By Accommodation Times (www.accommodationtimes.com)
The commercial property market in India was facing downturn in the October to December 2011. According to the survey report of the Royal Institution of Chartered Surveyors (RICS) says that, “the global real estate market is clearly feeling the effects of the softer macro environment, where in India too, expectations for both investment and demand have been downgraded.”
The survey report further says that, after the long prosperous period of realty market from last few quarters, but the recent information has a different story market has slows down.
However, from last 15 months demand for office space had been rising but contrary to this several projects remain standstill in the October-December quarter of 2011 due to the cool response from the tenants. “Rental expectations balance has been positive for five of the last eight surveys, suggesting that rents are now easing from a high level,” says the report.