The Gera Pune Residential Realty Report

RESIDENTIAL REALTY REPORT THE GERA PUNE

THE YARDSTICK FOR PUNE REALTY

Volume 10 | Issue 1 | Jan 2021

FOREWORD

3

INVENTORY OVERVIEW

5

NEW LAUNCHES

7

REPLACEMENT RATIO

12

PRICES

14

AFFORDABILITY

16

HOME SIZES

18

SALES OVERVIEW

19

INVENTORY OVERHANG

21

INVENTORY VALUE AND SQUARE FEET

23

CONCLUSION

25

ANNEXURES

26

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FOREWORD

ROHIT GERA MANAGING DIRECTOR GERA DEVELOPMENTS PRIVATE LIMITED

If someone would have told us in January 2020 that we would spend months locked in our homes, international and domestic travel shut down, no work on construction sites anywhere, we would have laughed it off as impossible. Yet, the world experienced just that. The pandemic and lockdown has had tremendous impact on all industries. Real estate is no different. Developers had to deal with workers initially locked down at their labour camps and at construction sites, followed by a mass exodus of workers when work was permitted to commence. The challenges of salaries and overheads with no income was compounded by mounting interest burden on loans. If someone would have told us in July 2020 that the vaccine may not be in place by December 2020, yet, the economy would back on track, real estate sales would be back to the numbers from one year ago, we would have laughed that off too.

This is all that we experienced over the last year.

Seismic events have a tendency to change market dynamics and the pandemic and lockdown is no different. After the introduction of RERA, we saw a sharp drop in the launch of projects and new homes being added to the market came down. The numbers steadily increased over the next 2 years and crashed again in the first half of 2020 on account of the pandemic. New launches recovered somewhat in the second half but still the full year new inventory was over 40% less than the previous year. Sales were also down as expected in the first half of 2020, however, the bounce back of sentiment reflected in sales in the second half of 2020 being almost the same as the same period of 2019. The introduction of lesser new inventory has led to unsold inventory in number of units being at a 6-year low. In percentage terms, the unsold inventory at 23.1% is near a 10-year low. This has led to the inventory overhang to come down to 10.5 months of inventory.

3

The Gera Pune Residential Realty Report | Volume 10 | Issue 1 | Jan 2021

The replacement ratio is at 0.85, meaning sales are happening faster than new inventory being added to the market.

The outcome of this is reflected in an upward price movement in 2020.

The upward price is also as a result of demand on the back of increased affordability. We assessed affordability by considering the salary required to purchase a 1,000 sq. ft. apartment at the average rate of ` 5,100 psf in December 2015. The interest rates were at 9.45% then. We then increased this salary annually, inflating at the consumer price index rate of inflation. At the increased salary, at today’s interest rate of 7.7%, and todays average rate of ` 4,691 psf, a person could buy a home that is 1,544 sq. ft. This means affordability is up by about 50% in the past 6 years. Increased affordability and reduced availability are a classical set up for prices to start rising. This seems to have started happening. Normally, this would be considered the beginning of a price rise cycle, however, developers are ready to bring in new supply. This is compounded with the new development control rules that have been recently introduced by the State government where development potential has increased substantially and hence developers are back to the drawing board to redesign their projects – we expect that the same number of new projects will contain a lot more inventory in the near future. We therefore expect that the short term shortage of supply will lead to a price rise followed by a period of stability in prices on account of increasing inventory being brought into the market. As always, we continue to advise home buyers to be careful of where to buy. It is very easy to get carried away in a rising market. This is especially the time to ensure that the developer they are buying from is financially strong, the project has financial closure and is adequately capitalized to ensure the project does not suffer on account of a cash crunch.

4

INVENTORY OVERVIEW

FIG.1 - INVENTORY OVERVIEW

3490

3,50,000

3630

3046

3312

3557

3525

3,00,000

2683

2,50,000

2335

2,00,000

1813

1,50,000

1,00,000

50,000

0

Dec ‘12

Dec ‘13

Dec ‘14

Dec ‘15

Dec ‘16

Dec ‘17

Dec ‘18

Dec ‘19

Dec ‘20

Sold Stock

Inventory for Sale (No. of units)

No of Projects

Total Stock

Total number of live projects being built has fallen significantly to 3,046 in Dec ’20 from a peak of 3,630 as on Dec ’16. This 16% drop in number of projects however has seen a reduction in the total inventory by only about 3%. The average number of apartments per project therefore has risen from about 90 homes per project to about 103 homes per project.

Inventory for sale at a low 6

-year

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The Gera Pune Residential Realty Report | Volume 10 | Issue 1 | Jan 2021

As of Dec ’20, the total number of projects on hold (where work has commenced and presently stopped) has reached 292 (the figure of 3,046 live projects excludes these 292 projects). These 292 projects consist of a total of 44,206 apartments. Based on our information, 26,341 have been sold. Some of these are stuck since before the introduction or RERA, while others have got stuck on account of the various challenges faced by the real estate sector over the years.

6

NEW LAUNCHES

FIG. 2 - NEW UNITS LAUNCHED (Number of units)

60,000

52,631

50,000

46,910

38,006

40,000

34,803

40,485

31,618

30,000

24,792

20,000

21,072

10,000

Jun ‘17

Dec ‘17

Jun ‘18

Dec ‘18

Jun ‘19

Dec ‘19

Jun ‘20

Dec ‘20

New apartments being launched in the full year of 2020 is 41% lesser than those launched in 2019. This however was expected and especially showed up in the first half of 2020 when the new launches dropped by over 50%. The second half of 2020 however also saw a drop of over 27% compared to H2 2019. The reduced launches will have an impact on prices if the first half of 2021 does not see new launches compensating for the shortfall of 2020.

New launches fall by 41%

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The Gera Pune Residential Realty Report | Volume 10 | Issue 1 | Jan 2021

Looking at the Zonewise inventory launched, the trend clearly indicates that. However, Zone 1 has registered the least fall over 2019 at -26% in new supply. (For a detailed definition of micro markets in each zone, see page 27 – Annexures).

TABLE 1. NEW STOCK ADDED IN ZONES (Numbers in Units)

% change over 2019

Zone 2015

2016

2017

2018

2019

2020

1 2 3 4 5 6

21,110 12,693 19,422 15,482

7,581 8,206

9,979

11,843

8,748

-26% -34% -61% -44% -40% -39%

14,687 16,361 10,778

14,687 16,294 10,965 13,303 12,742

4,961

23,160 16,615 11,802 14,301 24,565 13,762

5,276

2,689

2,380

1,625

3,258

1,963

35,520 30,205 18,661 18,608 30,772 18,866

Total

119,175 93,978 59,595 72,503 99,541 59,078 -41%

Looking at the 12-monthly data of new launches by segment, the luxury segment has seen a lesser relative reduction in the new apartments launched. The luxury segment has reduced launches by just under 25% whereas surprisingly, the budget and value segment have seen a drop of between 46% and 44% in the new inventory launched in 2020.

FIG. 3 - NEW UNITS LAUNCHED (Number of units)

1,40,000

1,19,175

1,20,000

99,541

93,978

1,00,000

80,000

72,503

59,595

60,000

59,078

59,032

45,889

40,000

34,916

31,324

30,180

27,638

26,970 20,898

21,011

22,072

14,988

12,379

15,454 15,167 16,864

20,000

15,177

3,841 10,597

10,504

16,970

5,100 7,175

6,284

8,254 3,339

8,767

3,328 4,391

2,598

2,763

0

2020

2015

2016

2017

2018

2019

Budget

Premium Premium Plus

Overall

Luxury

Value

8

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In the six months ended Jun ’19, the share of Premium Plus + Luxury segment in the new launches has increased from 12% to now 24% indicating that there is a structural change in the real estate market. Of particular note is the share of the 3-bedroom configuration in new launches which has improved significantly from 5.4% in 2017 to over 12% in 2020. Conversely, share of the 1-bedroom configuration has dropped from ~48% in 2017 to ~30% in 2020. This validates the view that due to the general improvement in affordability, people are now in a position to upgrade their home and developers have started to launch higher configurations to meet this unmet demand.

TABLE 2. SEGMENT WISE NEW PROJECTS LAUNCHED (Number of Units) 6 months ended Budget Value Premium Premium Plus Luxury

Total

Jun ‘19 Dec ‘19 Jun ‘20 Dec ‘20

255 284

73 97 52 71

67 44 31 47

41 57 22 38

15 23 32 27

451 505 202 280

65 97

FIG. 4 - SEGMENT WISE NEW PROJECTS LAUNCHED (6 months ended)

3% 9%

5% 11%

100%

10%

16%

14%

15%

9%

11%

80%

17%

19%

15%

16%

60%

25%

26%

40%

57%

56%

20%

35%

32%

0%

Jun ‘19

Dec ‘19

Jun ‘20

Dec ‘20

Budget

Value Premium Premium Plus Luxury

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The Gera Pune Residential Realty Report | Volume 10 | Issue 1 | Jan 2021

TABLE 3. BREAKUP OF NEW UNITS LAUNCHED BY BEDTYPE (Number of Units) 12 months ended 1BHK 1.5BHK 2BHK 2.5BHK 3BHK 3.5BHK 4BHK Other Total Dec ‘16 43,529 1,410 40,544 851 6,529 122 373 620 93,978 Dec ‘17 28,542 524 25,550 717 3,195 413 216 438 59,595 Dec ‘18 35,618 929 30,325 479 4,184 60 324 584 72,503 Dec ‘19 36,550 809 47,833 2,288 9,305 276 296 2,184 99,541 Dec ‘20 17,937 802 31,166 630 7,195 55 303 990 59,078

FIG. 5 - BREAKUP OF NEW UNITS LAUNCHED BY BEDTYPE (%)

0.8% 5.8%

2.2% 9.3%

0.7% 6.9%

0.7% 5.4%

1.7%

100%

12.2%

80%

41.8%

42.9%

48.1%

52.8%

43.1%

60%

1.3%

0.9%

1.5%

40%

0.8%

1.4%

47.9%

49.1%

36.7%

46.3%

20%

30.4%

0%

2016

2017

2018

2019

2020

1 BHK 1.5 BHK 2 BHK 2.5 BHK 3 BHK

3.5 BHK

4 BHK Other

The trend of large projects being launched continues. The number of projects with a size >500 units has further increased to 155. This number has more than doubled in the last 7 years.

10

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FIG 6. NUMBER OF PROJECTS (Size >500 Units)

155

148

160

140

123

112

120

103

100

91

73

80

60

40

20

0

Dec '14

Dec '15

Dec '16

Dec '17

Dec '18

Dec '19

Dec '20

All this indicates that market share of reputed developers who are able to launch larger projects is increasing. This leaves fewer customers for smaller, less reputed developers who are bearing the brunt of the economic slowdown and challenging environment. This fact is again reiterated when we look at the distribution of projects by size. The number of projects with a size of <=100 units has dropped significantly in the last 5 years from 2,531 to 2,004 projects while they have been constantly increasing in the 250+ units bracket. ~13% of the marketplace currently consists of projects sized 250 units & above.

TABLE 4. DISTRIBUTION OF PROJECTS BY SIZE (As on 6 months ended) Project Size (no of units)

Dec ‘16 Dec ‘17 Dec ‘18 Dec ‘19 Dec ‘20

Less than Equal to 100

2,531

2,503

2,499

2,401

2,004

101-250

757 342

728 326

693 333

713 376

650 392

>250 Total

3,630

3,557

3,525

3,490

3,046

11

REPLACEMENT RATIO

The replacement ratio is the new supply added, divided by the number of apartments sold in a period of time. A replacement ratio of 1 indicates that demand and supply are in consonance i.e. inventory being sold is being replaced by an equivalent amount of new inventory. When the ratio is more than 1, supply is being added faster than sales and when replacement ratio is less than 1, sales are faster than inventory addition. Due to the COVID-19 scenario, the replacement ratio had dropped sharply to 0.55 in the 6 months ended Jun ’20, indicating that demand was greater than supply i.e. more units were being taken out than being added. This was understandable as sales picked up at the individual customer level but project launches by developers was deferred in the face of uncertainty. The market has responded in classical terms with prices rising and new inventory coming in. Prices increased by 3.54% in 2020 over 2019. The influx of new inventory caused the replacement ratio to increase to 0.85. This still indicates that for every 100 homes being sold to customers, only 85 new homes are being added by developers.

12

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FIG. 7 - REPLACEMENT RATIO V/S PRICE

5,200

1.600

5,096

5,100

1.400

5,061

4,984

5,075

5,000

1.200

4,909

4,900

4,900

1.000

4,786

4,800

4,806

4,740

0.800

4,644

4,700

4,685

4,691

0.600

4,582

4,600

4,555

4,530

0.400

4,500

Dec '13 Jun '14 Dec '14 Jun '15 Dec '15 Jun '16 Dec '16 Jun '17 Dec '17 Jun '18 Dec '18 Jun '19 Dec '19

Jun '20 Dec '20

Avg price (in ` psf)

Availability Ratio

13

PRICES

FIG. 8 - SIX MONTHLY PRICE MOVEMENTS

5,500

10%

8%

5,000

6%

4,500

4%

2%

4,000

0%

3,500

-2%

3,000

-4%

6 month % change

Avg price (in ` psf)

14

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The overall average prices have increased by 3.5% across the entire city compared to 2019. This increase in prices has been driven by the steep increase in the prices of new projects. Prices of new projects have increased by 17.29% over Dec ’19. As mentioned earlier there has been an increase in the % share accounted for by higher bedroom types especially 3 BHK which partly explains the higher prices. TABLE 5. NEW SUPPLY LAUNCHED AT HIGHER PRICES (nos. are in ` psf except percentages) Project Type Dec ’19 Dec ’20 Y-o-Y New Projects 4,177 4,899 +17.29% New Phases 4,831 4,709 -2.53% Existing Projects 4,592 4,673 +1.76% Overall 4,530 4,691 +3.54%

15

AFFORDABILITY

FIG 9 - AFFORDABILITY INDEX V/S PRICE

5.50

6,000

5,500

5.00

5,000

4.50

4,500

4.00

4,000

3.50

3,500

3.00

3,000

Jun'11 Dec'11 Jun'12 Dec'12 Jun'13 Dec'13 Jun'14 Dec'14 Jun'15 Dec'15 Jun'16 Dec'16 Jun'17 Dec'17 Jun'18 Dec'18 Jun'19 Dec'19

Dec'20 Jun'20

Price (in ₹ psf)

Affordability Index

The latest reduction interest rates has led to an increased affordability for home buyers. The affordability is the highest in the last 9 years at 3.68x annual income making this the best time to buy a home. Over time interest rates and prices (from Jun ’15 onwards) have trended down, while incomes have risen thereby increasing the affordability significantly.

Affordability at year high 9

16

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We evaluated the salary needed to buy a home based on the then prices psf in Jun ’11 considering interest rates at that time. We then increased this salary based on the consumer price index and compared the new cost of the home with the increased salary. In Jun ’11, the salary needed to buy a 1,000 sq. ft. home was 4.83 times. This peaked in Dec ’14 where the salary needed to buy the same 1,000 sq. ft. house at the increased salary and increased rates was 5.27 times. Since Dec ’14, the consistent reduction in rates and the salary increments have led to a situation where the house cost for a 1,000 sq. ft. home is now at 3.68 times the salary. The other impact of affordability is that with affordability at an all-time high – customers now can move to the bigger developers who have the capabilities to deliver on promises. When affordability was low, customers had no choice but to settle for a lesser known developers leading to a fragmented market. Now, customers can go for the top-tier developers and this is fueling the consolidation in the market.

17

HOME SIZES

FIG. 10 - AVERAGE SIZE OF UNITS LAUNCHED IN NEW PROJECTS

1000

981

882

863

800

859

837

756

735

600

400

200

0

H2 2014

H2 2015

H2 2016

H2 2017

H2 2018

H2 2019

H2 2020

Home sizes have continued to increase with the average home size now ~ 900 sq. ft.

18

SALES OVERVIEW

The 6-monthly sales numbers for the July to Dec ’20 period is at 44,709 units while the same period last year was 45,110. This 1% difference is negligible and as such, the half year sales have come on par with 2019. Looking at the full year sales, overall sales offtake has dropped by 12.34% over 2019 but there are some configurations that have done well. There has been a significant increase in the market share of 1,201-1,400 sq. ft. driven by a

Sales growth back to Pre-covid levels

24% increase in volume. In fact, if you look at the sales volume of the 800+ sq. ft. segment, sales have barely been impacted and show a marginal reduction of ~2%. Multiple data points indicate a strong wave towards higher configurations.

TABLE 6. SALES OFFTAKE – 12 MONTHLY

Increase over 2019

Market share

Market share

Market share

SIZE

2018

2019

2020

Overall

81,907 100% 94,383 100% 82,727 100% -12% 24,145 29% 25,690 27% 17,270 21% -33% 17,527 21% 18,782 20% 16,372 20% -13%

< 600

600-800

801-1000 19,981 24% 24,658 26% 25,554 31% 4% 1001-1200 12,070 15% 14,431 15% 12,459 15% -14% 1201-1400 2,968 4% 3,992 4% 4,942 6% 24% 1401-1600 2,570 3% 3,454 4% 3,025 4% -12% 1601-1800 1,029 1% 1,275 1% 1,229 1% -4% 1801-2000 361 0% 496 1% 432 1% -13% 2000+ 1,256 2% 1,605 2% 1,444 2% -10%

19

The Gera Pune Residential Realty Report | Volume 10 | Issue 1 | Jan 2021

Looking at the Six monthly sales numbers indicates that over H1 2020, there has been a strong rebound in sales with growth at 18%. Sales growth in H2 2020 is almost at par with H2 2019 indicating that sales are back at pre-COVID levels. Some of the segments that have shown a strong sales growth are the Premium & Luxury segments, where the growth momentum has been between 50-60% (over H1 2020).

TABLE 7. SALES OFFTAKE – 6 MONTHLY

Growth over same period last year

SEGMENT Jan-Jun ’17 Jul-Dec ’17 Jan-Jun ’18 Jul-Dec ’18 Jan-Jun ’19 Jul-Dec ’19 Jan-Jun ’20 Jul-Dec ’20

Total

40,063 36,086 40,345 41,562 49,273 45,110 38,018 44,709 -1% 19,301 17,120 17,687 18,868 21,592 17,728 13,485 14,586 -18%

Budget

Value 8,972 6,573 8,445 8,365 9,737 11,183 10,060 10,256 -8% Premium 7,007 6,647 6,664 5,862 8,999 7,802 7,133 11,344 +45% Premium Plus 3,460 4,264 5,783 6,819 7,186 6,062 5,873 6,306 +4% Luxury 1,323 1,482 1,766 1,648 1,759 2,335 1,467 2,217 -5%

20

INVENTORY OVERHANG

TABLE 8. – INVENTORY OVERHANG

TOTAL

Dec ’16

Dec ’17

Dec ’18

Dec ’19

Dec ’20

Total

13.34

13.69

11.69

11.43

10.59

Budget

10.96

11.38

10.37

8.30

9.10

Value

13.59

14.31

13.00

14.34

10.57

Premium

17.22

15.43

12.41

12.08

12.14

Premium Plus

15.52

17.23

11.47

13.40

10.44

Luxury

20.09

22.15

17.48

17.49

14.76

The inventory overhang (based on the offtake rate for 6 months) has further improved to 10.59 months. Of note is the improvement seen in the Luxury segment where overhang has improved to 14.76 months from 17.49 months in 2019. We looked at 20 of the top developers in Pune in terms of brand name and repute. To ensure consistency and uniform comparison we maintained the same list of developers over the past 5 years.

Inventory overhang shows Y-o-Y improvement

We then calculated what was their share in the last 12 months. The data clearly indicates that over the past their share in sales has gotten stronger especially post RERA. These developers have very successfully managed to take away sales from other developers. The top 20 developers account for more than 1/5 th of the sales volume seen in 2020.

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The Gera Pune Residential Realty Report | Volume 10 | Issue 1 | Jan 2021

FIG 11 - SHARE IN YEARLY OFFTAKE OF THE TOP 20 DEVELOPERS

25%

22 %

22 %

20%

16 %

15 %

14 %

15%

13 %

10%

05%

Dec '15

Dec '16

Dec '17

Dec '18

Dec '19

Dec '20

22

INVENTORY VALUE AND SQUARE FEET

FIG. 12 - VALUE OF INVENTORY FOR SALE

60,000

12

55,329

9.46

10

9.10

10.25

50,000

49,214

48,526

7.40

8

8.43

7.08

5.49

6.94

40,000

43,818

6

39,085

37,898

36,642

4

30,000

27,400

2

20,000

0

Dec '13

Dec '14

Dec '15

Dec '16

Dec '17

Dec '18

Dec '19

Dec '20

Value (in Cr.)

Unsold Area (in Cr. Sq.ft.)

The value of the inventory available for sale has decreased to 6.94 Cr sq. ft. while value of that inventory has decreased to ` 36,642 Cr. This is now at 6-year lows in terms of both value and volume.

` 36,642 Cr unsold inventory

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The Gera Pune Residential Realty Report | Volume 10 | Issue 1 | Jan 2021

FIG. 13 - INVENTORY FOR SALE BY STAGES

70,000

60,000

59,468

47,899

54,765

54,913

50,000

52,413

53,418

46,296

50,363

51,261

43,140

49,156

44,691

47,867

45,078

39,120

40,000

32,300

34,878

30,000

33,657

29,718

28,571

21,107

22,349

24,789

17,822 19,166 19,650

22,757

20,000

15,589

10,091 15,778

17,633

15,431

8,692 7,967 8,849 8,760 9,005 9,439 8,064 8,418

7,857

8,369

10,000

6,746 7,345 7,543

5,382

7,430

5,709

3,691 3,343

2,351 2,048

2,469

7,498

1,925

4,862 5,918 5,648 6,120 3,947 4,098 4,620

4,826

3,921

0

Jun '13 Dec '13 Jun '14 Dec '14 Jun '15 Dec '15 Jun '16 Dec '16 Jun '17 Dec '17 Jun '18 Dec '18 Jun '19

Jun '20 Dec '19 Dec '20

Early

Mid

End

Ready

Total Inventory for Sale

We have classified projects into 4 stages based on construction status i.e., Early, Mid, End and Ready. The share of ready inventory in the total inventory available for sale has remained constant between 9-12% in the last few years. Over the last 7 years, ready stock has been a stable 7,500 to 9,000 units despite all the upheavals in the market landscape debunking the hypothesis that customers prefer ready stage inventory to early stage inventory.

Inventory for sale at a low. 6

-year

FIG. 14 - SHARE OF READY INVENTORY IN THE TOTAL INVENTORY FOR SALE

15%

12%

10%

10%

9%

10%

5%

Dec '17

Dec '18

Dec '19

Dec '20

24

CONCLUSION

The sharp recovery seen in the Pune real estate market driven by the share in the higher and more premium product types clearly indicates that market has climbed the wall of worry posed by the COVID-19 situation. Sales volume is at par with pre-COVID levels. However, competitive intensity amongst the top tier developers has increased. 7.5% of all the live projects account for ~36% of the offtake and more than 1/5 th of the offtake is accounted for by the top 20 developers. Affordability has brought about a structural change in the market landscape with customers now opting for higher bedroom types with top-tier developers. Some developers with the desire to match customer aspirations have started pushing the envelope to attain clear undisputable market leadership.

25

ANNEXURES

TABLE 9. PRICING CLASSIFICATION FOR EACH SEGMENT (in ` psf)

SEGMENT

Dec ‘13 Jun ‘14 Dec ‘14 Jun ‘15 Dec ’15 Jun ‘16 Dec ‘16 Jun ‘17 Dec ‘17 Jun ‘18 Dec ‘18 Jun ‘19 Dec ‘19 Jun ‘20 Dec ‘20

Budget <

4,000 4,122 4,247 4,144 4,060 3,991 3,899 3,808 3,719 3,633 3,728 3,705 3,685 3,777 3,814

Value <

5,000 5,152 5,309 5,180 5,076 4,989 4,873 4,760 4,649 4,541 4,659 4,631 4,606 4,721 4,767

Premium <

6,000 6,182 6,370 6,216 6,091 5,987 5,848 5,712 5,579 5,449 5,591 5,558 5,527 5,665 5,721

Premium Plus <

7,500 7,728 7,963 7,770 7,613 7,484 7,310 7,140 6,974 6,811 6,989 6,947 6,908 7,082 7,151

Luxury >

7,500 7,728 7,963 7,770 7,613 7,484 7,310 7,140 6,974 6,811 6,989 6,947 6,908 7,082 7,151

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Zone 1 Bokari | Bolhai | Dhanori | Ghorpadi | Kalas | Keshav Nagar | Kesnand | Kharadi | Koregaon Bhima | Lohegaon | Lanikand | Mundhwa | Nagar Road | Ranjan Gaon | Sanaswadi | Shikrapur | Shirsatwadi | Talegaon | Dhamdhere | Viman Nagar | Vishrantwadi | Wadgaonsheri | Wagholi | Yerwada Zone 2 Bibvewadi | Fursungi | Gultekdi | Hadapsar | Kondhwa | Loni Kalbhor | Lulla Nagar | Manjari | Market Yard | Undri | Mohammad Wadi | NIBM Road | Pisoli | Salisbury Park | Saswad | Uruli Devachi | Uruli Kanchan | Wadki | Yavat | Yewalawadi Zone 3 Ambegaon | Dhankawadi | Dhayari | Donje | Katraj | Khadakwasla | Khed Shivapur | Kirkitwadi | Kolhewadi | Nanded | Kondhawe Dhawade | Narhe | Shivane | Uttam Nagar | Warje Zone 4 Ambadvet | Aundh | Balewadi | Baner | Baner Balewadi Road | Baner Pashan Link Road | Baner Sus Road | Bavdhan | Bhugaon | Bhugawade | Bhukum | Chandkhed | Ghotawade | Hinjewadi | Kasar Amboli | Mahalunge | Marunji | Nande | Pashan | Paud Road | Pimple Gurav | Pimple Nilakh | Pimple Saudagar | Pirangut | Punawale | Sus | Sus Road | Tathawade | Urawade | Wakad Zone 5 Anand Nagar | Bhosale Nagar | Boat Club Road | Camp | City | Dattawadi | Erandwane | FC Road | Fatima Nagar | Ganeshkhind Road | Gokhale Nagar | Gultekdi | Hingne | JM Road | Kalyani Nagar | Karve Nagar | Khadaki | Parvati | Koregaon Park | Kothrud | Mitra Mandal | Model Colony | Mukund Nagar | Padmavati | Peth | Prabhat Road | SB Road | Sahkar Nagar | Satara Road | Shivaji Nagar | Sinhagad Road | Tilak Road | Vadgaon BK | Wakadewadi | Wanowrie Zone 6 Akurdi | Alandi | Alandi Road | Alandi-Dehuroad | Alandi-Moshi Road | Bhosari | Bhosari Pradhikaran | Bhopkel | Chakan | Charholi | Chikhali | Chikhali Pradhikaran | Chimbali | Chinchwad | Dange Chowk | Dapodi | Dehugaon | Dighi | Dedulgaon | Kalewadi | Kasarwadi | Kamshet | Kanhe | Kiwale | Mamurdi | Moshi | Moshi Pradhikaran | Navi Sangvi | Nigdi Pradhikaran | Phugewadi | Pimpri | Punewala | Rahatani | Ravet | Sanghavi | Somatne Phata | Talawade | Talegaon | Thergaon | Wadgaon Maval | Wadmukhwadi

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Gera Developments Pvt. Ltd. 200, Gera Plaza, Boat Club Road, Pune - 411001 Tel.: +91 20 6680 7700 E-mail: corporaterelations@gera.in | www.gera.in

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