Real estate prices declined further due to slowdown
Economic Timess: MUMBAI: The failure of retailers to exploit the fall in real estate prices triggered by the economic slowdown, has led to a further correction in
property prices across major metros of India, real estate consultant, Cushman & Wakefield (C&W), has said in a report.
"Most retail micro-markets, both malls as well as main streets saw a further correction in rental values. Mumbai saw the sharpest decline in rental values for both malls (Goregaon -42 per cent) and main streets (Colaba Causeway38 per cent)," C&W said.
Mumbai witnessed the second-highest mall supply with an addition of 3,05,000 sq ft in Q1 09. However, it also recorded the highest mall rental correction, the report said.
Delhi's National Capital Region (NCR) witnessed an up to 25 per cent decline in rental values, the report said.
While the main streets of Bangalore saw much wider corrections in the range of 6-28 per cent, Hyderabad recorded one of the highest mall rental corrections between 25 per cent to 29 per cent.
posted by Jake Barrett @ 10:09 PM
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At April 10, 2013 at 12:00 AM ,
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