 |
|
|
| Khan Market costliest retail
locale in country
6 Nov, 2006. NEW DELHI: Khan Market in Lutyens' Delhi is India's new elite high street, having emerged as the most expensive retail location within India. Over the last one year, Delhi's micro markets have emerged as the costliest ones in the country, dethroning those from Mumbai. Khan Market ranks 24 on the global list, which is quite something considering it didn't even figure in last year's list. Last year, the top Indian market was Mumbai's Linking Road at No. 41.New York's Fifth Avenue continues to retain the top position followed by Causeway Bay in Hong Kong in second position and Avenue des Champs Elysees of Paris in third. This ranking is according to Main Streets Across the World 2006, an annual report on global retail rents by global real estate consultancy firm Cushman & Wakefield (C&W). Because of the huge demand for rental space, the increase in rents in Delhi is the highest in the world over the last year. During this period, rents of retail space in certain micro markets like Greater Kailash, South Extension and Connaught Place in Delhi have more than doubled. This is also in part because of the sealing drive undertaken by the civic authorities under the instruction of the Supreme Court. Rents in South Extension witnessed an increase of 111.5% to Rs 550 per square foot per month (psfpm) from Rs 260 psfpm last year. Similarly, rents of retail space in Greater Kailash and Connaught Place increased by 110% and 100% in the last one year to Rs 525 psfpm and Rs 400 psfpm respectively. The rise in rentals in Mumbai markets is relatively moderate. Rents in Linking Road, which commanded the highest rates in India at Rs 285 psfpm a year back, increased by 58% to Rs 450 psfpm at present. Similarly, other areas like Kemps Corner and Colaba Causeway also witnessed rise in rents by 28% and 36% to Rs 275 psfpm and Rs 225 psfpm respectively. |
||||||
|
|
||||||
|
||||||
 |
||||||
 |
 |
 |
|
LiveIndia.Com Copyright
© 1998-2001 Live India Internet Services! All rights reserved
|
