- Retail rents in Delhi-NCR's prime high streets rose notably in 2025, led by Khan Market
- Khan Market remained India's priciest retail location with rents up 8% to Rs 1,700-1,800/sq ft
- Galleria Market in Gurugram saw highest rental growth of 14%, reaching Rs 1,150-1,250/sq ft
Retail rents in Delhi-NCR's prime high streets continued to rise in 2025, with Khan Market remaining India's most expensive retail location, followed by Cannaught Place and Galleria Market in Gurugram, according to a report by property consultant Cushman & Wakefield. Monthly rents in Khan Market rose 8% year-on-year to Rs 1,700-Rs 1,800 per sq ft, reinforcing its position as the costliest high-street retail market in the country. It ranks 24th globally.
In comparison, rents in Connaught Place (Inner Circle) increased 4% to Rs 1,150 - Rs 1,250 per sq ft per month, and Galleria Market in Gurugram saw the highest rental growth of 14%, with rents reaching Rs 1,150 - Rs 1,250 per sq ft.
"India's high streets are demonstrating exceptional resilience and growing global prominence. Premium destinations like Khan Market, Connaught Place, and Galleria Market are attracting international and domestic brands, driven by rising affluence and evolving consumer preferences. With limited mall supply, these high streets have become strategic hubs for retailers seeking visibility and engagement," said Gautam Saraf, Executive Managing Director, Mumbai and New Business, Cushman & Wakefield.
"Year-to-date, high streets have accounted for over half of retail leasing activity, underscoring their critical role in shaping India's retail evolution. This transformation reflects a broader trend of premiumisation and experiential retail, positioning India as one of Asia Pacific's most dynamic markets."
Across Delhi-NCR, high-street rentals recorded 2-14% annual growth in 2025, reflecting strong demand for limited prime retail space. Among other markets.
What About The Rental In Other Major Markets?
Kamla Nagar (Delhi): Rs 480 - Rs 510 per sq ft (+11%)
Greater Kailash-I, M Block (Delhi): Rs 475 - Rs 500 per sq ft (+5%)
Karol Bagh (Delhi): Rs 395 - Rs 415 per sq ft
Lajpat Nagar (Delhi): Rs 290 - Rs 310 per sq ft (+3%)
Rajouri Garden (Delhi): Rs 255 - Rs 265 per sq ft (+6%)
Punjabi Bag (Delhi): Rs 260 - Rs 275 per sq ft (+2%)
Sector 18 market (Noida): Rs 200 - Rs 220 per sq ft (+8%)
Sector 29 market (Gurugram): The monthly rent rose 3 per cent annually to Rs 180 - 190 per square foot during the October-December period of last year.
What Are The Driving Factors?
The surge in rents is driven by strong demand from brands, limited supply of prime retail spaces, and retailers' preference for high-visibility high-footfall locations, the report said.
According to Shriram PM Monga, Co-founder & Principal Consultant at SRED Real Estate Advisory, these established markets offer high visibility and steady footfall. "Markets like Galleria and Khan Market benefit from limited supply and established catchment areas with high spending power," he said.
According to Cushman & Wakefield, leasing of retail spaces in Delhi-NCR grew 83% in 2025, with mainstreets accounting for 55% of annual leasing.
The report mentions that India's Tier 1 cities led the rental growth in the APAC region, with Gurgaon's Galleria Market recording a 25% increase, followed by Connaught Place (14%) and Kemps Corner in Mumbai (10%), despite a slump in rental growth in the Asia Pacific Region from 2.8% in 2024 to 2.1% in 2025. Though performance varied widely across markets.
