Delhi-NCR retail real estate hits record 2024 as leasing climbs 7% and vacancies fall
Retail leasing rose 7% YoY to 3.1M sq ft in 2024 while vacancy dipped to 8.3% from 9%. Noida and Gurugram led with 12-15% leasing growth, and the region holds 66% of India's planned 27M sq ft retail pipeline through 2028. Rents firmed, with South Ext at ₹800-1,000/sq ft.
What happened
CBRE · Delhi-NCR retail real estate hit a record year in 2024 with leasing up 7% to 3.1M sq ft, falling vacancies, rising rents, and 66% of India's planned
Key facts
- retail 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 up 12-15%
- consumer spending up 12% YoY
- 29 land deals over 313 acres FY23-24
- 27M sq ft planned pipeline 2024-2028 (66% of major cities)
Why this matters
With Noida and Gurugram posting 12-15% leasing growth and controlling two-thirds of the national pipeline, NCR expansion or JV opportunities warrant near-term evaluation ahead of the 2028 supply build-out.
What to watch
- Quarterly vacancy trend crossing above 9% or below 7%
- New mall completions vs net absorption gap post-2026
- Prime high-street rent movement (South Ext ₹800-1,000/sq ft)
- Retail sales and discretionary consumption indicators in NCR
- Grade-A vs Grade-B leasing divergence
- Developers accelerate NCR pipeline launches to capture firming rents
- National F&B, fashion and lifestyle brands secure pre-leases in Noida/Gurugram Grade-A malls
- Landlords push higher rent escalations and shorter lock-in flexibility in prime corridors
- Institutional capital and REIT interest tilts toward NCR retail assets