Mumbai
An apartment spread across an area of 2,600 sq ft, located
in Cuffe Parade, Mumbai, was leased out to a senior executive
at a reputed corporation for a monthly rental value of Rs
3,10,000. The semi-furnished, three-bedroom apartment, with
just falls short of being classified as high-end due to
the age of the building, commands moderately lower rate
than the average rental values of high-end apartments in
the location, which range between Rs 4,75,000-6,00,000 per
month. Cuffe Parade, situated at the southern-most part
of Mumbai, has been a highly sought-after residential locality
by end-users as well as by corporates. The area is strategically
located in proximity to the CBD and has all necessary civic
and social infrastructures in the vicinity. The location
is also connected to office destinations like Lower Parel
and Bandra-Kurla Complex through road and rail networks.
The area also boasts of all the modern amenities. Retail
and entertainment, education and healthcare facilities are
also easily accessible. Adding to the charm is the proximity
to the sea shore.
Pune
A residential apartment admeasuring 2,800 sq ft, situated
in Kalyani Nagar was leased out to a senior executive of
a multinational corporation in India for Rs 1,65,000 per
month. The apartment, located in a high-end residential
building, has commanded a rate that is line with the existing
prices in the location. The prevalent rental values in Kalyani
Nagar for high-end residential units range from Rs 1,30,000
to Rs 2,10,000 per month. Kalyani Nagar has traditionally
seen high demand from expatriates and senior corporate executives
in the city. However, rental values recorded a drop of approximately
3% over the previous year, due to a slowdown in demand for
high-end residential units for lease. The overall economic
slowdown and higher rental values had made leasing in these
locations less attractive. With economic stability and resurgence
of senior executives' presence in the city, demand for lease
of high-end property is on the rise.
Kolkata
A high-end apartment in a premium residential complex at
EM Bypass was leased by a major Indian company. The 2,400-sq
ft, fully furnished apartment commanded a total rental value
of Rs 60,000 per month. The apartment has been refurbished
as per the lessees requirements and has been converted from
a four-bedroom unit to a three-bedroom unit with larger
living space. The average rental values for high-end residential
apartments range from Rs 60,000 to Rs 78,000 in this locality
and have seen a 2% increase over the last quarter. This
is because of the growing demand from corporates and end-users
as an increasing number of corporates start to operate out
of the city. EM Bypass is one of the city's upcoming residential
locations. The location enjoys proximity to the established
CBD and SCBD and to the new IT hubs of Salt Lake and New
Town Rajarhat, thus making it an ideal location for senior
and mid level executives.
Source: Economic Times
