Resurfacing a Q1 2026 report: Delhi-NCR retail leasing rose 45% as fashion and F&B demand strengthened
Data resurfacing from January-March 2026 shows Delhi-NCR retail leasing reached 0.59 million sq ft, up from 0.41 million sq ft a year earlier. Malls accounted for 64% of deals, while the region contributed 30% of leasing across India’s top eight cities despite a broader 10% decline.
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 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 year 2025
Why this matters
The surge in fashion and F&B demand makes Delhi-NCR a priority market for store-network expansion, franchise partnerships, and mall-based brand acquisitions.
What to watch
- Q2 2026 Delhi-NCR leasing volume and whether mall share remains above 60%.
- Reported occupancy, rental renewals, and leasing spreads at major Delhi-NCR mall operators.
- Retail sales growth and same-store sales trends for apparel, dining, beauty, and discretionary categories.
- New organized retail supply scheduled in Gurgaon, Noida, and Delhi, including pre-leasing levels.
- Tenant churn, store closures, and the proportion of leases signed by domestic versus international brands.
- Mall operators are likely to prioritize premium fashion, F&B, beauty, athleisure, and entertainment anchors over lower-productivity categories.
- Retailers may accelerate Delhi-NCR store pipelines while favoring high-footfall malls and affluent micro-markets rather than broad geographic expansion.
- Landlords may reduce incentives for prime units, seek longer lock-ins, and use turnover-linked rents to capture upside from stronger sales.
- Developers with upcoming mall inventory may advance leasing campaigns and position projects around experiential tenant mixes.