JOIN USBarring a few localities in Mumbai, commercial localities across key metros have seen an upward movement in their rental prices.
Commenting on the same Vineet Singh, Business head, 99acres.com said, “As far as commercial rental trends are concerned, I see rentals increasing over this period.
Renting of commercial space is preferred vis-a-vis buying, and lack of new supply coming in immediately in the near term, we will observe rental values continuing to escalate.”A detailed analysis of commercial rental trends of the country, show that prime commercial hubs like Connaught place, which is a central business district of the national capital, saw rentals escalate by 100% from 75 PSQF(per square feet) in Q3-09 to 150 PSQF in Q3-10. Andheri (West), Goregaon(East), Malad(West) in Mumbai saw a depreciation in rental prices within the range of 10% and 15% respectively. The south has also seen a booming commercial rental market. The upmarket localities of Koramangala in Bangalore (south) and Banjara Hills in Hyderabad also saw rentals move upwards by 18% and 50% respectively when we compare per square feet prices of Q3-10 over Q3-09.