Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls to 8.3%
NCR retail real estate posted record leasing in 2024, up 7% YoY, with vacancy dropping to 8.3% from 9% in 2023. Noida and Gurugram led growth, backed by Jewar Airport and expressways. Anarock projects NCR to hold 66% of India's 27M sq ft retail pipeline through 2028.
What happened
CBRE India · Delhi-NCR retail real estate hit record leasing in 2024 with vacancy falling to 8.3% and rising rents. Noida and Gurugram drove growth, aided by
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% in 2024 vs 9% in 2023
- South Ext rentals ₹800-1000/sq ft
- consumer spending up 12% YoY
- Golf Course Road rentals >₹300/sq ft
- 29 land deals 313 acres FY23-24
- 27 million sq ft pipeline 2024-2028 (66% share)
Why this matters
The 7% YoY leasing growth and expressway-driven expansion in Noida and Gurugram open a window to acquire or partner with retail developers positioned along the Jewar Airport growth axis.
What to watch
- Quarterly vacancy trend below 8% signaling supply crunch
- Consumer spending YoY sustaining above 10%
- Mall completion dates and delivery slippage in 2026-27 pipeline
- Jewar Airport operational milestones and connectivity buildout
- Rent escalation clauses and average deal size in new leases
- National brands and QSR chains lock pre-commitments in upcoming NCR malls to hedge rising rents
- Developers accelerate Grade-A mall launches near Jewar and expressway corridors
- REITs and institutional capital increase NCR retail asset acquisition
- Anchor tenants renegotiate longer leases to lock current rates before tightening