Slowdown in housing has now spread to office rentals. Gurgaon and some business districts in Delhi have seen a decline of up to 25% in office rentals in the June quarter. Meanwhile, office space demand saw marked moderation in Mumbai and Bangalore as office occupiers deferred their expansion and downsized their commitment.
According to the international property consultancy firm CB Richard Ellis latest report, the average rental in Gurgaons grade A office properties has declined from Rs 105 per sq ft to Rs 95 per sqft in June quarter, compared to the March quarter on the back of increased supply and softening of demand. Similarly, Nehru Place in Delhi is witnessing a significant correction.
The rentals in grade A properties in Nehru place are down from Rs 280 per sqft to Rs 270 per sqft, while grade B properties rentals have seen a decline of 25% to Rs 150 per sqft. Property rentals in other markets in the NCR region have remained stable.
More : economictimes.indiatimes.com
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