Khan Market retains the pricey tag

It’s the 28th most expensive retail location in the world and at the top in India as per a report

November 23, 2016 08:20 am | Updated 08:22 am IST - NEW DELHI:

Khan Market has been the most expensive market in India for more than five years, according to the report. —FILE PHOTOS: SUSHIL KUMAR VERMA & RAJEEV BHATT

Khan Market has been the most expensive market in India for more than five years, according to the report. —FILE PHOTOS: SUSHIL KUMAR VERMA & RAJEEV BHATT

One of Delhi’s most upmarket and popular hangout zones, Khan Market is the world’s 28th most expensive retail location, according to real estate consultant Cushman & Wakefield’s annual report titled “Main Streets Across the World”.

However, Khan Market has slipped two spots in the global retail ranking. According to the report, monthly rentals at Khan Market stand at Rs.1,250 per sq. ft, while the annual rental is $222 per sq. ft — the highest in the country and 28th most expensive in the world.

Stable rental values

“Despite witnessing stable rental values, Khan Market’s position slipped two places due to marginal increases in rentals of other countries. The micro market has been the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile,” said a statement.

Centrally located

“The area, which is centrally located within New Delhi, is flanked on all sides by high-end residential catchment areas. Within Asia Pacific too, Khan Market slipped down a notch to number 15.”

Top retail locations

The annual report tracks 462 of the top retail locations around the globe and ranks them by their prime rental value, utilising Cushman & Wakefield’s proprietary data, the statement added.

Of the top 10 most expensive retail locations in India, four are from Delhi and one from Gurgaon.

The others

After Khan Market, other top rankers include Connaught Place, South Extension and Greater Kailash I in New Delhi, and DLF Galleria in Gurgaon.

Khan Market and Connaught Place demand highest rentals of Rs.1,250 per sq. ft per month and Rs.850 per sq. ft per month respectively.

“Of these top three markets, only DLF Galleria Gurgaon recorded a year-on-year growth in rentals. These are established markets with long-standing interest from occupiers as well as consumers on account of tenant mix, accessibility and legacy. Thus, most brands have been working on establishing their presence in these markets despite high rentals,” the statement said.

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