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Wednesday, 26-Aug-2009 07:56 Email | Share | | Bookmark
20% fall in office rent

Rentals of office space in India should fall to 20% in the next three quarters, including major cities like Delhi and Mumbai planning to attend a significant decrease of 50%. According to Global Real Estate Consultant Jones Lang LaSalle (JLL), the fall in property prices in India is expected to continue through the year with the office rent should fall by 15-20% as the downturn hit Realty is likely to see a recovery only in the second half of 2010.

"The largest decline is expected in the rentals in Delhi and Mumbai, which would halve its peak," JLL said in a report on global market opportunities. The consultant also said the rental office in Chennai, Kolkata, Hyderabad and Pune is expected to decline between 30% and 40% from their peak during the next three quarters, while the same in Bangalore will fall 15-20% from the top. In the current economic scenario, the report reflects the progress made recently in the stock market propelled the optimism in the economy and if it continues, a recovery is expected by early 2010. "Although the effects of this recovery would begin to show signs in the property sector, earnings would certainly come in the second half of 2010, when the claim is based remains fresh in the market and removed on latent demand fear of a downward spiral back, "he added.

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Thursday, 20-Aug-2009 07:18 Email | Share | | Bookmark

With private companies are reluctant to invest in Mumbai the third line - it will run between Bandra and Colaba Maharashtra and central government will bear 50 percent of project costs.

The Urban Development Minister Jaipal Reddy Union said that the Center will help raise the remaining money needed, The project is the cost of Rs 9.000 crore and Rs 12.000 crore - through loans.

The Colaba Bandra-road, which extends over 20 km, the city will be the first line, and therefore the most expensive.

Reddy also stressed the importance of projects such as the system of bus rapid transit and projects that would recover the space for pedestrians and cyclists in the city.

Decks have been cleared for the third metro corridor, which will take place between Colaba and Bandra.

On Tuesday, the minister of Union Urban Development Jaipal Reddy said the central and state governments fund 50 percent and the Center will also obtain loans for the project.

The 20-km Colaba-Bandra route, which will be the first city line, is also one of the most controversial because of the high costs involved.

"If the government decides to build the third line on its own initiative, the Center will provide the necessary financial support," Reddy said at the ceremony to lay the foundation stone of the second line, where President Pratibha Patil has been the guest conductor.

"The government will seek 50 percent stake in the project outside of facilitating loans from the Bank of Japan and a Rs 1,000-crore subordinated debt."

The first two lines-11 ,4-km Versova-AndheriGhatkopar (Rs 2.356 crore) and 31.87-km Charkop-BandraMankhurd (Rs 11.000 crore)-are built in partnership with the private operator, Reliance Infrastructure.

But because of the high costs involved in the third line, private actors have been reluctant to invest in the project.

The development of the metropolitan region of Mumbai, the Authority has decided on two proposals for the third line.

It envisages a 17-km underground line Colaba to Mahim and elevation of 3 km stretching from Bandra to Mahim. This alignment is expected to cost around Rs 12.000 crore.

The other option proposes a tunnel of 10 km stretching from Colaba to Mahalaxmi 10 km and another stretch of high Mahalaxmi to Bandra, at a cost of Rs 9.000 crore.

Reddy also stressed the importance of working on projects such as public transport system of bus rapid transit and reclaim the space for pedestrians and cyclists.

Patil stressed on the importance of eliminating slums and the "humane" rehabilitation of persons affected by the project.

But shortly after that the people assigned to the project deployed black banners and protested against the construction of the second line.

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