Delhi-NCR retail real estate hit record 2024 leasing as vacancy fell and rents climbed, resurfacing a 2024 report
Resurfacing data from 2024: Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft that year, with vacancy easing to 8.3%, per CBRE and ANAROCK. Noida and Gurugram led with 12-15% leasing growth as consumer spending climbed 12%. The region was projected to anchor 66% of India's 27M sq ft retail pipeline through 2028.
What happened
Delhi-NCR retail real estate hit record 2024 leasing with falling vacancy and rising rents, per CBRE and ANAROCK, driven by Noida and Gurugram. Region projected
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 rentals >₹300/sq ft
- Noida/Gurugram leasing +12-15%
- consumer spending +12% YoY
- 27M sq ft pipeline 2024-2028 (66% share)
Why this matters
With Delhi-NCR set to anchor 66% of India's 27M sq ft retail pipeline through 2028, pursue site acquisitions and developer partnerships in Noida and Gurugram to lock in future growth.
What to watch
- Quarterly vacancy prints (below 8% signals tighter market)
- New mall completion dates slipping or accelerating in the 27M sq ft pipeline
- Consumer spending and discretionary retail sales growth trajectory
- Rent-per-sq-ft benchmarks in Gurugram/Noida prime corridors
- Anchor tenant lease signings vs. renewals ratio
- International and D2C brands accelerate NCR store openings to lock in space before rents climb further
- Developers fast-track Noida/Gurugram mall completions and pre-leasing campaigns
- REITs and institutional capital increase allocations to NCR retail assets
- Incumbent retailers renegotiate longer leases now to hedge against rent escalation