Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancies fall and rents climb
CBRE and ANAROCK peg Delhi-NCR as India's top retail pipeline through 2028, with 27M sq ft (66% of total) planned. Noida and Gurugram lead a 7% YoY leasing rise, vacancy dips to 8.3% from 9%, and high-street rents hit ₹800-1,000/sq ft amid 12% higher consumer spending.
What happened
Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents, led by Noida and Gurugram. CBRE and ANAROCK project the region
Key facts
- 3.1 million sq ft leasing (+7% YoY)
- vacancy 8.3% vs 9% in 2023
- high street rentals ₹800-1,000/sq ft
- consumer spending +12% YoY
- leasing surge 12-15%
- 160 acres in Q1, 313 acres FY23-24
- 27 million sq ft pipeline (66% of total) 2024-2028
Why this matters
The 12% jump in consumer spending and thinning vacancy support pursuing anchor-tenant deals, JV development, or portfolio acquisitions in Noida and Gurugram ahead of the 2028 supply surge.
What to watch
- Quarterly vacancy trend: break above 9% signals oversupply risk
- Pace of the 27M sq ft pipeline delivery vs. pre-leasing ratios
- Consumer spending momentum staying above ~10% YoY
- High-street rent ceiling holding vs. cracking past ₹1,000/sq ft
- Interest rate moves affecting developer financing and REIT appetite
- Anchor F&B and fashion brands accelerate multi-store commitments in Gurugram and Noida to lock rents before further climbs
- Developers phase deliveries and pre-lease shells to avoid glut; REITs scout stabilized Grade-A assets
- Landlords push revenue-share plus fixed-rent hybrids to capture rising footfall economics
- Legacy mall owners begin refurbishment/repositioning to defend occupancy against new supply