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Sinking of Demand alleviate the Commercial Property in Mumbai

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In the Country’s Fiscal Capital the Commercial Property Bazaar is turning towards a massive hold up with the sinking demand, hiking vacancy levels and a creepy saturate. Growing economic which is around the orb is forcing the international fiscal companies to put the India growth on hold by hitting the realtors in Mumbai. The amount of commercial space stock in Mumbai hike to 14% from 81.6 Million sq ft in the end of September quarter.
As per the sources available to www.propertykhazana.com, Rohit Kumar head of research DTZ said “In the half year non residential space was leased by Corporate’s which cut down 50% to 1 Million sq ft beside with the vacancy level stirring to 24%. Crisis in Europe and US arrears market has the flow effect and results linked to take on the other space are being appraisal and delayed. This has been allied in vacancy moving to high as 24% next to normal 10-15% in Mumbai.” Chairman of India’s leading finance lender Mr. Deepak Parekh of HDFC has added up the word of caution because Commercial Real Estate space is now in excess and lease payment in Mumbai has been observed a sliding fashion.
According to the sources available to www.propertykhazan.com in Mumbai presenting high record of non residential space is likely to be observed with result of standard 10 Million sq ft of giving once for 3-4 years. Through the expected saturate situation will get extended as well in the years and developers have planned to enlarge the commercial project. Sunil Mantri Chairman and Managing Director of Mantri Real Estate said, “Surplus supply scenario in profitable section to get better liquidity in housing project has endorsed us to modify our opinion.”
Source: NIMMA BENGALURU

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