Commercial real estate sector remains stagnant
It is found that many developers in National Capital Region (NCR) and Mumbai have cut down property prices by around 15 percent, as demand and rent more or less remains the same.
However, in a few parts of Mumbai, there was nearly 0. 8% improvement in rent, signifying some demand.
Due to weak demand, a lot of real estate agents have already postponed commercial realty projects and switched to residential projects. Few new projects in the first half of the year were launched at reduced price ranges than some existing stocks in the area by developers who are in dire need of cash.
The commercial properties in New Delhi continues to be under pressure while zero projects have been launched presently. But there is an increased demand for commercial properties in Bangalore and Mumbai.
Commercial real estate booming!
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