High Street rents witness correction in the first quarter of CY2021

Average monthly rentals across key High Street markets in the top cities witnessed corrections, as the pandemic wreaked havoc across the country. According to data by Anarock Research, Khan Market, the iconic retail hub in New Delhi, saw average monthly rentals reduce by as much as 8 per cent to 17 per cent in Q1CY21, against Q1CY20.
 
Likewise, Kala Ghoda, Bandra Linking Road, and Fort in Mumbai also saw retail rentals decline 5-10 per cent during the same period. However, there were few markets that saw an upward trend. For instance, Hyderabad localities such as Gachibowli, Banjara Hills, and Jubilee Hills saw average retail rentals increase in Q1CY21 against Q1CY20. In the previous two quarters, the retail segment seemed to be on the verge of recovery and was gradually inching towards pre-Covid levels in terms of business. However, the second wave has once again crimped this growth, said Pankaj Renjhen, COO and joint managing director, Anarock Retail.