Delhi's Khan Market India’s most expensive, moves to 24th in global markets list
Khan market in Delhi’s National Capital Region (NCR) is India’s most expensive retail market to hire a shop with monthly rentals of Rs 1250 ($20) per sq foot, said a Cushman & Wakefield report.
Khan market climbed the global rankings 4 places this year to take the 24th spot in the world’s most expensive locations list released this week by the property firm.
Upper Fifth Avenue in New York topped the list ($3,000 per square foot) with Hong Kong’s Causeway Bay next ($2,725) followed by Bond Street in London ($1,720) at the third spot. Milan’s Via Montenapoleone and Paris’s Champs Elysées were the fourth and fifth respectively.
With India, Khan Market was followed by Gurugram's DLF Galleria and Mumbai's Linking Road to take the second and third spots respectively in the most expensive retail markets list with high-end global and domestic brands occupying stores there.
"The retail sector in India has remained cautious in activities even though there was a visible momentum in leasing across main streets as well as shopping centres," Anshul Jain, Country Head and MD-India, Cushman and Wakefield said in a statement.
The drop in rental in key global markets helped Khan Market move up this year with leasing activities spiking up in the food, fashion and lifestyle sectors.
The Cushman & Wakefield survey took into consideration over 400 retail locations globally across 66 countries for the annual survey.
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