Delhi-NCR retail rents rose as premium mall vacancy fell to 8.3%, resurfacing a 2024 report
Resurfacing data from early 2024: Delhi-NCR retail leasing and high-street rents strengthened in 2024, with demand accelerating in Noida and Gurugram. 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 posted record 2024 leasing, lower mall vacancies and higher high-street rents. Infrastructure
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
- Consumer spending rose 12% YoY
- Golf Course Road rents exceeded ₹300 per sq ft
- Noida and Gurugram retail leasing rose 12-15% in 2024
- Delhi-NCR recorded 12 land deals covering 160 acres in Q1
- FY2023-24 had 29 land deals covering 313 acres
- Delhi-NCR is expected to add over 27 million sq ft of retail space during 2024-2028, or 66% of major-city planned development
Why this matters
Prioritize expansion, leasing partnerships, and acquisition targets in Noida and Gurugram before the projected 27 million sq ft supply wave reshapes local bargaining power.