Delhi-NCR retail pipeline set to top 27m sq ft through 2028, resurfacing an early-2024 forecast of rising leasing and rents

Resurfacing a report from early 2024, Delhi-NCR was projected to add over 27 million sq. ft. of retail space from 2024 to 2028, or 66% of planned supply across major cities. Premium-mall vacancy fell to 8.3% in 2024, while Noida and Gurugram retail leasing reportedly grew 12–15%.

— FiledSat, 12 Sept, 2026, 12:03 IST·First seen Sat, 12 Sept, 2026, 12:02 IST·Source Financial Express · BrandWagon

What happened

Elan Group · Delhi-NCR retail property leasing and rents surged in 2024 as infrastructure, including Jewar Airport and Dwarka Expressway, boosted Noida and

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.
  • Noida and Gurugram retail leasing rose 12–15% in 2024
  • Consumer spending rose 12% year on year
  • Delhi-NCR recorded 12 land transactions covering 160 acres in Q1
  • FY2023-24 recorded 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

Delhi-NCR’s expanding retail footprint strengthens the strategic case for mall partnerships, flagship formats and local brand acquisitions that can secure differentiated access to high-growth catchments.

What to watch

  • Premium-mall vacancy moving below 7% or reversing above 10%.
  • Sustained double-digit leasing growth in Noida and Gurugram.
  • Pre-leasing levels and anchor-tenant commitments at upcoming projects.
  • Retail rent growth exceeding tenant sales growth for two consecutive quarters.
  • Metro, expressway, and office-delivery milestones that expand mall catchments.
  • Consumer discretionary-spending trends and new international-brand entries.
  • Prioritize pre-leasing in high-traffic Noida and Gurugram projects before rent resets further upward.
  • Expand flagship and experience-led formats selectively rather than committing to broad mall rollouts.
  • Negotiate turnover-linked rents, fit-out contributions, exclusivity clauses, and exit options in emerging centers.
  • Map planned supply against household-income growth, office occupancy, metro connectivity, and competing mall catchments.
  • Build store formats that combine discovery, fulfillment, returns, and loyalty acquisition to justify premium rents.