India’s real estate sector recorded 24 deals worth USD 705 mn during the July-September period, marking a 69 per cent decline in deal value from the preceding quarter, according to Grant Thornton Bharat. The sector had recorded transactions worth USD 2.3 bn in the June quarter of 2026.

Deal volumes fell 38 per cent quarter-on-quarter, while values declined from USD 2.3 bn in Q2 2026. Grant Thornton Bharat attributed the slowdown to the absence of large-ticket transactions, a shift towards smaller and mid-sized deals, and a more measured investment environment amid continuing macroeconomic and geopolitical uncertainty.

Excluding initial public offerings (IPOs) and qualified institutional placements (QIPs), merger and acquisition (M&A) and private equity (PE) activity comprised 22 transactions worth USD 647 mn in the July-September period. The figures indicate that investors remained active, although the market’s overall scale was constrained by fewer sizeable transactions during the quarter.

Private equity remained the largest contributor to deal value, accounting for nine transactions worth USD 555 mn. Bhavik Vora, partner for real estate at Grant Thornton Bharat, said the quarter reflected a market that remained active but increasingly selective, with investors prioritising assets offering visibility of cash flows, execution certainty and resilience through market cycles.

Vora also said the investment focus was shifting away from scale alone towards assets with stronger operating visibility. The continued preference for commercial properties and established residential platforms suggested that capital was moving towards segments where demand remained comparatively resilient, despite wider uncertainty affecting investment decisions.