Vikas Rikhye,Real Estate Blogger
Gurgaon has become a “Hub for Multinationals” and it has emerged as very well recognized destination for the corporate world.
The rentals rates for Commercial space in Mumbai & New Delhi had always been a guiding and driving force behind Gurgaon’s commercial rentals.
While Delhi has broken its own record of expensive office with rentals in Connaught Place, almost touching Rs 400 + per sq.ft. per month at the same time Mumbai has proved to be 5th most costly office space in the world.
According to a survey conducted by a global Real estate consultancy firm, Nariman Point in Mumbai is the 5th most expensive office location in the world as the rentals here have zoomed almost 60% bringing the rental figure to as close to Rs 550 per sq.ft. per month.
Gurgaon in its own way, is not left behind, as Prime commercial properties like Cyber greens , Unitech’s Cyber business park & locations like Golf course Road ,NH-8 have also witnessed an estimated growth rate of 47% with commercial rentals rising to Rs.120-130 per sq.ft.
It is understood that India has gained a reputation as one of the best performers in office space market in the world with an average rentals growing around 35% as against an average increase of 25% in Asia -Pacific region , US rentals increase of 18% whereas Europe witnessed 14%.
I wonder how long this trend will continue in Gurgaon , as it is understood that over 35,00,000 sq.ft. Commercial office space in Gurgaon is under construction which would be ready with in next 18- 24months.
This trend will continue until the demand is met .Currently there is a major demand for commercial space in India , not only because of the IT/ITES sector but even the Retail sector seems to be getting in on the action .