Delhi's Khan Market Now Among World's Costliest Main Streets: How It Stacks Up Against London, Milan

According to a Cushman & Wakefield report, Delhi's Khan Market is India's most expensive high street, with rents at $223 per sq ft. It now ranks 24th globally, slipping one spot.

Delhi's iconic Khan Market, long seen as a symbol of the Capital's upscale retail culture, has once again been named India's most expensive high street, according to the latest global retail report by real estate consultancy Cushman & Wakefield. The report, Main Streets Across the World, notes that rents in the popular shopping district rose 3% over the past year to $223 per sq ft annually.

But despite the price jump, Khan Market has slipped slightly in the global rankings, moving from the 23rd to the 24th most expensive high street in the world.

London Tops the World; Milan & NYC Follow

For the first time, London's New Bond Street has emerged as the world's most expensive retail address. Rents there shot up by a massive 22% to reach $2,231 per sq ft per year.

The street overtook last year's leader, Milan's Via Montenapoleone ($2,179), which now stands at No. 2. New York's Upper Fifth Avenue ranks third at $2,000.

Completing the global top 10 are:

• Tsim Sha Tsui, Hong Kong
• Avenue des Champs-Élysées, Paris
• Ginza, Tokyo
• Bahnhofstrasse, Zurich
• Pitt Street Mall, Sydney
• Myeongdong, Seoul
• Kohlmarkt, Vienna

India's Retail Story Outperforms Global & APAC Trends

Despite global headwinds, India's retail landscape is outshining both global and Asia-Pacific averages with an impressive 6% annual rental growth.

"India's high streets are showing remarkable resilience and growing global relevance," said Gautam Saraf, Executive Managing Director (Mumbai & New Business), Cushman & Wakefield. He added that premium destinations such as Khan Market, Connaught Place, and Galleria Market are becoming magnets for both global and homegrown brands, thanks to rising urban affluence and shifting consumer behaviour.

With malls in short supply, high streets are taking centre stage, accounting for over half of India's retail leasing activity this year.

Gurgaon's Galleria Market Leads India's Rental Growth

Across India, rents have risen sharply in several sought-after retail pockets:

• Galleria Market, Gurgaon: 25% YoY growth, highest in India
• Connaught Place, Delhi: 14%
• Kemps Corner, Mumbai: 10%

This surge is driven by strong demand and limited supply, reinforcing the dominance of premium, experience-driven retail spaces in major urban cities.

APAC's Most Affordable High Street Is in India

While Khan Market represents one extreme, the other end of the spectrum lies in Chennai. The report highlights that APAC's most affordable high street is Anna Nagar 2nd Avenue, where rents stand at just $25 per sq ft per year, making it the most budget-friendly main street across the region.

APAC Retail Remains Resilient

Sona Aggarwal, Cushman & Wakefield's Asia Pacific Head of Retail Sales & Strategy, noted that despite economic uncertainties, the APAC retail sector is showing steady strength.

"India, Korea, and Japan are leading growth with strong demand and premiumisation. While some markets like Vietnam and parts of Greater China remain soft, adaptive retailer strategies and evolving 'phygital' experiences are keeping APAC on track for long-term expansion," she said.