Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as rents climb, vacancy falls
NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024, with mall vacancy easing to 8.3% from 9%. Noida and Gurugram lead a 27M+ sq ft pipeline through 2028—66% of India's total. South Ext rents hit ₹800-1,000/sq ft as consumer spending climbed 12% YoY.
Delhi-NCR retail real estate hit record leasing in 2024 with rising rents, falling mall vacancy, and surging land deals. Noida and Gurugram lead, with NCR projected to dominate 66% of India's retail development pipeline through 2028.