In contrast, rentals grew 40 to 50 per cent in the National Capital Region in calendar 2007, according to a recent report by property consultancy Jones Lang LaSalle Meghraj.
In the emerging boomtowns Gurgaon and Noida, which command rentals between Rs 50 and 200 per sq ft, have seen a 5 to 10 per cent dip in commercial rentals in the last three months, according to consultants.
Slowdown in Mumbai
Last week, Mumbai's city planning agency - the Mumbai Metropolitan Region Development Authority - failed to get bidders for two plots in the Bandra-Kurla Complex, the city's new business district. Analysts say this is a clear indication of a slowdown.
"The days of super-high growth are over. Now developers are only going for those properties which are reasonable," said Abhishek Kiran Gupta of JLLM.
Image: A view of Marinr Drive - Mumbai's major thoroughfare
Photograph: Indranil Mukherjee/AFP/Getty Images
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