2026年印度另类房地产板块展望报告

Sectors Outlook2026 REPORT CBRE RESEARCHMARCH 2026 WearepleasedtopresenttheIndiaMarketOutlook2026,ourpremiermarketintelligencereportdeliveringadistilledperspectiveonthenation’sevolvingrealestatelandscape.Anchoredbydata-drivenrigourandinstitutionalexpertise,thispublicationdeciphersthestructuralshiftsandstrategictrajectoriesdefiningthesector’scurrentmomentum. India’seconomiclandscapeischaracterisedbyaresilientgrowthbaselineandamaturingfiscalframework,albeitincreasinglytestedbyglobalvolatility.Whilerobustpubliccapitalexpendituresustainsdomesticmomentum,systemicrisks—particularlywithinenergymarkets—necessitateacalibratedoutlook.Inthisenvironment,proactivetradediplomacyandstrategicprojectde-riskingcouldserveasvitalbuffers,providingthepolicyvisibilityessentialforsustainedinvestment. Theofficesectorissettosurpassthe1-billion-sq.-ft.thresholdin2026,drivenbyinvestment-gradesupplyandGCCexpansionintohigh-complexityR&Drolesandproductownership.This multi-dimensionalecosystembenefitsfromastructuralpivottowardsAI-drivenworkforcestrategies,whereoccupiersincreasinglyprioritisefuture-ready,high-performanceenvironmentsto sustain long-terminstitutionalgrowth. Anshuman MagazineChairman & CEOIndia, South-East Asia, MiddleEast & Africa, CBRE Paralleltothis,theindustrialandlogisticssectorsaretransitioningtowardsmanufacturing-ledgrowthandinstitutional-gradewarehousing,bolsteredbynew-ageautomationandin-citydeliverynetworks.Simultaneously,theretaillandscapeisbeingredefinedbyexperientialflagshipformatsanddestinationmalls,asinvestment-gradesupplyandhigh-streetcorridorsdrivethesteadyexpansionoftheorganisedfootprint. Foreword Theresidentialsectorismovingtowardsmarketequilibrium,ledbypremiumdemandanddisciplinedsupply-demandparity.Atthesametime,structuralREIT reformsandsustainedinvestmentmomentumareacceleratinginstitutionalmaturity,drivingaresurgenceininternationalcapitalandlong-termequityinflowsintothesector. Beyondcoreassets,weexaminetheaccelerationofdatacentresandflexibleworkspaces,nowestablishedasmainstreampillarsoftherealestateecosystem.Wealsoanalysetheinstitutionaltrajectoryofhospitality,healthcare,lifesciences,education,andseniorlivingsegments,eachofferingdistinctyieldprofiles. Abhinav JoshiHead of Research, India, MiddleEast & North Africa, CBRE Wetrustthisreportwillserveasadefinitiveframeworkfornavigatingthecomplexitiesofthe2026landscapeandinformingyourstrategiccapitalobjectives. Contents EconomyAlternate Sectors0408 India’s Economy in 2025: A Brief Revisit Rebound in domestic consumption aided by tax concessions Macro-stability: Sustaining momentum in a "Goldilocks" environment Strategic infrastructure push through public capex India’s economy in 2025 achieved a "Goldilocks moment"—a rare equilibrium ofhigh growth and record-low inflation. Real GDP is estimated to have expanded by7.4% in FY2026 (revised to 7.6% in February 2026)1, catalysed by a 9.3% surge inthe services sector2and 7.0% growth across manufacturing and construction3.This resilience persisted despite a volatile global backdrop and structuralsoftness in the Indian rupee, which depreciated ~4% in 2025. Although U.S.-Indiatrade deal-linked announcements briefly bolstered the INR to 90 vs. USD in earlyFebruary 2026, recent geopolitical tensions have since outweighed those gains,pulling the currency back towards the 92-level as of March 2026. Throughout 2025, the government maintained its focus on capitalexpenditure to bridge investment gaps and modernise nationalinfrastructure. The public capex outlay for FY2026 reached ~INR 11.2 lakhcrore5, with funds directed towards productive asset creation. Domestic demand fuelled India’s growth momentum in 2025, catalysed by theUnion Budget 2025-26’s landmark income tax reforms and subsequent GST 2.0rationalisation. By raising the effective zero-tax threshold to INR 12 lakh (inclusiveof rebates), the government exempted nearly one crore additional taxpayers,significantly boosting middle-class disposable income7. The GST 2.0 regimefurther amplified the impact in September 2025 by shifting a vast array of dailyessentials and mass-market goods to the 5% slab (down from 12% and 18%)8. This sustained allocation to capex, representing ~3.1% of GDP5, served asthe primary catalyst for the construction sector’s robust performanceduring the year. By enhancing multi-modal connectivity under the PM GatiShakti framework, the government also aimed to further reduce logisticscosts and incentivise private-sector participation in the manufacturing andwarehousing segments. Consequently, the nation’s private final consumption expenditure (PFCE) is projected to have expanded by 7.0% in FY2026, hitting 61.5% of GDP—the highestshare since FY20121(adjusted to 55.7% following the February 2026 GDP rebasingto the 2022-23 base year). Another defining trend in 2025 was the easing of Consumer Price Index inflationto a historic low of 0.25% in October 2025, averaging ~2.1% in FY20264. Thisenvironment provided the RBI the necessary he