India’s retail rents rank 16th most expensive
Posted on November 23, 2007
Filed Under Retail
India has been ranked the 16th most expensive global retail ‘high street destination’ by a prominent real estate consultant. According to the report Main Streets Across the World 2007 by Cushman & Wakefield, Khan Market, located near the famous India Gate in New Delhi, is the most expensive retail location in India with rentals of 950 rupees (S$35) per square foot (psf) a month.
Rents at Khan Market, known for its book, music, grocery stores and popular restaurants that are patronised by the diplomatic community in the city, have witnessed an annual growth of 35.7 per cent over the same period last year. “Khan Market is the biggest riser in the ranking of the world’s most expensive shopping locations in terms of retail rents, moving up eight places from last year’s 24th position,” the report says.
New York’s Fifth Avenue held its position as the world’s most expensive shopping destination followed by Hong Kong’s Causeway Bay and Avenue des Champs Elysees in Paris. “Retail is going through a revolution in India, although a part of the increase in rents is due to lack of high quality space in the right location,” Cushman & Wakefield India head (retail) Rajneesh Mahajan said.
(Source: sgpropertypress.wordpress.com/Business Times, 23 Nov 2007)
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