The Khan Market Gang has done it again. Can’t they ever leave room for anyone else on the papers. This time the news has travelled far and wide. Khan Market in Delhi is the world’s 20th most expensive retail market. No wonder everyone is eyeing the place, wanting to take it over somehow. In our opinion, Khan Market is just a place to hang out with friends and get some shopping chores done. What do you think?
What’s going on
Global property consultant Cushman & Wakefield just released a report ‘Main Streets Across the World 2019’. They tracked 448 locations across 68 countries and ranked Delhi’s very own Khan Market number 20 based on the annual rent per sq. ft rate of ₹17,396 or $243. We’re talking ranks next to the likes of New York’s Upper 5th Avenue at $2,250 per sq. ft, London’s New Bond Street at $1,714 per sq. ft, Avenue des Champs Elysees in Paris at $1,478 per sq. ft and Via Montenapoleone in Milan, Italy at $1,447 per sq. ft. The winner once again is Causeway Bay in Hong Kong. It ranked first on the list of most expensive retail market at almost ₹2,00,000 or $2,745 per sq. ft annual rent.
The report notes that the lack of availability in shopping malls is pushing brands to venture into main commercial corridors like Khan Market. A location like Khan Market guarantees high footfall, perhaps because of its popularity and diversity. Interestingly, megacities like Delhi, Bombay and Bangalore have experienced marginal increase in street rents compared to other places. Chennai, Pune and Kolkata have recorded staggering rental uplifts, courtesy vibrant high street culture.
People can hate on Khan Market as much as they like but numbers surely are louder than voices. The real estate sector has given Khan Market another thumbs up, bumping it from 21st last year to 20th this year. The annual rent per sq. ft was around $225 in 2018. In May 2019, PM Modi criticized the vibe of Khan Market for harbouring Delhi’s intelligentsia. Following this, a BJP leader proposed renaming the market after Valmiki, sparking impassioned protest in traders and shopkeepers. Thus, rises ‘The Khan Market Gang,’ which is nothing but Delhi’s lawyers, academicians, politicians, and journalists getting supper at the most convenient place possible. The proximity to Delhi high court, India’s supreme court, the parliament, and bureaucratic offices in Lutyens’s Delhi is what fills this place with post work conversations, off the record. If you don’t believe us, go see for yourselves if the hype is worth it!