India's costliest street Khan Market sees rents climb 9 pc in Q1
New Delhi, July 10
Monthly rents for retail space in Delhi's upscale Khan Market rose 9 per cent year over year in the Q1 FY27 as demand strengthened amid constrained supply, a report has said.
The report from real estate services firm Cushman & Wakefield said that asking rents in Khan Market were Rs 1,700 to Rs 1,800 per square foot for the quarter, keeping the market's position as India's most expensive high street.
Rents across major high‑street locations in the Delhi‑National Capital Region rose between 2 per cent and 10 per cent, with Kamla Nagar the only market to remain flat.
"Major main street rentals across Delhi NCR witnessed growth compared to last year. Khan Market witnessed 9 per cent year-on-year growth, while Galleria Market (Gurugram) and Connaught Place have seen annual rental increases of 4 per cent and 2 per cent, respectively," the report said.
South Extension I and II recorded the biggest annual growth, up 10 per cent to Rs 850 to Rs 900 per square foot.
Connaught Place's Inner Circle saw rents rise 2 per cent to Rs 1,250 to Rs 1,300 per square foot, while main street rentals in Galleria Market of Gurugram grew 4 per cent to Rs 1,250 to Rs 1,350 per sq ft.
Delhi's Greater Kailash-I, M Block, saw a 2 per cent increase to Rs 490-510 per square ft per month, while Karol Bagh witnessed a 2 per cent surge to Rs 415-425 per square foot.
Rent in Delhi's Lajpat Nagar stood at Rs 300-320 per square foot a month, up 3 per cent annually and Rajouri Garden saw a 2 per cent hike to Rs 260-270 per square foot.
The leasing of retail spaces in shopping malls and major high-streets across Delhi-NCR more than doubled to 0.67 million sq ft during the quarter on an annual basis.
Malls secured 63 per cent of the quarterly leasing volume, while main streets accounted for 37 per cent, the report noted.
— IANS
Reader Comments
South Extension with 10% growth is interesting. It's becoming a proper rival to Khan Market now. But honestly, these rent hikes just mean higher prices for customers. Retailers will pass it on to us, no doubt. 😤
It's amusing how these reports focus on luxury markets. What about the smaller vendors in Karol Bagh or Lajpat Nagar who are struggling to even meet these rents? A 3-4% increase might be a big blow for them. 😔
Khan Market is iconic, but these rents are making it a ghost town for regular shoppers. I went there last month—half the stores were empty between luxury brands. The landlords are killing the market's vibe with greed. 🏚️
Good to see Connaught Place rents climbing too—it's still the heart of Delhi. But I wonder how sustainable this is. Malls are taking 63% of leasing. High streets need to innovate, not just hike rents. 📉
As a small business owner in Rajouri Garden, a 2% rent hike still hurts. These big reports never capture the struggle of us *kirana* shop owners who are just trying to survive. 😥
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