Delhi-NCR retail leasing hit record in 2024, resurfacing year-end data as rents climbed and vacancy tightened

CBRE and ANAROCK data from late December 2024 showed Delhi-NCR retail leasing up 7% YoY to 3.1M sq ft, vacancy down to 8.3% from 9%, with Noida/Gurugram leasing surging 12-15%. The region commanded 66% of India's 27M sq ft retail pipeline through 2028, backed by 29 land deals covering 313 acres in FY23-24.

— FiledMon, 20 Jul, 2026, 07:21 IST·First seen Mon, 20 Jul, 2026, 07:20 IST·Source Financial Express · BrandWagon

What happened

Delhi-NCR retail real estate hit record leasing in 2024, with falling vacancy, rising rents in Noida/Gurugram/South Extension, and dominant share of India's

Key facts

  • 7% YoY leasing growth to 3.1 million sq ft
  • vacancy fell to 8.3% from 9%
  • rentals ₹800-1000/sq ft South Extension
  • Golf Course Road rentals >₹300/sq ft
  • 12-15% leasing surge in Noida/Gurugram
  • 12% YoY consumer spending growth
  • Q1 2024: 12 land deals, 160 acres
  • FY23-24: 29 land deals, 313 acres
  • 27 million sq ft planned 2024-2028, 66% of national pipeline

Why this matters

With 66% of India's 2028 retail pipeline concentrated in Delhi-NCR and 313 acres already secured via 29 land deals, expect accelerated consolidation and partnership opportunities among regional developers.

What to watch

  • Q1-Q2 2025 leasing data from CBRE/ANAROCK showing if 7% YoY growth sustains or decelerates
  • New mall completion timelines vs FY23-24 land-deal conversion pace (313 acres)
  • Same-store sales growth reports from listed retailers (Trent, Shoppers Stop, V-Mart) vs rent escalation clauses
  • Vacancy rate trend in next 2 quarters — further drop below 8% signals tighter squeeze, uptick signals early oversupply
  • Any REIT/institutional M&A activity in NCR retail assets signaling cap-rate repricing
  • Retailers renegotiate longer lock-in leases now to hedge against further rent escalation in Noida/Gurugram corridors
  • Landlords/REITs (e.g., Nexus, Phoenix) push revenue-share leases and premium F&B/anchor mix to capture rising footfall value
  • Developers accelerate FY25-26 mall openings in Gurugram/Noida to front-run pipeline delivery before demand normalizes
  • International/luxury brands prioritize NCR entry via premium malls given tightening prime vacancy
  • PE/institutional capital (Blackstone, GIC) increases NCR retail asset acquisition ahead of anticipated cap-rate compression