Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as rents climb and vacancy falls
Delhi-NCR retail real estate leasing rose 7% YoY to 3.1M sq ft in 2024, with vacancy down to 8.3% from 9%. Noida and Gurugram demand surged 12-15%, fuelled by Jewar Airport infrastructure. South Ext rentals hit ₹800-1,000/sq ft. The region anchors 66% of India's 27M sq ft pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing and rising rents in 2024, with falling vacancy, surging Noida/Gurugram demand driven by infrastructure
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy 8.3% in 2024 vs 9% in 2023
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road rentals over ₹300/sq ft
- Noida/Gurugram leasing surged 12-15%
- consumer spending up 12% YoY
- 29 land deals over 313 acres FY23-24
- 27M sq ft pipeline 2024-2028, 66% of total
Why this matters
The Jewar Airport-driven demand surge and ₹800-1,000/sq ft prime rentals make Delhi-NCR a prime market for acquiring or partnering on retail real estate assets ahead of the 2028 pipeline buildout.
What to watch
- Jewar Airport construction milestones and operational timeline
- Quarterly vacancy and net absorption prints across Noida vs Gurugram
- Prime high-street rental ceilings (South Ext breaching ₹1,000/sq ft)
- Pipeline delivery schedule vs leasing run-rate through 2026-2028
- Discretionary consumption and retail sales growth signals
- National and global brands accelerate Gurugram/Noida store commitments to lock pre-Jewar rents
- Developers fast-track grade-A mall and mixed-use projects to capture the 66% national pipeline share
- Landlords push shorter rent-review cycles and revenue-share clauses to capture upside
- Retailers diversify into airport-catchment formats while trimming underperforming high-street footprints