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Delhi NCR Rents may Stabilize Next Quarter: ReportTuesday, April 22, 2008
Rentals in the National Capital region are expected to stabilize in the next quarter as supply is set to increase Gurgaon and Noida, says a report. According to commercial real estate services firm CB Richard Ellis, rentals are expected to be stable in the next quarter as the supply is set to increase significantly in Gurgaon and Noida. "However, no significant change in supply is expected in Delhi except in Jasola where an additional 500,000 sq ft is expected to be added in the second quarter," the report stated. Rentals rose steadily in the Central Business District Area of Connaught Place in the absence of any new supply in the first quarter of 2008. The report stated that an evident feature in the last quarter was that a number of the older buildings made a noticeable attempt to improve infrastructure in their premises in an attempt to cash in on the low available supply and high rentals. However, CBRE forecast that there would be no respite in rentals in the near future in the absence of any upcoming supply in the Central Business District of Delhi. The average rent in Connaught Place (Grade A) rose to Rs 340 per sq feet per month in March this year from Rs 325 in December 2007. While in the peripheral markets Gurgaon and Noida, the rentals are expected to stabilize in the next quarter. Rentals in Gurgaon showed no sign of a meltdown in the previous quarter. However, they are expected to remain stable in the next quarter with additional supply on the MG and Golf Course Road offsetting the corporate demand, the CBRE report said. Besides, in Noida rentals were marginally higher in the last quarter but are expected to be steady with high supply available especially in the industrial/institutional sectors. Noida continues to be an attractive destination for IT/ITeS companies primarily for their back office operations. The report said that absorption rates in Noida are expected to rise significantly this year with improved infrastructure and affordable rentals. |
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