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

New Delhi: 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