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Impact of Sustainability Attributes on thePerformance of Prime Office Market in the

National Capital Region of Delhi

Paper presented at 17th European Real Estate Society Conference,23-26 June 2010 at ilan, !taly

"nil #ashyap, Ji$ %erry and &erry 'risso$(ni)ersity of (lster, (#

2* June 2010

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Structure of the Paper

%ac+round to the research and case study iterature re)ie.

"nalysis fra$e.or+ E)idence fro$ the case study /iscussion of preli$inary results #ey conclusions

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ith !ndian econo$y ro.in stronly, reuire$ents of housin,co$$ercial and industrial infrastructure ound to rise4

ore than 367 illion S4 5t4 of additional office space needed y2012-13 Esti$ated y Ernst youn8

947 $illion housin units .ould ha)e to e co$pleted y 2030Esti$ated y /eutsche %an+8

"sian /e)elop$ent %an+ esti$ates reuire$ents of 10 $illionunits y 2030

!ndian inistry of &ouris$ forecasted reuire$ents of 24: and 646

illion hotel roo$s to $eet the touris$ and usiness y 2010 and20204

5ast ro.in edical touris$ .ill eco$e (S;2 illion industry y2012 and .ill reuire hue in)est$ent in <ealth Ser)ices sector4

Backgroun

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!he National Capital Region" Delhi=ear 1:>1 1::1 2001?CR Population $illion8 @ 'ro.thA8 1:4>> 27436 37462A8 26469 3*4*:A8

/elhi Population $illion8 @ 'ro.thA8 6422 *3A8 :492 *149*A8 134>0 97402A8

National Capital RegionPlanning Board Act(1985)- preparation of a plan- allocation of land uses

- economic base for growth- infrastructure provisions

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NCR Regional Plan#$%$&

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Real estate in the ?ational Capital Reion of /elhihas eBperienced an unprecedented oo$ inde)elop$ent specifically in the industrial, infor$ationtechnoloy and retail sectors of the econo$y .hich inturn is creatin a escalation in de$and for residentialand office space4

&he lieral policies of o)ern$ent, in relation to thestrea$linin of plannin per$issions and licenceprocedures for $ea construction proects, ha)eattracted forein in)est$ents since the 1::0s4

"s the traditional C%/ in /elhi did not ha)e sufficientspace to acco$$odate $odern office uildins, thee$erence of $ulti-centred office de)elop$ents inthe su-reion has een a +ey dri)er in the realestate $ar+et4

NCR Region 'ro(th

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Sky line ) Case Stuy

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*DI in Inia

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Sustainability impact in Office Market

E)idence on rental pre$iu$s and occupancyle)els Spi)ey and 5lorance, 200>D Eichholt eta

al, 200:D 5urest and c"llister, 200:8 #ats 20038 suest present )alue enefits of

;37 to ;** (S/ per s ft as producti)ity ainsfro$ less sic+ness le)el and i$pro)ed .or+outputs4

Resulted fro$ etter )entilation, lihtin andeneral en)iron$ent .ithin the uildins

<aynes 20078 suest that office producti)itylin+ed to office layout and office co$fort4

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Moelling *rame(ork

&he paper analyses the i$pact of sustainailityattriutes on the perfor$ance of office space asedon a classification of +ey )ariales property, desin,enery efficiency in the ?ational Capital Reion of/elhi4

RentF "lpha G %eta Property Hariales8 G%eta"ccessiility8 G %eta enery efficiency )ariales8

&his research eBa$ines ho. rental )alue isinfluenced y sustainaility criteria in the office$ar+et and .ill e of enefit to players in the pri)atereal estate pro)iders8 and the pulic sectorsplanners and policy $a+ers8

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Data Presentation

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Initial results

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+ey Conclusions or+ in proressI &he i$pact of property, sustainaility )ariales

found sinificant on the rent ?eed to analyse sensiti)ity in relation of other

)ariales usin $ulti)ariate analysis "d)ice on ho. to $a+e this analysis $ore roust

and co$prehensi)e44

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