Leasing of retail spaces at shopping malls and high streets in Delhi-NCR rose 45 percent to nearly 6 lakh sq ft in January-March on better demand, according to Cushman & Wakefield.
Real estate consultant Cushman & Wakefield’s data showed that leasing of retail spaces in Delhi-NCR stood at 0.59 million square feet in January-March, as against 0.41 million square feet in the year-ago period.
Among total leasing in Delhi-NCR, shopping malls accounted for 64 percent of the volume, while high streets accounted for the remaining 36 percent.
Among India’s top eight cities, Delhi-NCR led leasing activity with a 30 percent share, supported by sustained demand across both malls and main streets, the consultant said.
Overall, the leasing of retail spaces across the top eight cities fell 10 percent to 1.95 million square feet in January-March from 2.17 million sq ft in the corresponding period of the preceding year.
The fall was mainly due to supply constraints.
Key demand drivers
In the 2025 calendar year, the leasing stood at 9.21 million sq ft in the top eight cities — Delhi-NCR, Mumbai, Hyderabad, Chennai, Pune, Bengaluru, Kolkata, and Ahmedabad — driven mainly by demand from fashion, and food and beverages (F&B) segments.
Gautam Saraf, Executive Managing Director – Mumbai & New Business, Cushman & Wakefield, said, “India’s retail real estate market is currently operating in a demand-led environment, where occupier interest continues to outpace the availability of high-quality retail space.” The demand is being driven by sustained expansion from domestic retailers, increased participation from international brands, and a clear shift towards organized, professionally managed retail formats, he added.
S K Sayal, MD & CEO of Bharti Real Estate, said, “Retail leasing in India is witnessing robust momentum, supported by strong fundamentals such as rising consumer confidence, evolving lifestyles, and the growth of experience-led formats.” Urban infrastructure and connectivity continue to play a critical role in enhancing the appeal of retail destinations, he added.
Ankit Sharma, SVP-Leasing, Elan Group, said the underlying demand for organised retail continues to remain strong across key markets, supported by sustained consumption trends and the expanding presence of both domestic and global brands.
Robin Mangla, President of M3M India, said the demand for retail spaces remains strong in Delhi-NCR.
Near-term outlook
With new supply in the pipeline, he said, the leasing activities would further strengthen.
Shriram P M Monga, Co-founder at consulting firm SRED, said the robust leasing performance in NCR speaks volumes about the strength of the story of consumption in India.
“There is a definite preference towards quality retail spaces, organized and in established malls and high streets. Despite a lack of supply, leasing has been healthy in the sector, and it goes without saying that there is a willingness on the occupier side to act fast for the right assets,” Monga added.