Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls and rents climb
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 while vacancy eased to 8.3% from 9%. Noida and Gurugram surged 12-15%, South Ext rentals hit ₹800-1,000/sq ft, and the region is set to hold 66% of India's 27M sq ft retail pipeline through 2028.
Delhi-NCR retail real estate hit record leasing and rising rents in 2024, with falling vacancy and Noida/Gurugram surging 12-15%. Region set to dominate 66% of India's retail development pipeline through 2028, signaling prime retail expansion opportunities.
Why this matters
The 2024 record marks Delhi-NCR's tightening retail market, with falling vacancy and rising rents across Noida, Gurugram and South Extension signaling sustained demand and a dominant upcoming supply pipeline.
Retail-company theme accelerating sharply, up 744000% QoQ.