Delhi-NCR retail real estate hits record 2024 leasing as vacancy falls and rents climb
Delhi-NCR logged 3.1M sq ft of retail leasing (+7% YoY) in 2024 with vacancy easing to 8.3% from 9%, per CBRE. Noida and Gurugram drive growth; South Ext rents hit ₹800-1,000/sq ft and Golf Course Road tops ₹300/sq ft. Region set to lead India's pipeline with 27M sq ft planned through 2028.
What happened
CBRE · Delhi-NCR retail real estate saw record 2024 leasing, falling vacancy, and rising rents, with Noida and Gurugram as growth drivers. Region projected to
Key facts
- 3.1 million sq ft leasing (+7% YoY)
- vacancy 8.3% (down from 9%)
- South Ext rentals ₹800-1,000/sq ft
- consumer spending +12% YoY
- Golf Course Road rentals >₹300/sq ft
- leasing surge 12-15%
- 29 land deals / 313 acres FY23-24
- 27 million sq ft planned (66% of total)
Why this matters
With Noida and Gurugram driving expansion and a massive 2028 pipeline, now is the window to secure sites or JV partnerships ahead of intensifying competition for prime NCR retail space.
What to watch
- Quarterly vacancy prints — reversal above 9% signals oversupply
- New mall delivery schedule vs. pre-leasing commitment rates
- Prime high-street rent trajectory (South Ext, Golf Course Road)
- Consumer spending and discretionary retail sales data for NCR
- Interest rate moves affecting retailer expansion capex and cap rates
- Landlords accelerate grade-A mall deliveries and push rent escalations on renewals in prime corridors
- Retailers (F&B, fashion, luxury, quick-commerce dark stores) lock in NCR expansion leases ahead of rent hikes
- REITs and institutional investors increase allocation to NCR retail assets
- Developers front-load construction on the 27M sq ft pipeline to capture demand window