High Street rents witness correction in the first quarter of CY2021

Khan market, New Delhi | Photo: Wikimedia Commons
Average monthly rentals across key High Street markets in the top cities witnessed corrections, as the pandemic wreaked havoc across the country. According to data by Anarock Research, Khan Market, the iconic retail hub in New Delhi, saw average monthly rentals reduce by as much as 8 per cent to 17 per cent in Q1CY21, against Q1CY20.

 

Likewise, Kala Ghoda, Bandra Linking Road, and Fort in Mumbai also saw retail rentals decline 5-10 per cent during the same period. However, there were few markets that saw an upward trend. For instance, Hyderabad localities such as Gachibowli, Banjara Hills, and Jubilee Hills saw average retail rentals increase in Q1CY21 against Q1CY20. In the previous two quarters, the retail segment seemed to be on the verge of recovery and was gradually inching towards pre-Covid levels in terms of business. However, the second wave has once again crimped this growth, said Pankaj Renjhen, COO and joint managing director, Anarock Retail. 



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel