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 rose 7% YoY to 3.1M sq ft in 2024, with vacancy easing to 8.3% from 9%. Prime rents hit ₹800–1,000/sq ft in South Ex and ₹300+/sq ft on Golf Course Road. ANAROCK projects the region to lead India's pipeline with 27M sq ft through 2028.
What happened
CBRE India · Delhi-NCR retail real estate hit record leasing in 2024, with vacancies falling and rents rising in Noida and Gurugram. Anarock projects the region
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% (2024) vs 9% (2023)
- ₹800–₹1,000 per sq ft South Ext
- ₹300+ per sq ft Golf Course Road
- 12% consumer spending rise
- 27 million sq ft pipeline 2024-2028
- 313 acres FY23-24 land deals
Why this matters
With 27M sq ft of new supply landing through 2028 and rising rents, now is the window to lock in pre-leasing terms and evaluate acquisitions or JV positions ahead of the demand surge.
What to watch
- Quarterly vacancy trend (sustained sub-8% vs reversal above 9%)
- Prime rent trajectory in South Ex / Golf Course Road
- Mall completion timelines vs the 27M sq ft schedule
- Consumer discretionary spend and same-store sales growth
- New international brand entries choosing NCR as launch market
- Anchor retailers (F&B, fashion, electronics) lock premium leases early to secure limited prime space
- Developers accelerate mall completions and pre-leasing to hit pipeline targets
- REITs and institutional investors increase allocation to NCR retail assets on rent momentum
- Landlords push shorter lease terms with revenue-share clauses to capture upside