By
JLL India
Residential..!
Residential units continued to witness moderate
sales activity in February, 2013
|
Residential
|
Rents
|
Capital Value
|
|
Key Areas
|
RS.per month for a 1,000 sq ft 2BHK apartment
|
RS.per sq ft
|
|
Lower
Parel
|
87,000
to 95,000
|
23,500
to 35,000
|
|
Wadala
|
40,000
to 55,000
|
14,500
to 19,000
|
|
Andheri
|
35,000
to 55,000
|
11,000
to 21,000
|
|
Ghatkopar
|
35,000
to 52,000
|
9,500
to 14,000
|
|
Ghodbunder
Road
|
12,000
to 20,000
|
5,500
to 9,000
|
|
Kharghar
|
12,000
to 20,000
|
4,800
to 8,000
|
New launches included Emerald Isle by L&T
Realty at Powai, Fuego by Rubberwala Group at Mumbai Central and Aurum by Kabra
and Associates at Goregaon. Select locations such as Andheri and Ghatkopar
witnessed incremental increase in rentals whilst overall, Mumbai saw stable
rents.
Office..!
In February, leasing activity was moderate for the
office sector. Select pool of occupiers relocated from their existing offices
or renewed the lease agreement on the back of uncertain macroeconomic
conditions. The CBD and Eastern Suburbs submarkets witnessed healthy leasing
activity and stable vacancy rates.
The projects that became operational in SBD North
submarket witnessed moderate pre-commitments. The major transactions included
Colgate-Palmolive (India) leasing space in Larsen & Toubro Business Park
(L&T) at Powai and Sarasin-Alpen renting space in Indiabulls Finance Centre
at Lower Parel.
|
Office
|
Rents
|
Capital Value
|
|
Key Areas
|
RS.per sq ft per month
|
RS.per sq ft
|
|
Lower
Parel
|
155
to 185
|
19,000
to 23,000
|
|
BKC
|
250
to 360
|
25,000
to 35,000
|
|
Andheri
|
100
to 150
|
9,000
to 15,000
|
|
Goregaon-Malad
|
80
to 100
|
8,000
to 10,000
|
|
Wagle
Estate
|
50
to 65
|
5,000
to 6,000
|
|
Thane-Belapur
Road
|
45
to 60
|
5,100
to 6,000
|
With moderate pre-commitments, Towers A and B of
the Hiranandani Business Park, along with Lighthall and Hubtown Viva in SBD
North submarket became operational in the month. Rents remained unchanged as
the renegotiating terms kept the pressure on the existing rentals, with the
exception of few Areas in SBD Central submarket. Capital values remained
stable, except for a marginal growth in Navi Mumbai submarket.
Retail..!
The month of February witnessed improved demand for
high-street retail compared with the retail malls in Mumbai. The overall
vacancy rate declined because of increased occupancy in select quality malls.
Major transactions in February included Thomas Pink leasing space in Palladium
at High Street Phoenix in Lower Parel and Hamleys renting space at Market City
Kurla.
|
Retail
|
Rents
(mall space)
|
Capital Value
|
|
Key Areas
|
RS.per sq ft per month
|
RS.per sq ft
|
|
Lower
Parel
|
250
to 375
|
22,000
to 32,000
|
|
Malad
|
160
to 250
|
12,000
to 20,000
|
|
Ghatkopar
|
140
to 220
|
10,000
to 18,000
|
|
Mulund
|
120
to 200
|
10,000
to 16,000
|
|
Thane
|
100
to 160
|
8,000
to 14,000
|
|
Navi
Mumbai
|
70
to 150
|
7,000
to 12,000
|
There were no new completions during this month.
Rents in high streets and retail malls remained stable. Capital values also
remained stable over the city.
INFRASTRUCTURE ONGOING...!
Maharashtra and the central government have finally
cleared all hurdles in the way of the Churchgate-Virar elevated rail corridor
project for Mumbai City, according to the Chief Minister (CM) of Maharashtra.
Whilst the project will be implemented by the
Railways, the Maharashtra government will acquire land, undertake relief and
rehabilitation and work out the modalities for commercial exploitation of land
to recover the cost of construction.
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