Leading real estate consultants Cushman and Wakefield have rated India as the 16th most expensive retail ‘high street destination’ in the world.
New Delhi’s Khan Market has been rated as the most expensive retail destination in the country with rentals of Rs 950 per square feet per month in the second quarter of the current year.
The shopping complex saw an annual growth of 35.7 per cent over the same period last year said the report titled ‘Main Streets Across the World (MSATW) 2007.’
“Khan Market is the biggest riser in the ranking of the world’s most expensive shopping locations in terms of retail rents, moving up eight places from last year’s 24th position,” the report said.
New York’s Fifth Avenue retained its title as the world’s most expensive shopping destination followed by Hong Kong’s Causeway Bay and Avenue des Champs Elysees in Paris.
“Retail is going through a revolution in India, although a part of the increase in rents is due to lack of high-quality space in the right location,” Cushman & Wakefield India national head (retail) Rajneesh Mahajan said.
The report said India also figured among the world’s top 10 locations that witnessed highest rental increase in local currency terms.
Connaught Place in Delhi is the highest gainer in Asia and second only to Chicago’s East Oak Street across the world, with an annual growth of 87.5 per cent.
Kemp’s Corner in Mumbai also saw high rental growth of 78.2 per cent, making it the fourth highest riser of rental growth.