Second COVID-19 wave leads to decline in high-street rentals in India
The second COVID-19 wave and a rapid surge in COVID cases has led to a decline in retail rentals in high-street markets of Kala Ghoda, Bandra Linking Road and Fort Road in Mumbai, says a new report by Anarock Property Consultants. As per this report, several prominent high streets in India have witnessed reduced monthly rentals over the last year. The current average monthly rents in Kala Ghoda, Fort Road range between Rs 450-500 per sq ft each whereas in Bandra Linking Road they range between Rs 750-800 per sq ft.
Last year was also transformative for many industries. One of the country's largest GDP contributors and also the largest employment generators, the real estate sector underwent a turbulent change, it adds. .
The report expects demand for commercial units to remain subdued during FY2022 owning to rising work from home and shared workspace culture. The outlook for malls too continues to remain negative due to limited footfalls and growing popularity of e-commerce.
