NCR Warehouse Rents Up 49% Since 2021 as Region Leads Absorption

What ANAROCK's data shows

ANAROCK Research & Advisory's data, released on 4 November 2026, covers warehousing in India's top eight cities. Net absorption across those cities rose 16.2% year on year to 49.5 million sq ft. Cumulative net absorption from 2021 to 9M 2026 reached about 266.5 million sq ft.

NCR has the largest share of that cumulative absorption at 21.8%. Mumbai Metropolitan Region (MMR) follows at 18.5% and Pune at 17.4%. Pune has overtaken Bengaluru, which accounted for 15.1%, to become the third-largest warehousing market by cumulative absorption. NCR, MMR and Pune together account for nearly 58% of cumulative absorption across the eight cities.

Rent growth in NCR

NCR's average warehousing rent rose from ₹22.2 per sq ft per month in 2021 to ₹33 per sq ft per month in Q3 2026, a 49% increase over the period. ANAROCK's data shows that the increase came mostly after 2023. Rents grew by about 3% between 2021 and 2023, then by about 44% from 2023 to Q3 2026.

The 49% figure measures the rise from 2021. The 44% figure measures the rise from 2023. The two should not be combined.

Among the eight markets, ANAROCK reports the following rent gains since 2021: MMR 31%, Hyderabad 31%, Bengaluru 30%, Chennai 19%, Pune 17%. NCR's 49% is the highest of the group.

Peush Jain, Managing Director – Commercial Leasing & Advisory at ANAROCK Group, said: "Among the cities, NCR recorded the sharpest rental appreciation among the top 8 cities." He also said the figures are encouraging, but that India's warehousing growth remains concentrated in just a few markets.

Vacancy and demand mix

NCR's vacancy in Q3 2026 was 7.3%. ANAROCK's vacancy figures for the eight cities in Q3 2026 were Pune 6.8%, Chennai 7.1%, Kolkata 7.1%, NCR 7.3%, MMR 7.6%, Hyderabad 9.2%, Ahmedabad 11.0% and Bengaluru 11.5%. National vacancy was 7.9% as of 9M 2026.

In NCR, the top three sectors by share of city demand are 3PL at 26%, manufacturing at 17% and retail at 13%, according to ANAROCK's table.

Farukh Nagar and the NH-48 corridor

Farukh Nagar and the NH-48 corridor are named Delhi-NCR warehousing clusters. Colliers puts Grade A stock at 31.5 million sq ft in Farukh Nagar and 26.6 million sq ft in the NH-48 cluster. Colliers says the two clusters have seen close to 30% growth in average rentals over the last five years, with rents of ₹21 to ₹28 per sq ft per month.

Colliers reports that Farukh Nagar and NH-48 together accounted for nearly one-third of its year-to-date leasing in January to September 2026. Colliers' figures use a different method from ANAROCK's and are not directly comparable with them.

Connectivity to the Kundli-Manesar-Palwal (KMP) Expressway and IMT Manesar is cited in developer listing material for the area.

What it means for occupiers and investors

For occupiers, rising NCR rents increase costs in the market with the largest share of absorption. ANAROCK's data shows Pune, which has the lowest vacancy among the eight markets, recorded the slowest rental appreciation of the group. Occupiers therefore face different cost trends depending on the city.

For investors, ANAROCK describes NCR as the standout market for rental appreciation. Pune combines a large share of absorption with the lowest vacancy. The two markets show different patterns of growth in rents and occupancy.

Other consultants' figures

Other consultants publish NCR warehousing data using different methods. Colliers reports Delhi-NCR demand of 3.4 million sq ft in Q3 2026. Vestian reports NCR absorption of 1.27 million sq ft in the same quarter, up 3% quarter on quarter. Colliers also reports vacancy of 16% at the end of Q3 across its eight leading markets. These measures differ in method and scope from ANAROCK's and should not be merged with them.

What comes next

ANAROCK's release did not set out dated next steps. Colliers projects rents to firm up by 5% to 10% a year across most high-activity clusters, and expects total Grade A stock to grow by nearly 28% a year until 2029.

Separately, Anarock Capital has closed the sale of a 41-acre land parcel on the Ballabhgarh-Sohna highway in NCR. The parcel is to be developed into about 1 million sq ft of Grade A warehousing.