Delhi-NCR ($2/sqft, 12.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Delhi-NCR on rent and tax and Singapore on talent depth.
Delhi-NCR ($2/sqft, 12.6% vacancy) and Singapore ($102/sqft, 5.4% vacancy) compete on different axes: Delhi-NCR on rent and tax and Singapore on talent depth.
| Metric | Delhi-NCR | Singapore |
|---|---|---|
| Region | APAC | APAC |
| Country | India | Singapore |
| Class A rent (USD/sqft/yr) | $2 | $102 |
| Class A rent (local) | 130 INR | 138 SGD |
| Vacancy | 12.6% | 5.4% |
| Trend | rising | rising |
| Prime yield | 8.2% | 3.6% |
| Premium flex / seat / month (USD) | $320 | $1,180 |
| Submarkets covered | 5 | 6 |
| Corporate tax | 25.17% | 17% |
| Metric | Delhi-NCR | Singapore |
|---|---|---|
| Typical term | 9 yrs | 4 yrs |
| Typical rent-free | 6 mos | 6 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. | Singapore leases are typically 3-5 years, gross-rent based with the landlord covering most operating expenses inside the rent. Rent-free of 4-9 months on a 5-year term is standard. Rent reviews on renewal are open-market. Bank guarantees of 3-6 months are routine. Reinstatement at lease-end is contractual and usually significant — budget for it. |
| 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 of 17%, with a partial tax exemption for the first SGD 200,000 of chargeable income. A network of double-tax treaties and the Singapore Variable Capital Company (VCC) regime make Singapore particularly attractive for fund managers and family offices. |
| Metric | Delhi-NCR | Singapore |
|---|---|---|
| Talent index (0–100) | 84 | 92 |
| 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. | Premium APAC talent hub. Average all-in compensation indexes 92 vs. New York's 100. |
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.
Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Delhi-NCR is the cheaper Class A market on a USD basis.
Singapore has the deeper talent index (92/100 vs 84/100).
Singapore has the lower headline corporate tax (17% vs 25.17%). Local incentives can change the effective rate materially.
Delhi-NCR typical term is 9 years with 6 months free; Singapore runs 4 years with 6 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. Singapore: The MRT network reaches every CBD address. Changi Airport is 20 minutes by MRT or taxi. Jurong Region Line and Cross Island Line expansions are extending the catchment.
Score Delhi-NCR, Singapore 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.