NEW DELHI: By 2030, India is projected to host more than 2,400 GCCs, employing over 2.8 million professionals, according to a joint report by FICCI and Anarock. By the end of 2024, the country had over 1,700 GCCs employing more than 1.9 million professionals.
The GCC market size is expected to expand from USD 64 billion in 2024 to USD 105–110 billion by 2030. Anuj Puri, chairman, Anarock Group said, “Over the years, India’s GCC landscape has expanded rapidly, with its market size rising from USD 30 billion in 2019 to approximately USD 64 billion in 2024. This growth is fuelled by an ever-increasing demand from key sectors like IT/ITeS, BFSI, Healthcare & Life Sciences, and Engineering Research & Development (ER&D).”
The report notes that GCCs have emerged as the single largest demand driver in India’s office market. In 2025, out of 80.5 million sq ft of gross office leasing across the top seven cities, GCCs accounted for over 32.5 million sq ft, reinforcing their central role in sustaining leasing momentum amid global macroeconomic uncertainties.
Bengaluru continues to dominate India’s GCC landscape, hosting over 875 GCCs, accounting for nearly 29% of the country’s total centres. The city captured more than one-third of total GCC leasing in 2025, supported by its deep talent pool and mature office ecosystem. Pune followed with a 15% share, while Delhi-NCR and Hyderabad accounted for about 14% each.
India’s Grade A office stock across the top seven cities has reached around 800 million sq ft, led by Bengaluru and NCR, which together account for nearly half of the total supply. Net absorption during 2025 crossed 58 million sq ft, while new completions exceeded 51 million sq ft, reflecting an 8% year-on-year increase.
The report also points to a gradual geographic diversification of GCCs beyond the top metros, with tier-II cities such as Jaipur, Kochi, Indore and Coimbatore emerging as the next growth centres, supported by improving infrastructure, lower costs and expanding talent availability.
On the institutional side, the report highlights significant headroom for further financialisation of office assets. While India has around 520 million sq ft of REIT-eligible office stock, only about 165 million sq ft is currently listed under REITs, with listed REITs representing just 20% of institutional real estate. This compares with much higher penetration levels in mature markets such as the US and Singapore.
India currently has five listed office REITs with a combined market capitalisation of nearly USD 18 billion. The report suggests that REIT penetration could rise to 25–30% by 2030, aided by diversification into assets such as data centres, logistics parks and retail malls, alongside growing institutional participation.
Foreign direct investment inflows into India rose to a provisional USD 81.04 billion in FY25, up 14% year-on-year, underscoring continued global investor interest. Office demand is also becoming more diversified, with coworking operators accounting for 23% of leasing activity, followed by BFSI at 18%, alongside consultancy and manufacturing firms.
