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India 16th most expensive retail spot

November 16, 2007 08:50 IST
India has been ranked as the 16th most expensive retail 'high street destination' in the world by a latest report.

According to the report 'Main Streets Across the World (MSATW) 2007' by real estate consultants firm Cushman & Wakefield, Khan Market in New Delhi is the most expensive retail destination in the country with rentals of Rs 950 per sq ft per month in the second quarter. It 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 years 24th position," the report said.

New York's Fifth Avenue retained its title 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 national head (retail) Rajneesh Mahajan said.

The report said India also figured among the world's top 10 locations that witnessed highest rental increase in local currency terms.

Connaught Place in Delhi is the highest gainer in Asia and second only to Chicago's East Oak Street across the world, with an annual growth of 87.5 per cent.

Kemp's Corner in Mumbai has also witnessed high rental growth of 78.2 per cent, making it the fourth highest riser of rental growth.

Greater Kailash in Delhi and Fort/Fountain and Colaba in Mumbai were also among the highest rent rises recorded with increase of 57.1 per cent, 55.2 per cent and 51.1 per cent respectively.

In the period, the rental in the Connaught Place was Rs 750 per sq ft a month, while the same for Kemps Corner was Rs 490 per sq ft per month, the report added.

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