Thursday, July 13, 2006
Lease rentals to remain high in Delhi
REAL ESTATE prices for commercial space in capital are likely to remain buoyant in the short-term while realty prices in Mumbai are expected to witness a dip in medium-term, Cushman and Wakefield, global consulting firm, has said.
Lease rentals and capital values are expected to remain high in Delhi property market in the short term, Cushman and Wakefield said in its latest updates. It pegged office space supply at 7.8 million sq.ft. in the capital during the year. During last quarter (January-March), office rentals rose by 10 per cent to 16 per cent in booming satellite city of Gurgaon. On Mumbai property market, C&W said supply of 12 million sq.ft. of new office space in the next 24 to 36 months is likely to bring a downward correction.
This much-needed downward price correction over medium term would help retain Mumbai's competitiveness over the long term, the realty consulting firm said.
Demand
In Chennai, the demand for commercial office space is likely to continue to exceed supply, resulting in marginal increase in rental value in the office segment.
``The key drivers of growth in Chennai for office space continue to be the IT and ITES sector,'' C&W said. The realty firm also predicted a continuing demand trend for commercial space in Pune over forthcoming months.
MNCs such as Accenture, Sun Microsystems and Deloitte have made significant commitment in Pune over the past two months and trend would continue over next the 12 to 18 months. - PTI
Lease rentals and capital values are expected to remain high in Delhi property market in the short term, Cushman and Wakefield said in its latest updates. It pegged office space supply at 7.8 million sq.ft. in the capital during the year. During last quarter (January-March), office rentals rose by 10 per cent to 16 per cent in booming satellite city of Gurgaon. On Mumbai property market, C&W said supply of 12 million sq.ft. of new office space in the next 24 to 36 months is likely to bring a downward correction.
This much-needed downward price correction over medium term would help retain Mumbai's competitiveness over the long term, the realty consulting firm said.
Demand
In Chennai, the demand for commercial office space is likely to continue to exceed supply, resulting in marginal increase in rental value in the office segment.
``The key drivers of growth in Chennai for office space continue to be the IT and ITES sector,'' C&W said. The realty firm also predicted a continuing demand trend for commercial space in Pune over forthcoming months.
MNCs such as Accenture, Sun Microsystems and Deloitte have made significant commitment in Pune over the past two months and trend would continue over next the 12 to 18 months. - PTI
# posted by mashup @ 1:04 AM 
