Delhi-NCR retail leasing rose in 2024, resurfacing plans for 27 million sq ft of new space by 2028
Resurfacing a 2024 report: Delhi-NCR’s premium-mall vacancy fell to 8.3% in 2024 from 9% a year earlier, while rents climbed in key high streets. Noida and Gurugram leasing grew 12–15%, with more than 27 million sq ft of retail supply planned through 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate recorded strong 2024 leasing, lower premium-mall vacancy and rising rents. Infrastructure-led
Key facts
- India retail leasing rose 7% year-on-year to 3.1 million sq ft in H1 2024
- Delhi-NCR premium-mall vacancy declined 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 surpassed ₹300 per sq ft
- Noida and Gurugram retail leasing rose 12–15% in 2024
- More than 27 million sq ft of retail space is planned in Delhi-NCR during 2024–2028
- Planned Delhi-NCR space represents 66% of anticipated development across major cities
Why this matters
The 2024–2028 development pipeline creates partnership, acquisition, and anchor-tenant opportunities, but expansion should prioritize differentiated projects in proven Noida, Gurugram, and premium-mall catchments.