|
Connaught Place has the 8th Highest Rentals in the World |
| Posted On:
2008-04-26 |
| Till the other day Connaught Place epitomized the pride of the country. Today, this central Victorian market of New Delhi has climbed up global indices to become one of the most attractive and expensive markets in the world.
Synonymous with rising economy of the country, the market speaks volumes of India’s performance in the rapidly transforming global economic sphere.
The November 2007 endorser of global real estate consultancy firm CB Richard Ellis has declared our very own Connaught Place as the eighth most expensive space in the world in terms of rentals.
All this has further consolidated the market’s claims on the international price index, placing it even costlier than markets like Manhattan, Los Angeles, New York, Shanghai, Edmonton, Rome and Frankfurt.
Back home, Connaught Place has persistently remained the centre of attraction for financial firms, banks, real estate developers, airlines and other hi-magnitude MNCs vying to set up their nodal offices in this high-profile area.
A time came when in the search of larger spaces companies deserted the market to rush to Gurgaon, Noida, Greater Noida and Faridabad. That was then. Now they are desperate to move back to this mega operations area.
“Except IT and ITES companies, that require massive spaces (8000 sq. ft and more), others want to remain in this central location. And many others, who moved out in a hurry, now want to shift back to this high business district,” says Shikha Sharma, GM (Mktg.), Ansals Housing and Construction.
“Centrality has always remained the key to Connaught Place. The area is touched by the high-profile Lutyen’s Zone. It offers easy access all parts of the capital, be it the North, East, West or South Delhi, as also NCR towns like Gurgaon , Faridabad, Ghaziabad and Noida,” says Shikha.
Besides, easy road connectivity, the area is well connected through rail network with the New Delhi Railway Station in its immediate vicinity. CP offers the finest of hospitality; the best of hotels, institutions, libraries, markets…. the list is endless. You name a service and it is here. The area is also home to the rarest and finest of international chains and outlets.
Lalit Tekchandani, Manager (Corporate Services), Jones Lang Lasalle (JLL) Meghraj, a real estate consultancy firm, says while the Metro rail has fuelled the market’s rental and capital value, it has also gained value because of slow supply of prime office space in NCR. Besides, a number of establishments came here in the wake of sealing carried out by MCD at unauthorized locations.
Delhi Metro came as a godsend for Connaught Place. Metro has added to the area’s picturesque appeal and also pushed up office space rentals. “Metro, has, undoubtedly, enhanced the landscape of the region. People from all areas can come to the place without any hassles.
Added features like Central Park glorify the complete package of the market. Wide roads and beautification have also done their bit in transforming the area that once strived hard to keep pace,” says Sharma. Due to all the factors, realty prices of the region shot up by as much as 30 percent.
|
|
| |
|
