Delhi-NCR retail leasing gains pace as mall vacancies fall and rents rise, resurfacing a 2024 trend
Resurfacing a 2024 report: Delhi-NCR's retail-property market strengthened that year, with premium-mall vacancy declining to 8.3% and high-street rents climbing in South Extension, Noida and Gurugram. The region is projected to add more than 27 million sq ft of retail space between 2024 and 2028.
Delhi-NCR retail property saw record 2024 leasing, falling mall vacancies and higher rents. Infrastructure around Noida and Gurugram, including Jewar Airport and Dwarka Expressway, is supporting retail development, with Delhi-NCR projected to account for over 27 million sq ft of new space by 2028.
Why this matters
The resurfaced 2024 finding follows signals on a 27 million sq ft retail pipeline through 2028, 45% Q1 2026 leasing growth led by fashion and F&B, and tightening mall vacancies and high-street rents.
Store-opening is steady, with 1,738 signals in 90 days; no QoQ change was provided.