Khan Market to Linking Road: How High Streets are beating malls in rent growth across India

Premium malls may get all the attention, but India's iconic high streets are quietly delivering some of the strongest rental returns in commercial real estate. A new report by Anarock reveals where landlords and investors are making the most money in 2025.

Delhi's Khan Market commands rentals of Rs 1,600 per sq ft, up from Rs 1,400 in 2022. That is more than double the rent at DLF Promenade, which at Rs 719 per sq ft is the priciest mall in the NCR. Karol Bagh and Lajpat Nagar offer more affordable high-street options at Rs 406 and Rs 376 per sq ft respectively.

Premium malls across India are running low on vacancy, leaving brands with fewer options to expand. Fashion labels, luxury retailers and food and beverage chains are increasingly turning to high streets to maintain growth momentum. In many cities, a high-street address is no longer a second choice. It is the only choice available.

Mumbai's Linking Road charges Rs 1,000 to Rs 1,500 per sq ft, with smaller store formats dominating transactions. Bengaluru tells a different story. MG Road rents have actually fallen since 2022, dropping from Rs 284 to Rs 213 per sq ft, while Indranagar has recovered strongly, climbing back to Rs 326 per sq ft after a dip. Apparel leads leasing in both cities, followed by food and beverage.

In Hyderabad, Jubilee Hills rents have jumped from Rs 155 to Rs 201 per sq ft since 2022, while Inorbit Mall now fetches Rs 502 per sq ft. Chennai leans toward compact store formats, with jewellery and electronics featuring prominently alongside apparel. Anna Nagar high street has grown steadily to Rs 349 per sq ft, and VR Mall leads the city's mall segment at Rs 379 per sq ft.

Unlike high streets, mall rentals have seen only selective growth, largely confined to top-performing Grade A assets. The wider mall ecosystem is under pressure to differentiate through better curation, experience design and anchor tenant mix. Consumers today want more than products. They want purpose, engagement and a reason to make the trip. Malls that cannot deliver that are finding growth harder to come by.

The Anarock RELEAP 2026 report points to a clear opportunity in well-located high-street retail, particularly in supply-constrained markets. Khan Market, Linking Road and Indranagar continue to attract premium tenants willing to pay top rents. For investors, the message is straightforward. In cities where mall space is scarce, high streets are not just holding their value. They are appreciating it.