Delhi-NCR retail leasing rose as mall vacancies tightened and rents climbed, resurfacing a 2024 report
Resurfacing data from 2024: Delhi-NCR's premium-mall vacancy fell to 8.3% in 2024 from 9% a year earlier, while Noida and Gurugram leasing rose 12-15%. More than 27 million sq ft of new retail supply is projected across the region through 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate recorded strong 2024 leasing and rent growth, with premium-mall vacancy falling to 8.3%.
Key facts
- India retail leasing rose 7% YoY to 3.1 million sq ft in H1 2024
- Delhi-NCR premium-mall vacancy fell to 8.3% in 2024 from 9% in 2023
- South Extension ground-floor rents reached Rs800-Rs1,000 per sq ft
- Golf Course Road rents exceeded Rs300 per sq ft
- Consumer spending grew 12% YoY
- Noida and Gurugram retail leasing increased 12-15% in 2024
- Delhi-NCR had 12 land deals covering 160 acres in Q1
- FY2023-24 had 29 land deals covering 313 acres
- More than 27 million sq ft of Delhi-NCR retail space is projected for 2024-2028
- Delhi-NCR represents 66% of planned retail development across major cities
Why this matters
Delhi-NCR’s constrained premium-mall inventory increases the strategic value of partnerships, acquisitions, or mixed-use development opportunities that secure retail access ahead of significant new supply.
What to watch
- Quarterly premium-mall vacancy and achieved-versus-asking rent trends in Delhi, Noida and Gurugram.
- Pre-leasing rates, anchor commitments and opening schedules for the projected 27 million sq ft pipeline.
- Retail sales productivity, footfall conversion and tenant churn at established malls versus new developments.
- Growth in affluent residential completions, Grade A office occupancy and metro connectivity around upcoming retail projects.
- Consumer discretionary-spending trends, especially in fashion, dining, beauty, electronics and entertainment.
- Secure longer lease tenures and expansion options in top-performing premium malls before renewals reset at higher rents.
- Prioritize stores in dense residential, office and transit-linked catchments rather than pursuing regional supply indiscriminately.
- Use flagship locations for experiential retail, launches, click-and-collect and customer acquisition; require higher four-wall productivity from standard stores.
- Negotiate turnover-linked rents, fit-out contributions, exclusivity clauses and co-tenancy protections in upcoming projects.
- Map the 2026-2028 pipeline by micro-market to identify malls likely to cannibalize existing locations or create underserved catchments.