STT GDC Noida 2 is 22 MW and labelled under construction. No start date, no completion date, no rack count, no PUE. It is 5.5 times the entire Mumbai city portfolio the same company operates, and it is 6.7% of the counted Noida market on its own — a market that counts 326 MW across every operator. That combination is the problem with the Noida pipeline in one building: it is big enough to move prices, and it has no date attached to it.
1At a glance
2Twenty-two megawatts is a market event
Noida is a large submarket with a handful of big records. A 22 MW building arriving into it moves the total by a visible amount.
| Measure | Figure | Reads as |
|---|---|---|
| Counted Noida market | 326 MW | every operator, every record |
| This building | 22 MW | 6.7% of the market in one delivery |
| STT’s counted share today | 0 MW | the operator is invisible in the count |
| STT’s share once both buildings open | 45 MW | 13.8% of the market, from a standing start |
| Mumbai city portfolio, for scale | 14 MW | smaller than this one building |
Two STT buildings opening in Noida would give the company nearly 14% of the counted market from nothing. That is the shape of the Indian market: a single delivery cycle reorders the league table.
It also means the counted number is a lagging indicator by construction. The buildings that will define 2028 supply are already designed and mostly already funded, and none of them are in the count.
3What an undated pipeline does to pricing
An undated 22 MW is not neutral information. It changes behaviour even before it changes supply.
| Player | Reading of an undated 22 MW | Behaviour |
|---|---|---|
| Incumbent operators | future supply is coming, so do not over-commit on price | softer renewals, shorter terms |
| Large tenants | wait, or sign early at today’s price with an expansion option | split behaviour, which is why dates matter |
| Investors | pipeline is real, so the platform is worth more | capital keeps flowing in |
| New entrants | the market is filling, so differentiate on density | AI-ready positioning |
Because the date is unpublished, every player guesses differently, and the guesses do not cancel out. That is exactly the asymmetry this registry exists to remove — except here the operator has not published the fact that would remove it.
The practical advice for a tenant negotiating in Noida now: ask the incumbent to price a 2028 expansion before you sign, and treat an undated 22 MW as already committed.
4Procurement
5Limits and open questions
- No dates of any kind. The defining absence in this record.
- No basis, racks, floor area or PUE. Density cannot be computed.
- No construction detail. "Under construction" covers everything from site clearance to fit-out.
- Cannot be reconciled into its own headline. The three Noida cards overshoot the 63 MW portfolio figure by 4 MW.
- Single source. No directory corroborates the 22 MW.
- What would close it. A delivery date. One date turns this record from a risk into supply.
6Sources
Sources: STT GDC India Noida city page, STT GDC India facility pages for Noida, STT GDC India corporate site, and Indian market commentary on the Noida and Greater Noida data centre market.