Delhi-NCR ($2/sqft, 12.6% vacancy) and Hyderabad ($1/sqft, 17.4% vacancy) compete on different axes: Delhi-NCR on talent depth and Hyderabad on rent and tax.
Delhi-NCR ($2/sqft, 12.6% vacancy) and Hyderabad ($1/sqft, 17.4% vacancy) compete on different axes: Delhi-NCR on talent depth and Hyderabad on rent and tax.
| Metric | Delhi-NCR | Hyderabad |
|---|---|---|
| Region | APAC | APAC |
| Country | India | India |
| Class A rent (USD/sqft/yr) | $2 | $1 |
| Class A rent (local) | 130 INR | 90 INR |
| Vacancy | 12.6% | 17.4% |
| Trend | rising | rising |
| Prime yield | 8.2% | 8.6% |
| Premium flex / seat / month (USD) | $320 | $260 |
| Submarkets covered | 5 | 5 |
| Corporate tax | 25.17% | 25.17% |
| Metric | Delhi-NCR | Hyderabad |
|---|---|---|
| Typical term | 9 yrs | 9 yrs |
| Typical rent-free | 6 mos | 7 mos |
| Lease norms | 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. | Net leases. 9-year terms with 3-year lock-ins. Free rent of 5-9 months and TI of INR 1,500-3,000/sqft typical. |
| Tax note | 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. | 22% base corporate income tax plus surcharges and cess for an effective rate of 25.17%. SEZ benefits available in selected HITEC City and Gachibowli parks. Telangana state offers tech-sector incentives. |
| Metric | Delhi-NCR | Hyderabad |
|---|---|---|
| Talent index (0–100) | 84 | 80 |
| Talent note | Deepest BFSI, consulting, and government affairs talent in India. Strong feed from IIT Delhi, Delhi University, JNU, and IIM Lucknow. English-fluent professional base. | Deep tech, pharma, and life sciences talent. Strong feed from IIT Hyderabad, ISB, NIT Warangal, and a deep network of engineering and pharma colleges. English-fluent professional base; Telugu and Hindi-Urdu language depth. |
Delhi-NCR: Delhi Metro (12 lines + Aqua Line in Noida + Rapid Metro Gurugram). Indira Gandhi International Airport (DEL) connected via Airport Express. Bus, RRTS Rapid Rail (Delhi-Meerut, Delhi-Alwar) under expansion.
Hyderabad: Hyderabad Metro Rail (Red, Blue, Green Lines). MMTS suburban rail. RGI Airport connected via bus and the planned Airport Metro Express.
Hyderabad is the cheaper Class A market on a USD basis.
Delhi-NCR has the deeper talent index (84/100 vs 80/100).
Tax rates are tied.
Delhi-NCR typical term is 9 years with 6 months free; Hyderabad runs 9 years with 7 months free.
Delhi-NCR: Delhi Metro (12 lines + Aqua Line in Noida + Rapid Metro Gurugram). Indira Gandhi International Airport (DEL) connected via Airport Express. Bus, RRTS Rapid Rail (Delhi-Meerut, Delhi-Alwar) under expansion. Hyderabad: Hyderabad Metro Rail (Red, Blue, Green Lines). MMTS suburban rail. RGI Airport connected via bus and the planned Airport Metro Express.
Score Delhi-NCR, Hyderabad and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.
Reviewed by Kenji Watanabe — APAC contributing editor. Last updated 2026-04-15. See our methodology and editorial standards.