India Retail Figures H1 2025

India’s retail real estate sector witnessed robust absorption in the January to June 2025 (H1 2025) period, marked by a notable boost in new supply additions. Our India Retail Figures H1 2025 report highlights that approximately 3.2 million sq. ft. of retail space take-up was recorded during this period, while ~2.2 million sq. ft. of space became operational across tier-I cities.

Key trends observed during the review period are outlined below: 

• Mumbai led retail space take-up in H1 2025, closely followed by Hyderabad and Bengaluru. These three cities cumulatively accounted for a substantial ~59% of the total retail space absorption.
• Fashion and apparel retailers continued to be the primary drivers of leasing activity with a ~32% share in H1 2025. Other prominent categories were homeware and department stores (~23% share) and luxury (~11% share).
• The substantial ~4.5X year-on-year increase in supply addition is primarily attributed to the opening of three large, investment-grade malls in Mumbai, Hyderabad, and Delhi-NCR. Together, they added ~2.2 million sq. ft. of new retail space during H1 2025. We anticipate supply additions to gain further momentum in the second half of 2025, spurring demand.
• Direct-to-consumer (D2C) brands are increasingly integrating into malls, with social media marketing proving highly effective for categories such as fashion and personal care.
• Simultaneously, the growing demand for immersive experiences is fuelling a boom in family entertainment centres (FECs); these entities are now expanding beyond malls into mixed-use and standalone developments.

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