Mumbai high-rise office costlier than Dubai

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Updated: September 29, 2017 5:16:00 PM

Mumbai's rank is 16th on the world map, but international property consultant Knight Frank has said that the dream-city is getting costlier at a much faster rate in the real estate market -- leaving behind London, Hong Kong and Tokyo.

India’s commercial capital Mumbai has become one of the most expensive real estate cities. (Image: Reuters)

Renting an office in a high-rise building in Mumbai could cost you more than Dubai, or even Los Angeles. India’s commercial capital Mumbai has become one of the most expensive real estate cities where people are ready to spend a fortune to get an office space with a nice view, and that cost is $56 per square feet. Mumbai’s rank is 16th on the world map, but international property consultant Knight Frank has said that the dream-city is getting costlier at a much faster rate in the real estate market — leaving behind London, Hong Kong and Tokyo.

Office rents in the upper floors of skyscrapers in Mumbai are rising at 1.8% — leading to number six. “Prime office rents in the upper floors of high-rises in Mumbai see 1.8% growth, among the top six international rent appreciating markets,” a report by Knight Frank said.

It is not just Mumbai, Bengaluru and Delhi are also among the top cities with highest prime office values. A report by Knight Frank revealed that Bengaluru’s Whitefield is the most affordable technology district among 29 global tech hubs in the world.

Gurugram’s Cyber City ranked 25th among the tech districts of the world, beating Madrid’s Julian Camarillo and Kuala Lumpur’s Cyberjaya Office. Renting an office in Cyber City could cost you $20.40 per square feet.

“Desires of the talent pool and rising disposable incomes are set to shape our urban environments in the near future. Global cities that are aspirational and successful in encapsulating an inherent wow factor are set to see the most dramatic transformation,” Samantak Das, Chief Economist, Knight Frank India said.

Another report, earlier this month, also listed New Delhi’s Connaught Place, and Mumbai’s Bandra-Kurla complex and Nariman Point CBD (central business district) among world’s most expensive prime office markets. While Connaught Place was ranked tenth most expensive, Mumbai’s high-end Bandra-Kurla secured 16th rank. Nariman Point CBD (central business district) was ranked 30th in a report by real estate firm CBRE Group.

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