Mumbai's Commercial Real Estate Market Feels the Pinch as Zepto Relocates to Bengaluru
The relocation of Zepto's headquarters from Mumbai to Bengaluru has led to a decline in demand for rental spaces in Mumbai's commercial real estate sector, particularly in shopping malls.
MumbaiCommercial Real EstateZeptoBengaluruNaredcoCredaimchiThe Guardians Real Estate AdvisoryPropfinaReal Estate NewsAug 08, 2024
Shopping malls in Mumbai, which have been struggling to recover from the aftermath of the Covid-19 pandemic, are now facing an additional challenge. The reduced demand for rental spaces is aggravating the vacancy rates in these commercial properties. Many landlords and property managers are finding it increasingly difficult to attract new tenants.
The high demand for prime locations in Mumbai, where infrastructure, connectivity, talent availability, and business ecosystem are well-developed, has led to an increase in commercial property rentals. However, this trend is making it challenging for businesses to sustain and grow, leading to a notable migration of firms to more affordable cities.
According to Dr Niranjan Hiranandani, Chairman of NAREDCO,
Frequently Asked Questions
Why is Zepto relocating its headquarters from Mumbai to Bengaluru?
Zepto is relocating its headquarters from Mumbai to Bengaluru due to the high demand for prime locations in Mumbai, which has led to an increase in commercial property rentals.
How will Zepto's relocation affect Mumbai's commercial real estate market?
Zepto's relocation is expected to lead to a decline in demand for rental spaces in Mumbai's commercial real estate sector, particularly in shopping malls.
What are the main challenges facing shopping malls in Mumbai?
Shopping malls in Mumbai are facing challenges such as reduced demand for rental spaces, high vacancy rates, and increased competition from online shopping platforms.
How is the commercial real estate sector in Mumbai expected to evolve in the coming months?
The commercial real estate sector in Mumbai is expected to evolve with a focus on flexible and innovative real estate solutions to support evolving business environments.
What is the significance of Mumbai as a financial capital in terms of real estate?
Mumbai's high economic standing and scarcity of available space make it a premium market for real estate, with high demand for prime locations and limited supply.
Tags:
Related News Articles
Bawana Infra Spearheads 'Clean and Green Bawana' Initiative with 5,000 Saplings in a Day
Bawana Infra's massive plantation drive aims to create a greener and cleaner environment in Delhi's Bawana Industrial Area.
India's Retail Real Estate Market Sees Growth in Q2 2024
Main street retail leasing continues to dominate, with mall vacancy rates declining across major cities
South Mumbai's Growing Housing Demand: A Hub for Luxury Living
Areas like Dadar in South Central Mumbai are gaining popularity among home buyers due to improved connectivity and realistic property prices, offering luxurious amenities and reduced travel time.
Bric-X Infra Celebrates 5 Years of Excellence, Embarks on Expansion and Diversification
Bric-X Infra, a leading player in the real estate industry, is celebrating its 5th anniversary and gearing up for expansion and diversification in the Delhi NCR region.
Residential Real Estate Soars in Mumbai and Hyderabad
India's residential real estate market reaches new heights, with Mumbai and Hyderabad leading the charge in new launches and sales.
Zaheer Khan and Sagarika Ghatge's ₹11 Crore Luxury Apartment in Mumbai
This luxurious residence is part of a broader trend in Mumbai's high-end real estate market, where the average resale price of properties is on the rise. The apartment, owned by former Indian cricketer Zaheer Khan and his wife, Sagarika Ghatge, is a testa