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Oversupply, the decisive reason for plummeting Office Rentals

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As per to the sources saying at the www.propertykhazana.com, surplus of supply has made the office rentals in main commercial hubs in Mumbai and Delhi to drop by half from past year and the realty forecasters dread that business units are waiting for the economic activity to improve the speed and a push of fresh commercial amenities which is about to finish, the prices might go further towards South. FMCG firm is urging for rentals at 36% lesser rates than what it was in last year for its 2 Lakhs Sq.ft office space in south Mumbai. Recently Samsung had purchased 95,000 Sq.ft on rent on Gurgaon’s Golf Course Road for Rs. 60 per Sq.ft versus the rate of Rs. 81 per Sq.ft. In one more transaction, an occupant in Gurgaon had leased 55,000 Sq.ft for Rs. 50 per Sq.ft, as the given rent was Rs. 65 per Sq.ft. Executive Director of Cushman & Wakefield said to www.propertykhazana.com that, “As there was a sliding stress on several developers and building proprietors, one might see even huge transactions at lesser rates.”
According to the sources said at the www.propertykhazana.com is, in Mumbai catering of commercial space are increased with constructions of new buildings and moving the offices to the low cost complexes by giving the purchasers an opportunity to negotiate. 1.5 Lakhs Sq.ft of space in Nariman Point is now available for rent as the JP Morgan recently relocated. The difference among demand and supply at Lower Parel is expected to be nearly 25% and more than 36% in North Mumbai and 26% in BKC. But, the capital value of commercial assets is not dropping in spite it is in rentals and New Delhi had eyeballed a weird difference in leasing and capital values. As rentals were at Rs. 70 per Sq.ft and capital values are at Rs. 13,000 per Sq.ft. For more updates on realty market browse www.propertykhazana.com.
Source: NBTVLIVE

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