Monthly rents for retail spaces in Delhi’s prestigious Khan Market increased by 9% year over year in the first quarter of FY27 due to rising demand and limited supply, according to a report by Cushman & Wakefield. Asking rents in Khan Market ranged from Rs 1,700 to Rs 1,800 per square foot during the quarter, maintaining its status as India’s costliest high street location.
Rents in major high-street areas across Delhi-National Capital Region saw a rise of 2% to 10%, except for Kamla Nagar which remained stable. The report highlighted growth in main street rentals, with Khan Market experiencing a 9% annual increase, Galleria Market in Gurugram up by 4%, and Connaught Place witnessing a 2% rise in rentals.
South Extension I and II saw the most significant annual growth, with rents increasing by 10% to Rs 850 to Rs 900 per square foot. In Connaught Place’s Inner Circle, rents rose by 2% to Rs 1,250 to Rs 1,300 per square foot, while Galleria Market in Gurugram saw a 4% increase to Rs 1,250 to Rs 1,350 per square foot.
Delhi’s Greater Kailash-I, M Block, experienced a 2% rise to Rs 490–510 per square foot per month, while Karol Bagh and Lajpat Nagar saw 2% and 3% increases, respectively. Rajouri Garden also noted a 2% hike in rents to Rs 260–270 per square foot.
Leasing of retail spaces in shopping malls and major high streets in Delhi-NCR more than doubled to 0.67 million square feet annually. Malls accounted for 63% of the quarterly leasing volume, with main streets making up the remaining 37%.
