India retail leasing jumps 65% YoY to 3.2M sq ft in Q3 2025; Delhi-NCR and Hyderabad lead
Retail leasing across India reached 3.2 million sq ft in Q3 2025, a 65% year-on-year surge signaling robust store-expansion demand. Delhi-NCR and Hyderabad together accounted for 57% of total leasing, underscoring concentrated growth in these two markets.
What happened
store-opening · India's retail leasing hit 3.2 million sq ft in Q3 2025, up 65% YoY, with Delhi-NCR and Hyderabad together contributing 57% of total leasing — a
Key facts
- 3.2 million sq ft
- 65% YoY
- 57% share
Why this matters
With 57% of India's Q3 leasing concentrated in Delhi-NCR and Hyderabad, these two markets are where expansion-hungry retailers are clustering, making them prime hunting grounds for acquisitions, JVs, and site-partnership deals.
What to watch
- Q4 2025 leasing print — confirmation vs. reversion to base
- Prime mall vacancy rates in Delhi-NCR and Hyderabad
- Rental escalation clauses and per-sq-ft rate trends
- Festive-season same-store sales and consumer discretionary indices
- New grade-A supply completions scheduled H1 2026
- F&B, fashion and quick-commerce dark-store operators accelerate site scouting in Delhi-NCR and Hyderabad grade-A malls
- Landlords raise asking rents and shorten lock-in flexibility given demand pressure
- Retailers diversify into Bengaluru, Pune, Chennai to hedge concentration and cost
- Mall developers fast-track pipeline completions to capture leasing momentum