Delhi-NCR retail real estate posts record 2024 leasing as vacancy falls and rents climb
Delhi-NCR logged 3.1M sq ft of retail leasing in 2024, up 7% YoY, with vacancy easing to 8.3% from 9%. Noida and Gurugram lead demand, buoyed by Jewar Airport and new expressways. The region anchors India's retail pipeline with 27M+ sq ft planned through 2028, a 66% share. Prime rents hit ₹800-1,000/sq ft in South Ext.
What happened
CBRE · Delhi-NCR retail real estate hit record 2024 leasing with falling vacancy and rising rents. Noida and Gurugram lead, backed by Jewar Airport and
Key facts
- 3.1M sq ft leasing (+7% YoY)
- vacancy 8.3% (down from 9%)
- ₹800-1,000/sq ft South Ext
- ₹300+/sq ft Golf Course Road
- 12-15% leasing surge
- consumer spending +12% YoY
- 27M+ sq ft pipeline 2024-28 (66% share)
Why this matters
Jewar Airport and new expressways are reshaping Noida-Gurugram into India's retail growth engine, creating a window to acquire or partner on pipeline assets ahead of the 2028 supply wave.
What to watch
- Jewar Airport operational milestones and expressway completion dates
- Quarterly vacancy prints — reversal above 9% signals oversupply risk
- Pre-leasing rates on the 27M sq ft pipeline deliveries in 2025-26
- Prime rent trajectory crossing ₹1,000/sq ft threshold
- Retailer same-store sales and consumption data validating footfall assumptions
- Mall developers accelerate ground-breaks in Noida/Gurugram to capture Jewar-linked catchment
- Anchor retailers (F&B, fashion, entertainment) lock pre-leases at current rents ahead of further hikes
- Landlords push prime rents beyond ₹1,000/sq ft in South Ext and premium high streets
- Institutional capital / REITs increase NCR retail allocation given tightening fundamentals
- Tenant mix rebalances toward experiential and omnichannel formats to justify premium rents