Retail leasing up 69% in H1 2025 to 5.7 mn sq ft; Bengaluru, Delhi NCR lead in Q2: JLL report
"Despite this scenario, a 165% YoY growth in new mall supply was noted in H1 2025 as sizeable mall supply across Mumbai, Delhi NCR, and Hyderabad came on the block in the first quarter. Interestingly, the first half of 2025 has already achieved 70% of last year's annual leasing volume, which stood at 8.1 million sq. ft," the report said.
Also Read: Apple India leases 8000 sq ft of retail space in Bengaluru for ₹2 crore annual rent as Foxconn facility nears completion
Bengaluru and Delhi NCR lead retail leasing
Bengaluru (0.67 mn sq ft) and Delhi NCR (0.53 mn sq ft) emerged as the top performers in Q2, contributing a combined 46% of the gross leasing volume. Bengaluru stood out for its strong take-up in the jewellery and home furnishings categories, while food and beverage dominated retail leasing in Delhi NCR.
Hyderabad and Mumbai each added 0.51 ms sq ft and 0.49 mn sq ft of leased space, while Chennai and Kolkata saw modest quarter-on-quarter improvements. P
Fashion and apparel continued to lead the retail leasing categories, accounting for 33% of gross leasing in Q2, followed by food and beverage at 22%. Notably, jewellery overtook entertainment for the third spot, with a 9% share, leasing 0.23 million sq ft, primarily in South India and the Delhi NCR region. 'This quarter saw a few European jewellery brands entering the Indian market, while indigenous players dominated overall,' said Samantak Das, chief economist and head of research and REIS, India, JLL.
Also Read: Retail leasing hits 8.1 million sq ft across eight cities in 2024; Bengaluru tops the list
International brands gain ground as India retains global appeal
The report stated that domestic retailers held 85% of the market share in Q2, while international brands expanded their footprint with 13 new entrants, seven of which were in the food and beverage segment. These global retailers leased a total of 0.4 million sq. ft. during the quarter. Bengaluru, which alone contributed a quarter of national retail leasing, continues to be a hub for new store launches.
"India's strategic appeal is drawing more international players, with foreign brand entries more than doubling year-on-year in H1 2025," said Rahul Arora, senior managing director, Karnataka and Kerala, JLL India. 'Young demographics, rising disposable incomes, and a growing appetite for premium experiences are helping India stand out globally.'
Outlook for H2 2025
JLL expects nearly 5.9 million sq. ft. of new retail space to become operational in the second half of 2025, with upcoming malls across Delhi NCR, Bengaluru, Hyderabad, and Pune.
"With these new additions to the retail stock, the gross leasing activity is expected to reach new heights and cross the 10 million sq ft annual mark in 2025", it said.
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