Delhi’s Khan Market has been placed at the 22nd spot in the most expensive shopping street in the world, holding onto its position as the most expensive high street in India. Rents here have grown by 7% compared to last year, with an annual rate of $229 per square foot (around ₹19,330), according to a new report.
The ranking was given by Cushman & Wakefield, which analyzes rental prices in 138 major retail locations worldwide.This ranking also signifies that Delhi-NCR now has India’s three priciest retail streets. Besides Khan Market, Connaught Place (Delhi) and Galleria Market (Gurgaon) are also among the top spots in the Asia-Pacific region, with rents of $158 (₹13,335) and $156 (₹13,166) per square foot annually.
According to the report, Bengaluru’s Indiranagar Market has the strongest rental growth in the Asia-Pacific region while Chennai’s Anna Nagar market has been ranked as the most affordable market in the region.
The ranking of Khan market among the world’s top retail destinations marks the resilience and strength of India’s retail sector.The place is known for its curated mix of premium brands, upscale boutiques and beautiful cafes making it a favourite destination for affluent shoppers.
This unique blend of high-end retail offerings has solidified its reputation as a prestigious shopping hotspot, according to Saurabh Shatdal, Managing Director of Capital Markets and Head of Retail in India at Cushman & Wakefield.The limited availability of retail space in the area makes competition high pushing the rental rate very high.
Mr Shatdal added, “Main streets in India are flourishing as malls face limited supply, driven by strong demand and rising rental prices. As of 2024, leasing on main streets has reached 3.8 million square feet, reflecting an 11% growth compared to the previous year.”
As per the report, Milan’s Via Montenapoleone, is the place where rents have increased by nearly 30% in the past two years, overtook New York’s Upper 5th Avenue to become the world’s most expensive retail destination.
“Super-prime retail spaces around the world continue to be a key part of retailers’ strategies, marking the lasting importance of dynamic shopping destinations like Khan Market. With India’s strong economic growth and shifting consumer preferences, the country’s retail sector is set for continued success,” Mr Shatdal added.
