Delhi-NCR retail real estate hits record 2024 leasing as mall vacancy falls to 8.3%
Retail leasing across Delhi-NCR rose 7% YoY to 3.1M sq ft in 2024, with vacancy dropping to 8.3% from 9% and South Extension rents at ₹800-1000/sq ft. Noida and Gurugram lead with 12-15% growth, backed by Jewar Airport. The region holds 66% of India's 27M sq ft retail pipeline through 2028.
Delhi-NCR retail real estate boomed in 2024 with record leasing (+7% YoY), falling mall vacancy (8.3%), and rising rents. Noida and Gurugram lead, backed by Jewar Airport; region projected to dominate India's retail space pipeline through 2028.