A monthly (May 2012)
Snapshot of what is happening in the Indian real estate market of seven major cities By Jones Lang LaSalle
India (JLL India)
The major cities
are..!
1. Chennai
2. Mumbai
3. Hyderabad
4. Bangalore
5. Kolkata
6. Delhi
7 .Pune
.
Mumbai City..!
Office Markets..!
May witnessed
moderate leasing activity on the back of stable demand for office space in
Mumbai. Tower 3 of Indiabulls Finance Center, located in the SBD
Central sub-market,
commenced operations in May, 2012 with
about 30 to 40% occupancy. Vacancy levels recorded a marginal increase during
the month. German Remedies and UBM leased space in Times Square and Mot
McDonalds leased space in Skyline Icon, both at Andheri (East).
Office
|
Rents
|
Capital Value
|
Key Precincts
|
INR per sq ft per month
|
INR per sq ft
|
Lower Parel
|
150-180
|
19,000 -23,000
|
BKC
|
250 - 350
|
25,000 -35,000
|
Andheri
|
100 - 150
|
9,000 – 15,000
|
Goregaon-Malad
|
80 - 100
|
8,000 -10,000
|
Wagle Estate
|
45 - 60
|
5,000 – 6,000
|
Thane-Belapur Road
|
40 - 55
|
5,000 – 6,000
|
Rents remained stable
during the month on the back of cautious sentiment prevailing amongst office
occupiers. Capital values also remained stable during the month, mirroring the
rental value trend and thereby retaining yield at
previous month's
levels.
Retail Market..!
Leasing activity was
moderate during the month but was more directed towards good quality malls.
With marginal leasing activity and limited fresh supply of
malls, vacancy levels
declined marginally in May, 2012.
Retail
|
Rents
|
Capital Value
|
Key Precincts
|
INR per sq ft per month
|
INR per sq ft
|
Lower Parel
|
250 - 350
|
22,000 – 32,000
|
Malad
|
160 - 250
|
12,000 – 20,000
|
Ghatkopar
|
140 - 220
|
10,000 - 18,000
|
Mulund
|
120 - 200
|
10,000 – 16,000
|
Thane
|
100 - 160
|
8,000 – 14,000
|
Navi Mumbai
|
70 - 150
|
7,000 – 12,000
|
There was no new
completion in the month. Rents in the malls remained stable at the previous
month’s level due to moderate demand from retailers.
Capital values also
remained stable at the previous month’s level due to the uncertain business
climate &modest investor sentiment.
Residential Market..!
Sales of residential
units in Mumbai remained constrained during the month. Indiabulls Blu, located
at Worli, and the new tower in the Runwal Greens project located at Mulund,
were launched in May, 2012
.
With a sustained
increase in capital values keeping most potential buyers at bay, rents
continued to record a marginal rise during the May month.
Residential
|
Rents
|
Capital Value
|
Key Precincts
|
INR per month for a 1,000 sq ft 2BHK apartment
|
INR per sq ft
|
Lower Parel
|
75,000 - 90,000
|
23,000 – 30,000
|
Wadala
|
40,000 - 55,000
|
14,500 – 16,000
|
Andheri
|
35,000 – 50,000
|
10,000 – 16,000
|
Ghatkopar
|
35,000 – 45,000
|
9,500 – 11,000
|
Ghodbunder Road
|
12,000-25,000
|
5,500 – 7,000
|
Kharghar
|
10,000-15,000
|
4,500 – 6,000
|
Capital values in
Mumbai have witnessed a sustained rising trend on the back of new amendments to
the Development Control Regulation Act.
INFRASTRUCTURE
ONGOING ..!
* Santacruz – Chembur
Link Road (SCLR): This arterial road (6.45 km) will connect the Western Express
Highway & Eastern Express Highway. The project is expected to be
completed by
end-2012.
- Mumbai Metro Rail: The 12 Km stretch of Phase 1 from Versova to Ghatkopar is expected to become operational by early 2013, improving east-west connectivity and providing impetus to Andheri.
About Jones Lang LaSalle..!
Jones Lang LaSalle (JLL)
is a financial and professional services firm specializing in real estate. The
firm offers integrated services delivered by expert teams worldwide to clients
seeking increased value by owning, occupying or investing in real estate. With
2011 global revenue of above USD 360 crore, JLL serves clients in 70 countries
from above 1,000 locations worldwide, including 200 corporate offices.
The firm is an
industry leader in property & corporate facility management services, with
a portfolio of approximately 180 crore square feet worldwide. LaSalle
Investment Management, the company’s investment management business, is one of
the world’s largest & most diverse in real estate with USD 4,790 crore of
assets under management.
JLL has over 50 years
of experience in Asia Pacific, with over 20,800 employees operating in about 80
offices in 13 countries across the region.
For further
information, please visit www.ap.joneslanglasalle.com
About JLL India..!
Jones Lang LaSalle is
India’s (JLL India) premier &
largest professional services firm specializing in real estate. With an
extensive geographic footprint across eleven cities (Ahmedabad, Delhi, Mumbai,
Bangalore, Pune, Chennai, Hyderabad, Kolkata, Kochi, Chandigarh and Coimbatore)
and a staff strength of over 4800, the company provides investors, developers,
local corporate & MNCs (multinational companies) with a
comprehensive range
of services including research, analytics, consultancy, transactions, project
and development services, integrated facility management, property and asset
management, sustainability, Industrial, capital markets, residential, hotels,
health care, senior living, education
and retail advisory.
For further
information, please visit www.joneslanglasalle.co.in
For more information
about our research
Mr. Ashutosh Limaye
Head, Research and
REIS
ashutosh.limaye@ap.jll.com
+91 98211 07054
Mr. Trivita Roy
Manager, Research
trivita.roy@ap.jll.com
+91 40 4040 9100
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