Delhi-NCR retail leasing strengthened as premium-mall vacancy and high-street rents tightened, resurfacing a 2024 report
Resurfacing a 2024 report: Delhi-NCR's retail market saw stronger leasing and rising rents in 2024, with premium-mall vacancy falling to 8.3% from 9% in 2023. Noida and Gurugram leasing grew 12%-15%, while more than 27 million sq ft of retail supply is planned across the region through 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate saw record leasing, tighter premium-mall vacancy and higher high-street rents in 2024.
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 ₹800-₹1,000 per sq ft
- Golf Course Road rents exceeded ₹300 per sq ft
- Noida and Gurugram retail leasing rose 12%-15% in 2024
- Consumer spending grew 12% YoY
- Delhi-NCR recorded 12 land deals covering 160 acres in Q1
- FY2023-24 recorded 29 land deals spanning 313 acres
- More than 27 million sq ft of Delhi-NCR retail space is planned for 2024-2028, 66% of major-city supply
Why this matters
Retailers and landlords should prioritize partnerships or acquisitions in proven Noida and Gurugram corridors before new supply reshapes regional bargaining power.