Delhi-NCR retail real estate hits record leasing in 2024 as vacancies fall and rents climb
Delhi-NCR clocked 3.1M sq ft of retail leasing in 2024, up 7% YoY, with vacancy easing to 8.3% from 9%. Noida and Gurugram led demand as consumer spending rose 12%. The region is set to anchor India's retail pipeline with 27M+ sq ft planned through 2028, roughly 66% of total development.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents, led by Noida and Gurugram. The region is set to lead
Key facts
- 3.1 million sq ft leasing
- 7% YoY leasing growth
- vacancy 8.3% (down from 9%)
- ₹800-1000/sq ft South Ext rentals
- 12% consumer spending growth
- 27 million sq ft pipeline 2024-2028
- 66% of total retail development
Why this matters
The concentration of two-thirds of India's retail pipeline in Delhi-NCR creates a window for site banking and pre-committed anchor deals ahead of the 2028 supply wave.
What to watch
- Quarterly vacancy trend—reversal above 9% signals supply outpacing demand
- Consumer spending growth cooling below high-single-digits
- Pipeline delivery timelines and pre-commitment ratios for 2025-26 completions
- Prime vs secondary micro-market rent spread widening
- Anchor tenant churn in older NCR malls
- Global and D2C brands accelerate NCR store expansion, prioritizing Gurugram/Noida grade-A leases before rents climb further
- Developers fast-track pre-leasing commitments to de-risk the 27M sq ft pipeline
- REITs and institutional capital raise NCR retail allocations on the tightening vacancy story
- Landlords shift to revenue-share plus minimum-guarantee lease structures to capture spending upside