New Delhi, 21 November, 2024: Khan Market in Delhi has been ranked the 22nd most expensive retail street globally, according to a new report released Thursday. The market, which retains its position as India’s priciest high street, has seen a year-on-year rental growth of 7%, with an annual rent of $229 per square foot (around ₹19,330).
The Cushman & Wakefield report analyzed 138 urban and luxury retail locations worldwide, highlighting the continued prominence of Khan Market.
Delhi-NCR also houses two other top-ranking retail streets in India. Connaught Place, located in central Delhi, and Galleria Market in Gurgaon, are listed among the top streets in the Asia-Pacific (APAC) region. Connaught Place commands an annual rent of $158 per square foot (₹13,335), while Galleria Market follows closely with $156 (₹13,166) per square foot.
Bengaluru’s Indiranagar, known for its high rental growth, topped the list in APAC, while Anna Nagar in Chennai emerged as the most affordable retail street in India.
“Khan Market’s ranking as one of the world’s premier retail destinations reflects the resilience of India’s retail sector. With its blend of high-end brands and boutique shops, it continues to attract affluent shoppers,” said Saurabh Shatdal, Managing Director, Capital Markets and Head of Retail for India at Cushman & Wakefield.
The report also pointed to a scarcity of retail space in the area, which has spurred intense competition, further driving up rental prices.
“With limited supply in malls, India’s main streets are flourishing, fueled by strong demand and substantial rental growth. Year-to-date leasing for 2024 has already reached 3.8 million square feet, marking an 11% year-on-year increase,” Shatdal added.
