Delhi-NCR retail leasing hits record 3.1M sq ft in 2024 as vacancy falls to 8.3%
Delhi-NCR retail real estate posted record 2024 leasing, up 7% YoY to 3.1M sq ft, with vacancy dropping to 8.3% from 9%. Noida and Gurugram led demand, surging 12-15%, while South Ext rents hit ₹800-1,000/sq ft. The region holds 66% of India's 27M+ sq ft retail pipeline 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 demand, with the region projected to dominate India's retail space pipeline (27M+ sq ft) through 2028.
Why this matters
The 2024 record extends CBRE's tracked Delhi-NCR retail momentum, echoing prior signals on falling vacancy and climbing rents as leasing and demand continue to accelerate across Noida and Gurugram.
Retail-company theme is accelerating, up 534100% QoQ.