Delhi-NCR retail real estate hits record 2024 leasing as vacancy drops and rents climb
NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024, with vacancy falling to 8.3% from 9%. Noida and Gurugram lead, fueled by Jewar Airport and expressways. South Ext rentals hit ₹800-1,000/sq ft as consumer spending grew 12% YoY. NCR set to dominate 66% of India's 27M sq ft retail pipeline through 2028.
Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling and rents rising. Noida and Gurugram lead growth, backed by Jewar Airport and expressways. NCR to dominate 66% of India's retail development pipeline through 2028.