Market Research for Embassy Bayview, C.T.S. No.

956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Contents
1. PROJECT APPRECIATION .............................................................................................................. 9
2. REGION AND CITY PROFILE ........................................................................................................ 12
2.1 INTRODUCTION ....................................................................................................................... 12
2.2 CONNECTIVITY AND LINKAGE ............................................................................................... 14
2.3 DEMOGRAPHIC PROFILE ........................................................................................................ 16
2.4 SOCIO-ECONOMIC PROFILE OF MUMBAI ............................................................................ 19
2.5 KEY INFRASTRUCTURE INITIATIVES ........................................................................................... 21
2.6 INFLUENCE ON SUBJECT SITE .................................................................................................. 26
3. REAL ESTATE MARKET TRENDS ..................................................................................................... 27
3.1 MUMBAI LUXURY RESIDENTIAL MARKET TRENDS ................................................................... 27
3.2 RESIDENTIAL MICRO MARKET SECTOR FOR MMR ................................................................. 32
3.3 SUBJECT CATCHMENT RESIDENTIAL SECTOR OVERVIEW ..................................................... 34
3.4 SELECTED MUMBAI’S LUXURY RESIDENTIAL IN SUBURBS - WESTERNS & THE CORE CITY –
SOUTH CENTRAL MUMBAI MICROMARKET .................................................................................... 34
3.4.1 MUMBAI’S LUXURY RESIDENTIAL MICRO MARKET 1: JUHU, ANDHERI,
LOKHANDWALA, VILE PARLE ..................................................................................................... 34
3.4.2 MUMBAI’S LUXURY RESIDENTIAL MICRO MARKET 2: BANDRA, KHAR, SANTACRUZ . 35
3.5 EXISTING AND UPCOMING SUPPLY OF HIGH-END RESIDENTIAL DEVELOPMENT IN THE
MICRO MARKETS .............................................................................................................................. 36
3.6 PRODUCT MIX ANALYSIS ........................................................................................................ 37
3.6.1 ANALYSIS OF RESIDENTIAL UNITS AVAILABLE IN THE MICRO MARKET ....................... 38
3.6.2 ANALYSIS OF RESIDENTIAL UNITS SOLD IN THE MICRO MARKET ................................. 40
3.6.3 ANALYSIS OF RESIDENTIAL UNITS SOLD IN THE MICRO MARKET ................................. 41
3.6.4 PERFORMANCE OF SOLD / UN-SOLD UNITS BY CONFIGURATION & TICKET SIZES ... 42
3.6.5 SALES PERFORMANCE & ANALYSIS OF SALES VELOCITY WITHIN SELECTED PROJECTS
44
3.6.6 FLOOR RISE CHARGES IN HIGH RISE RESIDENTIAL BUILDING ...................................... 46
3.6.7 CAR PARKING CHARGES .............................................................................................. 46
3.6.8 TYPICAL PROFILE OF BUYERS FOR HIGH END RESIDENTIAL ......................................... 46
3.7 CASE STUDIES ........................................................................................................................... 46
3.7.1 CASE STUDY 1 - RUSTOMJEE ELEMENTS – WING SG & SC........................................... 46
3.7.2 CASE STUDY 2 – K RAHEJA ARTESIA .............................................................................. 48
3.7.3 CASE STUDY 4 - SKAIROS ............................................................................................... 50
3.7.4 CASE STUDY 5 – MICL ARADHYA EVOQ ...................................................................... 51
Market Research for a Proposed Luxury Residential Project 3.7.5 CASE STUDY 6 – RUNWAL ELEGANTE ............................................................................ 53
3.7.6 CASE STUDY 8 - RAHEJA MAESTRO ............................................................................... 54
Embassy Bayview, C.T.S. No. 956 of Village Juhu 3.7.7 CASE STUDY 9 – RUSTOMJEE ASHIYANA ...................................................................... 55
3.7.8 CASE STUDY 10 - PARISHRAM ........................................................................................ 56
3.7.9 CASE STUDY 11 – RAHEJA PARK WEST .......................................................................... 58
Situated at Juhu Tara Road, Juhu, Mumbai 3.7.10 CASE STUDY 11 – KALPATARU SOLITAIRE ................................................................. 59
3.8 LUXURY STANDARDS IN MUMBAI FOR HIGH END RESIDENTIAL DEVELOPMENTS ................ 60
3.9 PAYMENT SCHEDULE FOR THE RESIDENTIAL APARTMENT BUYER ......................................... 62
3.9.1 PAYMENT SCHEDULE: RAHEJA MAESTRO .................................................................... 62
3.9.2 PAYMENT SCHEDULE: MICL ARADHYA EVOQ - .......................................................... 63
For 3.9.3 PAYMENT SCHEDULE: RAHEJA IMPERIA – BULLET PAYMENT PLAN ............................ 63
3.9.4 PAYMENT SCHEDULE: RUSTOMJEE ELEMENTS – BULLET PAYMENT PLAN ................... 64
Indiabulls Embassy Group 3.10 RECOMMENDATIONS......................................................................................................... 65
4. SITE LOCATION AND ANALYSIS .................................................................................................. 69
By 4.1 INTRODUCTION ....................................................................................................................... 69

ANAROCK PROPERTY CONSULTANTS PRIVATE LIMITED

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

4.2 SUBJECT SITE LOCATION ......................................................................................................... 69

4.3
4.4
SITE NEIGHBOURHOOD & CONNECTIVITY ............................................................................ 70
SITE DETAILS .............................................................................................................................. 71
List of Tables
Table 2.1: Mumbai City Facts.............................................................................................................14
4.5 SUBJECT SITE PHOTOGRAPHS ................................................................................................. 74
Table 2.2: Population Projection for MMR ........................................................................................17
4.6 SUBJECT DEVELOPMENT ANALYSIS ........................................................................................ 75
Table 2.3: Mumbai Demographic Profile .........................................................................................18
4.7 SWOT ANALYSIS ....................................................................................................................... 78
Table 2.4: Mumbai Economic Profile ................................................................................................21
5. DEVELOPMENT MANAGEMENT (DM): REVENUE PROJECTIONS, VALUE OF DM AGREEMENT & Table 2.5: Details of Mumbai Metro Network...................................................................................25
SENSITIVITY ANALYSIS .......................................................................................................................... 79 Table 3.1: The City of MMR can be categorized into following 9 Zones ......................................32
Table 3.2: List of Major Residential in the Suburbs - Westerns and the Core City – South Central
5.1 VALUE OF DEVELOPMENT MANAGEMENT AGREEMENT BASED ON DISCOUNTED CASH
FLOW ................................................................................................................................................ 79 Mumbai Micro Markets .......................................................................................................37
5.2 ACHIEVABLE PRICING FOR PRODUCT MIX............................................................................ 79 Table 3.3: Luxury Amenities ................................................................................................................60
5.3 ACHIEVABLE PRICING FOR SALEABLE RESIDENTIAL COMPONENTS ................................... 80 Table 3.4: Payment plan for Raheja Maestro - CLP ........................................................................62
Table 3.5: Payment plan for Aradhya Evoq - CLP ...........................................................................63
5.4 REVENUE PROJECTIONS BASED ON SALES & COLLECTION SCHEDULE .............................. 88
Table 3.6: Payment plan for Raheja Imperia - Bullet Payment Plan .............................................63
5.4.1 CONSTRUCTION SCHEDULE FOR PHASE 1: T3 & T4 & PHASE 2: T1 & T2 AND OTHER
COMPONENTS ............................................................................................................................. 88 Table 3.7: Payment Plan for Rustomjee elements – Subversion Schem .......................................64
5.5 SCENARIOS EXPLANATION ..................................................................................................... 89 Table 4.1: Subject Property Connectivity from Major Landmarks .................................................71
Table 4.2: Subject Site Attributes .......................................................................................................73
5.5.1 SCENARIO 1: CLP - Sales Price Appreciation for Phase 1: T3 & T4 & Phase 2: T1 & T2
Table 4.3: Subject Development Details ..........................................................................................75
and Other Components ............................................................................................................ 90
5.5.2 SCENARIO 1: CLP - SALE SCHEDULE FOR PHASE 1: T3 & T4 & PHASE 2: T1 & T2 ....... 90 Table 4.4: Unit Mix and Product Mix ..................................................................................................76
5.5.3 SCENARIO 1: CLP - ESTIMATION OF NET REVENUE INFLOW FOR PHASE 1: TOWER T3 Table 4.5: Unit Typology ......................................................................................................................76
& T4 92 Table 4.6: Unit Typology ......................................................................................................................77
Table 4.7: Estimation of Average Achievable Selling Price for “T1 & T2” And “T3 & T4” .............77
5.5.4 SCENARIO 1: CLP - ESTIMATION OF NET REVENUE INFLOW FOR PHASE 2: TOWER T1
& T2 97 Table 5.1: Comparable Instances for the Subject Property ...........................................................80
5.5.5 SCENARIO 1: CLP - ESTIMATION OF NET REVENUE INFLOW AND DEVELOPMENT Table 5.2: Benchmarking for Achievable Pricing for Residential Sale Components ..................81
MANAGEMENT CHARGES ........................................................................................................ 100 Table 5.3: Estimation of Achievable Selling Price for the Subject Development ........................82
5.5.6 SCENARIO 1: CLP - WACC ESTIMATION..................................................................... 101 Table 5.4: Stack Plan & Estimation of Achievable Selling Price for “T1” .......................................85
5.5.7 SCENARIO 1: CLP - VALUE OF DEVELOPMENT MANAGEMENT AGREEMENT ......... 101 Table 5.5: Stack Plan & Estimation of achievable Selling Price for “T2”........................................85
5.5.8 SCENARIO 1: CLP - SENSITIVITY ANALYSIS OF DEVELOPMENT MANAGEMENT Table 5.6: Stack Plan & Estimation of achievable Selling Price for “T3”........................................86
CHARGES RECEIVABLES ........................................................................................................... 101 Table 5.7: Stack Plan & Estimation of achievable Selling Price for “T4”........................................86
5.5.9 SCENARIO 2: COMBINATION OF PAYMENT PLANS - SALES PRICE APPRECIATION Table 5.8: Estimation of Average Achievable Selling Price for “T1 & T2” And “T3 & T4” .............86
Table 5.9: Construction Schedule for Phase 1: T3 & T4 & Phase 2: T1 & T2 and Other
FOR PHASE 1: T3 & T4 & PHASE 2: T1 & T2 AND OTHER COMPONENTS ................................ 102
5.5.10 SCENARIO 2: COMBINATION OF PAYMENT PLANS - SALE SCHEDULE FOR PHASE Components ........................................................................................................................88
1: T3 & T4 & PHASE 2: T1 & T2 .................................................................................................... 102 Table 5.10: Sales Price Appreciation for Phase 1: T3 & T4 & Phase 2: T1 & T2 and Other
5.5.11 SCENARIO 1: COMBINATION OF PAYMENT PLANS - ESTIMATION OF NET REVENUE Components ........................................................................................................................90
Table 5.11: Sale Schedule for Phase 1: T3 & T4 & Phase 2: T1 & T2 ................................................90
INFLOW FOR PHASE 1: TOWER T3 & T4 .................................................................................... 102
5.5.12 SCENARIO 1: COMBINATION OF PAYMENT PLANS - ESTIMATION OF NET REVENUE Table 5.12: Estimation of Net Revenue Inflow for Phase 1: Tower T3 & T4 ....................................92
INFLOW FOR PHASE 2: TOWER T1 & T2 .................................................................................... 110 Table 5.13: Estimation of Net Revenue Inflow for Phase 2: Tower T1 & T2 ....................................97
5.5.13 SCENARIO 1: COMBINATION OF PAYMENT PLANS - ESTIMATION OF NET REVENUE Table 5.14: Estimation of Net Revenue Inflow and Development Management Charges .....100
Table 5.15: WACC Estimation ..........................................................................................................101
INFLOW AND DEVELOPMENT MANAGEMENT CHARGES ...................................................... 117
5.5.14 SCENARIO 1: COMBINATION OF PAYMENT PLANS - WACC ESTIMATION .......... 117 Table 5.16: Estimation of Revenue Projections Based on Sales & Collection Schedule / NPV of
5.5.15 SCENARIO 1: COMBINATION OF PAYMENT PLANS - VALUE OF DEVELOPMENT Development Net Revenues & Development Management Charges Receivables101
MANAGEMENT AGREEMENT .................................................................................................... 118 Table 5.17: Sensitivity Analysis for Development Management Charges ..................................101
5.5.16 SCENARIO 1: COMBINATION OF PAYMENT PLANS - SENSITIVITY ANALYSIS OF Table 5.18: Sales Price Appreciation for Phase 1: T3 & T4 & Phase 2: T1 & T2 and Other
DEVELOPMENT MANAGEMENT CHARGES RECEIVABLES ...................................................... 118 Components ......................................................................................................................102
Table 5.19: Sale Schedule for Phase 1: T3 & T4 & Phase 2: T1 & T2 ..............................................102
6. ANNEXURE 1: PROJECTS FOR SECONDARY INSTANCES ........................................................ 119 Table 5.20: Estimation of Net Revenue Inflow for Phase 1: Tower T3 & T4 ..................................103
Table 5.21: Estimation of Net Revenue Inflow for Phase 2: Tower T1 & T2 ..................................110
Table 5.22: Estimation of Net Revenue Inflow and Development Management Charges .....117
Table 5.23: WACC Estimation ..........................................................................................................117
Table 5.24: Estimation of Revenue Projections Based on Sales & Collection Schedule / NPV of
Development Net Revenues & Development Management Charges Receivables118
Table 5.25: Sensitivity Analysis for Development Management Charges ..................................118

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

List of Figures List of Abbreviations

Figure 2.1: Demographic Trends of Mumbai ...................................................................................16
Figure 2.2: Mumbai Population Growth ............................................................................................16 BMC Brihanmumbai Municipal Corporation
Figure 2.3: Socio Economic Classification of Mumbai ....................................................................19
Figure 2.4: Age Distribution for Mumbai ...........................................................................................19 BUA Built-Up Area
Figure 2.5: SEC Comparison of 5 Major Cities of India ....................................................................20 CA Carpet Area
Figure 2.6: Age Distribution Comparison of 5 major cities in India ................................................20
Figure 2.7: Annual Household Expenditure – Mumbai ....................................................................21 CBD Central Business District
Figure 3.1: Top Localities for Luxury Housing in Mumbai - Primary Only Units Sold vs Avg. Unit DCF Discounted Cash Flow
Price .......................................................................................................................................28
Figure 3.2: Number of Units Sold Vs Size of Apartment ...................................................................29
DCR Development Control Regulations
Figure 3.3: Average Ticket Size vs Units Sold : Luxury Housing – Primary Mumbai ........................30 FSI / FAR Floor Space Index / Floor Area Ratio
Figure 3.4: Distribution of Residential Units by Typology (nos. BHK) ...............................................38
Figure 3.5: Range of Residential Units by Typology (nos. BHK) .......................................................38
Ft. Feet
Figure 3.6: Distribution of Residential Units by Ticket Sizes (INR CR) ...............................................39 GLA Gross Leasable Area
Figure 3.7: Range of Residential Units by Configuration and Ticket Sizes (INR CR) .....................39
INR Indian National Rupees
Figure 3.8: Distribution of Sold Units by Configuration .....................................................................40
Figure 3.9: Distribution of Sold Units by Ticket Sizes (INR CR)...........................................................40 Km Kilometre
Figure 3.10: Distribution of Un-Sold Units by Configuration .............................................................41
m Meter
Figure 3.11: Distribution of Un-Sold Units by Configuration .............................................................41
Figure 3.12: Performance of Sold / Un-Sold Units by Ticket Sizes (INR CR) ....................................42 MMR Mumbai Metropolitan Region
Figure 3.13: Performance of 3 BHK Units by Ticket Sizes (INR CR) ..................................................43
MMRDA Mumbai Metropolitan Region Development Authority
Figure 3.14: Performance of 4 BHK & 4.5 BHK Units by Ticket Sizes (INR CR) .................................43
Figure 3.15: Performance of 5 BHK, Amalgamated & Duplexes Units by Ticket Sizes (INR CR) .44 NH National Highway
Figure 3.16: Projects: Sold / Unsold (units) vs Annual Absorption (units sold pa) .........................44
OMV Opinion on Market Value
Figure 3.17: Projects: Annual Absorption (nos. pa) vs Price Appreciation (%) .............................45
Figure 3.18: Projects: Annual Absorption (nos. pa) vs Price Appreciation (%) .............................45 psqft pm Per sq. ft. per month
Sq. ft. / Sq. m Square Feet / Square Meter

List of Maps
Map 2.1: Subject Property Location in Mumbai Metropolitan Region (MMR) ............................12
Map 2.2: Subject Property Location in Mumbai ..............................................................................13
Map 2.3: Subject Property & Existing Infrastructure .........................................................................22
Conversion of Units
Map 2.4: Subject Property & Upcoming & proposed Infrastructure .............................................23
Map 3.1: Origin of Luxury Buyers in Mumbai ....................................................................................31 1 Hectare 2.4711 acres
Map 3.2: Real Estate Micro-Markets of MMR ...................................................................................33 1 Acre 43,560 Sq. ft.
Map 3.3: Location Map for Selected Prime High End Residential Development .......................36
Map 4.1: Neighbourhood Profile of Subject Property .....................................................................70
1 Acre 4,046.9 sq. m.; 4,840 sq. yd.
Map 4.2: Micro Location of Subject Site ..........................................................................................72 1 sq. m. 1.196 sq. yds.
Map 4.3: Plot Demarcation Plan of Subject Site .............................................................................76 1 sq. m. 10.764 Sq. ft.
Map 5.1: Units likely to enjoy sea view and Juhu Aerodrome View .............................................82
Map 5.2: Line of Vision for the Subject Development ....................................................................84 1 meter 1.1959 yds.
Map 5.3: Elevation for Tentative Units within T1 & T2 likely to enjoy Unrestricted Juhu Beach 1 meter 3.28 ft.
View .......................................................................................................................................84

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

7. Balance Plot: 9081.99 sqmt (A-B-C-D)

EXECUTIVE SUMMARY 8. Permissible FSI: 31,630 sq mt (Base FSI + TDR +
Additional BUA + 35% Fungible)
LOCATION ATTRIBUTES
M/s. Indiabulls Real Estate Limited (hereinafter referred to as Shape of the Land
Rectangular
Parcel
the ‘Client’), has interests in a proposed residential project
Visibility Excellent visibility from main Juhu Tara Road, Juhu, Mumbai
addressed as Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai (hereinafter North: Juhu Bus Depo

referred to as the ‘Subject Property / Subject Development’). Immediate

South: Open Plot
Neighbourhood of
The Client is an exploring opportunity for a Development Subject Property
East: Juhu Tara Road
Development
Management role for the Embassy Bayview Juhu Mumbai
West: RG and Thane Belapur Road (Access Road)
Preamble residential project, which has Embassy as the developer and
INFRASTRUCTURE
Naman as the landowner, under a Joint Development
Water, Sewerage & As indicated by the representative of the Company, site has
Agreement. Drainage, Power access to main infrastructure trunk networks

The Client for the same is desirous of obtaining an Property is accessible through main Juhu Tara Road, Juhu,
Access
Mumbai
Independent Market Research and Opinion on the Revenue
LEGAL ISSUES
Potential of the Project for a Development Management
Opportunity. Freehold Land Property, as indicated by the representative of
Title the Company. Please refer to relevant legal due diligence
reports establishing ownership, type, and tenure of ownership.
Subject Embassy Bayview, C.T.S. No. 956 of Village Juhu Situated at
Development Juhu Tara Road, Juhu, Mumbai No Disputes, as indicated by the representative of the
Disputes Company. Please refer to relevant legal due diligence reports
Property Assessed Land admeasuring 2.47 acre / 1,08,900 sq ft to be sourced from the Company for more details.
As indicated by the representative of the Company, Subject
C.T.S. No. 956 Of Village Juhu Situated at Juhu Tara Road,
Site Address site falls under Commercial converted from Industrial land
Juhu, Mumbai. Usage
usage and has been converted to Commercial use as per
Site is accessible through main Thane – Juhu Tara Road, Juhu, the applicable policy of MIDC.
Road / Street name
Mumbai
OPINION ON THE DEVELOPMENT MANAGEMENT REVENUE POTENTIAL
Landowner M/s. Naman Group as indicated by the Client Effective Date 03 August 2023
Nature of Market Research & Opinion Revenue Potential of the Project Done by ANAROCK Property Consultants Pvt. Ltd.
Assignment for a Development Management opportunity
Done for M/s. Indiabulls Real Estate Limited
SITE ATTRIBUTES
With all assumptions as mentioned, we are of the Opinion that the Development
1. Approx. 2.47 acre / 1,08,900 sq ft
2. Total Plot Area- 10354.5 Sqm Management Revenue Potential of Embassy Bayview, C.T.S. No. 956 of Village Juhu
3. Road Setback Area = 363 Sqm Situated at Juhu Tara Road, Juhu, Mumbai is estimated to be under:
Total Site Area
4. Existing Bungalow Plot- 431.5 Sqm
5. Amenity Plot- 478 Sqm
6. Bungalow Plot- 341.75 Sqm

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

1. Scenario 1: Estimation of Development Management Charges by adopting

Conventional Construction Linked Payment Plans:
1. PROJECT APPRECIATION
M/s. Indiabulls Real Estate Limited (hereinafter referred to as the ‘Client’), has interests
INR 3,50,29,00,000 (Indian National Rupees Three Hundred Fifty Crore and
Twenty-Nine Lakhs only) in a proposed residential project addressed as Embassy Bayview, C.T.S. No. 956 of
Village Juhu Situated at Juhu Tara Road, Juhu, Mumbai (hereinafter referred to as the
‘Subject Property / Subject Development’).
2. Scenario 2: Estimation of Development Management Charges by adopting
Combination of Payment Plans to capture wider spectrum of buyer’s interest
The Client is an exploring opportunity for a Development Management role for the
and to match paying capabilities:
Embassy Bayview Juhu Mumbai residential project, which has Embassy as the
INR 3,50,05,00,000 (Three Hundred Fifty Crore and Five Lakhs only)
developer and Naman as the landowner, under a Joint Development Agreement.

The Client for the same is desirous of obtaining an Independent Market Research and
Opinion on the Revenue Potential of the Project for a Development Management
Opportunity.

The details of the Subject Development are as below:

• The Subject Property is earmarked for a residential project to be developed on

a land parcel measuring approx. 3 acres.
• Address: Embassy Bayview, Juhu, Mumbai
• Gross Saleable Area: 0.5 Mn sq.ft.
• Landowner – Naman Group
• Developer – Embassy Group
• Development Manager – Indiabulls Real Estate Limited
• Proposed launch date - CY Q4 2023

Following is the Scope of Work:

Scope of Work
Regional Analysis
• City snapshot comprising key facts & figures on the city across geographic,
demographic, administrative and real estate related aspects.
• Assessment of location, regional settings and connectivity.
Demographic and Socio-economic Characteristics of the City
• Overall population of the city, its historical growth trends and pattern
• Population projection city for the next 5-10 years
• Qualitative assessment of socio-economic classification of population

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Scope of Work Scope of Work

Infrastructure Initiatives  Revenue projections based on sales and collection schedule, value of DM
agreement and sensitivity analysis of DM opportunity for the Client.
• Major infrastructure projects - both proposed and ongoing
• Implication of the above infrastructure projects on real estate sectors
Subject Property Location Analysis Client is desirous of obtaining the above-mentioned work as per the agreed
• Site Inspection and its buildability assessment w.r.t. accessibility, connectivity, methodology for internal reference purpose. Client is hereby advised that they are not
shape, availability of infrastructure facilities etc.
to rely on findings of this assignment as the sole and only criteria for making any
Real Estate Sector Assessment - Residential
decision related to the subject property. Client has further agreed that any reports
 Assessment of micro market and key demand drivers
and deliverables under this assignment will not be submitted in any court of law
 Supply & Demand dynamics
anywhere in the world, neither submitted nor presented in any legal platform,
 Market scan, mapping and description of the relevant residential real estate
projects in the micro market. including any government agency or arbitration proceedings, nor disclosed in any
 Sale Price and sales velocity assessment of the residential projects – case public document nor published in any manner in whole or part thereof without seeking
studies (sample of 2-3 projects) and obtaining Consultant’s written approval on the form and content that may be
 In-depth micro market assessment of residential projects; this includes the
shared, and will not be used to settle any disputes.
following:
 Review of product mix being offered in the project; For and on behalf of,
ANAROCK Property Consultants Pvt. Ltd.
 Demand - Supply parameters;
 Capital Pricing in the projects;
 Amenities being offered;
 Marketing Strategies and USP; Ashutosh Limaye
 Review of payment plans. Senior Director & Head – Strategic Advisory & Valuations,
1002, 10th Floor, B Wing, ONE BKC, G Block, Bandra Kurla Complex,
Competitive Benchmarking Analysis & Case Studies Bandra East, Mumbai - 400051
 Project Scale and Typology
 Project Location & Accessibility
 Product Mix
 Total planned units, Unit typology
 Project Positioning
 Target Segment
 Facilities and amenities and their respective areas
 Project Performance (at various stage/cycle – at launch (3-6 months); under-
construction stage – till RCC top out or a relevant milestone; Top out till full
OC is received; from full OC till the last unit is sold)
 Pricing (monthly movement) since launch
 Absorption trends
 Prevalent Payment Plans
 Payment plans and schemes (CLP, subvention, assured returns, etc.)

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

The MMR region extends over an area of 6,328 sq km and includes two full districts of
2. REGION AND CITY PROFILE Mumbai City, Mumbai Suburban and three-part districts of Thane, Raigad and the
newly created Palghar. The Mumbai Metropolitan Region (MMR) consists of 8
2.1 INTRODUCTION
Municipal Corporations viz. Greater Mumbai (476.24 sq km), Thane (141.61 sq km),
Mumbai Metropolitan Region (MMR) is a metropolitan area consisting of Mumbai Kalyan-Dombivali (116.09 sq km), Vasai-Virar (294.50 sq km), Navi Mumbai (108.98 sq
(Bombay) and its satellite towns in the northern Konkan division, of the Maharashtra km), Mira-Bhayander (94.62 sq km), Bhiwandi-Nizampur (27.37 sq km), and Ulhasnagar
state in Western India. Mumbai is the capital city of the state of Maharashtra and the (13.20 sq km); and 9 Municipal Councils viz. Ambernath, Panvel, Kulgaon-Badlapur,
financial center of India. With a population of over 2,35,98,000 persons / 23.35 million, Khopoli, Pen, Uran, Karjat, Alibag and Matheran, along 35 census towns and 994
MMR is among the most populous metropolitan areas in the world. It is a growing and villages in Thane, Raigad and Palghar Districts.
expanding magnet of attraction for people from across the country and a hub for the
region surrounding it. Mumbai has witnessed rapid growth and urbanization in the past Mumbai lies is on a narrow peninsula on the southwest of Salsette Island, which lies
few years. Thus, the physical potential for further urbanization within Mumbai City is between the Arabian Sea to the west, Thane Creek to the east and Vasai Creek to
reducing and this has led to the growth of a number of satellite cities like Thane and the north. Mumbai's suburban district occupies most of the island. Navi Mumbai is east
Navi Mumbai. of Thane Creek and Thane is north of Vasai Creek. Mumbai consists of two distinct
Map 2.1: Subject Property Location in Mumbai Metropolitan Region (MMR) regions: Mumbai City and Mumbai Suburban.

Map 2.2: Subject Property Location in Mumbai

Source: MMRDA - Final Regional Plan for Mumbai Metropolitan Region Report – April 2021. Source: ANAROCK Research

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Table 2.1: Mumbai City Facts the Western Railway (WR) headquartered at Churchgate. Mumbai is also well
Mumbai connected to most parts of India by the Indian Railways. Long-distance trains originate
Administrative from Chhatrapati Shivaji Terminus, Dadar, Lokmanya Tilak Terminus, Mumbai
Mumbai City - Capital of Maharashtra
Status Central, Bandra Terminus, Andheri and Borivali.
Greater Mumbai: 476.24 sq km A large load of interstate transport is borne by the suburban railway networks. Major
Thane: 141.61 sq km
Area railway stations in the state include Churchgate, Mumbai Central, Byculla, Dadar,
Navi Mumbai: 108.98 sq km
MMR Area: 6,328 sq. km sq. km Bandra, Kurla, Andheri, Borivali, Virar, Thane, Kalyan, Vashi and Panvel.
Greater Mumbai: 1,71,59,000
Thane: 25,37,000 Metro Connectivity: Mumbai is improving its intra-city connectivity with Thane and Navi
Population
Navi Mumbai: 15,43,000 Mumbai through Metro rail network. The Mumbai Metro: a rapid transit system to serve
MMR Area: 2,35,98,000 the wider Mumbai Metropolitan Region is being built in three phases over a 15-year
State-run Indian railways system spreads over 390 Km and period, with overall completion expected in October 2026. The system is designed to
operates 2,342 train services with a daily ridership of more
reduce traffic congestion in the city and supplement the overcrowded Mumbai
than 7.34 million commuters.
Suburban Railway network.
Mumbai has four radial lines:
Suburban Rail
1. Western Railway Line between Churchgate and Dahanu
Network (Local Air Connectivity:
Road
trains)
2. Central Railway Line between Chhatrapati Shivaji CSIA: The Chhatrapati Shivaji Maharaj International Airport is the main aviation hub in
Terminus (CST) and Kasara / Khopoli the city and the second busiest airport in India in terms of passenger traffic. It is
3. Harbour, running between CST and Panvel/Goregaon the second busiest airport in the country in terms of total and international passenger
4. Trans-Harbour, running between Thane and Vashi/Panvel
traffic after Delhi and was the 14th busiest airport in Asia and 41st busiest airport in the
The airport has two intersecting runways, and it handles an
Chhatrapati Shivaji world by passenger traffic in the calendar year 2019. It handled about 49.8 million in
average of 980 flights per day.
International year 2018 and about 950 aircraft movements per day.
55 International airlines; catered to 44 million passengers in FY
Airport
2022-2023.
Navi Mumbai International Airport: The proposed Navi Mumbai International Airport to
be built in the Panvel area by December 2024 (completion expected to be delayed)
2.2 CONNECTIVITY AND LINKAGE
will help relieve the increasing traffic burden on the existing airport. Once completed,
Road Connectivity: Mumbai is well connected both regionally and nationally by a both airports will serve as India's first urban multi-airport system. The two airports will be
network of roadways, as it is a converging point of NH-48, NH-66, NH-160, and NH-61. connected with Navi Mumbai Metro's Line 1 and with the proposed Mumbai Metro's
The Mumbai–Chennai and Mumbai–Delhi Highway which are prongs of the Golden Line 8 (Gold Line).
Quadrilateral system of National Highways start from Mumbai city. The city is also well
connected to Pune via the Mumbai-Pune Expressway/Bengaluru-Mumbai Highway Passenger Water Transport (PWT): The Brihanmumbai Electricity Supply and Transport
that passes through Navi Mumbai. By the End-2023 year, the city is likely to see Undertaking (BEST), started a ferry operation between Manori and Marve Beach in
competition from the under-construction Mumbai- Nashik-Nagpur Expressway and 1981, but they were soon taken over by private operators.[4]
Mumbai- Vadodara-Delhi Expressway. Within the city, Mumbai has three major road
arteries of the city are the Western Express Highway from Bandra to Bhayander, Subsequently, the Maharashtra State Road Development Corporation (MSRDC) was
the Eastern Express Highway from Sion to Thane and the Sion Panvel selected to undertake the work of setting up terminals at Nariman Point, Bandra, Juhu,
Expressway from Sion to Panvel. Navi Mumbai has Thane–Belapur Road which is a Versova, and Marve Beach.
major road connecting the city of Thane with Navi Mumbai. This road also connects
the cities of Thane, Kalwa, and Airoli to the Mumbai-Pune Expressway.

Rail Connectivity: Mumbai is well connected by rail network to other parts of India. A
significant part of trade is supported by strong railway links. Mumbai is the
headquarters of two zones of the Indian Railways: The Central Railway
(CR) headquartered at Chhatrapati Shivaji Terminus (formerly Victoria Terminus), and

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

2.3 DEMOGRAPHIC PROFILE Table 2.2: Population Projection for MMR

Area Census year
Sr. No Unit
Maharashtra is currently the third urbanized state in the country (after Tamil Nadu and (sq km) 1971 1981 1991 2001 2011
Kerala) with its urban population constituting 45.23 per cent of the total population of 1 Greater Mumbai 437.71 59,70,575 82,43,405 99,25,891 1,19,78,450 1,24,42,373
the State in 2011. It has the largest number of people living in urban areas in the 2 Thane 128.23 2,54,045 4,74,438 8,03,389 12,62,551 18,41,488
country at 5.08 crores. Nearly 45 per cent of this urban population lives in MMR. 3 Kalyan-Dombivali 56.14 2,46,038 4,40,310 8,36,602 10,76,316 12,47,327
4 Vasai - Virar City 319.39 1,91,916 2,47,444 3,71,910 6,95,482 12,22,390
The proportion of MMR’s urban population with respect to Maharashtra’s urban 5 Navi Mumbai 108.63 40,063 89,907 3,07,724 6,67,611 11,20,547
6 Mira-Bhayander 79.4 31,860 67,195 1,75,605 5,20,388 8,09,378
population revealed that MMR’s share has declined from 46.02 per cent in 1971 to
7 Bhiwandi-Nizampur 26.41 1,05,793 2,10,712 3,79,070 5,98,741 7,09,665
41.97 per cent in 2011 indicating the growth of other urban centers in Maharashtra.
8 Ulhasnagar 13 1,72,947 2,81,728 3,69,077 4,73,731 5,06,098
Similarly, the proportion of Greater Mumbai’s population relative to MMR’s population
A Municipal Corporations 1,168.91 70,13,237 1,00,55,139 1,31,69,268 1,72,73,270 1,98,99,266
declined from 76.89 per cent in 1971 to 54.56 per cent in 2011, which is indicative of
9 Ambernath 38 58,303 99,655 1,25,801 2,03,804 2,53,475
the growth of other municipal corporations within MMR. 10 Kulgaon-Badlapur 36.05 19,201 32,801 52,154 97,948 1,74,226
11 Panvel 12.17 26,602 37,073 58,986 1,04,058 1,80,020
Figure 2.1: Demographic Trends of Mumbai
12 Khopoli 30.17 18,152 24,545 45,039 58,664 71,141
250.00 235.03 40% 13 Pen 9.82 11,754 14,772 21,588 30,201 37,852
35% 14 Uran 2.29 12,616 15,168 17,775 23,251 30,439
201.10
200.00 15 Karjat 7.5 14,423 16,136 20,204 25,531 29,663
Population (in Lakhs)

30% 16 Alibag 1.81 11,913 14,051 16,289 19,496 20,743

Growth Rate (%)

151.75
150.00 25% 17 Matheran 7.24 3,397 3,000 4,708 5,139 4,393
115.95 B Municipal Councils 145.05 1,76,361 2,57,201 3,62,544 5,68,092 8,01,952
20%
18 Navi Mumbai NT (56) 236.09 75,251 1,09,181 1,54,837 2,36,592 4,49,485
100.00 82.52 15% 19 NAINA & MSRDC (270) 725.8 1,40,127 1,79,174 2,31,610 3,14,854 3,49,351
58.05 20 Kalyan 27 Villages (26) 48.43 1,17,196 2,71,435
42.77 10%
50.00 21 BSNA (61) 156.2 51,507 80,163 1,18,342 1,84,493 2,44,163
5%
22 AKBSNA (58) 138.06 26,785 34,894 41,906 81,293 1,05,731
- 0% 23 VVSNA (24) 64.23 994 6,201 35,009 62,857 77,138
1951 1961 1971 1981 1991 2001 2011 24 Khopta (33) 98.12 17,139 36,117 41,740 47,672 54,230
Source: Census of India C SPA Areas 1,466.93 3,11,803 4,45,730 6,23,444 10,44,957 15,51,533
25 Thane District 22.74 9,260 11,624 16,944 28,117 35,957
Figure 2.2: Mumbai Population Growth 26 Raigad District 17.06 10,818 11,340 17,416 27,262 34,503
30 D Census Towns 39.8 20,078 22,964 34,360 55,379 70,460
26.23 27 Thane District Rural 911.94 1,22,665 1,48,828 2,01,962 2,34,614 2,71,553
25 24.48 28 Raigad District Rural 520.85 1,20,527 1,45,469 1,61,110 1,89,157 2,09,591
22.68
E Rural (MMR) 1,432.79 2,43,192 2,94,297 3,63,072 4,23,771 4,81,144
19.90
Population (Mn.)

20 Total (MMR) 4,253.48 77,64,671 1,10,75,331 1,45,52,688 1,93,65,469 2,28,04,355

17.27
Source: Final Regional Plan for Mumbai Metropolitan Region April 2021
15 13.17
10.06 The population of MMR has been increasing continuously since 1971-2011. However,
10 7.01 since 1991, there is clearly a slowing down in the growth of MMR as seen in the graph
above. The population distribution in the region has been very uneven as a major
5 share of MMR’s population has always been located within Greater Mumbai. Over the
last several decades, Greater Mumbai has been showing a continuously decreasing
0
1971 1981 1991 2001 2011 2021* 2031* 2041* share of population relative to the Region. Its share of the population within MMR has
steadily declined from 77 per cent in 1971 to around 55 per cent in 2011. Even within
Source: Census of India and *Forecasted by Mumbai Metropolitan Planning Committee
Greater Mumbai, the population share of the Island City since 1971- 81 has been
decreasing (along with a decline in population growth) and that of the suburbs has

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

been increasing. The suburbs currently house a little over 75 per cent of the population
of Greater Mumbai (Census 2011). 2.4 SOCIO-ECONOMIC PROFILE OF MUMBAI

Mumbai, the capital city of Maharashtra and the commercial capital of India, is the
Table 2.3: Mumbai Demographic Profile
most dynamic, cosmopolitan, and westernized city in the country. Mumbai is located
Statistic 2001 2011
on India's west coast and is a major political, cultural, and economic hub. As India's
Population Density 21,261 19,652
Gender Ratio (Females per 1000 males) 777 832 commercial and financial center, the Mumbai Metropolitan Region (MMR) generates
Literacy 86% 89% about 5% of the national GDP and contributes over one-third of India's tax revenues.
Source: Census of India 2001 & 2011 Post Covid-19, the socio-economic features have been approximately stabilized to
the same numbers as that of 2019.
It can be observed from the table that there has been an increase in almost all the
demographic aspects of Mumbai Demographic Profile. In addition to the population Figure 2.3: Socio Economic Classification of Mumbai
and population density, the gender ratio and the literacy rate have also increased
from 2001 to 2011. The main reason behind this is the occurrence of in-migration and 18% 21%
betterment of existing social and physical infrastructure resulting in higher employment
opportunities in Mumbai city. SEC A Households
SEC B Households
SEC C Households
26% SEC D & E Households

35%

Source: Nielsen 2019

More than 82% of the population of Mumbai falls under the SEC A, B and C categories,
with SEC A and B forming more than 50% of these 3 categories. This depicts that the
education levels and the earning capacity of the households of Mumbai is high.
Thereby having a propensity to spend more.

Figure 2.4: Age Distribution for Mumbai

8% 7%

15% 15% Population aged 0-4 years

Population aged 5-14

years
Population aged 15-24
15% years
20% Population aged 25-34
years

20%

Source: Nielsen 2019

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

More than 70% of the population falls under the age bracket of 15 to 59, which is the It is evident from the graph that Mumbai has the highest percentage of population
working age group according to the Census definition. This depicts that the majority falling under the age bracket of 15 - 34, giving it an edge over other major cities in
of the population is earning and hence has a propensity to spend on goods and India. Not only in terms of the working age group but the percentage of population
services and other necessities. Only 30% of the population falls under the dependent falling under the dependent category (more than 60 years) is also one of the lowest
category. Of which more than 73% (22% of the total population) falls in the age as compared to other cities. The city also has a high expenditure power with one of
bracket of 0-14 years, which potentially is the working age group of the future. the highest incomes per household and expenditure per household.

Figure 2.5: SEC Comparison of 5 Major Cities of India Table 2.4: Mumbai Economic Profile
100% Economic profile Details
90% 18% 18% 18% 18% 18%
Income per household (in INR per annum) Approx. 20,63,725 INR per annum
80%
Expenditure per household (in INR per annum) Approx. 17,44,113 INR per annum
70% 26% 26% 26% 26% 26%
60%
Figure 2.7: Annual Household Expenditure – Mumbai
50%
40% 36% 35% 35% 35% 36%
30% 14%
Food
20%
10% 20% 21% 20% 20% 20% 4%
FMCG
0% 3%
Bangalore Mumbai NCT of Delhi Chennai Kolkata
5% Durable Goods
SEC A Households SEC B Households SEC C Households SEC D & E Households

Source: Nielsen 2019 Clothing and Footwear

The socio-economic classification for the 5 major cities in India displays similar 74% Miscellaneous Goods and
characteristics, with almost all categories having similar percentage distribution, Services
though the population base differs. Mumbai being the most populous city of India has
a bigger population base than the other four major cities and hence more population
falls under SEC A and B classifications. Source: Nielsen 2019

Figure 2.6: Age Distribution Comparison of 5 major cities in India

2.5 KEY INFRASTRUCTURE INITIATIVES
100%
8% 8% 7% 9% 10%
14% 15% 13% 15% Several infrastructure projects are underway in Greater Mumbai and MMR so as to
80% 17%
15% 15% 14% achieve long-term sustainability and increase the carrying capacity of the city’s
16% 17%
60%
19% transportation networks and thus improve traffic and transportation capacity in
21% 20% 20% 20% Mumbai Metropolitan Region both capacity wise and quality wise. Some of the major
40%
20% 20% 21% projects are listed below.
19% 18%
20%
15% 16% 18% 15% 13%
0% 8% 7% 7% 7% 6%
Bangalore Mumbai NCT of Delhi Chennai Kolkata

Population aged 0-4 years Population aged 5-14 years Population aged 15-24 years
Population aged 25-34 years Population aged 35-44 years Population aged 45-59 years
Population aged 60+ years

Source: Nielsen 2019

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Map 2.3: Subject Property & Existing Infrastructure Proposed & Upcoming Key Infrastructure Projects in Mumbai
Several infrastructure projects are underway in Greater Mumbai and MMR to achieve
long-term sustainability and increase the carrying capacity of the city’s transportation
networks and thus improve traffic and transportation capacity in Mumbai
Metropolitan Region both capacities wise.

Map 2.4: Subject Property & Upcoming & proposed Infrastructure

Base Map: Google Maps

Base Map: Google Maps

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

diversion of the river channel. The project has now received some key (particularly
Coastal Road, Mumbai: The Coastal Road is an under-construction 8-lane, 29.2-km environmental clearance) permissions. This airport will make Mumbai the first city in
long freeway that would run along Mumbai's western coastline connecting Marine India to house more than one airport. This airport still comes under the under-
Lines in the south to Kandivali in the north. The Coastal Road is projected to be used construction projects in Mumbai with construction already in process for Phase I. After
by 130,000 vehicles daily and is expected to reduce travel time between South the completion of Phase I the airport is expected to handle 10 million passengers per
Mumbai and the Western Suburbs from 2 hours to 40 minutes. The estimated cost of annum. As soon as the foundation stones of the project were laid, the demand for
the project is INR 12,000 crores. The project is in two phases, the first phase of the property in Navi Mumbai surrounding the airport saw an increase. The construction of
project is a 9.98 km section from Princess Street Flyover at Marine Lines to the Worli end the airport is expected to generate more than 4 lakh direct and indirect jobs in Navi
of the Bandra-Worli Sea Link (BWSL) and is expected to be completed by November Mumbai. As the development prospects are high, many real estate builders in
this year. Phase two is a 19.22 km long road connecting Bandra with Kandivali and its Mumbai are planning to come up with real estate projects in Navi Mumbai.
completion is expected by next year, 2024.
Mumbai Metro Network (Underground + Elevated): Mumbai is popular for its traffic
Multimodal Corridor from Virar to Alibaug: This 126 km long Virar-Alibuag Multi Modal snarls. To decongest Mumbai’s roads, the Mumbai Metro Railway Corporation Limited
Corridor will connect NH-8, Bhiwandi bypass, NH-3, NH-4 and NH-4B, Mumbai-Pune (MMRCL) has already started the construction of the Colaba-Bandra-SEEPZ corridor of
Expressway, NH-17, etc. Out of this 126 km corridor, 79 km long Virar (Navghar) to the Metro-3 project. This underground metro will prove to be a comfortable mode of
Chirner (JNPT) corridor is financially feasible and has been approved by the Authority transport. It will also lessen the crowd on the roads as well as in the local trains of
in its meeting held on 6th March, 2012. Mumbai. This system of the metro will connect you to the major financial hubs in
Mumbai such as Nariman Point, Fort, Worli, Lower Parel, BKC, Goregaon, etc. This same
The Multi Modal Corridor will be a crucial step towards development, strengthening metro will also provide connectivity to the CSIA, SEEPZ, and MIDC. Many new real
and creating job opportunities in seven growth centers in MMR such as Virar, Bhiwandi, estate projects in Mumbai are now coming up in the vicinity of these localities where
Kalyan, Dombivali, Panvel, Taloja and Uran. The Corridor will also be useful for the the metro line will provide connectivity. The underground metro will reduce travel time
development of Navi Mumbai International Airport, JNPT Port, MTHL and Dedicated considerably and also provide comfort and security while traveling. The Mumbai
Freight Corridor. This Corridor will carry all the traffic from JNPT towards Navi Mumbai Metro is being built in three phases over 15 years, with overall completion expected in
and Thane outside the city and will help reduce traffic congestion within the city. The 2026. Upon completion of all metro lines, the core system will comprise 13 high-
travel time between Virar to Alibaug required today will also be reduced by 50%. capacity metro railway lines stated below.

Table 2.5: Details of Mumbai Metro Network

Mumbai Trans Harbour Link: The project consists of the construction of an 8-lane bridge Metro Length
across the deep sea through the Mumbai Harbour and connects to local road Name of Corridor Stations Status
Line (km)
networks through approaches/interchanges at both ends, i.e. at the Sewri end and 1 Versova–Andheri–Ghatkopar 11.4 12 Operational
the Nhava end. Mumbai Trans Harbour Link, also called the Sewri Nava-Sheva Trans Under Construction
2 Dahisar–Mankhurd 42.1 39
Harbour Link is a 21.8 km freeway bridge that will connect Mumbai will Navi Mumbai.
2A Dahisar-DN Nagar 18.5 7 Operational
The eastern suburbs of Mumbai will connect with the mainland Mumbai through a 16.5
2B DN Nagar-Mankhurd 23.6 2 Under Construction
km sea bridge. The freeway will also be connected to the Mumbai Pune Expressway
and Western Freeway. This has had a positive boost to the real estate in Mumbai. This 3 Colaba - Bandra – SEEPZ 33.5 27 Under Construction
trans Harbour Link will reduce the commuting time from Churchgate to Navi Mumbai Wadala–Ghatkopar-Mulund–Teen Under Construction
4 32.32 32
Hath Naka–Kasarvadavali
from 40 minutes to 20 minutes. This also means that there will be super-fast connectivity
4A Kasarwadavali-Gaimukh 2.7 2 Approved
to Navi Mumbai and the Konkan region. With so many upcoming projects in Navi
Mumbai, the demand for real estate in pockets like Panvel has seen a huge rise. The 5 Thane-Bhiwandi-Kalyan 24 17 Under Construction
project construction started in April 2018 and is estimated to be completed by 6 Swami Samarth Nagar to Vikhroli 15.31 13 Under Construction
December 2022. 7 Dahisar (East)-Andheri (East) 16.5 13 Operational
7A Andheri-CSIA 3.17 2 Under Construction
Navi Mumbai International Airport: A new airport is also proposed to be developed in
8 CSIA T2-NMIA 35 TBA Approved
the Kopra – Panvel area through PPP mode. The proposed project has been
9 Dahisar (East)-Mira-Bhayander 10.41 11 Under Construction
continually delayed due to serious environmental issues related to mangroves and

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Metro Length
Line
Name of Corridor
(km)
Stations Status 3. REAL ESTATE MARKET TRENDS
10 Gaimukh-Shivaji Chowk (Mira Road) 9 9 Approved
11 Wadala-CSMT 11.4 10 Approved
3.1 MUMBAI LUXURY RESIDENTIAL MARKET TRENDS
12 Kalyan-Dombivali-Taloja 25 17 Approved
Planned
High Demand for Luxury Segment Observed in H1 2023: The luxury real estate sales
13 Mira Bhayander-Virar TBA TBA
Source: www.mmrcl.com.
(above INR 10 Cr) in India's financial capital and its wealthiest city, registered record
setting sales in the first six months of 2023. The sharp increase at the top end of the
market coincides with a boom in residential property sales overall and is indicative of
The two metro lines 2A and 7, a total of 35 km, are now fully operational and
connected with Metro Line 1 (Versova and Ghatkopar via Andheri), creating the first the return of confidence in India's residential real estate since 2021. It is noteworthy
Metro network in the Mumbai Metropolitan Region (MMR). that this momentum continues even as interest rates have risen by several percentage
points.

2.6 INFLUENCE ON SUBJECT SITE While Mumbai's luxury housing market has been steadily rising for the last three years,
in line with the buoyancy in India's residential real estate, the increase in the sales of
Out of the above-mentioned projects, the site will positively benefit from the proposed
ultra-luxury housing units in Hl CY' 23 has been a big positive. This signifies that real
Phase Two - Coastal Road, Western and Eastern Freeway, Mumbai metrorail Project
and Trans Harbor Link, which will lead to reduced travel times to the subject site region estate has made a meaningful come-back into the UHNI portfolios. With wealth
creation in India growing at a fast pace, and the country's wealthiest city Mumbai set
and are expected to positively influence the subject site region.
to enter the list of top 20 cities with the most number of millionaires by 2023, we believe
there's an inherent strength in Mumbai's luxury housing market which should continue
in the future.

Mumbai city had been witnessing around INR 5,300 Cr of luxury housing sales every
half year, since 2018. In Hl CY'23, luxury Housing sales more than doubled to 11,400
Cr., surpassing the annual sales of 2018 - 2020.

Luxury housing market of Mumbai witnessed a 47% increase in sale of units in H1 CY'23
vs H2 CY'22 - the highest half-yearly increase in unit sales compared to any previous
half-year sales in last 5 years (except the jump in Covid-impacted H2 CY'20}. The
segment grew by 27% in H1 CY'23 (in units sales} vs same period last year, an evidence
of robust and consistent increase in demand for luxury housing. H1CY'23 also shattered
the rolling average record - witnessing an 84% growth vs average units sold (around
290) since 2018.

Despite interest rates going up, the momentum in luxury sales has continued. Primary
luxury segment of Mumbai clocked record sales value of 8,817 Cr., the highest half-
yearly sale value over the last 5 years in the city. Even the secondary market recorded
its 2nd highest half-yearly sales value in H1 CY'23, across last 5 years. In H1 CY'23, on
sales value basis, the primary luxury segment accounted for 18% of total value of
primary units sold in the city. This was averaging 13% during 2018-2022. The primary
luxury market witnessed 3.4x times sales value in H1 CY'23 vs the secondary market.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Sales & Pricing Top Localities Driving Growth: Top 10 localities of Mumbai contributed Size of Luxury Apartments Gets Larger:
86% of total value sold in primary luxury housing of Mumbai in H1 CY'23. Unit sizes greater than 4000 sqft contributed 22% to overall primary sales in H1 2023.

Figure 3.1: Top Localities for Luxury Housing in Mumbai - Primary Only Units Sold vs Avg. Unit Figure 3.2: Number of Units Sold Vs Size of Apartment
Price
2018 H1 2023 H1
300

250 240

200

150
101
100 73
63
50 18 15 4 12
0
1000-2000 2000-4000 4000-8000 >8000
Source: Source: Mumbai Luxury Housing Report - HlCY'23, CRE Matrix & Southeby’s
Internaitla Realitiy Research

Source: Mumbai Luxury Housing Report - HlCY'23, CRE Matrix & Southeby’s Internaitla
Realitiy Research. Units of 2,000 – 4,000 sqft emerged as the largest size contributor i.e., 62% to the primary
sales.

In unit terms, this contribution stood at 80%. While Worli contributed 31% to luxury sales
of top 10 localities, it was Malabar Hill, at 1,580 Cr., that recorded the highest increase
(481%) in value of luxury homes sold in H1CY'23 vs H1 CY'22.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Price Segments Ultra-Luxury is Back for <40-70 Cr: The segment witnessed a 64% growth Origins Buyers Of Luxury Segment: The sales of ultra luxury housing units have been big
with 64 units sold {primary) in only last 18 months {H1CY'22 to H1 CY'23) in Mumbai vs positive in Mumbai despite interest rates going up, the momentum has continued.
39 units in the preceding 18-month period of H2 CY'20 to H2 CY'21).
Origin of Luxury Buyers are illustrated in the below map.
Figure 3.3: Average Ticket Size vs Units Sold : Luxury Housing – Primary Mumbai
Map 3.1: Origin of Luxury Buyers in Mumbai
Origins of Luxury Home Buyers
Malabar Hill 17%

Cumbala Hill 15%

Bandra West 13%

Prabhadevi 10%

Jacob Circle – Chinchpokli 8%

Andheri West 8%

Juhu 8%

Vile Parle West 7%

Santacruz West 6%

Lower Parel 6%

Others 2%
Source: Mumbai Luxury Housing Report - HlCY'23, CRE Matrix & Southeby’s Internaitla
Realitiy Research

Source: Mumbai Luxury Housing Report - HlCY'23, CRE Matrix & Southeby’s Internaitla Andheri West, Juhu, Vile Parle West and Santacruz West accounts for 28% of the
Realitiy Research Origin of Luxury Buyers in Mumbai.

The robustness of this segment is evident as it even surpassed the 36-month period sales 27% buyers from top 10 localities for this segment have their origins located beyond
of 57 units in this segment. However, it is the 10 - 20 Cr. segment that still commands South Mumbai.
around 71% of sales in the luxury segment.
35 % homebuyers in Mumbai’s luxury market belonged to the 24 - 45 years age
category.
The surge in new residential supply can be attributed to the unwavering appetite for
homeownership, with the demand for housing continuing to rise unabated.

Consequently, leading and listed developers have ramped up their efforts to meet the
demand for new residential properties.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

3.2 RESIDENTIAL MICRO MARKET SECTOR FOR MMR Zone Characteristics and Land Availability
Areas- Land Availability: Good
Real estate in the MMR is among the prime real estates in the country and presents
Northeast
great diversity. Mumbai’s real estate is now largely developed resulting in accelerated
growth of the satellite towns of this urban agglomeration. Characterized by affordable housing as a result of spill over demand
from Navi Mumbai. Many developers have already acquired large
Emerging
Table 3.1: The City of MMR can be categorized into following 9 Zones tracts of land along Mumbai-Pune & Mumbai-Goa and in proximity
Growth
Zone Characteristics and Land Availability to the proposed airport and SEZs. The majority of population is SEC
Areas- East
C, D and E falling in MIG and LIG income category.
Traditional CBD of the city and characterized by Head Offices of all
Land Availability: Good
major Corporate and Government offices. Preferred by senior
management of MNCs and Indian Corporates reside in Malabar Hills, Source: ANAROCK Research
Core City-
Cuffe Parade and other nearby residential areas. Predominantly
South Mumbai Map 3.2: Real Estate Micro-Markets of MMR
houses high income SEC A populace. Characterized by luxury High
Street retail.
Land Availability: Negligible
Scope of additional Re-development of mill lands primarily provides
Core City- for the stock in this micro market. High to moderately skilled
South-Central manpower (SEC A & SEC B), predominantly falling in the higher
Mumbai middle-income group.
Land Availability: Limited (through Redevelopment of old Mill units)
The development of SBD BKC, SBD Andheri - Kurla Road and SBD
Western suburbs has driven growth in western suburbs.
Predominantly HIG towards Bandra and Juhu and transitions to MIG
Suburbs towards north. Scope of additional re-development of mill lands
Western primarily provides for the stock in this micro market.
Land Availability: Limited

The subject property is located in this micro market.

Predominantly residential and Industrial development. The eastern
suburbs continue to see older industrial areas being redeveloped
Suburbs
into residential and commercial developments.
Eastern
Land Availability: Limited (through redevelopment of sick industrial
units)
Predominantly dense residential development and industrial
Satellite Town- development. Moderately skilled manpower (SEC B & SEC C)
Thane predominantly falling in the middle-income group.
Land Availability: Medium
Developed as a counter magnet to decongest Mumbai and a
Satellite Town- planned city developed by CIDCO across the Thane creek.
Navi Mumbai Predominantly residential, IT and Industrial development
Land Availability: Medium
Characterized by affordable housing as a result of spill over demand
Emerging
from Western Suburbs aid. The majority of population is SEC C, D and
Growth
E falling in MIG and LIG income category.
Areas- West
Land Availability: Good
Characterized by affordable housing as a result of spill over demand
Emerging
from Thane. The majority of population is SEC C, D and E falling in
Growth
MIG and LIG income category.
Source: ANAROCK Research

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

3.3 SUBJECT CATCHMENT RESIDENTIAL SECTOR OVERVIEW

Lokhandwala: Lokhandwala is a posh residential area within Andheri West, known for
Juhu is situated along the Arabian Sea coast in the western part of Mumbai. It is its upscale lifestyle and premium properties. It is a gated community that offers a
bordered by Vile Parle, Santacruz, and Andheri, making it a prime residential location secure and luxurious living experience. Lokhandwala is home to many Bollywood stars,
with excellent connectivity to other parts of the city. affluent businessmen, and expatriates. The area features a mix of high-rise apartments
and spacious villas, along with lush green spaces, top-notch facilities, and a
The key market for Juhu on our subject property will be people who are looking to cosmopolitan ambiance.
upgrade to a new house with greater amenities and a better lifestyle.
Vile Parle: Vile Parle is an affluent residential neighbourhood located between Juhu
Businessman and HNI’s trying to move in from Andheri, Goregaon and other western and Andheri. It is divided into Vile Parle East and Vile Parle West. The locality is well-
suburbs towards luxury development and sea-face properties in this location. developed with premium residential projects, luxury condos, and lavish bungalows.
Vile Parle offers excellent connectivity and boasts of prestigious educational
institutions, upscale retail outlets, and top-class healthcare facilities.
3.4 SELECTED MUMBAI’S LUXURY RESIDENTIAL IN SUBURBS - WESTERNS & THE CORE
CITY – SOUTH CENTRAL MUMBAI MICRO MARKET
3.4.2 MUMBAI’S LUXURY RESIDENTIAL MICRO MARKET 2: BANDRA, KHAR, SANTACRUZ
Mumbai Western Suburbs has basically two luxury micro markets including Westerns &
The Core City – South Central Mumbai. The Westerns Suburban Micro market
consisting of areas like Juhu, Andheri, Lokhandwala, Vile Parle, Bandra, Khar, Bandra, Khar, and Santacruz were considered luxury residential micro-markets in
Santacruz, etc. (all falling at the peripheral land to the Arabian Sea) etc. has severe Mumbai, India. These areas have been popular among high-net-worth individuals,
paucity of land and an insatiable demand for luxury development. Price points of INR celebrities, and expatriates due to their prime locations, excellent infrastructure, and
50,000 per sq. ft. to INR 120,000 sq ft are fairly common in this market. vibrant lifestyle.

Buyers in this market are usually Indian HNI businessmen (upgrading from old Below is a brief overview of each of these micro-markets:
constructions to new fully loaded, feature rich towers), NRIs and professionals heading
corporates and MNCs. They usually take very small bank loans (often for tax Bandra: Bandra is one of the most sought-after neighbourhoods in Mumbai. It is divided
efficiency) and are not affected by interest rates fluctuations. into Bandra East and Bandra West. Bandra West, in particular, is known for its upscale
residential properties, high-end boutiques, trendy cafes, and restaurants. It is also
home to the famous Bandstand Promenade, which offers beautiful views of the
3.4.1 MUMBAI’S LUXURY RESIDENTIAL MICRO MARKET 1: JUHU, ANDHERI, Arabian Sea. Bandra has a mix of old-world charm and modern amenities, making it
LOKHANDWALA, VILE PARLE a favourite choice for luxury living.

Khar: Khar is adjacent to Bandra and is another upscale residential area in Mumbai. It
Mumbai's luxury residential micro market, which includes areas like Juhu, Andheri, is well-connected to major business districts and entertainment hubs, making it a
Lokhandwala, and Vile Parle, was considered one of the most sought-after and desirable location for the affluent. Khar offers a mix of luxury apartments, villas, and
affluent residential areas in the city. bungalows, providing residents with a wide range of housing options. The area is
known for its green spaces, premium schools, and recreational facilities, attracting
Here's an overview of each of these areas: families and professionals alike.

Juhu: Juhu is a posh neighbourhood located on the western coast of Mumbai. It is Santacruz: Santacruz is located between Bandra and Khar and is divided into
famous for its beautiful Juhu Beach and is home to many Bollywood celebrities, Santacruz East and Santacruz West. While Santacruz East is predominantly a residential
industrialists, and affluent families. The area is known for its high-end luxury apartments, area, Santacruz West has seen significant commercial development. The luxury
spacious penthouses, and extravagant villas, which offer stunning views of the Arabian residential properties in Santacruz cater to those who seek a serene environment while
Sea. Additionally, Juhu boasts excellent social infrastructure with upscale shopping still having easy access to the city's commercial and entertainment centres.
malls, fine-dining restaurants, and premium entertainment options.

Andheri: Andheri is a vast suburb in Mumbai that is divided into two main parts -
Andheri East and Andheri West. Andheri West is considered the more upscale and
desirable locality. It is well-connected to other parts of Mumbai, making it a preferred
choice for high-net-worth individuals and celebrities. Andheri West is known for its
luxurious residential towers, upscale bungalows, and modern amenities. The area also
has a vibrant nightlife and a plethora of shopping and dining options.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

3.5 EXISTING AND UPCOMING SUPPLY OF HIGH-END RESIDENTIAL DEVELOPMENT IN Table 3.2: List of Major Residential in the Suburbs - Westerns and the Core City – South Central
THE MICRO MARKETS Mumbai Micro Markets
Sr. Construction Plot Area Launch Pos
For the purpose of this study, ANAROCK team conducted market scan for the existing Project Address Developer Segmentation
No Status (acre) Year Y
and upcoming residential supplies in the Suburbs - Westerns and the Core City – South
Central Mumbai micro markets. 2017 2
Rustomjee
Of all the projects identified, we have cautiously selected only those projects which Rustomjee D. N. Nagar, 2017 2
Realty
can be defined as Luxury Residential Products. Luxury Residential Products for this 1 Elements - Wing near JVPD, High-end Completed 0.61
Private
assignment is defined as those residential products whose Ongoing Selling Base Price SG & SC Juhu 2017 2
Limited
is more than INR 75,000 psqft on Carpet Area.
2017 2
A detailed but not exhaustive list of such high-end premium projects from the selected Opposite K Raheja
2023 2
micro market is given below. Hotel Sea Corp Real Under
2 Raheja Maestro High-end 0.81
Princess, Estate Pvt Construction
2023 2
Map 3.3: Location Map for Selected Prime High End Residential Development Juhu Ltd
Man 2022 2
MICL Aradhya Under
3 JVPD, Juhu Infrastructure High-end 0.25 2022 2
Evoq Construction
Ltd 2022 2
2017 2
Lokhandwal
Runwal Runwal Deve Ready to
4 a Complex, High-end 2.25 2017 2
Elegante lopers Pvt Ltd Move
Andheri West
2017 2
Avdharna
Mount Mary, Under
5 Skairos Infrastructure High-end 0.26 2021 2
Bandra West Construction
Pvt Ltd
2022 2
Parishram by Pali Hill, Parishram by Under 2022 2
6 High-end 3.40
Rustomjee Bandra West Rustomjee Construction 2022 2
2022 2
2017 2

Next to Worli K Raheja 2017 2

7 Artesia Doordarshan Private High-end Completed 4.85
Tower, Worli Limited 2017 2

2017 2
Ferrum
2023 2
Rustomjee Realtors Under
8 JVPD, Juhu High-end 0.24
Ashiana Private Construction
2023 2
Limited
Source: ANAROCK Market Research
Note: Secondary Instance Projects are detailed under the “ANNEXURE 1: PROJECTS FOR
SECONDARY INSTANCES”

Source: ANAROCK Research

Note: Secondary Instance Projects are detailed under the “ANNEXURE 1: PROJECTS FOR
SECONDARY INSTANCES”
3.6 PRODUCT MIX ANALYSIS

From the inventory table provided in the previous section, analysis of key trends is
presented in the next sections.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

3.6.1 ANALYSIS OF RESIDENTIAL UNITS AVAILABLE IN THE MICRO MARKET The average area that majority of the project offer 4 BHK typology ranges from 1351
sq. ft. – 3781 sq. ft. It is observed that in case of 3 BHK, typology ranges from 976 sq. ft.
From examination of the inventory data of high-end luxury residential projects that – 1,886 sq.ft.. While in the case of 4 BHK, Duplexes and Villas, there is a significant
consists of 520 dwelling units in total, it is seen that developers have a preference for difference between the highest and the lowest range of saleable area.
construction of 3, 4, 5 BHK apartments.
Within the selected high end residential projects, around 30% of the flats were in the
Amongst the 3,4,5 BHK typologies, the 4 BHKs are a popular typology with 4BHKs ticket size range of INR 25 - 50 CR, followed by INR 15 - 25 CR at 16% and INR 10 - 15
constituting 57% of the total existing and upcoming supply. Duplex and amalgamated CR at 14%.
dwelling units are also a noticeable typology for the micro market region.
Figure 3.6: Distribution of Residential Units by Ticket Sizes (INR CR)
Figure 3.4: Distribution of Residential Units by Typology (nos. BHK)

Source: ANAROCK Market Research

Source: ANAROCK Market Research
The figure below reflects upon the ticket sizes for various configurations available in
The figure below reflects upon the ticket sizes for various configurations available in the selected projects. The more common 3 BHK typology units in the selected projects
the selected projects. Excluding The Amalgamated and Duplexes typologies, the are available in the range of INR 5.9 CR - INR 18 CR, depending on project
selected projects have 3 BHK & 4 BHK in the Carpet Area range of 976 sq ft – 1,886 sqft specifications and locations. The 4 BHK and 5 BHK flats in the selected projects are
and 1,351 – 3,781 sq ft respectively. The Weighted Average Carpet Areas for 3 BHK, 4 offered at Wt. Average range of INR 24.1 and 24.7 lakhs, respectively.
BHK, and 5 BHK are 1,275 sq ft, 2,616 sq ft, and 3,135 sq ft, respectively.
Figure 3.7: Range of Residential Units by Configuration and Ticket Sizes (INR CR)
Figure 3.5: Range of Residential Units by Typology (nos. BHK)

Source: ANAROCK Market Research

Source: ANAROCK Market Research

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

The Amalgamated typology have ticket size with maximum range from INR 74.5 CR to
INR 226 CR. This large variation in ticket price exists because the products located in Units in the range of INR 25 CR to INR 50 CR account for 34% of all sold units, indicating
various different micro markets and are of superior quality in terms of their sizes, ticket size demand among the high-end luxury residential projects.
exclusivity and privacy, sea views, amenities and floor levels.

3.6.3 ANALYSIS OF RESIDENTIAL UNITS SOLD IN THE MICRO MARKET

3.6.2 ANALYSIS OF RESIDENTIAL UNITS SOLD IN THE MICRO MARKET
The selected projects have 156 un-sold apartments, accounting for 30% of the total
The selected projects have 364 sold apartments, accounting for 70% of the total units units of the inventory.
of the inventory.
Figure 3.10: Distribution of Un-Sold Units by Configuration
Figure 3.8: Distribution of Sold Units by Configuration

Source: ANAROCK Market Research

Source: ANAROCK Market Research
4BHK followed by 3BHK AND 5BHK has the largest percentage of sold units typologies
4BHK followed by 3BHK AND 5BHK has the largest percentage of sold units typologies with 69%, 27%, and 2%, respectively pf the total sold units.
with 52%, 36%, and 6%, respectively pf the total sold units.
Figure 3.11: Distribution of Un-Sold Units by Configuration
Figure 3.9: Distribution of Sold Units by Ticket Sizes (INR CR)

Source: ANAROCK Market Research Source: ANAROCK Market Research

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Units in the range of INR 15 CR to INR 25 CR and INR 10 CR to INR 15 CR accounting for Figure 3.13: Performance of 3 BHK Units by Ticket Sizes (INR CR)
37% and 25% of all un-sold units indicating ticket size and preferred demand mismatch
(due to location, specification and or positioning) in the high-end luxury residential
projects.

3.6.4 PERFORMANCE OF SOLD / UN-SOLD UNITS BY CONFIGURATION & TICKET SIZES

Units in the Ticket Size range of INR 25 CR – INR 50 CR have observed good sales
performance vs the unit sizes in the range of INR 15 CR – INR 25 CR, INR 10 CR – INR 15
CR and INR 7.5 CR - INR 10 CR respectively.

Figure 3.12: Performance of Sold / Un-Sold Units by Ticket Sizes (INR CR)

Source: ANAROCK Market Research

The selected projects have observed notable demand for 4 BHK units in the range of
INR 35 CR to 40 CR and INR 7.5 CR to INR 10 CR. However, 4 BHK flats priced between
INR 10 CR to INR 30 CR have not performed well. Ticket Sizes ranging from INR 20 to 25
most number of unsold 4 BHK units.

Figure 3.14: Performance of 4 BHK & 4.5 BHK Units by Ticket Sizes (INR CR)

Source: ANAROCK Market Research

The shortlisted developments have limited 3 BHK flats priced over INR 15 CR. However,
3 BHK flats priced between INR 6.5 CR and INR 7.5 CR have performed well. 3 BHKS
with ticket sizes ranging from INT 7.5 to 12.5 have underperformed in the selected
projects.

Source: ANAROCK Market Research

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

The Raheja Maestro & Rustomjee Ashiana are launched in CY 2023 whereas MICL
5 BHK and Amalgamated units with range of Ticket Size INR 25 Cr – INR 30 Cr and INR Aradhya Evoq & Parishram by Rustomjee were launched in CT 2022, have achieved
150 Cr - INR 175 Cr have performed well. Overall Duplexes have performed well in the annual absorption of 5 - 8 units per annum in the launch year.
selected high end residential projects.
Figure 3.17: Projects: Annual Absorption (nos. pa) vs Price Appreciation (%)
Figure 3.15: Performance of 5 BHK, Amalgamated & Duplexes Units by Ticket Sizes (INR CR)

Source: ANAROCK Market Research

Projects with annual sales velocity of 20 – 25 units per annum have noticeable 35 – 5%
annual price appreciations.

Figure 3.18: Projects: Annual Absorption (nos. pa) vs Price Appreciation (%)

Source: ANAROCK Market Research

3.6.5 SALES PERFORMANCE & ANALYSIS OF SALES VELOCITY WITHIN SELECTED

PROJECTS
The analysis of Asteria and Runwal Elegante suggest that project with good position
and marketing can achieve sales velocity of 20 -25 units per annum.

Figure 3.16: Projects: Sold / Unsold (units) vs Annual Absorption (units sold pa)

Note: Projects launched in 2016 – 2018 including Rustomjee Elements, Runwal Elegante,
Artesia have experience slower absorption rates.
Source: ANAROCK Market Research

The Developers of the Luxury Residential Apartment Projects have strategised their
project to achieve inventory absorption of 20% - 30% in the launch year under normal
economic conditions. Also, developers plan to sell about 30% of the inventory post
completion of the project in anticipation of achieving higher selling price.

Source: ANAROCK Market Research

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Rustomjee Elements
3.6.6 FLOOR RISE CHARGES IN HIGH RISE RESIDENTIAL BUILDING 4 BHK: 2,347
The Suburbs - Westerns and the Core City – South Central Mumbai high - end luxury 5 BHK: 2831 – 3,497
residential projects without sea view are quoting a floor rise of INR 150 per sq. ft. to INR Duplex: 12,522
300 per sq. ft. per floor level, whereas the projects offering sea view are currently No. of car parks 167 units of car park
quoting a floor rise of INR 750 per sq. ft. to INR 2,000 per sq. ft per floor level. The 1st in vicinity temperature-controlled
variations in floor rise amongst various projects exist due to their location within the Specifications Infinity Swimming Pool on the rooftop
micro market where proximity to sea or landmarks like topographic features, offering stellar views
racecourse, aerodromes / wide unrestricted view, cityscapes etc., panoramic views,  Outdoor Podium facilities (40K sqft):
etc command a premium. Dry Fountain, Multi games court
(Futsal & Tennis), Landscape Podium
Garden, Reading corner, Reflexology
3.6.7 CAR PARKING CHARGES Path, Walkway.
 List of Rooftop Amenities (37K sqft):
From the study carried out by us it has been observed that developers are seeking car
Party Deck, Sky Deck, Mini bar space,
parking charges in the range of INR 12 lakhs to INR 18 lakhs per car park unit. Amenities
Seating Deck, Coffee Deck, BBQ
POD, Walkway. Infinity Pool.
3.6.8 TYPICAL PROFILE OF BUYERS FOR HIGH END RESIDENTIAL  List of Indoor Facilities (15K sqft): Fully
equipped fitness centre, Toddler’s
Buyers profile for high end residential projects varies from businessmen to financial play zone, Spa & Salon, Indoor games
institutions. Businessmen account for 50-60% of the total number of buyers. It is followed room, the lounge, Preview theatre,
by Financial Institutions, CEO's, CFO's, NRI Investors and Investment Bankers. Multi-function Hall.
Marketing and Sales
Target segment High Net worth Individuals
Launch Price INR 65,000 per sq. ft.
3.7 CASE STUDIES
Current base price INR 80,000 per sq. ft.
Average Ticket Size INR 17 Cr
Sold/ unsold in % 57%
3.7.1 CASE STUDY 1 - RUSTOMJEE ELEMENTS – WING SG & SC Absorption per year
Pictures
Rustomjee Elements
Developer Rustomjee Realty Private Limited
Architect Cybertecture
Location D. N. Nagar, near JVPD, Juhu
RERA No. P51800005738 & P51800001382
Type of development High end residential apartment complex
Project Description
Total no. of floors G+12 Elements Tower Dinning Area
Total no. of units 42
Units sold 37
Total Built Up area 15,439
Start of construction 2017
End of construction 2022
Design / Planning Description
Configurations 3, 4, 5 BHK and Duplex Hall Area Lounge
3 BHK: 28 units
4 BHK: 2 units
No. of units in each configuration
5 BHK: 23 units
Duplex: 1 unit
Rera Carpet Area 3 BHK: 1,512 – 1,886

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Rustomjee Elements Artestia, Worli

Specifications Bigger floor plate.
 Swimming Pool
 Gymnasium
 Spa
 Restaurant
Amenities
 Steam Room
Hall Area Bedroom  Lounge
 Floor to Floor height of 3.9 mts.
 Lobby spread over 23,000 sqft.
Bigger floor plate offered compared to
Special features
other projects.
Marketing and Sales
 High Net worth Individuals and
Industrialists
Fitness Centre Yoga Room  Renowned people like Shailesh &
Natasha Dalmia, Smita D Parekh and
Target segment Promoters Raheja also have their
homes.
 Occupied by leading families and
industrialists of the city.
Launch Price INR 82,000 per sq. ft.
Toddler’s play zone Multifunction Hall Current base price INR 1,10,000 per sq. ft.
Average Ticket Size INR 40 Cr
Sold 90%
Absorption per year 15 - 20%
3.7.2 CASE STUDY 2 – K RAHEJA ARTESIA
Pictures
Artestia, Worli
Developer K Raheja Private Limited
Location Next to Worli Doordarshan Tower, Worli
RERA No. P51900000841
Architect Martin Kemp
Type of development High end residential apartment complex
Project Description
Total no. of floors 2B+ G+5P+45
Total no. of units 135
Units sold 122 Artesia Tower Amenities
Total Built Up Area
Start of construction 2017
End of construction 2023
Design / Planning Description
Configurations 4 and Duplex
4 BHK: 111 units
No. of units in each configuration Duplex: 1 unit
Amalgamated Units: 22
Internal View Amenities
4 BHK: 2,964 – 3,781
Rera Carpet Area Duplex: 7,403
Amalgamated Units: 6.769 – 20,548
No. of car parks 668 car park

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

3.7.3 CASE STUDY 4 - SKAIROS 3.7.4 CASE STUDY 5 – MICL ARADHYA EVOQ
Skairos, Andheri Aradhya EVOQ, Andheri
Developer Avdharna Infrastructure Pvt Ltd Developer Man Infrastructure Ltd
Location Mount Mary, Bandra West Location JVPD, Juhu
RERA No. P51800033333 RERA No. P51800034587
Type of development High end residential apartment complex Type of development High end residential apartment complex
Project Description Project Description
Total no. of floors G+43 Total no. of floors G+12
Total no. of units 68 Total no. of units 29
Units sold 20 Units sold 10
Total Built Up area 24772.61 Total Built Up area 11376.92
Start of construction 2021 Start of construction 2022
End of construction 2032 End of construction 2026
Design / Planning Description Design / Planning Description
Configurations 4 BHK Configurations 3, 4 and 4.5 BHK
No. of units in each configuration 4 BHK: 68 units 3 BHK: 2 units
Rera Carpet Area 4 BHK: 2,094 – 2,974 No. of units in each configuration 4 BHK: 26 units
No. of car parks 296 4.5 BHK: 1 unit
Specifications Limited flats in a high-rise tower 3 BHK: 1,275
 Kids' Play Areas Rera Carpet Area 4 BHK: 1,356 – 2,344
 Sand Pits 4.5 BHK: 2,344
 Normal Park No. of car parks
Amenities Roof top amenities - Cabana sit-outs,
 Central Green
Specifications
 Indoor Games peaceful star gazing on magnificent patio.
 Landscaped Garden  Clubhouse Amenities
Marketing and Sales  Fully Equipped Fitness Centre
 High Net worth Individuals and  Yoga & Meditation Zone
Industrialist.  Zumba
 Indoor Game Land
 Located on one of the most
Target segment  Souped-up Banquet Hall
prominent vicinity of celebrities on Amenities  Riveting Spa with Jacuzzi & Steam
Nargis Dutt Road (Pali Hill) and  Reflection Pool with Aquatic Fitness
hence Actors are a potential buyer. Zone
Launch Price INR 81,000 per sq. ft.  Silver Screen Theatre
Current base price INR 82,000 per sq. ft.  Bonfire Style Sitout Area
Average Ticket Size INR 21 Cr  Peaceful Zen Garden
Sold 30%  Incredible Viewing Deck
Absorption per year 20% Marketing and Sales
Pictures  High Net worth Individuals and
Industrialist.
 Located on one of the most
Target segment
prominent vicinity of celebrities on
Nargis Dutt Road (Pali Hill) and hence
Actors are a potential buyer.
Launch Price INR 57,000 per sq. ft.
Current base price INR 60,000 per sq. ft.
Average Ticket Size INR 11 Cr
Skairos Tower Location Sold 72%

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Aradhya EVOQ, Andheri 3.7.5 CASE STUDY 6 – RUNWAL ELEGANTE

Absorption per year 35%
Runwal Elegante
Pictures
Developer Runwal Developers Pvt Ltd
Type of development High end residential apartment complex
Location Lokhandwala Complex, Andheri West
Project Description
Total no. of floors 28
Total no. of units 162
Units sold 155
Total saleable area 66830.24 sq. ft.
Start of construction 2017
Aradhya Evoq Tower Rooftop
End of construction 2023
Design / Planning Description
Configurations 3, 4 & 5 BHK
3 BHK: 110 units
No. of units in each configuration 4 BHK: 50 units
5 BHK: 2 unit
3 BHK: 976 – 1,332
Rera Carpet Area 4 BHK: 1,351 – 1,670
Garden 5 BHK: 2,698 – 2753
No. of car parks 402
Specifications India’s first Galileo Deck
 Galileo Deck
 Clubhouse
 Pavilion
 Swimming pool {4} Kids’ pool
 Café space
 Poolside deck
Indoor Games  Walking track
 Lawns
Amenities  Reading lounge
 Seniors’ lounge
 Open multi-sports court Covered play
space
 Yoga pavilion
 Skating rink
 Box cricket
 Half basketball courts
Fitness Centre Bedroom  Kids’ play area
Marketing and Sales
Target segment High Net worth Individuals
Launch Price INR 50,000 per sq. ft.
Current base price INR 60,000 per sq. ft.
Average Ticket Size INR 11 Cr
Pictures

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Runwal Elegante Maestro, Juhu

Current base price INR 90,000 per sq. ft.
Average Ticket Size INR 20 Cr
Sold 72%
Absorption per year 35%
Pictures

Runwal Elegante Tower Galileo Deck

K Raheja Maestro Rooftop

Lobby Amenities

3.7.7 CASE STUDY 9 – RUSTOMJEE ASHIYANA

3.7.6 CASE STUDY 8 - RAHEJA MAESTRO Rustomjee Ashiyana, Lower Parel
Maestro, Juhu Developer Ferrum Realtors Private Limited
Developer K Raheja Corp Real Estate Pvt Ltd Architect RSP Architects
Location Opposite Hotel Sea Princess, Juhu Location JVPD, Juhu
RERA No. P51800034587 RERA No. P51800049755
Type of development High end residential apartment complex Type of development High end residential apartment complex
Project Description Project Description
Total no. of floors 3B+G+9 Total no. of floors 2B+G+S+10
Total no. of units 21 Total no. of units 30
Units sold 21 Units sold 0
Total Built Up area 10900 Total Built Up area 3969.70
Start of construction 2023 Start of construction 2023
End of construction 2026 End of construction 2027
Design / Planning Description Design / Planning Description
Configurations 1 & 4 BHK Configurations 3 & 4 BHK
1 BHK: 12 units 3 BHK: 20 units
No. of units in each configuration No. of units in each configuration
4 BHK: 21 units 4 BHK: 10 units
3 BHK: 1,278 – 1,338 3 BHK: 1,214 – 1,690
Rera Carpet Area Rera Carpet Area
4 BHK: 2,630 – 3,371 4 BHK: 1954
No. of car parks 114 No. of car parks 66
Specifications Specifications 3 flat per floor
 Clubhouse Amenities  Mini Theatre
 Fully Equipped Fitness Centre Amenities  Gymnasium
 Yoga & Meditation Zone  Senior Citizen Zone
Amenities  Floor plate of 10,000 sqft Marketing and Sales
 Biggest infinity pool in Juhu Target segment  High Net worth Individuals and Industrialist.
 Floor to floor height of 11.4 Ft Launch Price INR 65,000 per sq. ft.
 Wide decks Average Ticket Size 11 Cr
Marketing and Sales Sold -
Target segment  High Net worth Individuals and Industrialist. Absorption per year -
Launch Price INR 85,000 per sq. ft.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Rustomjee Ashiyana, Lower Parel Rustomjee Parishram, Andheri

Pictures Marketing and Sales
 High Net worth Individuals and Industrialist.
 Located on one of the most prominent
Target segment vicinity of celebrities on Nargis Dutt Road
(Pali Hill) and hence Actors are a
potential buyers.
Launch Price INR 80,000 per sq. ft.
Current base price INR 86,000 per sq. ft.
Average Ticket Size INR 35 Cr
Sold 10%
Absorption per year 20%
Ashiyana Rooftop Pictures

3.7.8 CASE STUDY 10 - PARISHRAM

Rustomjee Parishram, Andheri
Developer Parishram by Rustomjee
Architect UHA and COHEN
Location Pali Hill, Bandra West
RERA No. P51800033333
Type of development High end residential apartment complex Parishram Tower Hall
Project Description
Total no. of floors G+16
Total no. of units 21
Units sold 2
Total Built Up area 7666.64
Start of construction 2022
End of construction 2026 Double Heighted Entrance Lobby Arrival Plaza
Design / Planning Description
Configurations 3,4,5 and Duplex
3 BHK: 10 units
4 BHK: 9 units
No. of units in each configuration
5 BHK: 1 units
Duplex: 1 unit
3 BHK: 1,473 – 1,521 Lounge Pool
4 BHK: 1,721 – 2,611
Rera Carpet Area
5 BHK: 3283
Duplex: 2846
No. of car parks 83
Specifications Pool Deck and Jacuzzi Pool
 Double heighted Entrance Lobby,
 Arrival Plaza
Fitness Centre Bedroom
 Alfresco Lounge
 LAP Pool
Amenities
 Landscaped Podium
 Gymnasium
 Sundeck
 Bedrooms with walk in wardrobe.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Raheja Park West

3.7.9 CASE STUDY 11 – RAHEJA PARK WEST
Raheja Park West
Developer Gokul Developers
Off Linking Rd, near Muktanand Park,
Location
Santacruz West
RERA No. P51800034035
Type of development High end residential apartment complex
Project Description
Total no. of floors G+2P+13
Total no. of units 78 Sunset Lounge Fitness Centre
Units sold 2
Total Built Up area 11239.61
3.7.10 CASE STUDY 11 – KALPATARU SOLITAIRE
Start of construction 2022
End of construction 2026 Kalpataru Solitaire
Design / Planning Description Developer Kalpataru Limited
Configurations 3 and 4 BHK Location JVPD, Juhu
3 BHK: 52 units RERA No. P51800000699
No. of units in each configuration
4 BHK: 26 units Type of development High end residential apartment complex
3 BHK: 1,228 – 1,383 Project Description
Rera Carpet Area
4 BHK: 1732 Total no. of floors 3B+G+16
No. of car parks 219 Total no. of units 57
One of the highest and longest pool (60 Units sold 29
Specifications
Feet) Total Built Up area 20667
 Open Green Spaces Start of construction 2017
 Kid’s play area End of construction 2019
Amenities  Fitness Centre Design / Planning Description
 Sunset Lounge Configurations 3 and 4 BHK
 Multiple recreational areas 3 BHK: 16 units
Marketing and Sales No. of units in each configuration
4 BHK: 41 units
 High Net worth Individuals and 3 BHK: 3024
Target segment Rera Carpet Area
Industrialist. 4 BHK: 6331
Launch Price INR 65,000 per sq. ft. No. of car parks 299
Current base price INR 75,000 per sq. ft. Landscape design by Al Khatib Cracknell,
Specifications
Average Ticket Size INR 10 Cr Dubai
Sold 4%  Swimming pool
Absorption per year 4%  Gymnasium
Pictures  Rejuvenating Spa
Amenities  Indoor Games
 Steam Room
 Massage Room
 Terrace Garden
Marketing and Sales
 High Net worth Individuals and
Target segment
Industrialist.
Launch Price INR 65,000 per sq. ft.
Current base price INR 70,000 per sq. ft.
Raheja Park West Tower Swimming Pool
Average Ticket Size INR 30 Cr
Sold 50%

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Kalpataru Solitaire Sr No Category Provided Luxury Building Provided Non -Luxury

Absorption per year 20% 13 Wifi Ready Wifi Ready NA
Pictures 14 Mini theatre Mini theatre NA
15 Café Café May be
16 Outdoor Dining Outdoor Dining NA
17 Outdoor bar Outdoor bar NA
18 Butler Service Butler Service NA
19 Music Corner Music Corner NA
20 Lounges Lounges Lounges
21 Cigar Room Cigar Room NA
22 In house laundry In house laundry NA
23 In house pharmacy In house pharmacy NA
Balcony and Viewing
24 Balcony and Viewing Deck NA
Raheja Park West Tower Swimming Pool Deck
25 Panoramic views Panoramic views NA
26 Clear height of 13 ft Clear height of 13 ft May be
Rainwater harvesting Rainwater harvesting
27 May be
facilities facilities
Sewage treatment Sewage treatment plant
28 May be
plant on site on site
Dedicated
Dedicated pressurized fire
pressurized fire
29 staircases and high‐speed
staircases and high‐
fire lifts Basic fire Fighting
speed fire lifts
System
Terrace Garden Lobby Fully automated fire Fully automated fire
30 detection and detection and sprinkling
sprinkling systems systems
3.8 LUXURY STANDARDS IN MUMBAI FOR HIGH END RESIDENTIAL DEVELOPMENTS Modular European
kitchens, high-grade
The table below tries to identify various luxury amenities and standards which have bathrooms and Italian Usually make use of
been provided by Mumbai developers through various projects. 31 Kitchens
marble surfaces bring Non branded Fittings
home European luxury with
Table 3.3: Luxury Amenities finesse
Sr No Category Provided Luxury Building Provided Non -Luxury Use of Special construction
Temperature Controlled 32 Eco friendliness material which is eco NA
1 Swimming Pool Swimming Pool, lap pool, Swimming pool friendly
private pools Stainless Steel
2 Gymnasium Big Box Gymnasium Gymnasium May or may not be
33 Structure reinforcement bars used to
3 Spa, Salon Spa, Salon NA used
enhance building life
4 Meditation center Meditation center NA Seismic Resistant May or may not be
34 Seismic Resistant Design
5 Jogging track Jogging track Yes Design used
Expansive landscaped Parking at doorstep, Basement, stilt.
6 Landscaped garden NA 35 Parking
garden multiple level of car parks Podium parking
Indoor basket-ball Fully serviced building with
7 Indoor basket-ball court May be
court Housekeeping Valet, Concierge,
36
8 Golf simulator Golf simulator NA services Housekeeping and Chef
9 Snooker room Snooker room NA on Demand NA
10 Tennis court Tennis court Tennis Court The buildings are artistically
11 Banquet hall Banquet hall Banquet hall 37 Building Design designed by internationally
12 Conference room Conference room May be renowned architects NA

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Sr No Construction Stages/Milestones Payment%

Typically a buyer of a luxury apartment is willing to pay a premium for the following:- plinth protection and all other requirements as mentioned
in this Agreement.
 Exclusivity- Exclusivity in terms of one flat per floor or a private swimming pool, 15 On Intimation of Possession 7.5%
or a private viewing deck. 16 Total 100%
 View- A buyer is willing to pay a premium for the view of the sea or important
landmarks.

 Height- Higher floors always command a premium 3.9.2 PAYMENT SCHEDULE: MICL ARADHYA EVOQ -

 Amenities- Buyers of luxury apartments look for expansive and five-star

Table 3.5: Payment plan for Aradhya Evoq - CLP
amenities such as Club House.
Sr No Details Percentage
 Reputed builders- Buyers of luxury are sophisticated end users who look for 1 On Booking 10%
good amenities with well-known location and trust reputed builders who have 2 On completion of excavation 10%
delivered on quality and value in the past. 3 On Completion of Footing work 10%
4 On Completion of Plinth Slab 10%
5 On Completion of 4th Floor Slab 10%
6 On Completion of 8th Floor Slab 10%
3.9 PAYMENT SCHEDULE FOR THE RESIDENTIAL APARTMENT BUYER 7 On Completion of Terrace Floor Slab 10%
On Completion of Flooring, Doors, Windows & Sanitary
Developers in Mumbai largely follows construction linked payment schedule where
8 Fittings of the said Flat and Staircases, Liftwells, Lobbies up 12.50%
the buyer is expected to pay a booking amount which is in the range of 10% - 20% of
to floor level of the said flat.
the total capital value and pay the remaining amount in equal instalments linked to
On Completion of External Plumbing, External Plaster,
slab-wise completion of the project.
9 Elevation of the Building, Lifts and Water Pumps and 12.5%
Electrical Fittings to the floor level of the said Flat
Few samples construction linked payment schedule from the prominent luxurious
10 At the time of Possession 5%
residential projects is provided below.
11 Total 100%

3.9.1 PAYMENT SCHEDULE: RAHEJA MAESTRO

3.9.3 PAYMENT SCHEDULE: RAHEJA IMPERIA – BULLET PAYMENT PLAN

Table 3.4: Payment plan for Raheja Maestro - CLP
Sr No Construction Stages/Milestones Payment%
1 On Booking/ Allotment Letter. 10% Table 3.6: Payment plan for Raheja Imperia - Bullet Payment Plan
2 Upon Registration of this Agreement 10% Sr No Particular %
3 On Completion of third basement of the said building 5% 1 At the time of submission of the application for allotment 5%
4 On Completion of 2nd basement of the said building 10% 2 At the time of allotment of flat 20%
5 On Completion of Plinth of the said Building 5% 3 With in 6 months from the date of issuance of allotment letter 12.5%
6 On Completion of 2nd Slab of the said Building 5% 4 With in 12 months from the date of issuance of allotment letter 12.5%
7 On Completion of 4tb Slab of the said Building 5% 5 With in 18 months from the date of Issuance of allotment letter 12.5%
8 On Completion of 6th Slab of the said Building 5% 6 With in 24 months from the date of Issuance of allotment letter 12.5%
9 On Completion of 8th Slab of the said Building 5% 7 With in 30 months from the date of issuance of allotment letter 12.5%
10 On Completion of 10th Slab of the said Building 5% 8 With in 36 months from the date of Issuance of allotment tetter 12.5%
11 On Completion of Top Slab of the said Building 5%
On completion of external plumbing, external plaster and
12 7.5%
elevation
13 On Completion of staircases, Iift wells and floor lobbies 7.5%
On Completion of installation of lifts, water pumps, electrical
14 7.5%
fittings, electromechanical and environment requirements,

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

3.9.4 PAYMENT SCHEDULE: RUSTOMJEE ELEMENTS – BULLET PAYMENT PLAN 3.10 RECOMMENDATIONS

Table 3.7: Payment Plan for Rustomjee elements – Subversion Schem

Based on Analysis of the selected Projects, following recommendations are
Type Area Price (INR Cr) considered apt for the subject development.
1,684 9.99
3 BHK 2,052 12.17 Market Proposed For the Subject Development /
Components
1,960 11.63 Observations Recommendations for the Subject Development
5 BHK 3,778 24.5
3 BHK, 4 BHK, 5
Pay 10% on booking and rest on allotment. BHK, Duplex &
Configuration 3 BHK, 4 BHK, 5 BHK and Penthouse
Amalgamated
Flats
3 BHK: 976 – 1886
4 BHK:1351 - 3 BHK: 1793 – 1993
Size (sqft) 3781 4 BHK: 2406 – 3611
5 BHK: 2698 – 5 BHK: 3518 – 3662
3497
3 BHK: INR 6.5 Cr
– 7.5 Cr
4 BHK: INR 20 Cr 3 BHK: INR 17 Cr – 34 Cr
Average
– 25 Cr 4 BHK: INR 31 Cr – 46 Cr
Ticket Size
5 BHK: INR 25 Cr 5 BHK: INR 41 Cr – 50 Cr
(INR CR)
– 30 Cr Penthouses: INR 72 Cr – 80 Cr
Duplex: INR 24.5
Cr – 100 Cr
Amenities /
INR 10,00,000 -
Membership
20,00,000 per INR 15,00,000 per unit
Fees (INR per
unit
Units)
Base Selling
Price (INR INR. 65,000 –
About INR 90,000 - 1,00,000 psqft
psqft on 80,000/-
Carpet Area)
Car Park (INR
INR 12 - 18 Lakhs
lakhs per car INR 15 Lakhs per car park unit
per car park unit
park unit)

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Market Proposed For the Subject Development / Market Proposed For the Subject Development /
Components Components
Observations Recommendations for the Subject Development Observations Recommendations for the Subject Development
 INR 250 (Conventional increment) appreciation movement then the base price
Floor Rise INR 150 - 300  INR 300 – 500 (additional premium charges for for that period.
(INR psqft per (Conventional flat with Juhu Aerodrome)  Top Out to Full OC: 40% of total units @ 5% to 15%
floor) increment)  INR 750 – 1,500 (additional premium charges price appreciation movement then the base
for flat with Unrestricted Sea View) price for that period.
Penthouse  Full OC till Final Handover or Last Unit is Sold:
10% - 12.5%
Premium (% 10% (additional premium charges for rare 15% price appreciation then the base price for
based on
over Penthouse units with Unrestricted Juhu that period.
demand in the
applicable Aerodrome or Sea View)  Until G+2 in all towers: 18 Units (Non-Hero Flats)
market
selling price) within Launch Period: 3 Quarters
Overall, Price  G+3 to G+6: 36 units (non-Hero Flats + Limited
1.5% - 5% per
Appreciation 2% per annum Hero Flats) excluding Penthouses: Under
annum
(% pa) Construction Stage – till RCC Top Out: 4
 At launch - 3/6 months: Discount of 15% - 0% Quarters
movement until Launch period end  G+7 to G+9: 27 Units (Balance Non-Hero + Hero
 Under construction stage – till RCC top out: Flats + Penthouses) excluding Penthouses: Top
Units Sales
Project Price Increase of 0% - 5% movement until 35% of Out to Full OC: 4 Quarters
Phasing
Appreciation construction.  G+5 to G+9: 9 Units (Hero Flats / Penthouses):
(% pa)  Top out to full OC: Increase of 5% - 15% Full OC till Final Handover or Last Unit is Sold:
movement until 100% of construction. Total 3 Quarters (2 Quarter Until Construction
 Full OC till final handover or last unit is sold: 15% Completion + 1 Quarter (Overhang / Extended
over applicable base price Sales Quarter)
Sales
Given higher ticket Sizes 7 – 10 units per Quarter
Velocity 12 - 25 Units per
Recommendation for 60% of the units sales until
(nos. sold annum
35% of construction
pa)  Scenario 1: Conventional Construction Linked
 At Launch - 9 Months / 3 Quarters: 20% of total Plan for all unit sales.
units @ discount of -15% to 0% then the base Payment  Scenario 2:
Sales
price for that period. Plan a. At Launch - 9 Months / 3 Quarters: 20%
Planning
 Under Construction Stage – till RCC Top Out of total units @ 50% CLP & 50% Bullet
(50%): 40% of total units @ 0% to 5% price Payment Plan (avoid Subvention

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Components
Market Proposed For the Subject Development /
4. SITE LOCATION AND ANALYSIS
Observations Recommendations for the Subject Development
Scheme as it is risker for the
4.1 INTRODUCTION
development).
The Client is an exploring opportunity for a Development Management role for the
b. Under Construction Stage – till RCC Top
Embassy Bayview Juhu Mumbai residential project, which has Embassy as the
Out (50%): 20% of total units @ 50% CLP developer and Naman as the landowner, under a Joint Development Agreement. The
Client for the same is desirous of obtaining an Independent Market Research and
& 50% Bullet Payment Plan (avoid
Opinion on the Revenue Potential of the Project for a Development Management
Subvention Scheme as it is risker for the Opportunity.
development). The details of the Subject Development are as below:
c. Top Out to Full OC: 20% of total units @
 Address: Embassy Bayview, Juhu, Mumbai
50% CLP & 50% Bullet Payment Plan  Gross Saleable Area: 0.5 Mn sq.ft.
 Landowner – Naman Group
(can opt for Subvention Scheme for the
 Developer – Embassy Group
last 6 months as the price premium is  Development Manager – Indiabulls Real Estate Limited
high and the period for balance The subject site context study has been carried out and major landmarks in its
payment must be within 3 to 6 months) immediate surroundings of have been studied with respect to their characteristics and
influence on the subject site. This section includes the site description, location,
d. Full OC till Final Handover or Last Unit is
neighbourhood, connectivity, strengths, weaknesses, opportunities, and threats for
Sold: Subvention Scheme for any unit proposed development at the subject site.
to be sold near or post construction
completion and the period for balance
payment must be within 3 to 6 months
4.2 SUBJECT SITE LOCATION

Subject property is located in Juhu, which falls in the Western part of the Mumbai city.

Mumbai is the home to several prominent residential locations such as Core City- South
Mumbai, Core City- South-Central Mumbai, Suburbs Western, Suburbs Eastern, Satellite
Town- Thane, Satellite Town- Navi Mumbai. Subject Site region is well connected via.
road and Western Line network facilitated by Mumbai suburban railway network.

The subject site is located in the Western side of the Mumbai city within midst of the
premium residential location, the site is well connected to various parts of the city by
well-developed road and railway network. The nearest railway station is Vile Parle on
the Western Line, located at a distance of approx. 3.2 meters from the subject site. The
immediate area primarily comprises of beach, High end mixed use residential
neighbourhood along with 5-star hotels.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Map 4.1: Neighbourhood Profile of Subject Property Table 4.1: Subject Property Connectivity from Major Landmarks
Sr. No Landmark Approximate Distance from Subject Site
1 Juhu Beach 0.01 kms
2 Vile Parle Railway 3.2 Kms
3 Juhu Airport 0.2 Kms
4 Western Express highway 4 kms
5 Swami Vivekanand (SV) Road 2.2 kms
6 Link Road 2.0 kms
7 BKC 8.5 kms
8 Worli 16 kms
9 Nariman Point 25 kms
Chhatrapati Shivaji Maharaj
10 8.5 kms
International Airport
11 Domestic Airport 5.2 kms
Source: ANAROCK Research

4.4 SITE DETAILS

The site is situated on Juhu Tara Road near Juhu Bus Depot, which is one of the
prominent localities of the Western region of the city. The site has excellent visibility and
frontage along the Juhu Tara Road. However, since the micro market forms a part of
the Juhu Beach Road, traffic congestion can be witnessed weekends.

Source: ANAROCK Research

4.3 SITE NEIGHBOURHOOD & CONNECTIVITY

Subject Property is located in Juhu which is known for its high-end real estate market
with a mix of luxury apartments, bungalows, and villas. The properties here are among
the most expensive in Mumbai, attracting wealthy individuals, celebrities, and business
tycoons with easy connectivity from Mumbai Suburban, Thane and Panvel locations.
One of the major attractions of the area is Juhu Beach, which draws locals and tourists
alike. Residents of Juhu can enjoy leisurely walks, participate in recreational activities,
and offers the beachside ambiance.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Map 4.2: Micro Location of Subject Site Table 4.2: Subject Site Attributes
LOCATION ATTRIBUTES

Property Assessed Land admeasuring 2.47 acre / 1,08,900 sq ft

C.T.S. No. 956 Of Village Juhu Situated at Juhu Tara Road,

Site Address
Juhu, Mumbai.

Site is accessible through main Thane – Juhu Tara Road,

Road / Street name
Juhu, Mumbai

Landowner Naman Group

SITE ATTRIBUTES
Approx. 2.47 acre / 1,08,900 sq ft
A) Total Plot Area- 10354.5 Sqm
B) Road Setback Area = 363 Sqm
C) Existing Bungalow Plot- 431.5 Sqm
Total Site Area D) Amenity Plot- 478 Sqm
E) Bungalow Plot- 341.75 Sqm
F) Balance Plot- 9081.99 Sqm (A-B-C-D)
G) Permissible Fsi – 31,630 Sqm [ Base Fsi + Tdr + Additional
Bua + 35 % Fungible]

Shape of the Land

Rectangular
Parcel

Visibility Excellent visibility from main Juhu Tara Road, Juhu, Mumbai

North: Juhu Bus Depo

South: Open Plot

Immediate
Source: ANAROCK Research Neighbourhood
East: Juhu Tara Road

West: RG and Thane Belapur Road (Access Road)

INFRASTRUCTURE

Water, Sewerage & As indicated by the representative of the Company, site has
Drainage, Power access to main infrastructure trunk networks

Property is accessible through main Juhu Tara Road, Juhu,

Access
Mumbai
Source: ANAROCK Research, 2023 and as per the information provided by the Company’s
representative.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

4.5 SUBJECT SITE PHOTOGRAPHS 4.6 SUBJECT DEVELOPMENT ANALYSIS

The Client has provided following details of the proposed product mix within the
subject development. Same has been used to validated to estimate the Development
Management Charges for the subject development.

Table 4.3: Subject Development Details

2.24 acre
Land Area
97,758 sq ft
C.T.S. No. 956 Of Village Juhu Situated at Juhu Tara
Address
Road, Juhu, Mumbai.
Approx. 2.47 acre / 1,08,900 sq ft
Entry to the Plot Internal Photograph A. Total Plot Area: 10354.5 Sqm
B. Road Setback Area: 363 Sqm
C. Existing Bungalow Plot: 431.5 Sqm

Development Details D. Amenity Plot: 478 Sqm

E. Bungalow Plot: 341.75 Sqm
F. Balance Plot: 9081.99 Sqm (A-B-C-D)
G. Permissible FSI: 31,630 Sqm (Base FSI + TDR +
Entrance Gate from Bus Depo Side Water Logging in Existing Structure Additional BUA + 35 % Fungible)
Proposed Development Luxury High End Residential Development
Proposed Units
3 BHK. 4 BHK, 5 BHK
Configuration
Tower 1: Sea View from Higher Floors
Tower 2: Sea View from Higher Floors
Nos. of Towers
Tower 3: Juhu Aerodrome View from Higher Floors
Tower 4: Juhu Aerodrome View from Higher Floors
Launch Quarter
Q1 CY 2024
(MM/YY)
Juhu Tara Road View
Joint Development It would be a revenue share DM on the 100% area
Agreement including Naman's share.
Development
20% of Revenue Estimations
Management Fee
Sales MIS of the Project -
if any unit is sold in soft
launch or is considered
NA
under Joint
Development
Agreement
Source: As provided by the client

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Map 4.3: Plot Demarcation Plan of Subject Site RERA Deck Total
Sr. Deck
Tower Unit Carpet Carpet RCA
No. Area %
(SQF.) (SQF.) (SQF.)
8 T3 3BHK (Type 03) 1795.48 484.57 21.28 2280.05
Source: As per the information provided by the Client.

Table 4.6: Unit Typology

RERA Deck Total
Sr. Deck
Tower Unit Carpet Carpet RCA
No. Area %
(SQF.) (SQF.) (SQF.)
1 T1 & T4 5BHK 3662.03 923.56 20.13 4585.59
2 T1 & T4 4BHK (Type 01) 3103 415.4 12.41 3518.40
3 T2 & T3 4BHK (Type 02) 2946 416.51 12.60 3362.51
4 T2 4BHK (Type 03) 3611.46 575.88 13.86 4187.34
5 T2 4BHK (Type 04) 2405.68 364.21 13.18 2769.89
6 T3 3BHK (Type 01) 1992.56 364.21 15.53 2356.77

Source: As provided by the Client. 7 T3 3BHK (Type 02) 1792.8 122.06 6.37 1914.86
8 T3 3BHK (Type 03) 1795.48 484.57 21.28 2280.05
Table 4.4: Unit Mix and Product Mix
Source: As per the information provided by the Client.
Sr. No. Description T1 T2 T3 T4 Total % Mix
1 5BHK 5 5 10 11%
2 4BHK (Type 01) 7 7 14 Table 4.7: Estimation of Average Achievable Selling Price for “T1 & T2” And “T3 & T4”
3 4BHK (Type 02) 9 9 18 Nos. of
Rera Carpet Rera Carpet Nos. of
57% Phases: Tower Car Park
4 4BHK (Type 03) 9 9 (Unit only) (Unit + Deck) Units
Units
5 4BHK (Type 04) 10 10 Phases: 2 (Towers with T1 40,981 52,532 12 37
6 3BHK (Type 01) 10 10 Juhu Beach View) T2 82,613 1,00,944 28 87
7 3BHK (Type 02) 9 9 31% Phases: 1 (Towers with T3 78,734 93,743 37 115
Juhu Aerodrome
8 3BHK (Type 03) 9 9 T4 40,981 52,532 12 37
View)
Total 12 28 37 12 89 100% Total 2,43,309 2,99,751 89 277
Source: As per the information provided by the Client. Source: ANAROCK Research, 2023

Table 4.5: Unit Typology

RERA Deck Total
Sr. Deck
Tower Unit Carpet Carpet RCA
No. Area %
(SQF.) (SQF.) (SQF.)
1 T1 & T4 5BHK 3662.03 923.56 20.13 4585.59
2 T1 & T4 4BHK (Type 01) 3103 415.4 12.41 3518.40
3 T2 & T3 4BHK (Type 02) 2946 416.51 12.60 3362.51
4 T2 4BHK (Type 03) 3611.46 575.88 13.86 4187.34
5 T2 4BHK (Type 04) 2405.68 364.21 13.18 2769.89
6 T3 3BHK (Type 01) 1992.56 364.21 15.53 2356.77
7 T3 3BHK (Type 02) 1792.8 122.06 6.37 1914.86

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

4.7 SWOT ANALYSIS 5. DEVELOPMENT MANAGEMENT (DM): REVENUE

PROJECTIONS, VALUE OF DM AGREEMENT & SENSITIVITY
Strengths Weakness
 The property is near Pawan Hans and ANALYSIS
falls within air funnel zone that restricts
 Subject Property has wide frontage FSI consumption on a plot over the
and good visibility along Juhu Tara specified height. 5.1 VALUE OF DEVELOPMENT MANAGEMENT AGREEMENT BASED ON DISCOUNTED
Road.  Traffic often can be an issue for Juhu CASH FLOW
 It offers an unrestricted beach view Tara Road especially during peak
Value Of Development Management using Income Approach while adopting
on one side and a view of the Juhu hours (The site is off Link Road and SV
Discounted Cash Flow Method of the subject property was formed after assessing the
airport on the other. Road).
applicable real estate sector/s of the city & the micro market and the applicable
 Proximity and easy accessibility to  The lower floors of the development
development control regulations at the subject site.
BKC, Worli, and Lower Parel will be without views and may face
commercial nodes. noise problems unless sound buffers
are incorporated in the development
design. The explanation of Value Estimation Approach and Method is provided below:
Opportunity Threats
Value Estimation Method: Income Approach: The Income Approach provides an
 The subject land is about 2.24 acres, indication of value by converting future cash flow to a single current value. Under the
availability of large land parcel at income approach, the value of an asset is determined by reference to the value of
prime locations are highly desired but income, cash flow or cost savings generated by the asset.
are rare.
 Large land parcel can support Discounted Cash Flow Method: This approach is based on the present value of the
development of integrated future receivable net income from the current operational leases / revenues. The
residential development with high current revenues and the future achievable revenues derived from the operational
end amenities which is much desired  Residential projects by reputed project components of the Project Site. The same is then discounted at an appropriate
within the micro market. developers offering high exclusivity discounting rate linked with risk adjusted discounting factor to arrive at the sale value
 Due to the scarcity of available land, (single flat per floor) will act as a for the operational project components.
there are limited competition high- competition to the Subject
end luxury residential developments. Development. Development Management Charges: As informed by the Client, the Development
 The upcoming infra (Coastal Road) Management Charges of 20% is considered over the net revenue for the subject
will improve connectivity for the project.
project.
 The luxury segment of the real estate Achievable Pricing: The Achievable Pricings for sales revenues are arrived by Market
market is now doing well, making Approach while adopting Comparable Transactions Method by comparing subject
now an ideal time to introduce such site product with similar products from the market.
a product in a prominent location.

5.2 ACHIEVABLE PRICING FOR PRODUCT MIX

The Achievable Selling Price / Rent (as applicable) is achieved for the asset class by
comparing the Subject Property to similar properties that have been transacted or
being quoted in the vicinity. This approach demonstrates what buyers have historically
been willing to pay (and sellers willing to accept) for similar properties in an open and
competitive market and are particularly useful in estimating the value of the land and
properties that are typically traded on a unit basis.

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

5.3 ACHIEVABLE PRICING FOR SALEABLE RESIDENTIAL COMPONENTS Table 5.2: Benchmarking for Achievable Pricing for Residential Sale Components
Raheja Maestro- Opposite H
Table 5.1: Comparable Instances for the Subject Property Princess, Juhu
Attributes Subject Property
Quot QI: 1
ed
Sellin Macro Location Juhu Beach Opposite Hotel Sea Princess
Avera
g Located midst of preferred High End
ge Micro Location Same as subject property
Compar Posses Base Residential and Hospitality development
Locati Develop Configur Carp Sew Da
able Project sion Price
on er ation et View te
Instance Year on
Area High End Hotels and desired social
CA Immediate Surrounding Same as subject property
(sq ft) amenities
(INR
psqft Easy access and connectivity.
) Macro Connectivity Connectivity to enhance with completion Same as subject property
3 of the Coastal Road
Oppo
BHK:
site K Raheja Easy access and connectivity vis Juhu
1,308
Raheja Hotel Corp Q3 Micro Connectivity Tara Road, that can experience Same as subject property
3 BHK & 4 sq ft 80,00 No Sea
QI: 1 Maestr Sea Real 2026 20 congestions in peak hours
BHK 4 0 View
o Prince Estate 23
BHK:
ss, Pvt Ltd Site Access Wide access via Juhu Tara Road. Same as subject property
3,001
Juhu
sq ft Wide Frontage & Visibility of the Access Moderate frontage of the
Frontage & Visibility
Rustom 3 Roads, impacting Exclusivity & Privacy Roads
jee D. N. Rustomj BHK:
3 BHK, 4 Special Feature Special Assumption: No sea view Same as subject property
Eleme Nagar ee 1,699 Restrict Q3
BHK, 5 90,00
QI: 2 nts - , near Realty 2022 sq ft ed Sea 20 None. Assumptions: All development
BHK & 0 Restrictions Same as subject property
Wing JVPD, Private 4 View 23 permissions can be made available
Duplex
SG & Juhu Limited BHK: No. of Units 89 units 33 units
SC 2347
3 Exclusivity & Privacy Moderate Exclusivity & Privacy High Exclusivity & Privacy
Moun
Avdharn BHK:
t Unrestri
a NA Q3 Permitted Zoning / Land use Residential Use Residential Use
Mary, 82,00 cted
QI: 3 Skairos Infrastru 2026 4 BHK 4 20 Ownership Freehold: As confirmed by the client Same as subject property
Bandr 0 Sea
cture Pvt BHK: 23 About 3-acre plot with height restrictions, About: 0.81 acres plot with
a View
Ltd 2,534 Development Size can accommodate integrated premium restrictions, can accom
West
sq ft development integrated premium develo
Source: ANAROCK Research, 2023 Configurations 3 BHK & 4 BHK Same as subject property
Ultra luxury amenities, Exclusive Club
Amenities High-end amenities
To assess the Achievable Price of the subject property, Quoted Instance 1, 2 & 3, has House
been considered, and necessary adjustments have been provided to account for Launched in 2023:
Status / Completion Date Approval Stage / 2026
construction / 2026
various advantages and disadvantages that the subject property may have in
Period 3Q 2023 Q3 2023
comparison with the selected comparable instances. Comparable Instance Special Assumption: Transacted Instance Quoted Instance
Total Discount & Premium
Comparable Price (INR per acre)
Adjusted Achievable Price (INR per
sqft)
Weightage
Achievable Price on Carpet Area
without Sea View (INR psqft) on 84,283
Ground Floor
Add: Sea View Premium 20%
Achievable Price on Carpet Area with
1,01,139
Sea View (INR psqft) 3rd Floor Onwards

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Raheja Maestro- Opposite Hotel Sea

Princess, Juhu
Attributes Subject Property
QI: 1
Deduct: Discount for Flat on G lvl.,
compromised Privacy and Noise -12.5%
factors
Achievable Price on Carpet Area with
73,747
Sea View (INR psqft) G Floor
Say, Achievable Price on Carpet Area
with Sea View (INR psqft) G Floor after 75,000
adding premium for private garden
Source: ANAROCK Research, 2023

Table 5.3: Estimation of Achievable Selling Price for the Subject Development
Achievable Price on Carpet Achievable Price on Carpet
Area without Sea View (INR Area with Sea View (INR
psqft) psqft)
Achievable Price on Carpet
75,000 75,000
Area (INR psqft) from G+2
Achievable Price on Carpet
84,283 1,01,139
Area (INR psqft) from G+3
Achievable Price on Carpet
84,300 1,01,100 Source: As provided by the Client.
Area (INR psqft) (Rounded)
Floor Rise (Units Without Sea
250 250
View) (INR per floor)
Floor Rise (Units Without Juhu
Aerodrome View) (INR per 350 - 500
floor)
Floor Rise (Units with Sea
View) (INR per floor) 3rd Floor 500 - 1,000
Onwards
Source: ANAROCK Research, 2023

Owing to the site proximity with the Juhu Beach and Juhu Aerodrome, the Subject
Property is expected to offer a combination of complete view of the Arabian Sea
depending on the orientation of the units.

Map 5.1: Units likely to enjoy sea view and Juhu Aerodrome View

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Map 5.2: Line of Vision for the Subject Development Table 5.4: Stack Plan & Estimation of Achievable Selling Price for “T1”
Floor Level Unit 01 - 5 BHK - 5 LVLS Unit 02 -
RERA RERA Carpet Achievable Price on Total Ticket RERA RERA Ca
Carpet (Unit+Deck) Carpet Area ( INR Size (INR Carpet (Unit+De
(Unit) SQF. SQF. psqft) CR) (Unit) SQF. S
Ground Floor 75,000 - 3,103 3,
1st Floor 3,662 4,586 75,250 34.51 3,103 3,
2nd Floor 3,662 4,586 75,500 34.62 3,103 3,
3rd Floor 3,662 4,586 1,01,100 46.36 3,103 3,
4th Floor 3,662 4,586 1,02,600 47.05 3,103 3,
5th Floor 3,662 4,586 1,13,960 52.26 3,103 3,
6th Floor 463 2,096 1,15,060 24.12 3,103 3,
7th Floor -
8th Floor -
9th Floor -
Terrace - 486 2,
Total 18,773 25,024 95,473 238.91 22,207 27,
Source: ANAROCK Research, 2023
Penthouse with Penthouse with
Restricted
Juhu Aerodrome View Juhu Aerodrome Juhu Beach View Juhu Beach
View
View View

Table 5.5: Stack Plan & Estimation of achievable Selling Price for “T2”
Source: As provided by the Client. Floor Level Unit 01 - 4 BHK (TYPE 02) - 9 LVLS Unit 02 - 4BHK (TYPE 03) - 9 LVLS
Total
RERA Achievable RERA Achievable
Owing to proximity to the Juhu Beach, the Units on the higher levels of the T1 & T2 are RERA Carpet Ticket RERA Carpet
Carpet Price on Carpet Price on
likely to enjoy unrestricted Sea View and will command a price premium. The T3 & T4 (Unit+Deck) Size (Unit+Deck)
(Unit) Carpet Area (Unit) Carpet Area
will enjoy Juhu Aerodrome View and will invite premium likewise. SQF. (INR SQF.
SQF. (INR psqft) SQF. (INR psqft)
CR)
However, 3BHK TYPE 01 from T2, and 4BHK TYPE 4 (unless amalgamated with 4BHK [ Ground Floor 2,946 3,363 75,000 25.22 75,000
TYPE 03] will have skewed view of Juhu Aerodrome and Juhu Beach. Hence there two 1st Floor 2,946 3,363 75,250 25.30 3,611 4,187 75,250
2nd Floor 2,946 3,363 75,500 25.39 3,549 4,120 75,500
typologies should the launched early for timely disposal along with the flat on the G+2
3rd Floor 2,946 3,363 1,01,100 33.99 3,549 4,120 1,01,100
which will have restricted views.
4th Floor 2,946 3,363 1,02,450 34.45 3,549 4,120 1,02,100
5th Floor 2,946 3,363 1,03,450 34.79 3,549 4,120 1,03,100
Map 5.3: Elevation for Tentative Units within T1 & T2 likely to enjoy Unrestricted Juhu Beach
6th Floor 2,946 3,363 1,04,450 35.12 3,549 4,120 1,04,100
View
7th Floor 2,946 3,363 1,05,450 35.46 3,549 4,120 1,05,100
8th Floor 2,946 3,363 1,17,095 39.37 3,549 4,120 1,06,100
9th Floor 2,159 1,18,195 25.52 3,549 4,120 1,18,305
Terrace Floor - 3,621 1,17,810
Total 26,514 32,422 97,037 314.61 32,003 40,768 1,00,596
Source: ANAROCK Research, 2023
Penthouse with Penthouse with
Restricted
Juhu Aerodrome View Juhu Aerodrome Juhu Beach View Juhu Beach
View
View View

Source: ANAROCK Research, 2023 and as per the information provided by the Company’s
representative.

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Table 5.6: Stack Plan & Estimation of achievable Selling Price for “T3” h
Unit 01 - 3 BHK (TYPE 01) - View)
Floor Level Unit 02 - 3BHK (TYPE 02) - 9 LVLS Unit 03 - 3BHK (TYPE 03)
10 LVLS Phase T3 78,734 93,743 37 115 82,824 776
Achievable Total Achievable Total s: 1
RERA RERA RERA RERA RERA RERA (Towe
Price on Ticket Price on Ticket
Carpet Carpet Carpet Carpet Carpet Carpet rs with
Carpet Size Carpet Size
(Unit) (Unit+Deck) (Unit) (Unit+Deck) (Unit) (Unit+Deck)
Area (INR (INR Area (INR (INR Juhu 82,737
SQF. SQF. SQF. SQF. SQF. SQF. Aero
T4 40,981 52,532 12 37 83,353 434
psqft) CR) psqft) CR)
Ground Floor 1,993 2,357 75,000 17.68 75,000 - drom
1st Floor 1,993 2,357 75,250 17.73 1,793 1,915 75,250 14.41 1,795 e
2nd Floor 1,993 2,357 75,500 17.79 1,793 1,915 75,500 14.46 1,795 View)
3rd Floor 1,993 2,357 84,400 19.89 1,793 1,915 84,500 16.18 1,795 2,43,3 2,99,75
Tot
89 277 89,992 2,698 89,992
4th Floor 1,993 2,357 84,650 19.95 1,793 1,915 84,750 16.23 1,795 al 09 1
5th Floor 1,993 2,357 84,900 20.01 1,793 1,915 85,000 16.28 1,795 Source: ANAROCK Research, 2023
6th Floor 1,993 2,357 85,150 20.07 1,793 1,915 85,250 16.32 1,795
7th Floor 1,993 2,357 85,400 20.13 1,793 1,915 85,500 16.37 1,795
8th Floor 1,993 2,357 85,650 20.19 1,793 1,915 85,750 16.42 1,795
9th Floor 1,993 2,357 85,900 20.24 1,793 1,915 86,000 16.47 1,795
Terrace floor 85,900 - 86,000 -
Total 19,926 23,568 82,180 193.68 16,135 17,234 83,056 143.14 16,159 20,520
Source: ANAROCK Research, 2023
Penthouse with Penthouse with
Restricted
Juhu Aerodrome View Juhu Aerodrome Juhu Beach View Juhu Beach
View
View View

Table 5.7: Stack Plan & Estimation of achievable Selling Price for “T4”
Floor Level Unit 01 - 5 BHK - 5 LVLS Unit 02
RERA Achievable Price on RERA
RERA Carpet Total Ticket RERA Carpet
Carpet Carpet Area (INR Carpet
(Unit+Deck) SQF. Size (INR CR) (Unit+Deck) SQF.
(Unit) SQF. psqft) (Unit) SQF.
Ground Floor 75,000 - 3,103
1st Floor 3,662 4,586 75,250 35 3,103
2nd Floor 3,662 4,586 75,500 35 3,103
3rd Floor 3,662 4,586 84,550 39 3,103
4th Floor 3,662 4,586 84,800 39 3,103
5th Floor 3,662 4,586 93,555 43 3,103
6th Floor 463 2,096 93,830 20 3,103
7th Floor -
8th Floor -
9th Floor -
Terrace - 486
Total 18,773 25,024 83,661 209 22,207 27,021
Source: ANAROCK Research, 2023
Penthouse with Penthouse with
Restricted
Juhu Aerodrome View Juhu Aerodrome Juhu Beach View Juhu Beach
View
View View

Table 5.8: Estimation of Average Achievable Selling Price for “T1 & T2” And “T3 & T4”
Rera Rera Nos. of Achievable Total Average Achievable
To Nos.
Phase Carpet Carpet Car Price on Ticket Price on Carpet Area
we of
s: (Unit (Unit + Park Carpet Area Size (INR psqft)
r Units
only) Deck) Units (INR psqft) (INR CR) (Rounded)
Phase T1 40,981 52,532 12 37 94,140 495
s: 2
(Towe
1,00,94 96,906
rs with T2 82,613 28 87 98,346 993
Juhu 4
Beac

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Constructi
5.4 REVENUE PROJECTIONS BASED ON SALES & COLLECTION SCHEDULE on 1
Phasing % 0
Value Of Development Management using Income Approach while adopting Phase 2: 0 7.5 7.5 7.5 10. 10. 10. 10. 12. 12. 12.
(T1 & T2) % % % % 0% 0% 0% 0% 5% 5% 5%
Discounted Cash Flow Method of the subject property was formed after assessing the
Constructi
applicable real estate sector/s of the city & the micro market and the applicable on
development control regulations at the subject site. Phasing %
(Amenitie 0
s) %
The explanation of Value Estimation Approach and Method is provided below: 0
Soft Cost %
Value Estimation Method: Income Approach: The Income Approach provides an Premium
indication of value by converting future cash flow to a single current value. Under the FSI,
Fungible, 0
income approach, the value of an asset is determined by reference to the value of TDR Cost %
income, cash flow or cost savings generated by the asset.
Constructi
Discounted Cash Flow Method: This approach is based on the present value of the on
Schedule:
future receivable net income from the current operational leases / revenues. The Cash
current revenues and the future achievable revenues derived from the operational Outflow
project components of the Project Site. The same is then discounted at an appropriate 1
Average 0
discounting rate linked with risk adjusted discounting factor to arrive at the sale value Constructi 0.
for the operational project components. on 0 0.0 0.0 0.0 0.5 3.1 9.4 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
Schedule: % % % % % % % % % % % % % 0% 2% 4% % %
Cumulativ 1
e 0
Constructi 0. 10
5.4.1 CONSTRUCTION SCHEDULE FOR PHASE 1: T3 & T4 & PHASE 2: T1 & T2 AND OTHER on 0 0.0 0.0 13 21 28 37 45 54 63 75 88 10 10 0.0
Schedule: % % % 0% 1% 4% % % % % % % % % % 0% 0% %
COMPONENTS
Source: ANAROCK Research, 2023

Table 5.9: Construction Schedule for Phase 1: T3 & T4 & Phase 2: T1 & T2 and Other
Components 5.5 SCENARIOS EXPLANATION
Constructi
on To Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Schedule: ta n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- The opinion on Development Management Charges is estimated by adopting 2
Phasing l 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 different scenarios with different payment plans as recommended in the earlier
Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
art art art art art art art art art art art art art art art art art section.
er er er er er er er er er er er er er er er er er 3. Scenario 1: Estimation of Development Management Charges by adopting
% 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Conventional Construction Linked Payment Plans
Develop
ment 4. Scenario 2: Estimation of Development Management Charges by adopting
Costs
1
Combination of Payment Plans to capture wider spectrum of buyer’s interest.
0
Project 0 50 50
Approvals % % %
Total
Stautory
Payments 1
(including 0
Fungible 0 50 50
FSI) % % %
Constructi
on
Phasing % 1
(Parking 0
Basement 0 30 30 20
) % 5% % % % 5% 5% 5%
Constructi
on 1
Phasing % 0
Phase 1: 0 7.5 7.5 7.5 10. 10. 10. 10. 12. 12. 12.
(T3 & T4) % % % % 0% 0% 0% 0% 5% 5% 5%

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

(sq.
ft)
5.5.1 SCENARIO 1: CLP - Sales Price Appreciation for Phase 1: T3 & T4 & Phase 2: T1 & Pha
T2 and Other Components se
1:
(T3
Scenario 1: Estimation of Development Management Charges by adopting & 10
0.0 0.0 6.1 6.1 8.2 8.2 8.2 8.2 8.2 8.2 8.2 8.2 8.2 6.1 4.1 4.1 0.0
T4): 0.0
Conventional Construction Linked Payment Plans Sal %
% % % % % % % % % % % % % % % % %
es
Table 5.10: Sales Price Appreciation for Phase 1: T3 & T4 & Phase 2: T1 & T2 and Other Pha
sing
Components
(%)
Residential Sales Revenue: Price Movement Total Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec
Pha
(All figures in INR / sqft) Quarter 0 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6
se
Price Appreciation (%) 0.50% 100% 100% 100% 101% 101% 101% 1:
Membership Fee (INR lakhs per unit) 15,00,000 15,00,000 15,03,000 15,06,006 15,09,018 15,12,036 15,15,060 15,18,090 (T3
Phase 2: (T3 & T4) - Residential Selling Price &
83,000 83,000 83,166 70,832 75,149 79,483 83,833
(INR per sq. ft. (CA)) T4):
Phase 1: (T1 & T2) - Residential Selling Price 3 3 4 4 4 4 4 4 4 4 4 3 2 2
97,000 97,000 97,194 82,780 87,825 92,889 97,974 Unit
(INR per sq. ft. (CA)) s
Cark Park Sales 18,00,000 18,00,000 18,09,000 18,18,045 18,27,135 18,36,271 18,45,452 18,54,680 Sol
Source: ANAROCK Research, 2023 d
Penthouse with Penthouse with (no
Restricted s.)
Juhu Aerodrome View Juhu Aerodrome Juhu Beach View Juhu Beach Pha
View
View View se
2:
(T1
&
5.5.2 SCENARIO 1: CLP - SALE SCHEDULE FOR PHASE 1: T3 & T4 & PHASE 2: T1 & T2 T2):
1,5 11, 11, 15, 15, 15, 15, 11,
Sal 7,6 11, 11, 11, 7,6 3,8 3,8
3,4 - - 51 51 34 34 34 34 51 -
es 74 511 511 511 74 37 37
76 1 1 8 8 8 8 1
Table 5.11: Sale Schedule for Phase 1: T3 & T4 & Phase 2: T1 & T2 Pha
Resi sing
den Are
tial a
Sal (sq.
es ft)
Rev Ju Se De Ma Ju Se De Ma Ju Se De Ma De Ma Pha
Tot Jun Sep Jun se
enu n- p- c- r- n- p- c- r- n- p- c- r- c- r-
al -26 -26 -27 2:
e: 23 23 23 24 24 24 24 25 25 25 25 26 26 27
Sal (T1
es & 10
0.0 0.0 5.0 7.5 7.5 10. 10. 10. 10. 7.5 7.5 7.5 7.5 5.0 2.5 2.5 0.0
Sch T2): 0.0
% % % % % 0% 0% 0% 0% % % % % % % % %
edu Sal %
le es
Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Pha
art art art art art art art art art art art art art art art art art sing
% (%)
er er er er er er er er er er er er er er er er er
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Pha
Abs se
orpt 2:
ion (T1
Sch &
edu T2):
2 3 3 4 4 4 4 3 3 3 3 2 1 1
le Unit
Pha s
se Sol
1: d
(T3 (no
& s.)
1,4 11, 11, 11, 11, 11, 11, Cu
T4): 8,9 8,9 11, 11, 11, 8,9 5,9 5,9
6,2 - - 94 94 94 94 94 94 - mul
Sal 56 56 941 941 941 56 70 70
75 1 1 1 1 1 1 ativ
es
Pha e
- - 5 6 7 8 8 8 8 7 7 7 7 5 3 3 -
sing Unit
Are s
a Abs
orpt

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

ion Phas
(no e 1:
s) (T3 &
Cu T4)
mul Sale
ativ s
e Rev
Se De Ma Se De Ma Se De De
Proj 2,9 16, 37, 60, 87, 1,1 1,4 1,6 1,9 2,1 2,4 2,6 2,8 2,8 2,9 2,9 enu Jun Jun Jun Mar Jun Sep Mar Jun
Total p- c- r- p- c- r- p- c- c-
ect 9,7 - - 62 09 54 83 5,1 2,4 9,7 3,1 6,6 0,0 3,5 0,1 9,9 9,7 9,7 e: -23 -24 -25 -26 -26 -26 -27 -27
23 23 24 24 24 25 25 25 26
Abs 51 9 6 7 6 24 12 01 52 04 55 07 36 43 51 51 Abs
orpt orpti
ion on
(sq Sch
ft) edul
Cu e
mul (%)
ativ Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
(INR
e art art art art art art art art art art art art art art art art art
CR /
Proj 12 20 29 38 48 57 64 72 80 88 93 97 100 100 er er er er er er er er er er er er er er er er er
0% 0% 6% sqft)
ect % % % % % % % % % % % % % % 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Abs Resi
orpt dent
ion ial
(%) (sq.
Source: ANAROCK Research, 2023 ft)
Sale
At Launch - 9 Under Construction Stage Top Out Full OC till Final s
1,0
Months / 3 – till RCC Top Out (50%) to Full Handover or Last Unit Price 83, 83, 70, 75, 79, 83, 84, 84, 86, 88, 91, 93, 95, 98, 98, 99,
0,0
Quarters OC is Sold (INR 000 166 832 149 483 833 001 169 446 731 026 329 768 223 812 405
01
psqft
)
Car
Park 18, 18, 18, 18, 18, 18, 18, 18, 18, 18, 18, 19, 19, 19, 19, 19, 19,
Sale 00, 09, 18, 27, 36, 45, 54, 63, 73, 82, 92, 01, 11, 20, 30, 39, 49,
5.5.3 SCENARIO 1: CLP - ESTIMATION OF NET REVENUE INFLOW FOR PHASE 1: TOWER s 000 000 045 135 271 452 680 953 273 639 052 512 020 575 178 829 528
T3 & T4 Price
Cont
ract
Table 5.12: Estimation of Net Revenue Inflow for Phase 1: Tower T3 & T4 ed
Phas Sale 24. 24. 21. 22. 23. 25. 25. 25. 25. 26. 27. 27. 28. 29. 29. 29. 29.
27.2
e 1: valu 8 8 1 4 7 0 1 1 8 5 2 9 6 3 5 7 9
(T3 & e
T4) per
Sale Unit
s Con
Rev struc
Se De Ma Se De Ma Se De De tion 100% 0% 0% 0% 1% 3% 9% 8% 6% 9% 9% 9% 9% 12% 12% 12% 0% 0%
enu Jun Jun Jun Mar Jun Sep Mar Jun
Total p- c- r- p- c- r- p- c- c- Phas
e: -23 -24 -25 -26 -26 -26 -27 -27
23 23 24 24 24 25 25 25 26 ing
Abs
orpti Con
on struc
Sch tion
edul Phas 13 21 28 37 45 100 100 100
0 0% 0% 1% 4% 54% 63% 75% 88%
e ing - % % % % % % % %
(%) Cum
Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu ulati
(INR ve
art art art art art art art art art art art art art art art art art
CR / Boo
er er er er er er er er er er er er er er er er er
sqft) king 10.0
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
No Amo %
of unt
Units Pay
Sold: 49 - - 3 3 4 4 4 4 4 4 4 4 4 3 2 2 - men
Resi t
dent Sch
ial edul
Sale e
able 1,46, 8,9 8,9 11, 11, 11, 11, 11, 11, 11, 11, 11, 8,9 5,9 5,9 Con
- - - struc
Area 275 56 56 941 941 941 941 941 941 941 941 941 56 70 70
~ tion

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Phas Phas
e 1: e 1:
(T3 & (T3 &
T4) T4)
Sale Sale
s s
Rev Rev
Se De Ma Se De Ma Se De De Se De Ma Se De Ma Se De De
enu Jun Jun Jun Mar Jun Sep Mar Jun enu Jun Jun Jun Mar Jun Sep Mar Jun
Total p- c- r- p- c- r- p- c- c- Total p- c- r- p- c- r- p- c- c-
e: -23 -24 -25 -26 -26 -26 -27 -27 e: -23 -24 -25 -26 -26 -26 -27 -27
23 23 24 24 24 25 25 25 26 23 23 24 24 24 25 25 25 26
Abs Abs
orpti orpti
on on
Sch Sch
edul edul
e e
(%) (%)
Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
(INR (INR
art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art
CR / CR /
er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er
sqft) sqft)
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Link Qua
100 0.0
ed rter 100%
.0% %
Qua 15
0.0 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
% % % 0% % % % % % % % % 0% 2% 4% % % 100
0 rter 100%
.0%
Qua 16
0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Sale
% % 0% % % % % % % % % 0% 2% 4% % %
1 Rev
Qua enu
0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% es
% 0% % % % % % % % % 0% 2% 4% % %
2 Con
Qua struc
10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% tion
0% % % % % % % % % 0% 2% 4% % %
3 Link
Qua ed
3.6 9.4 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
% % % % % % % % 0% 2% 4% % %
4 rter - - - - - - - - - - - - - - - - - -
Qua 0
13. 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
0% % % % % % % 0% 2% 4% % %
5 rter - - - - - - - - - - - - - - - - -
Qua 1
21. 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
5% % % % % % 0% 2% 4% % %
6 rter 63.4 - 6.3 - 1.9 5.4 4.1 5.5 5.6 5.7 5.7 7.6 7.7 7.9 - -
Qua 2
27. 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
9% % % % % 0% 2% 4% % %
7 rter 67.3 6.7 - 2.0 5.7 4.3 5.8 5.9 6.0 6.1 8.1 8.2 8.3 - -
Qua 3
36. 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
6% % % % 0% 2% 4% % % 11. 11. 11.
8 rter 94.9 3.4 8.9 8.0 6.1 8.2 8.4 8.5 8.6 - -
4 6 7
Qua 4
45. 8.9 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
4% % % 0% 2% 4% % % 13. 12. 12. 12.
9 rter 100.1 8.5 6.4 8.7 8.8 8.9 9.1 - -
0 1 2 4
Qua 5
54. 9.1 12. 12. 12. 0.0 0.0
rter 100% Qua
3% % 0% 2% 4% % % 21. 12. 12. 12.
10 rter 100.3 6.4 8.7 8.8 9.0 9.1 - -
5 1 2 4
Qua 6
63. 12. 12. 12. 0.0 0.0
rter 100% Qua
4% 0% 2% 4% % % 28. 12. 12. 12.
11 rter 100.5 8.7 8.9 9.0 9.1 - -
0 1 3 4
Qua 7
75. 12. 12. 0.0 0.0
rter 100% Qua
4% 2% 4% % % 37. 12. 12. 12.
12 rter 103.2 9.1 9.2 9.3 - -
8 4 6 8
Qua 8
87. 12. 0.0 0.0
rter 100% Qua
6% 4% % % 48. 12. 12. 13.
13 rter 106.0 9.5 9.6 - -
1 8 9 1
Qua 9
100 0.0 0.0
rter 100% Qua
.0% % % 59. 13. 13. 13.
14 rter 108.7 9.8 - -
0 1 3 5
10

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Phas Phas
e 1: e 1:
(T3 & (T3 &
T4) T4)
Sale Sale
s s
Rev Rev
Se De Ma Se De Ma Se De De Se De Ma Se De Ma Se De De
enu Jun Jun Jun Mar Jun Sep Mar Jun enu Jun Jun Jun Mar Jun Sep Mar Jun
Total p- c- r- p- c- r- p- c- c- Total p- c- r- p- c- r- p- c- c-
e: -23 -24 -25 -26 -26 -26 -27 -27 e: -23 -24 -25 -26 -26 -26 -27 -27
23 23 24 24 24 25 25 25 26 23 23 24 24 24 25 25 25 26
Abs Abs
orpti orpti
on on
Sch Sch
edul edul
e e
(%) (%)
Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
(INR (INR
art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art
CR / CR /
er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er
sqft) sqft)
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Qua e
70. 13. 13. 13.
rter 111.4 - - (%)
6 4 6 8
11 Brok
Qua erag
86. 14. 14.
rter 114.4 - - e/
2 0 2
12 Com
Qua missi
77. 10. ons
rter 88.0 - - - - - - - - - -
1 9 Paid -52.5 - - -5.1 -6.0 -8.2 -8.4 -8.2 -2.4 -
13 0.1 0.6 0.3 1.1 2.1 2.3 3.5 4.3
Qua of
59. Net
rter 59.0 - -
0 Rev
14
Qua enu
59. e
rter 59.3 -
3 (%)
15
Qua Phas
rter - - e 1:
16 (T3 &
Total T4)
1,247 14. 27. 49. 55. 82. 101 121 142 194 199 193 57.
: Net - - 2.0 6.0 -
1,276 13. 25. 49. 55. 83. 103 124 147 201 207 202 59. .0 5 3 4 4 1 .2 .3 .5 .2 .5 .7 8
Resi - - - 3.4 - Cas
.5 1 8 1 4 5 .6 .7 .1 .4 .8 .4 3 h
dent
ial Flow
s
Me Cum
mbe ulati
7.5 - - 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.3 0.3 - ve 1,1 1,2 1,2
rship 1,247 16. 22. 49. 99. 154 236 337 459 601 795 995
Fees Cas - - 2.0 89. 47. 47.
.0 5 5 8 2 .6 .7 .9 .2 .8 .9 .5
Car h 1 0 0
Park Flow
28.6 - - 1.7 1.7 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.4 1.8 1.2 1.2 - s
Sale
s Source: ANAROCK Research, 2023
Phas
e 1:
(T3 &
T4) 5.5.4 SCENARIO 1: CLP - ESTIMATION OF NET REVENUE INFLOW FOR PHASE 2: TOWER
1,312 15. 28. 52. 58. 86. 106 127 150 204 210 203 60.
Gros
.6
- - 2.1
2
6.3
7 0 3 4 .5 .7 .0 .4 .0 .9 9
- T1 & T2
s
Rev
enu Table 5.13: Estimation of Net Revenue Inflow for Phase 2: Tower T1 & T2
es
Leg
al
Cost
- - - - - - - -
of -13.1 - - -1.3 -1.5 -2.0 -2.1 -2.0 -0.6 -
0.0 0.2 0.1 0.3 0.5 0.6 0.9 1.1
Net
Rev
enu

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Phase 2: (T1 & Phase 2: (T1 &

T2) Sales Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju T2) Sales Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Tota Tota
Revenue: n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- Revenue: n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
l l
Absorption 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 Absorption 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
Schedule (%) Schedule (%)
Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
(INR (INR
art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art art
CR / CR /
er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er er
sqft) sqft)
0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
No of Units 10
100 0.0
Sold: 40 - - 2 3 3 4 4 4 4 3 3 3 3 2 1 1 - Quarter 15 0.0
% %
Residential %
Saleable Area 11, 11, 15, 15, 15, 15, 11, 11, 11, 11, 10
1,53 7,6 7,6 3,8 3,8 100
~ Residential - - 51 51 34 34 34 34 51 51 51 51 - Quarter 16 0.0
,476 74 74 37 37 %
(sq. ft) 1 1 8 8 8 8 1 1 1 1 %
97, 97, 82, 87, 92, 97, 98, 98, 1,0 1,0 1,0 1,0 1,1 1,1 1,1 1,1 1,1 Sale Revenues
Sales Price
00 19 78 82 88 97 17 36 1,0 3,6 6,3 9,0 1,9 4,7 5,4 6,1 6,8 Construction
(INR psqft)
0 4 0 5 9 4 0 6 27 98 79 71 22 90 79 72 69 Linked
18, 18, 18, 18, 18, 18, 18, 18, 18, 18, 18, 19, 19, 19, 19, 19, 19, Quarter 0 - - - - - - - - - - - - - - - - - -
Car Park Sales 00, 09, 18, 27, 36, 45, 54, 63, 73, 82, 92, 01, 11, 20, 30, 39, 49, Quarter 1 - - - - - - - - - - - - - - - - -
Price 00 00 04 13 27 45 68 95 27 63 05 51 02 57 17 82 52 Quarter 2 63.5 - 6.4 - 1.9 5.4 4.1 5.5 5.6 5.7 5.8 7.7 7.8 7.9 - -
0 0 5 5 1 2 0 3 3 9 2 2 0 5 8 9 8 101. 10. 12. 12. 12.
Contracted Quarter 3 - 3.0 8.6 6.5 8.8 8.9 9.0 9.2 - -
37. 37. 31. 33. 35. 37. 37. 37. 38. 39. 40. 41. 42. 44. 44. 44. 44. 1 1 2 3 5
Sale value per 40.9 106. 10. 12. 13. 13.
2 3 8 7 6 6 7 7 8 8 8 8 9 0 3 6 8 Quarter 4 3.9 9.0 6.9 9.3 9.4 9.5 9.7 - -
Unit 9 0 9 1 2
Construction 100 12 12 12 150. 19. 12. 13. 13. 13. 13. 18. 18. 18.
0% 0% 0% 1% 3% 9% 8% 6% 9% 9% 9% 9% 0% 0% Quarter 5 9.7 - -
Phasing % % % % 4 5 7 1 2 4 6 1 4 6
Construction 150. 32. 13. 13. 13. 13. 18. 18. 18.
13 21 28 37 45 54 63 75 88 10 10 10 Quarter 6 9.7 - -
Phasing - 0% 0% 0% 1% 4% 7 3 1 3 5 6 1 4 7
% % % % % % % % % 0% 0% 0%
Cumulative 151. 42. 13. 13. 13. 13. 18. 18. 18.
Booking 10.0 Quarter 7 - -
0 1 1 3 5 7 2 4 7
Amount % 155. 56. 13. 13. 14. 18. 18. 19.
Payment Quarter 8 - -
1 7 7 8 0 7 9 2
Schedule 119. 54. 10. 10. 14. 14. 14.
Construction Quarter 9 - -
4 2 7 8 4 6 8
Linked 122. 66. 11. 14. 15. 15.
100 0.0 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Quarter 10 - -
Quarter 0 4 5 1 8 0 2
% % % % 0% % % % % % % % % 0% 2% 4% % % 125. 79. 15. 15. 15.
100 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Quarter 11 - -
Quarter 1 5 5 1 3 5
% % % 0% % % % % % % % % 0% 2% 4% % % 128. 97. 15. 15.
100 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Quarter 12 - -
Quarter 2 8 1 7 9
% % 0% % % % % % % % % 0% 2% 4% % % 77. 10.
100 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Quarter 13 88.1 - -
Quarter 3 2 9
% 0% % % % % % % % % 0% 2% 4% % % 44.
100 3.6 9.4 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Quarter 14 44.3 - -
Quarter 4 3
% % % % % % % % % 0% 2% 4% % % 44.
100 13. 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Quarter 15 44.6 -
Quarter 5 6
% 0% % % % % % % 0% 2% 4% % % Quarter 16 - -
100 21. 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Total: 1,55 16. 34. 68. 78. 11 13 15 18 24 24 22 44.
Quarter 6 - - - 3.9 -
% 5% % % % % % 0% 2% 4% % % Residential 1.7 5 5 0 9 9.6 1.6 5.6 1.0 7.2 5.1 5.4 6
100 27. 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Membership
Quarter 7 6.1 - - 0.3 0.5 0.5 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.3 0.2 0.2 -
% 9% % % % % 0% 2% 4% % % Fees
100 36. 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 Car Park Sales 23.3 - - 1.1 1.7 1.7 2.3 2.3 2.3 2.3 1.8 1.8 1.8 1.8 1.2 0.6 0.6 -
Quarter 8
% 6% % % % 0% 2% 4% % %
Phase 2: (T1 &
100 45. 8.9 9.1 12. 12. 12. 0.0 0.0 1,58 18. 37. 70. 81. 12 13 15 18 24 24 22 45.
Quarter 9 T2): Gross - - 1.4 6.0 -
% 4% % % 0% 2% 4% % % 1.1 6 4 9 8 2.5 3.8 7.8 3.2 9.5 6.6 6.2 3
Revenues
100 54. 9.1 12. 12. 12. 0.0 0.0
Quarter 10 Legal Cost of
% 3% % 0% 2% 4% % % - - - - - - - - - - - - - - -
Net Revenue - - -
100 63. 12. 12. 12. 0.0 0.0 15.8 0.0 0.2 0.1 0.4 0.7 0.8 1.2 1.3 1.6 1.8 2.5 2.5 2.3 0.5
Quarter 11 (%)
% 4% 0% 2% 4% % %
Brokerage /
100 75. 12. 12. 0.0 0.0 -
Quarter 12 Commissions - - - - - - - - - - - - - -
% 4% 2% 4% % % - - 10. -
Paid of Net 63.2 0.1 0.7 0.2 1.5 2.8 3.3 4.9 5.4 6.3 7.3 9.9 9.0 1.8
100 87. 12. 0.0 0.0 0
Quarter 13 Revenue (%)
% 6% 4% % %
Phase 2: (T1 &
10 1,50 17. 35. 67. 77. 11 12 14 17 23 23 21 43.
100 0.0 0.0 T2) Net Cash - - 1.4 5.7 -
Quarter 14 0.0 2.1 7 5 4 7 6.4 7.1 9.9 4.0 7.0 4.2 4.9 1
% % % Flows
%
1,0 1,2 1,4 1,5 1,5
Cumulative 1,50 19. 24. 60. 12 20 32 44 59 77
- - 1.4 09. 44. 59. 02. 02.
Cash Flows 2.1 1 8 3 7.7 5.4 1.8 8.9 8.9 2.9
9 2 0 1 1

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Source: ANAROCK Research, 2023

5.5.6 SCENARIO 1: CLP - WACC ESTIMATION
Table 5.15: WACC Estimation
5.5.5 SCENARIO 1: CLP - ESTIMATION OF NET REVENUE INFLOW AND DEVELOPMENT
Debt Cost 14.0%
MANAGEMENT CHARGES
Debt Ratio 50.0%
Equity Cost 22.5%
Table 5.14: Estimation of Net Revenue Inflow and Development Management Charges Equity Ratio 50.0%
Average Total Chargeable
Consolidated EBITDA Net Cash Flows
Selling Price Area (sq ft)
Total Jun-23 Sep-23 Dec-23 Mar-24 Jun- Weighted Average Cost of Capital (WACC) / Discount Rate 18.25%
(INR Cr) INR psqft sqft INR Cr Year 0 Year 1 Year 2 Year 3 Year 4 Source: ANAROCK Research, 2023
Phase 1: (T3 & T4) Net Cash Flows 85,249 1,46,275 1,247.0 - - 2.0 14.5
Phase 2: (T1 & T2) Net Cash Flows 97,871 1,53,476 1,502.1 - - 1.4 17.7
Net Cash Flow 91,712 2,99,751 2,749.1 - - 3.4 32.2 11.7
Development Management Charges 18,342 20.0% 549.8 - - 0.7 6.4
5.5.7 SCENARIO 1: CLP - VALUE OF DEVELOPMENT MANAGEMENT AGREEMENT
Source: ANAROCK Research, 2023
Table 5.16: Estimation of Revenue Projections Based on Sales & Collection Schedule / NPV of
Development Net Revenues & Development Management Charges Receivables
NPV (INR Cr) 1,751.5 INR cr
NPV (INR psqft) on CA 58,430 INR psq ft
NPV of Development Management Charges (INR Cr) 350.3 INR CR
NPV of Development Management Charges (INR psqft) on CA 11,686 INR psq ft
Source: ANAROCK Research, 2023

5.5.8 SCENARIO 1: CLP - SENSITIVITY ANALYSIS OF DEVELOPMENT MANAGEMENT

CHARGES RECEIVABLES

Table 5.17: Sensitivity Analysis for Development Management Charges

Sensitivity Variation on
-7.50% -5.00% -2.50% 0.00% 2.50% 5.00% 7.50%
Analysis Selling Price (%)
DM Charges (%)
12.00% 194.8 199.9 205.1 210.2 215.3 220.4 225.5
13.00% 211.1 216.6 222.1 227.7 233.2 238.8 244.3
14.00% 227.3 233.3 239.2 245.2 251.2 257.1 263.1
15.00% 243.5 249.9 256.3 262.7 269.1 275.5 281.9
16.00% 259.8 266.6 273.4 280.2 287.1 293.9 300.7
17.00% 276.0 283.2 290.5 297.7 305.0 312.3 319.5
18.00% 292.2 299.9 307.6 315.3 322.9 330.6 338.3
19.00% 308.5 316.6 324.7 332.8 340.9 349.0 357.1
20.00% 324.7 333.2 341.8 350.3 358.8 367.4 375.9
21.00% 340.9 349.9 358.8 367.8 376.8 385.7 394.7
22.00% 357.2 366.5 375.9 385.3 394.7 404.1 413.5
23.00% 373.4 383.2 393.0 402.8 412.6 422.5 432.3
24.00% 389.6 399.9 410.1 420.3 430.6 440.8 451.1
Source: ANAROCK Research, 2023

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Table 5.20: Estimation of Net Revenue Inflow for Phase 1: Tower T3 & T4
5.5.9 SCENARIO 2: COMBINATION OF PAYMENT PLANS - SALES PRICE APPRECIATION Pha
se
FOR PHASE 1: T3 & T4 & PHASE 2: T1 & T2 AND OTHER COMPONENTS 1:
(T3
&
Scenario 2: Estimation of Development Management Charges by adopting T4)
Combination of Payment Plans to capture wider spectrum of buyer’s interest. Sale
s
a. At Launch - 9 Months / 3 Quarters: 20% of total units @ 50% CLP & 50% Rev
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
Bullet Payment Plan (avoid Subvention Scheme as it is risker for the enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
e:
development). Abs
b. Under Construction Stage – till RCC Top Out (50%): 20% of total units @ orpt
50% CLP & 50% Bullet Payment Plan (avoid Subvention Scheme as it is ion
Sch
risker for the development). edu
c. Top Out to Full OC: 20% of total units @ 50% CLP & 50% Bullet Payment le
Plan (can opt for Subvention Scheme for the last 6 months as the price (%)
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
premium is high and the period for balance payment must be within 3 CR / art art art art art art art art art art art art art art art art art
to 6 months) psqft er er er er er er er er er er er er er er er er er
d. Full OC till Final Handover or Last Unit is Sold: Subvention Scheme for any ) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
No
unit to be sold near or post construction completion and the period for of
balance payment must be within 3 to 6 months. Unit
s
Sold 49 - - 3 3 4 4 4 4 4 4 4 4 4 3 2 2 -
Table 5.18: Sales Price Appreciation for Phase 1: T3 & T4 & Phase 2: T1 & T2 and Other :
Components Resi
Residential Sales Revenue: Price Movement Total Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep den
(All figures in INR / sqft) Quarter 0 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 tial
Price Appreciation (%) 0.50% 100% 100% 100% 101% 101% 101% Sale
Membership Fee (INR lakhs per unit) 15,00,000 15,00,000 15,03,000 15,06,006 15,09,018 15,12,036 15,15,060 abl
Phase 1: (T3 & T4) - Residential Selling Price (INR per sq. ft. (CA)) 83,000 83,000 83,166 70,832 83,499 79,483 90,121 e
Phase 2: (T1 & T2) - Residential Selling Price (INR per sq. ft. (CA)) 97,000 97,000 97,194 82,780 87,825 92,889 97,974 Are
11, 11, 11, 11, 11, 11, 11, 11, 11,
Cark Park Sales 18,00,000 18,00,000 18,09,000 18,18,045 18,27,135 18,36,271 18,45,452 a~ 1,46, 8,9 8,9 8,9 5,9 5,9
- - 94 94 94 94 94 94 94 94 94 -
Resi 275 56 56 56 70 70
Source: ANAROCK Research, 2023 den
1 1 1 1 1 1 1 1 1
tial
(sq.
ft)
5.5.10 SCENARIO 2: COMBINATION OF PAYMENT PLANS - SALE SCHEDULE FOR PHASE Sale
1: T3 & T4 & PHASE 2: T1 & T2 s
Pric 83, 83, 70, 83, 79, 90, 84, 88, 86, 90, 91, 93, 1,0 1,0 1,0 1,0 1,0
e 00 16 83 49 48 12 00 37 44 84 02 32 4,2 4,6 3,1 1,5 2,1
Table 5.19: Sale Schedule for Phase 1: T3 & T4 & Phase 2: T1 & T2 (INR 0 6 2 9 3 1 1 7 6 4 6 9 81 28 08 66 75
Residential Sales Revenue: Sales Schedule Total Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 psqf
% Quarter 0 Quarter 1 Quarter 2 Quarter 3 Quarter 4 Quarter 5 Quarter 6 t)
Absorption Schedule Car
Phase 1: (T3 & T4): Sales Phasing Area (sq. ft) 1,46,275 - - 8,956 8,956 11,941 11,941 Par
18, 18, 18, 18, 18, 18, 18, 18, 18, 18, 18, 19, 19, 19, 19, 19, 19,
Phase 1: (T3 & T4): Sales Phasing (%) 100.0% 0.0% 0.0% 6.1% 6.1% 8.2% 8.2% k
00, 09, 18, 27, 36, 45, 54, 63, 73, 82, 92, 01, 11, 20, 30, 39, 49,
Sale
Phase 1: (T3 & T4): Units Sold (nos.) 3 3 4 4 00 00 04 13 27 45 68 95 27 63 05 51 02 57 17 82 52
s
Phase 2: (T1 & T2): Sales Phasing Area (sq. ft) 1,53,476 - - 7,674 11,511 11,511 15,348 0 0 5 5 1 2 0 3 3 9 2 2 0 5 8 9 8
Pric
Phase 2: (T1 & T2): Sales Phasing (%) 100.0% 0.0% 0.0% 5.0% 7.5% 7.5% 10.0%
e
Phase 2: (T1 & T2): Units Sold (nos.) 2 3 3 4
Con
Cumulative Units Absorption (nos) - - 5 6 7 8 trac
Cumulative Project Absorption (sq ft) 2,99,751 - - 16,629 37,096 60,547 87,836 ted
Cumulative Project Absorption (%) 0% 0% 6% 12% 20% 29% Sale 24. 24. 21. 24. 23. 26. 25. 26. 25. 27. 27. 27. 31. 31. 30. 30. 30.
27.8
Source: ANAROCK Research, 2023 valu 8 8 1 9 7 9 1 4 8 1 2 9 1 2 8 3 5
e
per
Unit
Con
5.5.11 SCENARIO 1: COMBINATION OF PAYMENT PLANS - ESTIMATION OF NET stru
ctio 100 12 12 12
REVENUE INFLOW FOR PHASE 1: TOWER T3 & T4 n %
0% 0% 0% 1% 3% 9% 8% 6% 9% 9% 9% 9%
% % %
0% 0%
Pha
sing

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Pha Pha
se se
1: 1:
(T3 (T3
& &
T4) T4)
Sale Sale
s s
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Rev Rev
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
enu enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
e: e:
Abs Abs
orpt orpt
ion ion
Sch Sch
edu edu
le le
(%) (%)
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu (INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
CR / art art art art art art art art art art art art art art art art art CR / art art art art art art art art art art art art art art art art art
psqft er er er er er er er er er er er er er er er er er psqft er er er er er er er er er er er er er er er er er
) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 ) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Con Qu
100 21. 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
stru arte
% 5% % % % % % 0% 2% 4% % %
ctio r6
n Qu
100 10. 20. 23. 23. 23. 0.0 0.0
Pha arte
13 21 28 37 45 54 63 75 88 10 10 10 % 0% 0% 3% 3% 3% % %
sing 0 0% 0% 1% 4% r7
% % % % % % % % % 0% 0% 0%
- Qu
Cu 100 36. 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
arte
mul % 6% % % % 0% 2% 4% % %
r8
ativ Qu
e 100 10. 20. 35. 35. 0.0 0.0
arte
% 0% 0% 0% 0% % %
Boo r9
king Qu
10.0 100 54. 9.1 12. 12. 12. 0.0 0.0
Am arte
% % 3% % 0% 2% 4% % %
oun r 10
t Qu
Pay 100 10. 20. 70. 0.0 0.0
arte
me % 0% 0% 0% % %
r 11
nt Qu
Sch 100 33. 33. 33. 0.0 0.0
arte
edu % 3% 3% 3% % %
r 12
le Qu
Con 100 50. 50. 0.0 0.0
arte
stru % 0% 0% % %
r 13
ctio Qu
n 100 50. 50. 0.0
arte
Link % 0% 0% %
r 14
ed Qu
Qu 100 50. 50.
100 0.0 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 arte
arte % 0% 0%
% % % % 0% % % % % % % % % 0% 2% 4% % % r 15
r0 Qu
Qu 100 50.
100 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 arte
arte % 0%
% % % 0% % % % % % % % % 0% 2% 4% % % r 16
r1 Qu
Qu 100
100 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 arte
arte %
% % 0% % % % % % % % % 0% 2% 4% % % r 17
r2 Qu
Qu 100
100 5.0 20. 15. 15. 15. 15. 15. 0.0 0.0 arte
arte %
% % 0% 0% 0% 0% 0% 0% % % r 18
r3 Qu
Qu - 100
100 20. 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 arte
arte 7.0 %
% 0% % % % % % % 0% 2% 4% % % r 19
r4 % Qu
Qu 100
100 10. 20. 17. 17. 17. 17. 0.0 0.0 arte
arte %
% 0% 0% 5% 5% 5% 5% % % r 20
r5

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Pha Pha
se se
1: 1:
(T3 (T3
& &
T4) T4)
Sale Sale
s s
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Rev Rev
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
enu enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
e: e:
Abs Abs
orpt orpt
ion ion
Sch Sch
edu edu
le le
(%) (%)
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu (INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
CR / art art art art art art art art art art art art art art art art art CR / art art art art art art art art art art art art art art art art art
psqft er er er er er er er er er er er er er er er er er psqft er er er er er er er er er er er er er er er er er
) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 ) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Qu Qu
100 108. 59. 13. 13. 13.
arte arte 9.8 - -
% 7 0 1 3 5
r 21 r 10
Qu Qu
111. 11. 22. 78.
arte 0% arte - - -
4 1 3 0
r 22 r 11
Sale Qu
124. 41. 41. 41.
Rev arte - -
5 5 5 5
enu r 12
es Qu
46. 46.
Con arte 93.7 - -
9 9
stru r 13
ctio Qu
30. 30.
n arte 61.6 -
8 8
Link r 14
ed Qu
30. 30.
Qu arte 60.6
3 3
arte - - - - - - - - - - - - - - - - - - r 15
r0 Qu
Qu arte - -
arte - - - - - - - - - - - - - - - - - r 16
r1 Qu
Qu arte -
arte 63.4 - 6.3 - 1.9 5.4 4.1 5.5 5.6 5.7 5.7 7.6 7.7 7.9 - - r 17
r2 Qu
Qu arte -
15. 11. 11. 11. 11. 11.
arte 74.8 3.7 - - - - - - - r 18
0 2 2 2 2 2
r3 Qu
Qu arte -
19. - 11. 11. 11.
arte 94.9 8.0 6.1 8.2 8.4 8.5 8.6 - - r 19
0 6.7 4 6 7
r4 Qu
Qu arte -
107. 10. 21. 18. 18. 18. 18.
arte - - - - - - r 20
6 8 5 8 8 8 8
r5 Qu
Qu arte -
100. 21. 12. 12. 12.
arte 6.4 8.7 8.8 9.0 9.1 - - r 21
3 5 1 2 4
r6 Qu
Qu arte -
105. 10. 21. 24. 24. 24.
arte - - - - - r 22
5 6 1 6 6 6
r7 Tota
Qu l:
103. 37. 12. 12. 12. 1,31 10. 33. 67. 27. 11 42. 16 53. 21 14 34 61. 30.
arte 9.1 9.2 9.3 - - Resi - - - 6.0
2 8 4 6 8 8.8 1 9 7 2 1.4 7 7.7 7 3.1 5.8 8.0 1 3
r8 den
Qu tial
108. 10. 21. 38. 38.
arte - - - - Me
5 8 7 0 0
r9 mb 7.5 - - 0.5 0.5 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.5 0.3 0.3 -
ersh

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Pha Pha
se se
1: 1:
(T3 (T3
& &
T4) T4)
Sale Sale
s s
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Rev Rev
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
enu enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
e: e:
Abs Abs
orpt orpt
ion ion
Sch Sch
edu edu
le le
(%) (%)
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu (INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
CR / art art art art art art art art art art art art art art art art art CR / art art art art art art art art art art art art art art art art art
psqft er er er er er er er er er er er er er er er er er psqft er er er er er er er er er er er er er er er er er
) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 ) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
ip anc
Fee e
s Pay
Car me
Par nts
k 28.6 - - 1.7 1.7 2.3 2.3 2.3 2.3 2.3 2.3 2.4 2.4 2.4 1.8 1.2 1.2 - Sale
Sale s
s und
Pha er
se the
1: For
(T3 Sub
& ven
1,35 12. 36. 70. 30. 11 45. 17 56. 21 14 34 62. 30. tion
T4) - - 2.1 8.9
4.9 2 8 6 1 4.3 7 0.7 7 6.1 8.1 9.6 6 3 Sch
Gro
ss em
Rev e-
enu 3%
es Pha
Leg se
al 1:
Cos (T3
t of &
- - - - - - - - - - - - - - - 1,28 11. 35. 67. 28. 10 43. 16 53. 20 13 33 58. 28.
Net -13.5 - - T4) - - 2.0 8.5
0.0 0.1 0.4 0.1 0.7 0.3 1.1 0.5 1.7 0.6 2.2 1.5 3.5 0.6 0.3 0.2 6 0 0 6 8.6 4 2.1 9 2.8 8.0 1.2 6 8
Rev Net
enu Cas
e h
(%) Flo
Bro ws
ker Cu
age mul
/ ativ
1,1 1,2 1,2
Co e 1,28 13. 48. 57. 12 15 26 30 46 52 72 86
- - 2.0 92. 51. 80.
mm Cas 0.2 7 7 1 4.2 2.8 1.4 4.8 6.9 0.8 3.6 1.6
8 4 2
issio - h
- - - - - - - - - - - - - - Flo
ns -54.2 - - 14.
0.1 0.5 1.5 0.4 2.8 1.2 4.6 1.8 6.8 2.3 8.6 5.9 2.5 1.2 ws
Pai 0
d of Source: ANAROCK Research, 2023
Net
Rev
enu
e
(%)
Inte
rest
- - - -
Cos -7.0 -
2.5 2.7 0.9 0.9
t for
Bal

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Pha
se
5.5.12 SCENARIO 1: COMBINATION OF PAYMENT PLANS - ESTIMATION OF NET 2:
REVENUE INFLOW FOR PHASE 2: TOWER T1 & T2 (T1
&
T2)
Table 5.21: Estimation of Net Revenue Inflow for Phase 2: Tower T1 & T2 Sal
Pha es
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
se Rev
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
2: enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
(T1 e:
& Abs
T2) orpt
Sal ion
es Sch
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju edu
Rev
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- le
enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 (%)
e:
Abs (INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
orpt CR / art art art art art art art art art art art art art art art art art
ion psqft er er er er er er er er er er er er er er er er er
Sch ) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
edu per
le Unit
(%) Co
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu nstr
CR / art art art art art art art art art art art art art art art art art ucti 100 12 12 12
0% 0% 0% 1% 3% 9% 8% 6% 9% 9% 9% 9% 0% 0%
psqft er er er er er er er er er er er er er er er er er on % % % %
) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 Pha
No sing
of Co
Unit nstr
s ucti
Sol 40 - - 2 3 3 4 4 4 4 3 3 3 3 2 1 1 - on
d: Pha
13 21 28 37 45 54 63 75 88 100 100 100
Resi sing 0% 0% 0% 1% 4%
% % % % % % % % % % % %
den -
tial Cu
Sal mul
eab ativ
le e
Are Boo
11, 11, 15, 15, 15, 15, 11, king
a~ 1,53, 7,6 11, 11, 11, 7,6 3,8 3,8 10.0
- - 51 51 34 34 34 34 51 - Am
Resi 476 74 511 511 511 74 37 37 %
1 1 8 8 8 8 1 oun
den
tial t
(sq. Pay
ft) me
Sal nt
es Sch
Pric 97, 97, 82, 87, 92, 97, 98, 98, 1,0 1,0 1,0 1,0 1,1 1,1 1,1 1,1 1,1 edu
e 00 19 78 82 88 97 17 36 1,0 3,6 6,3 9,0 1,9 4,7 5,4 6,1 6,8 le
(INR 0 4 0 5 9 4 0 6 27 98 79 71 22 90 79 72 69 Co
psq nstr
ft) ucti
Car on
Par Link
18, 18, 18, 18, 18, 18, 18, 18, 18, 18, ed
k 18, 19, 19, 19, 19, 19, 19,
00, 09, 18, 27, 36, 45, 54, 63, 73, 82, Qu
Sal 92, 01, 11, 20, 30, 39, 49, 100 0.0 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
00 00 04 13 27 45 68 95 27 63 arte
es 052 512 020 575 178 829 528 % % % % 0% % % % % % % % % 0% 2% 4% % %
0 0 5 5 1 2 0 3 3 9 r0
Pric
e Qu
100 0.0 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
Co arte
% % % % 0% % % % % % % % % 0% 2% 4% % %
ntra r1
cte Qu
100 0.0 0.0 0.0 10. 0.0 3.0 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
d 37. 37. 31. 33. 35. 37. 37. 37. 38. 39. 40. 41. 42. 44. 44. 44. 44. arte
40.9 % % % % 0% % % % % % % % % 0% 2% 4% % %
Sal 2 3 8 7 6 6 7 7 8 8 8 8 9 0 3 6 8 r2
e Qu
100 0.0 0.0 0.0 5.0 20. 0.0 15. 0.0 15. 0.0 15. 0.0 15. 0.0 15. 0.0 0.0
val arte
% % % % % 0% % 0% % 0% % 0% % 0% % 0% % %
ue r3

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Pha Pha
se se
2: 2:
(T1 (T1
& &
T2) T2)
Sal Sal
es es
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Rev Rev
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
enu enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
e: e:
Abs Abs
orpt orpt
ion ion
Sch Sch
edu edu
le le
(%) (%)
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu (INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
CR / art art art art art art art art art art art art art art art art art CR / art art art art art art art art art art art art art art art art art
psqft er er er er er er er er er er er er er er er er er psqft er er er er er er er er er er er er er er er er er
) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 ) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Qu - Qu
100 0.0 0.0 0.0 0.0 20. 8.5 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
arte 7.0 arte
% % % % % 0% % % % % % % 0% 2% 4% % % % % % % % % % % % % % % % % % % % %
r4 % r 19
Qu Qu
100 0.0 0.0 0.0 0.0 0.0 10. 20. 0.0 17. 0.0 17. 0.0 17. 0.0 17. 0.0 0.0 100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
arte arte
% % % % % % 0% 0% % 5% % 5% % 5% % 5% % % % % % % % % % % % % % % % % % % % %
r5 r 20
Qu Qu
100 0.0 0.0 0.0 0.0 0.0 0.0 21. 6.4 8.7 8.8 8.9 9.1 12. 12. 12. 0.0 0.0 100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
arte arte
% % % % % % % 5% % % % % % 0% 2% 4% % % % % % % % % % % % % % % % % % % % %
r6 r 21
Qu Qu
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. 20. 0.0 23. 0.0 23. 0.0 23. 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
arte arte 0%
% % % % % % % % 0% 0% % 3% % 3% % 3% % % % % % % % % % % % % % % % % % % %
r7 r 22
Qu Sal
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 36. 8.8 8.9 9.1 12. 12. 12. 0.0 0.0
arte e
% % % % % % % % % 6% % % % 0% 2% 4% % %
r8 Rev
Qu enu
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. 20. 0.0 35. 0.0 35. 0.0 0.0
arte es
% % % % % % % % % % 0% 0% % 0% % 0% % %
r9 Co
Qu nstr
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 54. 9.1 12. 12. 12. 0.0 0.0
arte ucti
% % % % % % % % % % % 3% % 0% 2% 4% % %
r 10 on
Qu Link
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10. 20. 0.0 70. 0.0 0.0 ed
arte
% % % % % % % % % % % % 0% 0% % 0% % %
r 11 Qu
Qu arte - - - - - - - - - - - - - - - - - -
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 33. 33. 33. 0.0 0.0 r0
arte
% % % % % % % % % % % % % 3% 3% 3% % %
r 12 Qu
Qu arte - - - - - - - - - - - - - - - - -
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50. 50. 0.0 0.0 r1
arte
% % % % % % % % % % % % % % 0% 0% % %
r 13 Qu
Qu arte 63.5 - 6.4 - 1.9 5.4 4.1 5.5 5.6 5.7 5.8 7.7 7.8 7.9 - -
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50. 50. 0.0 r2
arte
% % % % % % % % % % % % % % % 0% 0% %
r 14 Qu
101. 20. 15. 15. 15. 15. 15.
Qu arte 5.1 - - - - - - -
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50. 50. 1 2 2 2 2 2 2
arte r3
% % % % % % % % % % % % % % % % 0% 0%
r 15 Qu
106. 21. - 12. 13. 13.
Qu arte 9.0 6.9 9.3 9.4 9.5 9.7 - -
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 50. 9 4 7.5 9 1 2
arte r4
% % % % % % % % % % % % % % % % % 0%
r 16 Qu
150. 15. 30. 26. 26. 26. 26.
Qu arte - - - - - -
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 4 0 1 3 3 3 3
arte r5
% % % % % % % % % % % % % % % % % %
r 17 Qu
150. 32. 13. 13. 13. 13. 18. 18. 18.
Qu arte 9.7 - -
100 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 7 3 1 3 5 6 1 4 7
arte r6
% % % % % % % % % % % % % % % % % %
r 18 Qu
151. 15. 30. 35. 35. 35.
arte - - - - -
0 1 2 2 2 2
r7

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Pha Pha
se se
2: 2:
(T1 (T1
& &
T2) T2)
Sal Sal
es es
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju
Rev Rev
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n-
enu enu
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27
e: e:
Abs Abs
orpt orpt
ion ion
Sch Sch
edu edu
le le
(%) (%)
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu (INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu
CR / art art art art art art art art art art art art art art art art art CR / art art art art art art art art art art art art art art art art art
psqft er er er er er er er er er er er er er er er er er psqft er er er er er er er er er er er er er er er er er
) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 ) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
Qu Resi
155. 56. 13. 13. 14. 18. 18. 19.
arte - - den
1 7 7 8 0 7 9 2
r8 tial
Qu Me
119. 11. 23. 41. 41.
arte - - - - mb
4 9 9 8 8
r9 ersh
6.1 - - 0.3 0.5 0.5 0.6 0.6 0.6 0.6 0.5 0.5 0.5 0.5 0.3 0.2 0.2 -
Qu ip
122. 66. 11. 14. 15. 15.
arte - - Fee
4 5 1 8 0 2
r 10 s
Qu Car
125. 12. 25. 87.
arte - - - Par
5 6 1 9
r 11 k 23.3 - - 1.1 1.7 1.7 2.3 2.3 2.3 2.3 1.8 1.8 1.8 1.8 1.2 0.6 0.6 -
Qu Sal
128. 42. 42. 42. es
arte - -
8 9 9 9
r 12 Pha
Qu se
44. 44.
arte 88.1 - - 2:
0 0
r 13 (T1
Qu &
22. 22. 1,58 13. 43. 12. 94. 38. 15 56. 21 69. 26 16 39 45. 22.
arte 44.3 - T2): - - 1.4
2 2 1.1 6 8 3 9 7 9.2 1 1.8 0 0.9 1.6 0.4 2 3
r 14 Gro
Qu ss
22. 22. Rev
arte 44.6
3 3 enu
r 15
Qu es
arte - - Leg
r 16 al
Qu Cos
arte - t of
- - - - - - - - - - - - - - -
r 17 Net -15.8 - -
0.0 0.1 0.4 0.1 0.9 0.4 1.6 0.6 2.1 0.7 2.6 1.6 3.9 0.5 0.2
Qu Rev
arte - enu
r 18 e
Qu (%)
arte - Bro
r 19 ker
Qu age
arte - /
r 20 Co
Qu mm - -
- - - - - - - - - - - - -
arte - issio -63.2 - - 10. 15.
0.1 0.5 1.8 0.5 3.8 1.5 6.4 2.2 8.5 2.8 6.5 1.8 0.9
r 21 ns 4 6
Qu Pai
arte - d of
r 22 Net
Rev
Tot 1,55 11. 41. 92. 35. 15 53. 20 66. 25 16 38 44. 22.
- - - 9.4 enu
al: 1.7 4 6 0 7 6.3 9 9.6 7 8.6 0.1 9.6 4 3

CONFIDENTIAL: DRAFT REPORT

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Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

Pha 5.5.13 SCENARIO 1: COMBINATION OF PAYMENT PLANS - ESTIMATION OF NET

se
2: REVENUE INFLOW AND DEVELOPMENT MANAGEMENT CHARGES
(T1
&
T2) Table 5.22: Estimation of Net Revenue Inflow and Development Management Charges
Sal Tota
Av
es l
Ju Se De M Ju Se De M Ju Se De Ma Ju Se De Ma Ju er
Rev Cha
Total n- p- c- ar- n- p- c- ar- n- p- c- r- n- p- c- r- n- ag
enu Consolidat rge D M D M D M D M
23 23 23 24 24 24 24 25 25 25 25 26 26 26 26 27 27 e Ju Se Ju Se Ju Se Ju Se Ju
e: ed EBITDA abl To e ar e ar ec ar ec ar
Sel n- p- n- p- n- p- n- p- n-
Abs Net Cash e tal c- - c- - - - - -
lin 23 23 24 24 25 25 26 26 27
orpt Flows Are 23 24 24 25 25 26 26 27
g
ion a
Pri
Sch (sq
ce
edu ft)
le IN Y Y Y Y Y Y Y
IN Ye Ye Ye Ye Ye Ye Ye Ye Ye Ye
(%) R e e e e e e e
(INR Cr) sqft R ar ar ar ar ar ar ar ar ar ar
(INR Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu Qu ps ar ar ar ar ar ar ar
Cr 2 6 8 10 11 12 13 14 15 16
CR / art art art art art art art art art art art art art art art art art qft 0 1 3 4 5 7 9
psqft er er er er er er er er er er er er er er er er er 1,
Phase 1: (T3 87, 1 3 6 2 1 4 1 5 2 1 3 5 2
) 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 1,46 28 2 8
e & T4) Net 51 - - 1. 5. 7. 8. 08 3. 62 3. 02 38 31 8. 8.
,275 0. .0 .5
(%) Cash Flows 8 6 0 0 6 .6 4 .1 9 .8 .0 .2 6 8
2
Inte 1,
Phase 2: (T1 97, 1 4 1 9 3 1 5 2 6 2 1 3 4 2
rest 1,53 49 1
Cos & T2) Net 44 - - 2. 1. 1. 0. 6. 51 3. 01 5. 45 50 70 2. 1.
,476 5. .4
t for Cash Flows 7 9 6 7 2 7 .3 3 .2 5 .3 .9 .2 3 2
6
Bal 2,
anc 92, 2 7 2 1 6 2 9 3 1 4 2 7 1 5
Net Cash 2,99 77 3
e 60 - - 4. 6. 0. 57 5. 59 6. 63 19 48 88 01 00 0.
Flow ,751 5. .4
Pay 2 5 6 2 .2 3 .9 7 .4 .4 .1 .9 .3 .9 0
7
me Developme
nts nt 18, 55 1 3 1 5 1 7 2 8 5 1 2 1
Sal 20.0 0 4 4
- - - - Managem 52 5. - - 5. 1. 3. 2. 9. 2. 3. 9. 7. 40 0. 0.
es -6.5 - % .7 .9 .0
2.6 2.6 0.7 0.7 ent 0 1 3 4 1 0 3 7 9 6 8 .3 2 0
und Charges
er
the
Source: ANAROCK Research, 2023
For
Sub
ven
tion
Sch 5.5.14 SCENARIO 1: COMBINATION OF PAYMENT PLANS - WACC ESTIMATION
em
e- Table 5.23: WACC Estimation
3% Debt Cost 14.0%
Pha
se
Debt Ratio 50.0%
2: Equity Cost 22.5%
(T1 Equity Ratio 50.0%
&
T2)
1,49
- - 1.4
12. 41. 11. 90. 36. 15 53. 20 65. 24 15 37 42. 21. Weighted Average Cost of Capital (WACC) / Discount Rate 18.25%
5.6 9 6 7 2 7 1.3 3 1.2 5 5.3 0.9 0.2 3 2
Net Source: ANAROCK Research, 2023
Cas
h
Flo
ws
Cu
mul
ativ
1,0 1,4 1,4 1,4
e 1,49 14. 55. 67. 15 19 34 39 60 66 91
- - 1.4 61. 32. 74. 95.
Cas 5.6 2 8 6 7.7 4.5 5.7 9.0 0.2 5.8 1.0
9 1 4 6
h
Flo
ws
Source: ANAROCK Research, 2023

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 Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu Market Research for Embassy Bayview, C.T.S. No. 956 of Village Juhu
Situated at Juhu Tara Road, Juhu, Mumbai Situated at Juhu Tara Road, Juhu, Mumbai

6. ANNEXURE 1: PROJECTS FOR SECONDARY INSTANCES

5.5.15 SCENARIO 1: COMBINATION OF PAYMENT PLANS - VALUE OF DEVELOPMENT
MANAGEMENT AGREEMENT

Table 5.24: Estimation of Revenue Projections Based on Sales & Collection Schedule / NPV of Sr.
Project Address Developer Segmentation Construction Status
Development Net Revenues & Development Management Charges Receivables No
NPV (INR Cr) 1,750.3 INR cr
NPV (INR psqft) on CA 58,390 INR psq ft
9 Raheja Park West Santacruz W Gokul Developers High-end Under Construction
NPV of Development Management Charges (INR Cr) 350.1 INR CR
NPV of Development Management Charges (INR psqft) on CA 11,678 INR psq ft
Source: ANAROCK Research, 2023 10 Kalpataru Solitaire Vileparle Kalpataru Limited High-end Completed

11 Midcity Shikhar Andheri Orbit Ventures Developers High-end Under Construction

5.5.16 SCENARIO 1: COMBINATION OF PAYMENT PLANS - SENSITIVITY ANALYSIS OF
DEVELOPMENT MANAGEMENT CHARGES RECEIVABLES 12 Lodha Adrina Worli Macrotech Developers Limited High-end Under Construction

Table 5.25: Sensitivity Analysis for Development Management Charges

Sensitivity Variation on 13 Cassias Bandra SDC Infrastructure PVT LTD High-end Under Construction
-7.50% -5.00% -2.50% 0.00% 2.50% 5.00% 7.50%
Analysis Selling Price (%)
DM Charges
(%)
12.00% 194.7 199.8 204.9 210.0 215.1 220.3 225.4 14 Raheja Imperia Phase I Worli Raheja Universal (Pvt.) Ltd. High-end RTM
13.00% 210.9 216.4 222.0 227.5 233.1 238.6 244.2
14.00% 227.1 233.1 239.1 245.0 251.0 257.0 262.9
15.00% 243.4 249.7 256.1 262.5 268.9 275.3 281.7 15 Raheja Imperia Phase II Worli Raheja Universal (Pvt.) Ltd. High-end Under Construction
16.00% 259.6 266.4 273.2 280.0 286.9 293.7 300.5
17.00% 275.8 283.0 290.3 297.5 304.8 312.0 319.3 16 Raiaskaran Parthenon Andheri Ecstasy Realty Pvt. Ltd. High-end Ready to Move
18.00% 292.0 299.7 307.4 315.0 322.7 330.4 338.1
19.00% 308.2 316.3 324.4 332.5 340.6 348.7 356.9
20.00% 324.5 333.0 341.5 350.1 358.6 367.1 375.6
21.00% 340.7 349.6 358.6 367.6 376.5 385.5 394.4
22.00% 356.9 366.3 375.7 385.1 394.4 403.8 413.2
23.00% 373.1 382.9 392.8 402.6 412.4 422.2 432.0
24.00% 389.4 399.6 409.8 420.1 430.3 440.5 450.8
Source: ANAROCK Research, 2023

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