NEW DELHI: According to a joint report by FICCI and Anarock, India is expected to have over 2,400 Global Capability Centers (GCCs) by 2030, employing more than 2.8 million professionals. As of the end of 2024, there were already over 1,700 GCCs employing around 1.9 million professionals.
The GCC market size is forecasted to grow from USD 64 billion in 2024 to between USD 105 billion and USD 110 billion by 2030. Anuj Puri, chairman of Anarock Group, stated, “India’s GCC landscape has rapidly expanded, with the market size increasing from USD 30 billion in 2019 to approximately USD 64 billion in 2024. This growth is driven by rising demand from sectors like IT/ITeS, BFSI, Healthcare & Life Sciences, and Engineering Research & Development (ER&D).”
The report indicates that GCCs have become the largest demand driver in India’s office market, accounting for over 32.5 million sq ft of the 80.5 million sq ft of gross office leasing across the top seven cities in 2025. This highlights their significant role in maintaining leasing momentum amid global economic uncertainties.
Bengaluru remains the leader in India’s GCC sector, hosting over 875 GCCs, which is nearly 29% of the nation’s total. The city secured more than one-third of the total GCC leasing in 2025, backed by its strong talent pool and established office environment. Pune trails with a 15% share, while Delhi-NCR and Hyderabad each have about 14%.
India’s Grade A office stock in the top seven cities has reached around 800 million sq ft, with Bengaluru and NCR together accounting for nearly half of the total supply. Net absorption surpassed 58 million sq ft in 2025, with new completions exceeding 51 million sq ft, reflecting an 8% year-on-year growth.
The report also notes a gradual geographic spread of GCCs beyond major metros, with tier-II cities like Jaipur, Kochi, Indore, and Coimbatore emerging as new growth centers, driven by improved infrastructure, cost-effectiveness, and a growing talent pool.
On the institutional side, there remains significant potential for further financialization of office assets. While India has around 520 million sq ft of office stock eligible for Real Estate Investment Trusts (REITs), only about 165 million sq ft is currently listed, representing just 20% of institutional real estate—far lower than in more developed markets like the US and Singapore.
India currently has five listed office REITs with a combined market capitalization of nearly USD 18 billion. The report indicates that REIT penetration could increase to 25–30% by 2030, supported by diversification into assets like data centers, logistics parks, and retail malls, along with growing institutional interest.
Foreign direct investment inflows into India rose to a provisional USD 81.04 billion in FY25, marking a 14% year-on-year increase and indicating ongoing global investor interest. Furthermore, office demand is becoming more diverse, with coworking operators making up 23% of leasing activity, followed by BFSI at 18%, along with consultancy and manufacturing firms.
