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 Mumbai’s 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 Mumbai’s BKC have shot up by 40%.The Limitless Group’s 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.
