Delhi’s Khan market among TOP 30 most expensive streets globally
Khan Market in Delhi is among the world's top 30 most costly main streets, ranking 22nd, according to a report released on Thursday. The market remains India's most expensive high street, with rental growth of 7% year on year.
PTC News Desk: Khan Market in Delhi is among the world's top 30 most costly main streets, ranking 22nd, according to a report released on Thursday. The market remains India's most expensive high street, with rental growth of 7% year on year.
Khan Market has an annual rent of $229 per square foot (about ₹ 19,330), according to a Cushman & Wakefield report analysing 138 urban and luxury retail locations globally.
Interestingly, Delhi-NCR currently has three of India's most costly retail high streets. Along with Khan Market, Connaught Place (Delhi) and Galleria Market (Gurgaon) are also prominent in the APAC rankings, with yearly rentals of $158 (Rs 13,335) and $156 (Rs 13,166) per square foot, respectively.
According to the report, Bengaluru's Indiranagar had the highest rental growth rate in the Asia-Pacific area, while Chennai's Anna Nagar was the most affordable.
“Khan Market's position among the world's top retail destinations underscores the resilience and strength of India's retail sector. Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot,” Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail-India, Cushman & Wakefield, stated.
The scarcity of retail space in the area fosters fierce competition, driving rental values higher.
“With malls facing supply constraints, main streets across India are thriving, driven by robust demand and strong rental growth. As of YTD 2024, main streets have recorded leasing of 3.8 msf, marking an 11 per cent year-on-year growth,” Shatdal further said.