Delhi’s upscale Khan Market continues to be the most expensive place to hire a shop in the country, even though its ranking worldwide has dropped by three notches to 31st position.
“India’s Khan Market has slipped in global ranking for retail main street locations by three spots to be ranked at 31 from its previous position of 28,” property consultant Cushman & Wakefield said in a statement.
“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 Rs1,250/sq ft a month,” it added.
The fall in ranking is due to fluctuation in rupee value against the US dollar. C&W, in its annual report ‘Main Streets across the World 2014’ ranked New York’s Upper 5th Avenue as the most expensive location in the world overtaking Causeway Bay in Hong Kong.
In the list of 65 most expensive retail locations, Paris’ Avenue des Champs Elysées ranked third while london’s New Bond Street and Sydney’s Pitt Street Mall were at the 4th and 5th positions respectively.
Khan Market was ranked 10th in Asia Pacific ranking. In India ranking, the top three positions were occupied by retail markets of New Delhi with Khan Market being most expensive at Rs1,250 per sq ft a month. Khan Market did not see any change in rentals for the second year in a row due to non-availability of retail space in the location.
Connaught Place (Rs780/sq ft a month) ranked second in the India survey for most expensive retail locations. CP recorded a rise of 4 per cent in rentals y-o-y. “South Extension in New Delhi and linking Road in Mumbai were jointly on third place of the survey with retail rentals of Rs750/ sf/mth respectively,” C&W said.