Kushagra Sinha
Market Analyst
Supports deal underwriting, financial modelling and market research, translating on-ground insights into disciplined investment analysis.
India’s real estate sector is witnessing a fundamental shift in the way developers access capital. Alternative Investment Funds (AIFs), once viewed as niche investment vehicles, have steadily evolved into an important source of institutional capital for real estate — bridging the gap between traditional bank financing and developer equity.
₹73,903 cr
₹1.29 lakh cr
According to ANAROCK, cumulative AIF investment in real estate reached ₹73,903 crore by the end of the first nine months of FY2025, making real estate the largest sectoral allocation within India’s AIF ecosystem.[1] SEBI’s data for March 2026 show the lead has widened since.[2] The numbers reflect a broader structural change: institutional investors are increasingly looking at private real estate credit and structured investments as an attractive risk-adjusted asset class.
Fig. 2 — Real estate is the single largest destination for AIF capital. Source: SEBI data as of 31 March 2026, via Cafe Mutual.[2]
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