Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancy falls, rents climb
Delhi-NCR led India's retail leasing in 2024 at 3.1M sq ft (+7% YoY), with vacancy down to 8.3% and rents rising across prime corridors. Noida and Gurugram anchor a 27M sq ft pipeline (66% share) through 2028, backed by Jewar Airport and expressway connectivity.
What happened
CBRE · Delhi-NCR retail real estate hit record 2024 leasing (3.1M sq ft, +7% YoY) with falling vacancy and rising rents. Noida and Gurugram lead, backed by
Key facts
- 3.1 million sq ft leasing (+7% YoY)
- vacancy 8.3% (from 9%)
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Road >₹300/sq ft
- leasing surge 12-15%
- consumer spending +12% YoY
- 313 acres/29 land deals FY23-24
- 27 million sq ft pipeline (66% share) 2024-2028
Why this matters
The 27M sq ft pipeline concentrating 66% of national share in Noida and Gurugram through 2028 flags where to target site acquisitions and JV partnerships ahead of expressway-driven demand.
What to watch
- Quarterly vacancy prints — sustained sub-8% confirms landlord leverage
- Pipeline delivery schedule vs. actual completions (2025-2026 slippage)
- Jewar Airport commissioning timeline and passenger throughput ramp
- Consumption/retail-sales data and discretionary spending trends
- Rent renewal spreads on expiring leases in prime corridors
- New mall opening occupancy rates as supply hits market
- Developers accelerate pre-leasing commitments to de-risk pipeline deliveries
- National and international brands lock prime NCR space before rent escalations
- Landlords shift toward revenue-share and experiential-tenant mix over pure fixed rent
- REITs and institutional capital increase allocations to NCR retail assets
- Peripheral land banking around Jewar Airport catchment intensifies