Delhi 65th most expensive retail market
The study of real estate consultancy CB Richards Ellis proved Delhi the 65th most expensive retail market of the world with an average monthly rental of Rs. 5,721 per square foot. Earlier it was on 69th position. CB Richards Ellis is the Chairman and Managing Director of the Magazine ‘Anshuman’. His study shows that New Delhi has moved up four positions from the position of the first quarter of the year whereas, New York is on the same position, it has retained its position of the most expensive retail market in the world. The study showed that the domestic retails have also become stable and the retail rentals moved by only one percent during the particular quarter under reporting because of consumer’s confidence and economic stability. So rentals have been corrected on an average of 20 to 25 percent.
The rental Positions of world
The Countries like- India, China and Singapore, where large number of Malls are expected to come in the future time there the threat of supply-side risk are unlikely to occur. But during the third quarter of Year, New York retained its top position as the most expensive city with an average monthly rental of $1640 per square feet. CB Richard’s Ellis theory proved that there is a 25 percent fall of rentals during last 12 months. Where Hong Kong is at second and Paris is standing at third position with average rentals of $976 and $857 per square feet respectively. Similarly, Tokyo has retained its fifth position among other Asian countries and cities with rental of $774 per square feet even with the decline of 18 percent rentals over the last year.
New Delhi the Capital and the largest Metropolis
Delhi is the Capital as well as the largest metropolis by area and second largest metropolis by population of India. Similarly, it is known to be the eighth largest metropolis in the world by population. Delhi also includes Noida, Gurgaon, Greater Noida, Faridabad and Ghaziabad, the region is known as Nation Capital Region or NCT. NCT is administered by Union Territory. Delhi is located on the banks of Yamuna River. When India got freedom from the Britishers in 1947, New Delhi became the Capital of the Country as well as seat of the government. Due to the migration of people from the different parts of the country, Delhi has become to be a cosmopolitan metropolis. Due to its fast and prompt growth and urbanization along with its high average income, Delhi has become a major cultural, political as well as commercial center of India. It has got many valuable and ancient monuments and archaeological sites.