2025年下半年印度房地产私募股权投资趋势报告

Knight Frank's comprehensive handbook showcasingtrends in Private Equity (PE) investments within theIndian real estate sector across various asset categories. Mumbai (HO)Knight Frank (India) Pvt. Ltd.Paville House, Near Twin Towers,Off. Veer Savarkar Marg, Prabhadevi,Mumbai 400 025, IndiaTel: +91 22 6745 0101 AhmedabadKnight Frank (India) Pvt. Ltd.Unit No. 407 & 408, 4th Floor, Block-C'The First', Behind ITC Hotel, Near Keshav BaugParty Plot, Vastrapur, Ahmedabad 380 015, IndiaTel: +91 79 6813 1501 Contents BengaluruFirst Floor, Pinnacle TowerEmbassy One, #8 Bellary RoadGanganagar, Bengaluru 560 032, IndiaTel: +91 80 6818 5600 Page no. 030 1Foreword ChennaiKnight Frank (India) Pvt. Ltd.1st Floor, Centre block, Sunny Side,8/17, Shafee Mohammed Road,Nungambakkam, Chennai 600 006, IndiaTel: +91 44 4296 9000 0 2Page no. 042025 in Review: From Tightening to Transition 0 3Page no. 05Trends in Private Equity Investment in India in 2025 GurugramKnight Frank (India) Pvt. Ltd.1505-1508, 15th Floor, Tower B,Signature Towers South City 1,Gurugram 122 001, IndiaTel: +91 124 4782700 0 4Page no. 07What Drove the Pullback in Private Equity Investment in 2025 HyderabadKnight Frank (India) Pvt. Ltd.Part of 10th Floor, Atria Block, ITPH, Plot no.17,Hitech City Rd, Software Units Layout, Madhapur,Hyderabad, Telangana 500 081, IndiaTel: +91 40 4455 4141 0 5Page no. 11Private Equity Investments in Real Estate Sectors IndoreKnight Frank (India) Pvt. Ltd.Unit No. 1601, 16th Floor, Skye Corporate Park,Near Satya Sai Square, Vijay Nagar, A B Road,Indore, Madhya Pradesh 452 010, IndiaTel: +91 79 6813 1501 OfficePage no. 12ResidentialPage no. 13WarehousingPage no. 14RetailPage no. 15 KolkataKnight Frank (India) Pvt. Ltd.PS Srijan Corporate ParkUnit Number – 1202A, 12th Floor,Block – EP & GP, Plot Number - GP 2,Sector – V, Salt Lake, Kolkata 700 091, IndiaTel: +91 33 6652 1000 0 5Page no. 16Outlook PuneKnight Frank (India) Pvt. Ltd.Unit No.701, Level 7, Pentagon Towers P4,Magarpatta City, Hadapsar,Pune 411 013, IndiaTel: +91 20 6749 1500 Foreword The year 2025 marked a period of recalibration for global real estate capitalmarkets. Globally, inflation moderated while economic growth remained sluggish.This combination led central banks to signal the end of the tightening cycle andinitiate a gradual move toward policy easing. Financial conditions started tostabilise, but the pass-through to asset-level financing remained uneven. For realestate investors, 2025 was a transition year defined by higher return thresholds,slower capital rotation, and increased scrutiny of execution and exit risk. India continued to stand out amid this global reset. Economic growth remainedresilient, inflation stayed broadly anchored, and domestic financial marketsprovided depth and liquidity. Even so, real estate capital flows moderated over theyear. This slowdown reflected a global repricing of risk and returns rather than anydeterioration in underlying market fundamentals. Private equity investors remained cautious in 2025. Slower valuation adjustmentconstrained deal execution, even as operating performance in office and retailremained robust. Capital therefore shifted toward downside-protected, income-focused structures rather than large-scale deployment. The Knight Frank Capital Market Report 2025 seeks to decode this recalibrationphase. It offers a comprehensive view of sector-wise investment patterns, evolvinginvestor strategies, and the structural forces shaping capital allocation decisions. We hope this Report supports real estate investors, fund managers, anddevelopers in navigating this high-threshold capital environment with clarity,conviction, and competitive edge. Shishir Baijal Chairman and Managing DirectorKnight Frank India 2025 in Review:From Tightening to Transition 2025 was a pivotal year of recalibration across global capital markets. Inflation eased withouttriggering a hard landing, central banks pivoted toward easing, and financial conditionsimproved materially. India stood out for macro stability despite external headwinds, reinforcingits appeal in global capital allocation. Monetary policy globally turned the corner. The US Federal Reserve cut rates thrice, taking theFed Funds target to 3.50–3.75%, as inflation moderated to around 3.0% YoY and labour marketmomentum softened. The Eurozone saw inflation slow to ~2.1%, though the ECB remainedcautious given tepid growth. India's inflation remained well below the RBI's 4–6% toleranceband through January–August, before easing further in September on favourable base effects.With the annual average still well-anchored, the RBI delivered a measured 125 bps of cutsrather than a larger shift. The rate environment became broadly supportive, compressing globalyields and tightening credit spreads. Bond markets responded swiftly. The US 10-year yield fell to ~4.1%, and India's 10-year G-secheld steady near 6.6%, supported by robust domestic demand. US AAA corporate spreadst