Look East: How Noida, Greater Noida are Poised to Ride India’s Retail Leasing Surge

By Sanchit Bhutani

New Delhi, April 10, 2025: India’s retail sector is witnessing a significant surge in leasing activity, driven by economic recovery, rising disposable incomes, and rapid urbanization. The growing middle class, increasing brand penetration, and evolving consumer preferences have fueled the demand for premium retail spaces. As per CBRE’s report, India’s Tier I cities witnessed retail leasing activity of 6.4 million square feet (MSF) in CY 2024, with 3.2 MSF absorbed during the July- December 2024 period. A strong supply of Grade A retail space is anticipated in 2025 in Tier I cities, including Delhi-NCR, Mumbai, and Bengaluru.

Amidst this growth, Noida and Greater Noida have emerged as prime retail hubs in the NCR region. These cities have witnessed a surge in demand for high-quality retail spaces driven by robust infrastructure and a growing consumer base. With a strategic location adjacent to Delhi, Noida and Greater Noida have become attractive destinations for domestic and global brands. As organized retail continues to expand, the region will continue playing a pivotal role in shaping the future of NCR’s retail landscape.

Besides enhanced connectivity, infrastructure development has played a pivotal role in positioning Noida and Greater Noida as retail hubs. Big-ticket projects such as Noida-Greater Noida Expressway witness high footfall, attracting major global brands, multinational companies, and investors. Further, the expansion of the Delhi Metro, particularly the Aqua Line, has significantly improved accessibility, seamlessly linking these cities to central Delhi and other NCR regions. Meanwhile, the upcoming Noida International Airport in Jewar is anticipated to strengthen Noida and Greater Noida’s appeal as retail hotspots, drawing international businesses and boosting rental values.

Additionally, the region’s booming residential and commercial developments have created a large catchment area with increasing purchasing power, further fueling retail demand. As leasing activity surges in malls and high-street locations, Noida and Greater Noida are becoming preferred destinations for both national and international retailers. This surge is further facilitating the growth of strategically located Grade A retail spaces along key corridors, attracting major brands seeking high-visibility locations. The presence of large corporations is accelerating retail investments, driving overall real estate growth.

Further, government initiatives have also been instrumental in strengthening commercial real estate in the region. Programs like the Smart City Mission have boosted infrastructural development, making Noida and Greater Noida attractive for retail and property investments. Moreover, regulatory reforms under RERA have increased investor confidence by ensuring transparency, enforcing strict project disclosures, and mandating timely delivery, making the real estate landscape more secure and investment-friendly.

Thus, the future of retail leasing in Noida and Greater Noida looks promising, driven by the expansion of premium retail spaces. With increasing demand for high-end shopping experiences, developers are focusing on premium retail destinations that blend global brands, experiential retail, and lifestyle offerings. As infrastructure continues to improve and investor confidence strengthens, Noida and Greater Noida are set to become even more dynamic retail hubs in the coming years.

The author is Managing Director of Group 108