Boom in commercial real estate, rent increased by up to 17 percent in Khan Market and Connaught Place

Real Estate Sector: After the Coronavirus pandemic, once again there is a boom in the real estate sector. There is an increase in the rent of shops in the most expensive Khan Market of the country’s capital New Delhi (Delhi NCR). Apart from this, rents of shops in posh areas like South Extension and Connaught Place are also seeing an increase of about 11 to 17 percent. Information about this has been received in the report released by Cushman & Wakefield.

Visible effect of fast business activities
Retail sector rent in major areas of Delhi-NCR has now reached pre-Corona levels. During the July-September quarter, there has been an increase in the fares of all these markets. ‘Marketbeat-Delhi NCR, Retail Q3, 2021’ states that fare rates are approaching pre-pandemic levels with market activity picking up.

Positive effect of vaccination is also visible
Cushman & Wakefield Managing Director (North) Vibhor Jain said, “Fare rates are reaching pre-Covid-19 levels. The retail sector will only go on an upward trajectory in the coming months. “Consumer confidence has increased and things are getting back to normal due to increased vaccination and reduction in infection cases,” the report said.

How much did the rent increase?
Let us tell you that at this time there has been an increase in the activities of leasing or leasing the retail sector. Apart from this, in the July-September quarter, the rent in Khan Market increased by 12.5 per cent to Rs 1,350 per sq ft. Apart from this, quarter-on-quarter rent has increased by about 16.7 percent in South Extension. Here after this increase, the price per square foot has gone up to Rs 700.

Relaxation given in Corona ending
If we talk about Connaught Place in central Delhi, then its rent has seen an increase of 11.1 percent, after which its rent has increased to Rs 1,000 per sq ft. The report further said that the relaxations given by the shop owners due to Corona are now being taken back.

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