Delhi’s Khan Market has emerged as the most expensive retail market in India as it bagged the 22nd spot in the global ranking of main street markets with 3 percent year-on-year (YoY) growth in its rentals, according to a report released by Cushman & Wakefield, a real estate consultancy firm.
“Delhi’s Khan Market features amongst the top 25 most expensive main street markets in the world. With pre-pandemic to present growth (during September quarter) at 7% and a 3% year-on-year growth in rent in terms of INR, Khan Market ranked 22nd on the coveted global main street list,” Cushman & Wakefield said in a statement.
Other than that, the biggest jump has been made by Istiklal Street in Istanbul, where it reached the 20th spot from the 31st spot. This has occurred mainly due to inflation, which has doubled the rents.
Saurabh Shatdal, Managing Director, Capital Markets, Cushman & Wakefield India, said, “Indian main streets, especially the prominent ones, have benefited from a dearth of space across quality-grade retail malls. Main street rentals have grown by 10% year over year.”
“One of the main reasons behind this is that while demand for retail space has been recovering strongly post-pandemic, supply of grade A-quality malls hasn’t kept pace,” Shatdal added.
According to the report, the top five most expensive main streets of India in the APAC region were – Khan Market (22nd), Connaught Place (30th), Mumbai’s Linking Road (33rd), Gurugram’s Galleria Market (31st), and Kolkata’s Park street (37th).
New York’s Fifth Avenue retains its top ranking as the world’s most expensive retail destination. Milan’s Via Montenapoleone jumped a spot into the second place, displacing Hong Kong’s Tsim Sha Tsui, which slipped to the third position. New Bond Street in London and the Avenues des Champs-Elysees in Paris retained the fourth and fifth positions, respectively.