--- title: "Delhi-NCR vs Mumbai: Class A office comparison" description: "Side-by-side Class A office comparison for Delhi-NCR and Mumbai — rent, vacancy, talent, tax, lease norms, transit, and top submarkets." canonical: https://classa.info/compare/delhi-ncr-vs-mumbai pageType: comparison lastUpdated: 2026-04-15T00:00:00.000Z license: "CC BY 4.0 with attribution to Class A Atlas (https://classa.info)." --- > Delhi-NCR ($19/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. ## TL;DR - Class A rent: Delhi-NCR $19/sqft vs Mumbai $46/sqft. - Vacancy: Delhi-NCR 12.6% vs Mumbai 12.6%. - Talent index: Delhi-NCR 84 vs Mumbai 60. - Corporate tax: Delhi-NCR 25.17% vs Mumbai 25.2%. - Premium flex/seat/month: Delhi-NCR $320 vs Mumbai $420. # Delhi-NCR vs Mumbai: Class A office comparison **Delhi-NCR ($19/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.** ## TL;DR - [Class A](/glossary/class-a) rent: Delhi-NCR $19/sqft vs Mumbai $46/sqft. - Vacancy: Delhi-NCR 12.6% vs Mumbai 12.6%. - Talent index: Delhi-NCR 84 vs Mumbai 60. - Corporate tax: Delhi-NCR 25.17% vs Mumbai 25.2%. - [Premium flex](/topics/lease-vs-flex)/seat/month: Delhi-NCR $320 vs Mumbai $420. ## Market data side-by-side | Metric | Delhi-NCR | Mumbai| | Region | APAC | APAC| | Country | India | India| | Class A rent (USD/sqft/yr) | $19 | $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%| ## Lease norms | 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.| ## Talent | 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.| ## Transit & commute **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](/topics/cross-border-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. ## Top submarkets — Delhi-NCR - [**Connaught Place / Lutyens Delhi**](/cities/delhi-ncr/connaught-place-delhi) — [trophy tier](/topics/trophy-asset-selection) · ₹220/sqft/mo · ≈ $31.7 PSF/yr USD - [**Golf Course Road & Extension**](/cities/delhi-ncr/golf-course-road-gurugram) — trophy tier · ₹155/sqft/mo · ≈ $22.3 PSF/yr USD - [**Cyber City Gurugram**](/cities/delhi-ncr/cyber-city-gurugram) — trophy tier · ₹145/sqft/mo · ≈ $20.9 PSF/yr USD ## Top submarkets — Mumbai - [**Bandra-Kurla Complex (BKC)**](/cities/mumbai/bkc) — trophy tier · ₹380/sqft/mo · ≈ $54.7 PSF/yr USD - [**Lower Parel & Worli**](/cities/mumbai/lower-parel-worli) — prime tier · ₹290/sqft/mo · ≈ $41.8 PSF/yr USD - [**Powai**](/cities/mumbai/powai) — established tier · $38/sqft/yr ## Decision criteria ### Pick by cost Delhi-NCR is the cheaper Class A market on a USD basis. ### Pick by talent depth Delhi-NCR has the deeper talent index (84/100 vs 60/100). ### Pick by tax Delhi-NCR has the lower headline corporate tax (25.17% vs 25.2%). Local incentives can change the effective rate materially. ### Pick by lease optionality Delhi-NCR typical term is 9 years with 6 months free; Mumbai runs 5 years with 4 months free. ### Pick by transit 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. ## Run a 4-city comparison 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. [**Run a 4-city comparison →**](/tools/city-comparator) ## Frequently asked questions ****Is Class A office cheaper in Delhi-NCR or Mumbai?**** : Delhi-NCR is cheaper on a USD basis: $19/sqft vs $46/sqft. ****Which has better talent depth, Delhi-NCR or Mumbai?**** : Delhi-NCR indexes higher on talent depth (84 vs 60). ****Which has more sublease availability, Delhi-NCR or Mumbai?**** : Vacancy is tied at 12.6%. ****What lease term should I expect in Delhi-NCR vs Mumbai?**** : Delhi-NCR typical term is 9 years with 6 months rent-free; Mumbai typical term is 5 years with 4 months rent-free. ****How does transit and commuter access compare?**** : 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. ## Editorial provenance Reviewed by [**Kenji Watanabe**](/about/authors/kenji-watanabe) — APAC contributing editor. Last updated 2026-04-15. See our [methodology](/about/methodology) and [editorial standards](/about/editorial-standards). ### Primary sources for this page - [CBRE Marketview reports](https://www.cbre.com/insights) — CBRE - [JLL Office Insight](https://www.jll.com/en/trends-and-insights) — JLL - [Cushman & Wakefield Marketbeat](https://www.cushmanwakefield.com/en/insights) — Cushman & Wakefield - [Savills World Research](https://www.savills.com/research_articles/) — Savills - [Colliers Global Office Outlook](https://www.colliers.com/en/research) — Colliers [Full sources index](/about/sources) · [Submit a correction](/about/corrections) --- Citation: Source: Class A Atlas (https://classa.info/compare/delhi-ncr-vs-mumbai), updated 2026-04-15T00:00:00.000Z.