Delhi-NCR retail leasing rose in 2024 as mall vacancy fell and high-street rents climbed
Resurfacing a 2024 market update: Delhi-NCR's retail property market strengthened that year, with premium-mall vacancy declining to 8.3%, leasing in Noida and Gurugram rising 12–15%, and prime high-street rents increasing. More than 27 million sq ft of retail development is planned across the region through 2028.
Delhi-NCR retail property saw record 2024 leasing, falling premium-mall vacancy and higher high-street rents. Noida and Gurugram gained from infrastructure projects, while the region is projected to add over 27 million sq ft of retail space through 2028.
Why this matters
The 2024 update provides context for recent Q1 signals showing 45% Delhi-NCR leasing growth led by fashion and F&B, alongside a related report on rising rents and a 27 million sq ft retail pipeline.
Footfall is steady, with 436 signals recorded in 90 days; no QoQ change is reported.