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India’s Retail Leasing Soars 169% in Q1 2025, Fashion Leads Growth

Bengaluru and Hyderabad drive 60% of leasing activity as new international brands enter the market.

Almost 3.1 million sq ft of retail space was leased in shopping malls and high streets between January and March in the first three months of 2025 in the top seven cities across the country. Bengaluru and Hyderabad accounted for 60% of India's overall retail leasing activity. (Picture for representational purposes only)
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Overview

  • India's retail leasing reached 3.1 million square feet in Q1 2025, marking a 169% year-on-year increase and a 9% rise from Q4 2024.
  • Bengaluru and Hyderabad accounted for 60% of total leasing activity, reflecting strong demand in these metropolitan hubs.
  • Fashion and apparel led the market with a 31% share of leasing, driven by fast-fashion brands and a focus on younger demographics.
  • Q1 2025 saw the addition of 2 million square feet of new retail space, with a pipeline of 7 million square feet expected by year-end.
  • Eight new international brands, including fast-fashion labels, European coffee chains, and EV manufacturers, debuted in India.