The project, to be completed by 2029, is expected to create over 30,000 jobs. It is being undertaken through an agreement between the Mumbai Metropolitan Region Development Authority (MMRDA) and a venture led by Brookfield along with its partner B.S. Sharma.
“Maharashtra’s continued focus on talent, infrastructure and a supportive business environment is strengthening the state’s position as a destination for global capability centres. The new GCC Policy we announced earlier this year, builds on this momentum and is designed to attract large-scale, high-value operations that generate skilled employment and long-term economic growth,” said Devendra Fadnavis, Chief Minister of Maharashtra.
The facility will be developed for a multinational bank with a total lease tenure of 20 years. The development includes a commitment to source 100% green power.
“The scale of this project validates Maharashtra’s leadership position as a GCC hub for large multinational corporations. This 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 workplace,” said Ankur Gupta, Deputy Chief Investment Officer and Head of Asia Pacific and Middle East, Real Estate, Brookfield.
In 2024, Brookfield commissioned a build-to-suit tower in Pune for the GCC of a financial services corporation. Earlier this year, it signed a memorandum of understanding with MMRDA to bring in $12 billion of investments into the Mumbai Metropolitan Region. In June, it acquired a 2.1-acre parcel in Bandra Kurla Complex for a mixed-use development.
Brookfield is one of the largest office owners and operators in India with 55 million sq ft across seven cities in India. The Powai site is part of a mixed-use ecosystem with connectivity, social infrastructure and access to a large talent base.