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Rentals Nose Dive in Nariman Point

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Nariman Point which is the busiest place in Mumbai is grabbing the attention. A well known commercial hub in India can also see bad days. Speaking to the sources at www.propertykhazana.com the rentals came down heavily in the last three months, which was astonishing. Furthermore according to a report from a world class real estate organization, this is due to the process of moving the offices from Nariman Point to North of Mumbai. The rent of most of the offices in the Central Business District (CBD) of Nariman Point, Cuffe Parade and Fort Mumbai has seen an immense cut from approx 350 per square feet to 300 per square feet. Furthermore, the rates in the B grade office fell from 230 per square feet to 200 per square feet in a month. The full rentals in the area have come down by approx three to four percent in the last quarter of 2009. The CBD of Nariman Point has continued to go ahead and witness complete pressure on the account of the tenants who are shifting and changing the relocation to the various Business Districts”.
Furthermore, according to the sources at www.propertykhazana.com, the Alternate Business District (ABD) of Bandra Kurla Complex and places like Kalina have witnessed an increase consumption of approx 79,000 square foot over the last quarter, which led to approx 7% increase in funds. Furthermore, many companies have done cost cutting and moved to secondary business district of Andheri, Vile Parle, Jogeshwari and other places. The non essential business areas like Powai and Goregaon has witnessed an awesome increase in the demand for the back office spaces. According to Chairman and MD of CB Richard Ellis, “the last three months in 2009, the office areas have seen some boom with the corporates shepherding their offices to take the space in this area”. Furthermore, in the year 2010, the demand is going to improve and the rental will remain same due to the large office spaces. For more updates, please visit the website www.propertykhazana.com.
Source: NBTVLIVE

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