New Delhi, Nov 19 (NationPress) Khan Market in New Delhi retains its status as India’s priciest retail destination, ranking 24th globally with annual rents reaching $223 per square foot (psf)—a 3% increase year-on-year, as revealed in a report released on Wednesday.

Although its global ranking has dipped slightly from 23rd to 24th, Khan Market continues to stand as India’s most expensive high street, showcasing its resilience and lasting charm in a fiercely competitive global market, according to the 35th edition of Cushman & Wakefield’s retail report, ‘Main Streets Across the World.’

Interestingly, India’s retail sector has outperformed both global and APAC averages, achieving a 6% rental growth year-on-year.

London’s New Bond Street has emerged as the world's most expensive retail location for the first time, with rents soaring by 22% in the past year to $2,231 psf/year.

New Bond Street overtakes Milan’s Via Montenapoleone ($2,179 psf/year), which held the top spot last year, and New York’s renowned Upper Fifth Avenue ($2,000 psf/year).

“India’s high streets are displaying remarkable resilience and increasing global significance. Prestigious locations such as Khan Market, Connaught Place, and Galleria Market are drawing both international and domestic brands, fueled by growing affluence and changing consumer preferences,” stated Gautam Saraf, Executive Managing Director at Cushman & Wakefield.

With a shortage of mall supply, these high streets have evolved into key hubs for retailers seeking visibility and engagement.

“So far this year, high streets have accounted for over half of retail leasing activity, highlighting their essential role in the transformation of India’s retail landscape. This evolution reflects a broader trend towards premiumisation and experiential retail, positioning India as one of the most vibrant markets in the Asia Pacific,” Saraf added.

India’s Tier 1 cities are leading rental growth in the APAC region, with Gurgaon’s Galleria Market witnessing a 25% increase, followed by Connaught Place in New Delhi (14%) and Kemps Corner in Mumbai (10%).

This surge is attributed to limited supply and robust demand, emphasizing the lasting allure of prime retail spaces in India’s key urban centers and the overarching trend of premiumisation. The report indicates that across 16 monitored Indian locations, rental growth averaged 6% year-on-year.