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Tier II, III cities drive India's new retail expansion wave
The Sunday Guardian
|November 23, 2025
India’s retail revolution is moving beyond its metros, with smaller cities fast emerging as powerful growth engines for the country’s retail real estate sector.
According to Cushman & Wakefield's Q3 2025 Retail Market Beat, leasing volumes in Tier II and Tier III cities have surged this year, signalling strong retailer confidence and shifting consumer behaviour.
The Colliers-CII report, “Real Estate @ 2047: Building India’s Future Growth Corridors,” also supports this shift. It projects India’s real estate market could touch USD 10 trillion by 2047, with a major share of future retail development expected in these smaller cities.
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