Delhi-NCR takes lead in Q2 real estate investment surge

31 Jul 2024 CW Team

In terms of cities, Delhi-NCR emerged as the top destination for private equity investments in Q2, attracting $532 million and capturing 19% of the total share of investments. This marks a significant 74% year-on-year increase.

The city maintained its lead in H1 as well, securing ~$633 million of inflows, or 16% share of the record $3.9 billion investment in the sector. The surge in investments in Delhi has been primarily driven by the office segment, with major equity buyouts by prominent fund houses. Residential sector in the city has also seen continued interest specially in the high-end and luxury segment.

Delhi was followed by Bengaluru with 13% ($509 million) and Hyderabad with 8% ($320 million) in investment share for H1. Multi-city deals accounted for the remaining 48% ($1,862 million) of the investments, reflecting a diversified investment strategy across various regions.

In terms of sectors, the surge in investments this quarter was dominated by the Logistics & Industrial (L&I) sector, which captured 56% of the total investments ($1,542 million) and maintained its leading position with 41% of the total H1 inflows. The office sector followed closely for both Q2 and H1 with $924 million investments in Q2 and $1,196 million in H1. Residential came third with $309 million investments in Q2 and $1,002 million in H1.

Foreign investors played a crucial role, contributing 76.3% of the total investment volume in Q2 2024, with a significant portion of these investments directed towards L&I sector. Deals involving a combination of equity and structured debt constituted 62% of the total inflows, while pure equity infusion deals made up 25%.

On the macro economic side, the manufacturing sector grew by 9.9% year-on-year, and the tertiary sector grew by 7.6% annually. GST collections for June 2024 rose by 8% year-on-year, indicating robust domestic transaction volumes.

Somy Thomas, Managing Director, Valuation & Advisory and Capital Markets, Cushman & Wakefield said, "USD 3.9 billion of private equity inflows during the first half of 2024, already surpassing 70% of last year's total, highlights the remarkable growth and investor confidence in India's real estate market. This surge is primarily driven by infrastructure-related sectors like logistics and industrial, fueled by significant public investments in multi-modal economic corridors. Additionally, strong demand for office and residential spaces further solidifies the market's appeal. With continued positive momentum, we anticipate a buoyant year for private equity investments in the commercial real estate sector, potentially exceeding initial expectations."

India's real estate market experienced a remarkable surge in investments during Q2 2024, attracting a significant $2.77 billion, according to Cushman & Wakefield's latest Capital Market Beat report. This impressive influx propelled the total investments for the first half of 2024 to a record-breaking $3.9 billion. According to the report, the second quarter's performance marks a 1.5x increase in comparison to the previous quarter and a substantial 39% growth year-on-year, demonstrating continued investor confidence in the Indian real estate market. In terms of cities, Delhi-NCR emerged as the top destination for private equity investments in Q2, attracting $532 million and capturing 19% of the total share of investments. This marks a significant 74% year-on-year increase. The city maintained its lead in H1 as well, securing ~$633 million of inflows, or 16% share of the record $3.9 billion investment in the sector. The surge in investments in Delhi has been primarily driven by the office segment, with major equity buyouts by prominent fund houses. Residential sector in the city has also seen continued interest specially in the high-end and luxury segment. Delhi was followed by Bengaluru with 13% ($509 million) and Hyderabad with 8% ($320 million) in investment share for H1. Multi-city deals accounted for the remaining 48% ($1,862 million) of the investments, reflecting a diversified investment strategy across various regions. In terms of sectors, the surge in investments this quarter was dominated by the Logistics & Industrial (L&I) sector, which captured 56% of the total investments ($1,542 million) and maintained its leading position with 41% of the total H1 inflows. The office sector followed closely for both Q2 and H1 with $924 million investments in Q2 and $1,196 million in H1. Residential came third with $309 million investments in Q2 and $1,002 million in H1. Foreign investors played a crucial role, contributing 76.3% of the total investment volume in Q2 2024, with a significant portion of these investments directed towards L&I sector. Deals involving a combination of equity and structured debt constituted 62% of the total inflows, while pure equity infusion deals made up 25%. On the macro economic side, the manufacturing sector grew by 9.9% year-on-year, and the tertiary sector grew by 7.6% annually. GST collections for June 2024 rose by 8% year-on-year, indicating robust domestic transaction volumes. Somy Thomas, Managing Director, Valuation & Advisory and Capital Markets, Cushman & Wakefield said, USD 3.9 billion of private equity inflows during the first half of 2024, already surpassing 70% of last year's total, highlights the remarkable growth and investor confidence in India's real estate market. This surge is primarily driven by infrastructure-related sectors like logistics and industrial, fueled by significant public investments in multi-modal economic corridors. Additionally, strong demand for office and residential spaces further solidifies the market's appeal. With continued positive momentum, we anticipate a buoyant year for private equity investments in the commercial real estate sector, potentially exceeding initial expectations.

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