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India Retail Boom: Leasing Hits 3-Year High
27 Jan
Summary
- Retail space leasing surged 54% in 2025 across seven major Indian cities.
- Gross leasing volume reached 12.5 million sq ft, a three-year peak.
- Domestic retailers drove 82% of leasing; 29 new foreign brands entered India.
Retail space leasing in India's top seven cities saw a substantial 54% rise in 2025, marking a three-year high in activity. Gross leasing volume escalated to 12.5 million square feet, an increase from 8.1 million square feet in the previous year, according to a JLL India report.
Malls accounted for 45% of the total leasing, with high streets capturing 48%. Delhi-NCR led with 3.02 million square feet leased, followed closely by Bengaluru and Hyderabad. Domestic retailers propelled this growth, constituting 82% of the leasing. Additionally, 2025 saw the highest influx of foreign brands in five years, with 29 new entrants.
New retail space supply reached 6.3 million square feet in 2025, including 15 new shopping malls in Delhi NCR, Hyderabad, and Mumbai. This expansion brought the total mall retail space across the top seven cities to nearly 92 million square feet by the end of the year. The availability of premium spaces encouraged retailers to expand their store presence.
