Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancy falls, rents climb
NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 while vacancy dropped to 8.3% from 9%. Gurugram and Noida lead demand, buoyed by Jewar Airport and expressways. Prime rents hit ₹800-1,000/sq ft in South Extension. NCR is set to anchor 66% of major-city development with a 27M sq ft pipeline through 2028.
Delhi-NCR retail real estate hit records in 2024 with 3.1M sq ft leasing, falling vacancy, and rising rents. Gurugram and Noida lead, boosted by Jewar Airport and expressways; NCR to dominate India's retail pipeline through 2028.