India’s retail market kept growing in the July‑September quarter, with landlords filling 3.2 million square feet of space—up 65 percent from the same period last year. The commercial real‑estate firm JLL India said this jump also represents a 22 percent rise from the previous quarter.
The Delhi‑NCR region remained the biggest driver, taking 35 percent of all leasing. Two new malls opened in the area, helping the city lead the country in new space rentals. Hyderabad followed at 12 percent, while Mumbai and Bengaluru added 0.6 million and 0.4 million square feet, respectively.
The three‑month haul pushed India’s cumulative leasing for the first nine months of 2025 to 8.9 million square feet—more than double the full‑year total for 2024. A fresh supply of 1.5 million square feet in Delhi‑NCR and Hyderabad gave retailers the room they’ve long needed, allowing new stores to launch in key micro‑markets.
When a closer look at the industries that took up the space, fashion and apparel accounted for 35 percent of the leasing. Food & beverage followed at 16 percent, and daily‑needs and grocery made up 11 percent. “Daily‑needs and grocery brands often need large storefronts and serve as anchor tenants in premium development,” said Dr. Samantak Das, JLL India’s Chief Economist.
Direct‑to‑consumer brands are pushing deeper into physical retail, expanding in clothing, jewellery, cosmetics, and wellness. Das added that D2C retailers are set to capture an increasing share of the sector’s leasing activity moving forward.
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