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New Delhi
April 28, 2008
Rentals in the capital city continued to rise steadily in the central business area (Connaught Place) in the absence of any new supply. No respite is expected in rentals in the near future in the absence of any new addition of commercial space.
Major transactions:
Ministry of Finance - 15,700 sq.ft.
Edelweiss - 13,500 sq.ft.
Maquaire - 7,000 sq.ft.
Atlanta - 20,000 sq.ft.
Rentals in Gurgaon showed no sign of a meltdown in the last quarter. Transactions were reported in MG Road for rentals upward of Rs 135 per sq.ft. per month and on the Golf Course Road at Rs 125 per sq.ft. per month. Significant pre-commitment remained a feature in DLF Cybercity, where rentals ranged from Rs 70 per sq.ft. to Rs 105 per sq.ft. Noida continues to attract IT/ITeS companies primarily for back office operations.
Rentals in Noida were marginally higher in the last quarter
but are expected to be steady with high supply available especially in the
industrial/institutional sectors. Absorption rates (Absorption rate is the ability of the real estate market to sell off all the buildings that are for sale) are expected to rise
significantly this year with the improved infrastructure and affordable
rentals (in relation to other areas in NCR).
Major transactions:
Accenture - 2,00,000 sq.ft
Sapient - 2,00,000 sq.ft
Amway - 26,000 sq.ft
Outlook:
Rentals are expected to be stable with a marginal increase in the next
quarter. 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.
Image: Vehicles drive around the outer circle of Connaught Place in the heart of New Delhi
| Photograph: Manan Vatsyayana/AFP/Getty Images
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