Can you guess one of the most expensive markets in Delhi and globally? It is the ultimate spot for first dates, elegant dinners, and cafe hopping with friends. Well, it is the most famous Khan Market in Delhi.
Delhi’s Khan Market Is The Most Expensive Retail Market In India
The Khan Market in Delhi is the most expensive retail market in India. It is ranked as the 22nd most expensive retail street globally as per reports by Cushman & Wakefield. The 34th edition of the report titled ‘Main Streets Across the World’, ranks Khan Market as the costliest retail market in India. It boasts an annual rent of $229 per square foot (Rs. 19,330), with a 7 percent year-on-year rise in growth. This makes it a favorite luxury shopper place. The survey was conducted in 138 locations globally. As per the report, 79 locations have reported an increase in rent with an average rental growth of 4.4 percent,
Why Is Khan Market So Popular?
Khan Market is not just a place for shopping, it has many other varieties of top-brand stores, cafes, and boutiques with rent of around Rs 19000 to Rs 20,000 per square foot. It is a favorite spot for Delhites and is considered to be the richest place in Delhi. Individuals love to shop, eat, and hang out in Khan Market, whereas other expensive shopping areas along with Khan Market in Delhi include Connaught Place and Galleria Market in Gurgaon. These places attract shoppers because of the global brands available there and the massive population that loves luxury shopping in India.
Who Owns Khan Market?
Khan Market is located in Lutyens’ Delhi. It is one of the most posh localities. The Government of India owns the Khan Market. Most of the shops here are on rent. As per several reports, the monthly rents of most of the shops in the Khan market exceed Rs 6 lakh. Khan Market was established in 1951. It is named after the freedom fighter Abdul Jabbar Khan. He is said to have rescued many Hindus from Pakistan during the partition in 1947.
The Vibes In Khan Market
It is not just about the money that Khan market is popular but also about the lifestyle and the special thing it holds. It is a luxury experience in Delhi that is both special and elegant. The massive rise shows how much people want to be there and experience luxury lifestyles, brands, and cafes. Places like Khan Market will continue to attract people because of the vibes they are giving to the new generation and keeping the decency of millennials as well.
The Rise In Rents
Luxury areas across the world are getting costly and Khan Market is not behind either. The Khan Market is rising day by day. It is becoming more expensive and now global retail rents have increased from 4.4% to 11% in the US showing that even with online shopping, physical stores still matter. Talking about the Indian economy and luxury, it is going hand and hand. Global brands are increasing and focusing on places like Khan Market, and Connaught Place. This place makes India’s retail future look bright.
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