Delhi-NCR retail leasing rose in 2024 as rents climbed and 27m sq ft pipeline built up
Resurfacing a 2024 report: Delhi-NCR's retail market saw stronger leasing, tighter premium-mall vacancy and higher rents that year. Noida and Gurugram leasing rose 12–15%, while more than 27 million sq ft of retail development was planned across the region through 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate posted record 2024 leasing, lower mall vacancies and rising rents. Infrastructure including
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
- Golf Course Road rents exceeded ₹300 per sq ft
- Consumer spending rose 12% year-on-year
- Noida and Gurugram retail leasing rose 12–15% in 2024
- Delhi-NCR recorded 12 land deals covering 160 acres in Q1
- FY2023-24 saw 29 land deals spanning 313 acres
- More than 27 million sq ft of Delhi-NCR retail development is planned for 2024–2028
- Delhi-NCR represents 66% of anticipated retail development across major cities
Why this matters
Retailers and property platforms should evaluate partnerships, acquisitions and anchor-tenant deals in Noida and Gurugram, where leasing momentum and expanding development pipelines can accelerate regional scale.