Moving ahead of the all the metropolis cities like National Capital Region (NCR), Bangalore, Kolkata and Chennai, the AS Rao Nagar area of Hyderabad recorded the steepest hike in the retail monthly rentals.
According to a retail real estate market study for the Jan-Mar quarter of 2012 conducted by Cushman & Wakefield, a real estate consultant firm, AS Rao Nagar, a much sought after address by retailers has recorded the steepest hike of 26.7% in monthly retail rentals which rose to Rs 95 per sft.
The survey also reported that the city’s Punjagutta area emerged as the third fastest growing destination in the country with 20% hike in the monthly rentals to Rs 120 per sft.
According to the people who made the survey, the sharp hike in the rentals is attributed to the high retailer demand for the space in Hyderabad, due to favorable customer demand and also due to the affordable rentals as compared to the other cities in India. They also added saying that the scarcity of space in Hyderabad’s prime high streets and mall locations had made rentals to go up in the range of 9-20% across the city.
The survey showed that the first quarter of the year had been positive for the entire retail market in India with the mall space moving to ensure a stable demand-supply ratio.
Source: The Times of India