Mumbai Dominates Commercial Rental Market with GCCs Driving Demand
Mumbai's commercial rental rates have surged to Rs 168 per sq ft per month, driven by the growth of Global Capability Centres (GCCs) and the city's strategic locations like Bandra Kurla Complex, Lower Parel, and Andheri East.
Commercial Rental RatesGlobal Capability CentresMumbaiReal EstateOffice SpaceReal Estate NewsMay 23, 2025
Bandra Kurla Complex, Lower Parel, and Andheri East are the most sought-after locations in the Mumbai Metropolitan Region (MMR). These areas are attracting top financing companies, startups, and IT/ITeS firms, making them prime locations for commercial real estate.
Delhi NCR, the second costliest region for office space, has witnessed a 17 percent increase in commercial rental rates. In 2023, the rental rates in the region were Rs 94 per sq ft per month, which increased to Rs 101 in 2024 and Rs 110 in 2025.
Bengaluru, the center of India’s startup industry, has seen commercial rental rates of Rs 95 per sq ft per month in 2025. The rates have increased by Rs 3 per sq ft in the past year, from Rs 88 per month in 2023.
Among the metro cities, Hyderabad has seen the highest growth in rental rates, with a 9.9 percent annual increase. The commercial rental rates in Hyderabad are Rs 72 per sq ft per month. Pune and Chennai have rental rates of Rs 80 and Rs 72 per sq ft per month, respectively.
In recent years, there has been significant growth in the number of Global Capability Centres (GCCs) in India. The number of GCCs is expected to reach 1800 units by the end of this year, employing 21 lakh professionals. Peush Jain, MD - Commercial Leasing & Advisory, ANAROCK Group, notes that in Q1 of 2025, GCCs rented about 8.35 million sq ft of commercial space in the country. Over the past couple of years, GCCs have accounted for 37 percent of all office space leasing in India.
Currently, Bengaluru has the highest share of GCCs in India, housing about 30 percent of the total. However, Hyderabad is emerging as a strong contender, with its share increasing to 19 percent in 2025 from 14 percent in 2020. In contrast, Bengaluru’s share has dropped by 5 percent over the last five years. Mumbai houses 12 percent of the total GCCs in India, while Delhi is home to 15 percent.
Frequently Asked Questions
What are the highest commercial rental rates in Mumbai?
The highest commercial rental rates in Mumbai are Rs 168 per square foot per month.
Which areas in Mumbai are most sought-after for commercial space?
Bandra Kurla Complex, Lower Parel, and Andheri East are the most sought-after areas in Mumbai for commercial space.
How much have commercial rental rates increased in Delhi NCR?
Commercial rental rates in Delhi NCR have increased by 17 percent, from Rs 94 per sq ft in 2023 to Rs 110 per sq ft in 2025.
What is the current share of GCCs in Bengaluru and Hyderabad?
Bengaluru currently houses about 30 percent of the total GCCs in India, while Hyderabad has a 19 percent share.
How many GCCs are expected to be in India by the end of this year?
The number of GCCs in India is expected to reach 1800 units by the end of this year.
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