Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancies fall and rents climb
Delhi-NCR retail real estate leasing rose 7% YoY to 3.1M sq ft in 2024, with vacancy easing to 8.3% from 9%. Noida and Gurugram led a 12-15% surge, backed by 12% higher consumer spending and Jewar Airport-driven demand. NCR is set to command a 66% share of India's 27M+ sq ft retail pipeline through 2028.
Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents, led by Noida and Gurugram. Infrastructure like Jewar Airport is driving demand; NCR to lead India's retail pipeline through 2028.