Delhi-NCR retail leasing hits record in 2024 as rents climb and vacancies fall
Delhi-NCR retail real estate posted record leasing, up 7% YoY to 3.1M sq ft, while vacancy fell to 8.3% from 9%. Premium corridors saw rentals surge 12-15%, with South Ext at ₹800-1,000/sq ft. A 27M sq ft pipeline and 12% YoY rise in consumer spending signal strong expansion runway for retailers in Noida, Gurugram and premium malls.
Delhi-NCR retail real estate hit record leasing and rising rents in 2024, with falling vacancies and strong pipeline. Relevant to Indian retailers planning store expansion across Noida, Gurugram and premium malls.
Why this matters
Record 2024 leasing and falling vacancy strengthen footfall fundamentals for premium-mall players like Elan Group in Gurugram, as rising rents and a 27M sq ft pipeline shape competitive positioning.
Footfall signals steady at 275 over 90 days, backed by 12% YoY consumer spending growth.