Mumbai is the second costliest city in Asia Pacific in terms of prime rental rates. With rent of about S800 per sq m, Mumbai is ahead of the likes of Tokyo ($750 per sq m) and Singapore ($625 per sq m) as per the latest report of real estate consultancy firm Jones Lang LaSalle. This is despite a 40% drop in rentals from its peak values. Delhi comes fourth in the ranking with $725 per sq m.
With GDP growth expected to bounce back in 2010, India and China would outperform the global markets with a 7-10% growth rate. The early signs of recovery are visible in Delhi and Mumbai markets. Having dropped by 24% in March’09 quarter over the preceding quarter, Mumbai’s decline in June’09 was well below 10%. Delhi followed with an 8% decline, which was half of what it was in the quarter before.
Times of India