New Delhi, Nov 15 (PTI) National capital's upscale Khanmarket has moved up four positions to become the world's 24thmost expensive retail location even as it continues to be thecostliest to hire a shop in India, according to Cushman andWakefield report.
Monthly rentals at Khan market stood stable at Rs 1,250per sq ft in the past one year, but still its rankingimproved. In the 2016 report, it was placed 28th.
"Delhi's Khan market has emerged as the most expensiveretail location in India and has clinched the 24th position inglobal rankings," the consultant said.
The rise of Khan market in the global rankings since 2016is because of a drop in rentals in some key global markets, itadded.
New York's Upper 5th Avenue retained its numero unoposition while Hong Kong's Causeway Bay and London's BondStreet were ranked second and third, respectively.
The survey took into consideration over 400 retaillocations globally across 66 countries for the annual survey.
"The retail sector in India has remained cautious inactivities even though there was a visible momentum in leasingacross main streets as well as shopping centres," said AnshulJain, Country Head and MD-India, Cushman and Wakefield.
Leasing activities across most key micro-markets wereled by food and beverages and fashion and lifestyle brands, headded.
In the Asia-Pacific region, Indian markets fared better,with Khan market coming in at the 11th slot. Gurugram's DLFGalleria and Mumbai's Linking Road secured 19th and 20thpositions, respectively.
"These micro-markets have been commanding high rentals asthese are established retail destinations due to factors liketheir geographic locations allowing access to larger catchmentfor the retailers," the consultant added.
Khan market in New Delhi and Linking Road in Mumbai havealso had a strong presence of high-end global and domesticbrands.
Within India, Connaught Place in New Delhi recorded thehighest year–on–year rental growth of 11.8 per cent at Rs 950per sq ft a month.
"Connaught Place, which had slipped from its previoussuperior retail destination status, saw renewed interest fromretailers across categories. The location has gone through areinvention in the last few years, with the metro constructionbeing completed and making it easily accessible from acrossthe city," the consultant said. PTI MJHARD.
This is unedited, unformatted feed from the Press Trust of India wire.