Poky little shop pays Rs 9.5 lakh monthly rent

It’s probably the most expensive piece of real estate in the country. But it’s so small you are bound to miss it if you will not look for it carefully. Neelam Pandey tells more...

It’s probably the most expensive piece of real estate in the country. But it’s so small you are bound to miss it if you will not look for it carefully.

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The property is a store in a bustling market adjoining Safdarjung hospital, across the road from All India Institute of Medical Sciences.

At 133.37 square feet it’s tiny — possibly no bigger than a modest kitchen — but it went for Rs 9.52 lakh monthly rent at a recent auction by the New Delhi Municipal Council.

That’s over Rs 7,100 per square feet.

“The reserve rental rate for this shop was kept at Rs 3.05 lakh per month. The highest bid was Rs 9.52 lakh per month,” said Anand Tiwari, spokesman NDMC.

“This is clearly the highest rental in the country,” said Jaideep Wahi of realty firm Cushman and Wakefield.

And here is how the other heavies fare in comparison.

The rate is Rs. 800-1,000 per square feet in upscale Khan Market, Rs. 400-600 square feet in South Extension and Rs 450-550 in Connaught Place, according to CB Richard Ellis.

NDMC refused to disclose the successful bidder’s identity. But the store will be used to sell medicines.

“This is the best location for a chemist shop, as it is right across two of the best hospitals in the country,” said Wahi.

An estimated 8,000 to 10,000 people visit Safdarjung and AIIMS every day.

And they give the many medicine stores there enough business to pay the rent and take home enough for the family.