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Powai saw tremendous growth during the past three decades as Mumbai's development proceeded northward, emerging as a major residential and commercial center. Situated beside Powai Lake, Powai began to prosper in the 1950s when the IIT Bombay was established.

Major routes such as the Eastern Express Highway, the Jaggeshwari-Vikhroli Link Road (JVLR), and the Lal Bahadur Shastri (LBS) Road connect Powai to the rest of the city. The closest railway station on the core line of the Mumbai suburban train network is Kanjurmarg, which is 4 km away. Its nearest metro station is the SakiNaka metro station just 3 km away.

The Galleria Shopping Mall and R City Mall provide Powai with recreational space. The best-known landmark of Powai is the Powai Lake.

Several office complexes including Hiranandani Business Park, and Hiranandani Kensington SEZ are home to businesses including Schindler India Pvt Ltd, CRISIL Bayer, TCS, Cognizant, Nomura, and Deloitte. Powai is just 50 minutes from Bandra Kurla Complex, while Andheri East's business district is 40 minutes away.

Powai's growing demand for office space is therefore being driven by manufacturing, BFSI, IT/ITES, and other significant sectors. Because Powai offers better working conditions for employees and reduced operating costs, many businesses are choosing it as their operational base.