New Delhi: Khan Market has emerged as the most expensive retail destination in India during 2011, realty consultant Cushman & Wakefield (C&W) said on Tuesday.
According to a survey by the consultant, shop owners pay Rs 1,200 per sq per month as rental in Khan Market. "With many major international and national retail brands being present in Khan Market, and little vacancy and consistent demand, values have been rising high," it added.
Khan Market is followed by Mumbai's Linking Road (Western Suburban), where the rental is Rs 685 a sq ft every month.
"Retailer expansion in India is a result of a combination of strong economic growth driven primarily by internal consumption and quality retail supply being provided in major cities across India. Growth in the luxury sector has been a rising trend with the market growing at a rate of 13 per cent," C&W Director (Retail Services, India) Jaideep Wahi said.
Both international and Indian brands regard India as an expanding luxury market which could become a significant part of their portfolio going forward, he added.
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