Resurfacing a December 2024 report: Delhi-NCR retail leasing and high-street rents climbed as 27 mn sq ft supply is projected by 2028

Delhi-NCR’s retail property market strengthened in 2024, with premium-mall vacancy declining and leasing rising in Noida and Gurugram, according to a report resurfacing from late December 2024. The region is projected to add more than 27 million sq ft of retail space between 2024 and 2028, supported by infrastructure-led growth corridors.

— FiledWed, 29 Jul, 2026, 05:33 IST·First seen Wed, 29 Jul, 2026, 05:33 IST·Source Financial Express · BrandWagon

What happened

Delhi-NCR retail real estate market · Delhi-NCR retail property recorded stronger leasing, lower mall vacancy and rising high-street rents in 2024.

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 increased 12–15% in 2024
  • 12 Delhi-NCR land transactions covered 160 acres in Q1
  • FY2023-24 recorded 29 land deals spanning 313 acres
  • Delhi-NCR is projected to add more than 27 million sq ft of retail space during 2024–2028, 66% of major-city supply

Why this matters

The infrastructure-backed pipeline creates an opening to secure strategic mall, high-street, and mixed-use partnerships now, particularly in Noida and Gurugram, ahead of accelerated retail-space delivery through 2028.

What to watch

  • Quarterly net absorption versus new retail completions in Noida, Gurugram and Greater Noida.
  • Premium-mall vacancy sustaining below 8% and renewal rent escalations exceeding inflation.
  • Pre-leasing levels and anchor commitments for projects scheduled between 2025 and 2028.
  • Metro, Dwarka Expressway, Noida International Airport and other corridor infrastructure commissioning dates.
  • Retailer store-opening announcements, particularly from international brands, D2C chains, QSR and entertainment operators.
  • Growth in landlord incentives, revenue-share deals and fit-out contributions in newly delivered centres.
  • Prioritise flagship and omnichannel stores in low-vacancy premium malls before rent resets become entrenched.
  • Use phased commitments in new Noida and Gurugram projects: smaller initial footprints, expansion rights and co-tenancy protections.
  • Negotiate rent-free fit-out periods, turnover-linked rent and exit clauses in emerging high-street corridors where future supply is concentrated.
  • Increase catchment-level assortment and fulfilment capabilities around metro and expressway nodes, turning stores into pickup, returns and rapid-delivery assets.
  • Develop experiential tenant mixes—F&B, wellness, family entertainment and events—to defend dwell time as conventional apparel supply expands.