DTZ, the International property consultant had conducted a survey recently and revealed the data to the sources saying that there is a rental decline in all major Indian cities, and fortunately this survey is only done on commercial dwellings and how ever the housing rentals are stable. In fact, the MNC’s are trying to get benefited with the present market condition and are willing to function in all major metros of the country.
The reports further says that there is an oversupply in the commercial realty which itself is the major reason for the imbalance and Pune and Chennai cities are at the top with oversupply of 68 % and 66 % correspondingly. It is to be noticed here that Mumbai is not highly affected and the oversupply stands at only 25%.
Adding his comments at the www.propertykhazana.com Mr. Balaji Rao, MD Starwood Capital India Advisors said that very shortly the IT hub of the country Bangalore will face the heat fallowed by the OMR area in Chennai.
This scenario requires less time and the oversupply will surely bring down the demand there after leaving the spaces unoccupied for long time. By this, on the one end the IT and MNC’s are rushing towards the cities particularly where there is excess of supply and the property owners and the developers are now apprehended not to develop projects needlessly. On the other side, if the SEZ’s are executed then the situation turns much worsen and it will be a hard time ahead for the private developers to lease or rent out their premises.
Source: NIMMA BENGALURU
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