Office locations in Mumbai, Delhi among priciest in the world: Survey

In Maharashtra, the rental price rose by 33 percent in Central Worli, while in suburban Powai, it zoomed by 80 percent to touch Rs.110 per square foot a month.

"Most micro markets in Mumbai saw an upward trend in rental values largely due to very low vacancy and lack of new supply in these micro markets as projects were delayed. The city saw only approximately 0.45 million square feet of supply in 2007 with it largely being non-IT and essentially absorbed by the banking & financial Institutes, media & insurance," said Sanjay Dutt, joint managing director, Cushman &Wakefield.

According to Dutt, the boom in India's economy that led to corporate expansion has also impacted the market. "However, high rental values witnessed across the country would not be sustainable beyond 12 months given the significant IT supply planned to enter the market in during 2008," he said.

The highest rental growth in India was, surprisingly, achieved by Kolkata's Rashbehari Connector with an increase of 86 percent. However, in spite of the increase, the monthly rental price currently stands at a measly Rs.65 per square foot a month.

Other notable growths in India were recorded in suburban locations in Mumbai such Andheri (71 percent) and Malad (64 percent).

In the south, Hyderabad's Begumpet/Raj Bhavan Road registered the biggest rental rise with 44 percent.