Maharashtra's GCC Policy to Boost Commercial Real Estate and Job Creation
Maharashtra's new Global Capability Centre (GCC) policy is poised to significantly enhance the office markets in Mumbai and Pune, attracting multinational corporations and creating 400,000 jobs by 2030. The policy offers fiscal incentives, infrastructure support, and skill development initiatives.
Gcc PolicyCommercial Real EstateJob CreationMumbaiPuneReal Estate MaharashtraOct 05, 2025
The policy is expected to spur fresh leasing demand of 25-30 million square feet over the next three to five years across the Mumbai region and Pune, driven by expansion and new entrants in the banking, financial services, technology, and engineering sectors, according to experts.
According to government data, India currently hosts over 1,600 GCCs employing more than 1.7 million professionals, with a substantial share accounted for by Mumbai and Pune. These two markets account for office stock of over 250 million square feet out of India’s total nearly 900 million square feet.
“Multinationals are increasingly viewing India as a strategic hub rather than just a cost centre. Maharashtra’s proactive policy will translate into higher office absorption across Mumbai, Pune, and emerging corridors like Thane, Navi Mumbai, and Nagpur. The focused push will not only attract new entrants but also drive large-scale expansions by existing players seeking to move up the value chain,” said Alok Aggarwal, MD & CEO of Brookfield India Real Estate Trust.
This is expected to create sustained demand for premium, tech-enabled office spaces, further deepening the institutionalisation of the commercial real estate market.
The new policy aims to attract more multinationals to set up GCCs through fiscal incentives, single-window clearances, and infrastructure support, while promoting skill development in partnership with academia and industry.
“Talent availability remains the biggest draw for GCCs. By integrating industry needs with academic curricula, Maharashtra can attract higher-end centres in product engineering, research, and digital transformation. The shift toward high-value GCCs is expected to translate into demand for large, high-quality office spaces in prime business districts and well-connected suburban corridors, driving fresh absorption and sustained rental growth,” said Abhay Chandak, Vice President of NAREDCO Maharashtra.
GCCs have emerged as a key driver of office space demand across India, accounting for nearly 40% of total annual leasing. In the first nine months of 2025 alone, GCC-led transactions have crossed 50 million square feet, an 8% increase from a year ago, underscoring their growing role in shaping the commercial real estate market.
The policy is likely to drive office space demand in the Mumbai Metropolitan Region (MMR), Pune, and tier-2 cities like Nagpur and Nashik. Pune, which already has a strong base of technology and R&D centres, is expected to be a key beneficiary. Mumbai, with its financial services strength, could see GCCs focusing on banking, capital markets, and fintech-related operations.
The state government has targeted the creation of around 400,000 jobs by 2030 through the GCC policy. It plans to roll out structured training and reskilling programmes focused on areas such as artificial intelligence, cybersecurity, data engineering, and design to align with GCC workforce requirements.
Frequently Asked Questions
What is the Global Capability Centre (GCC) policy?
The Global Capability Centre (GCC) policy is a government initiative designed to attract multinational corporations to set up captive centres in a region. It offers fiscal incentives, infrastructure support, and skill development programs to promote the establishment and expansion of these centres.
What are the expected benefits of the GCC policy for Mumbai and Pune?
The GCC policy is expected to boost office markets in Mumbai and Pune by attracting multinational corporations, creating 400,000 jobs by 2030, and driving fresh leasing demand of 25-30 million square feet over the next three to five years.
How will the policy impact the commercial real estate market?
The policy is expected to create sustained demand for premium, tech-enabled office spaces, further deepening the institutionalisation of the commercial real estate market in Mumbai, Pune, and emerging corridors like Thane, Navi Mumbai, and Nagpur.
What sectors are expected to benefit the most from the GCC policy?
The banking, financial services, technology, and engineering sectors are expected to benefit the most from the GCC policy, as these sectors are likely to see significant expansion and new entrants in the region.
What is the state government's target for job creation through the GCC policy?
The state government aims to create around 400,000 jobs by 2030 through the GCC policy by rolling out structured training and reskilling programs focused on areas such as artificial intelligence, cybersecurity, data engineering, and design.
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