India's organised mall sector continued to strengthen through early 2026, with leasing activity concentrated in fashion, F&B, and entertainment-led formats. This report summarises occupancy, rental movement, and category mix across Delhi NCR, Mumbai, Bengaluru, Hyderabad, Pune, and Chennai.
Occupancy & absorption
Premium malls in tier-1 cities maintained high occupancy, supported by sustained brand expansion and category refresh cycles. New supply remained limited in established micro-markets, keeping landlord negotiating power firm in A-grade assets.
Category trends
Fashion and lifestyle brands continued to prioritise mall expansion where co-tenancy and footfall predictability support rollout economics. F&B, cinema, and indoor entertainment formats remained key drivers of visitor frequency and dwell time.
Rental outlook
Rental growth was selective — strongest in assets with proven footfall, strong anchor mix, and limited competing supply. Brands evaluating mall entry should weigh CAM structures, revenue-share clauses, and fit-out support alongside headline rent.
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