Who is the ‘real’ owner of Delhi’s Connaught Place? The iconic marketplace was built in…, monthly rent of shops is Rs…

One of the iconic heritage structures in New Delhi, Connaught Place was developed by the British as a showpiece of Lutyens' Delhi.

The Connaught Place, Delhi’s commercial hub and arguably the city’s most iconic marketplace, is a glorious remnant of a bygone era in the heart of India’s national capital, with its British-era architecture standing out amidst the bustling modern skyscrapers of the capital city.

Adoring called “CP” by Delhiites, Connaught Place is s home to everything from banks, bookshops, high-end cafes and restaurants, along with outlets of almost every top Indian and global brand one could imagine. But have you ever wondered who actually owns Connaught Place, when it was built and how much rent is paid by the decades-old shops and retails outlets which are housed here? Let us delve into some amazing facts related to this historic marketplace.

Who owns Connaught Place?

Technically, the ‘real’ owner of Connaught Place is the Government of India, but there’s a catch, a really big one. Underneath its overt government ownership, there are scores of lease deeds, family inheritances, and rental agreements dating as far back as the British era, which dilute the state’s practical ownership.

According to various reports, several buildings at Connaught Place were leased out during the British rule, and surprisingly some of these leases still hold today, and will hold for the foreseeable future. Thus many shops here still pay rents that have not been revised for decades, due to the terms mentioned in those lease agreements.

As per a News18 report, some pay monthly rent as low as Rs 100, which is unprecedented for a prime site like Connaught Place, where even the smallest shops would pay lakhs in monthly rent, according to modern real-estate prices.

Reports suggest that some wily individuals built thriving real estate empires by leasing dozens of shops during the British era, and their families and heirs are now reaping the lucrative benefits of those investments. While the practice could be called unethical, but its completely legal, thus leaving little room for modern-day governments to act without drastically changing real-estate laws.

What is the monthly rent at Connaught Place?

Meanwhile, apart from those ancient lease agreements, Connaught Place is one of the country’s most expensive retail locations today, with monthly rent ranging between Rs 300 to Rs 700 per square foot, depending on the Block. But many businesses still pay monthly rents that have not been revised since 1947, thanks to the Old Delhi Rent Control Act, allowing tenants– which are often multinational chains and national banks– to rake in massive profits.

As per an Economic Times report, Connaught Place saw a 33% year-on-year rise in high street retail rent in 2023.

When was Connaught Place built?

One of the iconic heritage structures in New Delhi, Connaught Place was developed by the British as a showpiece of Lutyens’ Delhi, featuring a Central Business District (CBD). Built during the British-era, construction of the market started in 1929 and was completed in 1933.

Within a short period of time, Connaught Place, which was christened after Prince Arthur, 1st Duke of Connaught and Strathearn, was designed by Robert Tor Russell, emerged as the central business and commercial hub of Delhi.

Notably, Connaught Place was officially renamed to Rajiv Chowk in 1995 after former Prime Minister Rajiv Gandhi. However, its rarely called by Rajiv Chowk, as locals as well as officials continue to refer to the market as as Connaught Place.