Delhi-NCR retail leasing hits record in 2024 as vacancy falls and rents climb
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 while mall vacancy fell to 8.3% from 9%, per CBRE. Noida and Gurugram drove 12-15% leasing growth on infrastructure and mixed-use projects. The region anchors India's development pipeline with 27M sq ft planned through 2028, backed by 12% consumer spending growth.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing and falling vacancy in 2024, with Noida and Gurugram driving growth via infrastructure and mixed-use
Key facts
- leasing up 7% YoY to 3.1M sq ft
- Delhi-NCR mall vacancy 8.3% (from 9%)
- South Extension rentals ₹800-1000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing up 12-15%
- consumer spending up 12% YoY
- 313 acres across FY23-24
- 27M sq ft planned, 66% of pipeline
Why this matters
The infrastructure-driven surge in Noida and Gurugram mixed-use projects creates a window to acquire or partner on anchor sites before the 27M sq ft pipeline reprices the region.
What to watch
- Quarterly CBRE vacancy and rent prints for reversal signals
- Consumer spending growth dipping below 10% YoY
- Pace of pipeline completions vs. absorption in 2025-2026
- Anchor tenant expansion or contraction announcements
- Infrastructure project delays in Noida/Gurugram corridors
- Prioritize pre-leasing commitments in the 27M sq ft pipeline before breaking ground to hedge supply risk
- Lock in longer lease tenures with escalation clauses while landlord leverage is high
- Accelerate expansion into Noida/Gurugram Grade-A assets ahead of rent peaks
- Audit tertiary/older mall exposure for potential repositioning or exit