New Delhi, the capital of India, is home to a thriving and varied market culture. The capital city offers a wide range of shopping options, from thriving shopping malls to lively street markets. The national capital likewise has the highest retail rents in India. Delhi’s Khan market is the world’s 22nd most expensive retail location and also the costliest to rent a shop in India. It has an annual rent of $217 per square foot. In this article, we will tell you everything there is to know about Khan Market, one of world’s priciest retail locations.
Khan Market Annual Rent Per Square Foot
Khan Market is a shopping district and retail market in New Delhi. The market has been listed the world’s 22nd most expensive retail location by Cushman & Wakefield, a global commercial real estate services firm.
The Khan market is home to many luxury domestic and international brands. It is the most expensive place to hire a shop in India. The annual rent is $217 per square foot. Because the site provides retailers with access to a wider customer base, the market has been commanding high rentals.
Elegant and posh, Khan Market is well-loved by the expat and diplomatic community. Located in the heart of the city, Khan market is a sizable U-shaped market with two parallel ‘U’s and a few extensions. The market is lined by brand showrooms, lifestyle shopes, upscale boutiques, excellent bookstores, tailors, customised lighting stores, etc. In addition, there are a lot of eateries, bakeries, cafes, restaurants, and street-food stands.
Once An Immigrant Seedbed, Khan Market A Popular Shopping Destination Now
Khan Market was established in 1951 by the newly formed Republic of India’s Rehabilitation Ministry to provide refugees from the Partition of India with economic prospects, particularly those from the North West Frontier Province, which is now in Pakistan.
It is named after Khan Abdul Jabbar Khan, a Pashtun political and spiritual leader. Khan was the elder brother of Indian freedom fighter Khan Abdul Gaffar Khan. Khan Market was originally a U-shaped, two-story market complex with 154 stores and 74 shopkeeper residences on the first floor. Every apartment on the first floor was used as a residence until the 1980s. Many families were eventually compelled to relocate due to the first generation of tenants’ growing family and the real estate boom. These houses were therefore sold and started to be transformed into shops.
Khan Market which was originally allocated to immigrants as seed land, today has become one of Delhi’s most visited shopping destinations.