Housing and retail show two sides of change in NCR. Homebuyers are looking more closely at a project’s location, while malls must give consumers reasons to spend time there. CREDAI’s ANAROCK Research & Advisory report brings these findings together. Indian real estate was estimated at USD 600 billion in 2025, up from USD 120 billion in 2017. The value of real estate under construction has risen from USD 94 billion in 2009 to USD 503 billion in 2025.
Sales value across the top seven cities increased from Rs 2.35 lakh crore in FY22 to Rs 6.10 lakh crore in FY26. High-end, luxury and ultra-luxury homes made up 45 per cent of new supply in FY26, compared with 12.6 per cent in FY22. NCR accounted for 22 per cent of residential sales value across the top nine cities, behind MMR at 34 per cent.
Malls evolve beyond shopping
Ravinder Choudhary, Vice President, Vegas Mall, said the ANAROCK report’s findings on experience-led retail are particularly relevant to NCR. Entertainment’s share of retail leasing has risen from just 2 per cent in 2021 to 17 per cent in H1 2026.
“That change is visible in the way consumers use malls today. A visit is often about meeting friends, dining, watching a film or spending an evening out, with shopping becoming one part of the outing. This is changing the way retail destinations need to be planned. Catchment and connectivity still matter, but the tenant mix and what people can actually do within the destination matter just as much. In NCR, consumers have plenty of choices, so a retail destination has to give them a reason to stay for longer and return again,” he added.
Quality gap within retail market
Organised retail penetration in India is still only 9 per cent. Grade A malls in the top seven cities had a vacancy rate of about 7.5 per cent, while some Grade C malls had vacancies of up to 35 per cent.
According to Nandini Taneja, CEO, Bhumika Enterprises, the ANAROCK report makes an interesting distinction within the retail market: demand exists, but quality retail space remains limited.
“Grade A malls in the top seven cities had vacancy of around 7.5 per cent, while vacancy in some Grade C malls can be as high as 35 per cent. That difference is particularly relevant to NCR, where a strong consumer base does not automatically make every retail location successful. Catchment, accessibility and the tenant mix have to work together. Consumers are also spending differently, with food, entertainment and lifestyle categories becoming a larger part of the retail experience. For a retail destination, this means understanding what brings people back rather than simply counting the number of stores. In NCR, repeat visits will ultimately depend on relevance and convenience,” Taneja said.
Office demand has a similar geographic dimension. IT-ITeS accounted for 26 per cent of leasing in H1 2026, down from 42 per cent in 2019. GCCs made up about 45 per cent of total office leasing in H1 2026.
Next wave of office leasing
The latest ANAROCK findings point towards a shift in how housing demand is shaping up, with infrastructure, premiumisation and changing buyer expectations becoming increasingly important.
“As these trends gain momentum, NCR is also seeing stronger interest in well-connected residential corridors, with Dwarka Expressway emerging as a key destination. Its evolving connectivity and surrounding ecosystem are further strengthening its residential appeal. Going forward, we expect quality, convenience and long-term value to play a greater role in shaping homebuyer decisions,” said Mohit Kalia, Sr. Vice President-Sales & Marketing, HCBS Developments Ltd.
Close to 40 per cent of India’s population, or around 600 million people, is projected to live in cities by 2036, while towns and cities already contribute close to 70% of national GDP. In NCR, housing, offices, retail and infrastructure remain closely tied to where people live and move.
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