IANS/New Delhi

Khan Market in New Delhi is the most expensive retail location in India and the 24th worldwide, a report by global real estate services firm Cushman & Wakefield said yesterday.
“Khan Market is the most expensive market in India since five years, as demand for retail space has remained steady owing to its upscale location and current occupier profile,” the report noted, ranking the posh shopping place at the top.
With Rs1,250 ($19) per sq ft rental, Khan Market is followed by Connaught Place in the city centre at Rs850 per sq ft and DLF Galleria at Gurgaon in Haryana and South Extension in south Delhi at Rs750 per sq ft.
“Moving two positions up to 24th worldwide and 10th in the Asia Pacific region, Khan Market is centrally located in the national capital, flanked by high-end residential catchment area, with many global and national brands’ stores in its vicinity,” the report on ‘Main streets across the world’ said.
Globally, New York’s Upper 5th Avenue retained top spot with rental at a whopping $3,500 per sq ft, followed 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.
“In India, New Delhi and NCR (national capital region) accounted for top four most expensive locations in the country due to steady growth in retail activities year-on-year (YoY), entry of new brands and expansion of existing brands,” the report found.
Interestingly, DLF Galleria witnessed 15% YoY hike in rentals owing to better tenant mix and better quality of retail space and high footfalls due to location and amenities.
In contrast, retail locations in the country’s commercial capital Mumbai such as Colaba Causeway in southern suburb (ranked sixth) saw 14% YoY rental decline, while it remained flat on Linking Road (ranked fifth) in the western suburb.
“Poor infrastructure and lack of amenities for shoppers have led to these locations fall out of preference, while Lower Parel and Kurla are preferred for their quality space and growing catchment areas,” the report said.