Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancies fall, rents climb
CBRE data shows Delhi-NCR retail leasing up 7% YoY to 3.1M sq ft in 2024, with vacancy easing to 8.3% from 9%. Rents rose to ₹800-1,000/sq ft in South Ext and ₹300+/sq ft on Golf Course Road. Noida and Gurugram lead mixed-use development, and NCR is set to hold 66% of India's 27M sq ft retail pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing (3.1M sq ft, +7% YoY) in 2024 with falling vacancies and rising rents. Noida and Gurugram lead mixed-use
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% (from 9%)
- ₹800-1,000/sq ft South Ext
- ₹300+/sq ft Golf Course Road
- 12% consumer spending growth
- 313 acres in 29 deals FY23-24
- 27 million sq ft pipeline 2024-28 (66% share)
Why this matters
With Noida and Gurugram leading mixed-use development and NCR dominating the national pipeline, now is the window to secure land, JVs, or anchor positions in these high-momentum sub-markets.
What to watch
- Quarterly vacancy trajectory below/above 8%
- New mall completions vs deferrals in Noida/Gurugram 2025-2026
- Prime rent prints crossing ₹1,000/sq ft in South Ext
- F&B/entertainment share of new leasing mix
- Consumer spending and footfall data amid interest-rate and inflation shifts
- REIT listing or portfolio expansion announcements for NCR retail
- International and premium D2C brands lock in NCR flagships before rents climb further
- Developers accelerate Noida/Gurugram mixed-use launches to capture the pipeline window
- Anchor retailers renegotiate longer leases now to hedge against rising renewals
- REITs and institutional investors increase acquisition interest in stabilized Grade-A assets
- Weaker landlords convert or reposition underperforming secondary malls