Summary:
New Delhi, Oct 24 (PTI) Rentals of high-street retail are inching back to pre-COVID levels in Delhi-NCR on the back of revival in business, as rents in upscale Khan Market, South Extension and Connaught Place have risen 11-17 per cent during July-September compared to the previous quarter, according to Cushman and Wakefield.
"Rentals inching back to pre-COVID levels as market activity strengthens," global property consultant Cushman and Wakefield (C&W) said in its report "Marketbeat- Delhi-NCR, Retail Q3 2021" (July-September).
The Delhi-NCR market recorded improved retail activity during the September quarter, the consultant said, adding that early signs of recovery could be seen with a pick-up in retail leasing.
"With rentals inching back to pre-COVID levels and accommodation on commercial terms narrowing, the only direction for retail in the coming months is upwards," said Vibhor Jain, Managing Director, North, Cushman & Wakefield.
"Increased vaccination and a low caseload have certainly played an important role in the return to normalcy and higher consumer confidence," the report said.
On rent scenario, the consultant found that the rentals of high street location Khan Market increased 12.5 per cent to Rs 1,350 per square feet during the July-September quarter as against the previous quarter.