Delhi-NCR retail real estate hits record 2024 as leasing climbs 7% and vacancies fall
Retail leasing rose 7% YoY to 3.1M sq ft in 2024 while vacancy dipped to 8.3% from 9%. Noida and Gurugram led with 12-15% leasing growth, and the region holds 66% of India's planned 27M sq ft retail pipeline through 2028. Rents firmed, with South Ext at ₹800-1,000/sq ft.
Delhi-NCR retail real estate hit a record year in 2024 with leasing up 7% to 3.1M sq ft, falling vacancies, rising rents, and 66% of India's planned retail pipeline through 2028, driven by Noida and Gurugram.