Delhi-NCR retail rents rise as premium-mall vacancy falls to 8.3% (resurfacing a December 2024 report)
Strong 2024 leasing and consumer spending lifted Delhi-NCR retail property demand, with Noida and Gurugram leasing up 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 property recorded strong 2024 leasing, declining premium-mall vacancy and higher rents. Infrastructure
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 were ₹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 rose 12-15% in 2024
- Delhi-NCR is projected to add over 27 million sq ft of retail space during 2024-2028, or 66% of major-city supply
Why this matters
Retail brands should secure prime Delhi-NCR mall locations early and use Noida and Gurugram’s leasing momentum to prioritize expansion, partnerships, or site acquisitions.