Delhi-NCR retail real estate hits record 2024 leasing as rents climb, vacancy falls
Retail leasing rose 7% YoY to 3.1M sq ft while vacancy dropped to 8.3% from 9%, per CBRE. Noida and Gurugram led with 12-15% leasing growth. The region is set to dominate India's development pipeline through 2028 with a 66% share of 27M sq ft, backed by 313 acres across 29 FY23-24 land deals.
Delhi-NCR retail real estate hit record leasing in 2024 with rising rents and falling vacancy, driven by Noida and Gurugram. The region is projected to dominate India's retail development pipeline through 2028 with 66% share.