New Delhi, Aug 14: Khan Market — Delhi’s upscale high-street retail location — witnessed a 7 per cent growth year-on-year in average monthly rent during the April-June period at Rs 1,500 per square feet, according to Cushman & Wakefield.
The rentals in Khan Market, the most expensive retail destination in India, had fallen sharply during the Covid pandemic but now it has bounced back.
The rent in Khan Market stood at Rs 1,200 per sq ft a month during July-September 2020, down 14 per cent from the year-ago period.
In its Marketbeat report for retail real estate during April-June 2023, Cushman & Wakefield said that the rent in Khan Market stood at Rs 1,500 per square feet.
South Extension I & II saw a 14 per cent growth in the average rental to Rs 800 per square feet a month, while Lajpat Nagar witnessed a 10 per cent growth to Rs 275 per square feet.
Rentals remained stable in Connaught Place at Rs 1,050 per square feet.
As per the data, the monthly rent in Greater Kailash I, M Block grew 12 per cent to Rs 425 per square feet.
At Rajouri Garden and Punjabi Bagh, the monthly rent went up 11 per cent each to Rs 250 per square feet. Rentals in Karol Bagh remained flat at Rs 390 per square feet, while the rent at Kamla Nagar rose 5 per cent to Rs 400 per square feet.
In Gurugram’s high-street market, DLF Galleria witnessed a maximum surge in rental of 33 per cent to Rs 1,000 per square feet a month. The rental at Sector 29 fell 3 per cent to Rs 160 per square feet, while it remained flat in DLF Cyber Hub at Rs 250 per square feet during the April-June period.
Noida’s Sector 18 market saw a 5 per cent year-on-year increase in monthly rent to Rs 200 per square feet during the second quarter of this calendar year.
Omaxe Executive Director Jatin Goel said there has been a substantial increase in footfall both in malls and high streets post the Covid pandemic.
“The demand for top-grade retail spaces continues to surpass supply in major cities. Similar trend is also visible even in tier 2 & 3 cities like Chandigarh, Faridabad, Ludhiana and Indore among others. The strong demand has also resulted in hardening of lease rentals across cities and we believe the trend is likely to continue over the next 2-3 years,” he added.
During the April-June quarter, Cushman & Wakefield report mentioned that high streets in Delhi-NCR experienced a surge in leasing activity, reaching 0.10 million square feet, up 13 per cent year-on-year. (PTI)
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