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 with vacancy easing to 8.3%. Noida and Gurugram lead a 12-15% demand surge ahead of Jewar Airport, anchoring a 27M sq ft pipeline (66% share) through 2028. South Ext rentals hit ₹800-1,000/sq ft.
What happened
CBRE India · Delhi-NCR retail real estate hit record 2024 leasing with falling vacancy and rising rents. Noida and Gurugram drive demand ahead of Jewar Airport,
Key facts
- leasing +7% YoY to 3.1M sq ft
- vacancy 8.3% (down from 9%)
- South Ext rentals ₹800-1,000/sq ft
- Gurugram Golf Course Rd >₹300/sq ft
- leasing surge 12-15% in Noida/Gurugram
- consumer spending +12% YoY
- 27M sq ft pipeline 2024-2028 (66% share)
- 29 land deals/313 acres FY23-24
Why this matters
The 66% Noida-Gurugram share of the 2028 pipeline and 12-15% demand surge create a window to secure development JVs or land banking ahead of the airport-driven catchment expansion.
What to watch
- Jewar Airport construction milestones and operational timeline
- Quarterly vacancy trend vs. new supply completions (watch for >10% rebound)
- Retailer same-store sales and consumption data in NCR catchments
- Pace of the 27M sq ft pipeline delivery vs. absorption
- Prime high-street rent ceilings and tenant renewal behavior
- National apparel, F&B and premium brands accelerate NCR store expansion via pre-commitments in Noida/Gurugram pipeline
- Developers front-load Grade-A mall and high-street launches near Jewar Airport corridor
- Landlords in South Ext and prime high streets push renewal rents higher on falling vacancy
- Institutional/REIT capital increases allocation to NCR retail on record leasing data