The Bandra-Khar Linking road is among the fastest growing main streets in the world.
This is what the annual global survey ‘Main Streets Across the World 2010’ by real estate consultants, Cushman and Wakefield, found.
The survey results, released on Thursday, said a 1,000-sq-ft shop in this area fetches the owner rent of Rs 66,500 a month, a 34-per cent increase from the rent of Rs 50,000 it would have fetched last year.
Kaustuv Roy, director, Cushman and Wakefield India attributed the rise in rentals to factors such as the revival of the retail market and the lack of new retail spaces in the area. “There is a renewed confidence among retailers due to improved spending capacity among buyers,” Roy told Hindustan Times.
“Another factor is that there are no malls to give competition to shops and also no new supply has been added here.”
High streets are major shopping streets in the city dotted with retail chains, outlets dedicated to popular brands and food and beverage stores.
Jay Gupta, managing director of Loot, a chain of multi-brand stores, said brands need to have a presence in this belt. “It is imperative to have a shop in this area and there is stiff competition to get rented premises here,” Gupta said.
The survey tracked 269 shopping locations across 59 countries. These included Fifth Avenue in New York, Causeway Bay in Hong Kong and Ginza in Tokyo.
Rentals in Colaba Causeway, another major high street in Mumbai, saw a marginal hike of 3 per cent. Monthly rent for a 1,000-sq-ft shop here is Rs 36,000 compared to last year’s rate of Rs 35,000.
Rentals in two other high streets in south Mumbai, the Fort-Fountain market and Kemps Corner, remained unchanged.
Roy said this is because the population has now shifted to the suburbs.