Delhi-NCR has cemented its position as the strongest performer in India’s rental housing market, even as the broader national market shows clear signs of cooling after three consecutive quarters of heightened activity.
According to the Magicbricks’ Rental Index for the July–September 2025 (JAS ’25) quarter reports, Greater Noida led the country with a striking 29.5% quarter-on-quarter (QoQ) surge in rental demand, followed by Delhi at 17.8% and Noida at 10.8%.
This sharp rise comes at a time when nationwide rental demand grew only 0.2% QoQ and 0.4% year-on-year (YoY), while supply increased 0.6% QoQ and 5.9% YoY, indicating a gradual rebalancing of the market.
Despite the moderation in overall activity, rents continued to rise across India.
Average rents climbed 4.4% QoQ and a substantial 18.1% YoY, reflecting sustained demand for mid-sized, well-connected homes.
Thane posted the steepest rise in rents at 12.5% QoQ, while Chennai (6.7%), Mumbai (4.9%), and Delhi (4.5%) also recorded notable increases. Delhi’s strong performance was further supported by a robust 17.6% QoQ jump in supply, the highest among major markets.
Speaking on the report, Magicbricks CMO Prasun Kumar said the contrasting national and NCR trends point to a market gradually returning to equilibrium.
He noted that infrastructure upgrades, improved connectivity, and a steady flow of mid-sized homes continue to power NCR’s momentum, even as most other markets witness moderate rent growth.
The stabilisation in rents, he added, reflects a healthier balance between supply and demand.
Tenant preferences across the country remained largely consistent during the quarter. Two-bedroom homes (2BHKs) accounted for 44% of demand, followed by 1BHKs at 32%. Semi-furnished units continued to dominate both demand (51%) and supply (54%).
Homes sized between 500 and 1,500 sq. ft. drew the most interest, capturing 77% of tenant activity.
These patterns align strongly with NCR’s growing mid-income housing supply, particularly in fast-developing hubs such as Greater Noida and Noida Extension.