Retail Space Leasing in NCR Sees 45% Spike During January-March Quarter: C&W Report

Retail Leasing in Delhi-NCR Sees 45% Rise in Q1 2025

The leasing of retail spaces at shopping malls and high streets in Delhi-NCR experienced a significant surge of 45% in the January-March quarter, according to data released by real estate consultant Cushman & Wakefield. The total leasing volume in Delhi-NCR stood at nearly 6 lakh sq ft, a substantial increase from the year-ago period of 0.41 million square feet.

The data revealed that shopping malls accounted for 64% of the total leasing volumes in Delhi-NCR, while high streets contributed the remaining 36%. This trend is a testament to the sustained demand for retail spaces in the region.

India's top eight cities, including Delhi-NCR, Mumbai, Hyderabad, Chennai, Pune, Bengaluru, Kolkata, and Ahmedabad, witnessed a 10% decline in retail leasing across the top eight cities in Q1 2025 compared to the same period in the previous year. The total leasing volume across these cities fell to 1.95 million square feet from 2.17 million sq ft.

In the 2025 calendar year, the leasing of retail spaces in the top eight cities stood at 9.21 million sq ft, driven mainly by demand from the fashion, and food and beverages (F&B) segments.

A closer look at the data reveals the following comparison:

| City | Q1 2024 Leasing Volume | Q1 2025 Leasing Volume | % Change | | --- | --- | --- | --- | | Delhi-NCR | 0.41 million sq ft | 0.59 million sq ft | 45% | | Top 8 Cities | 2.17 million sq ft | 1.95 million sq ft | -10% |

The growth in retail leasing in Delhi-NCR is attributed to sustained demand across both malls and main streets, supported by a 30% share of leasing activity among India's top eight cities. Experts attribute the demand to a demand-led environment, where occupier interest continues to outpace the availability of high-quality retail space.

Industry experts, including Gautam Saraf, Executive Managing Director - Mumbai & New Business, Cushman & Wakefield, S K Sayal, MD & CEO of Bharti Real Estate, Ankit Sharma, SVP-Leasing, Elan Group, Robin Mangla, President of M3M India, and Shriram P M Monga, Co-founder at consulting firm SRED, emphasize the robust momentum in retail leasing in India, supported by strong fundamentals such as rising consumer confidence, evolving lifestyles, and the growth of experience-led formats.

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. With new supply in the pipeline, leasing activities are expected to further strengthen in the region.