Delhi’s Khan Market has once again solidified its status as a retail hotspot, emerging as the most expensive retail market in India and retaining the 22nd spot in the global ranking of main street markets with 7 percent year-on-year (YoY) growth in its rentals, according to a report released by Cushman & Wakefield, a real estate consultancy firm.
Milan’s Via Montenapoleone, where rents have risen by nearly a third in the past two years, has overtaken New York’s Upper 5th Avenue high-street market, to be crowned as the world’s most expensive retail destination.
Delhi-NCR now hosts India’s top three most expensive retail high streets which include Khan Market, Connaught Place and Galleria Market (Gurgaon). Anna Nagar in Chennai is the most affordable high-street market in the APAC region.
According to the report, the annual rentals in Khan Market stand at $229 per square foot (Rs 19,330 psf per annum).
Saurabh Shatdal, Managing Director, Capital Markets and Head-Retail-India, Cushman & Wakefield, said that Khan Market’s position among the world’s top retail destinations underscores the resilience and strength of India’s retail sector.
Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot.
“The limited availability of retail space in the area creates intense competition, pushing rental values higher. With malls facing supply constraints, main streets across India are thriving, driven by robust demand and strong rental growth. As of year till date 2024, main streets have recorded leasing of 3.8 million square feet, marking an 11 percent year-on-year growth,” he said.
Shatdal further added that globally, super-prime physical retail spaces remain central to retailers’ strategies, highlighting the enduring importance of vibrant shopping destinations like Khan Market. With India’s robust economic growth and evolving consumer preferences, the country’s retail sector is poised for sustained success.
According to the report, apart from Khan Market, the other most expensive main streets of India in the APAC region are - Connaught Place (29th), Gurugram's Galleria Market (31st), Mumbai's Linking Road (34th), Kolkata's Park street (35th), Fort/Fountain South Mumbai (39th), Kemps Corner in South Mumbai (40th), Brigade Road in Bengaluru (41st) and Vittal Mallya Road in Bengaluru (42nd), MG Road in Pune (43rd) and Banjara Hills in Hyderabad (48th) and so on.
Also Read: On a shopping spree: Why high-street retail is making a big comeback in India?
At present Connaught Place in New Delhi commands a rent of $158 per square feet per year (around Rs 13,342 per sqft per month). Similarly, rentals in Gurugram’s Galleria Market and Mumbai’s Linking Road are $143 per sqft per year (around Rs 12,075 per sqft per year) and $123 per sqft per year (around Rs 10,386 per sqft per year) respectively. For Kolkata’s Park Street the rentals are $93 per sqft per year (Rs 7,853).
The report highlighted that Anna Nagar and Pondy Bazar in Chennai are the most affordable high-street markets in the APAC region with rentals at $25 per sqft per year (Rs 2,111 per sqft per annum) and $26 per sqft per year (Rs 2,196 per sqft per annum) respectively.
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