India is rapidly cementing its status as the world’s premier destination for Global Capability Centres (GCCs), with the market projected to touch $110 billion by 2030. A comprehensive report by FICCI and ANAROCK forecasts that the sector will grow at a compound annual growth rate of 10 percent over the next few years.
This expansion is expected to see the number of these centres swell to over 2,400, collectively employing more than 2.8 million professionals. The findings underscore a fundamental shift in how multinational corporations view India, moving beyond cost arbitrage to recognize the country as a critical engine for global innovation and strategic operations.
The report reveals that the GCC landscape has already undergone significant evolution. The market size surged from $30 billion in 2019 to approximately $64 billion in 2024. This growth trajectory is powered by an intensifying demand from high-value sectors such as IT and ITeS, Banking, Financial Services and Insurance (BFSI), Healthcare and Life Sciences, and Engineering Research and Development. These industries are increasingly relying on Indian talent not just for support functions but to drive core research, product development, and digital transformation initiatives.
Anuj Puri, Chairman of the ANAROCK Group, noted that the momentum is expected to continue as the sector matures. He highlighted that the ability of these centres to attract and retain global talent, combined with India’s cost efficiency and skilled captive workforce, continues to fuel demand for premium office spaces. The report indicates that GCCs are no longer merely cost centres but have transformed into strategic nerve centres that are vital to the global operations of their parent organizations.
This strategic pivot has had a profound impact on India’s commercial real estate market. In 2025, the office market demonstrated remarkable resilience by recording all-time high leasing volumes across the top seven cities. GCCs were the primary drivers of this surge, accounting for more than 40 percent of the total gross leasing activity. Of the 80.5 million square feet of office space leased during the year, these global centres occupied over 32.5 million square feet. This dominance signals a robust appetite for Grade A office spaces that offer modern amenities and infrastructure suitable for high-end technology and research work.
Bengaluru continues to lead the pack, capturing over one-third of the total GCC leasing activity. The city remains a magnet for global investors due to its deep talent pool and well-developed ecosystem. However, the growth story is becoming increasingly diversified. Pune followed with a 15 percent share, while Delhi-NCR and Hyderabad each accounted for about 14 percent of the leasing volume. Beyond these established metros, the footprint of global centres is steadily expanding into Tier-2 cities. Locations such as Jaipur, Indore, Surat, Kochi, and Coimbatore are emerging as attractive destinations, offering a combination of lower operational costs and untapped talent reservoirs.
Raj Menda, Chairman of the FICCI Committee on Urban Development and Real Estate, emphasized that the Indian office market has transitioned from being viewed as a cost line to a strategic asset. He observed that for decades the market was managed primarily for cost efficiency, but today it acts as a strategic lever that determines where global firms position their highest-value operations. This change in perspective is reshaping the built environment, driving the development of sustainable, high-quality workspaces that foster collaboration and innovation.
As India marches toward the 2030 targets, the symbiosis between the GCC sector and the real estate market is poised to deepen. The anticipated growth in employment and market valuation reflects a broader economic trend where India is integral to the global corporate strategy. The steady influx of foreign entities establishing their largest non-headquarter bases in the country serves as a testament to the quality of the Indian workforce and the resilience of its business ecosystem.
