Delhi-NCR retail real estate hit record leasing, falling vacancy in 2024, resurfaced data shows
Recapping a 2024 report: leasing rose 7% YoY to 3.1 million sq ft as vacancy fell to 8.3% from 9%, with rentals in South Extension reaching ₹800-1,000/sq ft. Gurugram and Noida saw 12-15% leasing growth, backed by 29 land deals covering 313 acres in FY23-24. The region was set to command 66% of India's 27 million sq ft retail pipeline through 2028.
Delhi-NCR retail real estate hit record leasing, falling vacancy, and rising rents in 2024, driven by infrastructure projects, with the region set to dominate India's retail development pipeline through 2028.