AHN News Staff
New Delhi, India (AHN) – Delhi just got costlier on the global retail barometer as one of its most posh markets, the Khan Market, moved up three rungs to become the 21st most expensive shopping street in the world.
The rental at Khan Market is calculated to be $284 per square foot in comparison to the $1,850 per square foot on New York’s Fifth Avenue, which continues to be the world’s costliest retail street, according to a survey.
The survey, carried out by real estate consultants Cushman & Wakefield, tracked rents across the top 269 shopping locations in 59 different countries, to arrive at its global list of most expensive retail districts.
Other high streets famous for retail transactions in the Indian capital, like Greater Kailash and South Extension, did not record the same fervour as Khan Market. In fact, some areas of the national capital region, like Basant Lok, even recorded a huge decline of 38 percent in their rental values.
In comparison, Khan Market recorded a hike of more than 15 percent in its rental figures over the previous year.
Speaking on the survey, Executive Director Kaustuv Roy said, “With the markets gaining momentum and retailers, both national and international, revising their expansion plans in India, we are seeing a gradual resurgence in values. As before, key cities such as New Delhi and Mumbai will be seeing a faster rate of growth in values against others due to greater interest in these markets.”
While New York’s Fifth Avenue was predictably the world’s costliest shopping street, in the survey, titled, “Main Streets Across the World 2010,” Hong Kong’s Causeway came a close second and Ginza in Tokyo, Japan was third, leaving behind London, Paris and Milan.
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