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, while Delhi-NCR contributed 30% of leasing across India’s top eight cities.

— FiledFri, 11 Sept, 2026, 08:18 IST·First seen Fri, 11 Sept, 2026, 08:18 IST·Source Financial Express · BrandWagon

What happened

Delhi-NCR retail real estate market · Delhi-NCR retail leasing rose 45% 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 Q1 2026, from 0.41 million sq ft
  • 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
  • 2025 leasing across eight cities totalled 9.21 million sq ft

Why this matters

The concentration of leasing in Delhi-NCR malls creates partnership, acquisition and strategic-location opportunities for brands seeking scalable fashion and F&B expansion.

What to watch

  • Quarterly NCR retail leasing momentum versus the top-eight-city trend.
  • Prime-mall vacancy, quoted rents, lease incentives and renewal outcomes.
  • Fashion and F&B same-store sales, weekend footfall and food-court dwell time.
  • New mall completions, redevelopment timelines and anchor-tenant announcements.
  • Consumer discretionary spending, urban employment trends and retailer store-closure announcements.
  • Prioritize a micro-market map of upcoming mall supply, vacancy and fashion/F&B tenant mix across Gurugram, Noida, Dwarka and key Delhi corridors.
  • Model store-level economics under higher rent, common-area maintenance and revenue-share assumptions before committing to premium-mall sites.
  • Use the current leasing momentum to negotiate phased openings, co-marketing support, fit-out contributions and exit/relocation protections.
  • Watch adjacent-category openings to identify where fashion and F&B clustering can increase footfall versus create direct cannibalization.