Khan Market — the country’s most-expensive retail destination — has moved up three notches to 21 in the list of the world’s most expensive shopping streets in an annual global survey by real estate consultants Cushman & Wakefield.
The survey provides a global barometer of the retail sector, tracking rents in the world’s top 269 shopping locations across 59 countries.
New York’s Fifth Avenue retained its title as the world’s most expensive shopping destination in the survey, Main Streets Across the World 2010, followed by Hong Kong’s Causeway.
Ginza in Tokyo, Japan came in third position overtaking London, Paris and Milan.
The biggest erosion of rental values across India was noted in NCR with Basant Lok recording an annual decline of over 38%.
Other retail high street destinations in New Delhi did not see the same fervour and locations such as Greater Kailash-I (-10%) and South Extension (-12% ) continued to see a downward slide.
Khan Market saw a rise of over 15 per cent in its rental values over 2009-10.
“As before, key cities such as New Delhi and Mumbai will be seeing a faster rate of growth in values against others due to greater interest in these markets,” said Kaustuv Roy, Executive Director Cushman & Wakefield India.