According to a recent survey, New Delhi’s Connaught Place is ranked at 9th position in the list of most expensive commercial places in the world with the yearly rental amount tallying up to Rs. 10,554 per Sq.ft. This cost is equal to $153.26.
The firm official stated that India’s national capital city, Delhi is a major marketplace in the world and the continuous growth of industries, jobs and various other activities have made the locality climb up to the list of top 10 expensive commercial spaces. The official also added that Mumbai, the home of Bollywood is also following the trends of Delhi and is likely to witness an upswing in the near future.
The ranking is decided on the basis of international prime office occupancy costs, that includes rental amount, local taxes and service charges for the premium quality workplaces or commercial properties in the world. These high-quality commercial properties witnessed an increase of 2.4% in the past few years and America has 3.2%, Europe, the Middle East and Africa (EMEA) up by 2% and the Asia Pacific is up 1.7% during these times.
The prime office occupancy cost has been consistent from past one year across all regions including EMEA [Europe, the Middle East and Africa] and APAC i.e. Asia Pacific region. The Hong Kong (Central) at $306.57 per sq. ft. and London (West End) at $235.01 per sq. ft. continues being at the top position for being the most expensive commercial spaces internationally due to constant growth in the banking and finance sectors.
Although, Mumbai stands that 26th position as the Bandra-Kurla Complex [BKC)] has an annual rental amount of $96.51 counts as Rs 6,646 per sq. ft. whereas, the Central Business District [CBD] of Nariman Point, Mumbai is positioned at the 37th with an annual prime rent of Rs 5,013 per sq. ft. i.e. $72.80.