Realty slackness seem to have gripped commercial rentals in Ahmedabad. Sample this, according to a latest annual global rental report by Real estate consultants Cushman & Wakefield, rentals at commercial area in Ahmedabad witnessed a decline of about seven per cent over previous year.
As per the report, rentals at one of the most commercialized areas in Ahmedabad, C G Road has registered a slowdown in rental values of seven per cent over the previous year, while that in other cities like Mumbai, Kolkata and Chennai registered annual rental growth between 75 per cent to 36 per cent.
Commercial areas in other cities including Bengalore and Hyderabad also witnessed a rental decline of 9 per cent over previous year on account of excessive development work around the area making retailing an arduous experience in the area.
In its report "Main Streets across the world", Cushman & Wakefield reported that Mumbai witnessed the highest rental growth globally. "Colaba Causeway in Mumbai recorded a rental increase of 75 per cent over last year, on the back of strong retailer demand and continuous preference for prime high street properties in the city. Kolkata, Park Street at 53.8 per cent and Chennai, Khader Niwaz Khan Road at 36.7 per cent were among the global top ten cities to register highest annual rental growth," the report stated.
Khan Market in New Delhi emerged as the 26th most expensive in the world, retaining its position as most expensive retail location in India. This main-street has always been India’s most prime retail location, due to the advantage of being situated in the midst of the premium most residential boulevard of the capital city, Cushman & Wakefield report noted.
Prime rents in India rose by 12.5 per cent on the back of strong occupier demand across all sub-sectors.