Delhi-NCR retail realty booms in 2024 with record 3.1M sq ft leasing and rising rents
Delhi-NCR led India's retail real estate surge in 2024, with 3.1 million sq ft leased (up 7% YoY), vacancy dropping to 8.3% from 9%, and consumer spending climbing 12%. Noida and Gurugram anchored growth, backed by Jewar Airport. NCR is set to dominate the national pipeline with 27M sq ft planned through 2028.
Delhi-NCR retail real estate boomed in 2024 with record leasing, lower vacancies and rising rents. Noida and Gurugram led growth, supported by infrastructure like Jewar Airport. NCR set to dominate India's retail pipeline with 27 million sq ft planned through 2028.
Why this matters
CBRE data reinforces a consistent 2024 narrative of Delhi-NCR retail leadership, echoing prior signals on record leasing, tightening mall vacancy, and climbing rents across the region.
Retail-company signals are accelerating, up +554600% QoQ.