Delhi-NCR retail leasing had jumped 45% in Q1, resurfacing a January 2026 report on fashion and F&B demand
Resurfacing data from January 2026: Delhi-NCR retail leasing rose to 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of take-up, while fashion and food-and-beverage brands led occupier demand. The region represented 30% of leasing across India’s top eight cities.
What happened
Delhi-NCR retail market · Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026, led by mall demand and fashion/F&B occupiers. Across
Key facts
- Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft
- Delhi-NCR leasing growth: 45% year-on-year
- Delhi-NCR Q1 2025 leasing: 0.41 million sq ft
- Mall share of Delhi-NCR leasing: 64%
- High-street share: 36%
- Delhi-NCR share of top-eight-city leasing: 30%
- Top-eight-city Q1 leasing: 1.95 million sq ft
- Top-eight-city leasing decline: 10% year-on-year
- Top-eight-city Q1 2025 leasing: 2.17 million sq ft
- Top-eight-city 2025 leasing: 9.21 million sq ft
Why this matters
Strong fashion and F&B demand in Delhi-NCR creates a timely case for local partnerships, format acquisitions or joint ventures that accelerate access to premium mall networks.
What to watch
- Q2 2026 Delhi-NCR net absorption and whether leasing remains above 0.5 million sq ft.
- Prime mall vacancy rates, quoted rents and renewal spreads in Gurgaon, Saket, Noida and key Delhi shopping districts.
- Share of take-up from new-to-market brands versus existing chains expanding or relocating.
- Fashion and F&B same-store sales, mall footfall and tenant sales densities during the summer and festive periods.
- Whether leasing across the other seven major cities stabilizes after the 10% year-over-year decline.
- New mall completions and the amount of Grade A retail supply scheduled for delivery in Delhi-NCR.
- Fashion brands should prioritize flagship, experiential and omnichannel-enabled stores in high-performing Delhi-NCR malls before prime inventory tightens.
- F&B operators should secure mall locations with strong evening and weekend traffic, while modeling higher fit-out costs, revenue-share commitments and longer approval timelines.
- Mall owners should package vacant units into category clusters, use pop-ups to test emerging brands and selectively reprice prime units at lease renewal.
- Retailers should compare Delhi-NCR unit economics against weaker national leasing markets rather than treating the regional surge as evidence of broad-based demand recovery.