India’s organized retail real estate market is witnessing a structural shift, with top-tier malls across major cities seeing record-low vacancies and strong rental growth, according to a joint report by ANAROCK and Images Group.
The report highlights that Grade A/A+ malls in Delhi-NCR are operating at near full capacity, with vacancy levels dropping to as low as 0–2%, effectively indicating complete occupancy in prime assets. Mumbai, on the other hand, has emerged as the frontrunner in rental growth, with mall rentals rising 15–20% year-on-year, reflecting strong demand from retailers and limited availability of quality space.
