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Many commercial spaces are vacant or will be vacated
HMDA may reassess the situation and offer new rates
HYDERABAD: Not only the property values but even the rental values have gone down in the city and suburbs in the recent times and the Hyderabad Metropolitan Development Authority (HMDA) appears to be feeling the pinch.
Quite a few commercial spaces in the complexes owned by the HMDA are either vacant are going to be vacated by present occupants shortly and in the given scenario, it does not appear easy to get tenants and that too for rents that were fixed quite sometime ago.
Rentals, both for residential and commercial spaces, have dipped badly and many even in main Central Business Districts have been lying vacant for want of occupants. Most have taken the changed circumstances into stride and started cutting the expected rentals after keeping the premises idle for sometime and HMDA might also have to go the same way.
Shops and blocks vacant or shortly to be vacated in the HMDA properties include those at Swarnajayanthi Commercial Complex where rental is offered at Rs.20 to Rs.40 per sft, Maitrivanam Commercial Complex at Rs.21 per sft and Maitrivihar Commercial Complex where the rental quoted is between Rs.28 to Rs.32 per sft.
According to officials, some of those who had earlier declared their intention to vacate premises in these complexes were likely to stay behind and discussions were on. However, since the rental of given premises is fixed based on the prevailing market rates, reworking on amount could happen in view of the reduced values in most parts. Officials say that rates were fixed couple of years ago and concede on the values having gone down. Based on the situation, the same might have to be ‘reassessed’ and new rates offered, they say.
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