Market Views

How Blackstone Real Estate Has Invested in India


India is a story of patience for Blackstone. When we set up our office in 2007, we rightly thought that the India real estate market was overheated.

As such, we waited and sought to identify opportunities to acquire high-quality real estate assets at good prices.

Blackstone started investing in India at scale in 2011 with a focus on high-quality office parks. Fast forward to today and Blackstone is the largest owner of office buildings in the country.

To help make sure those investments were successful, it was critical for Blackstone to find the best office developers in those locations. Accordingly, in Bangalore, we partnered with the Embassy Group, which is by far the largest office developer/owner in that city and southern India. In Pune and Mumbai, in western India, we worked with Panchshil, another high-quality, high-growth developer.

We have always aspired to build Grade-A assets. Blackstone, they support my vision. They give me a proper guidance about what is happening globally, what will happen to India.”

– Atul Chordia, Chairman of Panchshil Realty


“I don’t know of many firms which are so accessible. They are quick in their decision-making and together we’ve built a strong team.”

– Jitu Virwani, Chairman and Managing Director of Embassy Group

By bringing decades of international experience and our global expertise in office real estate, we were able to help our partners better understand how to market properties or think differently about tenant relationships.

We believe we’ve built a really world-class business in India and that’s given us strong credibility and great insights into the market. 

Beyond office buildings in India, we see similar trends in the mall business. There is a relatively small number of high-quality, large-scale enclosed malls in India. And yet, we think there’s tremendous demand from Indian customers who want a first-class retail experience.

It’s what Blackstone tries to do with its business around the globe – look at the world in a differentiated way, find the right people to execute against our strategy, and then go all in.


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Past performance is not indicative of future results and there is no assurance that any Blackstone fund will achieve its objectives or avoid significant losses. This video may contain forward-looking statements; such statements are subject to various risks and uncertainties.

The selected examples and case studies referred to in this video were selected based on non-performance based criteria and are designed to show assets in a range of geographies and asset types. They are presented solely for illustrative purposes and may not be representative of all transactions of a given type or of investments generally and are intended to be illustrative of the types of investments that may be made by certain Blackstone funds or other investment vehicles. There can be no assurances that similar investment opportunities will be available in the future or that other investments or types of investments or any future investment opportunities have achieved or will achieve results commensurate with those of the profiled companies. There also can be no assurances that any prospective initiatives, joint ventures or partnerships highlighted in the case studies will continue to be pursued and consummated.

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