Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls, rents climb
Retail leasing rose 7% YoY to 3.1M sq ft while premium mall vacancy dropped to 8.3% from 9%. Noida and Gurugram led with 12-15% leasing surge and high-street rents of ₹800-1,000/sq ft. Region eyes 27M+ sq ft of planned retail space through 2028, per CBRE and ANAROCK.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024, with falling vacancy, rising rents and strong mall/mixed-use development in Noida and Gurugram,
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- premium mall vacancy fell to 8.3% from 9%
- high street rentals ₹800-1,000/sq ft
- Golf Course Road rentals over ₹300/sq ft
- leasing surged 12-15% in Noida/Gurugram
- consumer spending up 12% YoY
- 29 land deals over 313 acres in FY23-24
- 27M+ sq ft planned retail space 2024-2028 (66% of major cities)
Why this matters
The 27M+ sq ft of planned retail space through 2028 creates a window for early anchor commitments and JV positioning in Noida and Gurugram before premium corridors fully mature.
What to watch
- Quarterly vacancy prints - a reversal above 9% signals demand softening
- Pace of pipeline delivery vs net absorption through 2025-2026
- High-street rent trajectory beyond ₹1,000/sq ft ceiling
- Consumption/discretionary spend indicators and festive-season retail sales
- New mall launch delays or pre-leasing shortfalls in Noida/Gurugram
- Anchor retailers and QSR/F&B chains accelerate Gurugram and Noida store commitments to lock rents before further escalation
- Landlords push shorter rent-review cycles and CAM escalations to capture the upcycle
- Developers fast-track pre-leasing of the pipeline to de-risk 2026-2028 deliveries
- International brands expand India flagship footprints via mall pre-commitments
- Institutional capital and REIT platforms scout stabilized NCR retail assets for acquisition