India real estate inflows hit $30.7bn in 2024-26

Record equity inflows set a new benchmark

India’s real estate sector drew record equity inflows of $10.7 billion between 2024 and Q1 2026, according to a CBRE South Asia report released at a CII conference. The figure marks an 88% increase over the $16.3 billion recorded during 2022-2023. The report frames the period as one where capital returned in size and with clearer preferences, rather than being widely dispersed across asset types.

CBRE said the influx was concentrated in core segments, particularly land and office. It also pointed to a broadening set of funding channels, including public equity, private equity, public debt, and private debt. Alongside equity, the report highlighted a sharp rise in debt financing and stronger participation from banks, NBFCs, and listed REITs.

What the CBRE report measured

CBRE’s analysis covers capital flows across four quadrants: public equity, private equity, public debt, and private debt. Within equity inflows, the report described the mix of contributors as developers, institutional investors, and REITs. It also tracked land acquisitions linked to greenfield development, and debt flows into commercial real estate.

The period in focus spans 2024 through the first quarter of 2026, capturing both the year-by-year trends and the acceleration seen in early 2026. Separately, the input material also references other market updates from PTI and a Colliers India commentary on 2025 investment patterns, which help place CBRE’s numbers in a broader context.

Land and office assets dominated the equity inflow mix

CBRE said acquisition of land and development sites and built-up office assets together accounted for more than three-fourths of the total equity inflows between 2024 and Q1 2026. The concentration indicates investor preference for segments linked either to future supply creation (land) or stabilised income (built-up office).

Within this allocation, the report also notes the role of “core segments” such as built-up office, retail, and logistics in attracting institutional capital. The pattern suggests capital has been targeting assets with clearer leasing visibility, operating cash flows, or scalable platform potential.

Land buying boom: 6,025 acres and $13bn deployed

A standout datapoint in the report is the scale of greenfield land activity. India’s real estate sector witnessed the acquisition of about 6,025 acres of land for greenfield developments between 2024 and Q1 2026, representing capital deployment of $13 billion.

CBRE said over 80% of the funds dedicated to site acquisitions were deployed for residential, mixed-use, and office projects. The remaining capital was committed to warehousing, data centres, and retail developments, underlining that land activity is not limited to housing-led projects.

Institutional investors increased deployment, led by core assets

Institutional investors accounted for about 30% of overall investments during 2024 to Q1 2026, and CBRE said their capital deployment rose more than two-fold compared with 2022-2023. The report attributes this to higher deployment into built-up office, retail, and logistics assets.

The report’s framing suggests institutional capital is leaning into segments where underwriting is supported by occupier demand and asset-quality markers. While the report does not specify individual investor names in the provided text, it positions the trend as a broad-based increase rather than isolated transactions.

Listed REITs step up acquisitions in early 2026

CBRE highlighted a sharp spike in acquisition-linked deployment by listed REITs. Listed REITs deployed $1.0 billion in Q1 2026 alone, which the report described as around 4 times quarter-on-quarter and 6 times year-on-year.

Total REIT deployment for the acquisition of built-up, investment-grade office and retail assets reached $1.8 billion from 2024 through Q1 2026. CBRE said this was up 66% compared with the 2022-2023 period. In a related datapoint, the report noted REIT market capitalisation rose nearly six-fold to INR 1.7 trillion between April 2020 and December 2025.

Debt markets also expanded: banks, NBFCs, and structured instruments

Beyond equity, CBRE pointed to increased debt financing. Bank credit to commercial real estate grew 16% year-on-year between March 2025 and February 2026. The report also cited RBI data showing NBFC advances to commercial real estate surpassed INR 1.0 trillion in September 2025, described as a five-year high.

CBRE said debt financing in India’s real estate sector surpassed $146 billion cumulatively from 2024 to Q1 2026. The report described debt flows being channelled through a mix of structured debt instruments and lenders, including trusteeships, banks, NBFCs, and other institutional avenues. It also noted that top-tier developers are increasingly using public debt markets for refinancing.

Where capital concentrated: gateway cities led debt flows

CBRE said Mumbai, Delhi-NCR, and Bengaluru together attracted over 60% of total debt flows. The report also noted that select non-tier I cities accounted for about 8% of overall activity, indicating some investor appetite outside the largest metros.

This split reflects the typical preference for liquidity, larger deal sizes, and established occupier markets in gateway cities, while still showing incremental movement into smaller markets. The report’s numbers specifically refer to debt flows, not total equity inflows by city.

Reforms and investor intentions shaped sentiment

Anshuman Magazine, Chairman and CEO for CBRE’s India, South-East Asia, Middle East and Africa business, linked the stronger capital flows to “a decade of structural reforms,” citing RERA, GST, and the RBI’s Project Finance Directions in 2025. CBRE’s commentary positions these measures as contributing to transparency, resilience, and institutional credibility.

CBRE also cited its 2026 Asia Pacific Investor Intentions Survey, where over 74% of investors expressed willingness to increase capital allocation to Indian real estate in 2026. The survey’s cited drivers include strong occupier demand, low debt costs, and growth in industrial and digital infrastructure.

Alternative asset classes drew attention, led by data centres

CBRE flagged alternative real estate as an emerging frontier for institutional capital. In data centres, the report said “marquee players” committed an additional $178 billion in Q1 2026 alone, expected to be deployed in the coming years. The report also referenced reforms such as long-term tax incentives for domestic cloud services extended through 2047.

The momentum, as described in the text, also extends to hospitality, flexible workspaces, healthcare, and senior living. The report said India’s hotels attracted $1.46 billion of investments in 2025, a 2.5-fold year-on-year increase, and that healthcare, pharmaceutical, and biotechnology drew over $1.0 billion in M&A and private equity inflows during the year.

Key numbers at a glance

What it means for investors and the listed real estate ecosystem

The CBRE data points to two parallel stories: equity inflows rising on the back of land and office deals, and debt markets deepening through bank and NBFC channels. The rise in REIT deployment in Q1 2026 adds another layer, because it reflects listed vehicles stepping up acquisitions of investment-grade assets.

The concentration of flows into land, office, and core institutional segments suggests that capital is prioritising either development scale (land) or stabilised income (built-up assets). Meanwhile, the debt statistics show that traditional lenders and structured debt channels are increasingly active, which can affect refinancing conditions and project execution timelines for developers.

Conclusion

CBRE’s report shows Indian real estate entered 2024 to Q1 2026 with record equity inflows of $10.7 billion, led by land and office transactions, and backed by higher institutional and REIT participation. Alongside equity, the report highlights expanding debt financing, faster bank credit growth, and higher NBFC exposure to commercial real estate.

The next set of milestones, as indicated in the report, will be watched through the pipeline of REIT and SM REIT listings and whether the investor intention to raise 2026 allocations translates into measured deployment across core and alternative segments.