Delhi-NCR retail leasing jumped 45% in Q1, resurfacing an early-2026 report on fashion and F&B demand
Resurfacing data from around January 2026: Retail leasing in Delhi-NCR rose to 0.59 million sq ft in January-March 2026, with malls accounting for 64% of transactions. The region captured 30% of leasing across India's top eight cities despite an overall market decline.
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 fashion and F&B demand. Malls captured 64% of
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
- Calendar 2025 leasing across eight cities totalled 9.21 million sq ft
Why this matters
The leasing rebound creates an opportunity to prioritize Delhi-NCR expansion partnerships, especially with mall operators and complementary fashion or F&B brands.
What to watch
- Q2 and Q3 Delhi-NCR net absorption versus the 0.59 million sq ft Q1 level.
- Prime mall vacancy, quoted rents and lease incentives in Gurgaon, Noida, Saket, Vasant Kunj and central Delhi.
- Share of leasing taken by fashion versus F&B, beauty, electronics and international entrants.
- New mall completions, redevelopments and high-street supply additions.
- Same-store sales, footfall and discretionary-spending indicators for organized retail.
- Whether Delhi-NCR maintains roughly 30% of top-eight-city leasing while the national market remains softer.
- Fashion and F&B operators should secure option agreements in top-performing Delhi-NCR malls before rent resets accelerate.
- Mall owners should re-tenant toward complementary fashion, beauty, entertainment and food clusters to raise dwell time and sales productivity.
- Retailers should use Delhi-NCR openings as omnichannel fulfillment and returns nodes, not only storefront expansion.
- Landlords should monitor tenant sales-to-rent ratios and avoid overpricing that could increase vacancy after initial leasing momentum.