Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as rents rise, vacancy falls
CBRE data shows Delhi-NCR retail leasing up 7% YoY to 3.1M sq ft in 2024, with vacancy easing to 8.3% from 9%. Noida and Gurugram drive demand as consumer spending climbs 12%. The region holds 27M sq ft of planned pipeline—66% of India's total—through 2028.
Delhi-NCR retail real estate hit record leasing in 2024, with vacancy falling and rents rising. Noida and Gurugram emerged as key drivers, and the region will dominate India's retail development pipeline through 2028.
Why this matters
CBRE's 2024 read reinforces recent signals of a Delhi-NCR retail boom: record leasing, tightening vacancy, and climbing rents. The region now leads India as mall demand and consumer spending accelerate.
Retail-company theme accelerating at +555500% QoQ.