Battery Ventures, a venture capital firm that has been looking for 3,000 sq ft of space in central Mumbai for the
last couple of months, is still waiting in the hope of a further fall in rentals.
"We have seen a five per cent correction in rentals in the last three months and expect a 10 to 15 per cent further
correction in the coming months. We will certainly wait some more time," said Gautam Patel, partner, Battery
Ventures.
The other factor they are banking on is the enormous supply lined up.
By early next year, Mumbai and its suburbs will add 15.4 million sq ft of office space, more than the commercial
space now available at the Bandra-Kurla Complex or seven times the office space at Nariman Point.
Business consultancy KPMG's Jai Mavani believes that since companies have deferred their plans in the current
conditions, most of them are going for smaller lock-ins with developers and saying they will book more space later
when the market improves.
Image: A labourer rests atop a scaffolding at Andheri, a suburb of Mumbai. | Photograph: Pal Pillai/AFP/Getty Images.
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