The US suspension of new applications under the employment-based PERM green card process for specified technology companies could have implications for India's commercial and residential real estate markets. The restrictions may encourage some companies to expand GCCs in India, potentially supporting demand for office space and housing.
The curbs imposed on the US Permanent Labour Certification (PERM) programme have created uncertainty around the permanent residency process, for eligible employees of the affected companies. If it becomes harder to deploy skilled professionals to the US, then some companies may look to build on their presence in India, where they have access to existing technology talent pools and with much lower operating costs.
Any impact on real estate, however, will depend on how companies react to the policy change, the scale of new hiring and whether additional operations result in demand for office space and housing.
How US Immigration Curbs Could Affect India's GCCs
GCCs are centres established by multinational companies to manage specialised functions for their global operations. These include technology development, research and development, artificial intelligence, cybersecurity, analytics and product engineering.
Limitations on employment-based immigration may motivate some firms to re-examine their strategies on where to place their skilled personnel and technology operations. Instead of relocating certain roles to the US, companies could consider placing more specialised work with their teams in India.
This could create opportunities for GCCs to take on higher-value functions beyond traditional support services.
However, the restrictions do not necessarily imply that companies will relocate jobs to India. The immediate impact on individual employees and businesses will vary, while the decisions by corporations concerning hiring and expansion generally take a longer period to materialize.
Office Demand Could Benefit in Major GCC Hubs
Any expansion of GCC operations could support demand for commercial office space in established technology markets such as Bengaluru, Hyderabad, Delhi-NCR, Mumbai, Pune and Chennai. These cities have technology talent, business infrastructure and office markets that can meet the needs of multinational companies.
GCCs have become an important source of office leasing in India. They accounted for nearly 45% of gross office leasing across the top seven cities in the first half of 2026, occupying around 19.2 million sq ft, according to industry research.
The growth of GCCs is also reshaping India's office market, with their expansion contributing to employment generation and demand for commercial real estate.
Office leasing across nine major Indian cities reached 66.4 million sq ft between January and September 2026, an increase of 8% year-on-year. GCCs leased a record 28 million sq ft during the nine-month period, up 16% from a year earlier.
These figures indicate the scale of GCC activity in India's office market. Any additional demand linked to the US restrictions would build on this existing presence, although the extent of the effect remains uncertain.
Could More Tech Jobs Support Premium Housing?
The impact on residential real estate will be on whether expansion in GCC leads to more hiring, higher paying jobs or even employee relocation to Indian cities. An increase in specialized technology, research and product development jobs could fuel demand from professionals with greater purchasing power, especially in markets with established technology employment centres.
Bengaluru, Hyderabad and Pune could see additional housing demand if companies expand their operations and create more high-paying jobs in these markets.
Premium housing may be particularly exposed to a surge in demand on account of higher income professionals, with homes priced between Rs. 1.5 crore and Rs. 3.5 crore likely to be a preferred choice.
This does not mean that the restrictions will immediately lead to a rise in home purchases. Residential demand would depend on actual job creation, employee movement, affordability and buyers' willingness to commit to property purchases. The effect could also vary across neighbourhoods depending on where new offices and employment centres emerge.
The Real Estate Impact May Take Time to Emerge
The impact on India’s property market will depend on the decision of corporations rather than the immigration announcement. They can adjust staffing models but expanding a GCC or shifting more operations will require investment, recruitment and planning.
The US measure also affects the PERM employment-based green card process and should not be confused with an automatic cancellation of existing H-1B visas. This distinction is important in determining if affected personnel will need to relocate or if their employers will change operational plans.
For India's real estate sector, the key factor will be whether the restrictions lead multinational companies to place more skilled jobs and business functions in the country. If that happens, office demand could receive additional support, followed by housing demand in employment hubs. Until companies announce concrete expansion or hiring plans, however, the potential benefits for commercial and residential property should be viewed as a possibility rather than a confirmed outcome.
