Unveiling Khan Market: Delhi’s Prized Gem Among the World’s Most Expensive Streets-How It Stands Tall Against London, Milan, NYC, and Paris!

Delhi’s Khan Market has officially been recognized as India’s most expensive high street, based on a recent study from real estate consultancy Cushman & Wakefield. In their latest report, “Main Streets Across the World,” C&W reported a 3% year-on-year rise in rental prices, reaching $223 per square foot annually. Despite this increase, Khan Market did experience a slight decline in its global ranking, dropping from 23rd to 24th most expensive.

Globally, London’s New Bond Street has taken the top spot as the most expensive retail destination, with rents skyrocketing by 22% over the last year to an eye-watering $2,231 per square foot per year. Meanwhile, Milan’s Via Montenapoleone, which previously held the number one position, has fallen to second place at $2,179 per square foot. New York’s Upper Fifth Avenue rounds out the top three, commanding rents of $2,000 per square foot annually.

Other significant high streets on the global list include Hong Kong’s Tsim Sha Tsui at fourth, followed by Paris’s Avenue des Champs-Élysées, Tokyo’s Ginza, Zurich’s Bahnhofstrasse, Sydney’s Pitt Street Mall, Myeongdong in Seoul, and Kohlmarkt in Vienna. The report indicates that India’s retail landscape is thriving, outpacing both global and Asia-Pacific averages with a notable rental growth of 6% year-on-year.

Gautam Saraf, Executive Managing Director of Cushman & Wakefield in Mumbai, remarked on the resilience and burgeoning prominence of India’s high streets. He stated, “Premium destinations like Khan Market, Connaught Place, and Galleria Market are attracting both international and domestic brands, spurred by rising affluence and evolving consumer preferences.” Limited mall developments have led to high streets becoming vital locations for retailers seeking maximum visibility and customer engagement.

Thus far in 2023, high streets have accounted for over half of all retail leasing activities in India, underscoring their essential role in the country’s retail evolution. Saraf highlighted a broader trend towards premiumization and experiential retailing in India, positioning the nation as one of the most dynamic markets in the Asia-Pacific region.

In a broader context, rental growth in the Asia-Pacific slowed from 2.8% in 2024 to 2.1% in 2025, with Gurgaon’s Galleria Market experiencing the steepest increase at 25% year-on-year. Following closely are Delhi’s Connaught Place at 14% and Mumbai’s Kemps Corner at 10%. This boom in rental rates is largely attributed to a constrained supply of prime real estate coupled with robust demand.

Interestingly, the report also identifies Chennai’s Anna Nagar 2nd Avenue as the most affordable high street in the Asia-Pacific region, with rents maintaining a low $25 per square foot annually. Sona Aggarwal, Asia Pacific Head of Retail Sales & Strategy at C&W, emphasized the resilience of the retail sector despite economic hurdles, pointing out how India, Korea, and Japan lead the charge in retail growth fueled by robust demand.

As the retail landscape continues to evolve, adaptable retailer strategies and innovative ‘phygital’ experiences are set to drive long-term growth in the region, even amidst geopolitical and economic challenges.

Original Source: https://www.livemint.com/news/india/delhis-khan-market-among-worlds-most-expensive-main-streets-how-it-compares-to-london-milan-nyc-paris-others-11763536039599.html
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Publish Date: 2025-11-19 13:33:00