Delhi Commercial Properties-impossible is Nothing

By: George Gonigal

At a whopping rental of Rs 950 per sq. ft a month Khan Market in New Delhi has recently been accredited as the 16th most expensive real estate market of the world and the costliest retail destination in India, by a real estate consultancy.

Originally allocated as seed land to immigrants from Pakistan and the North West frontier provinces, after the partition of India, it presently ranks above some of the most premium commercial locations of the world such as Moscow (Russia), Beijing (China), Kuala Lumpur (Malaysia), Amsterdam (the Netherlands), and Toronto (Canada).

Today, Khan Market has become a status symbol for those who shop in there and also for those who live nearby. From book stores, eating joints, music shops, furnishing stores, property consultants, branded apparels to exotic fruits, vegetables and flower shops, the market is well-known for its variety and quality.

As for the increase in rentals, the demand-supply mismatch is what making the property values in Khan Market to soar. A part of this boost can also be attributed to the problem of shortage of good quality retail space in the right location. With the main city, especially the core areas getting saturated, there is no scope for expansion, which is ensuing development of suburbs, where the values are comparatively less.

Like one of the shopkeepers of Khan Market puts it, 'There is no land available for new real estate development; moreover, there is also scarcity of rented land in the market space which is resulting in scorching rentals.'

Khan Market offers an extensive array of showrooms which offers ample options to opt from. It has wide range of branded outlets starting from Reebok, Nike, Benetton, Goodearth, FabIndia, Anokhi, Khadi Gramudyog and so on, it has everything for everyone. Although the real estate values in Delhi are sky-scraping, property markets still look lucrative to investors and businessmen alike, property consultants feel.

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