Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy drops and rents climb
Delhi-NCR retail real estate posted record leasing of 3.1 million sq ft in 2024, up 7% YoY, with vacancy falling to 8.3% from 9%. Noida and Gurugram lead demand, with South Extension rentals at ₹800-1000/sq ft. The region holds 66% of India's 27M sq ft retail pipeline through 2028, backed by Jewar Airport and expressway infrastructure.
Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling and rents rising, driven by Noida and Gurugram. The region is set to dominate India's retail pipeline through 2028, supported by Jewar Airport and expressway infrastructure.
Why this matters
The record 3.1M sq ft leasing reinforces Delhi-NCR's earlier signal of rising demand as vacancies fall and rents climb, confirming a sustained recovery led by Noida and Gurugram.
Retail-company signals are accelerating at +543200% QoQ.