Delhi-NCR retail real estate hits record 2024 leasing as premium mall vacancy falls to 8.3%
CBRE data shows NCR retail leasing up 7% YoY to 3.1M sq ft, with Noida and Gurugram surging 12-15% on infrastructure like Jewar Airport. Rents climbed—South Extension at ₹800-1,000/sq ft—while consumer spending rose 12% YoY. NCR set to command 66% of India's 27M sq ft retail pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling to 8.3% and rents rising. Noida and Gurugram led growth, backed by
Key facts
- leasing up 7% YoY to 3.1M sq ft
- premium mall vacancy 8.3% (down from 9%)
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- consumer spending +12% YoY
- Noida/Gurugram leasing surged 12-15%
- Q1 12 land deals/160 acres
- FY23-24 29 deals/313 acres
- 27M sq ft pipeline (66% of major cities) 2024-2028
Why this matters
Jewar Airport-driven momentum and tightening premium supply create a narrowing window to acquire or partner on NCR retail assets before valuations reset upward.
What to watch
- Jewar Airport construction and commissioning milestones
- Quarterly CBRE/JLL vacancy and net absorption prints
- Consumer discretionary spending and festive-season retail sales data
- New mall completion vs. pre-commitment ratios in Noida and Gurugram
- Rent trajectory in secondary corridors as pipeline delivers
- Global F&B and luxury brands accelerate NCR store rollouts to lock pre-leasing in low-vacancy premium malls
- Developers front-load Noida/Gurugram launches to capture Jewar Airport catchment premium
- Landlords push rent escalations and revenue-share clauses given tight premium supply
- REITs and institutional capital increase allocation to NCR Grade-A retail assets