Delhi-NCR retail leasing hits record in 2024 as vacancy falls to 8.3% and rents climb
CBRE data shows NCR retail leasing up 7% YoY to 3.1M sq ft, with vacancy down to 8.3%. Noida and Gurugram lead at 12-15% growth, aided by Jewar Airport. NCR is projected to hold 66% of India's 27M sq ft retail pipeline through 2028, while South Ext rents hit ₹800-1,000/sq ft.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling to 8.3% and rising rents. Noida and Gurugram lead growth, aided by Jewar
Key facts
- leasing +7% YoY to 3.1M sq ft
- vacancy 8.3% down from 9%
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road >₹300/sq ft
- Noida/Gurugram leasing +12-15%
- consumer spending +12% YoY
- 160 acres in Q1
- 313 acres FY23-24
- 27M sq ft pipeline (66% share) 2024-2028
Why this matters
The Jewar Airport-driven 12-15% growth in Noida and Gurugram creates a window to acquire or partner on assets in these submarkets ahead of the concentrated NCR development pipeline maturing through 2028.
What to watch
- Quarterly CBRE/JLL vacancy and net absorption prints for NCR
- Jewar Airport construction milestones and operational timelines
- Pipeline completion vs. pre-commitment ratios in Noida/Gurugram
- South Ext and prime high-street rent renewals above ₹1,000/sq ft
- Discretionary retail sales and consumer sentiment indices
- Interest rate trajectory affecting developer financing and REIT yields
- National and global retail brands accelerate NCR store commitments to lock rents before further escalation
- Developers fast-track Gurugram/Noida launches and pre-leasing to capture Jewar Airport catchment premium
- Landlords shift lease structures toward higher fixed minimum guarantees and CAM escalations
- F&B and experiential formats expand to differentiate mall footfall amid rising occupancy costs
- Institutional capital and REIT interest rotates toward NCR prime retail as yield play