A survey by global real estate consultancy Cushman and Wakefield (C&W) has revealed that average capital values of luxury properties in posh localities across major metros have fallen by 10%-20% during the last three months. Residential rental values for the same segment have also been affected, with some locations witnessing a drop as high as 20-25%. For instance in Delhi, residential capital values of luxury properties such as Shanti Niketan, Westend and Vasant Vihar, GK I and II and Maharani Bagh have dropped by 10% over the last three months. Rental values have also followed a similar track and have seen a 6% drop over the same period. Areas in South central Mumbai such as Altamount Road, Carmichael Road, Malabar Hill, Napeansea Road and Breach Candy have seen a decline of 7% in average capital values during the last three months. The impact has been more visible in the rental values in these areas where a drop to the tune of 19% is being witnessed whereas locations in South Mumbai such as Colaba, Cuffe Parade, Nariman Point and Churchgate have seen a drop of 12% in rental values over the same period.

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