India is facing a situation of major real estate oversupply and is likely to witness 'significant falls' in rentals this year, a report has said.

According to Jones Lang Lasalle’s March Global Market Perspective, stock of commercial property in major cities, such as Delhi and Mumbai, are forecast to expand by 50% in 2009.

'Tier I cities in the emerging markets of China and India are facing a situation of major oversupply and also are likely to witness significant falls in rentals this year as vacancy levels climb ...

'The office stock in Delhi and Mumbai is forecast to expand by some 50% in 2009,' the report said.

Hindustan Times