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US financial disaster has impacted over the commercial market of Mumbai. In Mumbai rentals are shattered and transactions for office space have dropped to 30% from the past 3 months. Leading land brokers and advisors in Mumbai are saying that things will be bad with potential occupants, asking for 50% cut in the prices.
As per to the source saying at the www.propertykhazana.com IT and BPO service suppliers and fiscal firms associated with US businesses are cutting back the growth proposals and necessity for main commercial realty. Because of taut liquidity at residences, it is supporting conglomerates to postpone their land bookings.
Chairman of Knight Frank said to www.propertykhazana.com that, “Demand is plummeting from IT, BPO and fiscal conglomerates which have ample options in cities like Bengaluru and Hyderabad. Rentals are predicted to fall to the lowly levels.
In Bandra Complex, the rentals were on the top with Rs. 450 per Sq.ft a month, but now customers are asking the developers at Rs. 300 per Sq.ft. Rents are about to fall by Rs. 200 per Sq.ft with the completion of the ongoing projects, added the source. In Church gate locality of business district Nariman Point, having older office buildings is now accessible for Rs. 245-255 Sq.ft a month from Rs. 330-355 Sq.ft. hardly 40% revise in rentals.
Chairman of Akruti City said to www.propertykhazana.com that, “Even if few conglomerates have condensed the requirement; quality spaces simply awaiting well-off customers. Companies are relocating and gazing only for the low priced buildings.” Mumbai and its periphery will put in 16 Million Sq.ft of office space, over the commercial space which is accessible at Bandra-Kurla Complex.
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