 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
Real estate companies dominated the qualified institutional placement (QIP) market in 2024 by raising Rs 22,320 crore, according to data provided by Anarock Research.
Overall, Indian companies raised Rs 141,482 crore through 99 QIPs in the year – a record. QIPs fundraising across sectors increased by 75 per cent over the previous record of Rs 80,816 crore in 2020.
Real estate had nine QIPs in 2024, accounting for 16 per cent of total funds.
Among realtors, Godrej Properties raised the largest (QIP) fund of Rs 6,000 crore in December 2024, followed by Prestige Estate Project (Rs 5,000 crore). Brookfield India Real Estate Investment Trust (Reit) raised Rs 3,500 crore and Macrotech Developers (Lodha) Rs 3,300 crore.
Brigade Enterprises, Max Estates, Keystone Realtors, DB Realty, and Anant Raj were among the other developers to raise the funds via QIPs.
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 "The year was a mixed bag for the real estate industry as housing supply slowed down but record investments came in. Industry experts believe that demand will stabilise as sales are likely to be lower compared to 2023.")
In 2023, a total of 43 QIPs were issued to raise about Rs 55,109 crore across sectors. Real estate developers did not raise funds via QIPs that year.
"Despite market fluctuations, capital markets remain robust, and companies continue to attract strategic investments. Institutional investors remain extremely bullish on the real estate sector's growth potential," said Anuj Puri, chairman of Anarock Group, of which Anarock Research is a part.
According to Anarock, given that QIPs are driven by institutional investor confidence, large and listed developers are likely to continue drawing significant funding in 2025. Investors seeking stability amid broader market fluctuations will see real estate as a good hedge against volatility.
"The overall volatility, particularly in H2 2024 [second half of the year], suggests a mixed outlook for QIP funding in the real estate sector in 2025," said Puri. "While tightening fiscal policies and global uncertainties may temper broader equity market sentiment, the strong performance of the Real Estate index despite volatility is a testament to sustained investor interest in the realty sector."
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