Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy drops to 8.3%
NCR retail real estate boomed in 2024 with leasing up 7% YoY to 3.1M sq ft, vacancy falling to 8.3% from 9%, and rents climbing (₹800-1,000/sq ft in South Extension). Noida and Gurugram leasing surged 12-15%, aided by infrastructure like Jewar Airport. NCR set to dominate India's pipeline with 27M+ sq ft planned through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents, driven by infrastructure like Jewar Airport. NCR set to
Key facts
- 3.1 million sq ft leasing (+7% YoY)
- vacancy 8.3% (from 9%)
- ₹800-1,000 per sq ft South Extension
- ₹300+ per sq ft Golf Course Road
- leasing surged 12-15% in Noida/Gurugram
- consumer spending +12% YoY
- 27 million sq ft planned (66% of total)
Why this matters
With 27M+ sq ft of NCR retail supply planned through 2028, evaluate expansion, JV, or site-acquisition moves early to capture prime positions before the pipeline compresses availability.
What to watch
- Quarterly vacancy prints — sustained sub-8% signals durable tightness
- Jewar Airport construction milestones and operational timeline
- New mall completions vs pre-leasing rates in Noida/Gurugram
- Retail sales and consumption data confirming demand supports the pipeline
- Rental growth rates in secondary corridors as a spillover indicator
- Global and D2C brands accelerate NCR store rollouts, anchoring new malls to lock in prime space before rents climb further
- Developers fast-track Gurugram/Noida projects and pre-lease anchor tenants to de-risk the 27M sq ft pipeline
- REITs and institutional capital increase allocation to NCR Grade-A retail assets on strong absorption metrics
- Older/high-vacancy centers pursue redevelopment or repositioning to avoid rent gap widening