Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls and rents climb
Delhi-NCR retail real estate posted record 2024 leasing of 3.1 million sq ft (+7% YoY) with vacancy easing to 8.3% from 9%, driven by Noida and Gurugram. ANAROCK projects 27 million sq ft of planned supply through 2028, making the region 66% of India's major-city pipeline.
What happened
CBRE · Delhi-NCR retail real estate hit record 2024 leasing (3.1M sq ft, +7% YoY), falling vacancy (8.3%) and rising rents, driven by Noida and Gurugram;
Key facts
- 3.1 million sq ft leasing (+7% YoY)
- vacancy 8.3% (from 9%)
- South Ext rentals ₹800-1,000/sq ft
- consumer spending +12% YoY
- Golf Course Road rentals >₹300/sq ft
- leasing +12-15% in Noida/Gurugram
- 27 million sq ft planned 2024-2028 (66% of major-city pipeline)
- 313 acres in 29 land deals FY23-24
Why this matters
With Delhi-NCR holding 66% of India's major-city retail pipeline, developers and expansion-minded retailers should prioritize this region for site acquisition and store-network buildout through 2028.
What to watch
- Quarterly vacancy trajectory—reversal above 9% signals oversupply onset
- Actual vs planned delivery timing of the 27M sq ft pipeline (delays vs on-schedule)
- Pre-leasing rates on new project launches
- Prime rent growth divergence between Noida/Gurugram and older submarkets
- Consumption/retail sales data and consumer sentiment in NCR
- REIT listing or large institutional retail transactions signaling capital confidence
- Retailers accelerate pre-commitments in Noida/Gurugram Grade-A to lock rents before 2026-28 supply reprices
- Developers phase deliveries and raise pre-leasing thresholds to avoid vacancy spikes
- Institutional capital (REITs, funds) scouts stabilized NCR assets given yield-on-cost improvement
- F&B, entertainment, and premium fashion anchors expand footprint to fill experiential mall formats
- Landlords of Grade-B stock offer incentives or reposition to defend occupancy