Rising real estate rates in Mumbai and other metropolitan cities have led to an increase in rental values, up to 11% in Mumbai. South Mumbai saw a drop, but suburbs experienced significant growth.
IT-BPO sector's recession woes force real estate developers to shelve projects, slash rentals, and renegotiate leases in India
The global economic slowdown has led to increased vacancy in prime commercial districts, including Mumbai's Nariman Point. The trend is similar in other major cities like New York and Chicago.
The Maharashtra government aims to sell leased land in South Mumbai, potentially raising significant revenue, despite concerns over the real estate market’s condition.