What Makes Delhi's Khan Market India's Most Expensive Retail Space
Year after year, Delhi's Khan Market retains the spot of being India's costliest retail space. A recent report showed the upscale area is the world's 24th most expensive retail space, earning monthly rentals of Rs 1,250 per sq ft on an annual basis. The recent report by a global real estate consultancy also showed Delhi's Connaught Place recorded the highest year–on–year rental growth of 11.8 per cent, at Rs 950 psf a month.
Now the question pops up, what makes Khan Market so special?
Named after Khan Abdul Jabbar Khan, brother of Khan Abdul Gaffar Khan, the marketplace, which was originally allocated to immigrants from the North-West Frontier Province after India's partition, today stands as the very definition of posh and upscale.
“Classy and posh, Khan Market is a favourite of the expat and diplomatic community,” says a Delhi tourism official site describing Khan Market.
There is a reason why it is a favourite of the expat and diplomatic community. From eateries to fashion brands, the place offers you everything that is high-end, exclusive and luxury. In fact, it is a sign of you have arrived in life if you start to regularly hang out here. From this, one can imagine the respect you gain if you rent a shop here.
“Today, it is a popular shopping destination in Delhi. It is a large U-shaped market with two parallel 'U's and some extensions. You will find excellent book shops, upmarket boutiques, opticians, grocers, tailors, brand showrooms, lifestyle stores, etc, here,” the Delhi tourism site adds further.
However, the presence of big brands cannot be the sole reason why Khan Market and its retail charm keeps increasing year after year. A look at certain malls in Gurgaon would tell you so. The Millennium City's Ambience Mall, which was inaugurated with much fanfare and was expected to redefining the mall-shopping experience with its high-end offerings, saw footfalls decline over the years as the road to reach the place got twisted. There are a lot many U-turns you will have to take if a Gurgaonite wants to go shopping there. The premium brands are not of much help in this case.
Wat works in favour of Khan Market is its prime location. Minutes' drive from India Gate, Khan Market is surrounded by high-end localities, including Golf Links, Lodhi Estate, Shahjahan Road, Pandara Road, Rabindra Nagar, Sujan Singh Park, Sundar Nagar and Chanakyapuri. The marketplace is bound to attract the rich and famous of Delhi, the national capital that is India's political powerhouse.
Adding to the grandeur of the area are key landmarks of the city, including India International Centre and the India Habitat Centre. Hang on. Khan Market is also among the greenest spaces in Delhi and has the famous Lodhi Gardens lying close to it.