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Khan Market's Global Rank: Why India's Priciest Retail Hub Still Thrives

Khan Market continues to hold its position as India's most expensive retail destination despite a slight drop in global ranking. The Indian retail sector has shown remarkable resilience with 6% rental growth, outperforming both global and Asia-Pacific averages. Premium locations like Galleria Market and Connaught Place are seeing significant rental increases driven by limited supply and strong demand. This trend reflects India's growing prominence in the global retail landscape as brands seek prime high street visibility.

Key Points: Khan Market Remains India's Most Expensive Retail Location

  • Khan Market maintains India's top retail spot despite slight global ranking dip
  • India's retail sector grew 6%, beating global and APAC averages
  • Gurgaon's Galleria Market led with 25% rental growth surge
  • High streets accounted for over half of retail leasing activity this year
2 min read

Delhi's Khan Market remains India's most expensive retail location, ranks 24th globally

Khan Market ranks 24th globally with $223 psf rents, while India's retail sector shows 6% growth, outperforming global averages amid premiumisation trend.

"India's high streets are demonstrating exceptional resilience and growing global prominence - Gautam Saraf, Cushman & Wakefield"

New Delhi, Nov 19

Khan Market in New Delhi ranks 24th globally, maintaining its position as India’s most expensive retail location with rents at $223 per square foot (psf) per year -- up 3 per cent year-on-year, according to a report on Wednesday.

While its global ranking slipped slightly from 23rd to 24th, Khan Market remains India’s most expensive high street, reflecting resilience and enduring appeal amid a competitive global landscape, said Cushman & Wakefield’s 35th edition of its retail report, ‘Main Streets Across the World.’

Notably, India’s retail sector has outperformed both the global and APAC averages, registering a 6 per cent rental growth (on-year).

London’s New Bond Street has been crowned the world’s most expensive retail destination for the first time, where rents have risen by 22 per cent in the past year to $2,231 per square foot per year.

New Bond Street has leapfrogged Milan’s Via Montenapoleone ($2,179 psf/year), which last year became the first European street to top the global rankings, and New York’s iconic Upper Fifth Avenue ($2,000 psf/year).

“India’s high streets are demonstrating exceptional resilience and growing global prominence. Premium destinations like Khan Market, Connaught Place, and Galleria Market are attracting international and domestic brands, driven by rising affluence and evolving consumer preferences,” said Gautam Saraf, Executive Managing Director, Mumbai and New Business, Cushman & Wakefield.

With limited mall supply, these high streets have become strategic hubs for retailers seeking visibility and engagement.

“Year-to-date, high streets have accounted for over half of retail leasing activity, underscoring their critical role in shaping India’s retail evolution. This transformation reflects a broader trend of premiumisation and experiential retail, positioning India as one of Asia Pacific’s most dynamic markets,” Saraf added.

India’s Tier 1 cities led the rental growth in APAC region, with Gurgaon’s Galleria Market recording a 25 per cent increase, followed by Connaught Place in New Delhi (14 per cent) and Kemps Corner in Mumbai (10 per cent).

This growth was driven by limited supply and strong demand, underlining the enduring appeal of prime retail locations in India’s key urban hubs and broader trend of premiumisation. Across 16 tracked Indian locations, rental growth averaged 6 per cent year-on-year, the report mentioned.

—IANS

- IANS

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Reader Comments

R
Rohit P
$223 per square foot? 😳 That's insane! No wonder only luxury brands can afford Khan Market. Meanwhile, local shopkeepers in other markets struggle. The gap between premium and regular retail is becoming too wide.
S
Sarah B
Interesting to see Gurgaon's Galleria Market recording 25% growth! NCR is really becoming the retail hub of India. The infrastructure development in these areas is paying off for premium retail.
A
Arjun K
While this shows economic progress, I worry about the impact on small businesses. High streets becoming luxury hubs means ordinary Indians can't afford to shop there anymore. We need balanced development.
M
Michael C
The comparison with London's New Bond Street at $2,231 psf puts things in perspective. Khan Market has a long way to go, but being in top 25 globally is still a proud moment for Indian retail! 🎉
N
Nisha Z
Great to see Indian retail outperforming global and APAC averages! This reflects the growing purchasing power of Indian consumers. Hope this growth trickles down to smaller cities and towns too.

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