Mumbai, India’s financial capital, now officially ranks second in world for the highest office rentals. It stands next to the global commercial hub London. According to a recent survey by global realty consultant CB Richard Ellis, the office rental for Mumbai’s Nariman Point stands at US $189.51/sq ft/annum. That’s is very expensive for sure. But wait! If you think Mumbai is expensive then read this. London’s West End, which topped the list has the office rental currently at $328.91/sq ft/annum. Oh yeah! You can shake your heads now!
Anyways, as said by CB Richards Ellis, Mumbai also ranks third when talked about in terms of fastest growing office rentals. There was a 55 percent change in the rentals in last 12 months for Mumbai. Topping the list here was Singapore with 83 percent increase.
Anyways, if people thinking as to where does India’s capital, New Delhi stand. Well it currently ranks eighth in the most expensive office rentals list. And in the fastest growing office rentals category, New Delhi stands at 12th position. Though, surprisingly, Bangalore comes at number 6 (six), ahead of Mumbai.
Now you decide whether it is something to be proud of, or something to look out for. On one hand you can think and appreciate the great performance of economy in making Mumbai the second highest in office rentals. On the other hand you can worry thinking about the acute shortage of prime office space in Mumbai.
Anyways, the survey was done for 171 cities of the world. And only two Indian cities, i.e. Mumbai and New Delhi made it to the list of World’s top 50 most expensive office markets!
Have your say on it!!!!!
A friend of mine just informed me about another news related to Nariman Point, Mumbai. A four-bedroom flat, located at seventh floor of NCPA Apartments at the Nariman Point end of Marine Drive fetched a gravity-defying price of Rs 97,842 per square foot making the total amount a record breaking, Rs 34 crore (INR). Sources says that Kewalramani, a UK based NRI is the one who made the winning bid.
Wow! 34 Crores… for a FLAT!!!! It’s damn expensive. Guys, Be prepared for real estate boom in India.!!