Mumbai has topped the list of the highest commercial rental rates. According to a report by the ANAROCK group, the rental rates in Mumbai for commercial space stood at Rs 168 per square foot per month. The commercial rental rates in Mumbai have increased from Rs 138 per sq ft in 2023 and Rs 155 per sq ft in 2024.
Bandra Kurla Complex, Lower Parel, and Andheri East are the most sought-after locations of the Mumbai Metropolitan Region (MMR). These locations are attracting the top financing companies, startups, and IT/ITeS companies.
Rental growth in NCR and other metro cities
Delhi NCR, the second costliest region for an office, has witnessed a 17 percent increase in the commercial rental rates. In 2023, the rental rates in the region were Rs 94 per sq ft per month, which were increased to Rs 101 and Rs 110 per sq ft per month in 2024 and 2025, respectively.
Commercial rental rates in Bengaluru, the centre of India’s startup industry, are Rs 95 per sq ft per month in 2025. The rates have increased by Rs 3 per sq ft in the city in the past year. Before that, the rental rates in 2023 were Rs 88 per month.
Among the metro cities, Hyderabad, with a 9.9 percent annual increase, has seen the highest growth in the rental rates. The commercial rental rates in Hyderabad are Rs 72 per sq ft per month. Rental rates in Pune and Chennai are Rs 80 and Rs 72 per sq ft per month, respectively.
The GCCs factor
In recent years, there has been a massive growth of the Global Capability Centres (GCCs) in India. The number of GCCs is expected to reach 1800 units by the end of this year, and is expected to employ 21 lakh professionals.
Peush Jain, MD -Commercial Leasing & Advisory, ANAROCK Group, says that in Q1 of 2025, GCCs rented about 8.35 million sq ft of commercial space in the country. He adds that in the last couple of years, GCCs accounted for 37 percent of all office space leasing in India.
Currently, Bengaluru has the highest share of GCCs in India as it houses about 30 percent of the total GCCs. However, Hyderabad is emerging as the biggest contender for Bengaluru in attracting GCCs, as its share has increased to 19 percent in 2025 against 14 percent in 2020. In contrast, Bengaluru’s share has dropped by 5 percent in the last 5 years.
Mumbai houses 12 percent of the total GCCs in India, while Delhi is home to 15 percent.
