Delhi-NCR retail real estate hits record 2024 leasing as vacancy falls and rents climb
Retail leasing rose 7% YoY to 3.1M sq ft while vacancy dropped to 8.3% from 9%, per CBRE/ANAROCK. Noida and Gurugram lead with 12-15% leasing growth, powered by Jewar Airport and expressways. The region anchors 66% of India's 27M sq ft retail pipeline through 2028.
What happened
Delhi-NCR retail real estate hit record 2024 leasing, falling vacancy and rising rents, per CBRE/ANAROCK. Noida and Gurugram lead growth, boosted by Jewar
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy 8.3% in 2024 vs 9% in 2023
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing up 12-15%
- consumer spending up 12% YoY
- 29 land deals over 313 acres FY23-24
- 27M sq ft retail pipeline 2024-2028 (66% of total)
Why this matters
Position ahead of Jewar Airport and expressway-driven expansion by securing site pipelines or JV partners in Noida-Gurugram before the 2028 supply wave hardens pricing.
What to watch
- Quarterly vacancy trend—reversal above 9% signals oversupply risk
- Prime vs secondary rent spread widening (bifurcation signal)
- Jewar Airport construction and expressway milestone timelines
- New mall delivery volume vs net absorption each quarter
- Discretionary retail sales and footfall data across NCR malls
- F&B, entertainment and fashion anchors pre-commit space in Noida/Gurugram pipeline projects to lock current rents
- Developers phase deliveries and tilt toward experiential/mixed-use formats to defend absorption
- Institutional capital and retail REITs scout NCR grade-A assets for yield plays
- International brands prioritize NCR for India entry given falling vacancy and airport catalyst