While Khan Market has moved down 2 spots on its global retail ranking to become the world’s 28th most expensive retail location globally, Khan Market tops the most expensive retail location in India. Khan Market continues to be the most expensive retail location with rentals of INR 1,250 sq.ft/ year.
The micro market has been the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile. The area, which is centrally located within the city of New Delhi, is flanked on all sides by high-end residential catchment areas.
Connaught Place, New Delhi
Connaught Place is easily one of the most sought after and most costly retail locations in India and according to the report it takes the number two place on the most expensive retail locations in India in 2016. Rentals for CP is at 850sq.ft/ year and being the central location with a lot of footfalls the demand for quality space from cinemas, F&B operators and fashion retailers is expected to rise and further help push the rentals.
DLF Galleria, Gurgaon
Of these top three markets, only DLF Galleria Gurgaon recorded a year-on-year growth in rentals. These are established markets with long standing interest from occupiers as well as consumers on account of tenant mix, accessibility and legacy. Thus, most brands (especially F&B and fashion brands) have been working on establishing their presence in these markets, despite high rentals that go upto 800sq.ft/ year.
Despite limited availability of suitable spaces, the main streets of Linking Road and Fort in Mumbai continue to witness strong demand, especially from apparel retailers. Linking Road in Mumbai is ranked as the 4th most expensive main street in India, with rentals of INR 760sq.ft/ year. Despite garnering interest from F&B players and apparel retailers, the location saw only a marginal increase in rentals of 1.3%.
South Extension, New Delhi
Delhi’s South Extension saw a dip in rentals of about 6.7% from last year. With rentals in the market now at 700sq.ft/ year, it still makes for one of the most important shopping locations in the country. The market is on both sides of the main road and frequented not just by residents of south Delhi but whole of NCR.
Colaba Causeway, Mumbai
Apart from Linking Road, Colaba Causeway is ranked high on the India Index and recorded an increase of 4.2% with rentals of INR 625/ sq.ft/ year. Going ahead, limited availability of quality space could push rentals northwards for Colaba Causeway.
Park Street, Kolkata
Kolkata’s Park Street also made to the top ten list of most expensive rental locations in the country with 500sq.ft/year rental despite stagnant rental values only on account of robust retailer interest in the market and regular inflow of brands to the location.
Greater Kailash I, New Delhi
Famously known as GK 1 market, Greater Kailash market saw a huge dip in the rentals by 16.4% with rentals coming down to 460sq.ft / year. Although an extremely compact street shopping area it has been one of the most popular spots for the youth, for the trendy shops and buzzing F&B spots.
Located in the central business district of India, Camac street is considered the high street of Kolkata with a mix of all kinds of shopping outlets. Rentals at Camac street go as high as 450sq.ft / year but the retail location hasn’t seen much growth in the rentals for sometime.
Kemps Corner, Mumbai
At 425sq.ft a year, Kemps Corner in Mumbai makes it to the top ten most expensive retail locations in India. Kemp Corner’s rent saw no growth from last year, continues to be quite popular among the shoppers as it’s flanked by some extremely busy areas on all sides.