In a clear sign of revival in commercial real estate prices, Mumbai has moved up three positions to fourth in the league of the world's most expensive office markets, just behind London, Hong Kong and Tokyo, according to a new survey.
However, Delhi fell by a single rank to 11th position in a survey conducted by CB Richard Ellis.
"Mumbai, with an occupancy cost of USD 125.76 per sq ft, moved up into the top five global markets, largely as a result of the recent appreciation of the rupee to the US dollar," the report said.
On the other hand, the consultant attributed Delhi's fall to the rise of other cities, especially in Brazil, due to higher rental appreciation.
The Economic Times