JP Morgan's ₹5,200 Crore Bet on Mumbai: 13 Lakh Sq Ft Built-to-Suit Office in Powai

JP Morgan Services India Private Limited has entered a built‑to‑suit lease for a 13 lakh sq ft commercial office in Powai, Mumbai, marking a significant addition to the city’s global capability centre (GCC) landscape. 

Lease Details of JP Morgan Office in Powai 

As per CRE Matrix data, The lease is with BSS Property Ventures Private Limited and Rajeshwar Property Ventures Private Limited, an SPV partly owned by Brookfield Properties. The agreement, registered on December 24, 2025, covers 19 floors including the ground level and provides 1,300 parking spaces. The initial term is 10 years with an annual rent escalation of 4.5% and an option to extend to a 20‑year tenure. 

Financial Terms of the Lease 

The monthly rent starts at ₹39 crore, equivalent to ₹300 per square foot for the 13 lakh sq ft area. The total rental commitment exceeds ₹5,200 crore over the lease period. A security deposit of ₹468 crore, stamp duty of ₹125 crore and a registration fee of ₹30,000 were also paid at the time of execution. 

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Project Scope and Infrastructure 

The development sits on a 6‑acre site in Powai and is slated for completion by 2030. It will house JP Morgan’s GCC, which is expected to become the largest GCC for a multinational bank in Asia. The campus will accommodate a substantial workforce and includes modern amenities to support IT, finance and research functions. 

Broader GCC Activity in India 

GCCs have driven office demand across major Indian markets, with GCCs leasing about 112 million sq ft between 2020 and 2024. Mumbai leads in BFSI GCC leasing, reflecting the city’s role as a hub for global operations. Brookfield Properties, a major office operator with roughly 55 million sq ft across seven cities, is a key player in delivering such facilities. 

Conclusion 

The lease agreement underscores the scale of JP Morgan’s investment in India and highlights Powai’s growing importance as a GCC destination. The financial and infrastructural details illustrate the magnitude of the transaction. 

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