I was stunt when I first read this. A 133 square feet shop on Safdarjang Road has been auctioned for a rental of a whopping Rs 12,09,000 per month, according to New Delhi Municipal Council's spokesperson, Anand Tiwari. The figure works out to Rs 9,022 per square feet per month which is about ten times costlier than rentals in any other part of the city and by far the highest in the world.
Stunning numbers during this recession time isn't it. 12 Lakhs rent so imagine the person who bought the shop , how much he be earning to pay a rent of Rs 12Lakhs plus.
In New York's Fifth Avenue, rental for a shop of the same size is Rs 10,15,000, in Hong Kong's Causeway Bay it is Rs 9,80,000, in Avenue des Champs Elysees in Paris it is Rs 6,25,000 and in Via Montenapoleone of Italy it is Rs 5,40,000.
In India, the most expensive rental area is Khan Market where rent per month for a shop of approximately 133 sq feet would be Rs 1,46,000 followed by South Extension which is Rs 1,06,000 and Connaught Place where it is Rs 89,775. ET
In Mumbai and other metros we have never heard of such a case.
So can we say Indian real Estate market stories are intact.
India's real estate prices are going up.