Delhi-NCR retail leasing hit record 3.1M sq ft in 2024 as vacancy fell and rents climbed, resurfaced 2024 data shows
CBRE data resurfacing from 2024 shows Delhi-NCR retail leasing up 7% YoY to 3.1M sq ft with vacancy easing to 8.3%. Noida and Gurugram rents surged 12-15%, buoyed by Jewar Airport and expressway links. The region was set to hold 66% of India's 27M+ sq ft retail pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy and rising rents. Noida and Gurugram surged 12-15%, backed by Jewar Airport
Key facts
- 3.1M sq ft leasing (+7% YoY)
- vacancy 8.3% (from 9%)
- ₹800-1000/sq ft South Ext
- ₹300+/sq ft Golf Course Rd
- leasing +12-15%
- consumer spending +12% YoY
- 27M sq ft pipeline (66% share) 2024-2028
- 313 acres 29 deals FY23-24
Why this matters
The concentration of India's retail development pipeline in NCR, amplified by Jewar Airport and expressway connectivity, creates a window to lock in expansion sites or acquire landlords ahead of further rent appreciation.
What to watch
- Quarterly CBRE/JLL vacancy and net absorption prints for NCR
- Jewar Airport construction milestones and expressway completion timelines
- Pipeline delivery schedule vs actual pre-commitment rates through 2028
- Consumer spending / retail sales momentum in NCR
- Rent renewal spreads at maturing prime malls
- Landlords accelerate pre-leasing of 2025-26 completions to lock tenants before supply peaks
- National and international brands expand NCR footprint, prioritizing Gurugram and Jewar-adjacent Noida corridors
- Developers reprice new-build assets upward and structure revenue-share leases to hedge rent volatility
- Retail-focused REITs/investors increase NCR allocations anticipating yield compression