India Monthly Market Dynamics - February 2026

The India Monthly Market Dynamics provides a comprehensive overview of India's real estate market. The report highlights that in February 2026, demand for office space and retail leasing has gone up in most cities, while residential new launches increased across several markets.

India is by some distance the world's leading destination for Global Capability Centres and its story continues to evolve at an extraordinary pace. What began as a cost-saving initiative has transformed into something far more strategic: a sophisticated ecosystem where over 2,000 GCCs now employ more than 1.9 mn professionals, across functions ranging from cutting-edge AI development to critical R&D operations.

The momentum is undeniable. In 2025 alone, GCCs accounted for an unprecedented 38% of office leasing across India's top seven cities, securing 31.3 mn sq ft of space—the highest volume ever recorded. This isn't just growth; it's a fundamental shift in how global enterprises view their India operations.

By 2030, India is expected to host over 2,500 GCCs employing 2.8-2.9 mn professionals, contributing an impressive USD 105 bn in revenue to the global economy. But these numbers only tell part of the story.

Today's GCCs have evolved from simple cost centres to become genuine innovation engines, driving digital transformation, spearheading R&D initiatives and taking on global leadership responsibilities.

The geographic landscape reflects this maturation. While Bengaluru remains the GCC capital with 34-39% of all activity and nearly 900 GCC units, cities like Hyderabad are capturing 20-23% of the market with their strong focus on BFSI and analytics. Additionally, Tier II cities are emerging as attractive alternatives, offering 10-35% lower costs while maintaining access to quality talent pools.

The sector composition is shifting dramatically too. The ER&D segment now leads leasing activity, while the BFSI sector shows the most significant growth jump in recent years. Perhaps most notably, healthcare-biotech has achieved double-digit market share, reflecting the increasing sophistication of India-based operations.

The report offers city-specific insights on office, retail, and residential markets for key Indian cities, including rental and capital value trends, significant transactions, and infrastructure updates. It serves as a valuable resource for understanding the current state and future trajectory of India's real estate market.