Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancy falls, rents rise
Delhi-NCR retail leasing grew 7% YoY to 3.1M sq ft in 2024, with vacancy easing to 8.3% from 9%. Noida and Gurugram lead the surge, backed by Jewar Airport and a 27M sq ft pipeline. Prime rents hit ₹800-1,000/sq ft in South Extension as consumer spending climbs 12% YoY.
What happened
CBRE India Retail · Delhi-NCR retail real estate boomed in 2024 with record leasing, falling vacancy, and rising rents. Noida and Gurugram led growth, supported
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% in 2024 vs 9% in 2023
- ₹800-1000 per sq ft South Extension
- ₹300+ per sq ft Golf Course Road
- 12% YoY consumer spending growth
- 27 million sq ft planned pipeline
- 66% of anticipated development
- 313 acres in FY23-24
Why this matters
The Jewar Airport catalyst and Noida-Gurugram momentum make now the window to lock partnerships or site acquisitions ahead of the 27M sq ft supply wave through 2028.
What to watch
- Jewar Airport operational timeline and connectivity infrastructure progress
- Quarterly vacancy trend in Noida/Gurugram vs new supply completions
- Prime rent movement past ₹1,000/sq ft threshold
- Consumer spending and discretionary retail sales momentum in NCR
- Pre-commitment ratios on upcoming mall deliveries
- National and international brands accelerate store rollouts in Gurugram and Noida to lock rents before further increases
- Developers phase pipeline deliveries and pre-lease anchor tenants to avoid vacancy spikes
- Landlords in prime South Extension corridor push revenue-share and stepped-rent structures
- QSR, athleisure, and beauty retailers expand aggressively into high-street and Grade-A mall formats