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Commercial Rentals in Mumbai on the Rise
Wednesday, August 29, 2007

Real estate Mumbai transactions have touched another landmark figure, with the Limitless Group from Dubai signing up a rent agreement for a commercial property at the rate of Rs.450 per sq. ft in the Bandra Kurla Complex.

A 12,000 sq. ft area in the ILFS building in Mumbaiís BKC will cost the tenant Rs.54 lakh a month. At the same time, ABN Amro has renewed the lease for their 3100 sq. ft space in Sakhar Bhavan in Nariman Point at the rate of Rs.500 per sq. ft, up from Rs.180 per sq. ft they were paying up to just 2 months ago.

Commercial rentals in Nariman Point and Lower Parel, were being quoted at Rs.290 to Rs.350 a month before the deal was signed. Industry watchers are wondering if the deal would be setting a new benchmark in the city.

Over the last 9 months, rentals in Mumbaiís BKC have shot up by 40%.The Limitless Groupís deal has set the trend for other properties in the area, taking advantage of the growing demand from corporates and the limited supply of just 3 lakh sq. ft.

The British High Commission signed up a lease in advance at the upcoming Naman Chambers for Rs.350 per sq. ft. Fortune 2000 and Windsor Plaza are also commanding rates of Rs.330 per sq. ft per month. With 2 million sq. ft expected to be ready for occupation by 2009, it is hoped that rates would stabilize.

Commercial properties in Indian cities are proving to be very profitable ventures, with rentals touching new heights. In Connaught Circus, New Delhi commercial properties fetch rentals of Rs.400 per sq. ft., while Bangalore ranges between 150 to Rs.200 per sq.ft. Commercial rentals in Hyderabad hover around Rs.60 to Rs.100 per sq. ft.

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»Mumbai Real Estate Receives a Boost from Railways

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