Delhi-NCR retail real estate hits record 2024 leasing as vacancy falls and rents climb
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 while vacancy dropped to 8.3% from 9%, per CBRE. Noida and Gurugram lead demand, with South Extension rents at ₹800-1,000/sq ft and Golf Course Road above ₹300/sq ft. The region is projected to anchor 27M sq ft (66%) of India's retail pipeline through 2028.
What happened
CBRE India · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy and rising rents, driven by Noida and Gurugram. Region projected to
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% from 9%
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- leasing surged 12-15%
- consumer spending up 12% YoY
- 29 land deals over 313 acres FY23-24
- 27M sq ft pipeline, 66% of total 2024-2028
Why this matters
With Delhi-NCR set to anchor 66% (27M sq ft) of India's retail pipeline through 2028, early site control in Noida and Gurugram is a strategic land-banking priority.
What to watch
- Quarterly vacancy trend reversing above 9%
- Actual vs projected pipeline completion rates through 2026
- Prime corridor rent growth deceleration (South Ext, Golf Course Rd)
- Consumer discretionary spending and retail sales momentum
- New mall pre-commitment ratios at launch
- Retailers accelerate pre-leasing in Gurugram/Noida to lock rates before further escalation
- Developers phase pipeline delivery and prioritize Grade-A experiential formats
- International and premium brands expand flagship footprints on high streets
- Landlords shift to revenue-share and rent-escalation clauses on renewals
- Anchor F&B and entertainment tenants leveraged to drive footfall in new malls