India Market Monitor Q4 2024 – Retail

India’s retail real estate sector experienced robust growth in leasing and supply additions in the October-December 2024 quarter. The fashion and apparel category continued to dominate the retail market, accounting for ~38% of the overall leasing activity in 2024, primarily driven by mid-range, value fashion, and athleisure brands.

Retail demand, especially primary leasing, is expected to strengthen in India in 2025. This is supported by a robust supply pipeline that is anticipated to exceed that of 2024, with new developments slated for completion across multiple tier-I cities.

Domestic direct-to-consumer (D2C) retailers would continue exhibiting a growing inclination towards retail space absorption, emphasising personalisation. India’s D2C market is expected to maintain its growth trajectory as brands focus on increasing access and sales through social media, quick commerce, repeat purchases, and improved inventory management.

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