In a remarkable surge shaped by shifting work dynamics and rising demand for premium office environments, Mumbai has climbed to the top spot as India’s costliest commercial real estate hub. According to fresh insights from a property advisory firm, rentals in the Mumbai Metropolitan Region have shot up by 28 percent — from ₹131 per square foot in 2022 to ₹168 per square foot in 2025.
Areas like Bandra Kurla Complex, Lower Parel, and Andheri East remain magnets for the financial world, tech giants, and dynamic startups, making Mumbai the preferred battleground for premium office real estate.
Hyderabad has emerged as a strong second, clocking an impressive 24.1 percent rise in rental values — from ₹59 to ₹72 per square foot over the same period. The city’s talent pool and expanding commercial corridors continue to capture the attention of tech-forward enterprises.
Delhi NCR is not far behind. With infrastructure advancements and a booming corporate ecosystem in Noida and Gurugram, the region recorded a 20 percent jump in rents, rising from ₹92 to ₹110 per square foot.
Meanwhile, Bengaluru — the country’s software powerhouse — saw a 15.8 percent hike, with rentals moving up from ₹82 to ₹95 per square foot. Whitefield, Electronic City, and Outer Ring Road continue to draw international firms and major players in innovation.
Pune and Chennai followed with steady, moderate growth. Office rents in Pune rose 11.1 percent, and Chennai saw a 9.1 percent increase, reflecting the healthy pace of their IT and industrial landscapes.
While Office rental values soared, a previous study from March 2025 revealed that capital values in India’s top seven cities surged by 128 percent between 2021 and 2024. Interestingly, rental values in many micro-markets did not grow at the same explosive rate, highlighting a gap between ownership and leasing trends.
India’s office space evolution continues, and as the skyline stretches higher, so too do the ambitions of cities competing for the future of work.
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