Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls to 8.3%
Noida and Gurugram drive a 12-15% leasing surge while consumer spending rises 12% YoY. A 27M sq ft mall pipeline through 2028—66% of national share—signals expanding physical retail space and location opportunities for Indian retailers.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing and falling vacancy in 2024, with Noida and Gurugram as key growth drivers. Rising rents and a large mall
Key facts
- 3.1 million sq. ft. leasing (+7% YoY)
- vacancy 8.3% (from 9%)
- ₹800-1,000 per sq. ft. South Extension rentals
- leasing surge 12-15% in Noida/Gurugram
- consumer spending +12% YoY
- 27 million sq. ft. planned space (66% share) 2024-2028
Why this matters
The 27M sq ft mall pipeline concentrated in NCR creates a window to secure anchor sites and negotiate favorable terms while vacancy is still falling and competition for space intensifies.
What to watch
- Prime vs Grade-B vacancy spread widening in 2025 reports
- Quarterly mall completion vs net absorption gap
- Rental growth rate in Gurugram/Noida prime corridors
- Consumer discretionary spending trajectory (monthly retail sales)
- Pre-leasing commitment levels on 2026-2028 pipeline
- Anchor and F&B/entertainment tenants lock prime Gurugram/Noida space early to secure rents before further tightening
- Retailers prioritize Grade-A pre-leasing and delay commitments in unproven secondary corridors
- Developers phase mall deliveries and lift pre-commitment thresholds to de-risk the 27M sq ft pipeline
- Omnichannel brands use new NCR malls as flagship + fulfillment nodes to capture the spending uplift