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COVID-19 impact: 80% high streets in India witness decline in rents; Khan Market rents down by 14%

60% of high streets in Asia Pacific saw rentals decline in 2020, says a report by Cushman & Wakefield

Cafes taking precautionary measures at Khan Market. Temperature checking is done. (Image: News18)

Cafes taking precautionary measures at Khan Market. Temperature checking is done. (Image: News18)

 As many as 80% high streets in India witnessed a decline in rent on account of the COVID-19 pandemic with India’s most expensive retail real estate destination seeing rents go down by almost 14%, a new report has said.

Khan market in New Delhi also slipped in rank from being the top 20 most expensive retail high street markets in APAC to rank 21, a report by Cushman & Wakefield has said.

Nevertheless, Khan Market continues to be the most expensive retail market in India with a rent of $195 per sq ft, followed by the age old retail hub Connaught Place at $153 psf, both in New Delhi. Linking Road, Mumbai was at $145 psf. DLF Galleria in Gurgaon was at $113 psf. Fort/Fountain in Mumbai was at $105 psf and South Extension in New Delhi was at $105 psf as well, the report said.

The start of lockdowns from Q2 2020 stalled the momentum and transactions have declined even as markets gradually re-opened in H2 2020.