Increase in commercial rental value in India, says RICS | 23 May 2012
An ‘uptake in absorption’ during the first quarter of 2012, alongside an increase in rental value, means that India’s commercial property market continues to make positive strides.
That’s according to the latest survey from the Indian arm of the Royal Institute of Chartered Surveyors (RICS), titled ‘India Commercial Property Survey’.
RICS is the leading self regulatory body for land, property, construction and associated environmental issues. It confirmed occupier demand has resulted in rental expectations turning positive this quarter, according to indiatimes.com, as opposed to its previously negative stance during the last three months of 2011.
On the other hand, the demand for office space remains ‘relatively sluggish’, according to the body.
Market activity indicates that rental value for retail properties, particularly high streets, has seen an increase in 2012, while supply of other retail space such as malls is also on the rise,” RICS claims.
Mumbai is an area with significant movement, according to ibnlive.in.com, as the region continues to see significant relocation activities from the South towards the North.
RICS chief economist Simon Rubensohn commented further on the positive outlook of the market, stating: “An easing in global strains has led respondents to upgrade their expectation in both the occupier and investment markets in the country.”
Written by Ashley Curtis on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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