Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancies fall and rents climb
Delhi-NCR retail real estate posted record 2024 leasing of 3.1M sq ft (+7% YoY), with vacancy easing to 8.3% from 9%. Noida and Gurugram drove a 12-15% leasing surge, while South Ext rents hit ₹800-1,000/sq ft. The region anchors 66% of major-city pipeline with 27M sq ft planned through 2028.
What happened
CBRE India · Delhi-NCR retail real estate hit record 2024 leasing (3.1M sq ft, +7% YoY), falling vacancies, and rising rents, driven by Noida and Gurugram;
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- 12% YoY consumer spending growth
- vacancy 8.3% (2024) vs 9% (2023)
- ₹800-1,000 per sq ft South Ext rentals
- ₹300+ per sq ft Golf Course Road
- 12-15% leasing surge Noida/Gurugram
- 27 million sq ft planned (66% of major-city pipeline)
Why this matters
The 27M sq ft planned through 2028 concentrated in Noida and Gurugram creates a window to lock development partnerships or acquire assets ahead of the region's expansion.
What to watch
- Quarterly vacancy trend — reversal above 9% signals oversupply risk
- Pipeline delivery schedule vs. pre-leasing rates through 2026
- Consumption/retail sales data for discretionary categories in NCR
- Rent growth deceleration in secondary micro-markets
- New mall announcements adding to the 27M sq ft pipeline
- Anchor retailers and international brands accelerate lease pre-commitments in Gurugram/Noida to lock rents before further escalation
- Developers fast-track grade-A mall deliveries to capture the leasing momentum
- REITs and institutional investors raise allocation to NCR retail assets citing tightening vacancy
- Landlords in prime high-streets (South Ext) push aggressive rent renewals