Hot favourite of foreigners and upper class Delhi residents, upscale Khan Market has retained its position as the most expensive retail location in India. However, its ranking has been dropped by three notches to 31st position in global markets.
Significantly, the fall in ranking is due to fluctuation in rupee value against the US dollar.
A global report by Cushman & Wakefield (C&W) unveiled that in the second consecutive year, the market witnesses no rental change due to non-availability of retail space, which made it the most expensive location of national capital.
Connaught Place recorded a rise of four per cent year-on-year while South Extension and Linking Road in Mumbai have been jointly placed at number three, with monthly retail rentals of Rs750 per sq ft.
A statement release by property consultant C&W confirms, “Khan Market in NCR, which is the most expensive retail location in India, saw no change in rental from the last year, remaining on an average rental of Rs 1,250/sq ft a month," it added.
The report further revealed, Pune's JM Road recorded the highest year-on-year increase in rental values of about 8.5 per cent in last year on account of continued activities in the location. While, Gurgaon’s DLF Galleria has recorded an increase of 7.7 per cent in the same period on account of continued demand but limited space availability.
Meanwhile, Commenting on the report, Sanjay Dutt, C&W Executive Managing Director South Asia said, "Retailers have largely been active in leasing spaces on main streets as there have been limited quality options available to them in malls, which have also witnessed limited supply."
He further added, "This is expected to reflect in greater uptake of space in the coming months. However, the demand growth is expected to be in emerging retail markets where retailers are looking at reaching out to larger target audiences.”
The C&W's report provides a detailed analysis of retail property rental performance across the globe.