The most expensive retail location in India, Delhi's Khan Market, was ranked at 24th spot in 2015 moving up 2 places from 2014.
The most expensive retail location in India, Delhi’s Khan Market, was ranked at 24th position in 2015 moving up two places from 2014.
Despite witnessing no change in the rental values of the location, Khan Market gained in rankings due to marginal changes in the rankings of other countries, according to real estate consultancy Cushman & Wakefield.
Delhi’s Khan Market has been on the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile. Within the Asia Pacific region, Khan Market was the 10th most expensive retail location, the report said.
According to C&W annual flagship report, main streets across the world have revealed that New Delhi’s Khan Market has solidified its global ranking by two places to the world’s 24th most expensive retail location globally.
The top spot has been retained by New York’s Upper 5th Avenue followed by Hong Kong’s Causeway Bay on second spot and Avenue de Champs Elysess in Paris completing the top three.
Within the Indian markets, New Delhi and NCR accounted for the top four most expensive locations with Connaught Place being second, DLF Galeria in Gurgaon being 3rd and South Extension in New Delhi being 4th most expensive, the report said.
Contrary to the New Delhi – NCR story of growth, established Mumbai retail locations of Linking Road and Colaba Causeway, did not see a very bright year.
Colaba Causeway (India Ranked 6th) recorded highest rental decline in the last year within India of over 14%, while Linking Road Western Suburbs (India Ranked 5th) stayed afloat with no rental change.