Khan Market Remains India’s Costliest Retail Street

NEW DELHI-Monthly rents for retail space in Delhi’s upscale Khan Market rose 9 per cent year-on-year in the first quarter of FY27 as demand strengthened amid constrained supply, according to a report by real estate services firm Cushman & Wakefield.

The report said asking rents in Khan Market stood at Rs 1,700-1,800 per square foot during the quarter, maintaining its position as India’s most expensive high street.

Rents across major high-street locations in the Delhi-National Capital Region rose between 2 per cent and 10 per cent, with Kamla Nagar the only market to remain flat.

“Major main street rentals across Delhi NCR witnessed growth compared to last year. Khan Market witnessed 9 per cent year-on-year growth, while Galleria Market (Gurugram) and Connaught Place have seen annual rental increases of 4 per cent and 2 per cent, respectively,” the Cushman & Wakefield report said.

South Extension I and II recorded the highest annual rental growth, rising 10 per cent to Rs 850-900 per square foot.

Connaught Place’s Inner Circle saw rents increase 2 per cent to Rs 1,250-1,300 per square foot, while Gurugram’s Galleria Market recorded a 4 per cent rise to Rs 1,250-1,350 per square foot.

Greater Kailash-I’s M Block posted a 2 per cent increase to Rs 490-510 per square foot per month, while Karol Bagh saw rents rise 2 per cent to Rs 415-425 per square foot.

Lajpat Nagar rents stood at Rs 300-320 per square foot per month, up 3 per cent annually, while Rajouri Garden recorded a 2 per cent increase to Rs 260-270 per square foot.

The report also said leasing of retail space across shopping malls and major high streets in Delhi-NCR more than doubled year-on-year to 0.67 million square feet during the quarter. Shopping malls accounted for 63 per cent of the leasing volume, while main streets contributed the remaining 37 per cent. (IANS)