Delhi-NCR retail leasing and rents rise as 27 million sq ft pipeline builds, resurfacing a 2024 report
Premium-mall vacancy in Delhi-NCR fell to 8.3% in 2024 from 9% in 2023, while Noida and Gurugram retail leasing grew 12–15%, according to data resurfacing from a 2024 report. The region is projected to add more than 27 million sq ft of retail space between 2024 and 2028.
Delhi-NCR retail real estate recorded strong 2024 leasing and rent growth as mall vacancy fell, supported by infrastructure projects and consumer spending. Noida and Gurugram led activity, while the region is projected to account for over 27 million sq. ft. of planned retail space through 2028.
Why this matters
The resurfaced 2024 report supports prior signals that Delhi-NCR leasing rose as vacancies fell and rents climbed, while Q1 2026 data showed leasing up 45% as fashion and F&B brands pursued quality space.
Store-opening is steady, with 1,606 signals recorded in the past 90 days.