Retail and office rentals witness sharp drop
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As per to the sources saying @ the www.propertykhazana.com, Retail and commercial rental rates are dropping abruptly across the country. Recent realty tendency disclosed that there is a fall in both retail and commercial rental rates in the recent times which differ from 25-50% in several micro markets like Gurgaon and Greater Noida, where shopping malls and commercial spaces have seen a drop of 25-50% and in some major parts of NCR prices are gradually down by 30-35%.
The impact is not alone restricted to the north Indian cities and towns but has also affected cities like Bangalore, Hyderabad, Chennai, Mumbai and Kolkata, says the report at the www.propertykhazana.com. Kishore Biyani, CEO of Future Group revealed his study at the www.propertykhazana.com that the rentals can fall to another 40% and the market is going to see a 30% fall in retail rentals generally. All big & small retailers are finding it hard to survive under this soaring rental market.
Biyani further said to the www.propertykhazana.com that, “Lots of minor retailers might have to shut down their shops with the ongoing circumstance and we have altered our trade replica and are already working on a revenue-sharing model in malls”.
At first most of the malls in the similar micro market had same rental prices, but as they start functioning, the rentals started to get connect with revenues and footsteps. In the office space, 2nd Quarter had witnessed a total supply of approx 4.4 Million Sq.ft in NCR region of which 60% was for IT/ITES, but fascinatingly the demand was dropped to 3 Million Sq.ft merely, he added.
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