Resurfacing a 2024 report: Delhi-NCR retail leasing hit record 3.1M sq ft as vacancy fell, rents climbed
Data from 2024 showed retail leasing rose 7% YoY to 3.1M sq ft while premium mall vacancy dropped to 8.3% from 9%. Noida and Gurugram surged 12-15%, with South Extension rentals at ₹800-1,000/sq ft. A 27M sq ft pipeline through 2028 was said to position the region to dominate India's retail development.
What happened
CBRE · Delhi-NCR retail real estate hit records in 2024 with 7% leasing growth to 3.1M sq ft, falling vacancy, and rising rents. Noida and Gurugram lead
Key facts
- retail leasing up 7% YoY to 3.1M sq ft
- premium mall vacancy fell to 8.3% from 9%
- South Extension rentals ₹800-1,000/sq ft
- Golf Course Road rentals over ₹300/sq ft
- consumer spending up 12% YoY
- Noida/Gurugram leasing surged 12-15%
- 29 land deals over 313 acres FY23-24
- 27M sq ft pipeline 2024-2028 (66% of total)
Why this matters
The 12-15% surge in Noida and Gurugram plus a 27M sq ft development pipeline creates a window to lock in expansion sites or JV partnerships before rents climb further.
What to watch
- Quarterly net absorption vs new completions ratio
- Prime mall rent trajectory in South Extension/DLF corridors
- Suburban vacancy in Noida and Gurugram as fresh supply lands
- Consumer spending and discretionary retail sales trends in NCR
- Delays or deferrals in the 27M sq ft pipeline delivery schedule
- Retailers accelerate pre-commitment on upcoming Gurugram/Noida projects to lock lower entry rents
- Developers phase pipeline delivery to avoid oversupply and protect rental momentum
- F&B, entertainment and value-fashion anchors expand to fill large-format space
- Landlords push revenue-share/turnover-rent structures on new leases to hedge
- International brands use NCR as India entry point given falling vacancy