New Delhi: Infrastructure development and urban expansion are reshaping the retail landscape across the National Capital Region (NCR), with emerging corridors increasingly attracting organised retail activity beyond traditional commercial hubs.
For several years, South Delhi and Central Gurugram dominated NCR’s retail market. However, sustained investments in infrastructure—including expressways, metro corridors, elevated roads, and the upcoming Noida International Airport—have gradually shifted commercial activity towards newer micro-markets, encouraging organised retail expansion across the region.
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According to market data for the first quarter of 2026, NCR’s retail sector recorded a gross leasing volume of 0.65 million sq. ft., while the Prime Others and Suburbs submarkets accounted for nearly the entire leasing demand. Retail vacancy declined to 12.8%, and nearly 3 million sq. ft. of new retail supply is expected to become operational during 2026. Markets including Dwarka Expressway, Greater Noida, and Faridabad are expected to accommodate the next phase of retail expansion.
Commenting on the evolving market, Jatin Goel, Executive Director, Omaxe Group, said, “The NCR retail market is undergoing a structural shift, where growth is increasingly moving beyond traditional retail hubs into infrastructure-led corridors. As developers, we are witnessing this transformation firsthand across our projects. Faridabad, for instance, has evolved significantly over the last decade and is now entering a new growth cycle, supported by expanding connectivity, metro access and a steadily growing residential catchment.”
He further added, “The same momentum is visible in Greater Noida, where infrastructure projects such as the upcoming Greater Noida Terminal and the Noida International Airport are strengthening the region’s position as a major consumption and business destination. Importantly, the benefits of the Jewar airport ecosystem will extend far beyond Noida and Greater Noida, positively impacting markets across NCR, including Faridabad. In Dwarka, strategic connectivity to Delhi, Gurugram and the airport corridor is creating a strong foundation for organised retail growth. The fact that retail vacancy across NCR has declined to 12.8% and nearly 3 million sq. ft. of new retail supply is expected this year reflects growing retailer confidence in these emerging destinations. We believe the next phase of NCR’s retail growth will be driven by markets where infrastructure, population growth and consumption demand are converging simultaneously.”
The retail opportunity across NCR is becoming increasingly distributed as infrastructure continues to improve connectivity between residential and commercial centres. Markets that were once characterised primarily by industrial activity are now witnessing a growing residential presence, creating new opportunities for organised retail development.
According to Square Yards, commercial real estate in Faridabad, particularly showrooms and retail spaces, has responded to this changing demand. Showroom prices in the city currently average Rs. 27,244 per sq. ft., reflecting an increase of 13.79% over recent quarters. Property values in Faridabad Central have also recorded notable appreciation, indicating changing market dynamics.
Commenting on the changing consumption landscape, Nandini Taneja, CEO, Bhumika Enterprises, said, “Faridabad and Gurgram have quietly built one of the most compelling consumption profiles in NCR. The concentration of GCCs, MNCs, and global brands along the expressway has created a consumer base that is internationally exposed, aspirationally oriented, and with spending patterns that are genuinely premium. We’re seeing brands that would previously have considered South Delhi or Greater Noida as their only NCR address now treating Faridabad and Gurgram as a primary market in its own right. The demand for premium and curated retail space in this corridor reflects a structural shift in who lives and works here.”
Infrastructure projects have also influenced development patterns across multiple NCR corridors. The operationalisation of the Dwarka Expressway has strengthened a residential belt that had previously lacked organised retail infrastructure, while the development of the Noida International Airport and its planned aerocity continues to influence land use, mixed-use development, and long-term retail planning across the Yamuna Expressway corridor.
Sharing his perspective, Harinder Singh Hora, Founder Chairman, Reach Group, said, “The Dwarka Expressway corridor has transitioned from a future-growth story to a demand-led market. Strong infrastructure delivery, sustained residential absorption, and the emergence of an affluent consumer base are creating a compelling case for organised retail. With Gurugram’s population expected to nearly double by 2041 and residential demand in the micro-market remaining strong, retail growth is no longer a matter of anticipation but of timing. The increasing participation of leading brands and retailers through active leasing decisions reflects growing confidence in the corridor’s long-term potential and the demand already visible on the ground.”
Industry stakeholders also point to improving connectivity as a key factor supporting long-term retail expansion across NCR’s emerging markets.
Commenting on evolving retail formats, Mitul Jain, Managing Director, SPJ Group, said, “Gurugram’s retail sector has long been defined by its destination malls and premium high streets. But the more interesting conversation today is happening in Old Gurgaon– a dense, affluent, and deeply established residential pocket. What makes this market particularly compelling is the momentum building around neighbourhood malls. These formats cater to consumers who value proximity, quality, and experience in equal measure. The demographic here is wealthy and discerning. Developers and brands that are reading this market closely are recognising a rare convergence strong demand, an established consumer base and a format evolution that is only just beginning.”
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The report indicates that several NCR micro-markets have evolved beyond their traditional residential or industrial identities into mixed-use destinations supported by expanding infrastructure, corporate presence, and growing consumer demand. The concentration of GCCs, multinational companies, and knowledge-sector employers across these markets has contributed to changing consumption patterns, creating new opportunities for organised retail development across the region.
