Mumbai builders offer smaller offices to boost sales

Builders of commercial real estate are now adopting various means to boost sales and rentals. Builders like Kohinoor Square at Dadar are selling at Rs 20,000 per square foot for the smaller offices (1,000 square feet). According to Atul Modak, vice president, Kohinoor Square, the demand for small offices is great. He said the company sold more than 50 per cent in the first 15 days itself.

Similar offers were made by Kanakia at Kurla, which priced offices at Rs 15,000 per square foot, and the Marathon Group, which is selling its Innova office spaces in the range of Rs 18,000-Rs 20,000 per square foot.

According to Ravi Ahuja, director of office transactions at Cushman and Wakefield India, a leading real estate consultancy, it is a ‘buyer’s market’: Consumers are getting a good deal as there is an oversupply. However, he cautioned that this is soon going to end. As there are no more commercial complexes coming up, in the next two years, we will see occupancy levels going up.