Delhi-NCR retail leasing rises 45% in Q1 as fashion and F&B demand accelerates
Retail leasing in Delhi-NCR reached 0.59 million sq ft in January-March 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.
What happened
Delhi-NCR retail market · Delhi-NCR retail leasing rose 45% year-on-year in Q1 2026 to 0.59 million sq ft, led by fashion and F&B demand. Mall leasing
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 leasing fell 10% to 1.95 million sq ft from 2.17 million sq ft
- Top-eight-city retail leasing totalled 9.21 million sq ft in calendar 2025
Why this matters
Evaluate Delhi-NCR mall partnerships, acquisitions, or expansion opportunities as the region captured 30% of leasing across India’s top eight cities.
What to watch
- Quarterly mall leasing remains above 0.5 million sq ft in Delhi-NCR.
- Fashion and F&B maintain a majority share of gross absorption.
- Prime mall vacancy falls and rental renewals reset upward.
- New mall completions or delayed openings materially alter available supply.
- Consumer discretionary spending, dining-out frequency, and weekend footfall remain resilient.
- Track announced store openings versus signed leases, especially in fashion, QSR, cafes, and casual dining.
- Monitor mall occupancy, vacancy, and quoted rents in Gurgaon, Noida, South Delhi, and Dwarka.
- Prioritize footfall measurement around new F&B clusters; dwell-time gains should precede broader sales uplift.
- Watch whether retailers expand via larger flagship stores or more small-format locations.
- Assess tenant-sales productivity and revenue-share lease adoption as rents rise.