Resurfacing a 2024 report: Delhi-NCR retail pipeline tops 27 million sq ft through 2028 as leasing and rents rise
Revisiting 2024 data, Delhi-NCR retail real estate saw stronger 2024 leasing, lower premium-mall vacancies and rising high-street rents. Noida and Gurugram leasing grew 12–15%, while the region was projected to account for 66% of major-city retail development through 2028.
What happened
Delhi-NCR retail real estate market · Delhi-NCR retail real estate recorded strong 2024 leasing, falling mall vacancies and higher high-street rents. 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
- Consumer spending grew 12% year on year
- 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
- Delhi-NCR accounts for 66% of anticipated retail development across major cities
- ANAROCK recorded 12 land deals covering 160 acres in Q1
- FY2023–24 had 29 land deals spanning 313 acres
Why this matters
With Delhi-NCR set to capture 66% of major-city retail development through 2028, developers, mall operators and local retail partners become more relevant targets for market-entry alliances or portfolio deals.