India's retail sector continues to be on a growth trajectory

India's retail sector continues to be on a growth trajectory underscored by steady demand from retailers.

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In Q3, India's top seven cities witnessed 3.2 million sq. ft of gross leasing, indicative of a substantial 65% Year-on-Year (Yo-Y) growth.

During Q3 2025, Delhi NCR comprised 35% of the total gross leasing volume, led by marked retail space take-up in two newly constructed malls. With the third quarter leasing, the 9-monthly gross leasing total for 2025 stood at 8.9 million sq. ft. This is a remarkable landmark for India's retail sector as this 9-monthly leasing total for 2025 represents 110% of 2024's annual gross leasing total, according to JLL survey.

On Q-o-Q basis, Q3 gross leasing volume reflects a 22% growth.

With total new supply infusion of 1.5 million sq. ft in Delhi NCR and Hyderabad, retailers that were waiting for expanding footprint due to supply constraints in the past, were finally able to move ahead with new store openings in key micro markets. Interestingly, both shopping malls and high streets have been at the forefront of new leasing momentum, and this quarter witnessed 53% and 41% share of leasing in these formats, respectively.