From buzzing office towers in Gurugram to multi-crore luxury apartments in Delhi’s prime locations, NCR’s real estate market is scripting a tale of two booming segments. In the first half of 2025, the region not only recorded its highest-ever office leasing activity but also led the country in ultra-luxury home sales, according to a new report by Knight Frank India. Whether its global companies setting up shop or high-net-worth individuals snapping up Rs 50 crore homes, NCR is clearly where the action is.
NCR’s office market hits record 7.2 million sq ft
NCR’s office space leasing touched an all-time high of 7.2 million sq ft in H1 2025, up 27 per cent year-on-year. This makes NCR the second-largest commercial office market in the country, after Bengaluru.
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“With average deal sizes reaching 54,000 sq ft and Global Capability Centres now commanding 31 per cent of leasing activity, we’re witnessing a fundamental shift,” said Mudassir Zaidi, Executive Director – North, Knight Frank India.
The average commercial rate rose 8 per cent to Rs 93.5 per sq ft per month during the period, driven by strong demand and limited premium-grade supply.
Gurugram emerges as leasing hub; Noida loses share
Gurugram led NCR’s commercial real estate in H1 2025 with a 65 per cent share in total leasing—up 900 basis points from last year. Areas like NH-48, Udyog Vihar, and DLF Cyber City continued to attract large occupiers.
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Noida’s leasing share dropped from 41 per cent to 24 per cent due to limited new supply, while Delhi’s central and secondary business districts saw modest growth.
Global Capability Centres (GCCs) also expanded their footprint, growing from 11 per cent of leasing activity last year to 31 per cent in H1 2025.
NCR sees slowdown in home sales and new launches
On the residential side, NCR’s market is slowing down after several years of strong growth. New home launches dropped by 17 per cent to 25,233 units in H1 2025, while sales declined by 8 per cent to 26,795 units.
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