Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancies fall and rents climb
NCR retail real estate booms with leasing up 7% YoY, vacancy down to 8.3%, and prime rents surging (₹800-1000 psf at South Ext). Noida and Gurugram lead the charge as consumer spending rises 12% YoY. NCR commands a 66% share of India's 27M sq ft development pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents, led by Noida and Gurugram. Consumer spending rose 12%
Key facts
- 3.1M sq ft leasing (+7% YoY)
- vacancy 8.3% vs 9% in 2023
- ₹800-1000 psf South Ext
- ₹300+ psf Golf Course Road
- consumer spending +12% YoY
- leasing surge 12-15%
- 27M sq ft pipeline (66% share)
- 313 acres, 29 land deals FY23-24
Why this matters
With NCR holding 66% of India's 27M sq ft pipeline through 2028, securing development and JV positions in Noida and Gurugram now captures the region's leasing momentum.
What to watch
- Quarterly vacancy trend (below vs above 8.3%)
- Prime rent trajectory at South Ext / DLF corridors
- Consumer spending growth holding near 12% YoY
- New mall completion volumes vs absorption pace 2025-2026
- Retailer same-store sales and store-count guidance
- Interest rate and consumer credit conditions
- Anchor retailers and F&B/entertainment brands accelerate pre-leasing in Noida and Gurugram malls
- Landlords raise rent asks and shorten free-rent periods at prime nodes like South Ext
- Developers advance phased mall deliveries within the 27M sq ft pipeline
- International brands expand NCR footprints to capture rising consumer spend
- REITs and institutional capital increase allocation to NCR retail assets