Commercial lease rental agreements worth Rs 3,000 crore across top seven property markets across India are likely to expire in 2017, according to Propstack, a commercial realty data information and analytics firm.
The expiry of these lease agreements for around 30 million sq ft grade A office space would lead to nearly 1,600 new transactions. The new leases are expected to generate monthly rentals of over Rs 255 crore through these properties in cities including Mumbai, Bengaluru, Pune, Gurgaon, Noida, Chennai.
“Our data confirms that while the number of lease expiries are higher in Mumbai, Bangalore emerges as the largest contributor by volume to the pan India pie due to the higher average deal size,” said Raja Seetharaman, Director, Propstack.
Mumbai leads the pack with 41% of number of lease expiries during the year, while Gurgaon and Bengaluru follows with 22% and 15%, respectively.
Bengaluru will see highest volume of lease expiring at 33%, while Mumbai and Gurgaon will be at 23% and 17%, respectively.
Source: The Economic Times
