Winning Bizness Desk
Mumbai. Delhi’s Khan Market, a 70-year-old retail hotspot, has been named India’s most expensive retail market. According to a report by real estate consultancy Cushman & Wakefield, Khan Market is not only the priciest in the country but also ranks 22nd among the world’s top retail destinations. The market, established in 1951, continues to see steady growth in rental prices, with an annual increase of 7%. Globally, Milan’s Via Montenapoleone has claimed the title of the most expensive retail destination, surpassing New York’s Upper 5th Avenue. The rankings are based on ongoing rental rates in these markets, reflecting their appeal to premium brands and high-end shoppers.
Delhi Dominates the Top Spots
Delhi is home to not just the most expensive market but also the second and third priciest retail locations in India. Connaught Place ranks as the second most expensive, while Gurgaon’s Galleria Market comes in third. Khan Market’s enduring popularity lies in its unique mix of premium international brands and boutique stores, which attract affluent customers. According to Saurabh Shatdal, Managing Director at Cushman & Wakefield, Khan Market’s global ranking highlights the strength and resilience of India’s retail sector.
India’s Retail Scene in the Global Context
While Khan Market leads in luxury retail, Chennai’s Anna Nagar has been identified as the most affordable high-street market in India. Apart from Khan Market, several Indian retail hubs have made it to the list of the Asia-Pacific region’s most expensive markets. These include:
- Connaught Place, Delhi – 29th
- Galleria Market, Gurugram – 31st
- Linking Road, Mumbai – 34th
- Park Street, Kolkata – 35th
- Fort/Fountain, South Mumbai – 39th
- Kemps Corner, South Mumbai – 40th
- MG Road, Pune – 43rd
- Banjara Hills, Hyderabad – 48th
A Global Retail Landmark
The report underscores Khan Market’s position as a global retail destination, showcasing India’s evolving retail landscape. Its combination of high-end stores, fine dining, and a curated shopping experience makes it a magnet for wealthy buyers. As the retail sector continues to grow, India’s premium markets are solidifying their positions on the global stage, offering both historical charm and modern retail appeal. Khan Market remains a prime example of how legacy markets can evolve and thrive in a competitive global environment.
