Survey: Delhi’s Khan Market rent highest in India | Latest News Delhi - Hindustan Times
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Survey: Delhi’s Khan Market rent highest in India

May 11, 2023 12:09 AM IST

Delhi's Khan Market has the highest retail rents in India, according to a survey by Knight Frank India. The top 10 shopping areas were ranked according to factors including customer experience and accessibility, with Bengaluru's MG Road named the top high street. The report found that high streets occupied 6% of the total gross leasable area, compared with shopping malls, but offered 100% efficacy due to lower maintenance costs. The survey also found that of the National Capital Region's 5.2 million sq ft of retail space, 1.4 million sq ft was modern retail.

Delhi’s Khan Market charges the highest rent among high street retail locations across India, a survey of the country’s shopping centres has revealed, with Gurugram’s DLF Galleria second on the list, followed by Mumbai’s Linking Road.

According to the survey, Khan Market commanded rents in the range of <span class='webrupee'>₹</span>1,000 –1,500 per sq ft per month. (Sanchit Khanna/HT Archive)
According to the survey, Khan Market commanded rents in the range of 1,000 –1,500 per sq ft per month. (Sanchit Khanna/HT Archive)

The findings came in a survey conducted by global real estate consultancy Knight Frank India, which looked at the top 10 high streets in India. The report will be formally released on May 11.

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According to the survey, Khan Market commanded rents in the range of 1,000 –1,500 per sq ft per month, followed by DLF Galleria with rents in the range of 800 –1,200 per sq ft per month.

However, Bengaluru’s MG Road topped the list of top 10 high streets in India, followed by Hyderabad’s Somajiguda, Mumbai’s Linking Road and Delhi’s South Extension 1 and 2. The rankings were decided based on the quality of customer experience, including its easy accessibility, parking facilities, assortment of retailers etc. In this survey, both Khan Market and DLF Galleria performed poorly.

“Inward looking markets like Khan Market (Delhi) and DLF Galleria (Gurugram) scored very low, whereas markets aligned along the access road like MG Road (Bengaluru), Somajiguda (Hyderabd), Linking Road (Mumbai), Anna Nagar, Park Street and Camac Street (Kolkata) scored high. Ahmedabad and Pune do not house any of the top 10 high streets,” the report said.

“Globally, cities are identified by their highstreets, often one of the main attractions of the city, and the brands on these streets — a barometer of the city’s worth on a global platform,” said Shishir Baijal, chairman and managing director of Knight Frank India.

Sanjeev Mehra, who heads the Khan Market Traders’ Association, said, “The safety and comfort levels offered to the customers by the Khan market are unique and we have been able to instil an atmosphere in which everyone from top industrialists, politicians, celebrities to common citizens feel equally secure.”

A DLF spokesperson said, “Galleria is in the prime centre of Gurugram and has been one of the most desirable commercial centres in the city for over a decade. The success of Galleria will boost the value of real estate developments not just in the vicinity but the city at large.”

Another finding in the survey was that of the National Capital Region’s total retail arena of 5.2 million sq ft, 1.4 million sq ft consisted of modern retail, and the remaining was non-modern retail. The survey findings also showed that high streets occupied 6% the total gross leasable area, in comparison to shopping malls. However, in terms of efficiency, high streets offered 100% efficacy due to low maintenance costs, whereas in the case of shopping malls, the efficiency can range anywhere between 50-60% — primarily due to high maintenance costs for common areas, central air conditioning and escalators, the report said.

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