Retail leasing in Delhi‑NCR reaches a three‑year high

• Gross leasing volume in Q4 2025 stood at 1.05 million sq ft, bringing annual leasing to 3.02 million sq ft. This marked 213% growth over 2024 and was driven largely by retail spaces leased in newly operational assets. Net absorption for 2025 stood at 1.78 million sq ft.
• Leasing activity in 2025 was largely concentrated in Prime Others and Suburbs. Demand was driven mainly by Fashion and Apparel, which accounted for 39% of leasing volume, followed by Food & Beverages (15%) and Entertainment (14%).

In 2025, new retail supply stood at 2.75 million sq ft

• In Q4 2025, four new malls became operational in Delhi NCR. Epicah (0.20 million sq ft) and Unity One Elegante (0.50 million sq ft) opened in Prime Others, while AIPL Joy Central (0.31 million sq ft) and AIPL Joy Gallery (0.34 million sq ft) opened in Suburbs.
• In 2025, seven new malls totalling 2.75 million sq ft became operational in Delhi NCR. With this sizeable supply addition, Delhi NCR’s retail stock swelled to 28.6 million sq ft.

Overall retail rents rose marginally by 2.8% year-on-year

• Overall retail rents in Delhi NCR rose 1.4% in Q4 2025 compared with the previous quarter, supported by healthy leasing momentum in Prime Others and Suburbs.
• The Prime Others submarket recorded the highest rental growth at 12.8% year-on-year, driven by new Grade A mall completions. Prime South saw a 4.4% increase, while the Suburbs registered a 3.1% annual rise in rents.

Outlook: Upcoming malls set to boost retail leasing activity

• Nearly 0.4 million sq ft of premium Grade A retail space is expected to become operational in Q1 2026. Following the healthy space addition in Q4 2025, this new influx will further support the expansion plans of retailers in Delhi NCR.
• The availability of newly operational Grade A assets will continue to support the expansion plans of both international and domestic retailers.