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Mumbai slips down further in commercial rentals

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Rental criteria for office space are degrading fiscal after fiscal for the economic capital of the country – Mumbai from last couple of years. According to the sources available with www.propertykhazana.com Mumbai has slip down to seventh position globally for month of September in terms of office rentals from their earlier glory of second position as recorded on the year of 2007. For the last reading of May Mumbai has been placed on sixth place for the same criteria while on a survey by realty consultation group CB Richards Ellis.
On a short note with www.propertykhazana.com MD and chairman of CB Richard Ellis South Asia reveals that “the fall has touched nearly 8 percent in the gap of May and September and hence no further prospect of office space is at the market for the time being”. Though the market is now slowly picking up the pace but still the rental rates are stagnant at their earlier modes, added the MD and chairman. For these criteria West End of London tops the list followed by inner and outer central markets of Tokyo where as Hong Kong and the capital city of Russia - Moscow holds fourth and fifth positions respectively.
But on the other hand national capital – Delhi has been promoted to 10th position from earlier stand of 12th. This has all come with the rise in rentals across the city in recent days attracting many overseas groups to its vicinity. Source of www.propertykhazana.com also reveals that the globally this fall is nearly 7.7 percent with in last one year till current 30th September. A global economist Raymon Torto states that “though there are few rises in realty activity in some selected parts of Asia but the fundamentals are yet to get modified for a better tomorrow”. For more and latest real estate updates browse www.propertykhazana.com.
Source: NBTVLIVE

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