Four of India’s prominent neighbourhood shopping spaces, in New Delhi and Mumbai, are among the world’s priciest shopping locations, a real estate consulting firm has said. A study by Jones Lang LaSalle Meghraj has ranked New Delhi’s decrepit yet expensive Khan Market, Connaught Place and South Extension, and Mumbai’s Linking Road, among the world’s top 20 premier shopping streets based on rental rates.
Pricey tag: A picture of Connaught Place, New Delhi.
The study ranked Khan Market, India’s most expensive retail destination, commanding more than Rs1,200 a sq. ft per month rent, or more than $340 per annum, ahead of Amsterdam’s Kalverstraat or Biblioteksgatan in Stockholm.
New York’s Fifth Avenue, host to luxury clothing chains Saks and Barneys, was the most expensive street to set shop with per sq. ft rentals topping $1,000 per year, closely followed by Avenue des Champs Elyses in Paris and New Bond Street of London.
Connaught Place, Khan Market and Linking Road are “slowly but steadily creeping into the league of expensive high streets in the world,” the report said. The study pointed rentals in those prominent streets shot up between 30% and 100% over the last couple of years. Rentals at Khan Market are double that of the priciest of the swanky modern malls in any city in India, industry experts have said earlier.
In another conclusion, the Jones Lang LaSalle Meghraj study said retailers in India’s prominent shopping neighbourhoods have not only been able to withstand the competition posed by the proliferation of modern malls in recent years, but have also grown from strength to strength. The country’s prime shopping areas “have rapidly and quietly adapted themselves to reflect the changing aspirations of its consumers,” the consultant said in its study. This shift “in the retail trade towards organized national and international brands” is also evident among these retailers.