CII-CBRE Bricks and Billions Report: Real Estate Equity Inflows Hit $26.6B in Top Cities

Mumbai: The Confederation of Indian Industry (CII) and CBRE South Asia Pvt. Ltd. jointly unveiled their exclusive report titled Bricks and Billions – The Winning Formula for Real Estate and BFSI during the CII BFSI Summit, outlining transformative trends in India’s real estate investment landscape.

Bricks and Billions report highlights a robust inflow of approximately $26.6 billion in real estate equity investments across India’s top six cities between 2022 and 2024. Mumbai led the surge with an impressive $6.9 billion, accounting for nearly 26% of the national total.

Collectively, Mumbai, Delhi-NCR, and Bengaluru attracted nearly $16.5 billion—over 62% of total investments—underscoring the sustained dominance of gateway cities driven by high-quality infrastructure, talent concentration, and mature ecosystems.

Development sites and land accounted for the highest share (44%) of equity inflows in Tier-I cities, followed by the office sector with 32%. Tier-II cities also witnessed growing interest, drawing $3 billion—10% of the total—with nearly half of these investments flowing into development sites.

Institutional investors contributed around 33% of equity inflows, while developers maintained a dominant 46% share. Investors are increasingly leveraging joint ventures and development agreements to build core assets, with residential and office assets remaining the most attractive.

Bricks and Billions Report Findings

Bricks and Billions report also anticipates stronger traction in alternate sectors such as data centres, co-living, and mixed-use developments, with 2025 expected to see heightened capital deployment amid easing financing conditions and REIT momentum. ESG-led strategies are gaining ground, with 20% of investors prioritizing green buildings.

Commenting on the Bricks and Billions report findings, Rishi Kumar Bagla, Chairman, CII Western Region, said, “India’s real estate sector is entering a new era of transparency, institutionalisation, and ESG compliance. With growing demand for sustainable, tech-enabled spaces, the sector is well-positioned for long-term global capital inflows.”

Anshuman Magazine, Chairman & CEO – India, South-East Asia, Middle East & Africa, CBRE, added, “The alignment of seller and buyer expectations, supported by strong market fundamentals, presents a favorable landscape for both core and value-add investments in 2025.”