In 2014, Ceejay House, located in Mumbai’s Worli area and having a gorgeous view of the Arabian Sea, had virtually no space to lease out. But in the past one year, a fourth of the building is understood to be vacant, with several tenants having moved out. At the peak of the real estate boom in 2007-2008, the building commanded rents higher than those in London, and twice as high as those in Manhattan, New York. But from the peak of Rs 725 per square feet per month, the rate at which London-based Barclays Bank leased a 15,000 sq ft office, rents have come down to about half at Rs 280 per sq ft per month.
Read more: Financial Express
