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 while vacancy fell to 8.3% from 9%, per CBRE/ANAROCK. Noida-Gurugram leasing surged 12-15% with rents rising. The region is projected to hold 66% of India's 27M sq ft retail pipeline through 2028, signaling ample store-space supply for expanding retailers.
What happened
Delhi-NCR retail real estate hit record leasing and falling vacancy in 2024, with rising rents in Noida/Gurugram. CBRE/ANAROCK project the region will dominate
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% from 9%
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida-Gurugram leasing surged 12-15%
- consumer spending +12% YoY
- 313 acres in 29 land deals FY23-24
- 27M sq ft pipeline 2024-28, 66% of total
Why this matters
The heavy 66% concentration of India's 27M sq ft retail pipeline in Delhi-NCR makes it the priority market for expansion deals, JVs, and anchor-tenant negotiations.
What to watch
- Quarterly vacancy prints — reversal above 9% signals oversupply risk
- Rent growth deceleration in Noida-Gurugram micro-markets
- Pace of new mall completions vs. pre-leasing commitments in 2025-26
- Consumer discretionary spending and same-store sales trends for anchor tenants
- Interest rate moves affecting developer financing and REIT cap rates
- National and international retail brands accelerate NCR store rollouts targeting pre-leasing in under-construction Noida-Gurugram malls
- Developers front-load launches to capture record leasing momentum, competing for anchor tenants with fit-out incentives
- REITs and institutional investors increase exposure to NCR retail assets on the back of rent growth and occupancy gains
- Existing retailers renegotiate renewals early to lock rents before further increases