Delhi-NCR retail real estate hits record 2024 leasing as vacancy falls and rents climb
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 led with 12-15% leasing surges as consumer spending grew 12% YoY. ANAROCK expects NCR to dominate India's retail pipeline, with 27M sq ft planned through 2028 backed by infrastructure like Jewar Airport.
What happened
CBRE · Delhi-NCR retail real estate hit record 2024 leasing with falling vacancy and rising rents, led by Noida and Gurugram. Infrastructure like Jewar Airport
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% from 9%
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- leasing surged 12-15% in Noida/Gurugram
- consumer spending up 12% YoY
- 27M sq ft planned pipeline 2024-2028 (66% of major-city development)
Why this matters
The 27M sq ft NCR pipeline through 2028 signals a window to lock in development partnerships or acquire retail portfolios ahead of infrastructure-driven demand in Noida and Gurugram.
What to watch
- Vacancy dropping below 7% signaling landlord pricing power
- Consumer spending growth decelerating below 8% YoY
- Jewar Airport operational timeline confirmations
- Large mall completions (>1M sq ft) adding supply shock
- Anchor tenant exits or store rationalization by major retailers
- Track quarterly net absorption vs completions to gauge whether pipeline outpaces demand
- Monitor prime vs secondary rent divergence in Gurugram and Noida
- Watch international brand entry announcements tied to new mall completions
- Assess developer pre-leasing rates on projects launched near Jewar corridor