NCR Malls and High Streets Surge: Retail Leasing Jumps 45% Amid Strong Consumer Demand

Delhi-NCR Leads Retail Revival as Leasing Activity Soars​

Retail leasing across shopping malls and high streets in the Delhi-NCR region has seen a significant surge, reportedly climbing by 45 per cent during the January-March period. According to data from Cushman & Wakefield, the total leasing volume reached nearly 6 lakh sq ft for this quarter. This marks a considerable uplift compared to the 0.41 million square feet recorded in the same period the previous year.

The data provides a clear split in retail appetite. Shopping malls accounted for 64 per cent of the total leasing volumes. Meanwhile, high streets contributed the remaining 36 per cent, indicating strong sustained demand across both key formats within the NCR market.

Sector Dynamics: Demand Outpaces Supply Across Top Indian Markets​

While Delhi-NCR led leasing activity among India's top eight cities with a 30 per cent share, the overall picture shows some cooling at the top level. Total retail space leasing across the top eight cities fell by 10 per cent to 1.95 million square feet in January-March. This dip in the aggregate figure was primarily attributed to supply constraints across the board.

However, looking beyond the immediate dip, the data for the full 2025 calendar year painted a picture of sustained growth in the top eight metros. Leasing for these eight cities totaled 9.21 million sq ft. This robust figure was mainly fueled by strong demand emanating from the fashion and food and beverages (F&B) segments.

Expert Viewpoints Highlight 'Demand-Led' Retail Environment​

Industry experts are unanimous in pointing to a 'demand-led' environment shaping India's retail real estate sector. Gautam Saraf of Cushman & Wakefield noted that occupier interest is currently outstripping the availability of high-quality retail space.

He elaborated that this robust demand surge is being propelled by three key factors. These include the sustained expansion efforts from domestic retailers, increased participation from international brands, and a noticeable shift towards professionally managed, organized retail formats.

S K Sayal, MD & CEO of Bharti Real Estate, reinforced this sentiment, stating that retail leasing momentum remains robust. He credited strong fundamentals, such as rising consumer confidence, evolving consumer lifestyles, and the growing appeal of experience-led formats, for this positive trajectory.

Quality and Experience Drive Occupier Behavior​

The focus is clearly shifting towards premium and organized retail experiences. Ankit Sharma, SVP-Leasing at Elan Group, confirmed that underlying demand for organized retail remains strong across major markets. He cited sustained consumption trends and the growing physical footprint of both global and domestic brands as key support systems.

Shriram P M Monga, Co-founder at SRED, commented that the performance in NCR underscores the deep strength of the consumption story in India. He added that there is a pronounced preference shown by occupiers for high-quality, established malls and high streets.

Robin Mangla, President of M3M India, echoed the positive outlook for the capital region, stating that the demand for retail spaces in Delhi-NCR remains strong. He further suggested that with new supply pipelines entering the market, leasing activities are set to accelerate even further.