The retail real estate market in Delhi and its surrounding cities is buzzing again—but this time, it’s not just a bounce-back from the past. According to a report from Cushman & Wakefield, leasing activity across malls and high streets in the Delhi-NCR region shot up by a sharp 57% year-on-year in Q1 2025, touching 4.08 lakh square feet. And the usual suspects—fashion and food—are the ones driving the momentum.
“This is no short-term recovery; we’re witnessing a deeper pivot in how brands are thinking,” says Jatin Goel, Executive Director at Omaxe Group. “Retailers, especially in apparel and F&B, are now anchoring their growth strategies on premium high-street spaces that give them visibility and immediate access to foot traffic.”
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Goel points to rising activity in Dwarka, Faridabad, and Greater Noida, which were once considered fringe markets but are now pulling in serious brand attention. With improved infrastructure, rising local incomes, and dense residential pockets, these areas have matured into viable hotspots for big-league retail development.
As per the latest data, high-street properties now account for a dominant 61% of total leasing, proving that brands are leaning toward eye-level exposure rather than mall interiors. And while multiple sub-markets are growing, Gurugram has emerged as the undisputed front-runner, claiming over half (52%) of all leasing activity this quarter. Noida and Delhi proper followed in second and third place.
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But the real shift is happening in how satellite cities like Gurugram are now playing on equal footing with central Delhi when it comes to commercial pull.
Take Galleria Market in Gurugram, for example—rents have surged 20%, now ranging between Rs. 1,150 to Rs. 1,250 per sq. ft., mirroring what elite zones in Delhi command. Meanwhile, Sector 29, a go-to for diners and cafés, saw a 13% jump. Even Noida’s Sector 18—a long-standing retail hub—held steady at Rs. 200–225 per sq. ft., suggesting a stable and growing demand.
“This isn’t happening in isolation,” explains Uddhav Poddar, CMD of Bhumika Group. “Gurugram’s well-designed infrastructure—from expressways to commercial zones—has made it a magnet for brands and real estate investors. Even with rising competition from areas near the upcoming Jewar Airport, Gurugram’s luxury neighborhoods and well-placed high streets are keeping it ahead of the curve.”
