As part of the security arrangements for the G20 Summit in Delhi, some very strict restrictions have been put in place across the capital. Schools, offices, banks and many marketplaces will remain shut. Our reporters captured t how people were reacting to this.

Delhi's G20 long weekend: A snapshot of diverse plans and perspectives

PM Modi refers to Khan Market in a poll jibe. Khan Market was established on the name of Khan Abdul Jabbar Khan in 1951. Watch this video to know more.

India Election Watch: The Evolution Of Khan Market

Markets across the Delhi are to remain closed due to the bandh called by the Confederation of All India Traders in protest against the ongoing sealing drive by the municipal corporation of Delhi.

According to reports traders in Khan Market, Greater Kailash 1 and 2, South Extension, Defence colony Connaught place, Karol Bagh, Kamla Nagar, Laxmi Nagar, Krishna Nagar, Rajouri Garden, Chandni Chowk, Sarojini Nagar have said that they will not open their shops.

The traders are also protesting in various parts of the national capital.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Traders hold protest in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a>&#39;s Karol Bagh against sealing drive by MCD <a href="https://t.co/t565xPc04O">pic.twitter.com/t565xPc04O</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/955680261080891392?ref_src=twsrc%5Etfw">January 23, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

A mass protest has&nbsp;been called at 12 pm at Hauz Qazi in central Delhi.

The shopkeepers and traders have alleged that the shops are being sealed without any prior notice, and even after accepting conversion charges. Traders demanded protection from sealing by bringing a specific law.

MCD has conducted a sealing drive in Delhi against unauthorised shops in Delhi.

Earlier this month about 13 <a href="http://www.wionews.com/india-news/ndmc-continues-its-sealing-drive-in-khan-market-on-tuesday-28982">outlets were sealed in Khan Market</a> including cafeterias, restaurants, bars and other stores.

The sealing drive was also conducted in <a href="http://www.wionews.com/india-news/after-khan-market-ndmc-conducts-sealing-drive-in-lodhi-colony-29113">Lodhi colony&#39;s Meharchand Market </a>on January 10.

Restaurants like Khan Chacha and Smokey&#39;s Grill were sealed. Geetanjali Salon, Javed Habib&#39;s, Affinity Salon, Ayena Skin Clinic and Amrapali Jewellery store were also among those sealed.

The Delhi Development Authority (DDA) Master Plan 2021 states that any proprietor who uses a property for mixed purposes must pay a one-time conversion charge at the rate notified by the government.&nbsp;

&#39;Use conversion charge&#39; is a mandatory payment to be paid when a residential property is used for commercial purposes.&nbsp;

A mass protest has been called at 12 pm at Hauz Qazi in central Delhi.

Markets across the Delhi are to remain closed due to the bandh called by the Confederation of All India Traders in protest against the ongoing sealing drive by the municipal corporation of Delhi. According to reports traders in Khan Market, Greater Kailash 1 and 2, South Extension, Defence colony Connaught place, Karol Bagh, Kamla Nagar, Laxmi Nagar, Krishna Nagar, Rajouri Garden, Chandni Chowk, Sarojini Nagar have said that they will not open their shops. The traders are also protesting in various parts of the national capital. Traders hold protest in #Delhi's Karol Bagh against sealing drive by MCD pic.twitter.com/t565xPc04O — ANI (@ANI) January 23, 2018 × A mass protest has been called at 12 pm at Hauz Qazi in central Delhi. The shopkeepers and traders have alleged that the shops are being sealed without any prior notice, and even after accepting conversion charges. Traders demanded protection from sealing by bringing a specific law. MCD has conducted a sealing drive in Delhi against unauthorised shops in Delhi. Earlier this month about 13 outlets were sealed in Khan Market including cafeterias, restaurants, bars and other stores. The sealing drive was also conducted in Lodhi colony's Meharchand Market on January 10. Restaurants like Khan Chacha and Smokey's Grill were sealed. Geetanjali Salon, Javed Habib's, Affinity Salon, Ayena Skin Clinic and Amrapali Jewellery store were also among those sealed. The Delhi Development Authority (DDA) Master Plan 2021 states that any proprietor who uses a property for mixed purposes must pay a one-time conversion charge at the rate notified by the government. 'Use conversion charge' is a mandatory payment to be paid when a residential property is used for commercial purposes.

Delhi markets to remain shut after traders protest against sealing drive

The New Delhi Municipal Council (NDMC) conducted a <a href="http://www.wionews.com/india-news/delhi-16-stores-restro-bars-sealed-in-posh-khan-market-29039">sealing drive</a> in Lodhi Colony&#39;s Meharchand Market today.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a>: Sealing drive being conducted by New Delhi Municipal Council (NDMC) in Lodhi Colony area <a href="https://t.co/efH19axun6">pic.twitter.com/efH19axun6</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/951013551862308864?ref_src=twsrc%5Etfw">January 10, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

The move came shortly after the NDMC was directed by the Supreme Court to seal restaurants in Khan Market&nbsp;for allegedly violating the Master Plan 2021.&nbsp;

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
<a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a>: New Delhi Municipal Council (NDMC) conducts sealing drive in Lodhi Colony&#39;s Meharchand Market. <a href="https://t.co/Ld2qlXAVpA">pic.twitter.com/Ld2qlXAVpA</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/951018343871299584?ref_src=twsrc%5Etfw">January 10, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

According to reports, the <a href="http://www.wionews.com/india-news/ndmc-continues-its-sealing-drive-in-khan-market-on-tuesday-28982">NDMC continued with its crackdown</a> on unauthorised restaurants in Khan Market and sealed as many as 16 commercial establishments on Tuesday.&nbsp;

&quot;We sealed 13 more outlets today in <a href="http://www.wionews.com/india-news/delhi-sealing-drive-begins-in-khan-market-28897">Khan Market</a>, including cafeterias, restro-bars and other stores. For now, we have finished the sealing drive but if we come across more violations we will take action against them as well,&quot; a senior NDMC official told reporters.

Restaurants like Khan Chacha and Smokey&#39;s Grill were sealed. Geetanjali Salon, Javed Habib&#39;s, Affinity Salon, Ayena Skin Clinic and Amrapali Jewellery store were also among those <a href="http://www.wionews.com/india-news/ndmc-may-seal-30-restaurants-in-khan-market-today-28843">sealed</a>.

The Delhi Development Authority (DDA) Master Plan 2021 states that any proprietor who uses a property for mixed purposes must pay a one-time conversion charge at the rate notified by the government.&nbsp;

&#39;Use conversion charge&#39; is a mandatory payment to be paid when a residential property is used for commercial purposes.&nbsp;

(With inputs from agencies)&nbsp;

The move came shortly after the NDMC was directed by Supreme Court to seal unauthorised restaurants in Khan Market

The New Delhi Municipal Council (NDMC) conducted a sealing drive in Lodhi Colony's Meharchand Market today. #Delhi: Sealing drive being conducted by New Delhi Municipal Council (NDMC) in Lodhi Colony area pic.twitter.com/efH19axun6 — ANI (@ANI) January 10, 2018 × The move came shortly after the NDMC was directed by the Supreme Court to seal restaurants in Khan Market for allegedly violating the Master Plan 2021. #Delhi: New Delhi Municipal Council (NDMC) conducts sealing drive in Lodhi Colony's Meharchand Market. pic.twitter.com/Ld2qlXAVpA — ANI (@ANI) January 10, 2018 × According to reports, the NDMC continued with its crackdown on unauthorised restaurants in Khan Market and sealed as many as 16 commercial establishments on Tuesday. "We sealed 13 more outlets today in Khan Market, including cafeterias, restro-bars and other stores. For now, we have finished the sealing drive but if we come across more violations we will take action against them as well," a senior NDMC official told reporters. Restaurants like Khan Chacha and Smokey's Grill were sealed. Geetanjali Salon, Javed Habib's, Affinity Salon, Ayena Skin Clinic and Amrapali Jewellery store were also among those sealed. The Delhi Development Authority (DDA) Master Plan 2021 states that any proprietor who uses a property for mixed purposes must pay a one-time conversion charge at the rate notified by the government. 'Use conversion charge' is a mandatory payment to be paid when a residential property is used for commercial purposes. (With inputs from agencies)

After Khan Market, NDMC conducts sealing drive in Lodhi Colony

The New Delhi Municipal Corporation (NDMC) on Tuesday continued its sealing drive in Delhi&#39;s premium Khan Market.&nbsp;&nbsp;

Many other shops in the area remain closed due to the fear of action.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
NDMC continues sealing drive in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a>&#39;s Khan Market. Many other shops closed due to fear of action. <a href="https://t.co/0EX2bAEDwm">pic.twitter.com/0EX2bAEDwm</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/950615224867893249?ref_src=twsrc%5Etfw">January 9, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

According to media reports, about eight establishments that had expanded to rooftops and balconies were sealed partially.

The drive to seal commercial establishment in <a href="http://www.wionews.com/india-news/delhi-sealing-drive-begins-in-khan-market-28897">Khan Market </a>began on Monday after an order by Supreme Court-appointed monitoring committee for allegedly violating the provisions of the 2021 master plan.

The Delhi Development Authority (DDA) Master Plan for Delhi 2021 states that any property used for mixed purposes must pay a one-time conversion charge at the rate notified by the government, for the same use.

After the violations were found, the monitoring committee ordered to seal the first and above floors of Khan Market for misuse of land.&nbsp;

The team has no list of particular offenders and they are visiting each shop particularly to check the documents of the shops.

There have been media reports saying that about <a href="http://www.wionews.com/india-news/ndmc-may-seal-30-restaurants-in-khan-market-today-28843">30 restaurants</a> and seven other commercial establishments in the market will be sealed.

Many other shops in the area remain closed due to the fear of action

The New Delhi Municipal Corporation (NDMC) on Tuesday continued its sealing drive in Delhi's premium Khan Market. Many other shops in the area remain closed due to the fear of action. NDMC continues sealing drive in #Delhi's Khan Market. Many other shops closed due to fear of action. pic.twitter.com/0EX2bAEDwm — ANI (@ANI) January 9, 2018 × According to media reports, about eight establishments that had expanded to rooftops and balconies were sealed partially. The drive to seal commercial establishment in Khan Market began on Monday after an order by Supreme Court-appointed monitoring committee for allegedly violating the provisions of the 2021 master plan. The Delhi Development Authority (DDA) Master Plan for Delhi 2021 states that any property used for mixed purposes must pay a one-time conversion charge at the rate notified by the government, for the same use. After the violations were found, the monitoring committee ordered to seal the first and above floors of Khan Market for misuse of land. The team has no list of particular offenders and they are visiting each shop particularly to check the documents of the shops. There have been media reports saying that about 30 restaurants and seven other commercial establishments in the market will be sealed.

NDMC continues sealing drive in Khan Market

The New Delhi Municipal Council (NDMC) on Tuesday <a href="http://www.wionews.com/india-news/ndmc-continues-its-sealing-drive-in-khan-market-on-tuesday-28982">continued with its crackdown</a> against unauthorised construction in the upscale Khan Market in the national capital and sealed 16 commercial establishments.

The civic body had yesterday sealed the terraces and open spaces of eight major establishments following an order by a Supreme Court-appointed monitoring committee asking the NDMC to seal commercial establishments in Khan Market for alleged violation of provisions of the 2021 master plan and non- payment of user conversion charges.

&quot;We sealed 13 more outlets today, including cafeterias, restro-bars and other stores. For now, we have finished the sealing drive but if we come across more violations we will take action against them as well,&quot; a senior NDMC official said.

Among the establishments which were sealed today were The Chatter House, Civil House, Mamagoto, Fabindia, The Blue Door Cafe, Beer Cafe, Anita Dongre&#39;s store, Shyam Di Hatti, Raghvendra Rathore lable and Parallel Craft Kitchen.

However, a representative from The Beer Cafe denied that the officials sealed a portion of their terrrace, claiming that they explained to the officials that they have were using the terrace for keeping plants following which they understood their point.

&quot;We were not using the terrace as serving area for people but plants, generators and a water tank were kept there. We explained to the officials that the plants were kept for ambience and they understood our point,&quot; he said.

Restaurants Khan Chacha and Smokey&#39;s Grill, salons Geetanjali, Javaed Habib&#39;s and Affinity, Ayena Skin Clinic and Amrapali Jewellery store were among those sealed yesterday. 
The monitoring committee has directed the civic bodies to collect use conversion charges from all 106 local shopping complexes in the city by January 15, failing which the markets will be sealed.

User conversion charges are levied for misuse of land. If the land use of a particular plot is for residential purpose, the owners are liable to pay the user conversion charges to convert the plot into a commercial one.&nbsp; 
&nbsp;

Among the establishments which were sealed on Tuesday were The Chatter House, Civil House, Mamagoto, Fabindia, The Blue Door Cafe, Beer Cafe, Anita Dongre's store, Shyam Di Hatti, Raghvendra Rathore lable and Parallel Craft Kitchen

The New Delhi Municipal Council (NDMC) on Tuesday continued with its crackdown against unauthorised construction in the upscale Khan Market in the national capital and sealed 16 commercial establishments. The civic body had yesterday sealed the terraces and open spaces of eight major establishments following an order by a Supreme Court-appointed monitoring committee asking the NDMC to seal commercial establishments in Khan Market for alleged violation of provisions of the 2021 master plan and non- payment of user conversion charges. "We sealed 13 more outlets today, including cafeterias, restro-bars and other stores. For now, we have finished the sealing drive but if we come across more violations we will take action against them as well," a senior NDMC official said. Among the establishments which were sealed today were The Chatter House, Civil House, Mamagoto, Fabindia, The Blue Door Cafe, Beer Cafe, Anita Dongre's store, Shyam Di Hatti, Raghvendra Rathore lable and Parallel Craft Kitchen. However, a representative from The Beer Cafe denied that the officials sealed a portion of their terrrace, claiming that they explained to the officials that they have were using the terrace for keeping plants following which they understood their point. "We were not using the terrace as serving area for people but plants, generators and a water tank were kept there. We explained to the officials that the plants were kept for ambience and they understood our point," he said. Restaurants Khan Chacha and Smokey's Grill, salons Geetanjali, Javaed Habib's and Affinity, Ayena Skin Clinic and Amrapali Jewellery store were among those sealed yesterday. The monitoring committee has directed the civic bodies to collect use conversion charges from all 106 local shopping complexes in the city by January 15, failing which the markets will be sealed. User conversion charges are levied for misuse of land. If the land use of a particular plot is for residential purpose, the owners are liable to pay the user conversion charges to convert the plot into a commercial one.

Delhi: 16 stores, restro-bars sealed in posh Khan Market

The New Delhi Municipal corporation (NDMC) on Monday began the drive to seal nearly 30 restaurants and commercial establishments in Delhi&rsquo;s upscale Khan Market

The drive was initiated after a Supreme Court-appointed monitoring committee ordered to seal the shops for allegedly violating the provisions of the 2021 master plan.

<div class="ui-state-default" contenteditable="false">
<div class="twitter-block" draggable="false">
<blockquote class="twitter-tweet" data-lang="en">
Sealing of shops and restaurants being done in <a href="https://twitter.com/hashtag/Delhi?src=hash&amp;ref_src=twsrc%5Etfw">#Delhi</a>&#39;s Khan Market. About 30 restaurants &amp; several other shops in the area could be sealed today following alleged violations of provisions of the 2021 Master Plan. <a href="https://t.co/4JGGR5TfLG">pic.twitter.com/4JGGR5TfLG</a>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/950313773566341121?ref_src=twsrc%5Etfw">January 8, 2018</a></blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></div>
<a class="close-mark close-div" href="#" id="jqclosemark">&times;</a></div>

The Delhi Development Authority (DDA) Master Plan for Delhi 2021 states that any property used for mixed purposes must pay a one-time conversion charge at the rate notified by the government, for the same use.

After the violations were found, the monitoring committee ordered to seal the first and above floors of Khan Market for misuse of land.&nbsp;

President of Khan market association, Sanjeev Mehra, had objected to the order claiming there were no violations of laws.

&quot;The Khan Market owners have paid the conversion charges at the rate of Rs 86-89,000 per square metre while the current rates stand at Rs 22,600 per square metre,&quot; Mehra said.

A number of establishments in this area operate on the floors above the ground floor, often with a shopping establishment on one floor, and an eatery or other restaurants on the first and second floors.

The monitoring committee ordered to seal the first and above floors of Khan Market for misuse of land

The New Delhi Municipal corporation (NDMC) on Monday began the drive to seal nearly 30 restaurants and commercial establishments in Delhi’s upscale Khan Market The drive was initiated after a Supreme Court-appointed monitoring committee ordered to seal the shops for allegedly violating the provisions of the 2021 master plan. Sealing of shops and restaurants being done in #Delhi's Khan Market. About 30 restaurants & several other shops in the area could be sealed today following alleged violations of provisions of the 2021 Master Plan. pic.twitter.com/4JGGR5TfLG — ANI (@ANI) January 8, 2018 × The Delhi Development Authority (DDA) Master Plan for Delhi 2021 states that any property used for mixed purposes must pay a one-time conversion charge at the rate notified by the government, for the same use. After the violations were found, the monitoring committee ordered to seal the first and above floors of Khan Market for misuse of land. President of Khan market association, Sanjeev Mehra, had objected to the order claiming there were no violations of laws. "The Khan Market owners have paid the conversion charges at the rate of Rs 86-89,000 per square metre while the current rates stand at Rs 22,600 per square metre," Mehra said. A number of establishments in this area operate on the floors above the ground floor, often with a shopping establishment on one floor, and an eatery or other restaurants on the first and second floors.

Delhi: Sealing drive begins in Khan Market

NDMC is likely to seal close to 30 restaurants located in Delhi&#39;s Khan Market today.

According to reports, the move follows a Supreme Court order that came in the wake of alleged violations of the Master Plan 2021.&nbsp;

The Master Plan requires all restaurants operating above ground floor to pay &#39;user conversion charges&#39;.

Khan Market is categorised as a local shopping complex wherein any commercial operation above ground floor will require the proprietor to pay &#39;use conversion charges&#39; at Rs 22,274 per square metre.&nbsp;

&#39;Use conversion charge&#39;, as the name suggests, is paid in order to &#39;use&#39; a residential property for commercial purposes.

It also facilitates the maintenance and development of the market area and its parking facilities.&nbsp; 
&nbsp;

The move follows a Supreme Court order that came in the wake of alleged violations of the 2021 Master Plan.

NDMC is likely to seal close to 30 restaurants located in Delhi's Khan Market today. According to reports, the move follows a Supreme Court order that came in the wake of alleged violations of the Master Plan 2021. The Master Plan requires all restaurants operating above ground floor to pay 'user conversion charges'. Khan Market is categorised as a local shopping complex wherein any commercial operation above ground floor will require the proprietor to pay 'use conversion charges' at Rs 22,274 per square metre. 'Use conversion charge', as the name suggests, is paid in order to 'use' a residential property for commercial purposes. It also facilitates the maintenance and development of the market area and its parking facilities.

NDMC may seal 30 restaurants in Khan Market today

Police today received a bomb threat call in the upmarket Khan Market in Delhi on Friday morning.

Delhi police immediately landed in the market with a dog squad and bomb disposal squad.&nbsp;

However, reports said nothing suspicious has been found so far.

The police are still searching the area for any suspicious object.&nbsp;

&nbsp;

Delhi police immediately landed in the market with a dog squad and bomb disposal squad

Police today received a bomb threat call in the upmarket Khan Market in Delhi on Friday morning. Delhi police immediately landed in the market with a dog squad and bomb disposal squad. However, reports said nothing suspicious has been found so far. The police are still searching the area for any suspicious object.

Bomb threat in Delhi's Khan Market, police on alert

National capital&#39;s upscale Khan Market has slipped two positions to the world&#39;s 28th most expensive retail location, even as it continues to be the costliest place to hire a shop in the country, says Cushman &amp; Wakefield.

Monthly rentals at Khan market stood at Rs 1250 per sq ft annually.

&quot;New Delhi&#39;s Khan Market has moved down 2 spots on its global retail ranking to become the world&#39;s 28th most expensive retail location globally,&quot; real estate consultant Cushman &amp; Wakefield said in a statement.

&quot;Back home in India, Khan Market continues to be the most expensive retail location with rentals of INR 1,250/sq ft/ year,&quot; it added.

New York&#39;s Upper 5th Avenue continued to remain the world&#39;s most expensive retail location, narrowly ahead of Hong Kong&#39;s Causeway Bay.

Paris&#39; The Avenue des Champs-&Eacute;lys&eacute;es, London&#39;s New Bond Street and Tokyo&#39;s Ginza were at third, fourth and fifth positions, according to Cushman &amp; Wakefield&#39;s annual report &#39;Main Streets Across the world&#39; that tracks 462 of the top retail locations around the globe, ranking them by their prime rental value.

&quot;Despite witnessing stable rental values, Khan Market&#39;s position slipped two places, due to marginal increases in rentals of other countries,&quot; the consultant said.

The micro market has been the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile.

The area, which is centrally located within the city of New Delhi, is flanked on all sides by high-end residential catchment areas.

Within Asia Pacific too, Khan Market slipped down by a rank to be the 15th most expensive location, as Vietnam&#39;s Ho Chi Minh City overtook Khan Market&#39;s rentals this year.

In India, the three most expensive retail micro-markets are located in Delhi-NCR. Khan Market and Connaught Place in New Delhi demand the highest rentals of Rs 1,250 a sq ft per year and Rs 850 per sq ft a year respectively. These are followed by DLF Galleria in Gurgaon, which emerged as the 3rd most expensive location.

C&amp;W MD India Anshul Jain said: &quot;India&#39;s retail real estate is going through rapid changes with consumer behaviour evolving faster than the sector can adapt to. The game changing phenomenon has been the rapid forward movement by e-commerce, which is challenging the existing brick and mortar format.&quot;

&quot;Having said that, main streets have not seen a significant erosion in attractiveness. These continue to see interest from retailers, albeit most locations have no vacancy, which keeps the rentals status of these locations stable,&quot; he added.

Jain said however that very few new locations have been added to the retail geography of India in the last few years, owing to the cautious outlook by retailers.&nbsp;

(PTI)

New York's Upper 5th Avenue continued to remain the world's most expensive retail location, a real estate consultant said

National capital's upscale Khan Market has slipped two positions to the world's 28th most expensive retail location, even as it continues to be the costliest place to hire a shop in the country, says Cushman & Wakefield. Monthly rentals at Khan market stood at Rs 1250 per sq ft annually. "New Delhi's Khan Market has moved down 2 spots on its global retail ranking to become the world's 28th most expensive retail location globally," real estate consultant Cushman & Wakefield said in a statement. "Back home in India, Khan Market continues to be the most expensive retail location with rentals of INR 1,250/sq ft/ year," it added. New York's Upper 5th Avenue continued to remain the world's most expensive retail location, narrowly ahead of Hong Kong's Causeway Bay. Paris' The Avenue des Champs-Élysées, London's New Bond Street and Tokyo's Ginza were at third, fourth and fifth positions, according to Cushman & Wakefield's annual report 'Main Streets Across the world' that tracks 462 of the top retail locations around the globe, ranking them by their prime rental value. "Despite witnessing stable rental values, Khan Market's position slipped two places, due to marginal increases in rentals of other countries," the consultant said. The micro market has been the most expensive market in India for more than five years as demand for retail space has remained steady on account of its location and current occupier profile. The area, which is centrally located within the city of New Delhi, is flanked on all sides by high-end residential catchment areas. Within Asia Pacific too, Khan Market slipped down by a rank to be the 15th most expensive location, as Vietnam's Ho Chi Minh City overtook Khan Market's rentals this year. In India, the three most expensive retail micro-markets are located in Delhi-NCR. Khan Market and Connaught Place in New Delhi demand the highest rentals of Rs 1,250 a sq ft per year and Rs 850 per sq ft a year respectively. These are followed by DLF Galleria in Gurgaon, which emerged as the 3rd most expensive location. C&W MD India Anshul Jain said: "India's retail real estate is going through rapid changes with consumer behaviour evolving faster than the sector can adapt to. The game changing phenomenon has been the rapid forward movement by e-commerce, which is challenging the existing brick and mortar format." "Having said that, main streets have not seen a significant erosion in attractiveness. These continue to see interest from retailers, albeit most locations have no vacancy, which keeps the rentals status of these locations stable," he added. Jain said however that very few new locations have been added to the retail geography of India in the last few years, owing to the cautious outlook by retailers. (PTI)

'India's Khan Market is world's 28th most expensive retail location'

khan-market

Khan Market, News on Khan Market, stories on Khan Market, articles on Khan Market, Khan Market stories at Wion, Khan Market news, Khan Market latest news

khan market