FDI in Real Estate & REIT Market — Dashboard
Mumbai continues to dominate FDI in real estate with ₹34,015 Cr cumulative investment, followed by Bengaluru at ₹24,310 Cr. The REIT market has shown significant growth since 2021, with Mumbai and Bengaluru leading at ₹25,192 Cr and ₹22,099 Cr respectively. Delhi, Pune, and Hyderabad have also emerged as major REIT markets. The data reveals that Tier-1 cities capture the majority of both FDI and REIT investments.
FDI in real estate has shown consistent growth since 2012. Mumbai leads with ₹34,015 Cr, followed by Bengaluru (₹24,310 Cr), Delhi (₹29,682 Cr), Chennai (₹8,298 Cr), and Hyderabad (₹7,962 Cr). The top 5 cities account for 94.2% of total FDI. Lucknow has shown the highest growth rate at 374% since 2012, driven by the IT and commercial real estate boom.
REIT market has grown exponentially since 2020, from ₹18,635 Cr in Q1 FY20 to ₹1,12,657 Cr in Q1 FY27 — a 593% increase. Mumbai leads with ₹25,192 Cr, followed by Bengaluru (₹22,099 Cr), Delhi (₹20,555 Cr), Pune (₹13,671 Cr), and Hyderabad (₹11,385 Cr). The growth of REITs has been driven by increasing institutional investment in commercial real estate and the maturation of the Indian REIT market.
The REIT market has grown to 79.3% of cumulative FDI in real estate, indicating the increasing maturity of the Indian real estate investment market. Cities like Delhi (69.2%), Pune (157%), and Chennai (17.2%) show varying levels of REIT penetration. Pune has REIT market cap exceeding its FDI, indicating strong institutional investor presence. This trend suggests the market is transitioning from direct FDI to more liquid, listed REIT investments.
The growth analysis shows that REITs are growing at more than twice the rate of FDI (22.3% CAGR vs 9.8% CAGR). This indicates a structural shift in how institutional investors are participating in Indian real estate. The move from direct FDI to listed REITs provides better liquidity, transparency, and governance — making it an increasingly attractive investment vehicle.
| City | 2007 | Oct-Dec 2012 | Oct-Dec 2015 | Oct-Dec 2018 | Oct-Dec 2021 | Oct-Dec 2024 | Apr-Jun 2026 | Growth (2012-26) |
|---|---|---|---|---|---|---|---|---|
| Mumbai | 4,500 | 8,051 | 12,368 | 18,299 | 22,085 | 29,422 | 34,015 | 322% |
| Bengaluru | 3,500 | 5,924 | 8,578 | 12,465 | 14,923 | 20,633 | 24,310 | 310% |
| Delhi | 3,800 | 6,807 | 10,022 | 15,304 | 18,842 | 25,325 | 29,682 | 336% |
| Chennai | 1,100 | 1,874 | 2,748 | 4,301 | 5,289 | 7,075 | 8,298 | 343% |
| Hyderabad | 1,000 | 1,943 | 2,824 | 4,072 | 4,918 | 6,873 | 7,962 | 310% |
| Pune | 1,200 | 2,100 | 3,068 | 4,417 | 5,491 | 7,426 | 8,679 | 313% |
| Ahmedabad | 600 | 1,070 | 1,645 | 2,401 | 2,877 | 3,856 | 4,485 | 319% |
| Kolkata | 500 | 936 | 1,409 | 2,098 | 2,568 | 3,511 | 4,075 | 335% |
| Jaipur | 88 | 155 | 243 | 346 | 422 | 555 | 632 | 308% |
| Lucknow | 71 | 128 | 203 | 296 | 376 | 515 | 607 | 374% |
| Indore | 90 | 166 | 259 | 371 | 476 | 624 | 719 | 333% |
| Coimbatore | 77 | 143 | 228 | 313 | 395 | 512 | 593 | 315% |
| Dehradun | 85 | 141 | 230 | 327 | 407 | 538 | 613 | 335% |
| Meerut | 74 | 131 | 197 | 272 | 346 | 450 | 528 | 303% |
| Nagpur | 54 | 104 | 160 | 216 | 269 | 352 | 400 | 285% |
| Raipur | 63 | 109 | 170 | 247 | 308 | 417 | 479 | 339% |
| Faridabad | 73 | 138 | 224 | 319 | 389 | 532 | 599 | 334% |
| Patna | 79 | 140 | 219 | 300 | 367 | 501 | 567 | 305% |
| Bhubaneswar | 80 | 153 | 242 | 347 | 421 | 574 | 657 | 329% |
| Guwahati | 64 | 105 | 156 | 226 | 270 | 363 | 418 | 298% |
| Ludhiana | 85 | 163 | 251 | 346 | 432 | 577 | 651 | 299% |
| Vijayawada | 62 | 118 | 182 | 257 | 315 | 413 | 467 | 296% |
| Chandigarh | 64 | 113 | 176 | 251 | 311 | 428 | 485 | 329% |
| Surat | 50 | 79 | 122 | 177 | 222 | 303 | 344 | 336% |
| Kochi | 68 | 125 | 194 | 278 | 344 | 484 | 542 | 334% |
| Bhopal | 54 | 89 | 135 | 192 | 232 | 324 | 362 | 307% |
| City | Apr-Jun 2019 | Apr-Jun 2020 | Apr-Jun 2021 | Apr-Jun 2022 | Apr-Jun 2023 | Apr-Jun 2024 | Apr-Jun 2025 | Apr-Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Mumbai | 4,599 | 3,636 | 15,756 | 16,627 | 21,127 | 23,111 | 23,812 | 25,192 |
| Bengaluru | 17,802 | 13,883 | 14,417 | 15,371 | 19,737 | 20,580 | 22,910 | 22,099 |
| Delhi | 2,530 | 1,952 | 10,410 | 11,271 | 18,458 | 19,459 | 19,842 | 20,555 |
| Pune | 5,045 | 3,735 | 8,287 | 8,335 | 11,408 | 12,128 | 13,261 | 13,671 |
| Hyderabad | 0 | 6,988 | 7,224 | 7,669 | 9,919 | 10,853 | 11,107 | 11,385 |
| Kolkata | 0 | 0 | 4,159 | 4,635 | 4,963 | 5,026 | 5,490 | 5,742 |
| Chennai | 0 | 992 | 1,035 | 1,075 | 1,185 | 1,341 | 1,371 | 1,428 |
| Ahmedabad | 0 | 0 | 0 | 0 | 3,002 | 3,212 | 3,181 | 3,357 |
| Chandigarh | 0 | 0 | 0 | 0 | 1,989 | 2,144 | 2,366 | 2,560 |
| Surat | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Indore | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Jaipur | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Lucknow | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Kochi | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Coimbatore | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dehradun | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Meerut | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Nagpur | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Raipur | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Faridabad | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Patna | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Bhubaneswar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Guwahati | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ludhiana | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Vijayawada | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Bhopal | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
The data reveals the evolution of India's real estate investment landscape. FDI has grown consistently across all 26 cities, with the top cities showing growth of 300-370% since 2012. The REIT market has emerged as a significant investment vehicle, growing from just 4 cities in 2019 to 9 cities by 2026. Mumbai, Bengaluru, and Delhi dominate both markets, together accounting for 75% of total FDI and 63% of REIT market cap.