Delhi-NCR retail leasing rise resurfaces as 2024 data shows 27 million sq ft pipeline taking shape
Resurfacing a 2024 report: Delhi-NCR premium-mall vacancy fell to 8.3% in 2024 from 9% a year earlier, while high-street rents climbed. The region is projected to add more than 27 million sq ft of retail space between 2024 and 2028, led by Noida and Gurugram.
Delhi-NCR retail real estate posted record 2024 leasing, lower premium-mall vacancy and rising high-street rents. Noida and Gurugram led demand, aided by infrastructure and Jewar Airport, while Delhi-NCR is projected to contribute over 27 million sq. ft. of retail space through 2028.
Why this matters
The signal extends prior resurfaced reports that Delhi-NCR leasing rose 12–15% in 2024 and that rents climbed as premium-mall vacancies tightened, adding the scale and locations of planned supply.
Store-opening is steady, with 1,670 signals recorded in the past 90 days.