Delhi-NCR retail leasing tightened in 2024 as rents rose — resurfacing a 2024 report on the 27m sq. ft. pipeline due by 2028
Resurfacing 2024 data: premium-mall vacancy in Delhi-NCR fell to 8.3% in 2024 from 9% a year earlier, while Noida and Gurugram leasing rose 12–15%. The region is projected to add more than 27 million sq. ft. of retail space between 2024 and 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate saw record 2024 leasing, tighter premium-mall vacancies and higher rents. Infrastructure
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.
- Consumer spending rose 12% year-on-year
- Golf Course Road rents exceeded ₹300 per sq. ft.
- Noida and Gurugram retail leasing increased 12–15% in 2024
- ANAROCK recorded 12 Delhi-NCR land deals covering 160 acres in Q1
- FY2023-24 had 29 land deals spanning 313 acres
- Delhi-NCR is expected to add more than 27 million sq. ft. of retail space during 2024–2028, 66% of major-city planned development
Why this matters
Prioritize acquisitions, joint ventures, or landlord partnerships that secure differentiated Delhi-NCR retail access before new supply broadens tenants’ location options.