JP Morgan's Mega Lease in Powai: A Game-Changer for Mumbai's Real Estate

JP Morgan has signed a significant lease agreement for over 13 lakh sq ft of built-to-suit office space in Powai, Mumbai, with a total rental commitment of more than ₹5,200 crore. This deal ranks among India’s largest single-tenant office lease transactions, reflecting the company's long-term commitment to India's financial and technology ecosystem.

The office space, located at One Forest Avenue in Powai, is being developed by a Brookfield-backed special purpose vehicle (SPV). Once completed, it will house JP Morgan’s largest Global Capability Centre (GCC) in Asia. The lease agreement has a 20-year structure, with an initial 10-year term and a starting monthly rent of around ₹39 crore, which equates to approximately ₹300 per square foot. The annual rent will escalate by 4.5%, ensuring financial stability and growth over the lease period.

JP Morgan paid a substantial security deposit of ₹468 crore, and the transaction attracted ₹125 crore in stamp duty, underscoring the financial significance of the deal. The registration of the lease was completed on December 24, 2025, with a registration fee of ₹30,000. The property will feature 19 floors, including the ground floor, and provide approximately 1,300 parking spots.

The deal is not just a testament to JP Morgan's confidence in India but also a boost to Mumbai’s status as a prime location for high-value office demand from multinational financial institutions. Brookfield Properties, a leading real estate investment, management, and development company, is behind the development. Brookfield’s holdings in India span around 55 million sq ft across seven cities, making it one of the biggest office platform businesses in the country.

The Powai development is being built on a six-acre site acquired by a Brookfield Asset Management–backed private real estate fund. The project is a result of an agreement between the Mumbai Metropolitan Region Development Authority (MMRDA) and a venture led by Brookfield in partnership with B S Sharma. The campus is expected to be completed around 2030, consolidating several of JP Morgan’s Mumbai operations into a single, state-of-the-art facility.

Brookfield’s broader investment plans in Maharashtra include a ₹9,000 crore investment to establish a large GCC facility in the state. The 2 million sq ft GCC campus in Powai is expected to become Asia’s largest GCC for a multinational bank, further solidifying Mumbai’s position as a financial hub.

JP Morgan has been actively participating in Mumbai’s commercial real estate market over the past year. Recently, the firm leased over 2.71 lakh sq ft in Powai’s One Downtown Central for a five-year term, with a total rental value of around ₹612 crore. The space was leased from CoWrks India, a managed workspace provider backed by Brookfield Properties. In another transaction, JP Morgan Services India Private Limited pre-leased 1.16 lakh sq ft in a commercial tower being developed by Goisu Realty, a subsidiary of Japan’s Sumitomo Realty & Development Company, in Bandra Kurla Complex (BKC). This deal involved a monthly rent of around ₹6.9 crore for a 10-year term.

Global capability centers (GCCs) have been a driving force behind office leasing in India, particularly in prime cities like Mumbai and Pune. According to data from Savills India, GCCs have leased around 112 million sq ft of office space in India over the past five years. Mumbai alone has accounted for about 8% of this demand, highlighting its role as a financial capital. Transactions like JP Morgan's Powai lease underscore the increasing prominence of India as a global center for high-value corporate operations.

Savills India’s report, 'Global Capability Centres: Enabling India’s Strategic Advantage,' projects that incremental GCC leasing in India will range from 120 to 246 million sq ft between 2025 and 2030, depending on the global business environment. The automotive, semiconductor, and life sciences sectors are expected to constitute 30% of the total estimated GCC leasing of 180 million sq ft in India during this period. This growth is driven by favorable factors such as India’s regulatory regime, abundant talent pool, cost efficiencies, and growing attractiveness for innovation and R&D hubs.

In conclusion, JP Morgan’s mega lease in Powai not only solidifies the company’s commitment to India but also highlights the strategic importance of Mumbai in the global financial landscape. The deal is a testament to the city’s ability to attract and retain major multinational corporations, further boosting its status as a premier business destination.