Brookfield to Develop Asia’s Largest GCC in Mumbai’s Powai, Housing Major Multinational Bank

Brookfield, a leading alternative investment firm, has announced its plans to invest up to $1 billion in the development of Asia’s largest global capability centre (GCC) in Mumbai’s Powai suburb. The project, which is set to span a leasable area of 2 million square feet, is expected to be completed by 2029. A large multinational bank will occupy the building, although the specific bank has not been identified.

The six-acre land parcel for the project is being developed by a Brookfield venture in partnership with BS Sharma, under an agreement with the Mumbai Metropolitan Region Development Authority (MMRDA). The GCC is anticipated to create more than 30,000 jobs, significantly boosting the local economy and reinforcing Mumbai’s status as India’s financial capital.

Ankur Gupta, Brookfield's deputy chief investment officer and head of Asia-Pacific and Middle East, real estate, emphasized the importance of this project. “The scale of this project validates Maharashtra’s leadership position as a GCC hub for large multinational corporates. This announcement reinforces our commitment to Mumbai as India’s financial capital where we now own over $4 billion of real estate projects, and aligns with our philosophy to create high-quality, sustainable workplaces with best-in-class specifications,” he stated.

Brookfield has already signed a pact with MMRDA to bring around $12 billion worth of investments into the Mumbai metropolitan region. Earlier this year, the firm acquired a 2.1-acre land parcel at Bandra Kurla Complex, the city's pre-eminent financial district, to create a mixed-use property. This strategic move underscores Brookfield’s commitment to developing sustainable and high-quality real estate in key locations.

Maharashtra's Chief Minister Devendra Fadnavis, who recently met with key Brookfield executives to discuss investments in the state, highlighted the significance of the new project. “Developments such as these reflect the growing confidence in Maharashtra’s trajectory, and we remain committed to ensuring that global enterprises find a stable, future-ready ecosystem as they expand their presence here,” Fadnavis said. The state is also formulating a new GCC policy to attract more firms to set up strategic facilities in the region.

Beyond Mumbai, Brookfield has built and commissioned a similar built-to-suit facility in Pune for Mastercard, which is used as a GCC. This project further solidifies Brookfield’s presence in the Indian real estate market. At the group level and through its real estate investment trust, the Brookfield India Real Estate Trust, Brookfield owns significant office and mixed-use assets in Mumbai, including at Powai, where it acquired most of the Hiranandani Group’s office and retail assets in 2016 for $1 billion.

The development of this GCC is a testament to the strong partnership between Brookfield and the local authorities, and it is expected to contribute significantly to the economic growth and development of the region.