What is the average Class A rent in Mumbai?

Around 320 INR/sqft/yr ($46 USD) across the broader Class A index. Trophy submarkets like Bandra-Kurla Complex (BKC) command 20–40% above that.

How many months of rent-free are normal in Mumbai?

4 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.

Are rents rising or falling in Mumbai?

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

Headline Class A rent in Mumbai is around 320 INR/sqft/yr ($46 USD), with 4 months of typical rent-free on a 5-year term.

Headline Class A rent: 320 INR/sqft/yr ($46 USD).
Trophy submarket rents (Bandra-Kurla Complex (BKC)) push to roughly ₹380/sqft/mo · ≈ $54.7 PSF/yr USD.
Typical concessions on a 5-year deal: 4 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.

Mumbai Class A office rents and incentives

Headline Class A rent in Mumbai is around 320 INR/sqft/yr ($46 USD), with 4 months of typical rent-free on a 5-year term.

TL;DR

Headline Class A rent: 320 INR/sqft/yr ($46 USD).
Trophy submarket rents (Bandra-Kurla Complex (BKC)) push to roughly ₹380/sqft/mo · ≈ $54.7 PSF/yr USD.
Typical concessions on a 5-year deal: 4 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 Mumbai are quoted in INR per sqft per year. Across the broad Class A index the figure is 320, but the trophy tier in Bandra-Kurla Complex (BKC) reaches roughly ₹380/sqft/mo · ≈ $54.7 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 Mumbai concessions on a 5-year Class A lease run to 4 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 — Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply.

Where rents land by submarket

Bandra-Kurla Complex (BKC) sits at the top end (~₹380/sqft/mo · ≈ $54.7 PSF/yr USD). Lower Parel & Worli clears around ₹290/sqft/mo · ≈ $41.8 PSF/yr USD as the prime tier. Nariman Point & Fort represents the value end at ~₹250/sqft/mo · ≈ $36 PSF/yr USD. The full submarket map is on the Mumbai city page.

Key facts

city	Mumbai
country	India
region	APAC
classARentLocal	320 INR/sqft/yr
classARentUsd	$46/sqft/yr
vacancy	12.6%
typicalLeaseYears	5
typicalRentFreeMonths	4
submarkets	4
primeYieldPct	7.5%
trophyRent	₹380/sqft/mo · ≈ $54.7 PSF/yr USD
primeRent	₹290/sqft/mo · ≈ $41.8 PSF/yr USD

Frequently asked questions

What is the average Class A rent in Mumbai?: Around 320 INR/sqft/yr ($46 USD) across the broader Class A index. Trophy submarkets like Bandra-Kurla Complex (BKC) command 20–40% above that.
How many months of rent-free are normal in Mumbai?: 4 months on a 5-year deal is the standard benchmark. Lease-up product or tenants with strong covenant strength can push higher.
Are rents rising or falling in Mumbai?: The Mumbai 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

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