Delhi-NCR retail real estate hits record leasing in 2024 as vacancies fall, rents climb
India retail leasing rose 7% YoY to 3.1M sq ft in 2024, with vacancy tightening to 8.3% from 9%. Noida and Gurugram lead rent gains—South Ext at ₹800-1,000/sq ft, Golf Course Rd above ₹300/sq ft. NCR set to dominate 66% of the 27M sq ft retail pipeline through 2028.
What happened
CBRE India · Delhi-NCR retail real estate hit record leasing in 2024, with falling vacancies and rising rents in Noida and Gurugram. India leasing rose 7% to
Key facts
- leasing +7% YoY to 3.1M sq ft
- vacancy 8.3% in 2024 vs 9% 2023
- South Ext rentals ₹800-1,000/sq ft
- Golf Course Rd >₹300/sq ft
- leasing surged 12-15%
- consumer spending +12% YoY
- 27M sq ft pipeline 2024-28 (66% of total)
Why this matters
NCR's dominance of two-thirds of India's upcoming retail supply makes it the priority market for site acquisitions, JV partnerships, and portfolio expansion through 2028.
What to watch
- Quarterly vacancy trend—reversal above 9% signals oversupply
- Rent trajectory on Golf Course Rd and South Ext beyond current bands
- Pipeline delivery timing and pre-leasing commitment rates
- Retail consumption and discretionary spend data for NCR
- Quick-commerce penetration eroding physical footfall in categories
- Interest rate moves affecting developer financing and REIT yields
- National apparel, F&B and lifestyle brands accelerate NCR store rollouts to lock rates before further escalation
- Developers front-load Grade-A mall and high-street launches in Noida/Gurugram to capture 66% pipeline share
- Landlords shift toward revenue-share plus minimum-guarantee leases to hedge against future oversupply
- REITs and institutional capital increase NCR retail allocations chasing rent growth
- Anchor tenants renegotiate renewals early to secure prime-corridor positions