Here's something hotter than the ongoing T-stir that's sure to bring cheer to Hyderabadis. Jubilee Hills and Banjara Hills areas continue to be rated among the snootiest shopping addresses even globally.
While the Jubilee Hills Road No 36 has made it to the list of 17 most expensive high street locations in India, Banjara Hills Road No 1 has been rated among the top seven most expensive shopping centre mall locations in the country for 2011 by a global retail destinations study carried out by global realty consultant Cushman & Wakefield.
Called 'Main streets across the world 2011', the study surveyed 278 locations across 63 countries and its findings on Hyderabad fly in the face of the perception that the T-issue has made a dent in the city's image as a hotspot.
According to the study, Banjara Hills Road No 1 continued to hold its own as a top notch shopping centre and mall destination in the country with rental values of Rs 240 per sq ft per month along with those like Kolkata's Elgin Road, which was the steepest location at Rs 533 per sq ft per month.
Jubilee Hills Rd No 36, on the other hand, lords over top high street destinations in the country with rentals of Rs 140 per sq ft per month, a nearly 17% jump over rentals last year. Of course, Delhi's Khan Market continues to be the most expensive high street destination in India and the 21st most expensive in the world with rental values of Rs 1200 per sq ft per month.
Explaining the popularity of Hyderabad as one of the most sought after destinations among retailers and top notch brands, Jaideep Wahi, director (retail services), Cushman & Wakefield, says: "Hyderabad has to be on the map along with other metros in India for any brand worth its salt. It's as simple as that."
According to him, the affluent locals as well as a high concentration of upwardly mobile, brand-conscious IT professionals continue to keep the city in great demand as a retail destination. "Both Jubilee Hills and Banjara Hills, being the most premium residential locations of the city, provide for a very potent catchment area for retail activities. The number of brands wanting to have a face in Hyderabad is increasing but there is a limited new supply of retail space, keeping the demand and retail rental values high," he explains.