Delhi-NCR retail real estate hits record leasing in 2024 as vacancy falls and rents climb
Delhi-NCR logged 3.1 million sq ft of retail leasing in 2024, up 7% YoY, with vacancy easing to 8.3% from 9%. Noida and Gurugram led demand. The region is set to dominate India's pipeline with 27 million sq ft planned through 2028 — 66% of total development, per CBRE and ANAROCK.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancy and rising rents, led by Noida and Gurugram. The region is set to dominate
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
- 12-15% leasing surge
- 12% consumer spending growth
- 313 acres in FY23-24
- 27 million sq ft planned 2024-2028
- 66% of total development
Why this matters
With Delhi-NCR set to dominate national retail development, securing land banks or JV positions in Noida and Gurugram now positions you ahead of the 27M sq ft buildout through 2028.
What to watch
- Quarterly leasing velocity vs pipeline delivery schedule
- Vacancy trend in secondary/peripheral assets vs prime corridors
- Rent escalation rates in Gurugram and Noida prime malls
- Pre-leasing percentages on upcoming 2025-26 deliveries
- Urban discretionary consumption and retail sales data
- Interest rate moves affecting developer financing and mall completions
- International and premium domestic brands accelerate NCR store rollouts to lock in space before rent escalation
- Developers fast-track grade-A mall completions in Noida/Gurugram and pursue pre-commitments
- Landlords renegotiate revenue-share vs fixed-rent terms favoring fixed as demand firms
- REITs and institutional capital increase retail asset acquisition in NCR
- Tier-1 retailers diversify toward high-street and mixed-use to hedge mall concentration