Indian realty sector records 25 deals worth $1.4 bn in Q3

18 Oct 2024 CW Team

The Indian real estate sector reported 25 deals totaling $1.4 billion in the September quarter, largely fueled by Qualified Institutional Placement (QIP) issues from developers, according to a report by Grant Thornton Bharat titled "Real Estate/REITs Dealtracker."

The report indicates that this quarter achieved robust deal volumes, setting an all-time high for the number of deals and marking the second-highest total value since Q2 2023. The surge in deal values was mainly attributed to QIP activities, alongside private equity funding in residential and commercial segments, and investments in real estate technology companies.

Among the activities, the report noted eight mergers and acquisitions (M&A) deals valued at $51 million. In the private equity and venture capital (PE/VC) space, there were 12 deals totaling $401 million.

Despite a significant decline in private equity deal values from $1.4 billion in Q2 to $0.4 billion in Q3, the number of deals remained stable, highlighting ongoing interest in smaller, targeted investments. The quarter also featured one initial public offering (IPO) worth $49 million and four QIPs totaling $940 million.

The third quarter saw heightened capital market activity, with one IPO raising $49 million and a notable increase in QIP activity—four deals worth $940 million, nearly six times the value from Q2. A significant transaction was Prestige Estates, which raised $602 million through QIP.

This trend reflects growing confidence in real estate firms' capacity to access public markets. Looking forward, Shabala Shinde, Partner and Real Estate Leader at Grant Thornton Bharat, noted that while stronger deal activity is anticipated in Q4 (October-December), recent fluctuations in the Sensex and broader capital markets may dampen short-term investor enthusiasm.

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