Office rentals in Bandra Kurla complex hit a high
Mumbai, October 5, 2006: So high is the demand for office space in the Bandra Kurla complex that new tenants are paying almost 100% more in rentals now than the prices prevailing a year ago. Space in Bandra Kurla rents for Rs.250 per sq.ft and this could touch as high as Rs.300 per sq.ft soon.
Only 150,000 sq.ft of space is available in the Bandra Kurla complex today, though, another 1.8 million sq.ft of space is likely to be added within the next two years.
Prices have also increased in Kalina near the Bandra Kurla complex as prospective tenants have moved there having failed to get space in the Bandra Kurla complex.
With the frenetic office development in the area, developers are scouting around for residential re-development opportunities in Bandra East, reportedly offering significant premiums to purchase older flats in the area.
By INRnews Correspondent
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