Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancy falls, rents rise
Delhi-NCR retail leasing grew 7% YoY to 3.1M sq ft in 2024, with vacancy easing to 8.3% from 9%. Noida and Gurugram lead the surge, backed by Jewar Airport and a 27M sq ft pipeline. Prime rents hit ₹800-1,000/sq ft in South Extension as consumer spending climbs 12% YoY.
Delhi-NCR retail real estate boomed in 2024 with record leasing, falling vacancy, and rising rents. Noida and Gurugram led growth, supported by infrastructure like Jewar Airport, positioning the region to dominate India's retail development pipeline through 2028.