SURPlUS REALTY SPACE CREATED BY CLOsING DOWN MILLS

The closing down of more than 20 textile mills and 15 manufacturing units in the country in the last 6-12 months has led to creation of a surplus supply of  real estate. With more than 20,000 workers in the textile sector now jobless, demand for space around industrial belts has slowed down, and more supply is taking prices further south.

The rentals are down by 20-25 % in the industrial belts. It is estimated that more than 15 lakh sq ft surplus area has been added in the market which is already depressed.

                                                                                                                  Courtesy: - ET Realty dt. 25 July 2008