Delhi, Mumbai among top 31 commercially attractive cities

MUMBAI: Delhi and Mumbai figure among the top 31 cities out of 300 global cities in terms of commercial attraction index based on the economic and real estate market size.

This is among the findings of a report titled ‘Office markets in India: Exploring the Unexplored’ conducted jointly by global real estate body RICS and international property consultancy firm, Jones Lang LaSalle. The report was released at a conference organised by RICS in Mumbai on November 12.

According to the report, both the cities are, however, near the 100th rank and lower, in terms of real estate investment, which points towards the growth potential these cities behold.

The report said, with new construction offering smarter and socially responsible office space at attractive valuations, corridors within the Indian top cities are primed for an increased level of engagement with European companies. In terms of values, Bengaluru and Chennai have reached close to their historic peaks while other regions are still heavily discounted, it said.

The report further said it is expected that the change in average capital values across the residential markets in the top seven cities will remain below 10 per cent in 2014. However, top seven cities have shown signs of recovery and subsequent growth from second half of year 2009.