India’s real estate sector is on an impressive growth trajectory, having drawn $26.7 billion in equity investments between calendar years 2022 and 2024, according to a new joint report by CBRE and CII. And at the forefront of this capital surge is Mumbai, India’s financial capital, which alone accounted for $6.9 billion—a solid 26% of the total investments made during this period.
Mumbai, Delhi-NCR & Bengaluru Dominate the Investment Map
Together, the country’s three biggest property hubs—Mumbai, Delhi-NCR, and Bengaluru—secured a whopping $16.5 billion, representing 62% of all equity inflows into Indian real estate from 2022 to 2024. These cities continue to hold strong due to:
- A high volume of investment-grade real estate assets
- Robust infrastructure
- Access to a skilled urban workforce
- Steady demand across asset classes
- A maturing and formalising real estate ecosystem
The insights are part of the CBRE–CII report titled “Bricks & Billions – Mapping the Financing Landscape of Real Estate”, which examines the evolving investment landscape and funding strategies, spanning equity, debt, and Alternate Investment Funds (AIFs).
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Land Development Takes the Lion’s Share of Investments
According to the report, land and development sites emerged as the biggest magnet for capital, attracting 44% of the total equity inflows. Following closely were built-up office assets, which pulled in 32% of the funds. This shift signals investors’ growing confidence in both greenfield developments and stabilised commercial assets.
Tier-II Cities Rise as New Investment Hotspots
India’s growth story is no longer confined to metro cities. Tier-II cities made their mark too, capturing nearly $3 billion in equity inflows—10% of the total investments. In these emerging urban centers:
- Land/development sites dominated the investment mix with a 47% share
- The industrial and logistics (I&L) sector followed at 25%
This growing investor appetite is being fueled by:
- Accelerated industrialisation
- Expanding infrastructure
- Rising urban consumption trends
These factors make tier-II cities attractive not just for domestic players but also for global institutional investors.
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Industry Leaders Weigh In
“India’s real estate sector is entering a new phase of growth, powered by robust capital inflows and a significant pool of dry powder ready for deployment,” said Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE.
“Strong investor sentiment, especially in built-up office assets and residential developments, is underpinned by sound fundamentals and steady end-user demand.”
Echoing a similar sentiment, Rishi Kumar Bagla, Chairman – CII Western Region, noted,
“The sector is rapidly institutionalising, creating a more transparent, risk-mitigated environment aligned with global investor expectations. With better due diligence, sustainable development norms, and stricter compliance, we are heading towards a much more robust ecosystem.”
Conclusion
With strong momentum across metro and non-metro cities alike, India’s real estate sector is not just bouncing back—it’s evolving. As global investors continue to show confidence in Indian property markets, especially in commercial and development segments, the sector is poised for a new era of capital-driven, structured, and sustainable growth.
