Delhi's Khan Market holds 22nd spot among world's most expensive high streets

Khan Market in Delhi has been ranked as the 22nd most expensive retail location globally, retaining its title as India’s priciest high street, with a 7% increase in annual rental rates, according to a Cushman & Wakefield report. The study, which tracks rental trends in 138 global retail hubs, shows Khan Market’s rents at $229 per square foot (approx. Rs 19,330).

Delhi's Khan Market has been ranked as the 22nd most expensive retail location worldwide, maintaining its position as India’s costliest high street, with a 7% year-on-year increase in rental rates, according to a report released on Thursday. The Cushman & Wakefield study, which examines rental trends in 138 urban and luxury retail destinations globally, revealed that Khan Market's annual rents stand at $229 per square foot (approximately Rs 19,330).

Notably, Delhi-NCR is now home to India’s top three most expensive retail high streets. In addition to Khan Market, Connaught Place in Delhi and Galleria Market in Gurgaon are also prominent in the APAC rankings, with annual rental rates of $158 (Rs 13,335) and $156 (Rs 13,166) per square foot, respectively.

According to the report, Bengaluru's Indiranagar recorded the highest rental growth in the Asia-Pacific region, while Chennai's Anna Nagar was identified as the most affordable retail location.

The scarcity of retail space in the area leads to fierce competition, driving up rental prices.

Milan's Via Montenapoleone, where rents have increased by almost a third in the last two years, has surpassed New York's Upper 5th Avenue to claim the title of the world's most expensive retail destination, according to the report.

The competitive pressure for limited space led to rental growth in 57% (79) of the 138 locations surveyed, while only 14% (19) experienced declines, and the remaining 29% (40) saw flat rental rates.