As the BFSI sector witnesses a surge in demand for office spaces, the Delhi-NCR has emerged as a competitive commercial real estate hub, showing rapid growth driven by the BFSI, IT, and tech sectors. The region’s appeal lies in its strategic location, connecting North India with global business markets, and its evolving infrastructure, including major metro lines and expressways. Until the third quarter of 2024, office leasing in the BFSI sector accounted for 16.4% of the 53.4 million sq ft total gross leasing across the country’s top seven cities, including Mumbai, Delhi NCR, Kolkata, Bengaluru, Chennai, Hyderabad and Pune.
According to the JLL’s report, Delhi-NCR offers an 18% share of domestic and a 17% share of international BFSI companies’ leasing space. The report also showed that the global players have been at the forefront of this expansion, dominating over 65% of the BFSI sector’s activity in India. On average, these international entities have accounted for two-thirds of all office space leased by the sector over the past six years.
Moreover, the BFSI sector has significantly shaped commercial leasing trends in Delhi-NCR, where companies increasingly favor prime locations like Gurugram and Noida. These areas offer high-end office spaces tailored for financial and tech-driven firms seeking well-equipped, accessible work environments.
Harsh Gupta, CEO Sundream Group, says, “Gurugram stands out as a destination for companies that prioritize advanced, modern infrastructure. The BFSI sector especially values Gurugram’s premium office spaces, which come with high-grade facilities, proximity to corporate headquarters, and a tech-driven ecosystem. With high-profile amenities and a reputation for business-centric environments, Gurugram is well-equipped to meet the high standards set by BFSI firms. This focus on quality and convenience makes it an attractive option for organizations seeking premium locations that cater to global business standards.”
Sandeep Chhillar, Founder and Chairman, Landmark Group says, “The BFSI sector is flourishing India’s economic growth, driving innovation and digital transformation. As the sector evolves, we anticipate robust demand for office spaces that can support innovation, attract top talent, and meet evolving consumer demand in Delhi-NCR. This demand suggests a strong focus on quality and location, underscoring Delhi-NCR’s role as a prime destination for high-end commercial real estate.”
The report further highlights how the sector is on a robust growth trajectory, driven by rapid technological advancements, talent availability and evolving market dynamics. The sector’s share in office leasing has increased from an average of approximately 11% in the 2017-2019 period to 17-18% over the last few years.
Harinder Singh Hora, Founder Chairman, Reach Group said, “Delhi-NCR continues to be a competitive player in India’s commercial real estate landscape, even with strong leasing activity in other metros. In Gurugram, we’re seeing a consistent demand from multinational BFSI companies and true world players who recognize the strategic benefits of setting up in the region. Unlike other markets that may fluctuate, Delhi-NCR offers stability and resilience. This makes it particularly attractive for BFSI clients who prioritize long-term investment in spaces with robust infrastructure and an established business community.”
Sunil Kumar Jindal, Chief Executive Officer & Director ManSan Group says, “Delhi-NCR’s connectivity with neighboring states like Uttar Pradesh gives it a unique competitive edge. BFSI firms are increasingly drawn to Noida, which combines affordability with accessibility. It offers a balanced proposition of lower lease costs and seamless transit options, making it ideal for companies looking to optimize operations without compromising location. As connectivity grows, Noida continues to attract businesses that value both economy and reach, positioning it as a focal point for BFSI sector leasing in the region.”
Therefore, the BFSI sector has firmly established Delhi-NCR as a prominent commercial real estate hub, contributing significantly to the region’s office leasing demand. As the sector grows, driven by global players and supported by the region’s improved infrastructure and strategic location, prime areas like Gurugram and Noida continue to thrive.
