Pandemic 1st wave itself brings down rentals in high street retail hubs by 30%
New Delhi: The pandemic has taken a heavy toll on the property market with average rentals of high street markets or retail destinations correcting as much as 30 percent in certain cases in Q1 of 2021 as compared to same period of 2020.
The impact of the second wave, which started last month, is yet to be seen.
India’s most expensive retail destination- Khan Market in New Delhi witnessed correction of 8-17 percent in average monthly rentals during the Q1 2021 as compared to Q1 of 2020. The average monthly rentals remained between Rs 1,000-1,100 per square feet. Likewise, in Greater Kailash-1 M Block market, the average rentals dropped 13-14 percent and are presently between Rs 300-350 per square feet, according to a study by ANAROCK.
Mumbai witnessed 5-10 percent drop in average rentals rates in the main markets. The existing average monthly rentals at Fort and Kala Ghoda area are Rs 450-500 per square feet each. At Bandra Linking Road, the rentals stand at Rs 750-900 per square feet.
Brigade Road in Bengaluru witnessed a decline of 8-17 percent with current average monthly rentals hovering Rs 250-275 per square feet. At Indiranagar, the average rentals are between Rs 225-250 per square feet.