At a whopping rental of Rs 950 per sq ft, Delhi's Khan Market has emerged as the country's most expensive retail location, far ahead of its pricey Mumbai counterparts. To top that, it is also the 16th most expensive shopping location in the world.

According to a report -- 'Main street across the World' -- by global real estate consultancy firm Cushman and Wakefield, the top four expensive locations in India are Khan Market, Connaught Place, South Extension and Greater Kailash. These are followed by Mumbai's Linking Road, Kemps Corner and Colaba Causeway.

Khan Market, whose rentals have gone up by 35.7% from Rs 700 per sq ft per month in 2006 to Rs 950 in the quarter ending June 2007, became the 16th most expensive shopping location in the world -- ahead of Tverskaya in Moscow and Wanfujing in Beijing. That's a jump of eight places for the market that ranked 24th on the list in 2006.

In India, it continues to be the most expensive market.

Interestingly, Khan market hit the news last year too.

Khan Market costliest retail locale in country

Khan Market in Lutyens' Delhi is India's new elite high street, having emerged as the most expensive retail location within India.

Over the last one year, Delhi's micro markets have emerged as the costliest ones in the country, dethroning those from Mumbai.

Khan Market ranks 24 on the global list, which is quite something considering it didn't even figure in last year's list.

Last year, the top Indian market was Mumbai's Linking Road at No. 41.New York's Fifth Avenue continues to retain the top position followed by Causeway Bay in Hong Kong in second position and Avenue des Champs Elysees of Paris in third. This ranking is according to Main Streets Across the World 2006, an annual report on global retail rents by global real estate consultancy firm Cushman & Wakefield (C&W).

Because of the huge demand for rental space, the increase in rents in Delhi is the highest in the world over the last year.

During this period, rents of retail space in certain micro markets like Greater Kailash, South Extension and Connaught Place in Delhi have more than doubled.

This is also in part because of the sealing drive undertaken by the civic authorities under the instruction of the Supreme Court.

Rents in South Extension witnessed an increase of 111.5% to Rs 550 per square foot per month (psfpm) from Rs 260 psfpm last year.

Similarly, rents of retail space in Greater Kailash and Connaught Place increased by 110% and 100% in the last one year to Rs 525 psfpm and Rs 400 psfpm respectively.

The rise in rentals in Mumbai markets is relatively moderate. Rents in Linking Road, which commanded the highest rates in India at Rs 285 psfpm a year back, increased by 58% to Rs 450 psfpm at present.

Similarly, other areas like Kemps Corner and Colaba Causeway also witnessed rise in rents by 28% and 36% to Rs 275 psfpm and Rs 225 psfpm respectively

Source: TOI
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  • Most preferred markets

    Mumbai and Delhi remain the best markets for retailers across categories and witness consistent demand from retailers due to the double-digit growth in revenues achieved across brands within the high street markets.

    Prime high streets such as Khan Market, Greater Kailash, South Extension and Connaught Place in Delhi, and Linking Road and Kemp Corner in Mumbai provide better revenue for retailers. These will continue to be viewed favourably by retailers despite the rapid growth in mall development across the cities. :)
  • Khan market is one of the poshest retail venues out there in delhi...
    it enjoys the same status in commecial respects that south ex and like enjoy in housing estate. So it is no surprise that it may be nations costliest.
  • Hi all,

    Delhi is a very beautiful place and I know khan market is a very expensive market, but there are so many markets. Did you go there?

  • Continues to remain one of the most expensive in India since the last 10 years!! The place is so cramped up and is a parking nightmare. I wonder wh