Khan Market, that bastion of all that is upscale in Delhi, has once again clinched the title of India’s costliest high street. The latest report from Cushman & Wakefield places it at 22nd among the most expensive in the world. There was an annual growth of 7% in rent levels, with annualized rents pegged at $229 per square foot or close to ₹19,330.
Besides Khan Market, there are two more top-class retail destinations in Delhi-NCR. Connaught Place and Galleria Market in Gurgaon have also been ranked high in the Asia-Pacific (APAC) classification. Rents for Connaught Place stand at $158 (₹13,335) per square foot per annum, closely followed by Galleria Market at $156 (₹13,166).
“Khan Market’s sustained position as an elite retail destination around the world indicates the resilience of Indian retail,” said Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail-India, Cushman & Wakefield. There is still a strong wave of consumption across Indian retail.
Slowly evolving trends could also be spotted in the other Indian markets. Indiranagar, Bangalore topped the list for highest rental growths in APAC territories, while Anna Nagar in Chennai emerged as the cheapest high street in APAC.
This probably makes Milan’s Via Montenapoleone the most expensive retail street, overtaking New York’s Upper 5th Avenue after the rents showed an increase of 33% over a two-year period. Further findings showed that 57% of the 138 tracked global locations experienced growth in rents, with the Americas holding first for regional performance with an increase of just over 8.5%.
Increasing demand for high-street spaces as a result of constrained supply is forcing further growth on rented spaces upward in the Indian subcontinent. It is also crystal clear that with such a robust economy and evolving consumer behavior, retail thrives onwards and upwards.
“As mall supply gets strangled, high streets thrive, and an 11% year-on-year growth in leasing has been noted,” he added.
Khan Market’s global recognition reflects India’s prominence in the retail landscape and its potential to attract global luxury and lifestyle brands.
