Delhi-NCR retail pipeline tops 27m sq ft through 2028 as vacancy eases
Delhi-NCR’s retail-property market recorded stronger leasing and higher rents in 2024, while premium mall vacancy fell to 8.3%. More than 27 million sq ft of retail development is planned across the region between 2024 and 2028.
Delhi-NCR led India’s retail-property growth in 2024, with stronger leasing, lower mall vacancy and rising rents. Infrastructure including Jewar Airport and Dwarka Expressway is supporting Noida and Gurugram projects, while the region is expected to add over 27 million sq ft by 2028.
Why this matters
The pipeline follows prior signals on Delhi-NCR rent growth and 8.3% premium mall vacancy, plus a 45% Q1 leasing jump led by fashion and F&B demand.
Store-opening is steady, with 1,636 signals in the past 90 days; QoQ figures were not provided.