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The global economic slowdown hit commercial sector in Noida to a considerable degree and with reduction in workflow of a number of multinational and IT companies in Noida, values of office spaces also dropped. The retail sector also suffered as construction of malls and shopping complexes stopped or slowed down during recession. One of the Noida real estate agent says, “In Q4 2008-2009, only 5-10% transactions had taken place in office space and capital and rental values dropped by nearly 10%. In Q1 2009-2010 there was very little demand for office space in Noida.” According to noida real estate agent the market for office space will not improve until and unless some MNCs or IT companies invest in Noida. “The retail segment in the city was not doing as well as was expected as residents of Noida prefer local shopping complexes over malls. Many big retail players are moving out from malls and planning to set up units in local markets.” Some popular malls in the city are The Great India Place, Centre Stage and Spice. Sector 18 is the main retail hub of Noida City.
 According to Research, commercial office space values in Noida ranged from Rs 1,000 to Rs 5,000 per sq ft, while the rental values for office space was between Rs 30 and Rs 250 per sq ft per month. Capital value of office space in Sector 18, the commercial hub, commanded approximately Rs 1,500-5,000 per sq ft. Rental value of office space in this sector ranged between Rs 50 and Rs 250 per sq ft per month.
For mall space, capital values in Noida ranged from Rs 1,500 to Rs 3,500 per sq ft and rental values were Rs 50 to Rs 300 per sq ft per month. Sector 18 commanded capital values in the range of Rs 1,500 to Rs 3,500 per sq ft and rental values between Rs 80 and Rs 300 per sq ft per month.
Capital values on high street ranged between Rs 1,200 and Rs 3,500 per sq ft while at local shopping complexes they were between Rs 800 and Rs 4,000 per sq ft. Rental values in high street markets were Rs 35 to Rs 200 per sq ft per month while local shopping complexes commanded values in the range of Rs 15 to Rs 200 per sq ft per month. |
