Delhi-NCR retail real estate hit records in 2024 as leasing climbed and rents rose, resurfacing a January 2024 report
Resurfacing data from early 2024: NCR retail leasing rose 7% YoY to 3.1M sq ft while vacancy fell to 8.3% from 9%. Jewar Airport and expressways drove 12-15% leasing surges in Noida and Gurugram. The region was set to dominate India's retail pipeline with 27M sq ft planned for 2024-2028, or 66% of major-city development.
What happened
CBRE · Delhi-NCR retail real estate hit records in 2024 with leasing up, vacancy down, and rising rents. Infrastructure like Jewar Airport and expressways drove
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% from 9%
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing surged 12-15%
- consumer spending up 12% YoY
- 29 land deals over 313 acres FY23-24
- 27M sq ft planned retail 2024-2028 (66% of major-city development)
Why this matters
The Noida-Gurugram infrastructure catalysts driving 12-15% leasing surges create a window to acquire or partner on NCR retail assets ahead of the coming supply wave.
What to watch
- Jewar Airport phase-1 operational timeline and passenger throughput ramp
- Quarterly vacancy trend as 2025 supply tranches deliver
- Prime vs secondary corridor rent divergence
- Retailer same-store sales / consumption indicators in NCR
- Expressway completion and connectivity milestones
- National and international retail brands accelerate NCR store rollouts to lock in prime space before rents climb further
- Developers front-load launches in Noida/Gurugram expressway zones to capture the airport catchment premium
- Mall operators renegotiate leases toward revenue-share plus escalation clauses to capture rising footfall
- Institutional/REIT capital increases NCR retail allocations given record fundamentals