Resurfacing a 2024 report: Delhi-NCR retail leasing accelerated as rents rose and 27m sq ft pipeline built
Data resurfacing from 2024 shows Delhi-NCR’s premium mall vacancy fell to 8.3% that year, while Noida and Gurugram retail leasing rose 12–15%. More than 27 million sq ft of retail space was planned across the region through 2028, accounting for 66% of major-city supply projections.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail property leasing and rents surged in 2024 as vacancy fell, aided by infrastructure including Jewar
Key facts
- India retail leasing rose 7% YoY to 3.1 million sq ft in H1 2024
- Delhi-NCR premium mall vacancy declined to 8.3% in 2024 from 9% in 2023
- South Extension ground-floor rents rose to ₹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 increased 12% YoY
- 12 Delhi-NCR land transactions covering 160 acres in Q1
- 29 land deals spanning 313 acres in FY2023-24
- Delhi-NCR has over 27 million sq ft of planned retail space for 2024-2028
- Delhi-NCR represents 66% of anticipated retail development across major cities
Why this matters
Prioritize selective leasing, mall partnerships, and acquisition opportunities in Noida and Gurugram before new supply reshapes local catchments through 2028.