HomeLatestDelhi-NCR's retail real estate market saw record leasing in 2024

Delhi-NCR’s retail real estate market saw record leasing in 2024

Delhi-NCR’s retail real estate market saw record leasing in 2024

The retail real estate market in Delhi-NCR has reached unprecedented heights in 2024, driven by a surge in leasing activity, a drop in vacancy rates, and an increase in rental values. This landmark year has firmly established the region as one of India’s top destinations for retail investment. According to CBRE’s India Retail Figures H1 2024 report, retail leasing across the country grew by 7% year-on-year, totalling 3.1 million square feet, with Tier 1 cities like Delhi-NCR, Bengaluru, and Chennai leading the charge. The market’s strong performance is attributed to several key factors, including robust developer confidence, significant infrastructure improvements, and shifting consumer preferences.

In Delhi-NCR, the cities of Noida and Gurugram have taken centre stage as primary drivers of retail growth. Infrastructure developments such as the Delhi-Mumbai Industrial Corridor, the Dwarka Expressway, and the impending Jewar Airport have drastically improved connectivity, further boosting retail demand. Premium malls across the region saw vacancy rates fall to 8.3% in 2024, down from 9% the previous year, reflecting the growing appeal of quality retail spaces. High street locations such as South Extension in Delhi have seen a significant rise in ground floor retail rentals, which have surged to ₹800–₹1,000 per square foot. With limited new supply expected, these upward trends in rent are anticipated to continue.

The retail sector’s growth trajectory is further exemplified by statements from industry leaders like Ankit Sharma, VP of Leasing at Elan Group, who noted the sector’s adaptability and resilience in the face of evolving consumer needs. With strong demand in Tier 1 cities, there has also been rising activity in Tier 2 cities as brands look to tap into newer, underserved markets. This suggests that the retail real estate market is not only expanding but diversifying in its reach across urban centres in India.

From a sustainability standpoint, the retail real estate boom in Delhi-NCR reflects a changing urban landscape where increased commercial activity and improved infrastructure go hand-in-hand with smart urban planning. These developments contribute to a more sustainable city by improving connectivity and reducing congestion, thus helping to mitigate urban sprawl. However, the growth of this sector also requires thoughtful integration with environmental policies to ensure that the rapid pace of commercial expansion aligns with long-term sustainability goals. Ensuring energy-efficient construction, sustainable resource use, and eco-friendly practices in retail spaces will be essential as Delhi-NCR continues its urban transformation.

RELATED ARTICLES
- Advertisment -spot_img

Most Popular

Recent Comments

Mumbai’s BKC Sees ₹829 Crore Lease Deal For NPCI Expansion, 6,019 sq m plot

Mumbai’s BKC Sees ₹829 Crore Lease Deal For NPCI Expansion, 6,019 sq m plot

0
Mumbai’s Bandra-Kurla Complex (BKC) is set to welcome a major development as the National Payments Corporation of India (NPCI) secures an 80-year lease for...
Panaji DLF Bay View Project Suspended Over Environmental Concerns, RERA Notice Issued

Panaji DLF Bay View Project Suspended Over Environmental Concerns, RERA Notice Issued

0
Goa’s high-end real estate sector, DLF, India’s top-listed developer, has moved to deregister its controversial Rs 450 crore Bay View project in Reis Magos....
Bengaluru Housing Project Launch Promises ₹350 Crore Revenue for Developer

Bengaluru Housing Project Launch Promises ₹350 Crore Revenue for Developer

0
  A major new residential project has been launched in Bengaluru’s Electronic City, signalling continued momentum in the city’s south zone housing sector. The mid-premium...
Bengaluru’s ₹1–2 Cr Housing Market Rises Amid Millennial Preference Shift

Bengaluru’s ₹1–2 Cr Housing Market Rises Amid Millennial Preference Shift

0
Bengaluru’s real estate market is witnessing a noticeable pivot toward mid-range housing, as millennial homebuyers fuel demand for apartments priced between ₹1–2 crore. Driven...

THE TECH-DRIVEN FUTURE OF CONSTRUCTION THROUGH A WOMAN’S LENS

Having been part of the construction industry for nearly three decades, I’ve seen it evolve—sometimes slowly, often disruptively. The forces truly reshaping its foundation...