Delhi-NCR retail leasing jumped 45% in Q1, resurfacing a January 2026 report on fashion and F&B demand

Resurfacing data from a January 2026 report: Delhi-NCR leased 0.59 million sq ft of retail space in January–March 2026, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of leasing, while limited new supply contributed to a 10% decline across India’s top eight cities.

— FiledWed, 23 Sept, 2026, 05:33 IST·First seen Wed, 23 Sept, 2026, 05:33 IST·Source Financial Express · BrandWagon

What happened

Delhi-NCR retail real estate market · Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in Q1 2026, led by fashion and F&B demand. Mall

Key facts

  • Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft in January-March 2026, from 0.41 million sq ft
  • Shopping malls accounted for 64% of Delhi-NCR leasing; high streets accounted for 36%
  • Delhi-NCR held a 30% share of leasing across India’s top eight cities
  • Top-eight-city leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
  • Top-eight-city retail leasing totaled 9.21 million sq ft in calendar 2025

Why this matters

Corporate development teams should assess mall partnerships, acquisitions, and strategic site pipelines now, before tighter availability raises entry costs in high-demand Delhi-NCR catchments.

What to watch

  • Quarterly Delhi-NCR mall vacancy, asking-rent growth and lease-renewal spreads.
  • New mall completions, delayed projects and conversion of planned retail supply into other uses.
  • Fashion and F&B same-store sales, store-opening guidance and franchise expansion announcements.
  • Consumer discretionary spending, inflation and household-income trends in Delhi-NCR.
  • Share of leasing from new entrants versus renewals, relocations and store expansions.
  • Fashion chains accelerate store openings, relocations and larger-format flagships in premium Delhi-NCR malls.
  • F&B operators compete for food court, entertainment and experiential retail space, increasing landlord preference for strong unit economics and proven brands.
  • Mall owners raise asking rents, reduce incentives and seek turnover-linked leases for high-demand categories.
  • Retailers deepen omnichannel fulfillment from stores to justify higher occupancy costs and improve same-store sales productivity.