As the country tries to grapple with the second wave of the coronavirus and a surge in COVID-19 cases across states, according to the recent data by the ANAROCK research, high-street markets of Kala Ghoda, Bandra Linking Road and Fort Road in Mumbai also witnessed high retail rentals decline.
Moreover, in an overall trend, several prominent high streets in India witnessed reduced monthly rentals over the last year. Currently, the average monthly rent in the areas of Kala Ghoda, Fort Road are INR 450-500 per sq ft each whereas in the Bandra Linking Road it stands at INR 750-800 per sq ft.
On the other hand, for many industries, it was a transformative year while the real estate sector, which is one of the country's largest GDP contributors and also the largest employment generators, underwent a turbulent change.
According to the analysis, with emerging work from home and shared workspace culture, the demand would continue to remain subdued during the financial year 2022 for commercial units. However, in the case of mall leasing, malls too, have been witnessing very limited footfalls with the resurgence of the coronavirus and the outlook for the segment thus continues to remain negative especially with the growing popularity of e-commerce.
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