Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls to 8.3%
Retail leasing rose 7% YoY to 3.1M sq ft while vacancy eased from 9% to 8.3%. Noida and Gurugram led with 12-15% leasing growth, South Ext rentals hit ₹800-1,000/sq ft, and the region is set to anchor 66% of India's retail pipeline with 27M sq ft planned through 2028.
Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling to 8.3% and rising rents. Noida and Gurugram lead growth, and the region is set to dominate India's retail development pipeline through 2028.
Why this matters
CBRE's data extends a consistent 2024 pattern of record Delhi-NCR retail leasing, falling vacancies, and climbing rents, reinforcing the region as India's dominant retail growth market.
Retail-company theme is accelerating, up 694300% QoQ.