Delhi likely to pip other destinations as most expensive for commercial realty

The Delhi-NCR region may soon beat other destinations when it comes to soaring commercial realty prices. At least three reports on the sector point to the national capital gaining compared to many other destinations in the country.

According to real estate consultant Cushman & Wakefield, New Delhi’s Connaught Place has emerged as the world’s fourth most expensive office location, gaining one position over last year.

The report ranks locations across 63 countries to compare the most expensive office destinations across the world. 

London’s West End emerged as the world’s most expensive office market, regaining its position from Hong Kong’s Central Business District (CBD) after a gap of five years, while Rio de Janerio in Brazil captured the third position , according to the CW report ‘Office Space across the World 2013’. Are you Looking for Properties in Delhi NCR Check the below links for more property ads Property in Noida | Gurgaon property | plots in Gurgaon | property in greater Noida | property in Delhi NCR

According to the report, the rental values have registered a growth of approximately 25 per cent over the last year, to cost Rs 403 a square foot a month.

Sanjay Dutt, Executive Managing Director, South Asia, Cushman & Wakefield said, “The new master plan for New Delhi by the Delhi Development Authority has not provisioned for any rapid growth of office space within the city, leaving very limited choice... The rental values of CP will remain high, however, limited activities in the location on an ongoing basis is expected to keep values contained, notwithstanding the fact that location may have already reached peek pricing.”