The rent of Khan Market has increased by 12.50 percent.
After the second wave of Corona, the country’s economy is improving very fast. There are other signs regarding the recovery of the economy. There has been a jump of 11-17 per cent in the rent for retail space in Delhi-NCR. According to a report by Cushman and Wakefield, rents in markets like Khan Market, South Extension, Connaught Place have seen a jump of 17 per cent in the September quarter compared to the June quarter.
The fare has once again reached the pre-covid level. The increase in rents in the September quarter has been registered on the back of pick-up in retail leasing. It has been said in the report that there has been a large scale vaccination in the whole country. Apart from this, there has also been a good decline in new cases of corona. Due to this sentiment has improved and economic activities are gaining momentum. Let us tell you that more than 100 crore doses of vaccine have been given in the whole country.
where is the rent
The rent in Khan Market has increased by 12.50 percent and the rent there in the July-September quarter stood at Rs 1350 per square feet. The fare has increased by 16.70 per cent in South Extension 1 and 2 and is getting Rs 700 per square feet of space. This jump is on a quarterly basis. Similarly, the rent of Connaught Place has increased by 11.10 per cent on a quarterly basis to Rs 1000 per square feet.
Benefits to retailers are being withdrawn
The consultant said that the offers or benefits that the landlords were giving to lure the retailers are now being withdrawn. The demand had fallen drastically due to the Corona epidemic. In such a situation, many types of benefits were being given by the owners to woo the retailers. It is believed that the terms and conditions which were eased regarding leasing, will now be issued as normal by taking them back.
Demand for retail outlets in malls too
Apart from the retail market, the demand for retail outlets has also increased in malls. However, the cases of store resizing are increasing rapidly. Retailers are now demanding more for smaller outlet areas. Apparel and food beverage outlets are opening more at this time. Their number is increasing rapidly, both in malls and markets.
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