Rentals rates for Commercial space growing up in Delhi
Delhi NCR is now become a hub for business as well as residential purpose, this why rental rates increased rapidly in last few years. If we talk about only for commercial space then the demand is very high but supply is less.
Demand for commercial properties is higher in central and secondary business districts (CBD & SBD) as compared to the spaces coming on the outskirts of the city. Limited supply in the CBD & SBD areas is witnessing immense demand and the renal values are inching upwards.
Less supply and more demand has resulted in enhancement of rental values of commercial properties in the localities such as Cannaught place, Nehru Place, INA, South Ex etc. Property trend in Delhi
On the other hand, rental values of commercial properties in the suburbs such as Noida, Gurgaon and Faridabad, are showing signs of a slowdown. According to Bharat Shah, commercial property dealer this slowdown in rental values is due to oversupply of commercial space in the satellite towns and the impending development of a new SBD in Delhi such as Jasola, Netaji Subhash Place, Moti Nagar providing Grade A office space within the city.
Rental values in the CBD have gone up by 8-10 per cent during the Oct-Dec 2011 period while the SBD have noticed a 15-20 per cent appreciation during the same period as told by Shah.
In Delhi SBD areas prominent developers such as DLF, TDI and omaxe are coming up with Grade A commercial projects. These newly launched properties within the city are seeing good response and as per the market sources more than 80 per cent of the upcoming space is already booked. DDA has also auctioned some of the land at Jasola for commercial properties.
However, in the NCR areas such as Noida, Greater Noida there is more commercial space supply than the absorption henceforth the rental values are decreasing or remained stable. Another main reason for the downfall is prevailing vacancy as new commercial properties are searching for appropriate tenant.
According to property consultants commercial properties located within the city will definitely fetch up more clientele than the outskirts areas.