Lack of quality space and restrictive legislation saw retail rents in five locations in India make it into the global top ten locations that have experienced the highest annual percentage rental increases, according to Cushman & Wakefield's annual global report. Khan Market in New Delhi , the most expensive retail destination in India , is the biggest riser in the ranking of the world's most expensive shopping locations in terms of retail rents , moving up eight places from last year ' s 24 th position.  Rajneesh Mahajan, National Head, Retail, Cushman & Wakefield India , says: "Retail is going through a revolution in India , although part of the increase in rents is due to the lack of high-quality space in the right location. This is in strong contrast to other emerging markets such as China , where less restrictive legislation has meant more construction of retail outlets and retail chains accounting for a much larger share of total sales"

Indian high streets emerged as the 16 th most expensive retail high streets in, Main Streets Across the World 2007( MSATW). New York 's Fifth Avenue retained its title as the world's most expensive shopping destination followed by Hong Kong's Causeway Bay and Avenue des Champs Elysées in Paris .

According to the C&W MSATW report, India also emerged among the worlds top 10 locations that witnessed highest rental increase in local currency terms. Connaught Place , in Delhi was the highest gainer in Asia and second only to Chicago 's East Oak Street across the world, with an annual growth of 87.5percent. Kemp's Corner in Mumbai has also witnessed high rental growth of 78.2 percent making it the 4 th highest riser of rental growth in the world.  Greater Kailash in Delhi and Fort/ Fountain and Colaba in Mumbai were also among the highest rent rises recorded with increase of 57.1 percent, 55.2 percent and 51.1 percent respectively.  

Rental growth across Asia as a whole amounted to a very strong 23.8 percent with increases such as in "Tokyo driven largely by lack of supply", says Sebastian Skiff, Head of Retail Services in Asia Pacific "Store front opportunities on the main high streets and better malls are limited."

John Strachan, Cushman & Wakefield's Global Head of Retail, comments: "We are seeing the emergence of a line-up of global shopping destinations, whether Fifth Avenue in New York, Causeway Bay in Hong Kong or Avenue Champs-Elysées in Paris, where retailers are using flagship stores in prestige locations to leverage the value of their brands... We are seeing no signs of let-up in the demand for the right space in the right location, despite the anticipated slowdown in the global economy for 2008. ... Rents in "key retail locations  where availability is tight and turnover of units is limited" will continue to increase.

Mumbai & Delhi maintain their position as the best markets for retailers across categories and witness consistent demand from retailers due to the double digit growth in revenues achieved across brands within the high street markets. Prime high streets such as Khan market, Greater Kailash, South Extension and CP in Delhi and Linking Road , Kemp corner in Mumbai provide better revenue for retailers and therefore will continue to be viewed favourably by them despite the rapid growth in mall development across the cities. RFP