Office realty gets down to earth

Commercial rentals in Bandra-Kurla Complex (BKC), which stood at Rs 500 per sq ft in 2007, are said to have fallen to Rs 200-Rs 300 per sq ft.
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In fact, a financial major recently inked a rental deal for 45,000 sq ft of space in BKC at Rs 175 per sq ft.
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Commercial rentals in Nariman Point have slumped from Rs 400 per sq ft to Rs 200-300 per sq ft.

Deepak Peswani, a real estate consultant, said, "The rates in BKC came down because they were unreasonable earlier, and have now inched closer to realistic levels."

Rs 500
Per square feet rental for commercial properties in Bandra-Kurla Complex in 2007

Rs 300
Per square feet rental for commercial properties in Bandra-Kurla Complex now

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