According to a study by global real estate consultant Cushman & Wakefield, Gurgaon witnessed an appreciation of 16 per cent in rental values over the last quarter.
"Buoyant demand coupled with lack of quality space in prominent malls across Delhi and Gurgaon has resulted in an appreciation of rental values in the region," the report said.
As per the estimates of the realty consultant, NCR is likely to witness mall space supply of about four million sq ft during the second quarter. However, it is unlikely to provide respite from the soaring rentals due to robust demand.
The consultant said that NCR had witnessed a retail space supply of about 9.25 lakh sq ft in January-March period this year.
"The majority of this supply (55 per cent) was concentrated in the suburban location of Faridabad, while the remaining supply was spread across Gurgaon (18 per cent) and Delhi (27 per cent)," it added.
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Inside the city, the rentals in Greater Kailash I (M Block) witnessed the highest increase of about 15 per cent, which was recorded at Rs 1,056 per sq ft a month. It was followed by South Extension I and II with nine per cent quarter-on-quarter increase in rental values.
"This is primarily due to buoyant demand and lack of new stock available at these locations," the report said.
On the other hand, C&W pointed out that the rentals in Connaught Place, Karol Bagh and Basant Lok remained stable because of limited availability of space and since rentals had already reached their peak last year.