Delhi-NCR retail leasing rose as mall vacancies tightened and high-street rents climbed in 2024
Delhi-NCR’s retail property market saw stronger leasing in Noida and Gurugram, lower premium-mall vacancy and rising rents on key high streets. More than 27 million sq ft of retail development is planned across the region through 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate saw record 2024 leasing, lower mall vacancies and rising high-street rents. Noida and
Key facts
- India retail leasing rose 7% year-on-year 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 ₹800-₹1,000 per sq ft
- Golf Course Road rents exceeded ₹300 per sq ft
- Noida and Gurugram leasing rose 12%-15% in 2024
- Consumer spending grew 12% year-on-year
- Delhi-NCR recorded 12 land transactions covering 160 acres in Q1
- FY2023-24 recorded 29 land deals spanning 313 acres
- Over 27 million sq ft of Delhi-NCR retail development is planned for 2024-2028
- Delhi-NCR accounts for 66% of anticipated retail development across major cities
Why this matters
Corporate development teams should prioritize mall-owner partnerships, portfolio deals and expansion platforms in Delhi-NCR before the coming wave of retail supply reshapes asset values and tenant bargaining power.