Indians are capable of outsmarting anyone in the world. With the growing number of millionaires and billionaires there is a skyrocketing of real estate price. More than the value of the land hype and sensationalism built around the real estate pushes price to unimaginable level. This is clear from the rental of mere 133 sq.ft shop on Delhi’s Ramgarhia, Safdarjung Road which is opposite to AIIMS for Rs.12,09,000 per month. This is Rs.9,022 per sq.ft a month. This higher than New York’s Fifth Avenue which charges Rs.10 lakh for the same piece of shop, Hong Kong’s Causeqay Bay (Rs.9.8 lakh) and Avenue des Champs Elysees in Paris (Rs.6.25 lakh). Even in Khan Market of Delhi which was charging the costliest rent till yesterday got Rs1.45 lakh for the same size of shop in rent.
Steep Rates
The rates at which shops are
Rented out in the world’s most ritzy locations
Country City Street Rental
India Delhi Safdarjung Road Rs.12,09,000
USA New York 5th Avenue Rs.10,15,000
Hong Kong Hong Kong Causeway Bay Rs. 9,80,000
France Paris Champs Elysees Rs. 6,25,000
Italy Milan Via Montenapoleone Rs. 5,40,000
Ireland Dublin Grafton Street Rs. 4,50,000
UK London New Bond Street Rs.4,45,000
Japan Tokyo Ginza Rs. 4,40,000
Switzerland Zurich Bahnhofstrasse Rs. 4,00,000
Source: The Times of India 23.1.2009, p.1 & 3
Is this world’s costliest shop for rent announces the arrival of economic giant? If someone thinks India’s economy is decided on the basis of high rents then it is misleading. India cannot be this alone. It can be this and that. Along with this world highest rented shop it also houses poorest places. Slumdog Millonaire showcases the other side of the nation. For the drip down welfare there should be a moderation of real estate prices. Government intervention may not be the best idea but at the same time private sector is not the complete solution. A mix of both without red tapism should be unveiled at the earliest to smoothen the real estate prices.
Steep Rates
The rates at which shops are
Rented out in the world’s most ritzy locations
Country City Street Rental
India Delhi Safdarjung Road Rs.12,09,000
USA New York 5th Avenue Rs.10,15,000
Hong Kong Hong Kong Causeway Bay Rs. 9,80,000
France Paris Champs Elysees Rs. 6,25,000
Italy Milan Via Montenapoleone Rs. 5,40,000
Ireland Dublin Grafton Street Rs. 4,50,000
UK London New Bond Street Rs.4,45,000
Japan Tokyo Ginza Rs. 4,40,000
Switzerland Zurich Bahnhofstrasse Rs. 4,00,000
Source: The Times of India 23.1.2009, p.1 & 3
Is this world’s costliest shop for rent announces the arrival of economic giant? If someone thinks India’s economy is decided on the basis of high rents then it is misleading. India cannot be this alone. It can be this and that. Along with this world highest rented shop it also houses poorest places. Slumdog Millonaire showcases the other side of the nation. For the drip down welfare there should be a moderation of real estate prices. Government intervention may not be the best idea but at the same time private sector is not the complete solution. A mix of both without red tapism should be unveiled at the earliest to smoothen the real estate prices.
No comments:
Post a Comment