Delhi-NCR retail leasing strengthened as premium-mall vacancy fell to 8.3%, per a resurfacing December 2024 report
Delhi-NCR’s retail property market saw stronger leasing and higher high-street rents in 2024, according to a report resurfacing from December 2024. With Noida and Gurugram gaining from new connectivity and the upcoming Jewar Airport, the region was projected to account for 66% of major-city retail supply additions through 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail property recorded stronger leasing, lower premium-mall vacancy and rising high-street rents in 2024.
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 has over 27 million sq. ft. of retail pipeline for 2024-2028, 66% of major-city supply
- ANAROCK recorded 12 Delhi-NCR land deals covering 160 acres in Q1; FY24 had 29 deals spanning 313 acres
Why this matters
Delhi-NCR’s connectivity-led expansion, including Jewar Airport, creates partnership and acquisition opportunities in mall, mixed-use, and high-street assets before new supply reshapes local catchments.
What to watch
- Quarterly retail supply completions versus net absorption in Noida, Gurugram and Greater Noida.
- Pre-leasing rates and anchor-tenant commitments at Jewar Airport catchment projects.
- Premium-mall vacancy moving below 7% or reversing above 10%.
- Prime mall and high-street rent growth relative to retailer sales growth.
- Jewar Airport construction milestones, operational timeline and surrounding road/metro connectivity delivery.
- Store closure, lease-renewal and revenue-share trends among fashion, electronics and F&B chains.
- Weekend footfall and trading-density growth in newly opened destination malls.
- Prioritize flagship, experiential and omnichannel formats in low-vacancy premium malls, where footfall visibility justifies higher occupancy costs.
- Secure flexible lease structures in new Noida and Gurugram projects, including phased openings, turnover-linked rent and break clauses.
- Rebalance expansion budgets toward categories that benefit from destination traffic: food and beverage, beauty, athleisure, entertainment, premium fashion and family leisure.
- Use high-street locations for brand acquisition and rapid-delivery adjacency, but benchmark all-in occupancy cost against mall marketing, parking and footfall advantages.
- Landlords should pre-lease with complementary category clusters and increase event, dining and entertainment allocation rather than relying on fashion anchors alone.