I recently read that Mumbai and Delhi have been ranked again among the top 6 costliest office markets in the world. Atleast 2 Indian newspapers, that i read, sounded really proud reporting this fact.
But is this a fact to be so proud of? Yes, costly office markets are a sign of business demand for new space and reflecting the strength in the economy.
When you look deeper, you realise the rates in Mumbai and Delhi are actually higher than in London City, Manhattan, Singapore and Dubai!!! Does this truly reflect the economic scenario or the lack of quality of office space?
The oft heard answer to this question is that these cities are unique b'coz of their massive populations. But hang on. All the cities mentioned above also have atleast a 5million+ population. Not a small figure by any yardstick.
It's time we moved beyond hiding ourselves behind this population game and try to remove restrictions on building permissions, slum re-development and more importantly red-tape.
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