India's Retail Real Estate Thrives as Festive Leasing Activity Surges
India's retail real estate market is experiencing robust growth, driven by the festive season and strategic expansions. New malls and prime developments are set to transform the retail landscape by 2030.
Retail Real EstateFestive SeasonLeasing ActivityHigh StreetsMall DevelopmentReal Estate NewsSep 25, 2025
During the festive rush, retailers, sensing the surge in consumer footfall, fast-track their expansion plans to be present where demand peaks. Grade-A malls and high-street formats in NCR, Mumbai, Bengaluru, and even Tier-II hubs are witnessing heightened interest as brands lock in prime spaces ahead of the celebrations. According to a JLL report, India’s retail property market is set for strong growth, with new malls and prime developments planned through 2030. Of the 30 million square feet of retail development in the pipeline, about 6 million square feet will be taken up by the food and beverage (F&B) sector by 2028.
Based on recent leasing activity, the anticipated supply will meet about 38–40% of total F&B demand. However, with high streets accounting for more than 50% of overall F&B leasing, their potential for expansion in the next three years will surpass that of malls and business parks. For developers, this leasing momentum is a clear signal that retailers see festive months not just as a sales opportunity, but as a chance to anchor long-term visibility. The result is a retail real estate landscape buzzing with energy and forward-looking commitments.
Arjun Gehlot, Director, Ambience Malls, Vasant Kunj & Gurugram, says, “The NCR is riding high on tailwinds in retail, driven by significant residential growth, strong infrastructural developments like the Dwarka Expressway, and an investor-friendly environment that inspires confidence. As the festive season approaches, malls are emerging not just as shopping destinations but as social and cultural hubs. At Ambience, our mix of brands caters to every shopper’s needs—from fashion and jewellery to lifestyle and entertainment. This period also sees a boost in leasing activity, as brands seek to capitalize on increased footfall. Through curated events, festive décor, and engaging activations, we ensure shopping becomes a holistic experience, enhancing both consumer engagement and brand visibility.”
Pankaj Jain, Founder and CMD, SPJ Group, says, “Gurugram’s high-potential sectors are becoming the nerve centres of festive retail. Malls located in these growth corridors benefit from high family footfall, driven by aspirational buyers looking for both shopping and lifestyle experiences. As developers, we see a marked surge during festivals, where footfall often doubles, adding to the role of neighbourhood destination malls in shaping consumer journeys. Leasing demand also aligns with this pattern, as brands seek to enter high-potential neighbourhoods where festivals accelerate discovery. For our high-street retail project located in Sec-14 Gurugram, we have rolled out an exclusive campaign during Navratri, which is SPJ NAVOTSAV– PROPERTY KA MAHA UTSAV. With buyers and investors keen to make big-ticket investments during festivals, our special Navratri campaign offers an assured gift on every booking. We have 9 special offers for 9 days as a value add to make our patrons' property investment more rewarding.”
On the investment side, India’s retail story is firmly on an upward curve, attracting a growing wave of global operators. Since 2023, over 20 international brands, many from the US, have made their foray into the country, with Delhi-NCR and Mumbai serving as their launchpads. The F&B segment has led this charge, with multi-cuisine formats alone accounting for 41% of leasing activity, a clear reflection of India’s increasingly global palate shaped by travel and cultural exposure. High streets, in particular, are capturing 54% of gross leasing across key cities, thanks to their flexibility, visibility, and scope for organic growth—advantages that often outpace traditional malls. As global dining and lifestyle trends continue to influence consumption, high streets are solidifying their place as the format of choice for ambitious operators.
Ravinder Choudhary, Vice-President, Vegas Mall, says, “The festive season is about creating an ecosystem where shopping blends seamlessly with experiences. This period amplifies the role of malls as cultural and social hubs, not just retail centres. At Vegas, our diverse portfolio of brands caters to every festive shopper, whether they are upgrading wardrobes, buying jewellery, or seeking entertainment. Our leasing partnerships also gain momentum because brands want to be part of this celebratory footfall. The curated events, décor, and activations we roll out ensure that festive shopping becomes an occasion in itself, enhancing consumer connect and brand visibility.”
Prakash Mehta, Chairman and Managing Director, Ocus Group, says, “High street retail thrives on immediacy, accessibility, and community connect—qualities that shine brightest during the festive season. In Gurugram, the buzz of high streets during Diwali or Christmas mirrors the celebratory energy of families shopping together. Brands favour these formats because they offer visibility in the neighbourhoods. At Ocus, we see festive months as catalysts that elevate the value of high-street destinations, driving both leasing activity and consumer engagement. This format resonates with consumers who seek convenience without compromising on variety, especially during peak festive indulgence.”
While festivals act as the spark, the momentum rarely fades once the celebrations end. Leasing activity typically remains steady in the months that follow, as brands evaluate performance and plan long-term expansion. Whether it's a mall or a high-street retail space, together, these formats point toward a retail landscape that is not just festive-driven, but future-ready, with sustained growth well into the next cycles.
Frequently Asked Questions
What drives the growth in India's retail real estate market?
The growth in India's retail real estate market is driven by the festive season, which transforms shopping into a cultural and emotional ritual, leading to increased consumer footfall and heightened leasing activity.
How are high streets and malls different in their appeal to brands?
High streets offer flexibility, visibility, and community connect, making them ideal for brands seeking immediate and accessible locations. Malls, on the other hand, provide a more curated and diverse shopping experience with a mix of brands and entertainment options.
What role do international brands play in India's retail market?
International brands, particularly in the food and beverage sector, are driving leasing activity and consumer interest. They bring global trends and experiences to Indian consumers, contributing to the dynamic growth of the retail market.
How do developers prepare for the festive season?
Developers prepare for the festive season by enhancing the shopping experience through curated events, festive decorations, and engaging activations. They also focus on securing prime retail spaces to capitalize on increased footfall during this period.
What is the long-term impact of the festive season on retail leasing?
The festive season acts as a catalyst for sustained leasing activity. Brands often use this period to evaluate performance and plan long-term expansion, ensuring a steady growth trajectory in the retail real estate market.
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