What is the monthly rent of shops in Delhi's posh Khan Market and who owns it? Know interesting facts here
The market was named after Abdul Jabbar Khan, a freedom fighter who played a pivotal role in rescuing Hindus from Pakistan.
National Capital Delhi has several upscale marketplaces and Khan Market in Lutyens' Delhi naturally finds a mention. Inhabited by high-ranking officials and affluent individuals, Khan Market boasts thousands of establishments catering to a diverse clientele. Interestingly, only three houses existed in the area initially, but over time, restaurants and shops flourished.
Khan Market was established in 1951 and found its origins in providing homes for people who migrated from Pakistan to India post-partition. The lower floors housed shops, while the upper ones were residential units. The market was named after Abdul Jabbar Khan, a freedom fighter who played a pivotal role in rescuing Hindus from Pakistan.
Despite efforts to rename the market during Rajnath Singh's tenure as Home Minister, the shopkeepers vehemently opposed the change.
Controlled by the government, the majority of these shops operate on leases. Initially set at a meager Rs 50 per month, the rents skyrocketed in 1956 when the Ministry of Rehabilitation's plan allocated shops at Rs 6,516. The average rent for a commercial space in Khan Market ranges from Rs 1800 to Rs 2200 per square foot, depending on the location, size and type of property. Thereby, shops command rents exceeding approximately Rs 6 lakh per month.