Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls to 8.3%
Retail leasing rose 7% YoY to 3.1M sq ft while vacancy eased from 9% to 8.3%. Noida and Gurugram led with 12-15% leasing growth, South Ext rentals hit ₹800-1,000/sq ft, and the region is set to anchor 66% of 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 vacancy falling to 8.3% and rising rents. Noida and Gurugram lead growth, and the region is
Key facts
- leasing +7% YoY to 3.1M sq ft
- vacancy 8.3% (from 9%)
- South Ext rentals ₹800-1,000/sq ft
- consumer spending +12% YoY
- Gurugram/Noida leasing +12-15%
- 27M sq ft planned 2024-2028 (66% of total)
Why this matters
The region's dominance of India's retail development pipeline signals a multi-year window for site acquisition, JV partnerships, and portfolio expansion across Noida and Gurugram growth corridors.
What to watch
- Quarterly vacancy trend below 8% (signals tightening) vs. rebound above 9% (signals oversupply)
- Monthly consumer spending prints holding double-digit YoY growth
- Timing and pre-commitment rates of the 27M sq ft pipeline deliveries
- Prime rental trajectory in South Ext/Gurugram beyond ₹1,000/sq ft
- RBI rate decisions and discretionary retail sales data
- F&B, fashion and premium beauty anchors lock in Gurugram/Noida pre-leases ahead of 2025-26 mall completions
- Landlords in South Ext and prime high streets push rent escalations and shorten incentive periods
- Developers accelerate grade-A mall launches to capture 66% national pipeline share
- Quick-commerce and omnichannel brands secure experiential flagship formats in high-footfall corridors