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Institutional investment in Indian real estate reached an estimated USD 5,928.3 million (about USD 5.9 billion) in January to September 2026, according to Colliers India. That is 39% above the USD 4,267.6 million Colliers recorded for January to September 2025, and the firm describes it as the highest nine-month volume in recent years. The figure is Colliers’ own estimate of institutional inflows, compiled from publicly available information. It is not an official government statistic, and it does not count every property sale in the country.
What the estimate measures
Colliers builds its number from a flow-of-funds approach. It tracks capital entering Indian property from institutional sources, which the firm lists as:
- Alternative Investment Funds (AIFs)
- Family offices and foreign corporate groups
- Foreign banks, pension funds and private equity
- Real-estate funds and platforms
- Foreign-funded non-banking financial companies
- Listed REITs and sovereign wealth funds
Three category definitions matter when you compare segments. Colliers’ alternative assets category includes data centers, life sciences, senior housing, holiday homes, student housing, schools and real-estate services. Its mixed-use category includes deals that span several asset types in different locations. In the quarterly tables, a dash or NA means limited or no inflow in that asset class for that quarter. It does not mean a measured zero, so it should not be used in a percentage calculation.
The estimate also has clear limits. It does not cover household home buying, and it is not a complete record of private transactions. Read it as a measure of institutional capital flowing into the sector, as reported by Colliers.
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Nine-month totals against last year
| Measure | Value (USD million) | Change |
|---|---|---|
| Institutional inflows, Jan-Sep 2026 | 5,928.3 | +39% year on year |
| Institutional inflows, Jan-Sep 2025 | 4,267.6 | Comparison base |
| Q3 2026 inflows | 1,416.3 | +12% year on year; down 51% from Q2 2026 |
The nine-month growth rate and the third-quarter figures tell different stories. The January to September total is 39% higher than a year earlier, but the July to September quarter alone was much weaker than the April to June quarter. The percentage fall from Q2 implies a second-quarter figure of roughly USD 2.9 billion. Colliers does not state that number directly in the release, so it is a derived estimate.
Domestic capital led the year
Domestic investors supplied about USD 3.5 billion, close to 60% of the nine-month total. Foreign investment came to about USD 2.4 billion, or roughly 40% of the total on the same basis. Colliers reports year-on-year growth of 59% for domestic flows and 17% for foreign flows.
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| Investor origin | Approximate value | Share of Jan-Sep 2026 total | Year-on-year growth (Colliers) |
|---|---|---|---|
| Domestic | USD 3.5 billion | Close to 60% | 59% |
| Foreign | USD 2.4 billion | Roughly 40% (derived from the totals) | 17% |
Badal Yagnik, Chief Executive Officer and Managing Director of Colliers India, identified this shift as the main theme of the period, and the figures bear it out. Domestic capital is now the larger share of institutional flows, while foreign inflows still grew, though more slowly.
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Office was the largest asset class, with USD 2,169.3 million in the nine months, up 46% year on year. That is about 37% of the total. The table below shows every category Colliers reported for the period. Shares are calculated from the reported dollar values, and the growth column shows only the rates Colliers stated.
| Asset class | Jan-Sep 2026 (USD million) | Calculated share of total | Year-on-year growth |
|---|---|---|---|
| Office | 2,169.3 | About 37% | 46% |
| Mixed-use | 1,007.0 | About 17% | Not stated in the Colliers release |
| Alternative assets | 968.2 | About 16% | Not stated in the Colliers release |
| Residential | 694.5 | About 12% | Not stated in the Colliers release |
| Hospitality | 632.2 | About 11% | Not stated in the Colliers release |
| Industrial and warehousing | 371.9 | About 6% | Not stated in the Colliers release |
| Retail | 85.2 | About 1% | Not stated in the Colliers release |
The seven categories add up to the USD 5,928.3 million total. Retail drew the least capital, which is consistent with the institutional focus on larger, longer-dated assets. The release does not explain the reasons behind that pattern, so treat any explanation as separate analysis.
The third quarter slowed
Q3 2026 recorded USD 1,416.3 million, about 24% of the nine-month total. Against Q3 2025 that is 12% higher. Against Q2 2026 it is 51% lower. Keep these comparisons separate:
- Year-on-year (Q3 2026 against Q3 2025): up 12%.
- Sequential (Q3 2026 against Q2 2026): down 51%.
- Nine-month (Jan-Sep 2026 against Jan-Sep 2025): up 39%.
A strong first half and a weaker third quarter can both be true at once. The nine-month figure does not show whether the slowdown will continue into the fourth quarter, and the release does not provide a quarterly forecast.
Where the money went
Three cities each drew around USD 0.6 billion: Bengaluru, Chennai and Delhi NCR. Together they account for nearly one-third of the national total. This is single-city concentration in its own right, and it should not be confused with the multi-city figure below.
Multi-city deals, meaning transactions spanning more than one location, accounted for USD 2.9 billion, about half of the nine-month total. Colliers reports that this was more than twice the year-earlier level. Because multi-city deals are counted separately from the three-city group, the two sets of figures should not be added together.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What Colliers executives said
Badal Yagnik, Chief Executive Officer and Managing Director of Colliers India, said: “The strengthening of domestic capital is perhaps the most defining theme of institutional investments in Indian real estate.”
Vimal Nadar, National Director and Head of Research at Colliers India, said: “Most importantly, buoyed by strong capital allocation across real estate segments, the first nine months of 2026 have already seen institutional investments to the tune of USD 5.9 billion, a 9-month high in recent years.”
These remarks are commentary from the named executives. The underlying figures in the release are historical estimates.
Source
Colliers India, “Jan-Sep 2026 investments in Indian real estate touch USD 5.9 Bn, highest 9-month volume in recent years,” published 8 October 2026. The full release is available at Colliers India’s press release on investment overview for Q3 2026.
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