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Reduced Demand Leads to Lesser Construction of Malls

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Malls are an integral part of commercial assets. The supplies of Malls have fallen down by more than 50% and only 6 million sq feet of area was offered across major cities. The aggregate vacant rate for the major city in December was 18% compared to 17.6% last year.
Furthermore, Mumbai has got the largest share of the growth of Malls at 2 Million square feet, followed by Hyderabad by 1.4 Million square feet and the National Capital Region will be 1 million square feet. According to the sources at www.propertykhazana.com, Bengaluru saw the highest level in the field of Mall Construction with 80% supply which was very less. The slowdown in the construction of Malls is not negative growth which is a deciding force in the real estate industry. According to the Director of Cushman and Wakefield India private limited, the current speed is good in having a healthy growth for the oversupplied markets.
Furthermore, Hyderabad is the only city in South India which saw the rise of approx 91% of the mall construction in the years to come. The city of Joy, Kolkata, was having approx 66% of the mall supplies so that it will be operational at the end of the year. During this time the vacancy in North Capital Region was 28% and at Pune it was 17%. As per the sources at www.propertykazana.com, the lowest vacancy level was seen at Chennai at 2% and Bangalore at 4%. Mumbai is having the downward trend from 11% to 9%, there has been a tremendous increase of 25% in the month of December. Most of the mall rent has become permanent after the first six months in the year 2009.
In addition to this, the small markets in NCR, Bengaluru and Mumbai have seen a tremendous increase of 41%-54% reduction in the last three months of 2009. Important places in Bengaluru like Brigade Road, Commercial Street are the only places to have an 11% rise in rent last year. For more updates, please refer to the website www.propertykhazana.com.
Source: NBTVLIVE

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