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“Retail revival in full swing — India’s malls and high streets shine as leasing momentum accelerates.”

India’s Retail Leasing Surges 45% YoY in Q3 2025 — Mumbai Leads the Growth Story.

India’s retail real estate market experienced a strong rebound in Q3 2025, with gross leasing volumes (GLV) reaching 2.41 million sq ft, up 45% year-on-year and 7.6% quarter-on-quarter, according to Cushman & Wakefield’s Retail Market Beat Report. Mumbai led the market with a 24.5% share (0.6 mn sq ft), followed by Hyderabad and Delhi NCR, each accounting for 21% (0.51 mn sq ft). Year-to-date leasing hit 7.02 mn sq ft, up 25% YoY, positioning the sector to surpass 2024’s total of 7.88 mn sq ft. Malls dominated leasing activity, making up 48% nationwide and 84% in Mumbai, while high streets held a 52% share across cities. The surge reflects strong occupier demand, rising consumer confidence, and expanding retail footprints in prime locations, particularly across India’s top metro markets.