Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls and rents climb
NCR retail real estate posted 7% YoY leasing growth to 3.1M sq ft in 2024, with vacancy easing to 8.3% from 9%. Noida and Gurugram lead a 12-15% surge, buoyed by Jewar Airport infrastructure. NCR is projected to hold 66% of India's 27M sq ft development pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy and rising rents. Noida and Gurugram lead growth driven by infrastructure
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% (from 9%)
- ₹800-1,000 per sq ft South Ext
- ₹300+ per sq ft Golf Course Road
- 12-15% leasing surge Noida/Gurugram
- 12% consumer spending growth
- 27 million sq ft pipeline 2024-2028
- 66% of total anticipated development
Why this matters
The Jewar Airport-driven expansion of Noida and Gurugram retail corridors creates a window for site acquisitions, JV partnerships, and anchor-tenant deals ahead of the 2028 pipeline buildout.
What to watch
- Quarterly NCR vacancy trend (below 8% signals landlord pricing power)
- Jewar Airport construction milestones and connectivity announcements
- Grade-A vs secondary mall rent divergence data
- Discretionary retail sales and mall footfall indices
- Timing/volume of pipeline deliveries hitting Noida and Gurugram
- Prioritize pre-leasing in Grade-A Gurugram/Noida assets before rent escalations compound
- Secure Jewar Airport catchment sites early for logistics-adjacent and experiential retail formats
- Negotiate longer lock-ins now to hedge against 2026-28 rent inflation
- Segment strategy: defensive posture in oversupplied secondary malls, aggressive in prime corridors