Delhi's Connaught Place among world's top 10 most expensive office locations

With an annual rent of $153 ( Rs 10,500) per sq ft, New Delhi's Connaught Place has become the ninth most expensive office location in the world.

"The city has moved one place higher from tenth position last year," a report by property consultant CBRE said.

However, India's financial capital Mumbai's Bandra Kurla Complex slipped to 26th position from 16th rank and Nariman Point dropped to 37th position from 30th position last year.


According to annual Global Prime Office Occupancy Costs survey, Hong Kong (Central) is at the first position with an annual rent of $306.57 per sq ft, followed by London (West End), Beijing (Finance Street), Hong Kong (Kowloon) and Beijing (CBD).

New York (Midtown- Manhattan) ranked sixth with an annual rent of $183.78 per sq ft, while New York (Midtown-South Manhattan) is at 7th position commanding rent of $171.56 per sq ft.

In the top 10 list, Tokyo (Marunouchi/Otemachi), Japan is at the eighth position and London (City), UK, is at the 10th rank.

Indian real estate market is passing through a recovery mode after adjusting to various reforms like demonetisation, GST and RERA. The sales volume are witnessing growth in cities such Delhi NCR, Pune, Mumbai and Bengaluru on the back of price corrections.

(Inputs from PTI)