Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancy falls, rents climb
CBRE data shows Delhi-NCR retail leasing up 7% YoY to 3.1M sq ft in 2024, with vacancy dropping to 8.3% from 9% and rents rising to ₹800-1,000/sq ft in South Ext. Noida and Gurugram infrastructure drives momentum, with 27M sq ft planned through 2028—66% of major-city development pipeline.
What happened
CBRE · Delhi-NCR retail real estate hit record 2024 leasing, falling vacancies, and rising rents, driven by Noida and Gurugram infrastructure. Region set to
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% (from 9%)
- ₹800-1,000 per sq ft South Ext
- ₹300+ per sq ft Golf Course Road
- 12% consumer spending growth
- 313 acres in 29 land deals FY23-24
- 27 million sq ft planned 2024-2028
- 66% of anticipated development
Why this matters
Noida and Gurugram infrastructure-driven momentum plus 27M sq ft of planned supply create a window to secure anchor locations or partnership footprints ahead of the coming 2025-2028 development wave.
What to watch
- Quarterly vacancy trend—reversal above 9% signals supply overhang
- Actual vs planned completions in Noida/Gurugram through 2026
- Retailer same-store sales and store-opening announcements
- Metro/expressway infrastructure milestones driving footfall to new catchments
- Quick-commerce dark-store expansion pressuring physical footfall
- Prime-corridor landlords escalate quoted rents and shift toward minimum-guarantee-plus-revenue-share deals
- National anchors and premium F&B lock pre-commitments in Gurugram/Noida upcoming malls to secure prime frontage
- Developers phase the 27M sq ft pipeline to avoid oversupply and back-load lower-demand assets
- REITs and institutional capital increase allocation to NCR retail assets on improving occupancy