Delhi-NCR retail leasing rose as rents climbed, with 27 million sq ft of supply planned, resurfacing a December 2024 report
Delhi-NCR’s retail market recorded stronger leasing and lower premium-mall vacancy in 2024, with Noida and Gurugram gaining momentum, according to a report resurfacing from late December 2024. The region is projected to add more than 27 million sq ft of retail space between 2024 and 2028.
Delhi-NCR retail real estate saw record 2024 leasing, falling premium-mall vacancy and rising rents. Noida and Gurugram gained from infrastructure including Jewar Airport and Dwarka Expressway, while the region is projected to add more than 27 million sq ft of retail space through 2028.
Why this matters
The signal extends recent reports that Delhi-NCR leasing climbed 45% in Q1 on fashion and F&B demand and that the retail pipeline tops 27 million sq ft through 2028, pointing to sustained expansion despite rising rents.
Store-opening is steady, with 1,660 signals recorded in the past 90 days.