Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls and rents climb
Delhi-NCR retail real estate leasing rose 7% YoY to 3.1M sq ft in 2024 while mall vacancy dropped to 8.3% from 9%. Noida and Gurugram led with 12-15% leasing growth, boosted by Jewar Airport and infrastructure. The region holds a 27M sq ft pipeline — 66% of India's total — through 2028.
What happened
CBRE · Delhi-NCR retail real estate boomed in 2024 with record leasing, falling mall vacancy, and rising rents. Noida and Gurugram led growth, aided by Jewar
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% from 9%
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing up 12-15%
- consumer spending up 12% YoY
- Q1 12 land deals/160 acres
- FY23-24 29 deals/313 acres
- 27M sq ft pipeline, 66% of total
Why this matters
The Jewar Airport-driven growth corridor and dominant regional pipeline create a window to pursue land banking, JVs, or mall acquisitions in Noida and Gurugram ahead of further rent escalation.
What to watch
- Quarterly vacancy trend — reversal above 9% signals oversupply onset
- Jewar Airport construction milestones and opening timeline
- Rental growth rate divergence between prime and secondary malls
- New mall completion cadence vs. leasing absorption 2025-2026
- Consumer spending and discretionary retail sales data for NCR
- Retailers accelerate pre-leasing in Noida/Gurugram to lock rents before pipeline delivery
- Landlords push rent escalations and reduce fit-out incentives in prime malls
- F&B, entertainment and international brands anchor new Grade-A developments
- Developers front-load Jewar Airport-adjacent projects to capture first-mover positioning