In India, mall investors have two main opportunities. One is to invest in premium Grade A/A+ retail malls like DLF Mall of India, Noida. The other is to look at malls in emerging areas that are about to experience significant growth due to infrastructure projects such as the Ganga Expressway and Jewar international airport.
According to a recent report titled ‘Leasing Trends in Malls Across Top Metropolitan Cities in India’ by Anarock, a property consultancy, vacancy rates in Delhi’s key assets have dropped to 0–2%, while Mumbai has recorded the sharpest rental appreciation in the country at 15–20% year-on-year.
Anuj Kejriwal, CEO, Retail & CEO, EMEA, ANAROCK Group, says: "On a year-on-year basis, Delhi-NCR’s Grade A+ malls have witnessed a stronger rental appreciation of 8–12%, outperforming Grade A assets at 6–8%, indicating a widening gap driven by superior footfalls, tenant productivity, and asset positioning.”
Kejriwal says that many international retailers and entertainment stores are aggressively expanding in Grade A and A+ malls, boosting the demand for space.
Kejriwal says: "Notable recent transactions include Zara and Levi’s at Pacific Mall (Tagore Garden) and the entry of Foot Locker at DLF Mall of India, Noida. In Mumbai, the Phoenix Palladium and Jio World Drive continue to set benchmarks, with premium monthly mall rents reaching as high as Rs 777 per sq. ft.”
The report also highlighted another key trend shaping the industry: The growing maturity of lease structures, with about 74% of transactions now following hybrid revenue-linked models and nearly 75% of leases locked in for 3–7-year tenures.
Top five transaction in Delhi-NCR
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