Prime Mumbai properties maintain value despite falling rentals, with landmark buildings like Cadbury House and Citi Centre changing hands. Investors favor leased properties with strong track records, impacting even suburban markets.
Mumbai's rental values dipped slightly in Q3 2023, with Lower Parel, Thane, and Navi Mumbai seeing the most leasing activity. Key business districts witnessed a decline in commercial leasing.
Connaught Place in New Delhi and Bandra-Kurla Complex (BKC) in Mumbai are listed among the top and most expensive office locations in the Asia-Pacific region, according to Cushman & Wakefield's annual survey.
Sahara India's bid for a 30-year lease of Air India's Mumbai headquarters was rejected. Air India aims for shorter leases to retain control and avoid the fate of Sears Tower.
Air India's plan to lease vacant floors in its Nariman Point headquarters faces challenges due to tough market conditions, but the Civil Aviation Minister remains confident. The plan aims to raise funds by leasing or selling properties in Delhi and Mumbai.
Air India plans to monetize its real estate assets, including properties in Delhi, Mumbai, Chennai, London, and Tokyo, to address its financial challenges and raise around Rs. 5,500 crore over the next ten years.
Nariman Point faces significant upheaval as the BMC increases taxes for building societies, raising rateable values by up to 10 times for several properties.
Mumbai Sees Rapid Residential Price Growth, Tops at Rs 97,842/sqft
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.