Brookfield to develop 2 million sq ft GCC in Mumbai's Powai, to house major multinational bank

Brookfield is slated to invest $1 billion in the new project

Alternative investment major Brookfield announced that it is slated to invest upto $1 billion to develop what it calls Asia's largest global capability centre (GCC) in Mumbai's Powai suburb, with the property to span a leasable area of 2 million square feet. A large multinational bank is set to occupy the building, set for completion in 2029, Brookfield added, although it did not identify the bank.

The six-acre land parcel is being developed by a Brookfield venture, with its partner BS Sharma, in an agreement with the Mumbai Metropolitan Region Development Authority (MMRDA). A release stated that the GCC is expected to create more than 30,000 jobs.

"The scale of this project validates Maharashtra’s leadership position as a GCC hub for large multinational corporates. This announcement reinforces our commitment to Mumbai as India’s financial capital where we now own over $4 billion of real estate projects, and aligns with our philosophy to create high-quality, sustainable workplaces with best-in-class specifications," said Ankur Gupta, Brookfield's deputy chief investment officer, and head of Asia-Pacific and Middle East, real estate.

Brookfield has signed a pact with MMRDA to bring around $12 billion worth of investments into the Mumbai metropolitan region. Earlier this year, the firm acquired a 2.1 acre land parcel at Bandra Kurla Complex, the city's pre-eminent financial district, to create a mixed-use property.

Maharashtra's chief minister Devendra Fadnavis, who recently met key Brookfield executives to discuss investments in the state, said that the new project is testament to the state being a key destination for GCCs, with the state also formulating a new GCC policy to attract more firms to set up strategic facilities in the state.

"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," Fadnavis said.

Besides Mumbai, Brookfield built and commissioned a similar built-to-suit facility in Pune for Mastercard, for use as a GCC.

Brookfield, at the group level and at its real estate investment trust, the Brookfield India Real Estate Trust, owns significant office and mixed-use assets in Mumbai, including at Powai, where it acquired most of the Hiranandani Group's office and retail assets in 2016 for $1 billion.