Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as rents climb, vacancy falls
Retail leasing rose 7% YoY to 3.1M sq ft, led by Noida and Gurugram (+12-15%), while premium mall vacancy dropped to 8.3% from 9%. South Extension rents hit ₹800-1,000/sq ft. ANAROCK projects Delhi-NCR to lead India's retail pipeline with 27M sq ft (66% share) through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy and rising rents, driven by Noida and Gurugram. ANAROCK projects the region
Key facts
- leasing +7% YoY to 3.1M sq ft
- premium mall vacancy 8.3% (down from 9%)
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing +12-15%
- consumer spending +12% YoY
- 160 acres in Q1
- 313 acres FY2023-24
- 27M sq ft pipeline 2024-2028 (66% share)
Why this matters
The 27M sq ft development pipeline concentrated in Delhi-NCR creates a window to acquire or partner on prime retail assets before rents (already ₹800-1,000/sq ft in South Extension) fully price in demand.
What to watch
- Quarterly vacancy trend — sustained sub-8% confirms tightening
- Rent growth vs pipeline delivery schedule 2025-2026
- Consumption/retail sales data and same-store growth from listed retailers
- Grade-A vs Grade-B vacancy divergence signaling bifurcation
- New mall completion timelines in Noida and Gurugram
- Retailers accelerate pre-leasing commitments in Noida/Gurugram to lock rents before further escalation
- Landlords of premium malls push renewal rents and reduce flexible lease terms
- Developers front-load prime-location deliveries and defer weaker Grade-B projects
- REITs and institutional investors scout Delhi-NCR prime retail for yield-compression plays
- F&B and experiential anchors expand to drive footfall differentiation as space tightens