Delhi's CP leads trier 1 in rental growth

Connaught Place in Delhi NCR marked a 33 per cent year-on-year growth in rental rates for high street retail space, the highest amongst the tier 1 cities. Connaught Place was followed by two high streets in Bengaluru -Hennur Main Road and Commercial Street with 20 per cent and 17 per cent year-on-year growth in the rentals, respectively, as per a report by property consultant Knight Frank India.

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Amongst tier-2 cities, Guwahati-Shillong Road recorded the highest rent appreciation of 38 per cent which is also the highest for all 58 high streets across the country.

The trends show that apparel dominated the retail market across high streets with a 29 per cent contribution, followed by food and beverages at 18 per cent, exhibiting the importance of dining options for consumers. Accessories cover 17 per cent in high streets.

Knight Frank India, in its latest report, 'Think India Think Retail 2024- Shopping Centre and High Street Dynamics Across 29 Cities',noted that high streets generate an average of USD 370 per square foot in 2023.

The report further projected that the potential consumption across 58 high streets in 29 cities will be nearly USD 3 billion for 2024-25.