1.RE/MAX Innovest RE/MAX VIEW ON MUMBAI RESIDENTIAL MARKET -- BUY THE PANIC OF 2013 ! JANUARY 2013 AUTHORS : MILAN VORA # +91 98192 53100 E: MILAN.VORA@REMAX.IN KETAN VORA # +91 98197 95588 E: KETAN.VORA@REMAX.IN Private and Confidential For Discussion Purpose only

2. RE/MAX Innovest GET 4 RS RIGHT - TO MAXMISE RETURNS IN REAL ESTATE RightLocation RightTiming RightProject/ Flat RightValue City(Tier123) Locationwith ReratingPotential ClosertoBusiness District&Social Infrastructure ClosetoExistingand Plannedconnectivity Premiumperception PessimisticDemand Environment (Current)VsBullish Environment Prelaunch/Under constructionafter doingduediligence onDeveloper MoreSpacewithin projectandflat StandaloneVsComplex Living RightAmenities RightSizingPreferred ViewsVastu DeveloperTrackrecord Understandingnuances ofprojectfromEnduser perspective(Design, Safety,Relevant amenities,Quality) EvaluateonCarpet/ UsableCarpetpsft PriceVsValue: Understandwhyyou arepayingpremium andthentakeacall Negotiateagood bargain UseModeratelevelof Leverage(Loan Financing) Right Timing is most critical to Maximising Returns 1 3. RE/MAX Innovest WILL 10-YEAR REAL ESTATE CYCLE REPEAT ITSELF WITHIN SECULAR BULL MARKET (HIGHER TOP HIGHER BOTTOM) ? 2002 2004 2006 2008 2010 2012 2014 2016 2018 Skepticism Thrill Euphoria MaximumRisk Excitement Optimism Confidence PointofMaximumOpportunity2013 Projection Anxiety Denial Fear PANIC Desperation Skepticism Confidence Optimism Excitement 2013AYearofPANIC MostPessimisticDemandEnvironment MaximumSupplyPeriod MaximumpainatDeveloperend(Debtladen) Economic Growth expected to Revive while Interestrateshavepeaked 20032008MassiveBullRun Pricesupby3xto5x(times) dependingonCity,LocationandProject StrongEconomicGrowthledsignificantincreasein Demand&purchasingpower Mid2013to2018UpturnCycle, By2018wewouldhave, CashRichStrongDemandEnvironment ReducedSupply LowestpainatDeveloperend SignificantPriceAppreciation! 2013Probably,thebesttimetoBuyPremiumUnderConstructionproperties Markets Cycles are explained better by Sentiments rather than Price trends ---------------- Bull Market ---------------- -------------- Bull Market ---------------------------- Bear Market ---------------- Source : RE/MAX Research 2 4. RE/MAX Innovest WHICH LOCATION LOOKS MOST ATTRACTIVE ? IS CENTRAL MUMBAI THE NEW SOUTH MUMBAI (MOST SOUGHT AFTER) ? Preference for Central Mumbai is due to Newer development, New Connectivity and better proximity to New CBD (BKC, Lower Parel) Morethan90%workdone Targetedtobeoperationalby2013 Metro VersovaAndheri Ghatkopar11.07km Completion:SoilTestingworkisdone Targetedtobeoperationalby2016 Metro CharkopBandra Mankhurd Morethan90%workcompleted Targetedtobeoperationalby2013 SantacruzChembur LinkRoad PhaseI:PrecommissioningTest&Trailsin Jan/Feb2013 PhaseII:byNov2013 Monorail ChemburWadala JacobCircle MuseumAnikjunction(Wadala) AnikPanjarpolChembur PanjarpoltoGhatkoparlinkroad EasternFreeWay Proposed22kmRoadBridgeMumbaiSewri toNaviMumbai SewriPanvelSixLane Highway 3 5. RE/MAX Innovest RIGHT PROJECT : WHICH ATTRIBUTES WILL COMMAND PREMIUM IN FUTURE ? SafetyMeasures SportsFacilities SocialFacilities GreenBuilding LifestyleAmenities ConciergeServices Qualityofcraftsmanship PromiseVsDelivery(Under Construction) LegalApprovalsinplace(Under Construction) Developertrackrecordand FinancialStability LivinginaLargeComplex OpenSpacewithinComplex EfficientFlatLayout&Larger RoomSizes PremiumView&Vastu compliance Gentry Freeholdproperties ConnectivityintermsofTime& Access(CBDAreas,Airports, Highway,Railway,Metro/Mono) SocialInfrastructure(Markets, Entertainment,School,Hospitals) Safetytrackrecordofarea Premiumfeelofarea LocationLocation Building Flat Building Flat AmenitiesAmenities Quality Execution Quality Execution 4 6. RE/MAX Innovest PARTIAL LIST OF KEY LAUNCHES EXPECTED IN 2013 Sr Developer Location PartofMumbai 1. LodhaGroup Worli CentralMumbai 2. GodrejProperties Byculla CentralMumbai 3. AshokPiramalGroup Sewri CentralMumbai 4. AjayPiramalGroup Byculla CentralMumbai 5. HBSRealtors Worli CentralMumbai 6. ShapoorjiPallonjiGroup Tardeo SouthMumbai 7. L&TRealty Powai CentralSuburb 8. TataHousing Mulund CentralSuburb 9. ShapoorjiPallonjiGroup Kandivali WesternSuburb 10. Kalpataru GoregaonWest WesternSuburb 11. ShethCreators MaladWest WesternSuburb 12. Rustomjee Juhu WesternSuburb 13. OberoiRealty GoregaonEast WesternSuburb 14. WadhwaGroup Panvel NewMumbai Marked in Red : Just Launched in Jan 2013 5 7. RE/MAX Innovest OUR CORE FOCUS : PREMIUM PROPERTIES IN MUMBAI ACROSS DEVELOPERS 6 8. RE/MAX Innovest RE/MAX INNOVEST BROKER OWNER PROFILE MilanVora MilanhasaextensivelyworkedinmultinationalfirmslikeSiemensLtdandCRISILLtd and has rich experience in the areas of financial research & analytics, corporate finance,riskmanagement,andstructuredfinance. Runsanintegratedwealthmanagementcompanyadvisingclientsacrossmajorasset classincluding(equity,bonds,insurance,realestateandcommodities) M:+919819253100E:milan.vora@remax.in KetanVora Ketanhasmorethanadecadesexperienceininsuranceplanningandinvestment managementbusiness Runsanintegratedwealthmanagementcompanyadvisingclientsacrossmajorasset classincluding(equity,bonds,insurance,realestateandcommodities) M:+919819795588E:ketan.vora@remax.in Corporate OfficeAddress RE/MAXInnovestAunitofInnovestRealtyLLP Block30,295,MirandaBuilding,N.C.KelkarRoad,Dadar(West),Mumbai400028.India T:+912224317075/24217075 W:www.remax.in;www.remax.com;www.global.remax.com;www.joinremax.com 7 9. RE/MAX Innovest RE/MAX UNPARALLEL GLOBAL AND NATIONAL NETWORK GlobalReach 90,000+Associates 7,000+offices 85+countries 38+Years NobodyintheworldsellsmorerealestatethanRE/MAX NationalReach 500+Associates 100+offices 23Regions 3Years www.remax.com&www.global.remax.com www.remax.in 8 10. RE/MAX Innovest RE/MAX INNOVEST CORE PHILOSOPHY CLIENT INTEREST COMES FIRST PrimaryBusinessFocus:PremiumProperties AcrossRealEstateSegments Residential|Commercial|Retail Buy|Sell|Rent|Preleased CustomisedSolution Individual|Corporate|Investor|Developer IntegratedOfferings Advisory|TransactionMgmt|Funding|Services GuidingPrinciples Integrity Innovation Prudence Performance INTEGRATEDREALESTATESERVICES AFFILIATION 9 11. RE/MAX Innovest DISCLAIMER This document is prepared for information only and is not intended to be and must not alone be taken as the basis for an real estate investment decision. The user assumes the entire risk of any use made of this information. Each recipient of this document should make such investigations as it deems necessary to arrive at an independent evaluation of a real estate or investment decision. The analysis, information discussed or views expressed may not be suitable for all investors. 10 12. RE/MAX Innovest CHANGING TRENDS IN REAL ESTATE BROKING