Monthly real estate rentals fall in India’s most expensive locations
Average monthly rentals hovered between Rs 1,000-1,100 per sq. ft. as on Q1 2021-end against Rs 1200 a year ago.
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| A+A A- By Express News Service
NEW DELHI: Rental prices for real estate across key high street markets in India s top cities have witnessed a significant correction as Covid-19 pandemic continues to wreak havoc on the country s economy.
According to property consultant Anarock, India s most expensive retail hub Khan Market (Delhi) saw average monthly rentals reduce by 8-17 per cent in Q1 2021 (January-March) against Q1 2020. Average monthly rentals hovered between Rs 1,000-1,100 per sq. ft. as on Q1 2021-end against Rs 1200 a year ago.
Given the dull scenario, the average monthly rentals across retail markets correct between 2-30 per cent. With Covid-19 wreaking havoc in the country, average monthly rentals across the key high street markets in top cities witnessed some corrections. As per recent data by ANAROCK Retail Research, the iconic retail hub in Delhi – Khan Market – saw average monthly rentals reduce by as much as 8 per cent to 17 per cent in Q1 2021 against Q1 2020.
Likewise, high street markets of Kala Ghoda, Bandra Linking Road and Fort in Mumbai (one of the worst-affected city) also saw high street retail rentals decline anywhere between 5 per cent to 10 per cent during the same period.
High-street rentals still suffering in key markets
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Synopsis
The study said the iconic retail hub in Delhi – Khan Market – saw average monthly rentals reduce by 8% to 17% in Q1 2021 against Q1 2020. Likewise, high street markets of Kala Ghoda, Bandra Linking Road and Fort in Mumbai also saw high street retail rentals decline anywhere between 5% to 10% during the same period.
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Retail sector has been one of the worst affected due to the pandemic since early 2020.
The coronavirus pandemic continues to hit India s retail property hard, with average monthly rentals across the top key high street markets in major cities witnessing a correction, as per a report by Anarock retail.
Khan market, New Delhi | Photo: Wikimedia Commons
Average monthly rentals across key High Street markets in the top cities witnessed corrections, as the pandemic wreaked havoc across the country. According to data by Anarock Research, Khan Market, the iconic retail hub in New Delhi, saw average monthly rentals reduce by as much as 8 per cent to 17 per cent in Q1CY21, against Q1CY20.
Likewise, Kala Ghoda, Bandra Linking Road, and Fort in Mumbai also saw retail rentals decline 5-10 per cent during the same period. However, there were few markets that saw an upward trend. For instance, Hyderabad localities such as Gachibowli, Banjara Hills, and Jubilee Hills saw average retail rentals increase in Q1CY21 against Q1CY20. In the previous two quarters, the retail segment seemed to be on the verge of recovery and was gradually inching towards pre-Covid levels in terms of business. However, the second wave has once again crimped this growth, said Pankaj Renjhen, COO and joint managing dir
High street rentals crash: Khan market in Delhi; Kala Ghoda, Fort in Mumbai worst-affected
PTI Photo
With COVID-19 wreaking havoc in the country, average monthly rentals across the key high street markets in top cities witnessed some corrections. As per recent data by ANAROCK Research, the iconic retail hub in Delhi â Khan Market â saw average monthly rentals reduce by as much as 8 percent to 17 percent in Q1 2021 against Q1 2020.
Likewise, high street markets of Kala Ghoda, Bandra Linking Road and Fort in Mumbai (one of the worst-affected city) also saw high street retail rentals decline anywhere between 5 percent to 10 percent during the same period.