Delhi-NCR retail leasing rises as mall vacancy falls and high-street rents climb
Delhi-NCR’s retail property market strengthened in 2024, with 12–15% leasing growth in Noida and Gurugram, premium mall vacancy falling to 8.3%, and rising high-street rents. The region is projected to add more than 27 million sq ft of retail space between 2024 and 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate saw record leasing, falling mall vacancy and rising rents in 2024. Infrastructure projects
Key facts
- India retail leasing rose 7% year-on-year to 3.1 million sq ft in H1 2024
- Premium mall vacancy fell to 8.3% in 2024 from 9% in 2023
- South Extension ground-floor rents reached ₹800-₹1,000 per sq ft
- Consumer spending increased 12% year-on-year
- Golf Course Road rents exceeded ₹300 per sq ft
- Noida and Gurugram retail leasing rose 12-15% in 2024
- Delhi-NCR is expected to add over 27 million sq ft of retail space during 2024-2028, 66% of major-city planned supply
Why this matters
With more than 27 million sq ft of new retail space planned through 2028, retailers should prioritize landlord partnerships and format-led expansion in Noida and Gurugram before prime locations become scarcer.