Citigroup had a conf. call with Anant Raj and indicated poor office space demand is pushing down rentals in NCR. Pre-leasing has slowed considerably and several tenants are renegotiating for lower rentals or opting out of lease agreements by forgoing the deposit amount. Rentals at the company's Manesar IT Park are down 20-30% to Rs35-40/sq ft and the project is only 40% leased. Also, launch of IT Parks in Gr. Noida and Jaipur has been delayed by 1-1.5yrs because of low demand.
Mumbai mill land fails to get Reserve Price:
In an auction, Dynamix Balwas Group's highest bid of Rs4.5bn for the 10.5 acre land parcel was rejected since it was below the reserve price. You can recall there were no buyers in Finlay Mills' 2nd auction even though the reserve price was down to ~Rs7bn from Rs10.66bn in Dec'08.
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