• Commercial real estate: Institutional capital inflows grew from $6 billion in 2021 to $14 billion in 2025, supported by REITs and GCCs transitioning from cost-saving units to mission-critical innovation hubs. Ashank Kothari noted that commercial real estate represents under 5% of India's GDP compared to 70% in the US, indicating massive growth runway.
• AI and leasing: India recorded a record 83 to 85 million square feet of office leasing, which Kothari expects could rise to 100 million square feet due to AI-driven productivity gains. Conversely, Gulam Zia urged caution, pointing to rising job losses and transaction delays that may decelerate leasing momentum by Q3 or Q4.
• Tier-2 land growth: Abhinandan Lodha highlighted that retail land prices in rising markets like Nagpur, Ayodhya, and Amritsar surged fourfold over the last four years, driven by infrastructure and local wealth creation. He expects land in Tier-2 India to generate compounding returns of around 20% over a 20-year horizon.
• Geopolitical money flows: Lodha suggested ongoing conflicts in the Middle East could redirect a portion of the ~₹1 lakh crore that Indians invested in GCC real estate back into domestic assets. However, Zia argued that currency depreciation and modest long-term residential yields of 7–8% mean overseas capital will not rush back easily.
• Preferred asset classes: For the next five years, Kothari recommended hospitality over commercial office due to severe luxury supply constraints and rising demand, while Lodha favored Tier-2 land. In contrast, Zia maintained a bearish stance against residential real estate, recommending only raw, undeveloped land near upcoming infrastructure.