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Year-end 2020
S P OT L I G H T Chennai Market Watch
Savills Research
Office
Chennai Market Watch - Office – Year-end 2020 Chennai Market Watch - Office – Year-end 2020
GDP growth (annual % change)
10
8
6
4
2
0
-2
-4
-6
-8
-10
2015 2016 2017 2018 2019 2020 2021
-12
China, People's Republic of India United Kingdom
United States Asia Pacific World
Source IMF World Economic Outlook (graph represents IMF WEOs till Oct 2020)
COVID impact on sectoral GDP (%)
-47.0% -50.3%
Trade, Hotels -15.6% Construction -8.6%
-5.3% -39.3%
INDIAN Finance,
Real Estate
-8.1% Manufacturing 0.6%
ECONOMY
Q1 FY 21
The crash Among the numerous features of these
Atma Nirbhar Bharat Schemes, the
Projections and hope 3.4% Q2 FY 21
By the middle of the year, global agencies At its peak, the pandemic-induced
like the IMF projected deep fall in growth infusion of INR 6,000 crores equity by the
government in National Infrastructure
compulsions wiped off about one-fourth of Agriculture 3.4%
2020
across the world, and indeed, in India too. the GDP, as demand plummeted. While the
Investment Fund (NIIF) debt platform slide has been arrested significantly third
Source Statista (https://www.statista.com/statistics/1107798/india-estimated-economic-impact-of-coronavirus-by-sector/)
India’s second quarter GDP growth deserves special mention, as core quarter onwards, damage control persists
showed a decline of 23.9% (Q-o-Q). The infrastructure development is a key focus as 2020 ends.
next quarter’s -7.5% meant that India was area. Similarly, the announcement of
in recession. It is important to note that INR 18,000 crores as additional outlay for In spite of this adversity, forecasts by
the infections peaked in India on Pradhan Mantri Awas Yojana - Urban various agencies present hopes of a sharp In a major achievement, India’s GST collections
September 17th 2020*. (PMAY – U), is another key feature worth
noting. This was provided over and above
and V-shaped recovery for several
economies, including India. IMF’s October
recorded a peak of INR 1.15 lakh crores in
Follow through of 2019
The four key areas which were deeply
dented at the height of COVID were the INR 8,000 crores already given in the World Economic Outlook estimates India’s December 2020.
year. The estimated benefit is launch of 12 growth rate in 2021 to be in the range of
As 2019 ended, the economic slowdown was being countered consumption, employment, supply chain
lakh and completion of 18 lakh houses. 10.5%-11.5%, which is among the highest.
deftly by a strong set of policy measures by the Indian
government. These measures were neatly categorized in nine
and government income. The strongest RBI and most agencies forecast remarkable
declines were registered in consumer Incidentally, 2019 was considered to have
sets, as highlighted in our 2019 Year End Market Watch. The durables, auto sales and exports. (COVID
The Reserve Bank of India contributed
significantly during the crisis by according delivered the best ever 12-months for office economic growth in 2021.
initial two months of 2020 did present a glimmer of hope for Impact on sectoral GDP graphic on p.3) high priority to keeping the economy leasing in India for a second successive
recovery, though the task appeared uphill. By the end of
Packages & policy support afloat. From 5.15% benchmark lending rate year. 2020 was expected to create a new Two key events occurred at the height of
March, however, the contours of an unprecedented economic
storm, a true black-swan event of global scale, began revealing In a proactive fiscal measure, the Central
at the beginning of the year, the repo rate
was brought down to 4% by December. It is
record. However, the socio-biological
catastrophe broke the flow and left an
pandemic in July. India’s second REIT got listed,
the enormous problem that lay ahead. The COVID-19 Government announced three Atma reported that the transmission to the indelible scar. TIME magazine chose to as Mindspace Business Parks REIT was
Nirbhar Bharat schemes, between May and
pandemic, which appeared a distant malaise to most Indians
till a month ago, was already at the doorsteps. November. We had issued the details of
consumer also improved during the year as
compared to earlier times.
famously cancel 2020 on its iconic cover. It
is from this rubble that 2021 will rise.
oversubscribed 12.96 times.
these from time to time, in our fortnightly Armed with vaccinations developed in
In no time thereafter, the follow-through of 2019 became a Savills Round Ups. Together, these record time, the human race gets up again. Around the same time, the government floated
closed chapter, as the virus spread swiftly across the country.
Almost all businesses, some more than others, slipped into
amounted to a commendable 15% of the
country’s GDP (refer Annexure for specific * https://indianexpress.com/article/
Affordable Rental Housing Complexes (ARHC)
survival and cash preservation mode. Staying afloat became details), though mostly by way of debt and explained/india-coronavirus-numbers-
explained-covid-2020-cases-deaths-testing-
Operational Guidelines to provide a boost to
the theme from then on. loans. recoveries-7128525/
rental housing.
savills.in 2 3
Chennai Market Watch - Office – Year-end 2020 Chennai Market Watch - Office – Year-end 2020
Supply addition: 2020 vs 2019
COMPLETIONS & VACANCY
2020 2019 YoY Change
HIGHLIGHTS
INDIA
16 10%
New completions also declined by 35% YOY to
about 30.6 mn sq.ft, with major fall of about 14 0%
60% YOY noted in cities namely Delhi-NCR, 12 -10%
Pune and Mumbai. While Bengaluru and
OFFICE
Hyderabad saw relatively lesser YOY decline of 10 -20%
mn sq.ft.
14% and 21%. Interestingly, Chennai 8 -30%
maintained similar levels of new completions at
about 3.6 mn sq.ft. during 2020. Bengaluru, 6 -40%
Hyderabad and Delhi-NCR together comprised 4 -50%
MARKET
of 80% of the new completions this year as
2 -60%
most supply that had come was committed in
previous years. 0 -70%
Delhi-NCR
Bengaluru
Chennai
Hyderabad
Mumbai
Pune
The overall India vacancy levels have
SUMMARY
marginally increased to 11.7% in 2020 as new
supply exceeded the pace of leasing activity this
year. Most cities have witnessed rise in vacancy
levels as the demand remained subdued. Rental trends
The rental value change across micromarkets varied
The year 2020 saw a temporary within a city compared to last year, with an average
slowdown in office markets with both decline of about 7% YOY noted in a few micromarkets in
leasing activity and new completions Deal size categories
New completions in Chennai
NCR and Bengaluru, while Chennai and Hyderabad saw
a 3% YOY decline. However, Mumbai and Pune markets
declining from the previous year, as the 50,000-99,999 sq.ft. were at similar levels as 2019 sustained similar rental ranges as last year.
pandemic impacted business activities 13% Interestingly, Mumbai sustained rental values similar as
unlike other cities that saw
across sectors. However, the confidence 2019 despite its low leasing volumes as vacancy levels
decline and deferment of witnessed a marginal declined of 1% in 2020 compared
is expected to return soon as there are
planned supply. to the previous year.
announcements of vaccinations to less than
25,000-
25,000 sq.ft.
contain infections and return to 12%
49,999 sq.ft.
Overall the markets saw stable rents with
normalcy. 15%
certain pockets dragging overall decline
in favor of occupiers.
Vacancy levels
ABSORPTION HIGHLIGHTS Absorption: 2020 vs 2019 2020 2019 Fall (2019-2020) 100,000 sq.ft. or more
60% Cities 2019 2020
The office space absorption across India’s six major cities1 18.00 0%
stood at 31.9 mn sq.ft. in 2020, driven by Bengaluru that 16.00 Bengaluru 7.0% 10.0%
-29.00%
-26.92%
-10%
continued to lead the pack. While absorption fell by 43% 14.00 Demand split by sectors
-42.53%
-20% Chennai 12.4% 13.0%
-46.32%
YOY, it is important to note that the year 2019 saw a record
YoY Decline %
12.00
mn sq.ft.
high of leasing in 2019 at about 55.7 mn sq.ft. in the last 10.00 -30%
Hyderabad 4.5% 10.8%
-58.70%
-60.18%
decade. 8.00 -40%
Engineering &
6.00 IT Mumbai 13.9% 13.4%
Bengaluru recorded the highest office absorption of 11.4 mn Manufacturing
4.00
-50%
48.7% 12.7%
sq.ft. in 2020, despite a drop of 27% compared to the -60% NCR 18.0% 21.4%
2.00
previous year. Following Bengaluru closely, Hyderabad
0.00 -70%
registered leasing of 5.4 mn sq.ft. in 2020. Hyderabad took Pune 4.2% 6.5%
Delhi-NCR
Pune
Bengaluru
Mumbai
Hyderabad
Chennai
over Delhi-NCR while the latter stood at the third place with
BFSI Co Healthcare
approximately 4.4 mn sq.ft. absorption in 2020. Like the working
12.3% 4.5% Rental range in 2020
previous year, the top three cities of Bengaluru, Hyderabad 8.4%
and Delhi-NCR constitute around 66% of the total leasing In INR psf pm Low High Average YOY Change*
activity in 2020. Mumbai, India’s financial capital, recorded Markets continue to witness Technology occupiers continue to Bengaluru 40 156 -7%
approximately 2.9 mn sq.ft. leasing through 2020, the least large deals drive demand
Consumer Goods Transport & Chennai 36 110 -3%
absorption witnessed among the six cities, while Chennai As demand continued to be driven by the Banking, Financial Services and Insurance Logistics
& Services
witnessed an annual decline of about 29%. technology sector constituting 48.7% of (BFSI) occupiers’ share in 2020 increased 2.6%
2.8% Hyderabad 40 90 -3%
total leasing in 2020 compared to 46.3% in too and was recorded at 12.3% compared to
2019, there were some large consolidation 10.6% in 2019. Engineering and Mumbai 50 370 0%
and expansion deals noted. Of the total manufacturing, as well as transport and
The trio – Bengaluru, Delhi-NCR and Consulting Real
NCR-Delhi 100 290 -3%
office leases in 2020, around 60% logistics, two of India’s growing sectors Others
Hyderabad continued to lead the leasing comprised of large deals that were more accounted for 12.7% and 2.6% respectively, & Research Estate
5.7% NCR-Gurugram 45 145 -7%
1.8% 0.3%
activity in 2020. than 100,000 sq.ft. each. Bengaluru noted which was more than double of their
the highest share of large deals at 67% respective shares in 2019. On the other NCR-Noida 50 93 -8%
followed by Hyderabad and Chennai. hand, co-working segment’s share declined Demand from coworking segment Pune 50 107 0%
to 8.4% in 2020 from 14% in 2019 as a
result of occupiers widely adopting work
declined in 2020, while technology *Averages do not reflect YOY changes within micromarkets or select premium buildings in certain
1. B
engaluru, Chennai, Delhi-NCR, Hyderabad,
Mumbai and Pune from home policy. occupiers continued to lead. localities
savills.in 4 5
Chennai Market Watch - Office – Year-end 2020 Chennai Market Watch - Office – Year-end 2020
Office absorption (mn sq.ft.) in Chennai CHENNAI MARKET OUTLOOK
4.5 DEMAND
2021F We expect a YoY growth of 5-10%
in leasing activity in 2021. The expected
4.3
absorption is therefore pegged at
approximately 4.5 mn sq.ft. for the year
2021. Pre-commitments of 2020 are likely to
2020 be adhered to, as businesses have gained
CHENNAI
confidence in the second half of 2020. The
momentum in economic activity, and
consequently in office space leasing, is
expected to continue in 2021 as well.
SECTORS
OFFICE Source Savills India Research
6.0
2019
In near to medium term, sectors such
as IT, financial services, engineering and
manufacturing are expected to constitute
bulk of office space demand in the city.
MARKET
Office space demand from warehousing ,
logistics and ecommerce players is
Average rents (INR/sq.ft./month)
expected to increase in future as well.
Coworking segment is likely to brush aside a
100 disappointing year and move ahead with
UPDATE
new models and offerings in 2021.
80
RENT
60
Rents in 2021 are likely to match or
40 inch past the pre-COVID levels. Along with
stability in rentals, terminations and space
20 surrenders are likely to be significantly less
CHENNAI’S KEY in 2021, resulting in slight improvement in
HIGHLIGHTS - overall occupancy levels in the city.
CBD
Ambattur
Pre-toll
GST
OMR post-toll
SBD Others
Guindy
PTR
MPR
Strong resilience through the turmoil: SUPPLY
Although the city witnessed a 29% YoY
decline in absorption, Chennai witnessed 2021 is expected to witness
the least decline amongst top 6 office approximately 5.6 mn sq.ft. of new
markets of India. Space absorption was completions, which translates to 54% higher
LEASING AND country. Flexible spaces had a share of 5%
relatively better during the pandemic in supply as compared to 2020. Most of this
in the overall absorption in the city. 2018 2019 2020
COMPLETIONS Chennai, as lockdowns and supply chain
2018 2019 2020 upcoming supply is concentrated in Guindy
and MPR.
Absorption: Chennai witnessed 4.3 mn Supply: The city saw new completions to bottlenecks had comparatively caused Source Savills India Research
sq.ft. of leasing activity in 2020. In addition the tune of 3.6 mn sq.ft. with close to 52% lesser impact on the commercial real estate
to fresh leasing activity, pre-commitment of additional supply on the OMR pre-toll market of the city. Chennai along with MAJOR TRANSACTIONS IN 2020
levels remained buoyant. Organisations stretch. MPR also witnessed significant Bengaluru, witnessed sub 30% drop in
across sectors have already pledged 1.1 mn incremental supply. transaction volumes as compared to 2019,
Transacted area
sq.ft. of space in advance, which is second while other major cities reported a drop of Tenant Micromarket Building
Vacancy rate (sq.ft.)*
Grade – A office stock & vacancy only to Bengaluru in terms of volume. almost 40-60%.
Although the city recorded significantly Amazon Pre-toll OMR Brigade WTC 840,000
71.2 74.8
As far as micromarket specific demand is higher transactions as compared to supply Also, in terms of new completions, Chennai
concerned, Old Mahabalipuram Road infusions, especially in the second half of was the only market among top 6 cities* in
(OMR) pre-toll, Pallavaram–Thoraipakkam Cognizant MPR DLF Cybercity 472,000
the year, the overall vacancy of the city India to register a growth in supply in 2020
12.4% 13.0% Road (PTR) and Mount Poonamallee Road
(MPR) continued to drive the demand of
office space and contributed to
increased marginally and stood at 13% at
the end of the year. The increase in vacancy
can be attributed to lease terminations and
as compared to 2019. In continuation of the
intra-city trend of 2019, developers and
occupiers preferred micromarkets like
BNY Mellon PTR Embassy Splendid 375,000
2019 2020 approximately 74% of the total leasing forfeiting of office space by occupiers. The OMR pre-toll, Guindy, MPR and PTR. CAT Pre-toll OMR Brigade WTC 350,000
activity in the city. ongoing pandemic forced many an
occupier to reconsider and re-evaluate Demand driven by large deal sizes: Large Walmart Labs Pre-toll OMR RMZ Millenia-1C 254,000
Sector split: As expected, space take up in
80.5 their real estate requirements. size deals of more than 100,000 sq.ft.
the city was driven by companies from IT
dominated the leasing activity,
and allied industries. The segment
Stock Rents contributing to over 60% of the total office
CHENNAI MICROMARKETS
generated around 56% of the demand. CBD - Anna Salai, Nungambakkam, R K Salai, Egmore, T Nagar, Greames Road
in mn sq.ft.
14.0% The overall city-wide rentals witnessed space demand in the city. Interestingly,
Engineering, manufacturing and financial PTR – PBD - Pallavaram Link Road
approximately 3% YoY decline. While while micromarkets such as OMR pre-toll
services were other significant sectors SBD - Guindy & MPR- Guindy Estate, Little Mount, Ekatuthangal, Mount Poonamallee Road, Manapakkam
Vacancy which shaped the overall demand in the rentals across the Central and Secondary and PTR primarily consisted of large sized
SBD - pre-toll OMR- Tharamani, Perungudi, MGR Salai
2021F city. The top three sectors together Business Districts remained steady, other transactions, smaller transactions of less
PBD - post-toll OMR- Thoraipakkam, Shollinganallur, Navalur, Siruseri
prominent micromarkets like Ambattur, than 50,000 sq.ft. were quite significant in
constituted around 85% of total leasing Ambattur – PBD- Ambattur
Guindy, OMR, PTR and MPR witnessed a the Central Business District (CBD),
activity in 2020. Demand arising from the SBD Others - Velachery, Arcot Road, Arumbakkam, Anna Nagar
Source Savills India Research
range bound decline of 2-7%. Guindy and MPR.
coworking segment has taken a hit in 2020, GST Road – PBD- Perungalathur, Maraimalai Nagar
expectedly, like the trend across the * Bengaluru, Chennai, Delhi-NCR, Hyderabad, *Approximate and indicative areas only
Mumbai & Pune
savills.in 6 7
Chennai Market Watch - Office – Year-end 2020 Chennai Market Watch - Office – Year-end 2020
ANNEXURE
The COVID-19 pandemic stifled both
the demand and supply side of INR 18,000 Cr. additional outlay for PMAY (U) – An
various sectors of the economy additional outlay of INR 18,000 Cr was announced for
including real estate for majority of
KEY STIMULUS
the urban housing scheme in November 2020, to help
the first half of 2020. A sudden complete real estate projects that would eventually
create jobs and boost the economy. The additional
nationwide lockdown brought the outlay was over and above the INR 8,000 Cr spent
production machinery to almost a
sudden and abrupt standstill. Despite PACKAGES TIMELINE earlier in the year. The allocation was expected to
benefit grounding and completion of 12 lakh and 18
lakh houses respectively.
the initial bruises to the economy, the
government put up a brave fight to
reduce the overall economic fallout of
2020 Income tax relief measure for developers and home
buyers for houses up to INR 2 Cr. – As part of ANB
3.0 stimulus measures to push economic growth,
the pandemic. Various stimulus first-time buyers of houses costing up to INR 2 Cr.
packages and reform measures were were entitled to get income tax relief of up to 20% till
announced by the government from June 2021. The move was expected to incentivize
time to time in 2020. The Reserve people to buy homes and bring down the excess
inventory in the residential segment. The maximum
Bank also played a significant part, difference allowed between circle rate and agreement
Special Refinancing facilities of INR 50,000 Cr. of NHB, SIDBI &
orchestrating a downward revision in NABARD - (Including INR 10,000 Cr. to NHB) –In April 2020, the Karnataka’s new industrial policy of INR 5 Lakh Cr. - The value for primary sale of residential units of up to
lending rates and injection of liquidity Reserve Bank of India announced a special refinance facility for a new state industrial policy aims to facilitate greater invest- INR 2 crore was increased from 10% to 20% as well.
into the system. total amount of INR 50,000 Cr to National Bank for Agriculture and ments in advanced manufacturing, research and develop- INR 6,000 Cr. infusion in the NIIF debt platform –
Rural Development (NABARD), Small Industries Development Bank ment (R&D), and innovation. The main objective of the policy The government in November 2020 also approved
of India (SIDBI) and National Housing Bank (NHB) to help them is to attract INR 5 lakh Cr. of investment in the state and to equity infusion of INR 6,000 Cr. in a debt platform
create at least 2 million employment opportunities. The new
Pain points meet financing needs of housing finance companies, regional rural
industrial policy intends to promote the development of
sponsored by National Investment and Infrastructure
banks, cooperative banks and microfinance companies, which had Fund (NIIF). The debt platform was announced as an
been hit hard due to the stringent nationwide lockdown. The overall tier-2 and tier-3 cities in Karnataka, increase merchandise extension of the ANB 3.0 package and aims at
• Decline in consumption allocation of INR 50,000 Cr. included a special carve out of INR exports in the next five years, and maintain a yearly industrial funding infrastructure projects under the National
• Loss of employment 10,000 Cr. for the housing segment. growth rate of 10%. Infrastructure Pipeline of INR 1.10 lakh Cr.
• Stress on supply chain
Apr 2020 Jul 2020 Nov 2020
• Steep fall in government revenue
Calibrated counter-measures
• Atma Nirbahar Bharat Packages
- 15% of overall GDP
• Reserve Bank of India- 115 bps
rate cuts throughout 2020 with
an accommodative stance
February – 2020 May 2020 Aug 2020
INR 13,750 Cr. for Smart City & AMRUT – Smart city INR 3 Lakh Cr. collateral free automatic loans for MSME – The government Affordable Rental Housing Complexes (ARHCs)
mission is a mission to develop smart cities across the announced a slew of liquidity measures, which included collateral-free automatic operational guidelines - Taking cognizance of
country, making them citizen friendly and sustainable. loan worth INR 3 lakh Cr. The scope of the credit guarantee scheme was also various bottlenecks and realising that the full
While 100 cities have been identified in the Smart City widened by doubling the upper ceiling of outstanding loans from INR 25 Cr. to INR potential of rental housing in the country is yet to be
programme, the Atal Mission for Rejuvenation and 50 Cr. and including certain individual loans given to professionals like doctors, tapped, the government in August 2020 came up
Urban Transformation (AMRUT) scheme is targeted at lawyers and chartered accountants for business purposes under its ambit. with specific guidelines under the ARHC scheme.
upgrading urban infrastructure across 500 towns and Under the scheme, existing vacant government-fund-
INR 45,000 Cr. Partial Credit Guarantee Scheme 2.0 for NBFC – The government
cities. The government in its budgetary presentation of ed housing complexes across major cities will be
extended the scope of the Partial Credit Guarantee Scheme (PCGS) to provide
2020 had allocated INR 13,750 Cr. for the Smart Cities converted into ARHCs and offered to concessionaires
greater flexibility to state-owned banks in purchasing bonds and commercial papers
Mission and AMRUT, which was around 40% more than for 25 years to rent out the units to urban poor and
of Non-Banking Financial Companies (NBFCs). As a part of the Atma Nirbhar Bharat
the amount set aside in 2019. The increased allocation migrant workers. The government will incentivise
(ANB) initiative, the scheme now covered primary market issuances with lower
was in a way a soft signal showcasing the govern- private and public entities to develop such housing
credit ratings as well. The centre provided 20% first loss sovereign guarantee to
ment’s commitment towards expedition of real estate complexes on their own available vacant land also.
public sector banks for purchase of these lower rated instruments, resulting in
and infrastructure development in the urban areas of Incentives include viability gap funding, technology
liquidity infusion of INR 45,000 Cr. into the system.
the country. innovation grant, additional floor space, lending at
INR 70,000 Cr. boost to housing sector and middle - income group through concessional rates and tax reliefs.
INR 27,000 Cr. for PMAY – The Pradhan Mantri Awas
extension of CLSS – For the middle-income class (INR 6 – 18 lakh income per year) a
Yojana (PMAY) is a flagship initiative of the Govern- Stamp duty reduction in Maharashtra & Karnataka
credit linked subsidy scheme (CLSS) was introduced by the Government of India in
ment of India which aims at providing affordable –To revive housing sales and address the demand
May 2017. It was subsequently extended up to 31st March 2020. In the second
housing to economically challenged sections of the side, various state governments slashed stamp duties
tranche of economic package under the ANB programme, the CLSS for affordable
society. The programme aims to meet a steep but across housing segments. Maharashtra was one of
housing was extended again till March 2021 with a liquidity boost of INR 70,000 Cr.
noble target of “Housing for All” by 2022. In 2020, the the first states to do so, reducing stamp duty from
Around 2.5 lakh middle income families were expected to benefit from the extension
PMAY received grants of INR 27,500 Cr. as against INR 5% to 2% from September- December 2020 and 3%
of the scheme.
25,328 Cr. in 2019, an 8.5 % YoY increase. from Jan- March 2021. Later, Karnataka also followed
INR 30,000 Cr. liquidity facility for NBFC/HFCs/MFIs – The Union Cabinet in May suit, lowering the rates by 2-3% depending upon the
INR 50,040 Cr. for Ministry of Housing & Urban
2020 also gave its nod to launch a special liquidity scheme worth INR 30,000 Cr. for housing segment.
Affairs – The ministry was allocated INR 50,040 Cr., a
stressed non-banking financial companies and housing finance companies, whose
18.4 % increase from the earlier allocation.
financials had deteriorated further due to COVID-19 crisis.
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Savills Savills India Savills India provides services across office
Savills plc is a global real estate services provider Savills India is a group company of Savills leasing, project management, capital markets,
listed on the London Stock Exchange. We have an Plc. and is a premier professional international valuations, research, consulting, industrial and
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UK, continental Europe, Asia Pacific, Africa and Pune and Hyderabad, the firm serves Occupiers, professionals.
the Middle East, offering a broad range of specialist Investors and Developers of Real Estate.
advisory, management and transactional services
to clients all over the world.
Research Central Management Regional Management
Arvind Nandan Anurag Mathur Bhavin Thakker
Managing Director Chief Executive Officer Managing Director - Mumbai
Research & Consulting Savills India Head - Cross Border Tenant Advisory
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Director Managing Director Managing Director
Research & Consulting Business Solutions Bengaluru
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Research & Consulting Commercial Advisory & Transactions Delhi-NCR
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Research & Consulting Media Queries Pune
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Research & Consulting nitin.bahl@savills.in Chennai
abhinav.pal@savills.in anup.vasanth@savills.in
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Managing Director
Hyderabad
sesha.sai@savills.in
Gurugram Mumbai Bengaluru
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savills.in Savills, the international real estate advisor established in the UK since 1855 with a network of over 600 offices and associates globally. This document is prepared by Savills for information only. Whilst the information shared above has been shared in good faith and with due care with an endeavour to keep the information up to date and correct, no representations or warranties are made (express or implied) as to the accuracy, completeness, suitability or otherwise of the whole or any part of the deliverables. It does not constitute any offer or part of any contract for sale. This publication may not be reproduced in any form or in any manner, in part or as a whole without written permission of the publisher, Savills. © Savills India 2021.
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