Khan Market in New Delhi is ranked to be the most expensive retail locale in India and the 24th around the world. The report released by real estate firm Cushman and Wakefield places New York’s Upper Fifth Avenue as the top retail location in the world.
With an incredible $3,500 per sq ft the New York’s upper fifth avenue leads the way, trailed by Hong Kong’s Causeway Bay at $2,399, Avenue de Champs Elysees in Paris at $1,372 and Bond Street in London at $1,321. Khan market moved two positions up to 24th overall and tenth in the Asia Pacific district.
Khan Market is the most costly market place in India for the last five years, as interest for retail space has stayed unfaltering attributable to its upscale area and current occupier profile, the report noted, positioning the elegant shopping spot at the top. With Rs.1,250 ($19) per sq ft rental, Khan Market is trailed by Connaught Place in the downtown area at Rs.850 per sq ft and DLF Galleria at Gurgaon in Haryana and South Extension in south Delhi at Rs.750 per sq ft.
Khan Market is midway situated in the national capital, flanked by high end residential territory, with numerous worldwide and national brands’ stores in its region, the report on ‘stores in its vicinity’ pointed out. DLF Galleria saw 15 percent year-on-year trek in rentals inferable from better occupant blend and better nature of retail space and high footfalls because of area and enhancements.
Interestingly, retail stores in the nation’s business capital Mumbai, for example, Colaba Causeway in southern suburb (positioned 6th) saw 14 percent yearly rental decline, while it stayed level on Linking Road (positioned fifth) in western suburb.