Delhi-NCR retail real estate hits record leasing in 2024, rents climb as vacancy falls
NCR retail leasing rose 7% YoY to 3.1M sq ft in 2024, with vacancy dropping to 8.3% from 9%. Noida and Gurugram led growth at 12-15%, while South Ext rentals hit ₹800-1,000/sq.ft. NCR is set to command 66% of India's 27M sq ft development pipeline through 2028.
Delhi-NCR retail real estate boomed in 2024 with record leasing (3.1M sq ft, +7% YoY), falling vacancy, and rising rents. Noida and Gurugram lead growth, and NCR is projected to dominate India's 2024-2028 retail development pipeline.
Why this matters
CBRE data confirms a sustained NCR retail upswing, echoing recent signals of record 3.1M sq ft leasing and falling vacancy to 8.3%, now paired with rising rents and a dominant development pipeline.
Retail-company signals are accelerating, up 568500% QoQ.