THIS Indian market is the 22nd most expensive retail street globally: Who owns it and what is monthly rent of the shops?

Delhi's Khan Market, located in one of the poshest areas in the national capital, has secured its spot as the 22nd most expensive retail street globally, according to a report by Cushman & Wakefield's titled 'Main Streets Across the World'.

Khan Market is based in Lutyens' Delhi and is one of India's most expensive retail destination, boasting an annual rents of USD 229 per square foot (~INR 19,330), reflecting a 7 per cent year-on-year growth.

Established in 1951, Khan Market is named after Abdul Jabbar Khan, a freedom fighter who played a crucial role in rescuing Hindus from Pakistan during the partition in 1947. 

Who owns Khan Market?

Khan Market is owned by Indian government, with most of its shops operating on leases. Pertinent to note that the rents were initially set at Rs 50 per month, which skyrocketed in 1956 when Ministry of Rehabilitation's plan allocated shops at Rs 6,516. 

As per media reports, the monthly rents of the shops exceeds Rs 6 lakh. 

"Main streets across India are thriving due to..."

Saurabh Shatdal, Managing Director, Capital Markets, and Head of Retail-India at Cushman & Wakefield, emphasised the significance of Khan Market's performance, saing, "Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot. The limited availability of retail space in the area creates intense competition, pushing rental values higher."

Shatdal also highlighted that main streets across India are thriving, driven by robust demand and strong rental growth. "As of YTD 2024, main streets have recorded leasing of 3.8 msf, marking 11 per cent year-on-year growth", he said. 

With inputs from ANI