Brookfield to invest $1 bn to develop Asia's largest GCC in Maharashtra

The 2 million sq ft campus, set for 2029 completion, will create over 30,000 jobs and house a multinational bank's GCC

Brookfield Asset Management will invest $1 billion to develop Asia’s largest global capability centre (GCC) in Mumbai’s Powai, the New York-based global alternative asset manager said in a statement on Friday.

 

The infrastructure arm of Canada’s investment firm will develop the campus across 6 acres with 2 million square feet that can be let out.

 

The development will house a GCC for a multinational bank for a 20-year term, it said.

 

The project is expected to be over by 2029, creating more than 30,000 jobs. It is being developed through an agreement between the Mumbai Metropolitan Region Development Authority (MMRDA) and a venture led by Brookfield, along with its partner B S Sharma.

   

Maharashtra Chief Minister Devendra said: “Maharashtra’s continued focus on talent, infrastructure, and a supportive business environment is strengthening the state’s position as a destination for GCCs. 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.”

 

The state earlier this year announced a GCC policy, which is valid till 2029-30. The policy is aimed at attracting 400 GCCs, creating over 400,000 high-skilled jobs and getting incremental investment worth ₹50,600 crore by offering incentives like land, capital subsidies, and reimbursements. 

 

Fadnavis said the Brookfield move built on this momentum and was designed to attract large-scale, high-value operations that generated skilled employment and long-term economic growth.

 

Brookfield noted the development reflected the strong confidence global businesses had in Maharashtra and Mumbai’s pro-investment environment, supported by the state’s focus on infrastructure, ease of doing business, and talent development.

 

The project will be built to market-leading sustainability standards with a commitment to source 100 per cent green power. “It will further strengthen Mumbai’s position as a premier hub for GCCs,” the firm added.

 

Last year Brookfield had commissioned a similar build-to-suit tower in Pune for the GCC of a large firm in financial services.

 

In Mumbai, Brookfield owns real-estate projects of over $4 billion.

 

Brookfield is one of the largest office owners and operators in India with approximately 55 million square feet across seven cities in India, including 29.1 million square feet of a grade-A portfolio with Brookfield India Reit (real estate investment trust).

 

The company had in May this year announced plans to treble its India investment to $100 billion within five years, having put in $12 billion in infrastructure assets like gas pipelines, telecom towers, and data centres; $12 billion in real estate including offices and hotels; and $3 billion in clean-energy projects.

 

Earlier this year, the company signed a memorandum of understanding (MoU) with the MMRDA to bring in $12 billion for the Mumbai Metropolitan Region.

 

In June, it acquired a 2.1-acre parcel in the Bandra Kurla Complex to create a grade-A mixed-use property.

 

Ankur Gupta, deputy chief investment officer and head of Asia Pacific and Middle East, real estate, Brookfield, said: “The scale of this project validates Maharashtra’s leadership position as a GCC hub for large multinational companies.”

 

According to Anarock, a property consultancy firm, the average office rent in Powai hovers at ₹110-180 per square foot a month.

 

Additionally, over the past few years, GCCs have been driving office demand across the country.

 

According to Savills India, GCCs leased 112 million square feet of office space between 2020 and 2024, with Mumbai (8 per cent) and Pune (14 per cent) together accounting for 22 per cent of it.

 

During the same period, Mumbai witnessed the highest office leasing by GCCs in BFSI (banking, financial services, and insurance) despite Bengaluru having the deepest BFSI talent pool.

 

Further, India is projected to see 180 million square feet of office absorption through GCCs in 2025-30.