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Khan Market in New Delhi has retained its position as the most expensive retail destination across the country this year, with monthly rentals at Rs 1,250 a sqft. Connaught Place is second, with monthly rentals at Rs 780 a sqft.
Globally, India saw its position slipping to 31 this year from 28 last year in terms of the most expensive location. New York’s Upper Fifth Avenue has emerged as the most expensive location in the world, overtaking Causeway Bay in Hong Kong.
Khan Market did not see any change in rentals for the second consecutive year due to non-availability of retail space, according to a global report by Cushman & Wakefield. Connaught Place recorded a rise of four per cent year-on-year. South Extension in New Delhi and Linking Road in Mumbai have been jointly placed at the third position, with monthly retail rentals of Rs 750 a sqft.
At the fourth position is DLF Galleria in Gurgaon and Mumbai’s Colaba Causeway, with monthly rents of Rs 700 a sqft. The fifth position has been taken by Elgin Road (shopping centre) in Kolkata with an average monthly rental value of Rs 600 a sqft.
Pune’s J M Road recorded the highest year-on-year increase in rental values at 8.5 per cent at Rs 380 a sqft a month over the last year on account of continued activities in the location. Being a popular destination, this main street has been witnessing continued interest from Indian brands, especially in the apparel and F&B segment.
DLF Galleria in Gurgaon recorded an increase of 7.7 per cent in the same period on account of continued demand but limited space availability in this location.
