What is the average Class A rent in Delhi-NCR?

Around 130 INR/sqft/yr ($2 USD) across the broader Class A index. Trophy submarkets like Cyber City Gurugram command 20–40% above that.

How many months of rent-free are normal in Delhi-NCR?

6 months on a 9-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Delhi-NCR?

The Delhi-NCR Class A market is currently rising. Vacancy is 12.6%, which sets the negotiating context.

Headline Class A rent in Delhi-NCR is around 130 INR/sqft/yr ($2 USD), with 6 months of typical rent-free on a 9-year term.

Headline Class A rent: 130 INR/sqft/yr ($2 USD).
Trophy submarket rents (Cyber City Gurugram) push to roughly ₹145/sqft/mo · ≈ $20.9 PSF/yr USD.
Typical concessions on a 9-year deal: 6 months free rent.
Vacancy stands at 12.6% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Delhi-NCR Class A office rents and incentives

Headline Class A rent in Delhi-NCR is around 130 INR/sqft/yr ($2 USD), with 6 months of typical rent-free on a 9-year term.

TL;DR

Headline Class A rent: 130 INR/sqft/yr ($2 USD).
Trophy submarket rents (Cyber City Gurugram) push to roughly ₹145/sqft/mo · ≈ $20.9 PSF/yr USD.
Typical concessions on a 9-year deal: 6 months free rent.
Vacancy stands at 12.6% — market trend is rising.
Use effective rent (face minus PV of concessions), not headline, to compare deals.

Headline rent vs. effective rent

Asking rents in Delhi-NCR are quoted in INR per sqft per year. Across the broad Class A index the figure is 130, but the trophy tier in Cyber City Gurugram reaches roughly ₹145/sqft/mo · ≈ $20.9 PSF/yr USD. Always discount headline rent by the present value of free rent and fit-out-capex">tenant improvement allowance to land on effective rent — the only number that compares cleanly across deals.

Rent-free and TI

Standard Delhi-NCR concessions on a 9-year Class A lease run to 6 months of base-rent abatement. Trophy lease-ups can push rent-free 25–40% above that benchmark. Local cost-of-occupancy is also shaped by tax — 22% base corporate income tax plus surcharges and cess for an effective rate of 25.17%. SEZ benefits available in select Gurugram and Noida parks. State stamp duty considerations apply across NCR jurisdictions.

Where rents land by submarket

Cyber City Gurugram sits at the top end (~₹145/sqft/mo · ≈ $20.9 PSF/yr USD). Noida Sector 132 / Expressway clears around ₹110/sqft/mo · ≈ $15.8 PSF/yr USD as the prime tier. The full submarket map is on the Delhi-NCR city page.

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%
trophyRent	₹145/sqft/mo · ≈ $20.9 PSF/yr USD
primeRent	₹110/sqft/mo · ≈ $15.8 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Delhi-NCR?: Around 130 INR/sqft/yr ($2 USD) across the broader Class A index. Trophy submarkets like Cyber City Gurugram command 20–40% above that.
How many months of rent-free are normal in Delhi-NCR?: 6 months on a 9-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Delhi-NCR?: The Delhi-NCR Class A market is currently rising. Vacancy is 12.6%, which sets the negotiating context.

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

Full sources index · Submit a correction