Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B demand accelerates
Retail leasing in Delhi-NCR rose to 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, even as overall leasing fell 10% amid limited quality supply.
What happened
Delhi-NCR retail market · Delhi-NCR retail leasing increased 45% year-on-year in Q1 2026, led by fashion and F&B demand. Mall leasing dominated, while
Key facts
- Delhi-NCR retail leasing rose 45% year-on-year to 0.59 million sq ft (nearly 6 lakh 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 leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Top-eight-city retail leasing was 9.21 million sq ft in calendar 2025
Why this matters
Accelerating fashion and F&B leasing makes Delhi-NCR a strong market for partnership, acquisition, and expansion scouting around high-quality mall platforms.
What to watch
- Quarterly Delhi-NCR Grade A mall vacancy and effective-rent movement, especially whether headline rent growth is supported by lower incentives.
- Share of leasing taken by fashion, F&B, beauty and international entrants versus one-off anchor transactions.
- Pre-lease announcements, construction starts and delivery dates for new malls, mixed-use retail and mall redevelopments.
- High-street rental escalation in Gurgaon, Noida, Saket, Vasant Kunj and major Delhi shopping corridors.
- Retailer store-opening guidance, same-store sales and discretionary-consumption indicators during the festive and wedding seasons.
- Whether Delhi-NCR maintains an outsized share of top-eight-city leasing as national leasing recovers from the reported 10% decline.
- Increase site-acquisition activity around top-performing malls in Gurgaon, Noida and South Delhi before rent resets are embedded in market comparables.
- Secure multi-unit or portfolio deals with mall owners to trade longer lease commitments for expansion rights, fit-out contributions and exclusivity protections.
- Prioritize compact flagship, omnichannel and experience-led formats where large mall boxes are unavailable or cost-prohibitive.
- Build a parallel high-street pipeline in supply-constrained catchments, but underwrite higher occupancy costs, parking constraints and fragmented landlord negotiations.
- Track upcoming mall completions and redevelopment deliveries for pre-leasing opportunities 12-24 months before handover.