarhat

Over all capital value appreciation for Grade-A space was
A.J.C. Bose Rd. A.J.C. Bose Rd. Topsia Road Salt Lake (Sec-V)

over the 1st two quarters. Capital values remained relatively stable in Camac Street, Topsia Road and Salt Lake Sector-V area over the quarters. AJC Bose Road area witnessed the maximum appreciation at around 18% in the 2nd Quarter as against 1st Quarter. Capital Value have increased from Rs. 11,000 to Rs. 13,000 per sq.ft. from first quarter.

Rental Value

Capital Value

Rental Value

Salt Lake (Sec-V)

Topsia Road

Camac Street

Camac Street

Park Street

Park Street

recorded in the range between 6-8% across the Kolkata market

0

0

Capital Value

Source: NAI NK Realtors Research

2008, Mid Year Market Review - OFFICE
UP COMING IT DEVELOPMENTS
Developer Unitech Hi-Tech Structure Shapoorji Pallonji Enfield Infrastructures Ltd. TATA Infrastructure Kolkata IT Park Sriram Properties Riverbank Holdings Salarpuria Properties DLF Info City Developer Mani Magus RMZ & Ambuja Realty Ambuja Realty Vipul Infrastructure Videocon Salarpuria-I&II Simoco Godrej S.K Toshniwal & Co. Emami Group Nick Nack Type IT-SEZ IT-SEZ IT-SEZ IT-SEZ IT-SEZ IT-SEZ IT-SEZ IT-SEZ IT Park IT Park IT Park IT Park IT Park IT Park IT Park IT Park IT Park IT Park Location Rajarhat Rajarhat Rajarhat Rajarhat Bantala Uttar Para Batanagar 24 Pgs (N) Rajarhat Rajarhat Rajarhat Sector-V Sector-V Sector-V Sector-V Sector-V Sector-V Sector-V Area (Appx) 48 Acres 50 ” 40 ” 40 ” 130 ” 314 ” 25 ” 350 ” 26 ” 13 ” 20 ” 0.58 mill. sq.ft. 0.31 ” 0.34 ” 1.30 ” 0.80 ” 0.25 ” 0.14 ”

SYNTHESYS at Rajarhat
LOCATION Chowringhee Russel Street Rajarhat Ripon Street A.J.C. Bose Road Rajdanga Chowringhee Near Ruby Hospital Near Ruby Hospital Park Street SQ. FT. 30,000 70,000 1,80,000 42,000 60,000 1,00,000 4,50,000 35,000 80,000 37,000 OPERATIONAL FROM 2010 2010 2010 2010 2010 2010 2010 2011 2011 2011

SIGNIFICANT TRANSACTIONS
COMPANY GTL Ltd. Schneider Electric. Emersion DBS Bank Private Company BUILDING Infinity Benchmark Sugam Business Park Globsyn Crystal Mani Boutique PS Glitz SQ.FT. 16,500 13,412 20,000 12,000 20,775

DLF IT PARK at Rajarhat

FORECAST
Kolkata office market will continue to experience the sluggish market situation through out the year. Vacancy rates in the CBD area will likely to remain at present level until the market situation improves. With the introduction of more and more IT Parks and SEZ’s in new areas like Bantala, Batanagar, Jagadishpur, vacancy rates of large built-to-suit property is likely to increase over the next couple of years. On set of market correction coupled with high rentals and low Grade-A supply in the CBD area, over all transaction volume will be slowed in the coming months. Expect overall lease rates to remain stable through out the year across all the office locations in Kolkata.

UPDATES ON IT & ITeS
Infosys & WIPRO the two IT major will develop their IT Park within the proposed 1200 acre Township at Rajarhat near Vedic Village. These two SEZ facilities are coming up on 90 acres of land each at the investment of Rs. 1000 crores. PS Srijan Tech Park, a 3,85,000 sq.ft. IT office space at Salt Lake Sector-V, jointly developing by PS Group and Srijan Realty will be ready for fit out by the end of 2008. This is going to be the second Green Building in Sector-V after Technopolis.

2008, Mid Year Market Review - RETAIL
KOLKATA RETAIL MARKET
The retail boom in Kolkata, backed by its large growing middle class population and their rising disposable income which has attracted the leading national and international retail brands and the subsequent retail real estate developments will be continued and can't be scaled down by the recent economic downturn.

The old Mackinnon Mackenzie Building at 16 Strand Road adjacent to Millennium Park on the bank of the river Hooghly will be converted into a shopping mall.

Supply
The 1st & 2nd quarters saw the opening of two new mega malls with over 1.4 million sq.ft. of retail space. The first one is South City on the Prince Anwar Shah Road and the second one is Mani Square on the E. M. Bypass. The advent of the national and international retail giants in Kolkata market some three to four years back had driven the developers to concentrate more on retail real estate developments resulting in more than 2 million sq.ft. of operational mall space and around 5.5 million sq.ft. of mall space are in various stage of construction.

MALL SUPPLY AT THE YEAR END
Demand
MALL AXIS OZONE DOWN TOWN LA VIDA LOCATION RAJARHAT V.I.P.ROAD SALT LAKE, SECTOR- III SALT LAKE, SECTOR-III SQ.FT. 3,20,000 1,50,000 1,20,000 85,000

SOUTH CITY MALL in South Kolkata

Signing of anchor deals have been completed in most of the up coming malls. Vanilla deals are now taking place but in slow pace. The demand for high street retail real estate continues to remain strong with the influx of many new premium and promising developments across the micro markets. Overall business performance in the malls and few up market high street locations were below expectations over the last six months. This is primarily because of recent economic downturn combined with high rentals and low conversion ratio.

German wholesale distribution giant Metro Cash & Carry store on Eastern Metropolitan Bypass is expected to be operational by the 4th quarter of this year. The B2B major is eyeing on few more properties to make their presence even stronger in Kolkata.

Transactions
The increasing consumer price and dipping consumer spending resulted in fewer transactions and this has been the Kolkata retail market trend for the last six months. However, Value retailing in the 1st two quarters were vibrant especially with the opening of more new stores by Big Bazaar, Aditya Birla Group, Spencer’s, Spinach. Big Bazaar opened two new stores at Lee Road and Esplanade in the last two quarters while the others came up in the outskirts like Sinthi, Belghoria, Tala Park, Lake Town, Barrackpur, Behala, Baisnav Ghata Patuli, Garia, Narendrapur etc. Elgin Road, Rash Behari Avenue, P.A. Shah Road, and NSC Bose Road witnessed maximum opening of stand alone stores with many premium and promising brands like Carl Zeiss, Planet-M, Titan, Samsonite, Odyssey, Reebok, etc. in the last two quarters.

COSTA COFFEE store in Mani Square Mall

2008, Mid Year Market Review - RETAIL
MARKET ENTRY
McDonald’s the world’s biggest quick service food chain, which
has already established its presence in Kolkata with their Park Street store, has now opened their 2nd outlet on around 4,000 sq.ft. space in Mani Square Mall. Kolkata witnessed the entry of some new brands like I-Max, Amoeba, Scary House, Costa Coffee, Etam, AND, OVO, Oyo, Scram, New Zealand Naturals by opening of Mani Square mall in the 2nd quarter. After opening Spencer’s Daily and Spencer’s Super, small format super market chain stores in different parts of Kolkata, RPG Retail opened their large format store Spencer’s Hypermart (40,000–70,000) sq.ft. in South City mall and Mani Square mall in the last two quarters. In the last two quarters, Subhiksha, India’s largest retail chain and mobile retailer has entered into the mobile retail markets with “Subhiksha mobile stores” in Kolkata. They have opened their stores at E-Mall, Jadavpur and B.T. Road. The Kolkata market will have over 70 such stores. A considerable growth has been witnessed in Food and Beverage sector. In the last two quarters Kolkata has attracted new formats in restaurant segment like Sigree, Machaan, Nola, Benjarong, Zara, Flame-N-Grill, Mostly Kebab and Noodle Bar etc. In the quarters Specialty Restaurants Pvt. Ltd. (SRPL), India’s largest chain of fine dinning has brought Mainland China and Flame & Grill in South City mall and Machaan, Haka and Mostly Kebab at Mani Square mall. Two new format outlets Benjarong and Zara also opened by OCPL in the South City mall. The Delhi-based retail brand Spinach has made its foray into kolkata market by opening of eight neighbourhood grocery stores in the 2nd quarter. They are located at Tala Park, Lake Town, Barrackpur, New Alipur-O Block, James Long Sarani, Metropolitan, Patuli and Narendrapur. Expansion of major Coffee chains like Café Coffee Day, Barista and Aqua Java continues in Kolkata market. In the last two quarters Café Coffee Day opened five stores measuring 800-1000 sq.ft. With the success of INOX and FAME, major multiplex operators of India are eyeing on Kolkata market. Two new multiplexes CINEMAX and MOVIE TIME will hit the Kolkata market very soon. At present FAME, INOX, 89 CINEMAS and ADLABS are the operational multiplex operators in Kolkata. CINEMAX is coming up at Mani Square Mall and MOVIE TIME is coming up at Salt Lake and Ballygunge. Overall, the demand for retail real estate space in the potential areas continues to remain strong. The pressure for space on potential and emerging high streets will push rentals.
Mall Mall Stand Alone

RETAIL VACANCY RATES
100% 50% 0%
CBD 2% 5%

North South E.M. Kolkata Kolkata Bypas 75% 20% 30% 25% 5% 5%

New Town 5% 10%

Salt Lake 10% 5%

RETAIL LEASE RATES
400.00 300.00 200.00 100.00 0.00 CBD North South E.M. Kolkata Kolkata Bypas New Town Salt Lake

325.00 145.00 200.00 200.00 120.00 150.00

Stand Alone 200.00 90.00 110.00 115.00 70.00 115.00

Source: NAI NK Realtors Research

In the two quarters, average appreciation of retail lease rates in the shopping malls were recorded at around 12% across the Kolkata market. The Highest growth in mall rentals was at E.M. Bypass area. At year end, average mall rentals on the E.M. Bypass were at around Rs. 160/sq.ft./month. At mid year rentals in the same area reached to Rs. 200/sq.ft./per month. Rentals in the CBD area like Park Street, Shakespeare Sarani, Sarat Bose Road, Elgin Road for stand alone stores were in the range between Rs. (150-250)/sq.ft./month in the last two quarters while the suburbs like Salt Lake, E.M. Bypass, Rashbehari Road, Prince Anwar Shah Road, N.S.C Bose Road in the east and south witnessed a considerable growth and the rentals were in the range between Rs. (70-150)/sq.ft./month.

FORECAST
High rentals coupled with low conversion ratio will force retailers to vacant non potential spaces in the coming months.

2008, Mid Year Market Review - RESIDENTIAL
KOLKATA RESIDENTIAL MARKET
In the last two quarters, Kolkata residential market registered a slow growth after the last year’s boom which is likely to be the effect of economic downturn. Residential out right sales rate that had been growing at about (3040)% in 2007 have declined considerably by (10-15)% in 2008. Although there was a sign of slow growth noticed in overall sales rate but number of sales across the sectors in the 1st & 2nd quarters remained same as compared to last 2 quarters of 2007. This is because Kolkata is still a end-user driven market. Sign of sluggish market are expected to continue due to few Global and internal factors like soaring crude price, volatile equity market and rising inflation. Residential consumptions had been mostly in the MIG segment throughout the last two quarters and the movements of HIG apartment have become slow. Premium apartment prices in upcoming suburbs like Rajarhat have stagnated between Rs. 2,500 and Rs. 3,500 to last year’s level. Property prices in prime locations continue to witness an upward trend. Places like Loudon Street, Queens Park, Ballygunge has seen the maximum rise. At end-07, property prices for those locations were in the range between Rs.7000-11000 per sq.ft. At the mid of this year property prices reached to the range of Rs.10,000-13,000 per sq.ft. Residential capital values across all the micro markets in Kolkata witnessed 17% to 23% appreciation over the last six months. In the last six months, three new projects were launched, includes Active Acres at Topsia by Ruchi Realty, XANADU at New Town by Siddha Group and Anahita by Bengal Peerless at New Town. The Eastern metropolitan Bypass is now the most happening stretch of Kolkata. Existing as well as planned large shopping malls, modern offices, well equipped hospitals, international schools, five star hotels, and seamless connectivity has made this area, the most sought-after location. Bengal Shrachi’s exclusive mixed residential project, called URBANA, is slated to be Kolkata’s tallest and most premium apartments with premium bungalows is coming up at Anandapur in the same locality, which is five minutes walk from Ruby Hospital.

CURRENT PREMIUM SUPPLY

SANKALPA at Rajarhat

ELITA GARDEN VISTA at Rajarhat

OUTRIGHT RATE GROWTH
Major Locations December 2007 Low
Loudon Street Queens Park Ballygunge Cir. Rd Gariahat Alipore Tollygunge Garia P.A.Shah Road Behala Batanagar & Maheshtala R.B. Connecter NewTown Jessore Road VIP Road B.T.Road Madhyamgram Dobson Road G.T. Road (South) Average 7000 7000 8000 4500 6000 2400 1600 3000 1600 1300 3000 2500 1800 2400 1500 1300 2200 1800 3172

June 2008

% change (1/2 yearly)

High Low
10000 10000 10000 10000 11000 10000 6000 10000 3500 2000 4800 2200 2000 4000 3300 2700 3300 2000 1800 3200 2300 4550 5000 7000 3300 1700 3500 1700 1500 3500 2500 1800 2600 1500 1500 2200 1800 5785

High Average
13000 13000 13000 7500 13000 4000 2300 5500 2200 2500 4100 3500 3500 3500 2000 1900 3200 2300 5012 37% 37% 22% 18% 24% 24% 11% 16% 3% 20% 10% 3% 15% 7% 0% 11% 0% 0% 20%

Kolkata Links, a satellite township project by Diamond and Vedic Group near Vedic Village at Rajarhat will hit the Kolkata market soon and Calcutta Riverside an integrated township at Batanagar by Hi-Land Group jointly with BATA will be re-launched with few changes in the 4th quarter.

Rates are in Rs. per sq. ft.

Source: NAI NK Realtors Research

2008, Mid Year Market Review - RESIDENTIAL
RESIDENTIAL SALE RATES
KOLKATA, MID - 2008
North Jessore Road VIP Road Madhyamgram Shyambazar B.T.Road Central Park Street Loudon Street Theatre Road Camac Street South-West Alipore Behala 1800-3500 2600-3500 1500-1900 2300-3000 1500-2000 10000-13000 10000-13000 10000-13000 10000-13000
Rates in Rs. per Sq. ft.

UP COMING SUPPLY

South Central Queens Park Sunny Park Gurusaday Rd.

10000-13000 10000-13000 9000-12000 Ballygunge Cir. Rd. 10000-13000 Ballygunge Park Rd. 10000-13000 Mayfair Rd. 7500- 9500 Ballygunge Place 4000- 6000 GoalPark 4500- 6000 Gariahat 5000- 7500 Rashbehari 4000- 6000 6000-8000 6000-7000 3500-5500 3000-3500 3300-4000 3000-4500 2500-2900 2800-4100 3500-5000 2500-3500

KOLKATA LINKS Kolkata Links
Location Type of Development Total Land Area No of Units Current Offer Expected Launch Date
Expected Completion Date

7000-13000 1700 - 2200 Batanagar & Maheshtala 1500 - 2500 South Eastern Fringe Garia 1700-2300 Narendrapur 1500-2150 R.B.Connector 3500-4100 Howrah Dobson Road GTRoad (South) 2200-3200 1800-2300

South Lansdown Road Bhawanipore P.A.Shah Rd. Jadavpur Tollygunge East Salt Lake Beleghata Kankurgachi EM Bypass (Cent) NewTown

Rajarhat Township 1200 acres (approx) Total is yet to be decided 896 Double Duplexes (G+3) End of 2008 2012 (Phase By Phase)

Fort Group - Ultadanga Project
Location Type of Development No of Units Expected Launch Date
Expected Completion Date

RESIDENTIAL LEASE RATES
MAJOR ZONES
NORTH KOLKATA Shyambazar VIP Road EAST KOLKATA Salt Lake E.M Bypass (central) CENTRAL KOLKATA Park Street, Theatre Road SOUTH KOLKATA Prince Anwar Shah Road Jadavpur Tollygunge SOUTH-WEST KOLKATA Alipore Behala SOUTH-CENTRAL KOLKATA Ballygunge (prime areas) Ballygunge (other areas) SOUTH-EAST KOLKATA E.M. Bypas (near R.B. connector) Garia Narendrapur

Rs. per sq.ft.
12-15 10-15 15-20 20-25 30-35 15-20 10-15 10-14 30-40 8-10 35-40 15-20 12-17 8-10 8-10

Developer

11/3 CIT Scheme, Kol-54 Apartment 234 (Approx) 1st Quarter - 2009 1st Quarter - 2012 Fort Group

Calcutta River Side
Location Type of Development No of Dwelling Units
Expected Re-launch Date Expected Completion Date

Developer

Batanagar Integrated Township 3175 (Approx) October - 2008 2013 (Phase By Phase) Hi-Land Group & BATA

FORECAST
The residential market should continue to grow and the growth will likely to be more in the MIG sector. Growth will be concentrated more in the periphery areas like Madhyamgram, Rajarhat, Narendrapur, Maheshtala - Batanagar. Residential rates will likely to rise by 10-15%.

2008, Mid Year Market Review – LAND & HOSPITALITY
LAND:
In the last two quarters land prices stabilized in all areas of Kolkata. In the up coming areas like EM Bypass, Rajarhat land sales continued to be competitive. At present, availability of large land with good infrastructure facility in the outskirt areas like Madhyamgram, Garia, pushing the price upward. Areas like Ballygunge Circular Road, Ballygunge Park Road, Sunny Park witnessed maximum price escalation in the last two quarters and it was in the range between 25% to 35%

HOSPITALITY
kolkata is going to be more vibrant with the planned developments of a number of luxury hotels, resorts and service apartments by renowned national and international hotel chains in the next three to five years. Influx of sizable investments in Automobile, Steel and Iron and IT sectors are currently fueling the hotel room demand in and around Kolkata. Currently the EM Bypass, a major road connecting the northern, central and southern parts of Kolkata and gateway to the airport, IT hub of the city at Sector V, and the fast developing townships of Rajarhat, dotted with premium residential complexes, shopping malls, amusement parks, 5 star hotels, hospitals and offices has emerged as the best location for upcoming national and international hotel chains. In the second quarter Apeejay Surrendra Group which owns The Park Hotels declared a plan of 300-room luxury hotel to be developed along the E. M Bypass road, two hotels - ITC Sonar Bangla and Hyatt Regency - are already located along the stretch, three more hotels - Hilton, JW Marriott and Holiday Inn - are underway in adjacent plots. Rates (Rs./cottah)
6.5-8.0 8.0-9.0 4.0-5.5 8.0-10.0 5.0-6.0 1.5-3.0 2.0-3.0 1.0-6.0 1.0-2.5 0.05-0.6 0.15-0.7 0.05-0.15 million ” ” ” ” ” ” ” ” ” ” ”

SIGNIFICANT TRANSACTIONS
Apeejay Surrendra Park Hotels purchased 3.35-acre on the E.M. Bypass adjacent to DLF-Hilton property at the cost of Rs. 135.77 crore bid for the land in Salt Lake from KMDA. Another land deal concluded on E.M. Bypass area in the quarters. An unknown group bought around 43 cottahs of land at the cost of Rs. 21 crore.

RESIDENTIAL LAND RATES
Area
Alipore Ballygunge (prime areas) Ballygunge (other areas) Park Street, Theatre Road Gariahat, Rashbehari Shyambazar VIP Road Salt Lake Tollygunge, Jodhpur Park, Jadavpur, Behala Garia, Narendrapur, Joka, Pailan, Kona Madhyam Gram, Jessore Road, B.T. Rd. Developable Land in fringe areas

Indo-UAE joint venture realty major Emaar MGF, who has already entered into Kolkata’s hospitality map by constructing of JW Marriot and Holiday Inn hotel, further will invest Rs. 1,200 crore jointly with Sinclair's. The new hotels and resorts will be developed at Sundarban, one of the worlds finest mangrove forest area, close to Kolkata. Mahindra Holidays & Resorts also has plan to develop resorts in Sundarban. In the next three to five years Kolkata will get 20-25 new hotels, and the capacity will be increased by approximately 2,800-3,000 rooms. In the last two quarters occupancy level in the city hotels have declined marginally. The Average daily room rates in the 2nd quarter were in the range between $150 and $200 in five star category. Increased airfare due to soaring oil price was mostly responsible for the situation. This trend will likely to be continued. Kolkata has a huge demand for service apartments. High tariffs in five star hotels are contributing to this demand. At present developers like Surekha Group, River Bank Holdings, DLF are coming up with a number of such projects in Salt Lake Sector-V, Rajarhat and Batanagar.

Source: NAI NK Realtors Research

FORECAST
As economic downturn continues, the land price will stabilize except few potential locations through 2008. In the areas like Park Street, Camac Street, Elgin Road Ballygunge, Gariahat and New Alipore, land market activity will grow and appears to be getting more competitive due to shortage of potential land.

2008, Mid Year Market Review

NAI NK Realtors is a real estate service provider and provides real estate services to both local and global clientele. NAI NK Realtors services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, site searches, consulting finance and and investment services. services, For more demographic analysis, due diligence and related advisory information, visit NAI NK Realtors Web site at:

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This report contains information available to the public and NAI NK Realtors accepts no responsibility if this should prove not to be the case. No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein. The same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawals without notice.

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