What's a typical lease term in Delhi-NCR?

9 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.

How is rent quoted in Delhi-NCR?

In INR/sqft/year. We also publish a USD-normalised view ($2/sqft/yr) for cross-market comparison.

Net leases.

Typical lease length: 9 years.
Typical rent-free: 6 months.
Vacancy: 12.6%; trend rising.
Net leases.

Delhi-NCR office lease norms

Net leases.

TL;DR

Typical lease length: 9 years.
Typical rent-free: 6 months.
Vacancy: 12.6%; trend rising.
Net leases.

Structure

Net leases. 9-year terms with 3-year lock-ins. Free rent of 4-9 months and TI of INR 1,500-3,000/sqft typical.

Negotiating levers

Free rent and TI remain the most negotiable line items; landlords prefer concessions to face-rent cuts because they preserve headline rent and implied valuation. Always model effective rent (face minus PV of concessions).

Key facts

city	Delhi-NCR
country	India
region	APAC
classARentLocal	130 INR/sqft/yr
classARentUsd	$2/sqft/yr
vacancy	12.6%
typicalLeaseYears	9
typicalRentFreeMonths	6
submarkets	5
primeYieldPct	8.2%

Frequently asked questions

What's a typical lease term in Delhi-NCR?: 9 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.
How is rent quoted in Delhi-NCR?: In INR/sqft/year. We also publish a USD-normalised view ($2/sqft/yr) for cross-market comparison.

Editorial provenance

Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

CBRE Marketview reports — CBRE
JLL Office Insight — JLL
Cushman & Wakefield Marketbeat — Cushman & Wakefield
Savills World Research — Savills
Colliers Global Office Outlook — Colliers

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