India's GCCs Set to Surpass 2,400 by 2030: Commercial Real Estate Booming
India's Global Capability Centres (GCCs) are on track to surpass 2,400 by 2030, employing more than 2.8 million professionals. According to the FICCI-ANAROCK report 'Workplaces 2025: India Commercial Real Estate Reimagined,' GCCs now account for over 40% of total gross office leasing across India's top seven cities, solidifying their role as structural anchors of the country's property market.
As of the end of 2024, India was home to over 1,700 GCCs, employing more than 1.9 million professionals. The sector's market size has more than doubled from USD 30 billion in 2019 to approximately USD 64 billion in 2024, with projections indicating growth to USD 105-110 billion by 2030 at a compound annual growth rate of 10%.
The expansion is driven by sustained demand from IT-ITeS, banking and financial services, healthcare and life sciences, and engineering research and development sectors, along with India's cost efficiency and deep talent pools. Bengaluru continues to dominate India's GCC landscape, hosting more than 875 centres, representing 29% of the national total. The city captured over one-third of India's GCC leasing in 2025, followed by Pune at 15%, with Delhi-NCR and Hyderabad each accounting for 14%.
The report also highlights the structural transformation underway in India's Real Estate Investment Trust (REIT) segment. With five listed REITs commanding a market capitalisation of nearly USD 18 billion, the sector has democratised property investment for retail participants. However, REITs currently represent just 20% of institutional real estate, significantly below mature markets such as the United States, Singapore, and Japan.
Of the approximately 520 million square feet of REIT-worthy office stock, only 165 million square feet is presently listed, indicating substantial headroom for institutionalisation. The report projects REIT penetration could rise to 25-30% by 2030, driven by diversification into data centres, logistics parks, and retail assets.
Foreign direct investment (FDI) inflows rose to a provisional USD 81.04 billion in FY 2024-25, marking a 14% increase from the previous year and underscoring India's continued appeal as a preferred investment destination. With favourable government policies, proactive state-level GCC frameworks, and office demand increasingly diversified across co-working, BFSI, consultancy, and manufacturing sectors, the outlook for India's commercial real estate market remains decidedly positive.
