Delhi-NCR retail real estate hits record 2024 as leasing climbs 7% and vacancy falls to 8.3%
Delhi-NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024 with vacancy dropping to 8.3% from 9%. Noida and Gurugram lead with 12-15% leasing growth as consumer spending climbs 12%. The region is set to dominate 66% of India's 27M sq ft retail pipeline through 2028.
Delhi-NCR retail real estate hit a record 2024 with 7% higher leasing, falling vacancy (8.3%), and rising rents. Noida and Gurugram lead growth, and the region is set to dominate 66% of India's retail development pipeline through 2028.
Why this matters
CBRE's 2024 data confirms a sustained Delhi-NCR retail upswing, echoing prior signals on record 3.1M sq ft leasing, falling vacancy to 8.3%, and rising rents across the region.
Retail-company signals are accelerating, up 488700% QoQ.