Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls to 8.3%
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 while vacancy dropped to 8.3% from 9%, per CBRE. Noida and Gurugram saw 12-15% leasing surges on infrastructure gains. ANAROCK projects the region to lead India's retail pipeline with 27M+ sq ft planned through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy, rising rents, and infrastructure-driven growth in Noida and Gurugram.
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% in 2024 from 9%
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals over ₹300/sq ft
- consumer spending up 12% YoY
- leasing surged 12-15% in Noida/Gurugram
- 29 land deals over 313 acres in FY23-24
- 27M+ sq ft pipeline (66% of major cities) 2024-2028
Why this matters
Sustained 12-15% leasing surges in Noida and Gurugram plus a robust 2028 pipeline create a window to acquire or partner on retail assets ahead of anticipated valuation increases.
What to watch
- Quarterly vacancy trend — sustained sub-8% confirms tightening
- Rental growth prints in prime Gurugram/Noida corridors
- Actual vs planned supply delivery against the 27M sq ft pipeline
- Consumption/footfall and retail sales data validating leasing demand
- Infrastructure project completions (metro, expressways) driving micro-market shifts
- National retailers and QSR/F&B brands accelerate NCR store expansion to lock in space before rents rise
- Developers fast-track Grade-A mall completions in Noida/Gurugram to capture demand momentum
- Landlords shift from occupancy-driven deals to rent-escalation clauses and revenue-share structures
- REITs and institutional capital increase allocation to NCR retail assets