Delhi Grade A retail supply to increase by 1.7m sq ft in Q4

Most of the new stock will be in suburban locations.

Delhi’s Grade A retail supply is expected to see an additional 1.74 million sq ft become operational in Q4 2025, according to a JLL report. The majority (60%) of this is in the suburban locations of Delhi NCR.

As availability of quality retail spaces is set to rise significantly, retail leasing will remain robust and help both international and domestic retailers expand their footprint in the city.

Here’s more from JLL:

The quarter witnessed gross leasing of 1.10 million sq ft, mainly dominated by the Suburbs with 64%, followed by Prime Others at 36%. Net absorption of retail spaces stood at 0.73 million sq ft.

The major retailer categories that took up space were Fashion and Apparel (35%), followed by Food and Beverage (13%) and Daily Needs and Grocery (13%).

New supply addition of 1.09 million sq ft in Q3 2025

In Q3 2025, two retail malls became operational: Felix Plaza (0.8 million sq ft) in Gurgaon and Midtown Plaza (0.3 million sq ft) in Delhi. Brands like PVR, Reliance Digital, Modern Bazaar, Cinepolis, Westside and Lifestyle have leased space in the newly completed malls.

With this influx of new retail supply, Delhi NCR’s overall retail stock, at the end of the quarter, stood at 27.2 million sq ft.

Overall retail rents increase marginally by 3.6% y-o-y

On a quarterly basis, rents remained stable across submarkets due to a huge supply infusion.

On an annual basis, rents in the Prime Others submarket increased by 10% as demand for retail space remained healthy due to new malls becoming operational during this time. Prime South witnessed a 4.9% y-o-y rent increase.