Delhi's Khan Market is World's 24th most expensive retail hotspot
What's the story
The upscale Khan Market in South Delhi has emerged as the world's 24th most expensive retail market, while continuing to be the most expensive retail location in India. With no changes in the rental value at Rs. 1,250 per sq ft in the past one year, Khan Market managed to move by four positions in the global rankings since 2016. Here's more!
Reason
What led to the Khan Market's rank improvement?
The improvement in Khan Market's ranking since 2016 is because of a dip in rentals in some prime global markets. In India, Connaught Place in New Delhi noted the highest y-o-y rental growth of 11.8% at Rs. 950 per sq ft per month. The survey took place across 400 retail locations globally in 66 countries.
Others
Who else is on the list?
The top place in the survey was taken by Upper 5th Avenue in New York while Hong Kong's Causeway Bay and London's New Bond Street were ranked second and third, respectively. Additionally, Indian markets prospered better in the Asia-Pacific region, with Khan market securing 11th position. Gurugram's DLF Galleria and Mumbai's Linking Road came in at the 19th and 20th slots respectively.
Information
Kolkata's streets were part of top 20 in India
Kolkata's Camac Street and Park Street were part of the top 20 "most expensive retail locations" in India, even though their rents remained stable.