NCR defies nationwide rental slowdown; Greater Noida sees 29.5% surge

Several major cities, including Chennai, Bengaluru, Hyderabad, Pune and Mumbai, witnessed softer shifts with demand easing between -1.2% and -7.2% QoQ.

Delhi–NCR has emerged as the standout performer in India’s rental housing market, even as the broader market shows clear signs of cooling after three quarters of frenetic activity. According to Magicbricks’ Rental Index for the July–September 2025 (JAS ’25) quarter, Greater Noida led the country with a massive 29.5% quarter-on-quarter jump in rental demand, followed by strong traction in Delhi (+17.8% QoQ) and Noida (+10.8% QoQ).

 

The surge comes at a time when the national rental market has begun moderating, with tenant activity stabilising and supply gradually catching up. Across India, rental demand rose a modest 0.2% QoQ and 0.4% on year, while supply increased 0.6% QoQ and 5.9% YoY.

 

 

Rents continue to climb despite moderation

 

Even with slowing activity, average rents nationwide grew 4.4% QoQ and 18.1% YoY, underscoring sustained appetite for mid-sized, well-connected homes.

 

Among cities, Thane posted the sharpest QoQ increase at 12.5%, followed by:

 

• Chennai: +6.7%
• Mumbai: +4.9%
• Delhi: +4.5%

 

Delhi’s surge reflects both rising tenant inflows and a robust 17.6% QoQ jump in supply, the highest among all major markets.

 

“Balance Returning to the Market

 

Prasun Kumar, CMO at Magicbricks, said the contrasting trends point to a rental market that is readjusting after an unusually strong run.

 

“While the national rental market has begun to stabilise after several quarters of rapid growth, the continued momentum in NCR shows how infrastructure upgrades, better connectivity and a steady flow of mid-sized homes are sustaining tenant interest.

 

The moderation in rents across most cities signals a healthy shift toward balance, where supply is catching up with demand."

 

What Tenants Are Choosing: 2BHKs, Semi-Furnished, Mid-Sized Homes

 

Tenant preferences remained stable across the country:

 

2BHKs accounted for 44% of total demand

 

1BHKs accounted for 32%

 

Semi-furnished homes dominated, with 51% of demand and 54% of supply

 

Homes between 500–1,500 sq. ft. captured 77% of tenant interest

 

These trends align strongly with NCR’s fast-growing mid-income supply pipeline, particularly in Greater Noida and Noida Extension.