India’s retail real estate saw robust momentum during the September quarter, with leasing volume and rentals rising across key metros, however, analysts have cautioned that the rapid expansion may put the sustainability of demand for shopping malls to test.

According to data from Cushman & Wakefield, retail leasing across top eight cities has reached about 2.41 million square feet (msf), growing by 7.6 percent quarter-on-quarter (QoQ) and a massive 45 percent year-on-year (YoY). The Delhi-NCR region is among India’s top three retail markets, clocking 0.51 msf of leasing - a huge growth of 70 percent compared to Q2CY25 - led by fashion, food and beverage (F&B) and entertainment.

Data showed that vacancy in Grade A+ malls fell to 2.27 percent, reflecting high absorption and limited fresh s

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