Looking for commercial and residential spaces in Mumbai

Looking for commercial and residential spaces in Mumbai

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Home Page > Finance > Real Estate > Looking for commercial and residential spaces in Mumbai

Looking for commercial and residential spaces in Mumbai

Posted: May 29, 2012 |Comments: 0

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Amid unsure world economic sentiments and rising borrowing prices, there?s some excellent news for tenants trying to lease commercial property in Mumbai.

Probably for the primary time in Mumbai?s commercial property market, there aren?t any takers for nearly 1.1 million sq ft or eleven lakh sq ft of prepared commercial space?the highest level of vacancy within the town. The high vacancy in flip, has placed pressure on business rental rates that currently bit 2006 levels. As there is the highest amount of commercial space lying vacant in Mumbai as stated by Mr. Ramesh Nair, MD of Jones Lang LaSalle.

While unsure economic conditions have corporations shying off from leasing house, one more reason is that the oversupply. In a very bid to maximise use of the present land space, developers rushed to avail the motivation floor space index given by authorities below numerous schemes like information technology parks. With the result that there?s an enormous quantity of house lying vacant and this, in turn, has placed pressure on rental rates that is currently equal to 2006 levels. Till 2006, the overall stock of Grade-A commercial property in Mumbai was twenty nine million sq ft.

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While the common vacancy across town is 20.5%, it varied in individual business districts. Nariman Point features a vacancy of 10 percent, Lower Parel, Worli, Andheri, Borivali and Vikhroli have 24 percent vacancy, Bandra-Kurla Complex has 16 percent and therefore the Thane-Belapur region has twenty eight percent vacancy.

Though rentals are under pressure, several property developers who are underneath financial stress are increasingly opting to selling their commercial space. But, developers are selective in selling their commercial property in Mumbai. If they need 100% possession they?ll sell forty % and keep the sixty percent with them; otherwise they?ll lose management of the building. Even they sell half their buildings, some purchasers might not like that. So that they are balancing all of that. The Mumbai based property developers, such as Ackruti Group is selling commercial property in Mumbaiin three of its properties ? Ackruti Star, Ackruti Solaris and Ackruti Viva in Andheri through a discounted deferred payment scheme.

Wadhwa Group one among the biggest unlisted realty firms in Mumbai, has lowered its rental rate additionally as selling floors in its soon-to-be finished ?The Capital? project within the Bandra-Kurla complicated. Mumbai is that the economic powerhouse of India. It?s declared because one of the richest town in whole of central Asia, eastern and western zone. All of this led to high immigration and therefore the investors flocked to Mumbai who additional invested heavily on tiny mortgage markets. Increasing demand of commercial and residential property has led to the realty costs in Mumbai rise to the sky level.

Today, the city?s realty market is witnessing unimaginable numbers that is totally falling out of a buyer?s and investor? pocket. The client with the budget below rupees twenty lakh cannot dream of owning a house in Mumbai. Thus can these numbers eventually cause a correction? Can Mumbai provide investors and consumers to do their luck yet again in city?s realty market? These are few queries what a client is asking?

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About the Author:
PropTiger is an independent real estate advisor with a pan-India presence. We aspire to be your first port of call if you want to buy a property in Mumbai.
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