Delhi’s Khan Market has been successful in maintaining its identity as the most expensive high street market of the country. However, at the global level it has slipped one place. Cushman & Wakefield’s Main Streets Across the World report stated that rents here are increasing at the rate of 3 percent every year. At present the rent in Khan Market has reached Rs 22000 per square foot annually. Last year, Khan Market was ranked 23rd in the global ranking. This time he has reached 24th position. This is the same Khan Market, which PM Modi has mentioned many times in his speeches.
According to Cushman & Wakefield, London’s New Bond Street is the most expensive retail market in the world. The annual rent here is US $ 2,231 per square foot. Before London, Via Monte Napoleone Street market in Milan, Italy was at number one. But it has now become the second most expensive area in the world with an annual rent of US $ 2,179 per square foot. Hong Kong’s Tsim Sha Tsui is in fourth place. This is followed by Avenue des Champs-Élysées (Paris), Ginza (Tokyo), Bahnhofstrasse (Zurich), Pitt Street Mall (Sydney), Myeongdong (Seoul) and Kohlmark (Vienna).
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Let us tell you that every year global real estate consultant Cushman & Wakefield releases its major retail report ‘Main Streets Across the World.‘ Issuances. This time the 35th edition was released. It provides information about 138 retail street locations around the world. Ranking is decided on the basis of fare. Gurugram’s Galleria Market is at 26th position with a rent increase of 25%. Mumbai’s Kemps Corner is at 34th position. The fare here has increased by 10 percent. The report tracked 16 high street locations in India. This revealed that the rent in these places is increasing by about 6 percent every year.
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According to the report, the cheapest street in the Asia-Pacific region is Second Avenue in Anna Nagar, Chennai. Space is available here at the rate of $25 per square foot annually. Gautam Saraf, executive managing director (Mumbai and new businesses), Cushman & Wakefield, said, ‘India’s most expensive regions are displaying extraordinary strength and growing global prominence. ‘Premium’ areas like Khan Market, Connaught Place and Galleria Market are attracting international and domestic brands due to increasing affluence and changing consumer preferences.‘
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