Khan Market: India’s Most Expensive, Top 25 Globally.

New Delhi 21 November (VNI) Khan Market in Delhi has firmly established itself as the most expensive retail hub in India, securing a place among the world’s top 25 retail destinations. Ranked 22nd globally, it reflects the vibrant and expanding retail sector in India. According to a report by Cushman & Wakefield, this market has seen a 7% year-on-year increase in rental rates, underscoring its growing appeal as a premium shopping destination.

Internationally, Milan's Via Montenapoleone has risen to become the priciest retail location, surpassing New York’s Upper 5th Avenue, thanks to an impressive 33% surge in rents over the last two years.

The Delhi-NCR region stands out in India, dominating the rankings with Khan Market, Connaught Place, and Gurugram's Galleria Market as the top three most expensive retail locations. In Khan Market, annual rentals reach $229 per square foot (around Rs 19,330), while Connaught Place commands $158 per square foot (Rs 13,342). Galleria Market in Gurugram follows closely at $143 per square foot (Rs 12,075).

In stark contrast, Chennai offers more affordable options. Anna Nagar and Pondy Bazar are among the most budget-friendly high-street markets in the Asia-Pacific region, with rentals of just $25 and $26 per square foot (approximately Rs 2,111 and Rs 2,196, respectively).

The consistent demand for retail space in Khan Market is a key factor in its continued prominence. According to media input, Saurabh Shatdal, Managing Director of Capital Markets and Head of Retail-India at Cushman & Wakefield, attributes its success to the strength of India’s retail sector. He emphasized that the market’s position among the top global retail hotspots highlights the resilience of India’s retail landscape.

With a mix of high-end boutiques and luxury brands, Khan Market continues to draw wealthy shoppers, ensuring its status as a highly sought-after retail destination. The scarcity of space in the area has resulted in fierce competition, driving up rental values. Shatdal also noted that retail streets across India are flourishing, with leasing activity in 2024 recording an 11% year-on-year growth, reaching 3.8 million square feet.