Indian states target 1.18 million jobs, 1380 new GCCs by 2031
New Delhi, Aug 14
Indian states aim to create nearly 1.18 million jobs and establish roughly 1,380 new Global Capability Centres by 2031, driven largely by dedicated state GCC policies, a report said on Friday.
The report from CBRE South Asia said GCCs have leased over 123 million sq. ft. of office space across India's top nine cities between 2022 and the first six months (H1) of 2026.
States including Karnataka, Maharashtra, Haryana, Uttar Pradesh, Gujarat, Rajasthan, Madhya Pradesh and Andhra Pradesh have implemented dedicated GCC policies to attract investment and accelerate sector growth.
Telangana, Delhi and Tamil Nadu have adopted frameworks or incentives to encourage GCC development, the report added.
Several other states are also exploring policy frameworks for the sector, with Kerala among those that have proposed draft GCC policies.
GCCs' share of total office leasing rose from about 29 per cent in 2022 to around 43 per cent in H1 2026.
Sector-wise, technology, BFSI and engineering & manufacturing together accounted for more than 60 per cent of leasing activity, at 23 per cent, 22 per cent and 16 per cent respectively.
"The speed at which state governments have moved to formalise dedicated GCC policies is unprecedented in India's commercial real estate landscape," said Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE.
"This reflects a broader recognition that these centres are no longer a peripheral component of India's services economy but a central pillar that states are actively competing to host, through targeted incentives, faster approvals and long-term infrastructure commitments," he added.
Ram Chandnani, Managing Director, Leasing Services, India, CBRE, said that state policy frameworks are increasingly translating into real, on-the-ground real estate demand.
"As more states introduce dedicated capex support, payroll incentives and faster regulatory clearances, we are seeing this reflected directly in leasing activity," he said.
States continue to compete on execution speed and infrastructure readiness rather than incentives alone, which will strengthen GCC leasing activity across both established and emerging markets in India, he forecasted.
— IANS
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