Delhi-NCR retail real estate hits record 2024 leasing as vacancy falls and rents climb
CBRE data shows 3.1M sq ft leased with 7% YoY growth as vacancy dropped to 8.3% from 9%. Noida and Gurugram lead, backed by Jewar Airport. NCR is set to capture 66% of India's 27M sq ft 2024-2028 retail pipeline, with South Ex rents at ₹800-1,000/sq ft.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy and rising rents. Noida and Gurugram lead growth, backed by infrastructure
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% from 9%
- ₹800-1,000/sq ft South Ex
- ₹300/sq ft Golf Course Road
- 12-15% leasing surge
- 12% consumer spend growth
- 313 acres in 29 deals FY23-24
- 27 million sq ft pipeline 2024-2028
- 66% of total pipeline
Why this matters
With Noida and Gurugram surging on Jewar Airport tailwinds, prioritize NCR site acquisition and partnerships in these submarkets to capture the region's dominant share of upcoming retail supply.
What to watch
- CBRE/JLL quarterly vacancy prints dropping below 8% or reversing above 9%
- Jewar Airport commissioning timeline and phase-1 traffic milestones
- New mall delivery dates in Noida/Gurugram 2025-2026
- Prime rent moves beyond ₹1,000/sq ft at South Ex and peer high streets
- Retail sales-density and same-store growth reports signaling tenant affordability
- Anchor and international brands accelerate pre-leasing in upcoming Noida/Gurugram pipeline to lock rates before further escalation
- Landlords push shorter lease terms and revenue-share clauses to capture upside from rising footfall
- REITs and institutional investors increase NCR retail allocation given occupancy and rent tailwinds
- Mid-tier retailers pivot to smaller formats or omnichannel to offset per-sq-ft cost inflation