The Maharashtra government’s new global capability centre (GCC) policy is expected to give a fillip to India’s largest office markets including Mumbai Metropolitan Region and Pune, while positioning the state as a preferred destination for multinational corporations setting up captive centres.
The policy is expected to spur fresh leasing demand of 25-30 million sq ft over the next three to five years across Mumbai region and Pune, led by expansion and new entrants in the banking, financial services, technology, and engineering sectors, experts said.
According to government data, India currently hosts over 1,600 GCCs employing more than 1.7 million professionals, with substantial share accounted for by Mumbai and Pune. These two markets account for office stock of over 250 million sq ft out of India’s total nearly 900 million sq ft.
“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, Brookfield India Real Estate Trust.
This, according to him, is expected to create sustained demand for premium, tech-enabled office spaces, further deepening the institutionalisation of the commercial realty 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, 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 sq ft, 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 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.
The policy is expected to spur fresh leasing demand of 25-30 million sq ft over the next three to five years across Mumbai region and Pune, led by expansion and new entrants in the banking, financial services, technology, and engineering sectors, experts said.
According to government data, India currently hosts over 1,600 GCCs employing more than 1.7 million professionals, with substantial share accounted for by Mumbai and Pune. These two markets account for office stock of over 250 million sq ft out of India’s total nearly 900 million sq ft.
“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, Brookfield India Real Estate Trust.
This, according to him, is expected to create sustained demand for premium, tech-enabled office spaces, further deepening the institutionalisation of the commercial realty 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, 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 sq ft, 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 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.
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