Connaught Place in New Delhi and Bandra-Kurla Complex(BKC)in Mumbai are the two office locations in India which have found place among the most expensive office locations.
Two Indian locations have got a place into the list of most expensive office locations in the Asia-Pacific region. At least India will have something to be proud of this achievement of Connaught Place and BKC.
Connaught Place is the second most expensive office locations in the Asia-Pacific region and the fourth across the globe. Globally it stands fourth in the list.
Bandra-Kurla Complex (BKC) is another Indian city which also has found place among the top-10 list of most expensive office locations. However, surprising the people of India, the list did not include Nariman Point which has been considered as one of the most expensive office locations in India.
Global realty consultant Cushman & Wakefield conducted a survey among the top cities in the Asia-Pacific region and found that the above said Indian cities are more expensive than many other top cities.
The growth of Connaught Place was due to the lack of sufficient office space in the location. The plans of the DDA to provide more commercial spaces have not yet been successful in anyway.
Moreover Connaught Place is well connected to many of the areas in the National Capital region and so it is one of the most sought after commercial hubs in New Delhi.
The average cost of office space per sq. ft. is Rs.403 per month. Rentals in the area have been shooting up due to the shortage of sufficient office space in the area. Further the area is well supported by the socio and other infrastructural development as well.
In the same way the growth of BKC is mainly due to its consistency in providing sufficient office space to the retailers. The monthly average rentals of the area are Rs.283 per sq. ft. It acquired the eighth spot in the list of most expensive office locations.
However the exclusion of Nariman Point was really a surprising one. According to Mr. Sanjay Dutt, executive managing director of C&W, this was mainly due to the increasing vacant space in the area. For the first time the area has over 10% of vacant spaces.
