Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancy dips to 8.3%
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 while vacancy fell from 9% to 8.3%. Noida and Gurugram led with 12-15% leasing surges, aided by infrastructure like Jewar Airport. The region anchors 27M+ sq ft of pipeline (66% of India's total) through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing and lower vacancy in 2024, with Noida and Gurugram leading on infrastructure like Jewar Airport. The
Key facts
- 3.1 million sq ft leasing (+7% YoY)
- vacancy 8.3% in 2024 vs 9% in 2023
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals >₹300/sq ft
- leasing surged 12-15% in Noida/Gurugram
- consumer spending +12% YoY
- 313 acres across 29 land deals in FY23-24
- 27M+ sq ft pipeline (66% of total) 2024-2028
Why this matters
The 27M+ sq ft development pipeline through 2028 concentrated in Delhi-NCR creates a window to lock in anchor positions, JV opportunities, or site acquisitions in Noida and Gurugram ahead of tightening supply.
What to watch
- Quarterly vacancy trajectory versus new completions (net absorption)
- Jewar Airport phase-1 commissioning timeline and catchment retail commitments
- Rental growth divergence between prime and secondary micro-markets
- Pipeline delivery schedule slippage or acceleration through 2026
- Consumer spending and mall footfall/conversion data in NCR
- International and domestic brands accelerate NCR store rollouts to lock prime space before rents climb
- Developers phase pipeline deliveries and pre-lease anchor tenants to de-risk absorption
- Landlords of older malls invest in refurbishment and tenant-mix upgrades to defend occupancy
- REITs and institutional capital increase NCR retail exposure given record leasing signals