Delhi-NCR retail real estate hits record leasing in 2024 as vacancies fall and rents climb
Retail leasing rose 7% YoY to 3.1M sq ft while mall vacancy dropped to 8.3% from 9%. Noida and Gurugram lead with 12-15% leasing growth, backed by Jewar Airport infrastructure. NCR is positioned to hold 66% of India's 27M+ sq ft retail pipeline through 2028.
Delhi-NCR retail real estate hit record leasing in 2024 with falling vacancies and rising rents. Noida and Gurugram drive growth via infrastructure like Jewar Airport, positioning NCR to dominate 66% of India's retail development pipeline through 2028.
Why this matters
CBRE data confirms a sustained NCR retail upswing, echoing prior signals of record 3.1M sq ft leasing and vacancy falling to 8.3%, now reinforced by micro-market momentum in Noida and Gurugram.
Retail-company theme accelerating at +490100% QoQ.