Retail rents in India’s fustian ‘Khan Market’ slipped remarkably

According to property consultant firm Anarock, Khan Market, one of the most foppish shopping lanes in Delhi has experienced a slippage in the  average monthly rentals  from 8 to 17 percent in 2021.

The network of landlords who rely on quarterly rent payments from their shops has experienced a hitch as the prices of rental retails are declining   in the luxury shopping complexes and markets worldwide.

Retail sector is one of the worst affected sectors due to the pandemic since early 2020, hence retailers tend to shift their business online and curtailing their future expansion plans.

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Apart from Delhi, financial capital of India, Mumbai which has been severely in the grips of virus, seems to feel the blight of low rental prices in the high street markets, including Kala Ghoda, Bandra Linking Road and Fort which have declined 5 to 10 percent in the first quarter of 2021.

Brigade Road in Bengaluru saw a drop in rentals between 8-17 per cent in the first quarter of 2021 as against the first quarter of 2020 with current average monthly rentals between INR 250-275 per sq ft. At Indiranagar, the rentals range between INR 225-250 per sq. ft.

However some regions have also seen the upward trend. Uptown markets in Hyderabad in the areas such as Gachibowli, Banjara Hills, Jubilee Hills, there is a surge reported in the average retail rentals increase in the first quarter of 2021 against the first quarter of 2020.

Cover image by Trip Advisor