The retail real estate market in Delhi-NCR achieved a landmark year in 2024, driven by record leasing volumes, reduced vacancy rates, and rising rental values. This achievement, supported by strong developer confidence, significant infrastructure developments, and shifting consumer trends, solidified Delhi-NCR’s status as India’s premier retail investment destination. CBRE’s India Retail Figures H1 2024 reported that retail leasing in India increased by 7% compared to the previous year, totaling 3.1 million square feet, with Tier 1 cities such as Delhi-NCR, Bengaluru, and Chennai leading this expansion.
Within Delhi-NCR, Noida and Gurugram have emerged as key drivers, thanks to significant infrastructural developments like the Delhi-Mumbai Industrial Corridor, Dwarka Expressway, and the upcoming Jewar Airport, which have significantly enhanced connectivity and spurred retail demand. Notably, vacancy rates in premium malls across the region fell to 8.3% in 2024, down from 9% in 2023, reflecting strong demand for quality retail spaces. High streets such as South Extension in Delhi saw a notable surge in ground floor retail rentals, ranging from ₹800 to ₹1,000 per sq. ft. This upward trend is expected to continue due to constrained new supply.
Highlighting the retail sector’s growth trajectory, Ankit Sharma, VP-Leasing, Elan Group, said, “India’s retail sector has emerged stronger than ever in 2024, showcasing resilience, adaptability, and a clear focus on meeting evolving consumer preferences. CBRE’s India Retail Figures H1 2024 highlights a robust 7% year-on-year growth in retail leasing, reaching 3.1 million sq. ft. This surge was led by Tier 1 cities like Delhi-NCR, Bengaluru, and Chennai, while Tier 2 cities also saw rising activity as brands tapped into newer markets.”
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He further emphasized, “Adding to this positive momentum, consumer spending has grown by 12% year-on-year, reflecting a renewed confidence in the economy and the retail ecosystem. What’s even more encouraging is the way retailers are enhancing the in-store experience with immersive environments, blending physical and digital touchpoints. As we step into 2025,
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