Delhi-NCR posts 11.3 mn sq ft office leasing in 2025, ranks third; While residential sales level off in H2: Knight Frank India

New Delhi : Knight Frank India, in its latest report India Real Estate: Office and Residential Market, July–December 2025 (H2 2025), notes that the NCR real estate market continued to demonstrate resilience in H2 2025. While office leasing plateaued marginally from the exceptional highs of the previous year, the region retained its position as India’s second-largest office market in terms of total stock, after Bengaluru. The residential sector, meanwhile, entered a phase of measured normalisation after three consecutive years of elevated activity, supported by end-user activity and sustained by premiumisation and firm price growth.

In 2025, NCR recorded its second-highest annual gross office leasing of 11.3 mn sq ft. Though it was an 11% YoY decline from the previous year’s peak, the performance firmly positions the region above long-term averages. In fact, NCR still accounted for 13% of India’s total office leasing during the year, reinforcing its status as one of the country’s most dynamic and liquid office markets.

Office leasing in H2 2025 also stood at 4.1 mn sq ft, reflecting a YoY decline of 42% owing to a strong base effect and limited availability of ready Grade A supply during parts of the year. Office completions in NCR reached 9.6 mn sq ft in 2025, a 71% YoY increase and the highest level since 2019. In H2 2025 alone, completions rose 108% YoY to 5.5 mn sq ft, led by market-leading developers across Gurugram and Noida.