TABLE OF CONTENTS
ABSTRACT i
UNDERTAKING iii
CERTIFICATE v
ACKNOWLEDGEMENTS vii
ABBREVIATIONS ix
TABLE OF CONTENTS xi
LIST OF FIGURES xiii
LIST OF TABLES xv
CHAPTER-1: INTRODUCTION 1
1.1 Background 1
1.2 Need of Study 1
1.3 Objective 1
1.4 Scope 2
CHAPTER-2: LITERATURE REVIEW 3
2.1 Factors affecting the real estate commercial market 3
2.1.1 Macro factors affecting the real estate commercial market 3
2.1.2 Micro factors affecting the real estate commercial market 18
2.2 Financing of real estate 30
2.2.1 Type of finance in real-estate projects 30
2.2.2 Real estate investment trusts and Non-real-estate investment funds 32
2.2.3 Real estate Risk attributes 32
2.3 Data analysis 32
2.4 Real estate market correlation with other macro entities 33
2.4.1 Correlation between Stock market with real estate 33
2.4.2 Correlation between GDP/ policies (macro economy factor) with real estate . 33
CHAPTER-3: RESEARCH METHODOLOGY 35
CHAPTER-4: DATA COLLECTION 39
4.1 Macro and Micro Factors 39
4.2 Developers Questionnaire Survey 39
CHAPTER-5: DATA ANALYSIS 41
5.1 General Information about Companies 41
5.2 Market Information 41
5.3 Macro Factors affecting Commercial Real Estate project 45
5.4 Micro Factors affecting Commercial Real Estate project 48
5.5 Financial Information 50
CHAPTER-6: FINANCIAL MODELLING 53
6.1 Cost Component 53
6.1.1 Land Cost 53
6.1.2 Overhead cost 53
6.1.3 Construction cost 54
6.1.4 Government fees 54
6.1.5 Consultancy fees 54
6.1.6 Others 54
6.2 Financial Model for Commercial Real Estate Project 55
6.3 Sample Model 1 (No JV) 57
6.4 Sample Model 2 (JV with Contractor) 60
6.5 Sample Model 3 (JV with Landowner) 63
6.6 Other Models 64
CHAPTER-7: CONCLUSION 67
7.1 Variation 1 (JV with different stakeholders) 67
7.2 Variation 2 (Constant Discounted Rate) 68
7.3 Variation 3 (Constant D/E ratio) 70
7.4 Summary of all models 71
CHAPTER-8: TIMELINE 73
REFERENCES 75
APPENDIX 77