Delhi-NCR retail real estate hits record leasing in 2024 as vacancy falls and rents climb
CBRE data shows 3.1M sq ft leased (+7% YoY) with vacancy down to 8.3%. South Ext rentals hit ₹800-1,000/sq ft. Region set to dominate India's pipeline with 27M sq ft planned through 2028—66% of total—signaling strong physical-store expansion runway for retailers.
What happened
CBRE · Delhi-NCR retail real estate hit record 2024 leasing with falling vacancy and rising rents, driven by Noida/Gurugram infrastructure. Region set to
Key facts
- 3.1 million sq ft leasing +7% YoY
- vacancy 8.3% down from 9%
- South Ext rentals ₹800-1,000/sq ft
- leasing surged 12-15%
- consumer spending +12% YoY
- 160 acres in Q1, 313 acres FY23-24
- 27 million sq ft planned 2024-2028, 66% of total
Why this matters
With Delhi-NCR set to hold 66% of India's retail development pipeline, corp dev should prioritize the region for expansion, JV, and site-acquisition plays over the next four years.
What to watch
- H2 2025 CBRE/JLL vacancy print—whether it holds below 8.3% or reverses
- Retailer same-store sales and occupancy-cost ratio disclosures in quarterly results
- Pipeline completion timing vs pre-commitment rates on the 27M sq ft
- Prime rental trajectory beyond ₹1,000/sq ft ceiling in South Ext/CP
- Consumer discretionary spending and festive-season footfall data
- Anchor and F&B brands lock long-term leases in upcoming NCR grade-A malls to secure prime frontage before rents climb further
- Landlords push revenue-linked and higher base rents on renewals in high-street corridors like South Ext
- Retailers rebalance capex toward high-footfall NCR nodes while deprioritizing weaker Tier-2 markets
- PE and REIT capital flows into NCR retail development to capture the dominant pipeline share