Delhi-NCR ($2/sqft, 12.6% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Delhi-NCR on talent depth and Mumbai on rent and tax.
Delhi-NCR ($2/sqft, 12.6% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Delhi-NCR on talent depth and Mumbai on rent and tax.
| Metric | Delhi-NCR | Mumbai |
|---|---|---|
| Region | APAC | APAC |
| Country | India | India |
| Class A rent (USD/sqft/yr) | $2 | $46 |
| Class A rent (local) | 130 INR | 320 INR |
| Vacancy | 12.6% | 12.6% |
| Trend | rising | rising |
| Prime yield | 8.2% | 7.5% |
| Premium flex / seat / month (USD) | $320 | $420 |
| Submarkets covered | 5 | 4 |
| Corporate tax | 25.17% | 25.2% |
| Metric | Delhi-NCR | Mumbai |
|---|---|---|
| Typical term | 9 yrs | 5 yrs |
| Typical rent-free | 6 mos | 4 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. | Standard 5-year lease (often 3+2 or 5+5). Rent quoted as INR per square foot per month. Maintenance billed separately. Security deposit of 6-12 months standard. Stamp duty payable on lease execution. |
| 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. | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. |
| Metric | Delhi-NCR | Mumbai |
|---|---|---|
| Talent index (0–100) | 84 | 60 |
| 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. | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. |
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.
Mumbai: Mumbai Suburban Railway is the primary mass transit. Mumbai Metro is expanding rapidly. Direct connection between BKC and the CBD remains the key infrastructure constraint.
Delhi-NCR is the cheaper Class A market on a USD basis.
Delhi-NCR has the deeper talent index (84/100 vs 60/100).
Delhi-NCR has the lower headline corporate tax (25.17% vs 25.2%). Local incentives can change the effective rate materially.
Delhi-NCR typical term is 9 years with 6 months free; Mumbai runs 5 years with 4 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. Mumbai: Mumbai Suburban Railway is the primary mass transit. Mumbai Metro is expanding rapidly. Direct connection between BKC and the CBD remains the key infrastructure constraint.
Score Delhi-NCR, Mumbai 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.