Greater Noida saw 8th highest jump in rentals

Greater Noida in the National Capital Region (NCR) saw the 8th highest annual growth in rental values in the world as on December 2008, a report by a global real estate consultant said.

According a Cushman & Wakefield report 'Industrial spaces across the world 2009', Peenya Industrial Area and Bommasandra Industrial Area in Bangalore recorded the 12th and the 16th highest annual growth in rental values respectively.

Industrial areas in India saw the highest growth in rental values amongst the locations in Asia Pacific. Greater Noida, Peenya Industrial Area, Bommasundra Industrial Estate and Jigani Industrial took the top four positions in the Asia Pacific Region.

Mumbais ThaneTurbhe Creek, which had recorded the highest growth last year and had finished on the 26th position as the most expensive industrial locations, slipped eleven places to settle on the 37th spot.

NCRs Greater Noida area, which has been developed to attract medium to large scale industries, recorded an annual growth of 25 per cent in industrial rental values in 2008.

This location is particularly promoted for campus development and has in recent past not received much supply. This, coupled with marginal vacancy, has pushed the rental values northwards.