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Published Date:
01 Dec 2007
Business units are looking for space in suburbs due to an increased demand for office space in Delhi-NCR and Mumbai. In Delhi-NCR alone, the average vacancy in office space across the city area and the suburbs has declined from 3.9 percent in second quarter of 2007 to 2.3 percent in the third quarter. While in Mumbai, the decline is of 1.52 percent in the third quarter of the year 2007 - the lowest ever. The principal reason for this decline is lack of availability of land in Delhi-NCR and in Mumbai, a continuous fall in the vacancy can be attributed to the less supply. Consultancy firm, Jones Lang LaSalle Meghraj in its latest Asia Pacific property digest mentioned that the restricted supply of quality office space in comparison with the constant demand has led to the rise of rental values in city areas. According to the digest, the current average rental value in Delhi-NCR is RS 350-375 per sq ft per month. Whereas, the average rental value in Delhi’s suburbs is Rs 250-275 per sq ft per month. Mr. Abhishek Kiran Gupta, Senior Manager-research and strategic consulting, Jones Lang LaSalle Meghraj, says, “Gurgaon has been a lead runner in the commercial office and retail space, as the government in Haryana has been active. Noida now is also getting the hype and attention after the announcement of several infrastructure projects like the airport and its proximity to the site of Commonwealth Games.” Other areas besides Delhi-NCR, which can provide extra space, are Meerut, Ghaziabad and Faridabad. Mr. Gupta added that in Eastern Mumbai suburbs like Ghatkopar, Vikhroli, Kanjurnarg and Navi Mumbai will be the main focus.
01 Dec’ 07 The Indian Express
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