When discussing Delhi's most expensive markets, Khan Market frequently comes to mind due to its prime location. Situated in the upscale area known as Lutyens' Delhi, it is home to high-ranking officials and wealthy individuals. Let’s take a closer look at who owns Khan Market and its significance.
Established in 1951, Khan Market was initially created to provide homes for those migrating from Pakistan to India after the partition. The lower floors were reserved for shops, while the upper levels were used as residences. The market was named after Abdul Jabbar Khan, a freedom fighter honored for his efforts in rescuing Hindus from Pakistan.
In its early days, there were only three houses in the area. Over time, however, restaurants and shops began to flourish, transforming Khan Market into the bustling hub it is today, with thousands of businesses catering to a wide range of customers.
While the government controls most of the shops through leases, the rents have seen a massive rise. Originally set at just Rs 50 per month, rents surged in 1956 when the Ministry of Rehabilitation introduced a plan that allocated shops at Rs 6,516. Nowadays, the average rent for a commercial space ranges between Rs 1,800 and Rs 2,200 per square foot, depending on location, size, and type. As a result, shop rents can exceed Rs 6 lakh per month.
Although there was an attempt to rename the market during Rajnath Singh's tenure as Home Minister, shopkeepers strongly opposed the idea, and the market retained its original name.
With its rich history and a unique blend of old and new, Khan Market remains a top destination for shoppers and food lovers, capturing the essence of a city where tradition meets modernity.
