Market Intelligence · March 2026 India Gully Advisory Intelligence

India Market Data
Real Estate & Hospitality

Curated market intelligence across 8 cities, hotel segments, macro indicators, and transaction activity — drawn from India Gully's active advisory mandates and industry sources as of March 2026.

Macro Indicators

Sources: IMF, RBI, DPIIT, STR, JLL, CBRE, India Gully Research
↑ India GDP Growth (FY26)
6.8%
IMF estimate
↑ Domestic Air Pax (FY26)
165 Mn
+14% YoY
↑ Foreign Tourist Arrivals
9.2 Mn
+22% YoY (UNWTO provisional)
↑ Pan-India Hotel Occ (Q3 FY26)
71.4%
+2.8pp YoY
↑ Pan-India RevPAR (Q3 FY26)
₹4,820
+9.1% YoY
↓ Grade-A Office Vacancy
15.8%
Top-6 markets, Q4 2025
↑ Office Net Absorption (FY26)
47 Mn sqft
+8% vs FY25
↓ Retail Mall Vacancy
8.2%
Top-8 markets, H2 2025
↑ Branded Hotel Supply Pipeline
1,35,000
Keys under development (FY26-28)
↑ Hotel Transaction Volume
₹4,800 Cr
H1 FY26 (deal completions)
↓ RBI Repo Rate
6.25%
Feb 2026 cut (-25bps)
→ INR / USD
₹83.4
as of Mar 2026

City Rate Card (₹ per sq ft unless noted)

City Office (Grade-A) Hotel (Room Rate) Retail (Mall) Hotel Occ. ADR RevPAR Cap Rate Trend
Delhi NCR ₹8,500–10,500 ₹6,200–9,500 ₹12,000–28,000 72% ₹7,200 ₹5,184 7.5–9.0% ↑
Mumbai (BKC) ₹22,000–28,000 ₹10,500–18,000 ₹35,000–55,000 78% ₹12,500 ₹9,750 7.0–8.5% ↑
Bengaluru ₹8,000–12,000 ₹5,500–9,000 ₹10,000–22,000 74% ₹6,800 ₹5,032 7.5–9.0% ↑
Hyderabad ₹6,500–9,500 ₹4,800–7,500 ₹8,000–18,000 71% ₹5,900 ₹4,189 8.0–10.0% →
Pune ₹5,500–8,000 ₹3,800–6,500 ₹7,500–16,000 68% ₹4,700 ₹3,196 8.5–10.5% ↑
Chennai ₹5,000–7,500 ₹4,200–7,000 ₹8,000–16,000 70% ₹5,200 ₹3,640 8.5–10.5% →
Chandigarh ₹3,500–5,500 ₹3,200–5,500 ₹6,000–12,000 69% ₹4,800 ₹3,312 9.0–11.5% ↑
Jaipur ₹3,000–4,500 ₹3,800–6,500 ₹5,500–11,000 67% ₹5,500 ₹3,685 9.5–12.0% ↑
* Office rates: per sq ft capital value. Hotel rates: Average Room Rate. Retail: Ground-floor prime rate. Data as of Q3–Q4 FY26. Sources: JLL, CBRE, ANAROCK, STR, India Gully Research.

Hotel Segment Overview — India FY26

Segment ADR Range Occupancy Cap Rate EBITDA Multiple New Supply (FY26)
Luxury (5-star) ₹14,000–28,000 74–82% 8.0–10.0% 12–16× +2,400 keys (FY26)
Upper-Upscale ₹7,000–14,000 72–79% 8.5–10.5% 9–12× +4,800 keys (FY26)
Upscale (Branded) ₹4,500–7,000 70–77% 9.0–11.0% 7–10× +6,200 keys (FY26)
Mid-Scale ₹2,800–4,500 68–75% 10.0–12.0% 6–8× +8,500 keys (FY26)
Economy ₹1,800–2,800 66–74% 11.0–13.5% 5–7× +5,200 keys (FY26)
Heritage/Boutique ₹5,500–15,000 65–75% 9.5–11.5% 8–12× +900 keys (FY26)

Transaction Activity — FY26

Q1 FY26
₹3,200 Cr
Total deal volume
Commercial: 28 deals
Hospitality: 12 deals
Retail: 8 deals
Q2 FY26
₹4,100 Cr
Total deal volume
Commercial: 32 deals
Hospitality: 15 deals
Retail: 10 deals
Q3 FY26
₹4,800 Cr
Total deal volume
Commercial: 35 deals
Hospitality: 18 deals
Retail: 11 deals
Q4 FY26 (est)
₹5,400 Cr (est)
Total deal volume
Commercial: 38 deals
Hospitality: 20 deals
Retail: 13 deals

India Gully Live Pipeline

Active Advisory
Intelligence

The market data on this page is continuously validated against India Gully's active mandate pipeline. Our advisors are working live transactions in all 8 cities covered — giving us ground-truth insights beyond published indices.

₹1,165 Cr+
Active mandate pipeline
8
Live transaction mandates
6
Advisory verticals
15+
Hotel projects advised
Pan-India
Advisory footprint
24h
Mandate response SLA
Data Sources & Disclaimer: Market data compiled from JLL, CBRE, ANAROCK, STR (Smith Travel Research), Reserve Bank of India, Ministry of Tourism (India), IMF World Economic Outlook (Oct 2025), and India Gully's proprietary advisory research. All figures are indicative and subject to variation by specific asset, location, and transaction structure. This dashboard is for informational purposes only and does not constitute investment advice or a formal market report. For transaction-specific advisory, contact India Gully's team.