Even big corporate entities finding it increasingly difficult to afford space in Mumbai. Cheaper property price in Mumbai suburbs driving MNCs and other corporate groups to the suburbs.
The recent report by a real estate research firm shows that even big corporate entities are finding it increasingly difficult to rent or buy space in the financial capital. Property experts believe that lack of parking space and cheaper property rates are driving MNCs and other corporate groups to the suburbs.
According to Knight Frank, the sale and lease size in the last quarter of 2009-2010 was 2.81 million sq ft, which dropped to 0.88 million sq ft in the same quarter of 2010-11. And the worst thing, the report says, is that CBD Belapur and Nariman Point, the business hubs in the metropolitan, saw nearly no deals. Instead, western suburbs, especially the Andheri-Jogeshwari- Goregaon belt, fared better.
Of the total commercial deals in the last quarter, 63 per cent were struck in the western suburbs, whereas BKC saw a mere six per cent of the total share. The central Mumbai belt, mostly Lower Parel and surrounding areas, retained 22 per cent of the share.
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