New Delhi's Connaught Place fell four notches to settle as the 8th most expensive location in the world, according to real estate consultant Cushman & Wakefield. The ranking fell due to an appreciation in the US dollar and euro against the rupee in 2013. This caused a shift in Delhi’s position in terms of global occupancy costs when measured on a dollar or euro basis.
Mumbai’s Bandra Kurla Complex (BKC) with rentals of R285/sq ft/month emerged as the second most expensive office location in India. The location has remained stable in terms of rental values over the last year due to a large upcoming supply. “The supremacy of CP may be challenged with newer corporate offices locations in Gurgaon that may provide better alternatives to New Delhi CBD (Central Business District),” says Sanjay Dutt, executive MD, South Asia, Cushman & Wakefield.