Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls to 8.3%
Delhi-NCR posted a 7% YoY jump in retail leasing to 3.1M sq ft while premium mall vacancy dropped to 8.3%. Noida and Gurugram led growth (+12-15%), aided by Jewar Airport. ANAROCK projects the region to anchor India's retail pipeline with 27M+ sq ft through 2028, as consumer spending rose 12% YoY.
What happened
CBRE · Delhi-NCR retail real estate posted record 2024 leasing, falling vacancy (8.3%), and rising rents. Noida and Gurugram drove growth via infrastructure
Key facts
- retail leasing +7% YoY to 3.1M sq ft
- Delhi-NCR premium mall vacancy 8.3% (down from 9%)
- South Ext rentals ₹800-1,000/sq ft
- consumer spending +12% YoY
- Golf Course Rd rentals >₹300/sq ft
- Noida/Gurugram leasing +12-15%
- 313 acres in 29 deals FY23-24
- 27M+ sq ft pipeline 2024-2028 (66% of total)
Why this matters
The region's projected 27M+ sq ft pipeline and 12% consumer spending growth create a window to acquire or partner with regional mall operators and retail platforms concentrated in Noida and Gurugram.
What to watch
- Quarterly vacancy trend — reversal above 9% signals supply overhang
- Jewar Airport construction/operational milestones and passenger projections
- Consumer spending and discretionary retail sales prints for NCR
- New mall completion vs. pre-leasing rates through 2025-26
- Rent per sq ft movement in prime vs. non-prime corridors
- Retail landlords push rent renewals upward in low-vacancy premium malls and prioritize anchor F&B/experiential tenants
- Developers fast-track Noida/Gurugram launches to capture Jewar Airport catchment narrative
- International and D2C brands expand offline footprint into NCR to ride 12% spending growth
- Institutional capital (REITs/funds) increases allocation to NCR Grade-A retail assets