According to a Grant Thornton report, the Indian real estate market saw deals worth $1.56 billion during the April-June period, nearly an eight-fold increase from the previous quarter.
In its report Real Estate/REITs Dealtracker, it reported, providing M&A and PE Deal Insights, consulting firm Grant Thornton Bharat stated that the Indian real estate market saw 19 deals worth $1.56 billion during the second quarter of this calendar year. During the preceding January-March quarter, only $200 million in deals were closed.
Shabala Shinde, Partner and Real Estate Leader at Grant Thornton Bharat mentioned that, in Q2 2024, the Indian real estate market showed robust activity with 19 deals totaling $1.6 billion, driven mainly by four high-value transactions, the surge reflects economic recovery, increased investor confidence, and supportive government policies, signaling a promising period for deal-making.
The consultant observed a strong upward trend in total deal volume, largely propelled by significant rises in local transactions and private equity (PE) investments.
According to the report, M&A (merger and acquisition) deals in the second quarter were valued at $123 million, up from $32 million in the previous quarter. Private equity deals surged 8.5 times to $1.44 billion in April-June 2024, compared to $168million in the preceding quarter.
The Grant Thornton report highlighted that, four major deals, all from the private equity segment, accounted for 85% of the total deal value.
The report noted that Brookfield India Real Estate Trust's acquisition of four Grade A commercial assets from Bharti Enterprises in Delhi for $723 million was the largest transaction of the quarter.
The report also stated that, in the residential real estate sector, Prestige Estates Projects received a USD 240 million investment from Abu Dhabi Investment Authority and Kotak Alternative Investment Fund, while Indiabulls Constructions purchased Sky Forest Projects from Blackstone for $78 million.
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