Delhi-NCR retail real estate hits record leasing in 2024, set to lead 66% of India's pipeline through 2028
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 as vacancy fell to 8.3% from 9% and consumer spending grew 12%. Noida and Gurugram saw a 12-15% leasing surge, with rents reaching ₹800-1000/sq ft in South Extension. The region commands a 27M sq ft pipeline, 66% of India's planned retail space.
Delhi-NCR retail real estate hit record leasing and rents in 2024, with falling vacancy and surging activity in Noida and Gurugram, positioning the region to lead 66% of India's planned retail space through 2028.