Brookfield Announces $1 Billion Investment for Asia’s Largest GCC in Mumbai

MUMBAI: Brookfield Asset Management, the largest commercial real estate owner/operator in the country with assets over $12 billion, is making a significant $1 billion investment to construct Asia’s largest global capability centre (GCC) in the prestigious Powai area of Mumbai.

The 2-million sqft campus will be developed on a six-acre plot in Powai, known for its world-renowned educational institutions such as IIT Bombay. The project is scheduled for completion by 2029 and is expected to create over 30,000 high-skilled jobs. The facility will house a multinational bank's GCC under a 20-year lease agreement.

The proposed GCC is being developed through a partnership between the Mumbai Metropolitan Region Development Authority (MMRDA) and a venture led by Brookfield, in collaboration with its partner BS Sharma. This development aligns with Maharashtra’s GCC policy, which was announced earlier this year and is valid until 2029-30. The policy aims to attract 400 GCCs, create over 400,000 jobs, and secure incremental investments worth Rs 50,600 crore by offering incentives such as land, capital subsidies, and reimbursements.

Brookfield’s investment reflects the strong confidence global businesses have in Maharashtra and Mumbai’s pro-investment environment, which is supported by the state’s focus on infrastructure, ease of doing business, and talent development. The project will be built to market-leading sustainability standards, with a commitment to sourcing 100% green power, further solidifying Mumbai’s position as a premier hub for GCCs.

Last year, Brookfield completed a similar build-to-suit tower in Pune for the GCC of a large financial services company. In Mumbai alone, Brookfield owns real estate projects worth over $4 billion. The company is one of the largest office owners/operators in the country, with a portfolio of around 55 million sq. ft. across seven cities, including 29.1 million sq. ft. of grade-A office space through the Brookfield India Reit, the first Reit to go public with an IPO.

In May of this year, Brookfield announced plans to triple its investment to $100 billion within five years in India, having already invested $12 billion in infrastructure assets like gas pipelines, telecom towers, and data centers; $12 billion in real estate, including offices and hotels; and $3 billion in clean-energy projects. Following this, the company signed an agreement with the MMRDA to bring in $12 billion in investment in the Mumbai region. In June, it acquired a 2.1-acre land parcel in the upscale BKC area to develop a grade-A mixed-use property.

Ankur Gupta, head of Asia Pacific and Middle East for real estate at Brookfield, emphasized that the scale of this project validates Maharashtra’s leadership position as a GCC hub for large multinational companies. Property consultancy firm Anarock reports that the average office rent in Powai ranges from Rs 110-180 per sq. ft. per month. Over the past few years, GCCs have been a significant driver of office demand across the country.

According to Savills India, GCCs leased 112 million sq. ft. of office space between 2020 and 2024, with Mumbai (8%) and Pune (14%) together accounting for 22% of this demand. During the same period, Mumbai saw the highest office leasing by GCCs in the banking, financial services, and insurance (BFSI) sector, despite Bengaluru having the deepest BFSI talent pool. The country is projected to see 180 million sq. ft. of office absorption through GCCs during 2025-30.