Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancies fall and rents climb
CBRE data shows Delhi-NCR retail real estate booming in 2024, with 3.1M sq ft leased (7% YoY growth) and vacancy easing to 8.3% from 9%. Noida and Gurugram lead a 12-15% leasing surge, backed by Jewar Airport and infrastructure. NCR is set to command 66% of India's 27M sq ft retail pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies, rising rentals, and strong consumer spending. Noida and Gurugram lead
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% from 9%
- ₹800-1000 per sq ft South Extension
- 12% consumer spending growth
- ₹300+ per sq ft Golf Course Road
- 12-15% leasing surge Noida/Gurugram
- 313 acres FY23-24 land deals
- 27 million sq ft pipeline
- 66% of total development
Why this matters
The Jewar Airport-driven expansion and 12-15% leasing jump in Noida/Gurugram create a window to secure sites or acquire regional retail operators ahead of the 2028 pipeline buildout.
What to watch
- Quarterly CBRE/JLL vacancy and rent prints for NCR
- Jewar Airport construction and opening milestones
- New mall completions vs. absorption in Noida and Gurugram
- India discretionary consumption and retail sales data
- REIT NAV and cap-rate movements for retail assets
- REITs and institutional investors increase allocation to NCR grade-A retail assets
- Developers accelerate Noida/Yamuna Expressway pre-leasing tied to Jewar timelines
- International and D2C brands sign anchor deals to lock rents before further climbs
- Landlords push shorter lease resets and revenue-share clauses to capture upside
- Weaker retailers migrate to high-street and tier-2 NCR locations to manage occupancy cost