Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B demand strengthens
Delhi-NCR retail leasing reached 0.59 million sq ft in Q1 2026, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, with fashion and F&B leading demand; the region represented 30% of leasing across eight major 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 fashion and F&B demand. Malls captured 64% of
Key facts
- Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft, up 45% from 0.41 million sq ft year earlier
- Malls accounted for 64% of Delhi-NCR leasing; high streets 36%
- Delhi-NCR represented 30% of leasing across eight cities
- Eight-city Q1 2026 leasing: 1.95 million sq ft, down 10% from 2.17 million sq ft
- Eight-city calendar 2025 leasing: 9.21 million sq ft
Why this matters
The concentration of demand in mall-based fashion and F&B creates an opening to pursue local brand partnerships, franchise deals, or acquisition targets with proven NCR expansion potential.
What to watch
- Q2 leasing remaining above 0.5 million sq ft
- Mall share of leasing sustaining above 60%
- Prime mall rent growth and declining vacancy
- New Grade A mall openings or retail-area handovers in Gurgaon and Noida
- Fashion and F&B chains announcing multi-store NCR pipelines
- Consumer discretionary spending, footfall and same-store-sales trends
- Track fashion, beauty, QSR and café chains for NCR store-opening announcements and mall-specific lease signings.
- Monitor rent escalations, revenue-share terms and vacancy at Grade A malls; these will indicate whether demand is translating into pricing power.
- Watch developers accelerate retail fit-outs, tenant remixing and F&B/entertainment allocations to capture demand.
- Assess whether omnichannel brands use NCR stores as fulfillment and return hubs, increasing demand for larger-format locations.