Jaipur: Commercials not in Pink of health
Amid cautious buying and oversupply, the Jaipur realty market is witnessing some real price correction. This has had a major impact on commercial projects. Office spaces and commercial complexes lack buyers as corporates have put the brakes on expansion plans. Even local retailers are postponing plans to open new showrooms in different parts of the city.
“Not only are buying rates down, rentals too have nose-dived. There are no takers for commercial space even at 50% of the rates offered last year. The rentals, especially in the outskirts such as Mansarovar and Jagatpura, have come down to Rs 20 from Rs 100 per sq ft a year ago. Commercial rentals in areas like M I Road have seen a correction of 10-15% and around 20% in posh Malviya Nagar,” says Blue Earth Consultants managing director Surendra Rajpurohit.
The housing prices have seen a marginal drop in prominent residential areas while a major decline is witnessed only in the outskirts.
More : economictimes.indiatimes.com