Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls, rents climb
CBRE and ANAROCK data show NCR retail leasing up 7% YoY to 3.1M sq ft with vacancy easing to 8.3% from 9%. Noida and Gurugram lead growth at 12-15%, buoyed by Jewar Airport and 12% YoY consumer spending gains. NCR holds 66% of India's 27M sq ft mall pipeline through 2028.
What happened
Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling and rents rising, per CBRE and ANAROCK. Noida and Gurugram drive growth via
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy 8.3% in 2024 vs 9% in 2023
- South Ex rentals ₹800-1,000/sq ft
- Golf Course Road >₹300/sq ft
- consumer spending +12% YoY
- Noida/Gurugram leasing surge 12-15%
- 313 acres in 29 deals FY23-24
- 27M sq ft pipeline 2024-2028 (66% share)
Why this matters
With Jewar Airport and 12% consumer spending gains anchoring Noida-Gurugram growth, early site acquisition or JV partnerships in these corridors offer first-mover advantage on the 2028 pipeline.
What to watch
- Quarterly vacancy prints - reversal above 9% signals absorption fatigue
- Jewar Airport construction milestones and connectivity infrastructure timelines
- Consumer spending momentum - deceleration below 8% YoY would soften demand
- Mall completion cadence 2026-28 vs. pre-leasing rates
- Prime-vs-secondary rent spread widening as bifurcation indicator
- International and premium F&B/fashion brands accelerate NCR store expansion into new prime mall deliveries
- Developers front-load leasing pre-commitments to de-risk the large 2026-28 pipeline
- REITs and institutional capital increase allocation to NCR retail assets on rent-growth thesis
- Landlords shift to revenue-share plus minimum-guarantee lease structures amid tightening supply