"Economical meltdown is now melting rental rates of commercial properties in India including badly hitting those costliest areas downgrading their positions."
Rents are soaring sky high in the lands of Mumbai – well, Mumbai will soon going to shed this norm and this typical concept on properties there may turn to cliché. While several studies have shown that industrial rents have ascended up to 6 per cent in 2008 have been anticipated to decline being hard pressed by slumping economical activities running especially in the sector of manufacturing as per taken by a global report. The growth which was obvious in the first six months of 2008 in the industrial units based commercial sector started fading away slowly during the ending phase of the year, as per estimation taken by a renowned property consultants company.
Even, the western vicinity of India around Mumbai-Thane Turbhe Creek area which would once bear the crown of 26th costliest area one year ago, had descended to the position of 37th in the world recently, according to the data collected by that property consultant agency. The probable cause of waning position of this location is the annual rents to be frozen at the rate of $ 7.96 square feet as IT, bio-technology, research and development companies had to curtail costs and find cheaper commercial property locations. Surveys went on to conclude that some New Delhi and Greater Noida based locations and some parts of Bangalore have also been hit by downward rental rates as Mumbai.
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