Khan Market, New Delhi. Shutterstock.
Khan Market, one of the most expensive retail district in India, has seen a 8 to 17 percent decline in average monthly rentals in Q1 2021 compared to the same time last year, according to Anarock Research data.
Mumbai is one of the worst effected cities of the second wave of Covid-19 in India and high street markets, including Kala Ghoda, Bandra Linking Road and Fort, have declined 5 to 10 percent in the same period.
Trends of the previous two quarters suggested retail in India was on the verge of recovery. However, “the second wave once again crimped this growth,” Pankaj Renjhen, COO of Anarock Retail said. There’s no end in sight: the country recently passed more than 20 million cases and India’s main opposition party has called for a full national lockdown.