Delhi-NCR retail real estate hits record leasing in 2024 as vacancies fall and rents climb
Retail leasing rose 7% YoY to 3.1M sq ft while mall vacancy dropped to 8.3% from 9%. Noida and Gurugram lead with 12-15% leasing growth, backed by Jewar Airport infrastructure. NCR is positioned to hold 66% of India's 27M+ sq ft retail pipeline through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents. Noida and Gurugram drive growth via infrastructure like
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- Delhi-NCR mall vacancy 8.3% in 2024 vs 9% in 2023
- South Ext rentals ₹800-1000/sq ft
- Noida/Gurugram leasing up 12-15%
- Golf Course Road rentals >₹300/sq ft
- consumer spending up 12% YoY
- 313 acres in 29 land deals FY23-24
- 27M+ sq ft pipeline 2024-2028 (66% of total)
Why this matters
The Jewar Airport corridor and 12-15% leasing growth in Noida and Gurugram make these submarkets strategic targets for site acquisition and expansion partnerships ahead of the 2028 supply wave.
What to watch
- Quarterly vacancy trend reversing above 9% signaling oversupply onset
- Jewar Airport phase-1 operational milestones and surrounding catchment permits
- Prime-corridor rent growth decelerating below 5% YoY
- Pre-leasing commitment rates on 2025-26 pipeline deliveries
- Consumer discretionary spend and same-store sales data for NCR anchors
- Retailers lock long leases now to hedge against further rent climbs before supply catches up
- Developers fast-track Noida/Gurugram mall handovers to monetize the vacancy dip
- Institutional capital rotates into NCR retail REIT/fund assets on yield-compression thesis
- F&B and experiential anchors expand footprint to differentiate new malls competing for footfall