Delhi-NCR retail leasing jumps 45% in Q1 as fashion and F&B demand builds

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, while the region contributed 30% of leasing across India’s top eight cities, where overall leasing fell 10% amid limited quality supply.

— FiledMon, 7 Sept, 2026, 06:33 IST·First seen Mon, 7 Sept, 2026, 06:33 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 malls and fashion/F&B demand.

Key facts

  • Delhi-NCR Q1 2026 retail leasing rose 45% to 0.59 million sq ft from 0.41 million sq ft year-on-year
  • Shopping malls represented 64% of Delhi-NCR leasing; high streets represented 36%
  • Delhi-NCR accounted for 30% of leasing across the top eight cities
  • Top-eight-city Q1 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

Rising fashion and F&B leasing in Delhi-NCR makes the market a priority for expansion, partnerships, and site acquisitions, particularly in established malls that accounted for 64% of activity.

What to watch

  • Q2-Q3 Delhi-NCR net absorption and pre-commitments in upcoming mall supply.
  • Prime mall vacancy, base-rent escalations and retailer fit-out contributions.
  • Store-opening guidance from fashion, beauty, jewellery and F&B chains.
  • Consumer discretionary spending, footfall conversion and same-store sales during the festive season.
  • New Grade-A retail completions, redevelopment announcements and high-street rental growth.
  • Mall owners accelerate asset upgrades, food-court expansions and tenant remixing toward experiential categories.
  • National fashion, athleisure, beauty and quick-service restaurant chains prioritize Delhi-NCR flagship and omnichannel fulfilment-adjacent stores.
  • Landlords seek longer leases, turnover-linked rent clauses and higher common-area recoveries in prime centers.
  • Secondary malls increase incentives, revenue-share structures and local-brand onboarding to defend occupancy.