Resurfacing a 2024 report: Delhi-NCR retail leasing and rents rose as 27m sq ft of supply was planned
Resurfacing data from 2024: Delhi-NCR premium-mall vacancy fell to 8.3% in 2024 from 9% a year earlier, while Noida and Gurugram retail leasing reportedly grew 12-15%. More than 27 million sq ft of retail space was planned across the region for 2024-28.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate saw record 2024 leasing, lower premium-mall vacancies and higher rents. Noida and Gurugram
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 grew 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 spanning 313 acres
- More than 27 million sq ft of Delhi-NCR retail space is planned for 2024-2028, 66% of major-city development
Why this matters
The planned 27m+ sq ft Delhi-NCR retail pipeline creates a larger partnership and acquisition landscape, but priority should go to differentiated assets in supply-constrained premium catchments.