Delhi-NCR retail real estate hits record 2024 leasing as rents climb, vacancy falls
Retail leasing rose 7% YoY to 3.1M sq ft while vacancy dropped to 8.3% from 9%, per CBRE. Noida and Gurugram led with 12-15% leasing growth. The region is set to dominate India's development pipeline through 2028 with a 66% share of 27M sq ft, backed by 313 acres across 29 FY23-24 land deals.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with rising rents and falling vacancy, driven by Noida and Gurugram. The region is projected to
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
- consumer spending up 12% YoY
- Golf Course Road rentals over ₹300/sq ft
- Noida/Gurugram leasing up 12-15%
- 313 acres in 29 FY23-24 land deals
- 27M sq ft pipeline 2024-2028 (66% share)
Why this matters
The 313 acres across 29 FY23-24 land deals concentrating development in Delhi-NCR create a clear window for site acquisition and JV partnerships in Noida and Gurugram.
What to watch
- Quarterly CBRE/JLL vacancy prints — reversal above 9% signals oversupply
- Rent per sq ft trajectory in Gurugram vs Noida prime corridors
- Pipeline completion timing and pre-commitment ratios through 2026-2028
- Consumer discretionary spending and NCR footfall/GST retail data
- New land deal velocity beyond the 29 FY23-24 transactions
- Anchor tenants and F&B chains accelerate NCR store expansion to lock space before rent step-ups
- Developers front-load pre-leasing and pursue institutional/REIT capital to fund the pipeline
- Landlords shift to revenue-share and shorter renewal cycles to capture upside
- International brands prioritize Gurugram/Noida flagships as India entry beachheads