According to the FICCI-ANAROCK report ‘India Decodes the Future – 2,400 GCCs, 2.8M Careers by 2030’, India had more than 1,700 GCCs that employed over 1.9 million workers as of the end of 2024. The GCC market, which reached USD 64 billion in 2024, will expand to a range of USD 105 billion to USD 110 billion by 2030.
In 2025, out of approximately 80.5 million sq ft of gross leased office space across the top seven cities, GCCs accounted for over 32.5 million sq ft, representing more than 40 per cent of total leasing activity.
Bengaluru remains India’s largest GCC hub, hosting over 875 GCC centres, which account for 29 per cent of the country’s total GCCs. The city also captured more than one-third of total GCC leasing in 2025.
Pune followed with a 15 per cent share, while Delhi-NCR and Hyderabad accounted for 14 per cent each, reflecting their growing role in India’s commercial real estate market.
The report highlights that GCCs are now expanding beyond the top seven metros to Tier 2 cities such as Jaipur, Kochi, Indore and Coimbatore, which are emerging as the next growth frontier.
Anuj Puri, Chairman of ANAROCK Group, said, “India’s GCC footprint is rapidly expanding beyond the top 7 cities, spreading steadily into Tier 2 cities such as Jaipur, Indore, Surat, Kochi, and Coimbatore. These cities are gaining increasing prominence as the next GCC growth hubs.”
India’s commercial real estate market has scaled rapidly to support GCC demand.
The report notes that Grade A office stock across the top seven cities has reached approximately 800 million sq ft, with Bengaluru and NCR together accounting for nearly 50 per cent of the total supply.
Despite macro-economic and geopolitical headwinds, India’s office market demonstrated strong resilience in 2025, recording an all-time high in office space leasing. Net absorption crossed 58 million sq ft, while gross leasing exceeded 80 million sq ft, marking a record-breaking year.
The surge in office demand has been primarily driven by GCCs across key sectors such as:
The report also outlines the evolving real estate investment landscape in India.
India currently has five listed Real Estate Investment Trusts (REITs) with a combined market capitalisation of nearly USD 18 billion. However, institutional real estate ownership shows only 20 per cent of its total value through REITs.
The present REITable office stock measures approximately 520 million square feet, but only 165 million square feet currently exists as listed properties, which shows a substantial opportunity for more institutional investors to enter the market.
Future REIT growth could come from expanding into data centres, logistics parks and retail malls.
The REIT market could reach between 25 and 30 per cent penetration in institutional real estate by 2030.
Other key highlights from the report include:
The report concludes that India’s workplaces are evolving from cost centres into strategic assets, supported by sustained demand for premium offices and favourable government policies.
