Delhi’s Khan Market ranked among world’s most expensive retail streets
text_fields
Khan Market in Delhi has retained its position as the 22nd most expensive high street globally, cementing its reputation as India’s priciest retail destination, according to a report released by Cushman & Wakefield.
The market has seen a 7% year-on-year increase in rental rates, with annual rents reaching $229 per square foot (approximately ₹19,330).
Delhi-NCR is home to India’s top three most expensive retail streets. In addition to Khan Market, Connaught Place in Delhi and Galleria Market in Gurgaon also rank prominently in the Asia-Pacific region. Their annual rental rates stand at $158 (₹13,335) and $156 (₹13,166) per square foot, respectively.
The report highlighted the growing demand for prime retail locations in the region, fueled by limited space availability and increasing competition.
Bengaluru’s Indiranagar was identified as the fastest-growing retail market in terms of rental growth in the Asia-Pacific region. On the other hand, Chennai’s Anna Nagar was noted as the most affordable among key locations in the same region.
Milan’s Via Montenapoleone has overtaken New York’s Upper 5th Avenue as the most expensive retail street globally, driven by a nearly 33% surge in rents over the past two years. On a global scale, the report recorded rental increases in 57% of the 138 retail locations surveyed, with an average rise of 4.4% worldwide.
The Americas outperformed other regions with an 8.5% growth in rental rates, led by an 11% increase in the U.S.
Saurabh Shatdal, Managing Director of Capital Markets and Head-Retail-India at Cushman & Wakefield, emphasized Khan Market’s significance as a premium shopping destination. “The market’s curated mix of high-end brands and boutiques, combined with affluent shoppers, strengthens its position as a top-tier retail hub,” he said.
He also noted that with malls facing supply constraints, demand for main street retail locations across India has surged. In 2024 alone, leasing activity in main streets reached 3.8 million square feet, an 11% year-on-year increase.
India’s robust economic growth and evolving consumer preferences are expected to sustain the retail sector’s upward trajectory.
