Delhi-NCR retail real estate hits record 3.1M sq ft leasing in 2024 as vacancies fall, rents climb
Delhi-NCR posted record retail leasing of 3.1 million sq ft in 2024, up 7% YoY, with vacancy easing to 8.3% from 9%. Noida and Gurugram lead growth on infrastructure like Jewar Airport. The region anchors a 27M+ sq ft pipeline through 2028, 66% of planned development, with prime rents hitting ₹800-1,000/sq ft in South Ext.
Delhi-NCR retail real estate hit record leasing in 2024, with vacancies falling and rents rising. Noida and Gurugram led growth, driven by infrastructure like Jewar Airport. Region projected to dominate India's retail pipeline through 2028 with 27M+ sq ft planned.
Why this matters
Reinforces CBRE's tracking of Delhi-NCR retail momentum, echoing prior reports of record 2024 leasing with falling vacancy and rising rents, and earlier work on India's jewellery retail leasing shares.
Retail-company signals accelerating at +420100% QoQ.