Indore, Madhya Pradesh, January 7, 2015 — With positive signs of change in the Indian economy directing to a significant growth of the office space market across the country, leading corporate interiors firm – Cherry Hill Interiors Ltd, specializing in LEED certified projects have reported an order book closure of INR 300 Crores for the period ended December 31, 2014, as compared to Rs. 160 Crores for the corresponding period in 2013, showcasing an increase of a staggering 90%. These include two of the largest orders in the Corporate Interior’s Industry in India, which were bagged recently by the Company on turnkey – General Contracting basis. The company’s client portfolio includes reputed names like AON Hewitt, VM Ware, Dell, BT, E&Y, Adobe, Marks & Spencer, Mercer, DFID, MindTree, Goldman Sacs, Morgan Stanley, Bank of America Continuum Limited and others.

According to recent Industry reports, absorption of office space increased by nearly 10% in 2014 to over 33 million square feet compared to 28 million square feet in 2013, indicating optimism in the commercial real estate market. The third quarter of 2014 observed strong demand for prime office space with around 8 million sq. ft. of office space getting absorbed. The city, which experienced the maximum increase in office space absorption, was Bangalore (over 30%). Total corporate space take-up in the fourth quarter of 2014 was more than 9 million sq ft – the highest quarterly levels recorded over the past three years.

According to Mr. Rajiv Mohan, Managing Director, Cherry Hill Interiors Ltd., “Our results are a reflection of the positive sentiments in the market and also showcase our ability to bid and sustain high-value projects on turnkey basis. Further, with the improvement in delivery capabilities, systems and process, sustainable demand is witnessed with positive growth indicators for the sector, and Cherry Hill is poised for strong growth in the forthcoming years.

Mr. Mohan added that overall, the New Year 2015 would be a good year for the sector with an estimated incremental demand of above 15% over 2014. The country’s IT capital (Bengaluru) is expected to see the highest office spaceabsorption among the key cities of India next year followed by the NCR region. Cherry Hill recognizes that the early signs of growth numbers in office off-take seem to be coming strongly from the Bengaluru Region due to increased activity around IT and ITES services. Bengaluru region continued to be the highest contributor of office space take-up in Q3 2014, contributing over 30% demand of space across 7 cities in India.

Mr. Mohan added that recent surveys state that various corporates are looking to execute office lease over 40 million sq.ft. of space in the top seven cities over the next 15 to 18 months which is a positive sign for us. We expect the office space demand to move northwards with positive early signs of growth numbers in office real estate. We also feel that the recent indications by the Central and States Governments in India regarding Green Building Incentives – – like increased FAR for Green Building, property tax rebates etc are also encouraging signs for the sector. This shall inspire developers and clients into opting for energy efficient LEED certified buildings and thereby help minimize carbon footprint of the cities. Cherry Hill has been consistently advocating this line for many years and is recognized as specialists for LEED certified spaces, are happy to see such positive indications on behalf of the government”.