Office Rents: India’s real estate demand is at a high level. Residential sales are booming in the market. People are buying homes. Demand for office space, not just homes, has also increased significantly. According to the latest report, office rents are rising rapidly in the country’s top cities. According to the IIM Bangalore-CRE Matrix Commercial Property Rental Index (CPRI Q2 2025), office rents in India’s top 10 cities have increased by 3.8 percent year-on-year. Cities like Mumbai, Gurugram, and Delhi have seen the largest increase in office rents.

The biggest reasons for this increase are said to be the growing demand for IT and financial services, the end of work-from-home, and a decrease in the number of new projects. The report states that cities like Mumbai, Gurugram, and Delhi have led this growth, while cities like Chennai and Noida have lagged behind.

Why Mumbai Leads

According to the report, Mumbai saw a 3.6% quarterly increase in rents this year. Areas like Nariman Point, Bandra Kurla Complex, Andheri, and Thane saw steady demand. The rise in rents was driven by a decrease in new office projects and the increasing use of investment funds (REITs). Mumbai has a limited number of quality and large offices. Large companies are looking to lease offices here for long periods. This has strengthened Mumbai’s office market. Navi Mumbai saw the highest compounded growth (9%) in three years.

Delhi-NCR Situation

Delhi saw rents rise by more than 16 percent in a year, the highest in five years. Demand for office space has rebounded in key business areas like Connaught Place and Barakhamba Road. A shortage of quality, spacious offices has pushed rents higher. Companies are now expanding their presence in central Delhi, making the city attractive to investors. Meanwhile, office rents in Gurugram, located near Delhi, have also risen sharply.

Areas near NH 48, such as Udyog Vihar, Cyber ​​City, and Sector 32, have seen a growth of approximately 16 percent over the year. Demand from financial services and consulting companies remains strong. Improved roads, metro connections, and new business hubs have made Gurugram the busiest office hub in Delhi-NCR.

Bengaluru

The overall performance of Bengaluru, the country’s tech capital, has been somewhat slower this year, but Whitefield and South Bengaluru have outperformed others. Whitefield saw a growth of approximately 20 percent over the year, the highest in the country. IT companies are now opening offices along the Outer Ring Road and new corridors. Hybrid working styles have increased demand for these locations.

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After ten years, the new circle rate has been implemented in UP’s capital Lucknow from today. With this change which was pending for a long time, the prices of land will increase. In the new circle rate, different percentages have been increased for different categories of land and houses. On this, the officials said that this will also increase the income of the government.

Under the new provisions, there has been a 15 percent increase on agricultural land, 25 percent on commercial land and 20 percent on multi-storey buildings. On the other hand, the circle rate of offices, warehouses and shops has increased by an average of 20 percent. Due to the change in the earlier circle rate, there were discrepancies in the rates of land in some areas.

The last change in circle rate was made

ten years ago when the last change in circle rate was made, there were discrepancies in the rates of shops, offices and godowns in some areas. This time to remove these discrepancies, the rates have been increased by up to 40 percent in such places. This will now bring uniformity in the valuation of properties of the same category.

According to revenue department officials, the implementation of the new circle rate will not only affect the land purchase and sale prices but will also increase the government’s income from stamp duty. Real estate businessmen believe that this will increase activity in the property market, although buyers will also have to bear an additional burden.

The new circle rate has been implemented after ten years to buy a home in the capital . The rate will increase more in areas where there is more demand for land. Along with this, the prices have been fixed keeping in view the possibilities of development and infrastructure.

There has been an increase of 33 to 36 thousand square meters on Faizabad Road, 15 to 55 thousand square meters on Kanpur Road, 15 to 20 thousand on Kisan Path Outer Ring Road, 6 to 10 thousand square meters on Purvanchal Expressway, 15 thousand square meters on Agra Expressway and 18 thousand to 55 thousand square meters on Lucknow Rae Bareli Road.

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This information was given in a report. The report jointly released by CREDAI, Colliers and Lias Foras says that in the last two years, prices have increased rapidly in eight cities due to strong demand.

Property prices became expensive by 20 percent in these 8 cities

These eight cities include Ahmedabad, Bengaluru, Chennai, Delhi-NCR, Hyderabad, Kolkata, Mumbai Metropolitan Region (MMR) and Pune. The report has been prepared by CREDAI, the apex body of real estate companies, real estate consultant Colliers and data analytics firm Lias Foras.

According to this, Bengaluru, Delhi-NCR and Kolkata have seen the highest average increase of 30 percent in average house prices in 2023 compared to 2021 levels. Pankaj Kapur, managing director, Lias Foras, said the real estate situation is most productive at a time when sales, supply and prices are increasing and price increases are not speculative.

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According to PropTiger’s March quarter report, in January and March 2023, a total of 1,47,780 residential units have been launched in major metro cities including Delhi NCAR, Pune, Hyderabad. This is the highest ever level of largest launches in a quarter. The average property price in Delhi-NCR is Rs 4500-4700 (per sq. yard) in the March quarter. This shows that property prices have increased by 6 per cent on an annual basis.

According to the report, 50 percent of the projects launched in Delhi-NCR during this period cost more than Rs 1 crore. This reflects the growing demand for premium housing options in the region. The areas which registered maximum development activities include Sector-63 Gurugram, Sector-92 Gurugram, Sector 1-Greater Noida West (Noida Extension) and Sector-93 Gurugram. These areas have emerged as major centers for the launch of new properties.

PropTiger Business Head Vikas Wadhawan said that Gurugram is at the forefront of launching new properties. Overall, Gurugram has the highest share of 63 per cent in the total new supply done in all the sectors. The city’s prime location and attractive offers have contributed to increasing Gurugram’s dominance in the property market.

In terms of sales, a total of 3,804 units have been sold in Delhi-NCR in 2023. In this, the highest demand is for three BHK houses, which have the largest share of 45 percent in total. After this, there is the highest demand among consumers for 4 BHK, which is 38 percent of the total demand.

In terms of total property sales in Gurugram, 35 per cent units have been sold, while 39 per cent properties have been sold in Noida and Greater Noida. Sector 1 – Greater Noida West (Noida Extension), Sector-86 (Gurugram), Rajnagar Extension, (Ghaziabad), Techzone 4 and Sector 92 (Gurgaon) are among the areas that have seen the highest number of property sales in Q3 2023. Are.

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