DLF’s Goa mall 64% leased; targets opening by year-end or early next year

DLF is targeting 85%-90% leasing at its upcoming Goa mall over the next six to eight weeks as it expands its retail portfolio

DLF’s upcoming Goa mall is 64% leased, with the developer aiming to raise occupancy to 85%-90% over the next six to eight weeks, said Sriram Khattar, Vice Chairman and Managing Director, Rental Business, DLF Ltd. The company expects to earn an average rent of ₹170- ₹175 per sq ft across the mall, which has a total super area of 7,500 sq ft.

DLF’s upcoming Goa mall is 64% leased, with the developer aiming to raise occupancy to 85%-90% over the next six to eight weeks. (Picture for representational purposes only) (AI generated photo)

Khattar said the Goa mall has received an Occupation Certificate (OC), and the company is targeting to open the mall by year's end or early next year.

"In Goa, while we have got the OC, the finishing works are in progress. Leasing is in progress, and we are targeting to open the mall in either end of this year or early next year," Khattar said at a recent investors’ call.

According to Khattar, the company should earn a rent of ₹170-175 per sq ft for the entire mall, with a super area of 7,500 sq ft.

The mall, DLF Promenade Goa, is part of the developer’s expansion of its retail portfolio and is expected to strengthen its presence in the western Indian market.

Khattar said the Goa mall was 64% leased as of July 31, with leasing momentum remaining strong. "At the moment, about 64% is leased as we speak, say, 31st July. And the momentum is pretty strong. There are a number of brands who have not experienced the Goa market and therefore, are taking a little longer to come. But we are quite hopeful that we will cross 85%- 90% leasing in the next 6 to 8 weeks. And the anchor fit-out should start later this month."

The company has positioned the project as a first-mover opportunity in the Goa retail market. DLF management had said the initial response to the mall’s leasing was “very heartening” and that the company saw an opportunity to create a leading shopping destination in the region.

The mall is being developed as DLF Promenade Goa, earlier known as DLF Avenue Goa. According to the Goa RERA project details, the project is located at Plot No. 35 of EDC Patto Plaza in Panaji and is registered as a commercial project. The project has a total land area of 18,120 sq m and a total covered area of 9,053.72 sq m, while the project details list 201 open parking spaces.

India’s retail sector continued to witness steady demand across the top eight cities in Q1 2026, even as supply constraints shaped overall leasing activity. According to Cushman & Wakefield’s Retail Market Beat Report, leasing stood at 1.95 million square feet (MSF) during the quarter.

Leasing activity moderated by 28% quarter‑on‑quarter (QoQ) and 10% year‑on‑year (YoY), largely due to the absence of new mall supply during the quarter. This moderation follows a strong 2025, which recorded 9.21 mn sq ft of leasing—the highest annual performance in the post-COVID period, indicating that occupier interest remains intact despite near-term supply constraints.