Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B demand rises
Delhi-NCR retail leasing reached 0.59 million sq ft in January-March 2026, with malls accounting for 64% of activity. The region contributed 30% of leasing across India’s top eight cities, where overall leasing fell 10% year-on-year.
What happened
Cushman & Wakefield · Delhi-NCR retail leasing rose 45% in Q1 2026 to 0.59 million sq ft, led by fashion and F&B demand. Malls captured 64% of activity as
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 represented 30% of leasing across India’s top eight cities
- Top-eight-city retail leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Retail leasing across the eight cities was 9.21 million sq ft in calendar 2025
Why this matters
Strong mall-led demand in Delhi-NCR creates an opportunity to prioritize partnerships, anchor deals, and portfolio expansion with fashion and F&B brands seeking scalable retail access.
What to watch
- Q2 2026 Delhi-NCR retail leasing volume and whether mall share remains above 60%.
- Prime mall rental growth, revenue-share terms, fit-out incentives and vacancy rates.
- New mall completions, delayed handovers and redevelopment announcements across Gurgaon, Noida and Delhi.
- Fashion and F&B same-store sales, weekend footfall and dining spend trends.
- National top-eight-city leasing recovery or further decline, which would indicate whether NCR is structurally outperforming or temporarily absorbing demand.
- Retailer expansion guidance, franchise signings and anchor-store commitments in Delhi-NCR.
- Prioritize signed or near-final leases in established Delhi-NCR malls, especially for fashion, beauty, athleisure, QSR and dessert concepts.
- Secure renewal options and cap escalations for high-performing stores before landlord leverage increases.
- Use smaller-format stores, kiosks and food-court units to enter premium malls where full-line space is scarce or costly.
- Benchmark store economics by micro-market rather than NCR averages, separating luxury/premium malls from value-led suburban centers.
- Monitor competitor opening announcements and mall tenant-mix changes for category crowding risk.