News: Delhi to Get Over Half of NCR’s New Mall Space by 2028-20-07-2026
Delhi will supply more than half of the mall space coming up in the National Capital Region (NCR) between 2026 and 2028, according to Cushman & Wakefield. Of around 7.1 million sq ft of organised retail space expected in the region, Delhi will contribute about 3.7 million sq ft (52%), Gurugram 2.6 million sq ft (37%) and Noida 0.8 million sq ft (11%).
Gautam Saraf, Executive Managing Director, Mumbai and New Business, Cushman & Wakefield, said Delhi’s share is driven largely by the completion of one retail development of nearly 3 million sq ft, which would give retailers more high-quality space in a market where such supply is limited despite strong consumer demand.
National leasing
The consultancy’s report said gross leasing volume (GLV) across the top eight cities rose to 2.4 million sq ft in the second quarter of 2026, up 23.2% quarter-on-quarter (QoQ) and 17.6% year-on-year (YoY), despite a constrained supply pipeline. Leasing in the first half of 2026 reached 4.35 million sq ft, 3.1% higher than a year earlier.
Delhi NCR, Mumbai and Hyderabad together made up 64% of second-quarter leasing. Delhi NCR led with 0.67 million sq ft (28%), ahead of Mumbai at 0.50 million sq ft (21%) and Hyderabad at 0.37 million sq ft (15%). Bengaluru and Pune recorded 0.25 million sq ft each, Chennai 0.20 million sq ft, Ahmedabad 0.11 million sq ft and Kolkata 0.05 million sq ft.
No new Grade A mall opened for the second consecutive quarter. Mall leasing still held up on absorption in projects completed in the second half of 2025, the report showed.
Malls versus main streets
Malls took 51.3% of leasing, or 1.23 million sq ft, a rise of 33.4% QoQ and 21.9% YoY. Scarce premium mall space and rising rentals led some retailers to look at select Grade B developments. Main streets accounted for the other 48.7%, or 1.17 million sq ft, with volumes up 14% QoQ and 13.3% YoY.
Domestic retailers accounted for 82.4% of leasing (1.98 million sq ft), with over half their transactions on main streets. International brands contributed 17.6% (0.42 million sq ft), and nearly 76% of the space they took was in malls, the report noted.
