One of the oldest markets that have luxury and premium written all over it in Delhi and India, Khan Market, is living upto its name and has emerged as one of the costliest retail destination in terms of rentals. A study by Cushman & Wakefield, ‘Main Streets Across the World 2013’, Khan Market is the most expensive retail market in the country, though its global ranking drops two places to 28.
The monthly rentals stood at Rs 1,250 per sq ft as of June 2013, up two percent since last year. The ranking also has Panjagutta in Hyderabad with 29 per cent growth is placed 8th in the list of global rental movement ranking of 2013. Moreover, Delhi’s South Extension also was at 17th position with an annual rental growth of 20 per cent.
For Khan Market, the growth numbers in terms of rentals has been low because of limited space availability and transaction even when the retailers have been upbeat about it.
“While retail rentals globally registered a slower growth of 3.2 per cent as compared to previous year on account of slowdown in economic uncertainties in the leading markets, the Asian markets saw a better average of rental increase at 4.5 per cent in the same period.” says Sanjay Dutt, Executive Managing Director, C&W (South Asia).
- Khan Market is India’s costliest retail market (sunandchronicle.wordpress.com)
- Delhi leads to be the luxury capital of India (igrowcommunity.wordpress.com)