Delhi’s Khan Market has emerged as the most expensive retail location in India and getting the 24th position in global rankings as per the latest report released by real estate consultancy firm Cushman and Wakefield.
Despite no change in rental values, the retail location moved by four positions in the global rankings since 2016, mostly due to devaluation in rentals for several global properties.
Worldwide, New York’s Upper 5th Avenue retained its top place, while Hong Kong’s Causeway Bay and London’s Bond Street were ranked 2nd and 3rd globally.
Most expensive global locations (Source: Cushman and Wakefield)
Amongst the APAC region, Khan Market was ranked at 11 while DLF Galeria in Gurugram and Linking Road in Mumbai were ranked 19 and 20 respectively.
Anshul Jain, Country Head and Managing Director, India, Cushman and Wakefield said: “The retail sector in India has remained cautious in activities, even though there was visible momentum in leasing across main streets as well as shopping centres. The leasing activities across most key micro-markets was led by of food & beverages and fashion & lifestyle brands, both following an aggressive growth strategy in India. India’s current economic growth coupled with a favourable demographics of the population creates a conducive environment for growth of retail sector in the country. This further gets strengthened as an increasing number of global retailers start turning towards India in anticipation of more relaxation in entry policies by the Government.
In India, Connaught Place in New Delhi saw the highest y-o-y rental growth at 11%. The popular spot has undergone a renovation in the last few years with the presence of curated gardens and refurbished cinema halls increasing its appeal as a family destination.
Meanwhile, Kolkata’s Park Street and Camac Street were part of the top 20 in India, even though their rents remain unchanged.
