Mumbai records maximum growth in retail rent globally
- Elections 2014 LIVE: Kejriwal attacks 'helicopter politics' of Modi and Gandhis; Priyanka says others misguiding voters
- SC sets up panel to frame guidelines for government ads ahead of polls
- Mulayam Yadav calls Narendra Modi a liar, says he changes 500 kurtas a day
- 12-yr-olds also voted in this Bihar village
- Shazia says Muslims should become 'communal' when they vote
Mumbai has witnessed the highest growth in retail rentals globally with city's Colaba Causeway recording 75 per cent jump in rents over the last year, according to the report by property consultant Cushman & Wakefield.
Kolkata's Park Street and Chennai's Khader Niwaz Khan Road were at 5th and 10th positions, respectively, in the list of 'Top 10 - Global Highest Retail Rental Growth Markets 2012', C&W said in its report 'Main Streets Across the World'.
Khan Market in the national capital retained its position as the most expensive retail destination in India but globally its ranking dropped to 26th from 21st due to the weakening of the Indian rupee against US dollar, the report said.
"Mumbai witnessed the highest rental growth globally. Colaba Causeway in Mumbai recorded a rental increase of 75 per cent over last year, on the back of strong retailer demand and continuous preference for prime high street properties in the city," C&W said in a statement.
Colaba Causeway had a monthly rent of Rs 700/sq ft as on June 2012, up by 75 per cent from June 2011, the report said.
Kolkata's Park Street stood at fifth position with 53.8 per cent rise in rentals, while Chennai's 'Khader Niwaz Khan Road' ranked 10th with 36.7 per cent jump in rents. Garcia d'avila (ipanema) in Rio De Janeiro (Brazil) and Times Square in New York (US) were at second and third positions with rental growth of 64.7 per cent and 55.6 per cent, respectively.
Commenting on the report, C&W Director (Retail Services) Jaideep Wahi said that traditional high streets across India have been witnessing renewed interest fromretailers thereby keeping rental values high in these locations.
"The possibility of a boom in global retailers in India, existing global brands have been showing urgency to occupy prime retailing locations. Thus prime retailing locations of Mumbai, Kolkata and Chennai have recorded high growth in rental values in the last year," Wahi added.
- Missing plane MH370: Australia plans to use system that found Titanic
- Nandurbar helps me win in Gujarat, it will now help me win India: Narendra Modi
- Run Away Style
- Stakes high for AIADMK, DMK as TN goes to polls
- Six Bengal constituencies go to poll tomorrow in second phase
- Whistleblower alleged kickbacks, favours in ‘thin client’ procurement; NDA never completed inquiry