Delhi-NCR retail real estate booms in 2024 with record leasing and rising rents
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 as premium mall vacancy fell to 8.3% from 9%. Noida and Gurugram led with 12-15% leasing growth, South Extension rents hit ₹800-1,000/sq ft, and ANAROCK projects the region will hold 66% of India's 27M sq ft retail pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate boomed in 2024 with record leasing, falling vacancy, and rising rents. Noida and Gurugram led growth, and Anarock projects
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- premium mall vacancy 8.3% in 2024 vs 9% 2023
- South Extension rentals ₹800-1,000 per sq ft
- Golf Course Road rentals over ₹300 per sq ft
- leasing surged 12-15% in Noida/Gurugram
- consumer spending up 12% YoY
- 29 land deals 313 acres FY23-24
- 27M sq ft planned retail space 2024-2028 (66% of total)
Why this matters
With Noida and Gurugram driving 12-15% leasing growth and two-thirds of the national pipeline concentrated here, corp dev should prioritize NCR footprint expansion and site partnerships ahead of the 2028 buildout.
What to watch
- Quarterly vacancy trend below 8% (tightening) vs above 10% (loosening)
- New mall completion timelines vs planned 2025-26 supply delivery
- Consumption/retail sales and footfall data for discretionary spending
- Rent trajectory in secondary corridors vs prime high-streets
- REIT/institutional deal flow and cap-rate movement in NCR retail
- Landlords/REITs accelerate grade-A mall construction and pre-leasing in Noida and Gurugram to capture pipeline share
- Premium retailers and F&B/entertainment anchors expand footprints into high-vacancy-arbitrage corridors
- High-street asset owners raise rents on lease renewals citing sub-9% vacancy
- PE and institutional capital increases allocation to NCR retail assets ahead of 2028 pipeline delivery