JPMorgan Chase is set to establish Asia’s largest global capability center (GCC) in Powai, Mumbai, located on a long-term lease from Brookfield Properties. The projected completion date for the venture is 2029, with Brookfield Asset Management reportedly planning to invest $1 billion in the project.
The development will be constructed on a six-acre site in Powai, Mumbai. The original project description specified a build-to-suit campus to be delivered with approximately 2,000,000 sq. ft. of leasable space, whereas the deal to lease the office space is said to cover 1.3 million sq. ft. of built-to-suit space for JPMorgan Chase.
Brookfield to Invest $1 Billion in Powai
The development is being carried out on an agreement with the Mumbai Metropolitan Region Development Authority by a Brookfield led joint venture and its partner, B.S. Sharma. Brookfield Asset Management owns the largest stake in the development by its plans to invest $1 billion in the development. The six-acre site is located in Powai, which is an established business district that has commercial offices, residential developments and is located near a skilled labor market. It is also where the Indian Institute of Technology is located. The area is convenient for businesses as it offers a developed business environment, housing developments and an accessible labor force.
The development is planned as a purpose-built workplace for the banking group’s global capability centre. Unlike a conventional office building that may accommodate multiple tenants, the facility is being developed around the requirements of a single occupier.
JPMorgan Chase Signs 20-year lease for Powai Office
JPMorgan Chase will be the sole occupier of the facility under a 20-year lease agreement with Brookfield Properties. The arrangement provides the bank with dedicated office space while giving the developer a long-term tenant commitment for the property.
The agreement follows the bank’s existing investments in office space across India. JPMorgan Chase has established operations in major business centres, including Mumbai, Bengaluru and Hyderabad, where its teams support functions across its global business.
In Mumbai, the bank already operates from a large office facility in Goregaon. The Powai development will add another major workplace to its local presence and is intended to bring employees together in a purpose-built campus.
The lease is among the country’s largest single-occupier office transactions. Its scale also reflects the growing role of multinational companies in shaping demand for large commercial developments.
Powai Project to Add Major Office Space
The proposed development reflects the scale of office space that global financial institutions want to host their operations in India. The announced campus is to have a leasable area of about 2 million sq. ft., but the subsequent lease documents state about 1.3 million sq. ft. of built-to-suit space.
The difference is that the two figures relate to different aspects of the project and should not be compared as equal measurements. The development is to be completed by 2029, subject to the progress of the project.
The lease covers approximately 1.3 million sq. ft. of built-to-suit office space for JP Morgan Chase. The initial announcement has outlined a campus with around 2 million sq. ft. of leasable area. This is expected to be completed by 2029.
For Mumbai's commercial property market, this lease provides the development with a major long-term occupier. It also supports the role of Powai beyond its residential market, with the area continuing to host large corporate workplaces.
GCCs Support Demand for Office Spaces Across India
Global capability centers (GCCs) are a significant source in India’s commercial real estate market in major cities. They allow multinationals to carry out various functions, including technology, finance, analytics, risk management and operations, by tapping into the skilled Indian workforce.
According to Savills India research, GCCs office space leasing across India is around 112 million sq. ft. between 2020 and 2024. The figures underline the role of global capability centres in India's office market, with demand from multinational companies supporting the development of large, dedicated workplaces. Separately, GCCs accounted for 38% of gross office absorption across India’s major markets in 2025, reflecting their growing importance to commercial real estate demand.
The Powai project adds to this trend through a long-term commitment from a major financial institution. Its progress will also be relevant to Mumbai’s office market as developers continue to build large facilities for multinational occupiers.
