The wedding season is just around the corner and everyone is eager to shop either for a bachelorette party or for the wedding day itself. Delhi has always been on the top list of cities if you like to shop, be it Lajpat Nagar or Sarojini Market, Janpath or Connaught Place, Khan Market or Nehru Place, all have their own characteristics, price range but these markets remain crowded. We all know that Sarojini market is one of the cheapest markets when it comes to shopping in India but do you ever wonder what is the most expensive market in India?
As per the survey by real estate consultancy Cushman & Wakefield, Delhi's Khan Market has become the most expensive retail market in India. It secured the 22nd position in the global list of main street markets, with a 3 percent year-over-year (YoY) gain in its rentals.
According to the report, 16 Indian main streets were included in the APAC region's top 51 most costly main street markets. Despite flat rental growth, New York's Fifth Avenue continues to hold its position as the most expensive retail destination globally. The research stated that YOY and Via Montenapoleone of Milan moved up to the second position, removing Tsim Sha Tsui of Hong Kong, which now ranked 3rd.
“Pre-pandemic to present growth in rentals at Khan Market was recorded at 7 percent while the YOY growth in rentals at the high street market was 3 percent. This got the Khan Market 22nd spot on the global Main Street list. At present Khan Market commands a rent of $217 per square feet per year (around Rs 1506 per sqft per month),” the report released on November 21 said.
Here's a list of the top 5 expensive markets in India in the APAC region:
- Khan Market (ranked 22nd)
- Connaught Place (ranked 30th)
- Gurugram's Galleria Market (ranked 31st)
- Mumbai's Linking Road (ranked 33rd)
- Kolkata's Park Street (ranked 37th)
According to the report, with rents of $22 per square foot per year (Rs 152.7 per sq foot per month) and $24 per square foot per year (Rs 166.6 per sq foot per month), respectively, Anna Nagar 2nd Avenue and Pondy Bazaar in Chennai were among the most reasonably priced places in the APAC region. Even though Banjara Hills in Hyderabad had a notable 40% increase in rentals, it is still one of the most affordable markets in the Asia-Pacific area.
