Announcing this perhaps for the umpteenth time, the Ministry of Urban Development has said that will set up a Regulatory Authority to monitor and curb malpractices in real estate activities in Delhi and the National Capital Region (NCR) area as also address the grievances of builders and developers, which will come into effect by early 2008.
Disclosing this at the Assocham conference on ‘Urban Land Markets & Finances’ held in Delhi this week, Union Minster for Urban Development Jaipal Reddy also announced that the proposed authority would work as a role model for other states to follow, particularly in view of growing real estate activities throughout the country so that the consumers get a fair deal.
Decline in the growth of office rental values in South Delhi is attributed to new supply that has entered the market this year. On the other hand, rental values in Mumbai’s Bandra Kurla complex rose by 22% from January to September 2007, marking it the fast emerging new central business district of the metropolis
|
Location |
Current average office rentals |
Average rental increase |
|
|
Rs/sq.ft./mnth |
Q1 to Q3 2007 |
Q1 to Q3 2006 |
|
| NCR | |||
|
CBD-CP |
317 |
20% |
76% |
|
South Delhi |
217 |
15% |
50% |
|
Gurgaon |
113 |
20% |
65% |
| MUMBAI | |||
|
Nariman point |
400 |
33% |
40% |
|
Worli |
400 |
33% |
72% |
|
Bandra kulra complex |
295 |
22% |
93% |
| BANGALORE | |||
|
CBD/OFF CBD |
70 |
19% |
31% |
|
Suburban |
48 |
14% |
21% |
|
Whitefield/Electronic city |
27 |
0% |
8% |
|
Source: Cushman & Wakefield |
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