Mumbai tops real estate equity investments with USD 6.9 bn between CY 2022-24: CBRE-CII Report

CBRE South Asia Pvt. Ltd., India’s leading real estate consulting firm, announced the findings of its joint report with Confederation of Indian Industry (CII) titled, ‘Bricks & Billions – Mapping the Financing Landscape of Real Estate’. The report was released in the presence of Rishi Kumar Bagla, Chairman, CII Western Region and Chairman & Managing Director, BG Electricals and Electronics; Rami Kaushal, Managing Director, Consulting & Valuation Services, India, Middle East, Africa, CBRE and Nikhil Bhatia, Managing Director and Co-Head, Capital Markets, CBRE India.

The CBRE-CII joint report provides a view of real estate landscape and prevailing financing strategies, including those pertaining to real estate equity and debt investments and AIFs, among other strategic insights. According to the report, Mumbai topped the real estate equity investments with the highest inflows of USD 6.9 bn, accounting for a ~26% share in the total real estate equity investments between CY 2022-24. Together, Mumbai, Delhi-NCR, and Bengaluru attracted around USD 16.5 bn, accounting for a cumulative 62% share during this period. This sustained dominance of gateway cities was driven by a high concentration of investment-grade projects, robust urban infrastructure, a skilled talent pool, strong demand across asset classes, and a steadily formalising real estate ecosystem. Land/developments sites attracted the largest share of equity investments, accounting for a 44% share of total inflows between CY 2022-24, followed by built-up office assets, which had a 32% share. Total real estate equity investments during CY 2022-24 stood at USD 26.7 bn in India.

Between CY 2022 and 2024, tier-II cities accounted for nearly 10% of total real estate equity investments, amounting to approximately USD 3 bn. During this period, land/developments sites emerged as the leading investment sector in tier-II cities, attracting approximately 47% share of the total tier-II capital inflows, followed by the industrial and logistics (I&L) sector, which accounted for an around 25% share. Sustained economic momentum in tier-II cities, driven by rapid industrialisation, rising consumption, and expanding infrastructure, have positioned them as attractive destinations for investors.

Anshuman Magazine, Chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE, said, “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. The strong investor sentiment, especially in built-up office assets and residential developments, is underpinned by sound fundamentals and steady end-user demand. We believe this momentum will sustain as India’s structural reforms and corporate evolution continue to attract long-term capital.”

Rishi Kumar Bagla, Chairman, CII Western Region and Chairman & Managing Director, BG Electricals and Electronics, said, “India’s real estate sector is rapidly institutionalising, creating a more transparent, risk-mitigated environment that aligns with global investor expectations. Enhanced due diligence frameworks, sustainable development mandates, and stronger compliance protocols are becoming the norm. With 1 in 5 investors prioritising green buildings, ESG-led investment strategies are no longer optional—they are central to long-term value creation. As the sector becomes more structured and regulated, we expect deeper participation from global funds, especially those focused on sustainability and resilience."

Rami Kaushal, Managing Director, Consulting & Valuation Services, India, Middle East, Africa, CBRE, said, “The next wave of real estate investment in India will be defined by the growth of alternate sectors—data centres, healthcare, hotels, education, student housing, and co-living spaces. These segments are benefiting from digital acceleration, changing urban lifestyles, and favourable government policies. With land acquisition and platform-level investments already gaining traction, we anticipate increased investor interest in these future-ready asset classes. The market is clearly maturing beyond traditional sectors, offering diversified, innovation-led opportunities for both domestic and international capital.”