Delhi-NCR retail real estate hits record 2024 with 3.1M sq ft leased, vacancy down to 8.3%
CBRE data shows Delhi-NCR leasing up 7% YoY to 3.1M sq ft as vacancy eases from 9% to 8.3%. Rents climb in Noida and Gurugram, with South Ext at ₹800-1,000/sq ft and Golf Course Road above ₹300/sq ft. The region anchors India's 27M sq ft retail pipeline through 2028.
What happened
CBRE India · Delhi-NCR retail real estate hit a record 2024 with 3.1M sq ft leasing (up 7%), falling vacancy, and rising rents in Noida and Gurugram. Region set
Key facts
- 7% YoY leasing growth
- 3.1 million sq ft
- vacancy 8.3% (from 9%)
- ₹800-1,000 per sq ft South Ext
- ₹300+ per sq ft Golf Course Road
- 12% consumer spending growth
- 27 million sq ft pipeline 2024-2028
- 66% of total development
- 29 land deals / 313 acres FY23-24
Why this matters
The 27M sq ft pipeline through 2028 plus tightening supply creates a window to lock in strategic footprints or partnership deals ahead of further rent escalation in Golf Course Road and South Ext corridors.
What to watch
- Quarterly vacancy trend (below 8% confirms tightening; above 9% signals overhang)
- Pipeline completion timing and clustering in 2026-27
- Prime rent spreads between Golf Course Road/South Ext and secondary micro-markets
- Consumer spending and discretionary retail sales data for NCR
- New mall pre-leasing commitment ratios before delivery
- Retailers accelerate lease signings in Noida/Gurugram to lock rates before further rent escalation
- Developers fast-track prime-corridor projects and defer or reposition weaker secondary assets
- Landlords shift to shorter renewal terms and revenue-share clauses to capture upside
- F&B, fashion and premium brands expand flagship footprints in high-street nodes