The cost of renting retail space in Delhi’s Khan Market is highest at Rs 1000-Rs1500 per sqft per month, followed by Gurugram’s DLF Galleria and Mumbai’s Linking Road, according to a Knight Frank Research report released on May 10, 2023.
In a primary survey of retail high streets in the country conducted by Knight Frank India across eight top markets, Bengaluru stood on top with the best of high streets providing a significantly better shopping experience. Four of Bengaluru’s markets made it to the top 10 list.
As per the insights from the survey, MG Road (Bengaluru) topped the list of high streets in India, followed by Somajiguda (Hyderabad) in the second position, Linking Road (Mumbai), and South Extension (Delhi) are also listed among the top 10 high streets in the country.
This ranking study is part of Knight Frank India’s flagship annual retail report ‘Think India Think Retail 2023 – High Street Real Estate Outlook’ in association with Phygital Retail Convention 2023.
The report will be formally inaugurated on May 11, 2023. The study was conducted for 30 high streets across the top eight markets.
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In a press release, Knight Frank India today said that the top ten high streets in India are those that are convenient in terms of access, parking facilities and with a varied assortment of retailers.
The layout and master planning of the high street defines the visibility. Inward-looking markets like Khan Market (Delhi) and DLF Galleria (Gurugram) scored very low, whereas markets aligned along the access road like MG Road (Bengaluru), Somajiguda (Hyderabd), Linking Road (Mumbai), Anna Nagar, Park Street and Camac Street (Kolkata) scored high.
Ahmedabad and Pune do not house any of the top 10 high streets. The survey was conducted across 30 high streets across the top eight cities of India based on parameters that determine the quality of experience high streets provide to customers.
Average Rents in Indian High Streets
|City||High Street||Avg Rents in INR (INR/sq ft/mth)|
|Ahmedabad||Chimanlal Girdharlal Road (CG Road)||180 – 200|
|Ahmedabad||SG Highway||140 – 160|
|Bengaluru||Indira Nagar – 100 Ft Road||150 – 200|
|Bengaluru||Church Street||200 – 250|
|Bengaluru||Mahatma Gandhi Road (MG Road)||100 – 125|
|Bengaluru||Koramangala – 100 Ft Road and 80 Ft Road||125 – 175|
|Bengaluru||Brigade Road||180 – 250|
|Bengaluru||Commercial Street||220 – 250|
|Bengaluru||Jayanagar – 4th Block||200 – 250|
|Chennai||Anna Nagar||150 – 175|
|Chennai||Nungambakkam High Road||190 – 240|
|Delhi||Connaught Place||200 – 550|
|Delhi||Lajpat Nagar||200 – 350|
|Delhi||Khan Market||1000 -1500|
|Delhi||South Extension – Part I & Part II||250 – 450|
|Gurugram||DLF Galleria||800 – 1200|
|Hyderabad||Jubilee Hills||200 – 225|
|Hyderabad||Banjara Hills||190 – 230|
|Hyderabad||Somajiguda||150 – 175|
|Hyderabad||Gachibowli||120 – 140|
|Kolkata||Park Street & Camac Street||300 – 450|
|Mumbai||Colaba Causeway||450 – 750|
|Mumbai||Lower Parel||300 – 500|
|Mumbai||Lokhandwala||350 – 550|
|Mumbai||Linking Road||350 – 1000|
|Noida||Sector 18 Market||150 – 250|
|Pune||Mahatma Gandhi Road (MG Road)||200 – 250|
|Pune||Koregaon Park||250 – 300|
|Pune||Baner Road||150 – 200|
According to the report, Delhi-NCR, Kolkata, and Ahmedabad are the top three markets with a high concentration of non-modern retail arenas, while Ahmedabad and Kolkata are yet to witness the foray and expansion of many large national and foreign retailers on its key high streets, NCR’s dominance across the non-modern retail arenas stems from the fact that both traditional and modern retail outlets have co-existed and flourished to serve the mixed bag of ethnicities and cultures from nearby states for many years now.
NCR followed by Hyderabad, Ahmedabad and Bengaluru occupies the highest percentage of modern, non-modern retail arenas in the country.
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Commenting on the survey, Shishir Baijal, Chairman and Managing Director at Knight Frank India said, “Retail is a highly competitive business and, more recently with the advent of malls, is also closely related to the overall customer experience. Globally, cities are identified by their high streets, often one of the main attractions of the city, and the brands on these streets – a barometer of the city’s worth on a global platform. But as we evolve, customer experience is the key and due to their traditional nature, high streets often fail to provide amenities like those of shopping centres.”
“However, as cities in India are modernising, we see many high streets in the country reviving as facilities like access, parking, store visibility etc. have improved. Our estimations say that the average per square meter revenues of high streets will be significantly higher than those of malls in FY 2023–24. Going forward, we expect that high streets provide a good retailing experience to customers to see a revival even as other formats of retail continue to thrive,” he added.