Khan Market, India’s most expensive high street is owned by…, the rent here is Rs 19,330 per square foot, located in…
New Delhi: Delhi’s Khan Market was recently ranked as the 22nd most expensive retail street in the world. Situated in one of India’s most expensive areas, the Khan Market sits right in the middle of Lutyen’s Delhi, not far from the embassies, close to Parliament, the ministries, and government offices. The market offers a wide range of international brands like Vero Moda, Rosso Brunello, Ritu Beri, Puma, Amrapali, Anokhi, Adidas and Clarks. The visitors also find bookstores like Bahri Sons and Faqir Chand that have stood here from the time the market came up.
Among the most popular eateries here is the retro-look The Big Chill Café, the success of which led its owners, Aseem Grover and Fawzia Ahmed, to also open an exclusive — and sinful — bakery that goes by the name of The Big Chill Cakery. The market also offers eateries like Khan Chacha, famous for its tikka and kebab rolls, which started out as a hole in the wall but is now a full-fledged first-floor restaurant.
According to the 34th edition of the ‘Main Streets Across the World’ report by Cushman & Wakefield, Khan Market is the costliest retail market in India, boasting an annual rent of USD 229 per square foot (Rs. 19,330), reflecting a 7 percent year-on-year growth.
Khan Market’s owner:
Khan Market is owned by the Government of India, and most of the shops here operate on a lease basis. Initially, the monthly rent was set at Rs 50 per shop, but prices climbed in 1956 following the Ministry of Rehabilitation’s plan to allocate shops at Rs 6,516. According to various reports, the monthly rents of most shops in the luxury market exceed Rs 6 lakh.
When was Khan Market established?
Khan Market was established in 1951, and is named after freedom fighter Abdul Jabbar Khan, who is said to have rescued Hindus from Pakistan during the 1947 partition.
Khan Market has witnessed a 7 percent year-on-year growth in monthly rent, which is much higher than the global average of 4.4 percent, according to the report by Cushman & Wakefield. It further added that 79 out of the 138 locations surveyed globally, reported rental increases, with an average rental growth of 4.4 percent,
Highlighting the significance of Khan Market’s performance, Saurabh Shatdal, Managing Director, Capital Markets, and Head of Retail-India at Cushman & Wakefield, noted that the premier market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot.
“Known for its curated mix of premium brands and upscale boutiques, Khan Market attracts affluent shoppers, solidifying its reputation as a high-end retail hotspot. The limited availability of retail space in the area creates intense competition, pushing rental values higher,” Shatdal said.
There was a time when the market had 156 shops (on the ground floor) and 74 residences (on the floors above). Today, most of the residents have moved out and 44 restaurants occupy many of these original flats.
The market remains under tight security with paramilitary personnel guarding all entrances. There are 24 CCTV cameras placed in the market. Parking is free around the market. Even the 25 parking attendants are trained by the Delhi police. Hawkers and vendors are a strict no.
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