Resurfacing a 2024 milestone: Delhi-NCR retail real estate hit record leasing as mall vacancies fell and rents climbed
Looking back at 2024 data: Retail leasing rose 7% YoY to 3.1M sq ft while premium mall vacancy dropped to 8.3% from 9%. Consumer spending was up 12% YoY, with Noida and Gurugram leading a 27M+ sq ft pipeline—66% of the total—positioning Delhi-NCR to dominate India's retail development through 2028.
What happened
CBRE · Delhi-NCR retail real estate hit record leasing and rents in 2024, with falling mall vacancies and rising consumer spending. Noida and Gurugram lead, and
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- premium mall vacancy 8.3% (from 9%)
- South Extension rentals ₹800–1,000/sq ft
- consumer spending up 12% YoY
- Golf Course Road rentals >₹300/sq ft
- 29 land deals over 313 acres in FY23-24
- 27M+ sq ft pipeline, 66% of total
Why this matters
With Noida and Gurugram anchoring a 27M+ sq ft development pipeline, now is the window to secure anchor positions or partnerships in the highest-growth retail corridor in India.
What to watch
- Quarterly premium mall vacancy trend below/above 8.3%
- Actual pipeline delivery pace vs the 27M sq ft plan through 2028
- Consumer spending growth holding above 10% YoY
- Rent escalation rates and pre-leasing commitments on new supply
- Secondary corridor vacancy divergence from prime assets
- Anchor retailers accelerate NCR store rollouts to lock prime locations before rents rise further
- Developers front-load Noida/Gurugram launches to capture the leasing momentum
- Landlords push higher rent escalations and revenue-share clauses in premium malls
- F&B and entertainment operators expand to drive footfall differentiation as supply grows