Delhi-NCR retail real estate hits record 2024 leasing as vacancy falls and rents climb
NCR logged 3.1M sq ft of retail leasing in 2024, up 7% YoY, with vacancy easing to 8.3% from 9%. Noida and Gurugram surged 12-15%, boosted by Jewar Airport infrastructure, while South Extension rents hit ₹800-1,000/sq ft. NCR to lead India's pipeline with 27M sq ft (66% share) through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record 2024 leasing with falling vacancy and rising rents. Noida and Gurugram surged 12-15%, driven by infrastructure
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% (from 9%)
- ₹800-1,000 per sq ft South Extension
- ₹300+ per sq ft Golf Course Road
- 12-15% leasing surge Noida/Gurugram
- 12% consumer spending growth
- 27 million sq ft pipeline (66% share) 2024-2028
Why this matters
The Jewar Airport-driven 12-15% surge in Noida and Gurugram creates a window to acquire or partner on emerging retail assets ahead of the 27M sq ft supply wave that will define NCR's 2028 landscape.
What to watch
- Jewar Airport construction milestones and revised commissioning timeline
- Quarterly vacancy prints in Noida/Gurugram for signs of supply overshoot
- Prime rent trajectory in South Extension/DLF corridors breaching ₹1,000/sq ft
- Actual completion vs announced 27M sq ft pipeline delivery schedule
- Consumer spending and discretionary retail sales data for NCR households
- Anchor tenant lease renewals and any large exits signaling demand softening
- International and premium F&B/lifestyle brands accelerate NCR store openings to lock in prime space before rents climb further
- Developers announce or expedite mall projects along Jewar/Yamuna Expressway to capture infrastructure narrative
- REITs and institutional capital increase allocation to NCR retail assets on improving yields
- Landlords shift lease structures toward revenue-share plus higher base rents in high-demand nodes
- Smaller domestic retailers pivot to high-street and neighborhood formats as grade-A rents rise