- Retail rents on Mumbai's Bandra Linking Road rose 22% year-on-year in Q2 2026
- Bandra Linking Road commands rents of Rs 1,100 per sq ft monthly, highest in Mumbai
- Mumbai retail leasing hit 0.5 million sq ft in Q2, led by entertainment and fashion
Retail rents on Bandra's Linking Road, one of Mumbai's most sought-after shopping stretches known for its mix of high-street fashion and designer boutiques, surged 22% year-on-year and 7.8% quarter-on-quarter in the three months to June, the sharpest increase among the city's prime high streets, according to Cushman & Wakefield's Q2 2026 Retail Marketbeat report.
The high street, a long-standing draw for fashion and lifestyle retailers in the western suburbs, now commands asking rents of Rs 1,100 per sq ft per month, well ahead of other prominent corridors. Chembur followed with 12.5% annual growth, while Borivali LT Road rose 8.5% and Thane climbed 6.5%. Established markets such as Kemps Corner, Colaba Causeway and Fort saw more modest gains of under 5%.
Mumbai street shop rentals have seen a steep hike in 2026
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Mumbai's overall retail leasing volume stood at close to 0.50 million sq ft in the quarter, almost double the previous quarter's pace, though down around 5% from a year earlier. Entertainment and fashion led demand, accounting for 29% and 26% of leasing respectively, followed by food and beverage brands with an 18% share. Domestic retailers drove 86% of the leasing volume.
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Malls continued to dominate overall leasing at 73% of the total, even as main streets posted stronger rental growth. Citywide vacancy across Grade A and B+ malls eased 30 basis points to 3.4%, with no new supply added during the quarter. Around 0.35 million sq ft of fresh mall space is in the pipeline, concentrated in the southern and eastern corridors, and is expected to push vacancy up marginally by the end of the year.
Other Top Markets
Mumbai's rental momentum mirrors a broader tightening across India's top retail markets. Kolkata recorded the lowest Grade A mall vacancy in the country at 1.1%, driven by main streets accounting for 96% of leasing as premium mall space ran short. Pune's mall vacancy fell to 3.12%, down nearly 200 basis points on the quarter, while Bengaluru's Grade A vacancy eased to 3.3% on the back of a 42% annual jump in leasing.
Delhi NCR posted the country's largest absolute leasing volume at 0.7 million sq ft, led by Gurugram, while Hyderabad saw mall rentals climb as much as 7% quarter-on-quarter despite an overall dip in leasing activity from a high base a year earlier.
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