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The upscale Khan Market in Delhi tops the charts as the ‘most expensive retail location’ in India and has acquired 24th position in global rankings, according to a report released by Cushman & Wakefield.
Without any changes in the rental value, Khan Market managed to move four notches up from last year in global rankings, the report said.
Global toppersUpper 5th Avenue in New York achieved the top spot in the survey, followed by Causeway Bay in Hong Kong and Bond Street in London. In the survey, over 400 retail locations around the world were taken into consideration, a Cushman & Wakefield release said.
Among the most expensive locations within India, the second spot was taken by Connaught Place, which also witnessed highest year-on-year rental growth at 11 per cent in June 2017.
Gurugram’s DLF Galleria and Linking Road in Mumbai took the thrid and fourth positions, respectively.
The rent of Khan Market which was ₹1,250 a sq ft in 2016, remained unchanged this year.
On the other side, the rental value of Connaught Place rose from ₹850 in 2016 to ₹950 a sq ft in 2017.
“The retail sector in India has remained cautious in activities, even though there was visible momentum in leasing across main streets as well as shopping centres.
The leasing activities across most key micro-markets was led by of food & beverages and fashion & lifestyle brands, both following an aggressive growth strategy in India”, said Anshul Jain, Country Head and Managing Director, India, Cushman & Wakefield.
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