Last updated : December 16, 2025 3:59 pm
Year 2026 might be a watershed year for NCR’s retail landscape, as brands and investors increasingly base their strategies on micro-market potential rather than legacy hubs, according to research reports and industry views.
As DelhiNCR braces for its next wave of retail growth, it’s becoming clear that neighbourhoods, not just marquee streets or sprawling malls, will define the future of shopping, according to reports by JLL. Retailers are waking up to the fact that proximity to daily life, combined with rising disposable incomes and improved connectivity, creates a deeper, more sustainable engagement with consumers. In 2026, understanding these local rhythms will be the key to unlocking meaningful growth.
According to new data from JLL, India’s retail real estate market continued to strengthen in Q3 2025, with gross leasing across the top seven cities rising to 3.2 million sq. ft., a robust 65% year-over-year (YoY) increase. The July–September quarter marked a critical phase for India’s retail sector, with developers delivering new, investment-grade space in previously supply-constrained markets. Delhi NCR and Hyderabad led national leasing activity with a combined 57% share, underscoring how new mall completions and high-street vibrancy are shaping retailer expansion strategies. The surge reflects the combined impact of supply infusions in key markets, sustained momentum from domestic retailers, and broad-based expansion across categories, including apparel, food and beverage, daily needs, and luxury.
One of the defining trends of Q3 2025 was the overwhelming presence of domestic retailers, who accounted for 81% of gross leasing during the quarter. The report further states that the indigenous brands leased 2.6 million sq. ft in Q3 alone — a 76% YoY increase from Q3 2024. Meanwhile, foreign brands contributed 19% of leasing activity.
This growth reflects the scale at which Indian apparel, grocery, and food services companies are consolidating presence across malls and high streets. The report highlights that fashion and apparel led leasing with a 35% share, followed by food & beverage at 16%, and daily needs and grocery at 11%. Daily needs categories, in particular, saw heightened demand as retailers continued to position themselves as anchor tenants in premium retail developments.
Pankaj Jain, Founder and Chairman, SPJ Group says, “In 2026, retail growth in Gurugram won’t be defined by the city’s conventional high-profile streets alone; it will be shaped by neighbourhood centric high streets where community and convenience meet spending power. We’ve seen demand shift notably toward high density pockets that combine experiential retail with everyday necessity brands. These micro markets are attractive because they offer visibility, footfall and purchase intent in one compact catchment. Investors and brands are recognizing that the next phase of retail expansion lies in places where residents live, socialize and shop locally, rewriting the playbook for retail strategy in NCR.”
Arjun Gehlot, Director, Ambience Malls-Vasant Kunj and Gurugram says, “NCR’s retail strength has always come from its ability to evolve with consumer lifestyles, and today that evolution is playing out at the micro-market level. Malls in areas like Gurugram and Vasant Kunj have become social hubs anchored by strong F&B, entertainment and lifestyle offerings that reflect how the city lives and unwinds. As residential density increases across newer neighbourhoods and connectivity improves, these retail centres are becoming deeply embedded in daily routines. This integration of living, leisure and retail is driving higher footfalls and longer dwell times, positioning NCR’s micro markets for sustained retail growth in 2026.”
Sakshee Katiyal, Chairperson, Home & Soul, says, “Retail in 2026 must be reimagined as a neighbourhood service, not just a commercial exercise. That’s why our strategy focuses on community driven high streets that reflect local lifestyle needs. Micro markets such as Ghaziabad, Noida and greater noida are showing that when you combine daily conveniences, entertainment and curated experiences, you create places where people choose to spend time and money. We’ve seen leasing interest surge in such pockets even ahead of broader market recovery, underlining that experiential and convenience led retail is the future of NCR.”
Besides, several highpotential micro markets across NCR are now capturing the spotlight, reshaping where and how retail growth is unfolding. Corridors like Dwarka Expressway, Greater Noida West, Sector 150 Noida, and Golf Course Extension Road are seeing strong residential launches, improved connectivity, and integrated mixeduse developments that make them ideal for F&B, lifestyle, and experiential retail. Faridabad’s Neharpar belt and Ghaziabad are emerging as suburban consumption hubs, drawing brands eager to tap into growing catchments.
Ashwani Kumar, Pyramid Infratech, says, “In Gurugram, Dwarka Expressway is emerging as one of the most compelling retail micro markets. Its combination of strong residential growth, rapid infrastructure buildout and catchment diversity makes it a natural choice for brand expansion beyond traditional hubs. Retailers are looking for neighbourhoods with enduring demand, and this corridor delivers that through a mix of young families and upwardmobile professionals. As connectivity improves, so does the ability to draw footfall not just locally but from adjoining catchments, marking a structural shift that will accelerate retail breakout in 2026.”
Thus, 2026 is shaping up to be a watershed year for NCR’s retail landscape, as brands and investors increasingly base their strategies on micro-market potential rather than legacy hubs. Leasing momentum is strengthening across both high streets and malls, reflecting renewed confidence in neighbourhoods that combine density, connectivity, and rising purchasing power.