India’s organised retail sector recorded a leasing volume of around 3.2 million sq ft in the third quarter of 2025 (July-September) across the top seven cities, marking a sharp 65 % year-on-year increase.
According to the report by JLL, the share of Delhi-NCR and Hyderabad together was about 57 % of the total leasing volume, with Delhi-NCR alone accounting for roughly 35% of the take-up.
In city-wise data, Mumbai registered approximately 0.6 million sq ft of leasing and Bengaluru around 0.4 million sq ft in the same quarter.
The report highlights that shopping malls and high streets were the dominant formats, capturing 53% and 41% of the leasing share respectively in Q3 2025.
Luxury retailers also made strong gains: from January to September 2025, luxury brands leased around 0.2 million sq ft — up 19% year-on-year — underscoring the growing premiumisation of retail spaces.
Analysts say the large volumes indicate strong occupier demand in India’s retail markets, driven by brands expanding their physical footprint, hybrid click-and-brick strategies, and the improvement of retail infrastructure in key metros. The report also notes that with nearly 4.7 million sq ft of new supply expected in Q4, overall annual leasing volume could exceed 10 million sq ft.
For real-estate developers, mall owners and investors, this uptick presents a favourable outlook for retail property demand, rental growth and investment activity. The fact that demand remains concentrated in high-visibility corridors like Delhi-NCR and Hyderabad also suggests that supply constraints and premium locations will continue to command attention.
In summary, the 65% year-on-year growth in Q3 leasing presents a clear sign of momentum in India’s organised retail real-estate segment — with major cities leading the charge and formats such as malls, high streets and luxury outlets taking center stage.
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