Delhi-NCR retail leasing rose 45% in Q1 2026, resurfacing an early-2026 report on fashion and F&B demand
Resurfacing data from early 2026: Delhi-NCR leased 0.59 million sq ft of retail space in Q1 2026, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of activity, while constrained quality supply helped keep Delhi-NCR ahead of a 10% leasing decline across India's top eight cities.
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 fashion and F&B demand. Malls
Key facts
- Delhi-NCR Q1 2026 retail leasing: 0.59 million sq ft (nearly 6 lakh sq ft)
- Delhi-NCR leasing growth: 45% year-on-year
- Delhi-NCR Q1 2025 retail leasing: 0.41 million sq ft
- Shopping malls' share of Delhi-NCR leasing: 64%
- High streets' share: 36%
- Delhi-NCR share of top-eight-city leasing: 30%
- Top-eight-city Q1 2026 retail leasing: 1.95 million sq ft
- Top-eight-city Q1 2025 retail leasing: 2.17 million sq ft
- Top-eight-city leasing decline: 10%
- Top-eight-city CY2025 retail leasing: 9.21 million sq ft
Why this matters
The surge in fashion and F&B leasing makes Delhi-NCR a timely market to pursue mall partnerships, franchise deals, and complementary brand acquisitions tied to high-traffic retail destinations.
What to watch
- Quarterly Delhi-NCR retail leasing volume and whether it remains above 0.5 million sq ft.
- Mall versus high-street share of leasing; a rising high-street share would indicate tenants are seeking lower-cost alternatives.
- Reported rent growth, revenue-share terms and vacancy levels at prime Delhi, Gurugram and Noida malls.
- New mall completions, redevelopment announcements and pre-commitments in NCR.
- Same-store sales and outlet-level profitability for fashion and F&B chains.
- Whether leasing across India's top eight cities recovers from its 10% decline or deteriorates further.
- Prioritize stores in established malls with demonstrable footfall conversion, but negotiate rent-free periods, turnover-rent caps and exclusivity before landlord leverage strengthens further.
- Accelerate site pipelines for fashion, beauty, athleisure and scalable F&B formats in Delhi-NCR, with particular focus on mall clusters where adjacent-category demand can raise cross-shopping.
- Reassess renewal exposure over the next 12-18 months; identify stores vulnerable to rent resets and prepare relocation options in secondary malls or high streets.
- For landlords, package food, entertainment and fashion-led tenant mixes to increase dwell time, then use stronger traffic data to support higher base rents and premium leasing.