JLL: Q3 office leasing hits 23.2M sq ft as Hyderabad jumps 2.5x
Nine-month leasing reached a record 61.1M sq ft. Vacancy in Mumbai and Delhi NCR is at a 15–16-year low.
Original article →The capital region spans Delhi, Gurugram, Noida, Greater Noida and Faridabad. Gurugram and Noida are office hubs; Manesar, Bawal and Kharkhoda host auto and component plants; warehouses cluster along the KMP Expressway.
India's finance and trade capital, with the highest office rents. Headquarters cluster in BKC, Worli and Lower Parel; back offices in Andheri, Powai and Thane; warehouses in Bhiwandi; factories in MIDC estates such as Taloja and Patalganga.
India's largest office market. R&D centres and branch offices cluster in Whitefield and on the Outer Ring Road; plants go to outer industrial areas such as Bidadi and Narasapura.
Home to the largest cluster of Korean suppliers, built around Hyundai and Samsung. Factories and warehouses sit in SIPCOT parks; offices line the OMR IT corridor.
Strong in IT and pharma, Hyderabad's office leasing rose 50% in Jan–Sep 2026 to rank second in India. Offices cluster in HITEC City and Gachibowli; pharma plants in Patancheru and Genome Valley; warehouses in Medchal and Shamshabad.
A mix of car plants and IT firms. Hyundai began production at Talegaon in 2025, and suppliers cluster in the Chakan and Talegaon MIDC areas.
The most affordable of the seven cities. Offices sit along SG Highway and in GIFT City; auto and semiconductor plants in Sanand and Bavla; a Japanese industrial zone at Mandal.
New Delhi · Gurugram · Noida · Faridabad · Korean business cluster
A 335-hectare township on the Delhi-Mumbai Industrial Corridor; two Korean appliance makers sought 22 acres.
Manufacturing and logistics belt south-west of Gurugram. Warehouses ₹22–38/sq ft/mo.
3,200-acre township home to Maruti Suzuki's new plant; 5,800 more acres earmarked.
3,300 acres on NH-48 (Delhi–Jaipur); a 2,000-acre expansion is planned.
1,800-acre township south-east of Delhi, near Faridabad's older industrial sectors.
1,500 acres south of Gurugram, with another 1,500 acres planned.
206-acre EMC 2.0 cluster; Dixon and others received LoIs; infrastructure due January 2028.
Electronics belt around Samsung's Noida plant (expanded 2018); steady demand for small supplier units.
Bandra-Kurla · Andheri · Navi Mumbai · Finance · trade
Mumbai region's largest warehouse cluster. ₹28–50/sq ft/mo.
Growing towards the port and new airport. ₹35–60/sq ft/mo.
MIDC belt along Thane–Belapur Road; Navi Mumbai hosts 50+ data centres (AWS, NTT, STT and others).
MIDC notified rate ₹12,100/sq m (Mar 2024). Close to the new Navi Mumbai airport and JNPA port.
Chemical cluster near the Mumbai–Pune Expressway. MIDC rate ₹10,590/sq m (Mar 2024).
Thane-east SME manufacturing belt; MIDC rate ₹5,090/sq m (Mar 2024), among the cheaper in the region.
277-hectare port-based SEZ next to India's largest container port; 14 plots (42 ha) fetched ₹426 Cr in the third auction (Dec 2023).
Whitefield · Marathahalli · Koramangala · Bidadi · IT · startups
About 55 km from Bengaluru. Phase 1: 700 acres; 1,480 acres notified for phase 2. Honda two-wheelers, Volvo, Scania and Wistron operate here.
About 32 km towards Mysuru. Toyota Kirloskar, Bosch, Britannia and Coca-Cola are here.
About 35 km from the city. Many 20k–150k sq ft warehouses at lower rents.
About 40 km north. Large apparel park; a 12,000-acre IT investment region is planned near the airport.
About 28 km from the city. HCL, Otis, APC and Toyota are here.
1,461 acres with ~13,000 MSMEs; notified a Special Investment Region in June 2025, with KIADB as single window.
~800-acre IT township in four phases, home to Infosys, Wipro, TCS, HCL and Biocon campuses.
980-acre aerospace park beside Kempegowda International Airport, drawing aero-component and MRO firms.
OMR · Ambattur · Sriperumbudur · Oragadam · Auto · manufacturing
Phases 1–2 plus an SEZ. Category A district: 10% of land cost back as incentive.
Runs a separate hi-tech SEZ. Close to Chennai airport.
Includes an apparel park and a footwear components park.
Auto-components park next to Oragadam and Sriperumbudur.
Newer park with a dedicated aerospace zone.
North of Chennai, convenient for port logistics.
A 782-acre IT park at the end of the OMR corridor.
1,550+ acre integrated city (608 acres SEZ, 762 acres DTA), a Mahindra–TIDCO 89:11 PPP; BMW and Infosys are tenants.
Set up in 1964; ~1,300–1,430 acres with 1,500+ SMEs plus TI Cycles and Britannia.
HITEC City · Cyberabad · Gachibowli · IT · life sciences
Hyderabad's life-sciences cluster.
Pharma manufacturing cluster along NH65.
Electronics park with large plots near the ring road and airport.
~200-acre IT park opened in 1998, the core of 15,000-acre Cyberabad; home to Microsoft, Amazon, Qualcomm and Oracle.
250-acre SEZ plus ~100 acres for ancillary units; Tata Advanced Systems holds 50 acres.
~250 acres, opened in 2017 — India's largest park dedicated to medical devices.
Older industrial area with plants of Dr. Reddy's, Aurobindo and Mylan; check environmental compliance history during due diligence.
Hinjewadi · Kharadi · Chakan · Talegaon · Auto · IT
About 5,000 ha with 750+ firms incl. VW, Mercedes-Benz, Bajaj, Mahindra, Tata and Hyundai. 30 km from Pune.
Hyundai bought GM's plant and began production on 1 Oct 2025 (170,000 units a year). About 25 km from Chakan.
~2,800 acres in three phases with 800+ companies including Infosys, Wipro, TCS and Accenture; 240,000+ daily commuters.
Home to plants of LG, Whirlpool, Fiat and Carraro — a natural base for Korean appliance suppliers.
The region's largest industrial area with Tata Motors, Philips and Thermax; an older estate with many small factory units for lease.
Vodafone, Barclays, Credit Suisse, UBS and Citi have offices here; about 15 minutes from Pune airport and home to Pune's only WTC.
Planned as a chemical and pharma hub, with Cipla and Alkyl Amines among occupiers; check environmental consent conditions first.
Mid-sized estate with ISMT (seamless tubes) and Shalina Labs; land is cheaper than Chakan, so it is often shortlisted as an alternative.
SG Highway · Prahlad Nagar · Sanand · Textiles · chemicals · pharma
Gujarat's auto hub with Tata Motors and component makers.
Micron is investing up to $825M (total $2.75B with government support) in an assembly and test plant; Phase 1 was entering cleanroom validation as of June 2025.
920 km² greenfield city where Tata and PSMC are building India's first chip fab; the 109 km expressway opened in 2026 and an airport is under construction. Many portal plots are speculative — verify zoning and approvals.
India's first IFSC: 886 acres in all, 261 acres of SEZ; JPMorgan, HSBC, Deutsche Bank, Citi and MUFG have offices here.
Suzuki's Gujarat plant opened in Feb 2017 with capacity of 1 million cars a year; GIDC also runs a dedicated Japanese industrial zone.
Older ~527 ha urban estate with many small factory and warehouse units for lease — a practical first base.
~367 ha estate with a steady supply of factory and warehouse listings; close to the city for staff commutes.
Short summaries of commercial and industrial property news across the seven cities.
Nine-month leasing reached a record 61.1M sq ft. Vacancy in Mumbai and Delhi NCR is at a 15–16-year low.
Original article →Up 26% year on year, and 63% in Q3 alone. Automotive leasing grew fastest, up 70%.
Original article →Hyundai and Kia plan to expand manufacturing and future mobility in India, which could lift demand for supplier plants around Chennai.
Original article →Bengaluru leased 5.2M sq ft and Chennai 2.0M sq ft. National average rents rose 2% quarter on quarter.
Original article →Bengaluru leads with 16.7M sq ft. Global capability centres keep gaining share.
Original article →CBRE says Jan–Sep office absorption rose 8% and new supply hit a record. Hyderabad, Bengaluru and Pune took 89% of Q3 completions.
Original article →Chennai leased 6.1M sq ft (+39%), including 3.8M sq ft of industrial space. Bengaluru leased 4.4M sq ft (+33%).
Original article →New SIPCOT parks will be built in less-industrialised districts over five years.
Original article →Grade-A leasing across eight cities reached about 22M sq ft (+12%); Delhi NCR and Chennai took over 45%.
Original article →Amazon's data centre arm leased 4 acres from L&T for 17 years 7 months at about ₹2.76 crore a month, rising 3% a year.
Original article →A new industrial park north of Bengaluru is in progress, though farmer protests continue.
Original article →It leased a warehouse on the Talegaon–Chakan road at ₹24/sq ft/month for over five years, with a ₹1.26 crore deposit and 5% annual escalation.
Original article →Leave-and-licence agreements are common in India. Unlike a lease, they transfer no interest in the property, which favours the owner. If you plan a factory or a large fit-out, a lease is safer.
Original article →Owners who rent to foreigners must file Form-III (formerly Form C) online within 24 hours of arrival. It's required under the Immigration and Foreigners Act in force since September 2025, and a breach can cost ₹50,000 per case. Make sure your landlord has filed.
Original article →The tenant withholds 10% of rent, pays it to the tax department and gives the rest to the landlord (2% for plant and machinery). Set this up with your accountant from day one.
Original article →It is not freehold: you receive the land on condition that you build within a set period, or it can be taken back. Applications need a ₹10,000/acre deposit and a ₹10,000 fee plus GST; foreign investors add FDI papers.
Original article →Bengaluru warehouse leases usually run 5–9 years with a 15% rent rise every three years; deposits are negotiated. Also check for a lock-in period.
Original article →1) Owner and title papers 2) Zoning allows your use 3) Available power and water 4) Road width and truck turning 5) Environmental consent for your industry. We arrange Indian lawyer review and Korean translation.
An EC is the official record of registered sales and mortgages on a property. Buyers usually pull 13 to 30 years to trace ownership. In Karnataka (Bengaluru) it's issued on the Kaveri Online Services portal.
Original article →Leases must carry state stamp duty. An under-stamped agreement can be impounded, with a penalty of up to ten times the shortfall. In Maharashtra (Mumbai, Pune) it's 0.25% of total rent for the term, and deposits count too.
Original article →Office, warehouse and factory rent carries 18% GST. A registered landlord charges it; if the landlord isn't registered, a GST-registered tenant pays it under reverse charge. Check whether quotes include GST.
Original article →Agents and online platforms that broker property sales must register with each state's RERA, renewed every five years. Make sure your broker's RERA number is in the agreement.
Original article →Commercial deposits in India usually run 2–6 months' rent, often interest-free. Year-to-year commercial leases need a registered deed, and both deposit and annual rent count toward stamp duty.
Original article →Under India's Registration Act 1908, leases longer than one year must be registered. That is why 11-month agreements are common for homes. Multi-year factory and warehouse leases should be registered with stamp duty paid; rates differ by state.
Original article →A foreign company's branch office in India may buy property for its own business; a liaison office may not. Leases of up to five years need no extra approval. Companies from some countries, including China and Hong Kong, need prior RBI approval.
Original article →India has no public service that lists commercial property accurately, so we combine three sources and label every listing.
Parks and allotment plots from state agencies such as SIPCOT, KIADB and MIDC, and the India Industrial Land Bank.
Reports from Knight Frank, JLL and Cushman & Wakefield to check rents.
We summarise listings posted by local brokers and owners on Indian property portals; ones we've checked and added ourselves carry "Verified on site".
Total lease cost, purchase cost, area and rate conversion, and a pre-signing checklist in one place.
Results are indicative. Actual amounts depend on terms, state rates and tax treatment — confirm with us before signing.
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It depends on the entity. A branch office may buy property for its own business; a liaison office may not. An Indian subsidiary can buy like any Indian company. Companies from some countries, including China, Hong Kong and Pakistan, need prior RBI approval.
Source: RBI — FAQ on branch and liaison officesBranch, liaison and project offices of foreign companies may lease for up to five years without extra approval. Because the contracting party, tax and bank account are linked, plan it together with company setup — we handle both.
Source: RBI — FAQ on branch and liaison officesTwo: (1) above ₹50,000 a month the tenant withholds 10% TDS (2% for plant and machinery); (2) commercial rent carries 18% GST. Check whether quotes include GST.
Source: ClearTax — Section 194-I TDS on rentGrade A averages (₹/sq ft/month): Mumbai 178.7, Delhi NCR 105, Bengaluru 100.6, Hyderabad 98.1, Pune 92.2, Chennai 74.5, Ahmedabad 51.6 (C&W Q3 2026 for Mumbai, Hyderabad, Pune, Ahmedabad; Knight Frank Q1 2026 for the rest). Within Mumbai, BKC is 379 and Thane 89.
Source: Cushman & Wakefield — Mumbai office Q3 2026It's negotiated. Recent deals show offices at 3–12 months' rent and warehouses at 2–6 months: ExxonMobil Bengaluru about 3 months, Charles Schwab Hyderabad about 7, McKinsey BKC about 12, Mahindra's Pune warehouse about 2. Write refund timing and deductions clearly into the lease.
Source: Channel IAM — ExxonMobil leases ITPB Whitefield (9 Jul 2026)Leases over a year must be registered, with stamp duty and fees, so homes often use 11-month agreements. Multi-year factory, warehouse and office leases should be registered; unregistered ones are weak in disputes.
Source: Housing.com — is registering an 11-month lease mandatory?It follows the escalation clause. Bengaluru warehouses, for example, usually run 5–9 years with 15% every three years. Also check for a lock-in period.
Source: Enosh Infra — Bengaluru warehouse rents (Jul 2026)Agents and platforms brokering sales must register with each state's RERA. Check the RERA number in the agreement and verify it on the state RERA website. Registration is per state and renewed every five years.
Source: IncorpX — RERA agent registrationFive things: title and encumbrances; zoning for your industry; available power (kVA) and water; road width and truck turning; environmental consent. We arrange Indian lawyer review and Korean translation.
SIPCOT (Tamil Nadu) applications are online with a ₹10,000/acre deposit and ₹10,000 fee plus GST; foreign investors add FDI papers and get a decision within 60 days. It's a conditional allotment, not freehold. Other states have their own agencies such as KIADB (Karnataka) and MIDC (Maharashtra).
Source: Verified Real Estate — SIPCOT allotment explainedPer Cushman & Wakefield, H1 2026 industrial and logistics leasing was led by Delhi NCR (8.7M sq ft), Chennai (6.1M) and Pune (5.9M). Chennai set a half-year industrial record and Pune grew 33%.
Source: Cushman & Wakefield — H1 2026 industrial & logisticsBengaluru is India's largest office market with 25% of leasing in Jan–Sep 2026. Hyderabad is second at 13.1M sq ft, with Q3 up 92% year on year.
Source: Business Standard · Knight Frank — office 9M 2026We prioritise homes near schools, hospitals and malls, shortlist apartments, villas or houses (furnished or not), review and translate the lease, and help with utilities, internet and bank accounts. Rent above ₹50,000 a month triggers TDS.
Not necessarily. We run video site tours and handle documents and negotiation locally. For large deals such as factories, we recommend one visit before deciding.
The first consultation is free, and we send a shortlist within three business days. Fees depend on the deal type and scope and are explained during consultation.
Recurring extras such as CAM, power infrastructure recovery, insurance and municipal levies typically add 20–35% to quoted rent. One-time costs are the deposit, stamp duty and registration, and your fit-out. Commercial rent also carries 18% GST.
Source: Verified Real Estate — warehouse lease economics, ChennaiYes, on larger deals. SMBC got nine rent-free months on a five-year BKC lease, and Amazon got 24 months spread over a 17-year Powai land lease. Ask for at least your fit-out period; bigger and longer deals get more.
Source: TradingView — SMBC leases BKC office (Oct 2026)Carpet is the usable area inside the walls; built-up adds walls and balconies; super built-up adds your share of common areas. Loading runs 40–45% in Mumbai and 35–41% in Bengaluru and NCR, so 10,000 sq ft super built-up may be about 6,000 usable. Check which area the rent is quoted on.
Source: Peerless — carpet vs built-up vs super built-up (27 May 2026)1 lakh = 100,000 and 1 crore = 10 million rupees (100 lakh). 1 sq m ≈ 10.76 sq ft; 1 acre = 43,560 sq ft (≈4,047 sq m). Government plot rates are usually ₹/sq m, rents ₹/sq ft/month, and large land prices crore per acre.
In ₹/sq ft/month: Bhiwandi (Mumbai) 23, Chakan (Pune) 28 (factories 31), Sanand (Ahmedabad) 23–26, Medchal (Hyderabad) 23, Manesar (NCR) 22–38. Eicher signed at 21.06 in Sriperumbudur, Chennai this year. See each city page for more.
Source: Cushman & Wakefield — Mumbai industrial H1 2026Ground-floor rents (₹/sq ft/month): Khan Market, Delhi 1,700–1,800; Galleria, Gurugram 1,250–1,350; Linking Road, Mumbai 1,175; Commercial Street, Bengaluru 430; JM Road, Pune 420; Sindhu Bhavan Road, Ahmedabad 273; Jubilee Hills, Hyderabad 250; Anna Nagar, Chennai 210.
Source: Outlook Business · Cushman & Wakefield — Delhi NCR high-street rents (Q2 2026)Offices usually run 3–10 years: ExxonMobil Bengaluru 3, Charles Schwab Hyderabad 5, IBM Gurugram 10, and IndiQube signed 15 in Chennai. Warehouses and factories commonly run 3–9 years, longer for build-to-suit.
Source: Channel IAM — ExxonMobil leases ITPB Whitefield (9 Jul 2026)During the lock-in you owe rent even if you leave. Infosys took a three-year lock-in on a ten-year GIFT City lease. Build-to-suit deals lock in longer to repay the landlord's capex. Keep it short if plans may change, and fix the notice period.
Source: The Realty Today — Infosys 10-year lease in GIFT City (Jun 2025)Yes. HSBC sub-leased about 200,000 sq ft in Gachibowli from a flex operator this year. The head lease must allow it and you need the landlord's consent; your sub-lease ends with the head lease.
Source: Constro Facilitator — HSBC sub-leases in Gachibowli (10 Jul 2026)It depends on the contracting party. If an Indian subsidiary or branch signs, pay from its Indian account and handle TDS and GST locally. Direct leases by foreign companies are limited (e.g. up to five years), so decide this alongside company setup with your accountant.
Source: RBI — FAQ on branch and liaison officesIt varies by state. Stamp duty plus registration is about 6.5% in Maharashtra (Mumbai, Pune), 12% in Tamil Nadu (Chennai, the highest) and 4% in Delhi; commercial property generally runs 7–9%. We reconfirm current rates before you sign.
Source: TaxGarden — state-wise stamp duty on purchase (31 Aug 2026)Yes. If the price is ₹50 lakh or more, the buyer withholds 1% and pays it to the tax department (now section 393 of the new Act from April 2026, same rate). If the seller is non-resident, section 195 applies and the rate can be much higher.
Source: TDSMan — TDS on purchase of property (12 May 2026)A foreign national who becomes resident in India under FEMA (living here for work) can buy. Non-resident foreigners generally cannot, though they may lease for up to five years. Citizens of some countries, including China and Pakistan, need RBI approval; Korea isn't on that list.
Source: Verified Real Estate — RBI property rules for foreigners and NRIs (15 Oct 2025)We don't recommend it. Foreigners and NRIs can't buy agricultural, plantation or farmhouse land, and Indian companies face state limits and slow conversion to non-agricultural use. Industrial parks or already-converted land are faster and safer.
Source: Verified Real Estate — RBI property rules for foreigners and NRIs (15 Oct 2025)Ask for the Occupancy Certificate, the civic authority's confirmation that the building matches approved plans and passed fire and structural checks. Without it, utilities may not be legal, insurance claims can be refused and you risk eviction; corporate audits often ask for it.
Source: Brigade — occupancy certificate for offices (19 Feb 2026)Yes, but first confirm the project is registered with the state RERA, where you can check progress, completion date and approvals. Brokers also need RERA numbers. Delays are common, so add delay compensation to the agreement.
Source: IncorpX — RERA agent registrationMIDC requires building approval within a year of possession and completion within 2–5 years depending on plot size and area class. Extensions cost up to 25–40% of the prevailing rate per year, and MIDC can resume the plot after the last one. Other states have similar rules.
Source: ASCC — MIDC development period and extensions (2020)Government parks come with roads, power and water at below-market rates, but allotments are conditional and take months. Private land is faster and less restrictive, but you must verify title, zoning and infrastructure yourself. First-time entrants often start with government parks.
Yes. In H1 2026 industrial land rose 26–29% in Pune, about 12% in Hyderabad and 9–15% in Ahmedabad; TTC and Taloja near Mumbai rose 15–20%. If you plan to expand, consider securing extra land early.
Source: Cushman & Wakefield — Pune industrial H1 2026HSIIDC runs e-auctions on hsiidc.bidx.in. Register and pay an EMD of 5% of the reserve price, then bid online. You need a valid PAN, and companies still under incorporation are excluded, so set up the Indian entity first.
Source: eAuctionsIndia — HSIIDC industrial plot e-auctions (Oct 2026)GIDC's FY2026-27 rates: Sanand-II (Bol) ₹6,070/sq m, Khoraj ₹6,210 (tentative), the Japanese zone at Mandal ₹4,260. Private industrial land in Sanand trades at about ₹2.8–4 crore an acre.
Source: GIDC — allotment prices FY2026-27Near Ahmedabad, Bavla and Sanand saw industrial leasing driven entirely by high-tech and semiconductor makers this year. Hyderabad has Fab City, and TGIIC is planning a dedicated semiconductor park at Thimmapur. We compare power and water once you shortlist.
Source: Cushman & Wakefield — Ahmedabad industrial H1 2026Chennai, home to Hyundai and Samsung plants, has the most Korean suppliers. Hyundai also started its Talegaon (Pune) plant in 2025 and announced another $15.5 billion of investment through 2032. Offices cluster in Delhi NCR (Gurugram) and Bengaluru.
Source: Business Today — Hyundai's $15.5bn India plan (13 Oct 2026)Rents vary hugely: Grade A BKC 379 and Worli 357 versus Thane 89, Thane-Belapur Road 78 and Vashi 106. Many firms keep a small client-facing office in BKC and staff in Thane or Navi Mumbai.
Source: Cushman & Wakefield — Mumbai office Q3 2026It's a good option. CBRE says flex operators became the largest driver of Indian office demand this year. Many companies start in flexible, furnished space with short terms and move to a conventional lease as headcount grows.
Source: NewKerala · CBRE — record Jan–Sep office leasing (1 Oct 2026)Jan–Sep office leasing rose 50% in Hyderabad and fell 26% in Bengaluru (off a high base). Rents are similar: Grade A averages of 98.1 and 100.6. Bengaluru has the deeper talent pool; Hyderabad has more new supply and active state support.
Source: The Hans India · Knight Frank — Hyderabad vs Bengaluru (17 Oct 2026)AI answers are based on information researched by Adullam. For important legal, tax, HR and other decisions, please always confirm with a specialist.
Questions and answers are kept for 90 days and are sent to an AI provider outside Korea (Anthropic, USA) to generate answers. Please do not enter personal details such as names or phone numbers. Privacy Policy