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The July–September quarter of 2025 marked a landmark period for India’s real estate sector, witnessing 42 transactions valued at $2.9 billion the highest quarterly deal volume recorded in the industry’s history. This surge reflects the increasing institutionalization of the market, with investors actively participating across platforms, assets, and capital market instruments. From private equity to REITs and IPOs, domestic and international investors displayed heightened confidence in the sector’s stability, transparency, and long-term growth potential.
The record performance underscores that Indian real estate transactions in July-Sept quarter were driven by a blend of strong governance, structured income-generating opportunities, and emerging market dynamics. Commercial and retail assets, alongside real estate technology platforms, formed the focus of these investments, highlighting the sector’s evolution toward more professional and accountable frameworks.
Surge in Institutional Investments Across Platforms
Institutional investment played a pivotal role in driving growth during the quarter. REITs, private equity deals, initial public offers (IPOs), and mergers and acquisitions (M&A) all witnessed significant activity. Experts note that investors are increasingly prioritising structured, yield-driven opportunities backed by robust governance, regulatory clarity, and transparency.
Shabala Shinde, Partner and Real Estate Leader at Grant Thornton Bharat, stated: “The surge in marquee transactions, rising investor appetite for income-yielding, institutional-grade assets, and sustained capital market engagement reflect growing institutional depth and confidence in the sector’s resilience.”
The strong institutional appetite was evident from the diversity of deals, making Indian real estate transactions in July-Sept quarter particularly noteworthy.
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Breakdown of Transactions: Private, Public, and M&A Deals
The quarter recorded 42 transactions, with 33 private deals worth $1.8 billion and nine public market transactions comprising five IPOs and four qualified institutional placements (QIPs). M&A activity reached 21 deals valued at $843 million, with the majority of deals conducted domestically.
Notable transactions included The Phoenix Mills’ acquisition of Island Star Mall Developers and Mindspace REIT’s 100% acquisition of The Square, marking its first third-party purchase since listing. Private equity investments rebounded sharply, with 12 deals totaling $859 million, driven primarily by commercial assets and real estate technology, including Prime Offices Fund’s $290 million investment in RMZ One Paramount.
This breakdown highlights how Indian real estate transactions in July-Sept quarter spanned multiple channels, reflecting both volume and value growth across the sector.
Public Market Highlights: IPOs and QIPs
The public market contributed significantly to the quarter’s record deal value. Five IPOs raised $805 million, while four QIPs accounted for $344 million. Among these, Knowledge Realty Trust’s $547 million IPO constituted nearly 68% of total public market fundraising.
Such activity demonstrates how developers and real estate operators are leveraging public capital markets to access liquidity, fund expansions, and increase institutional-grade offerings. The surge in public market activity was a key factor in shaping Indian real estate transactions in July-Sept quarter.
Sectoral Focus: Commercial, Retail, and Proptech Assets
Commercial and retail properties dominated the quarter, accounting for 70% of deal volume and 91% of total transaction value. Emerging proptech platforms and consultancy investments also experienced notable growth, driven by efficiency, data-led decision-making, and investor confidence in technology-enabled solutions.
Residential development, by contrast, saw slower transaction activity, emphasizing the shift toward income-yielding, institutional-grade assets. The focus on commercial and tech-enabled properties was crucial in determining the overall shape and success of Indian real estate transactions in July-Sept quarter.
Market Insights and Investor Confidence
The record-breaking quarter reflects a turning point in India’s property market. Investors showed confidence in stable earnings potential, long-term growth, and yield-driven structures. Enhanced capital market participation and stronger governance standards have professionalized the sector, ensuring a more transparent and accountable investment environment.
Analysts note that the momentum in Indian real estate transactions in July-Sept quarter signals increasing market maturity, deeper institutional participation, and a stronger alignment with global investment practices.
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Key Takeaways for Developers and Investors
Key observations from the quarter include:
- Record-breaking transaction volume and value: 42 deals totaling $2.9 billion
- Robust institutional and M&A participation
- Growing prominence of public market instruments, including IPOs and QIPs
- Commercial, retail, and proptech assets leading investments
These trends suggest that the professionalization and structured nature of the sector will continue in 2025–26. Developers and investors can expect a more predictable, transparent, and efficient property market in the near future. Indian real estate transactions in July-Sept quarter are setting a new benchmark for institutional participation and deal-making.
Conclusion
The July–September 2025 quarter has established a historic benchmark for India’s real estate market. Sustained domestic and international investor interest, combined with professional governance standards and structured investment opportunities, signals a maturing sector poised for long-term growth.
With the ongoing evolution of the market, including stronger capital access, proptech adoption, and yield-focused assets, India’s property sector is entering a new phase of institutionalisation. As demonstrated by the Indian real estate transactions in July-Sept quarter, the industry is well-positioned for even greater milestones in the coming years.
Ans 1. India recorded 42 real estate transactions valued at $2.9 billion, marking the highest quarterly deal volume in the country’s history.
Ans 2. Out of 42 deals: 33 private deals accounted for $1.8 billion. 9 public market transactions, including five IPOs and four QIPs, raised $1.149 billion.
Ans 3. Commercial and retail properties dominated, making up 70% of the transaction volume and 91% of total deal value. Emerging proptech platforms also attracted significant investment, while residential development saw slower activity.
Ans 4. Institutional participation was strong, with investments through REITs, private equity, IPOs, QIPs, and M&A deals. This trend reflects growing investor confidence in yield-driven, institutional-grade assets backed by transparency and governance.
Ans 5. The Phoenix Mills acquired Island Star Mall Developers, Mindspace REIT purchased The Square (its first third-party acquisition post-listing), Prime Offices Fund invested $290 million in RMZ One Paramount, Knowledge Realty Trust raised $547 million through its IPO.
Ans 6. The market is increasingly institutionalised, with professional governance, structured investment opportunities, and proptech adoption. Investors are focusing on stable earnings, long-term growth, and yield-focused assets rather than speculative residential projects.
Ans 7. The record activity suggests a maturing market with predictable returns, deeper institutional participation, and broader access to capital. Developers can leverage public market instruments, while investors benefit from transparent, income-generating property opportunities.
Ans 8. It set a historic benchmark for India’s real estate sector in terms of both transaction volume and value, demonstrating growing market professionalism, capital market engagement, and long-term growth potential.