Delhi-NCR retail real estate hits record 2024 leasing as vacancies fall, rents climb
Retail leasing rose 7% YoY to 3.1M sq ft with vacancy dropping to 8.3% from 9%, led by Noida and Gurugram where leasing surged 12-15%. South Ex rentals hit ₹800-1000/sq ft. Region projected to lead India's retail pipeline with 27M+ sq ft planned through 2028, per CBRE and ANAROCK.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents, led by Noida and Gurugram. Region projected to lead
Key facts
- leasing up 7% YoY to 3.1M sq ft
- vacancy fell to 8.3% from 9%
- South Ex rentals ₹800-1000/sq ft
- Golf Course Road rentals >₹300/sq ft
- Noida/Gurugram leasing surged 12-15%
- consumer spending up 12% YoY
- 313 acres in 29 deals FY23-24
- 27M sq ft pipeline / 66% share 2024-28
Why this matters
The 27M+ sq ft NCR pipeline led by Noida and Gurugram creates a window to lock development JVs or anchor commitments ahead of the projected supply wave and rising rents.
What to watch
- Quarterly CBRE/ANAROCK vacancy and net absorption prints
- New mall completion dates vs. pre-commitment ratios in NCR
- Prime rent escalation pace in South Ex/Gurugram (₹/sq ft QoQ)
- F&B and fashion brand store-count expansion announcements
- Consumption/retail sales and quick-commerce share shifts
- Prioritize pre-leasing in Gurugram/Noida grade-A schemes before 2026 supply wave to lock lower base rents
- Anchor tenants renegotiate longer leases now to hedge against forecast rent escalation in prime corridors
- Developers phase pipeline delivery and secure anchor commitments to avoid speculative vacancy
- Retail brands stage flagship-plus-satellite formats to capture high-street footfall at South Ex-tier rents