Hyderabad ($1/sqft, 17.4% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Hyderabad on talent depth and Mumbai on rent and tax.
Hyderabad ($1/sqft, 17.4% vacancy) and Mumbai ($46/sqft, 12.6% vacancy) compete on different axes: Hyderabad on talent depth and Mumbai on rent and tax.
| Metric | Hyderabad | Mumbai |
|---|---|---|
| Region | APAC | APAC |
| Country | India | India |
| Class A rent (USD/sqft/yr) | $1 | $46 |
| Class A rent (local) | 90 INR | 320 INR |
| Vacancy | 17.4% | 12.6% |
| Trend | rising | rising |
| Prime yield | 8.6% | 7.5% |
| Premium flex / seat / month (USD) | $260 | $420 |
| Submarkets covered | 5 | 4 |
| Corporate tax | 25.17% | 25.2% |
| Metric | Hyderabad | Mumbai |
|---|---|---|
| Typical term | 9 yrs | 5 yrs |
| Typical rent-free | 7 mos | 4 mos |
| Lease norms | 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. | 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 selected HITEC City and Gachibowli parks. Telangana state offers tech-sector incentives. | Headline corporate tax 25.2% (concessional 17.16% for new manufacturing). Maharashtra state taxes apply. |
| Metric | Hyderabad | Mumbai |
|---|---|---|
| Talent index (0–100) | 80 | 60 |
| Talent note | 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. | India's deepest financial-services and tech talent pool. Average all-in compensation indexes 60. |
Hyderabad: Hyderabad Metro Rail (Red, Blue, Green Lines). MMTS suburban rail. RGI Airport connected via bus and the planned Airport Metro Express.
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.
Hyderabad is the cheaper Class A market on a USD basis.
Hyderabad has the deeper talent index (80/100 vs 60/100).
Hyderabad has the lower headline corporate tax (25.17% vs 25.2%). Local incentives can change the effective rate materially.
Hyderabad typical term is 9 years with 7 months free; Mumbai runs 5 years with 4 months free.
Hyderabad: Hyderabad Metro Rail (Red, Blue, Green Lines). MMTS suburban rail. RGI Airport connected via bus and the planned Airport Metro Express. 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 Hyderabad, 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.