Indian Real Estate Booms with USD 1.2 Billion in Q1 Deals

In Q1 2025, the Indian real estate market saw 28 deals valued at USD 1.2 billion, led by private equity. This marked significant growth compared to Q1 2024, despite muted IPO activity. The surge in deals highlights investor interest, with emerging small and medium REITs gaining ground.

The Indian real estate market experienced significant activity in the first quarter of 2025, with 28 deals totaling USD 1.2 billion. This surge was largely driven by private equity transactions, according to a report by Grant Thornton Bharat.

The report, 'Real Estate/REITs Dealtracker-Providing M&A and PE deal insights,' reveals a 133% growth in deal volume and over a five-fold increase in deal values compared to the first quarter of 2024. This growth occurred even in the face of muted Initial Public Offering (IPO) and Qualified Institutional Placement (QIP) activity.

While no IPOs or QIPs were recorded this quarter, the rise of small and medium REITs is noteworthy. These are helping open up capital markets to more developers and investors, especially in commercial and retail assets, said Shabala Shinde, Partner & Real Estate Leader at Grant Thornton Bharat.

(With inputs from agencies.)