The Hindu Business Line : Fast growing retail markets

India has six of the 10 fastest growing retail markets in Asia, with Linking Road in Mumbai the most expensive retail high street in India, according to ‘Main Streets Across the World’, an annual report by Cushman & Wakefield.

The survey, covering 236 locations in 48 countries carried out in June 2008, puts Linking Road, Mumbai, as the fifth most expensive location in Asia, and among the top three locations globally to witness the highest annual growth in rental values.

The press release from Cushman & Wakefield also strikes a note of caution. The third quarter of 2008 was significant for the retail real-estate sector as many established locations saw some decrease in value in mall and high streets.

In the last two years the rentals have grown faster than business potential, which hits rental sustainability. Though the domestic locations are positioned high in global ranking as on June 2008, Linking Road and other markets have felt the market pressure in 2008 and rentals have dropped by about 20 per cent during the third quarter. In the short run, retailers are likely to go slow and rental values could drop further.

India realty expo in Dubai

The Maharashtra Chamber of Housing Industry plans to showcase major real-estate projects in West Asia through the 11th India Realty Expo 2008 to be held in Dubai between November 27 and 29.

A press release from MCHI said the expo hopes to attract NRI investors to look at housing, commercial and retail investment options in real-estate in India. Over 25 developers, including Godrej Properties, Hiranandani Constructions, Tata Housing Development and Sunil Mantri Realty, will showcase their projects spread across cities such as Mumbai, Thane, Navi Mumbai, Panvel, Pune, Bangalore, Goa, and Nagpur.

According to MCHI, it is an ideal time for NRIs to invest in India as the prices are attractive and the depreciation of the Indian rupee against the US dollar will give them 20 per cent more value.

The forthcoming exhibition in Dubai is being attended by prominent developers, who had their projects in almost all the categories such as IT, ITES, Retail, Entertainment, Banking, Financial, Hospitality, Education and residential properties to suit all budgets, ranging from Rs 4 lakh to Rs 2 crore and more. The event is expected to see substantial investments from Indian and overseas companies. —

Our Bureau.

Feedback to blproperty@thehindu.co.in