Commenting on its MOU to restore the iconic library, Sangita Jindal, Chairperson of JSW Foundation said, “We are pleased to join hands with the team of the David Sassoon Library, Hermes, The Kala Ghoda Association, The Consulate General of Israel in Mumbai and other generous donors to restore and conserve one of the oldest libraries in the city. During the last two decades, the David Sassoon Library has welcomed me and millions of people- especially during the Kala Ghoda Arts Festival. This restoration MOU is our way to reciprocate and give this iconic library its due as a primary institution of learning in the heart of Mumbai’s art and heritage precinct. The Library’s proximity to the other educational and cultural institutions like the Elphinstone College, CSMVS Museum and other art galleries makes it the fulcrum of Mumbai’s educational and cultural movement. We will be collaborating with India’s most-respected Heritage & Conservation Architect Abha Narain Lambah for this restoration project.”

According to Hemant Bhalekar, President of the David Sassoon Library and Reading Room Committee, “We have been waiting for this day for a long time. Our entire committee and its members are happy that the library building will be restored to its original glory. We would like to thank all the donors specifically Mrs Sangita Jindal and Mrs Abha Lambah for taking this initiative to conserve and restore David Sassoon to Library and Reading Room.”

According to Abha Narain Lambah Founder & Principal Architect at Abha Narain Lambah Associates, “I am delighted to work on this project with Mrs Sangita Jindal and the David Sassoon Library team to restore the magical legacy of this iconic library. The David Sassoon Library is among the oldest landmarks in the UNESCO World Heritage Site of the Victorian & Art Deco Ensembles of Mumbai. The conservation plan will comprehensively cover architectural and interior design of the library for restoring its interiors and exteriors including rebuilding of the original sloping roof over the library, restoring the façade and interior spaces and undertake the conservation of its historic interiors.

The David Sassoon Library and Reading Room is a Grade 1 heritage building located in Mumbai city’s historic art precinct at Kala Ghoda. It is one of the oldest surviving libraries in Mumbai And among the first buildings to be built at the Kala Ghoda in 1870. It was designed by Gostling and Campbell in buff coloured trachyte (Malad stone) and limestone which gives the building its distinct character. The Victorian Neogothic-styled structure was originally built as a museum and library of mechanical models and architectural designs. It was principally used by a group of foreign mechanics working at the mint and government dockyard. The Institute was renamed in 1938 as the David Sassoon Library and Reading Room after the activities of the institute diminished. The Museum and Library was named after Sir David Sassoon, a Baghdadi Jew merchant, who funded the construction of the iconic monument.

In current times, the David Sassoon Library and Reading Room is a host to young students and senior citizens alike. The entrance lobby of the library doubles up as an art gallery, extending from the Jahangir Art gallery across the street. The David Sassoon library gardens are amongst the very few green open spaces in the historic district and is a welcome retreat from the busy public streets. The garden is a landmark venue for the annual Kala Ghoda Arts Festival.

Also Read: Which Indian City Sold More Real Estate in 2021?

The post JSW signs MOU to restore and conserve the iconic David Sassoon Library & Reading Room in Mumbai appeared first on Square Feat India.

By Varun Singh

With COVID-19 wreaking havoc in the country, average monthly rentals across the key high street markets in top cities witnessed some corrections.

As per recent data by ANAROCK Research, the iconic retail hub in Delhi – Khan Market – saw average monthly rentals reduce by as much as 8% to 17% in Q1 2021 against Q1 2020.

Likewise, high street markets of Kala Ghoda, Bandra Linking Road and Fort in Mumbai (one of the worst-affected city) also saw high street retail rentals decline anywhere between 5% to 10% during the same period.

Retail sector has been one of the worst affected due to the pandemic since early 2020.

Pankaj Renjhen, COO & Joint MD – ANAROCK Retail said, “With almost zero sales amidst lockdown and thereafter as well for few months, we saw retailers closing their stores or even curtailing their future expansion plans. As a result, the average monthly rentals across the major high street retail markets mostly saw corrections across cities. However, there were also few markets that saw an upward trend. For instance, Hyderabad localities such as Gachibowli, Banjara Hills, Jubilee Hills saw average retail rentals increase in Q1 2021 against Q1 2020.”

If one consider trends of the previous two quarters, the retail segment seemed to be on the verge of recovery and was gradually inching towards the pre-pandemic-level business. However, the second wave has once again crimped this growth.

In an overall trend, many of the prominent high streets in the country saw reduced monthly rentals over the last one year.

High Street Rental Trends in Top Cities

Almost zero sales seriously impacted the retail sector during the first lockdown. Soon thereafter, many retailers closed down their stores permanently or a the very least curtailed their expansion plans.

Given this sombre scenario, the average monthly rentals across major high street retail markets began correcting by anywhere between 2% and 30%. However, some markets saw an upward trend in the same period:

• The country’s most expensive retail hub – Khan Market in New Delhi – saw a drop of between 8-17% in avg. monthly rentals in Q1 2021, as against Q1 2020. The avg. monthly rentals hovered b/w INR 1,000-1,100 per sq. ft. as on Q1 2021-end. Likewise, in GK-1 M Block, rentals reduced between 13-14% and are presently b/w INR 300-350 per sq. ft.
• Brigade Road in Bengaluru saw a drop in rentals between 8-17% in Q1 2021 as against Q1 2020 with current avg. monthly rentals between INR 250-275 per sq. ft. At Indiranagar, the rentals range between INR 225-250 per sq. ft.
• Another highly impacted city was Pune where average high street monthly rentals dropped anywhere between 8-20% in Q1 2021 in comparison with Q1 2020. While M G Road saw rentals maintain status quo of INR 250-275 per sq. ft., the landlords on J M Road are also holding the rents at INR 275-300 per sq. ft. despite vacancy.
• Kolkata also saw a decline in its high street rental rates, Gariyhaat Rash Bihari Avenue being the worst affected in the city with rental rates dropping to INR 160- 220 per sq. ft. in Q1 2021 from INR 250-260 per sq. ft. in Q1 2020.
• Mumbai saw about 5-10% decline in rentals rates in key markets as on Q1 2021 against the previous year. The current average monthly rentals at both Kala Ghoda and Fort area are around INR 450-500 per sq. ft. each, while at Bandra Linking Road it stands at approx. INR 750-900 per sq. ft.
• In contrast to all major cities, Hyderabad saw an increase in average high street rental rates in areas like Gachibowli, Banjara Hills and Jubilee Hills as much as 7-15% during this period. The avg. monthly retail rentals in Gachibowli are now at INR 115- 125 per sq. ft. Last year, they were INR 100- 120 per sq. ft. In Banjara Hills 12, the avg. monthly rentals increased from INR 120-130 per sq. ft. in Q1 2020 to anywhere between INR 135-140 per sq. ft.

Also Read: Mumbai Rental Market Sep-Nov 2020: 55021 Sep-Nov 2019: 44455

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