In the first quarter of 2026, India's real estate deal activity saw a significant decline in value, dropping 36% to $763 million compared to the same period last year. Despite this, the number of deals increased by 14%, totaling 32 transactions. This disparity highlights a shift towards smaller and mid-sized deals as larger transactions were notably absent. According to Grant Thornton Bharat, commercial real estate was the main driver of activity, representing 62% of total deal values, with notable investments including Blackstone's $378 million in South City Mall and Nuvama-Cushman Prime Offices Fund's $89 million deal. The residential sector saw six deals worth $178 million, reflecting selective investor interest. Mergers and acquisitions (M&A) accounted for 19 domestic deals valued at $305 million, while private equity (PE) contributed 13 deals worth $458 million. The primary market remained inactive, with no initial public offerings (IPOs) or qualified institutional placements (QIPs) recorded during the quarter. This trend indicates a cautious approach from investors, who are prioritizing asset performance and stability amid ongoing macroeconomic and geopolitical uncertainties.